Why Silicon Valley can’t shake accusations of anticonservative bias

No matter what they decide, someone will accuse them of bias. That is why they are desperate to transfer the responsibility (and legal liabilities) of making these decisions to someone else. Until we do, this controversy is here to stay, because these companies are the new masters of public information. And the gatekeepers are now media monopolists that likes of which would turn Citizen Kane green with envy. We are going to need a new digital social contract that guarantees our rights in this ma


No matter what they decide, someone will accuse them of bias. That is why they are desperate to transfer the responsibility (and legal liabilities) of making these decisions to someone else. Until we do, this controversy is here to stay, because these companies are the new masters of public information. And the gatekeepers are now media monopolists that likes of which would turn Citizen Kane green with envy. We are going to need a new digital social contract that guarantees our rights in this ma
Why Silicon Valley can’t shake accusations of anticonservative bias Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: dipayan ghosh, ben scott, co-authors of, digital deceit ii, a policy agenda to fight disinformation on the int, jim watson, afp, getty images
Keywords: news, cnbc, companies, valley, decide, public, party, companies, need, going, valuable, bias, world, shake, cant, anticonservative, information, silicon, accusations, dont


Why Silicon Valley can't shake accusations of anticonservative bias

“If we are going to have the most valuable companies in the history of the world decide how all of our news and information is sorted and delivered to us, we are going to need radical transparency.”

The companies make a clear and obvious counterargument. They are not in the business of making value judgments. It’s simply not in their commercial interests to do so. They don’t want to be the “arbiters of truth”; they don’t want to determine what constitutes nudity or profanity and what does not; and they don’t want to determine whether certain novel forms of extreme content deserve to be taken offline or not. No matter what they decide, someone will accuse them of bias. That is why they are desperate to transfer the responsibility (and legal liabilities) of making these decisions to someone else. They want to act upon the policies set forth by a third party, and they don’t care who that third party might be — whether government or civil society or industry organization — so long as the public thinks that third party is credible and so long as the regulations they set are favorable, meaning the rules favor the industry’s desires to innovate, even if that innovation comes at the expense of some public interest.

In the end this won’t work. Because the tech companies do decide. They are both publishers and they are technology platforms. Every day, they sort political information and deliver it to billions of people. And we do not know the rationale for those choices. Until we do, this controversy is here to stay, because these companies are the new masters of public information. While we’ve never had a perfect system of news production and distribution (far from it), we have always had a pretty clear understanding of how it came to us, who decided, and why. And now we don’t. And the gatekeepers are now media monopolists that likes of which would turn Citizen Kane green with envy.

The answer to the problem of #stopthebias is to pull back the curtain on the digital media marketplace. If we are going to have the most valuable companies in the history of the world decide how all of our news and information is sorted and delivered to us, we are going to need radical transparency. We are going to need a new digital social contract that guarantees our rights in this market.


Company: cnbc, Activity: cnbc, Date: 2018-10-17  Authors: dipayan ghosh, ben scott, co-authors of, digital deceit ii, a policy agenda to fight disinformation on the int, jim watson, afp, getty images
Keywords: news, cnbc, companies, valley, decide, public, party, companies, need, going, valuable, bias, world, shake, cant, anticonservative, information, silicon, accusations, dont


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Wall Street losses rip through global markets as rate fears shake investors

Global markets plunged Thursday, continuing steep losses seen in the previous session, as investors worry about rapidly rising interest rates and an expected slowdown in global growth. Overnight Dow Jones industrial average futures were down by 189 points as of 2:52 a.m. This after stocks sank Wednesday with the Dow plunging more than 800 points in its worst drop since February. Around the world, stocks have tumbled on the back of concerns surrounding global economic growth and rising interest r


Global markets plunged Thursday, continuing steep losses seen in the previous session, as investors worry about rapidly rising interest rates and an expected slowdown in global growth. Overnight Dow Jones industrial average futures were down by 189 points as of 2:52 a.m. This after stocks sank Wednesday with the Dow plunging more than 800 points in its worst drop since February. Around the world, stocks have tumbled on the back of concerns surrounding global economic growth and rising interest r
Wall Street losses rip through global markets as rate fears shake investors Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: fred imbert, eustance huang, ryan browne, matt clinch, getty images
Keywords: news, cnbc, companies, seen, investors, points, street, wall, dow, yields, trump, stocks, week, rates, rate, global, losses, markets, rip, shake, fears


Wall Street losses rip through global markets as rate fears shake investors

Global markets plunged Thursday, continuing steep losses seen in the previous session, as investors worry about rapidly rising interest rates and an expected slowdown in global growth.

Overnight Dow Jones industrial average futures were down by 189 points as of 2:52 a.m. ET. Futures implied the Dow will open Thursday down by 280 points. This after stocks sank Wednesday with the Dow plunging more than 800 points in its worst drop since February. The VIX (the CBOE Volatility Index), which is seen as a fear gauge for the market, also hit a high of 20.58, its highest level since April 11.

Around the world, stocks have tumbled on the back of concerns surrounding global economic growth and rising interest rates. The International Monetary Fund warned earlier this week that simmering trade tensions, such as those between the U.S. and China, could lead to a “sudden deterioration in risk sentiment, triggering a broad-based correction in global capital markets and a sharp tightening of global financial conditions.”

Meanwhile, U.S. Treasury yields have this week climbed to multi-year highs. Traditionally a sharp rise in bond yields — the cost of borrowing — is seen as negative for major cooperates and their stock prices. President Donald Trump on Wednesday once again criticized the U.S. Federal Reserve, calling the central bank “crazy” for its insistence on hiking rates. Trump also commented on the plunge in markets, calling it a “correction that we’ve been waiting for for a long time.”


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: fred imbert, eustance huang, ryan browne, matt clinch, getty images
Keywords: news, cnbc, companies, seen, investors, points, street, wall, dow, yields, trump, stocks, week, rates, rate, global, losses, markets, rip, shake, fears


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Shake Shack shares sink as delayed restaurant openings weigh on its revenue growth

Shake Shack said on Thursday that delays in new restaurant openings would slow revenue growth this year, disappointing Wall Street which was expecting the company to raise its guidance. The company maintained its full-year revenue forecast of between $446 million and $450 million, which was below analysts’ expectation of $452.3 million. Shake Shack, which started as a single Manhattan hot dog stand in 2001, is now widening its presence in the United States and aims to have a total of 122 to 125


Shake Shack said on Thursday that delays in new restaurant openings would slow revenue growth this year, disappointing Wall Street which was expecting the company to raise its guidance. The company maintained its full-year revenue forecast of between $446 million and $450 million, which was below analysts’ expectation of $452.3 million. Shake Shack, which started as a single Manhattan hot dog stand in 2001, is now widening its presence in the United States and aims to have a total of 122 to 125
Shake Shack shares sink as delayed restaurant openings weigh on its revenue growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: shake shack
Keywords: news, cnbc, companies, analysts, wall, revenue, shake, restaurant, shares, weigh, openings, sales, shack, company, delayed, sink, street, open, growth, million


Shake Shack shares sink as delayed restaurant openings weigh on its revenue growth

Shake Shack said on Thursday that delays in new restaurant openings would slow revenue growth this year, disappointing Wall Street which was expecting the company to raise its guidance.

Shares of the burger chain, which have risen 31 percent in the last three months, fell 5.5 percent to $60.50 in extended trading.

The company maintained its full-year revenue forecast of between $446 million and $450 million, which was below analysts’ expectation of $452.3 million.

Shake Shack, which started as a single Manhattan hot dog stand in 2001, is now widening its presence in the United States and aims to have a total of 122 to 125 company-operated stores by the end of the year.

However, the company said more than 70 percent of its 32 to 35 new restaurants will open in the second half of the year due to bottlenecks such as a prolonged permitting process as well as shortage of labor and construction equipment.

“The unfortunate reality for timing is just that way more than we expected Shacks are going to open in the third and fourth quarter,” Shake Shack CEO Randall Garutti said on a call with analysts. “So, it will be a big push for us at the end of the year.”

Revenue growth for the New York-based company has been largely driven by its strategy of opening more stores and selling burgers and milkshakes at higher prices to avoid the intense competition of value-driven fast food chains.

The company, whose revenue has beaten Wall Street estimates for at least the last nine quarters, has been enjoying a lofty valuation, with its shares trading at 92.85 times its 12-month forward earnings.

That had led investors to expect a strong beat in same-restaurant sales and a raise in its full-year revenue and comparable sales guidance, Cowen & Co. analyst Andrew Charles wrote in a pre-earnings note.

However, sales at Shake Shacks open for at least two years rose 1.1 percent, in line with what analysts had expected.

“Should the results meet or even miss investor expectations, we would expect shares’ reaction to be strongly negative,” Charles wrote.

Total revenue rose 27.3 percent to $116.3 million, beating the average analyst estimate of $111 million.

Excluding certain items, the company earned 29 cents per share in the second quarter ended June 27, beating the estimate of 18 cents, according to Thomson Reuters I/B/E/S.


Company: cnbc, Activity: cnbc, Date: 2018-08-03  Authors: shake shack
Keywords: news, cnbc, companies, analysts, wall, revenue, shake, restaurant, shares, weigh, openings, sales, shack, company, delayed, sink, street, open, growth, million


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Shake Shack shares tumble amid restaurant stock wreckage

Shake Shack shares tumble amid restaurant stock wreckage6 Hours AgoBob Derrington, Telsey Advisory Group restaurant analyst, breaks down why Shake Shack shares are falling after its latest earnings report and why restaurant stocks in general are underperforming the market.


Shake Shack shares tumble amid restaurant stock wreckage6 Hours AgoBob Derrington, Telsey Advisory Group restaurant analyst, breaks down why Shake Shack shares are falling after its latest earnings report and why restaurant stocks in general are underperforming the market.
Shake Shack shares tumble amid restaurant stock wreckage Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-03
Keywords: news, cnbc, companies, shake, tumble, wreckage, restaurant, shack, wreckage6, amid, underperforming, telsey, stocks, stock, shares


Shake Shack shares tumble amid restaurant stock wreckage

Shake Shack shares tumble amid restaurant stock wreckage

6 Hours Ago

Bob Derrington, Telsey Advisory Group restaurant analyst, breaks down why Shake Shack shares are falling after its latest earnings report and why restaurant stocks in general are underperforming the market.


Company: cnbc, Activity: cnbc, Date: 2018-08-03
Keywords: news, cnbc, companies, shake, tumble, wreckage, restaurant, shack, wreckage6, amid, underperforming, telsey, stocks, stock, shares


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Shake Shack falls despite beating on earnings and revenues


Shake Shack falls despite beating on earnings and revenues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-02
Keywords: news, cnbc, companies, shake, earnings, revenues, shack, despite, beating, falls


Shake Shack falls despite beating on earnings and revenues


Company: cnbc, Activity: cnbc, Date: 2018-08-02
Keywords: news, cnbc, companies, shake, earnings, revenues, shack, despite, beating, falls


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Shake Shack sales in line, but the stock’s dropping

Shake Shack sales in line, but the stock’s dropping3:50 PM ET Thu, 2 Aug 2018Nick Setyan of Wedbush Securities joins the ‘Closing Bell’ team to discuss what investors were expecting to see from Shake Shack’s quarterly earnings report.


Shake Shack sales in line, but the stock’s dropping3:50 PM ET Thu, 2 Aug 2018Nick Setyan of Wedbush Securities joins the ‘Closing Bell’ team to discuss what investors were expecting to see from Shake Shack’s quarterly earnings report.
Shake Shack sales in line, but the stock’s dropping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-02
Keywords: news, cnbc, companies, setyan, shake, team, sales, dropping, stocks, line, securities, report, shack, wedbush, shacks


Shake Shack sales in line, but the stock's dropping

Shake Shack sales in line, but the stock’s dropping

3:50 PM ET Thu, 2 Aug 2018

Nick Setyan of Wedbush Securities joins the ‘Closing Bell’ team to discuss what investors were expecting to see from Shake Shack’s quarterly earnings report.


Company: cnbc, Activity: cnbc, Date: 2018-08-02
Keywords: news, cnbc, companies, setyan, shake, team, sales, dropping, stocks, line, securities, report, shack, wedbush, shacks


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Shake Shack is soaring, but don’t chase it here, market watcher warns

Shake Shack is set to report earnings on Thursday after the bell, and one market strategist says investors would be prudent to hold off on buying the stock. Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, told CNBC’s “Trading Nation” on Wednesday what he’s expecting. · Shake Shack has been on a tear this year, rallying 44 percent and outperforming the broader market; much of that gain has come recently, with a 31 percent rise in the last three months. Re


Shake Shack is set to report earnings on Thursday after the bell, and one market strategist says investors would be prudent to hold off on buying the stock. Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, told CNBC’s “Trading Nation” on Wednesday what he’s expecting. · Shake Shack has been on a tear this year, rallying 44 percent and outperforming the broader market; much of that gain has come recently, with a 31 percent rise in the last three months. Re
Shake Shack is soaring, but don’t chase it here, market watcher warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-02  Authors: rebecca ungarino, thomas peter, scott mlyn, getty images, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, dont, share, revenue, trading, shake, shack, signs, watcher, warns, market, stock, schlossberg, chase, soaring, shelf, earnings


Shake Shack is soaring, but don't chase it here, market watcher warns

Shake Shack is set to report earnings on Thursday after the bell, and one market strategist says investors would be prudent to hold off on buying the stock.

Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, told CNBC’s “Trading Nation” on Wednesday what he’s expecting.

· Shake Shack has been on a tear this year, rallying 44 percent and outperforming the broader market; much of that gain has come recently, with a 31 percent rise in the last three months. Now, several signs point to stalled growth. The stock has made a “double-top” formation, a technical development with bearish implications, around the $70 per share level.

· This development on the chart, combined with the company filing for a shelf registration in early June, paints a picture for a potential correction. A shelf registration is a procedure that could dilute the company’s equity.

· Still, the company may beat expectations on profits on Thursday, because the restaurant business was strong for the month of June. Revenue is expected to increase by 20 percent, which is a healthy clip, but not enough for a stock trading at 99 times forward earnings.

· Additionally, the company’s expansion in China could be seen as a bullish catalyst, but that’s not going to come into effect until 2020, so revenue from China is a long way off. The stock could be one to buy on a correction, but not at current levels.

Wall Street analysts are forecasting earnings of 18 cents per share, according to FactSet estimates.

Bottom line: While Shake Shack shares have been on fire, some signs point to a decline ahead, according to Schlossberg.


Company: cnbc, Activity: cnbc, Date: 2018-08-02  Authors: rebecca ungarino, thomas peter, scott mlyn, getty images, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, dont, share, revenue, trading, shake, shack, signs, watcher, warns, market, stock, schlossberg, chase, soaring, shelf, earnings


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Golf tries to shake off ‘older man’ image as authorities target a younger, more diverse crowd

Notably, President Donald Trump called for golf to remain at a premium price in an interview a few years ago. “I feel golf should be an aspirational game, something people aspire to,” Trump said during an interview with Fortune in 2015 before becoming president. “People should come to golf, golf shouldn’t come to them. That figure isn’t close to the world’s most expensive golf club membership, reportedly available at Mission Hills Golf Club in Shenzhen, China. The Women in Golf charter was also


Notably, President Donald Trump called for golf to remain at a premium price in an interview a few years ago. “I feel golf should be an aspirational game, something people aspire to,” Trump said during an interview with Fortune in 2015 before becoming president. “People should come to golf, golf shouldn’t come to them. That figure isn’t close to the world’s most expensive golf club membership, reportedly available at Mission Hills Golf Club in Shenzhen, China. The Women in Golf charter was also
Golf tries to shake off ‘older man’ image as authorities target a younger, more diverse crowd Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-24  Authors: adam reed, chris ryan, getty images
Keywords: news, cnbc, companies, younger, target, man, crowd, rules, image, slumbers, play, women, trump, golf, diverse, game, sport, set, shake, older, tries, ra


Golf tries to shake off ‘older man’ image as authorities target a younger, more diverse crowd

Speaking to CNBC at the Carnoustie course, Martin Slumbers, the chief executive of the R&A said “We have a goal to have 25 percent of the attendees under 25. We want to increase the level of diversity. We don’t just want to have middle-aged men watching, we want women and young families as well.”

The R&A recognizes the importance of the older demographic as the ones who spend most on golf and golf accessories, but it’s also targeting engagement of a new generation. However, getting the right balance is still importance.

“Professional golf is a business and the business of professional golf depends on sponsors and TV companies being able to sell to people and therefore the more people that play the game, the more commercially attractive the whole sport is at the professional end.” Slumbers added.

This idea of inclusiveness may not appeal to everyone. Notably, President Donald Trump called for golf to remain at a premium price in an interview a few years ago.

“I feel golf should be an aspirational game, something people aspire to,” Trump said during an interview with Fortune in 2015 before becoming president. “People should come to golf, golf shouldn’t come to them. It may be elitist, and perhaps that’s what golf needs. Let golf be elitist.”

That view of Trump’s is further underlined with reports that his Mar-a-Largo resort doubled its initiation fee to $200,000 following his election to the White House.

That figure isn’t close to the world’s most expensive golf club membership, reportedly available at Mission Hills Golf Club in Shenzhen, China. A Chartered Diamond membership can cost $382,000 and a further $14,400 a year in rent.

Equipment costs have also made some feel as though the sport is prohibiting them to play it seriously. If you wanted to have the exclusive Majesty Prestigio Super 7 driver by Japanese manufacturer Maruman in your bag, it will set a golfer back around $2,500 and a full five star set of irons, bag and accessories from Honma Golf could cost up to $76,000.

Introductory sets are available for less than 1 percent of that price and the R&A, in conjunction with the USGA (United States Golf Association), will be introducing a rewritten rulebook for the game to be enforced from January 2019, simplifying rules to make the game more accessible.

New rules include; no more penalties for accidentally moving a ball on the green, option to putt with the flagstick in and a player can take no more than 40 seconds to play a stroke. The Women in Golf charter was also announced in May 2018 by the R&A.

The spectrum of golf interest and the opportunities to become involved seem to be evolving, whether that be through traditional forms or modern adaptations of the game.


Company: cnbc, Activity: cnbc, Date: 2018-07-24  Authors: adam reed, chris ryan, getty images
Keywords: news, cnbc, companies, younger, target, man, crowd, rules, image, slumbers, play, women, trump, golf, diverse, game, sport, set, shake, older, tries, ra


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Rising rates likely to shake stocks to core, veteran investor Peter Boockvar warns

“They’re all in this bed together in terms of global bonds and interest rates. “Unfortunately, we may be facing a rise in global interest rates. “These central banks [are] trying to get out of their extraordinary accommodation.” Boockvar, a CNBC contributor who manages $4 billion for high net worth clients, believes there’s a considerable risk that central banks could spark a contagion because of higher rates. It could manifest itself as a powerful blow because the U.S. and global economies have


“They’re all in this bed together in terms of global bonds and interest rates. “Unfortunately, we may be facing a rise in global interest rates. “These central banks [are] trying to get out of their extraordinary accommodation.” Boockvar, a CNBC contributor who manages $4 billion for high net worth clients, believes there’s a considerable risk that central banks could spark a contagion because of higher rates. It could manifest itself as a powerful blow because the U.S. and global economies have
Rising rates likely to shake stocks to core, veteran investor Peter Boockvar warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-24  Authors: stephanie landsman, paul yang, afp, getty images, tomohiro ohsumi, saul loeb, contributor, ronaldo schemidt, david a grogan
Keywords: news, cnbc, companies, think, global, core, banks, likely, yield, stocks, higher, rising, veteran, shake, central, boockvar, rates, risk, investor, warns, interest, peter


Rising rates likely to shake stocks to core, veteran investor Peter Boockvar warns

Veteran investor Peter Boockvar doesn’t find stocks tempting right now.

Despite strong second quarter earnings reports, the Bleakley Advisory Group chief investment officer sees trouble brewing as central banks around the world abandon their post-financial crisis easy money policies and drive interest rates higher. He calls it the biggest risk to the stock market.

“They’re all in this bed together in terms of global bonds and interest rates. So, what happens over there is going to have a ripple effect over here,” Bookvar said Tuesday on CNBC’s “Futures Now.” “I think we’re beginning to see the early tremors.”

His thoughts came as the closely watched 10-Year-Treasury yield closed at 2.95 percent, up about 31 percent over the past 52 weeks. Plus, the three-month Treasury bill’s yield surpassed 2 percent for the first time in more than a decade. Tuesday’s moves in the U.S. came on the back of a sharp move higher in Japanese government bond yields earlier this week.

“Unfortunately, we may be facing a rise in global interest rates. That’s not because ‘oh, the global economy is great and accelerating.’ It’s more so a change in monetary policy,” Boockvar said. “These central banks [are] trying to get out of their extraordinary accommodation.”

Boockvar, a CNBC contributor who manages $4 billion for high net worth clients, believes there’s a considerable risk that central banks could spark a contagion because of higher rates. It could manifest itself as a powerful blow because the U.S. and global economies have become “very addicted to very low interest rates.”

But he isn’t sure how soon a painful rising rate scenario could materialize and potentially crush stocks.

“It’s tough to say. But in the back half of this year when the Fed further steps up tightening along with the ECB, I think people should be more on notice,” he said.

Boockvar is looking to one particular asset class that could provide some safety: old-fashioned cash.

“For traders and those with a short-term time horizon with cash needs, cash now pays you. You can buy a 1 month T-Bill and essentially get the same interest rate as the dividend yield in the S&P 500,” Boockvar said.


Company: cnbc, Activity: cnbc, Date: 2018-07-24  Authors: stephanie landsman, paul yang, afp, getty images, tomohiro ohsumi, saul loeb, contributor, ronaldo schemidt, david a grogan
Keywords: news, cnbc, companies, think, global, core, banks, likely, yield, stocks, higher, rising, veteran, shake, central, boockvar, rates, risk, investor, warns, interest, peter


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Virtual banking is set to shake up Hong Kong

Hong Kong, long a global leader in banking and finance, is bracing for the arrival of so-called virtual banks — financial institutions without physical branches where all transactions are online. Authorities are keen to raise Hong Kong’s game in financial technology, or “fintech,” part of broader ambitions to turn the semi-autonomous Chinese territory into a “smart city” amid intensifying regional and global digital competition. Financial regulator Hong Kong Monetary Authority released revised g


Hong Kong, long a global leader in banking and finance, is bracing for the arrival of so-called virtual banks — financial institutions without physical branches where all transactions are online. Authorities are keen to raise Hong Kong’s game in financial technology, or “fintech,” part of broader ambitions to turn the semi-autonomous Chinese territory into a “smart city” amid intensifying regional and global digital competition. Financial regulator Hong Kong Monetary Authority released revised g
Virtual banking is set to shake up Hong Kong Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-18  Authors: kelly olsen, anthony kwan, bloomberg, getty images
Keywords: news, cnbc, companies, banking, set, banks, kongs, financial, shake, virtual, kong, technology, standard, hong, licenses, offer


Virtual banking is set to shake up Hong Kong

Hong Kong, long a global leader in banking and finance, is bracing for the arrival of so-called virtual banks — financial institutions without physical branches where all transactions are online.

Authorities are keen to raise Hong Kong’s game in financial technology, or “fintech,” part of broader ambitions to turn the semi-autonomous Chinese territory into a “smart city” amid intensifying regional and global digital competition.

Financial regulator Hong Kong Monetary Authority released revised guidelines for virtual banks at the end of May after consultations with stakeholders including the Hong Kong Association of Banks.

The HKMA said more than 50 companies have expressed interest in the licenses. Firms face an end of August deadline for the first batch, which could be issued as early as this year.

Locally based payments platform Yedpay and international bank Standard Chartered said they plan to apply for licenses, while online lending operator WeLab is reportedly among those hoping to obtain one.

“The development of virtual banks will promote the application of financial technology and innovation in Hong Kong and offer a new kind of customer experience,” the HKMA said.

The arrival of new entrants into Hong Kong’s highly developed banking ecosystem is being welcomed as a long-term positive that has already got the attention of financial giants, which, aside from Standard Chartered, also include names such as HSBC and Bank of China (Hong Kong).

“They understand that these new entrants, the technology companies, they pose a threat to traditional banks,” Sonny Hsu, vice president and senior credit officer in the Financial Institutions Group at Moody’s Investors Service, told CNBC.

“They have to adapt their offering, they have to offer better services to customers, more convenience, faster payment capabilities,” Hsu said. “So it’s not like the incumbents are just sitting still and are being complacent.”


Company: cnbc, Activity: cnbc, Date: 2018-07-18  Authors: kelly olsen, anthony kwan, bloomberg, getty images
Keywords: news, cnbc, companies, banking, set, banks, kongs, financial, shake, virtual, kong, technology, standard, hong, licenses, offer


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