Finance
Hong Kong is more entrepreneurial, open and diverse than Singapore: Paul Chan
Addressing competition with Singapore and questions from US firms about expanding in the region, he said: “Hong Kong is a lot more entrepreneurial. When it comes to the entrepreneurial spirit and innovation, I think you’ll find it more interesting … Hong Kong is [also] more open and diverse. On lifestyle, Hong Kong is a lot more interesting too.
“Come talk to us. Depending on the scale of the investment, the size of operation, the stage of the technology that you’re bringing, we can tailor-make specific packages for you.”
He said the city was an ideal destination for businesses planning to expand into North Asia and the mainland, citing the connectivity that allowed travellers to reach more than half of the world’s population within five hours’ flight time.
Chan also highlighted the strengths of Hong Kong’s stock market, touting its advantages over Singapore’s, which he described as being “no comparison in terms of depth and breadth”.
The market capitalisation of companies listed on Hong Kong’s stock exchange stood at HK$32.1 trillion, compared with HK$7.4 trillion on Singapore’s bourse. But the city state has a larger economy that is considered more diversified.
The lunch event was co-organised by the Hong Kong Economic and Trade Office in San Francisco and the Bay Area Council, a California-based business association with more than 300 member companies. It was held in the dining hall of a luxury hotel in downtown San Francisco.
Attendees included about 100 representatives from California-based businesses, start-ups and trade associations, but no US officials were present.
In his speech, titled “Hong Kong’s New Chapter: Empowering Growth through Innovation and Sustainability”, Chan said Hong Kong remained attractive as “a springboard” for accessing the mainland and Asian markets.
“Coming to Hong Kong, on one hand you will have convenience and sometimes priority access to the mainland,” he said. “At the same time, from there, your international character and your international facets will be preserved. Talent, goods and data are movable.”
The memorandum of understanding signed between InvestHK and the Bay Area Council covered joint promotion investment with a focus on green finance and sustainable development.
San Francisco and Berkeley were the final destinations of the first-ever joint delegation composed of senior officials from Hong Kong, Macau and Guangdong province to promote business opportunities in the Greater Bay Area, a plan by Beijing to turn Hong Kong, Macau and nine Guangdong cities into a hi-tech economic powerhouse by 2025.
The joint delegation, which concluded a four-day visit in Paris before heading to the US, will stay in California until Friday to attend the US-China High-Level Event on Subnational Climate Action. It is also expected to take part in the Bay to Bay Dialogue event with Californian businesses.
The visit is Chan’s second to San Francisco in six months, after he attended the Asia-Pacific Economic Cooperation summit in November last year on behalf of city leader John Lee Ka-chiu.
Lee, who is sanctioned by the US, had cited a pre-scheduled agenda clash and turned down the invitation.
Chinese President Xi Jinping met his US counterpart, Joe Biden, during the summit, with both sides agreeing to work together to cooperate on risks posed by artificial intelligence.
Before their meeting, California Governor Gavin Newsom visited the mainland and made a brief stop in Hong Kong as part of a week-long trip last October, partly to “advance climate action”, according to his office.
The San Francisco Bay Area has reigned as a global hub for technological innovation, notable for the vast number of tech giants headquartered there, including Apple, Google and Facebook.
The Hong Kong delegation’s lobbying efforts come as the mainland also seeks foreign investment to revitalise its sluggish economy, which has been hampered by weak business confidence, partly due to a property market downturn.
Finance
FTSE 100 LIVE: Stocks muted as Trump delays strikes on Iran power plants
The FTSE 100 (^FTSE) was hovering around the flatline on Friday, while European stocks headed lower, as traders shrugged off Donald Trump’s latest pause on striking Iran’s energy infrastructure.
On Thursday night, the US president extended the deadline for Iran to open the strait of Hormuz by 10 days, meaning the new date would be 6 April. He claimed that talks were “going very well”. However, Iran denied it was “begging to make a deal”, despite Trump’s earlier claims.
It comes after Wall Street posted its biggest daily loss since the Iran war began on Thursday.
The Wall Street Journal also reported on Thursday that the US was considering sending as many as 10,000 additional troops to the Middle East.
Tony Sycamore, market analyst at IG, said Trump has extended the uncertainty gripping markets.
“While the rhetoric around de-escalation and dialogue is certainly preferable to outright conflict, the market appears to be growing increasingly numb to President Trump’s verbal reassurances. By extending the deadline, it effectively kicks the can down the road, pushing back any concrete resolution regarding the reopening of the Strait of Hormuz. This, in turn, simply extends the uncertainty weighing on markets and the broader global economy.”
Elsewhere, UK retail sales dipped by 0.4% in February, following a rise of 2.0% in January, the Office for National Statistics revealed. In the December to February quarter, sales volumes were up 0.7% compared with the previous three months.
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London’s benchmark index (^FTSE) was hovering around the flatline in early trade
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Germany’s DAX (^GDAXI) dipped 0.5% and the CAC (^FCHI) in Paris headed 0.2% into the red
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The pan-European STOXX 600 (^STOXX) was down 0.3%
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Wall Street is set for a muted start as S&P 500 futures (ES=F), Dow futures (YM=F) and Nasdaq futures (NQ=F) were all lacklustre.
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The pound was 0.1% down against the US dollar (GBPUSD=X) at 1.3311
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Finance
NDSU College of Business launches Center for Banking and Finance
FARGO, N.D. – North Dakota State University’s College of Business has launched the Center for Banking and Finance, a new academic and industry‑engaged hub designed to prepare students for careers in banking and finance while supporting the evolving workforce needs of the region’s financial industry, a release states.
Announced during a press conference at NDSU’s Louise Auditorium at Barry Hall, the center brings together students, faculty and industry partners to expand experiential learning opportunities, strengthen connections to employers, and address emerging trends shaping the financial services industry. The center is housed within NDSU’s College of Business and builds on growing student interest in finance‑related programs.
“The Center for Banking and Finance reflects NDSU’s responsibility as a student‑focused, land‑grant, research university to respond to workforce and economic needs across our state and region,” said Interim President Rick Berg. “By connecting education, industry, and community, this center helps ensure our graduates are prepared to contribute on day one and throughout their careers.”
The center will support undergraduate and graduate students through hands‑on learning experiences, exposure to financial tools and technologies, and direct engagement with financial institutions, regulators and business leaders. It will also serve professionals already working in banking and finance through workshops, training and research‑informed programming aligned with business needs, according to the release.
“The Center for Banking and Finance is about momentum — students who are eager to learn, faculty who are pushing applied scholarship forward, and industry partners who want to shape the future workforce,” said Kathryn Birkeland, Ronald and Kaye Olson dean of the NDSU College of Business. “When education and industry move together, everyone benefits.”
The launch of the Center for Banking and Finance coincides with a series of regional events focused on finance, fintech and economic outlook, including programming with the Bank of North Dakota, the Federal Reserve Bank of Minneapolis and regional business leaders. Together, these events underscore the Fargo‑Moorhead area’s role as a hub for financial dialogue, talent development and economic collaboration.
The center’s foundational banking partners include Dacotah Bank, Gate City Bank, Bell Bank and Western State Bank, who attended the launch and are helping shape early student experiences and industry-informed programming.
The center is led by Mark Jensen, a career banker and longtime adjunct instructor who joined NDSU full-time in 2026 as director of the Center for Banking and Finance.
“The Center for Banking and Finance is designed as a bridge,” Jensen said. “It brings industry into the learning experience in meaningful ways, and it gives students clearer pathways into a wide range of banking and finance careers.”
For students, the center represents a more direct bridge between academic study and professional opportunity.
“As a finance student, experiences outside the classroom make a real difference,” said Tavian Nelson, a senior at NDSU majoring in finance. “Going into college, I knew I wanted to be involved in the finance program but was unsure of what that would look like once I graduated. The school has truly shaped my desired career outcomes with many hands-on experiences, professional leaders, and connections throughout my time here. This center will truly strengthen these experiences for students.”
Initially, the center will focus on experiential learning opportunities, business partnerships and workforce‑aligned programming, with plans to expand offerings as partnerships and resources grow. The center is supported through external funding and business engagement.
Finance
Iran war could trigger financial systemic stress, ECB vice president warns
FRANKFURT, March 26 (Reuters) – Euro zone banks have limited direct exposure to the war in the Middle East, but the conflict could still generate systemic stress given interconnected vulnerabilities, European Central Bank Vice President Luis de Guindos said on Thursday.
Financial markets have come under stress in recent weeks from the impact of the U.S. and Israeli war on Iran, but the selloff outside the Middle East has been limited, even as some assets remain overvalued.
“Spillovers to the euro area financial sector have so far remained contained,” de Guindos said in a speech. “Direct bank exposures to the region are limited, and the banking system is well positioned with strong profitability and robust capital and liquidity buffers.”
De Guindos argued that even market infrastructure operators, like central counterparties whose services include energy markets, have managed margin requirements effectively, despite the volatility.
Still, there was a broader risk, given interconnections in the financial system, said de Guindos, whose roles at the ECB include monitoring financial stability.
“Amid already elevated global uncertainty, this conflict could trigger the unravelling of interconnected vulnerabilities and cause systemic stress,” he said.
The conflict threatens to derail market sentiment at a time when asset valuations are high, potentially leading to a sharp repricing of risk for leveraged borrowers and sovereigns while amplifying stress in the non-bank financial sector, he said.
On the ECB’s core mandate of ensuring low inflation, de Guindos repeated the bank’s warning that inflation could rise and growth slow on the conflict but argued more time was needed to understand the full impact.
“We are unwavering in our commitment to ensuring that inflation stabilises at our 2% target in the medium term,” he said.
(Reporting by Balazs Koranyi; Editing by Toby Chopra)
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