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Hong Kong, Saudi Arabia eye deeper cooperation, Arab expansion into Asia

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Hong Kong, Saudi Arabia eye deeper cooperation, Arab expansion into Asia

Hong Kong’s finance minister has discussed deeper cooperation with his Saudi counterpart during a meeting in Switzerland, while calling on Arab firms to expand into mainland China and Asian markets via the city.

On his first day in Davos for the World Economic Forum’s Annual Meeting, Financial Secretary Paul Chan Mo-po also met Nigeria’s vice-president Kashim Shettima, an American stablecoin issuer and an Israeli artificial intelligence (AI) unicorn.

The city government on Tuesday said that during the meeting with Saudi Arabia’s finance minister Mohammed Al-Jadaan, Chan hailed the “encouraging progress” in cooperation over the past two years and looked forward to boosting bilateral financial and business ties.

Chan (right) meets with Nigerian vice president Kashim Shettima during the World Economic Forum Annual Meeting in Switzerland. Photo: ISD

“Chan emphasised that Hong Kong, with its unique advantages under ‘one country, two systems’, serves as an international financial centre connecting the mainland and the world,” a government spokesman said, referring to the city’s governing principle.

“He welcomed Saudi Arabia’s capital and enterprises to utilise Hong Kong as a high-quality platform to expand into the mainland and the Asian markets.”

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Hong Kong authorities have been keen on tapping into wealthy Middle Eastern markets. The Saudi Exchange was recognised by the Hong Kong stock exchange, allowing potential secondary listings in the city. A new exchange-traded fund (ETF) tracking Saudi equities was also listed in the city.

Paul Chan aims to ‘clear up doubts about Hong Kong’ at Davos forum

As political and business leaders gathered in Davos for the annual event, the city government said Chan, accompanied by Secretary for Commerce and Economic Development Algernon Yau Ying-wah, aimed to explain the latest developments in Hong Kong and promote new advantages and opportunities.

The finance minister on Monday also met Jeremy Allaire, CEO of stablecoin issuer Circle Internet Financial and Ori Goshen, co-CEO of artificial intelligence company AI21 Labs.

Circle, founded in 2013 and headquartered in Boston, is the issuer of the world’s second-largest stablecoin, USD coin (USDC). It was reportedly planning to go public this year, marking a significant milestone in merging cryptocurrency with traditional financial markets.

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Chan (third right) attends listing ceremony of Saudi Arabia exchange-traded fund (ETF). Photo: Edmond So

AI21 Labs is an Israeli generative AI start-up backed by Intel to compete against OpenAI and Anthropic among other players. The Tel Aviv-based company, founded in 2017, was able to secure rounds of funding during a time when the country was at war.

The finance minister told them that Hong Kong was pressing ahead with developing digital assets in a “prudent and orderly manner”, according to the spokesman.

Chan also said the authorities were consulting the public on regulating stablecoins to set an appropriate regulatory framework and promote the responsible and sustainable development of the industry.

‘Hong Kong is an ideal option for foreign investment despite market pressures’

He welcomed fiat-based stablecoin companies to set foot in Hong Kong to provide more innovative and convenient financial services to the community and called on AI companies to consider the city as a gateway to the Asian market.

Last year, the scandal involving JPEX, an unlicensed cryptocurrency exchange, cast a shadow over Hong Kong’s aspirations to become a global virtual asset hub and revealed regulatory gaps soon after the city rolled out rules requiring cryptocurrency exchanges to meet investor protection standards.

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More than 2,000 people have come forward as victims in the case involving alleged losses of about HK$1.6 billion (US$204.5 million). The total number of arrests linked to the platform rose to 66 as of November, but no one has been charged yet.

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Stock market today: S&P 500, Dow waver near records ahead of key inflation data

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Stock market today: S&P 500, Dow waver near records ahead of key inflation data

US stocks paused near record highs on Wednesday as investors digested fresh data that showed inflation made little progress toward the Fed’s 2% target in October.

After clinching record highs on Tuesday, the S&P 500 (^GSPC) fell about 0.1% at the open while the Dow Jones Industrial Average (^DJI) rose less than 0.3%. The tech-heavy Nasdaq Composite (^IXIC) was down about 0.5%.

The mood is muted in the wind-down to the Thanksgiving holiday, which will see markets shut on Thursday and close early on Friday. But the Fed is taking the fore again after being eclipsed somewhat by the debate over the impact of Donald Trump’s tariff plans and Cabinet choices.

The latest reading of the Federal Reserve’s preferred inflation gauge showed price increases were flat in October from the prior month, raising questions over whether progress in getting to the central bank’s 2% goal has stalled.

The core Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 0.3% from the prior month during October, in line with Wall Street’s expectations for 0.3% and the reading from September. Over the prior year, core prices rose 2.8%, in line with Wall Street’s expectations and above the 2.7% seen in September.

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Traders currently see a roughly 34% chance the Fed holds rates steady at that meeting, up from roughly 24% a month before, per the CME FedWatch Tool.

Also out Wednesday, the second estimate of third quarter GDP was unchanged, showing the US economy grew at an annualized rate of 2.8% in the period. Meanwhile, weekly jobless claims continued to move lower with 213,000 unemployment claims filed in the week ending Nov. 23, down from 215,000 the week prior.

Trump on Tuesday tapped Jamieson Greer — a veteran of his first term — as US trade representative. Given Greer was heavily involved in Trump’s original China tariffs, Wall Street is assessing what his role could mean for the big new tariffs promised for the US’s top trading partners.

On the corporate front, Dell (DELL) shares sank over 10% after quarterly revenue fell short amid flagging PC demand. Peer HP’s (HPQ) stock also fell post-earnings, down 8%.

LIVE 6 updates
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  • Key inflation gauge shows price increases stayed flat from prior month

    The latest reading of the Federal Reserve’s preferred inflation gauge showed price increases were flat in October from the prior month, raising questions over whether progress in getting to the central bank’s 2% goal has stalled.

    The core Personal Consumption Expenditures (PCE) index, which strips out food and energy costs and is closely watched by the central bank, rose 0.3% from the prior month during October, in line with Wall Street’s expectations for 0.3% and the reading from September.

    Over the prior year, core prices rose 2.8%, in line with Wall Street’s expectations and above the 2.7% seen in September. On a yearly basis, overall PCE increased 2.3%, a pickup from the 2.1% seen in September.

    Read more here.

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  •  Josh Schafer

    JPMorgan issues S&P target of 6,500 for 2025 as ‘US exceptionalism’ rolls on

    Another Wall Street strategist sees a solid backdrop for the US economy and a broadening corporate earnings picture driving stocks higher in the year ahead.

    JPMorgan’s global equity strategy team led by Dubravko Lakos-Bujas sees the S&P 500 (^GSPC) hitting 6,500 by the end of 2025, joining the likes of Goldman Sachs and Morgan Stanley, who issued the same target. The target represents about an 8% increase from current levels.

    Lakos-Bujas wrote that continued “US exceptionalism,” continued earnings growth, and interest rate cuts from the Federal Reserve will be a tailwind for stocks in the year ahead. He argued the US is likely to remain the “global growth engine with the business cycle in expansion, healthy labor market, broadening of AI-related capital spending, and prospect of robust capital market and deal activity.”

    He added, “heightened geopolitical uncertainty and the evolving policy agenda are introducing unusual complexity to the outlook, but opportunities are likely to outweigh risks. The benefit of deregulation and a more business-friendly environment are likely underestimated along with potential for unlocking productivity gains and capital deployment.”

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  •  Josh Schafer

    Stocks waver ahead of inflation print

    US stocks paused near record highs on Wednesday as investors waited for a reading on the Federal Reserve’s favorite inflation gauge to provide clues to the path of interest rates.

    After clinching record highs on Tuesday, the S&P 500 (^GSPC) fell about 0.2% at the open while the Dow Jones Industrial Average (^DJI) rose 0.1%. The tech-heavy Nasdaq Composite (^IXIC) was down about 0.3%.

    The October print of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, is due for release on Wednesday morning at 10 a.m. ET. The focus is on whether inflation has stalled.

    Economists expect annual “core” PCE — which excludes food and energy — to have clocked in at 2.8% in October, up from the 2.7% seen in September.

  •  Josh Schafer

    Weekly jobless claims fall, GDP steady

    Weekly jobless claims rose less than expected last week, and hit a seven-month low, as the impact of labor strikes and severe weather continued to abate.

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    New data from the Department of Labor showed 213,000 initial jobless claims were filed in the week ending Nov. 23, down from the 215,000 the week prior and below the 215,000 economists had expected.

    Meanwhile, the number of continuing applications for unemployment benefits hit 1.9 million, up 9,000 from the week prior and the highest level since November 2021.

    Elsewhere in economic data, the second estimate of third quarter GDP came in unchanged, once again showing the US economy grew at annualized rate of 2.8%.

  • Jenny McCall

    Good morning. Here’s what’s happening today.

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  • Brian Sozzi

    About those potential Trump tariffs

    Shares of automakers General Motors (GM) and Ford (F) were throttled on Tuesday following Trump’s tariff threats toward China, Mexico, and Canada.

    GM lost 9%, while Ford dropped 3% as both companies have a strong presence in Mexico.

    But automakers aren’t the only companies that stand to be hurt by tariffs, of course.

    Think computers and T-shirts!

    Here’s what HP Inc. (HPQ) CEO Enrique Lores and Abercrombie & Fitch (ANF) CEO Fran Horowitz told me on the tariff topic.

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    Enrique Lores

    “Some of that [cost of potential tariffs] will have to go to consumers given what is the overall margin that we have in the categories. But again, we need to wait and see what the final tariffs are for us to define what the exact plan is going to be.”

    Fran Horowitz

    “When we understand truly what’s happening, we will have to make some adjustments, and we will adjust accordingly,It’s exactly what we did in 2018 when we had the same challenge. In 2024 we will not be receiving more than 5% or 6% of our US receipts from China. We’re taking a look at it country by country, but the agility that we’ve built into our supply chain is really what’s going to help us manage through this.”

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This personal finance educator says budgeting is ‘toxic’ — try ‘intuitive’ spending instead

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This personal finance educator says budgeting is ‘toxic’ — try ‘intuitive’ spending instead

Girl holding shopping bags and walking down the street

Pixelseffect | E+ | Getty Images

If you’re trying to stay on top of your spending, you might have logged your finances in a spreadsheet, tracked every dollar, and created a strict spending plan, but one expert says budgeting like this can be “toxic.”

Dana Miranda, a certified personal finance educator, is the author of “You Don’t Need a Budget,” a book that looks to liberate readers from the prevailing approach of managing their money.

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“Budget culture is our dominant approach to money that relies on restriction, shame, and greed,” Miranda told CNBC Make It in an interview, likening it to diet culture.

“Research shows in budgeting, and we see the same thing with a much broader body of research in dieting, that that kind of restriction doesn’t work,” she said.

“People tend to fail at sticking to those rules, and so you are inevitably going to feel like a failure. You’re going to feel that shame because you’re not reaching those sorts of arbitrary goals that are being set.”

Not everyone agrees, and many financial planners say creating a budget is the single best thing you can do to improve your finances.

However, Miranda cited a 2018 study by researchers at the University of Minnesota who found little evidence that budgeting helps achieve long-term financial goals, adding that it can also increase anxiety.

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Sheida Isabel Elmi, meanwhile, a research program manager at the Aspen Institute Financial Security Program, told CNBC Select that budgeting can be especially challenging for low and middle-income families. This is because they’re more likely to have volatile incomes and lower wages which can’t be easily managed by a strict, prescriptive budget.

Try ‘intuitive’ spending instead

According to Miranda, the toxicity of budgeting stems from a capitalistic culture geared toward making more money and accumulating assets, rather than focusing on the quality of life of individuals.

Instead of scrimping and saving your money, Miranda recommended “conscious spending,” as an alternative. “It’s like an intuitive or mindful approach to spending and using their money.”

“So instead of making a plan for your money on where every dollar is going to go and trying to stick to that and punishing yourself when you don’t, rewarding yourself when you do, take it more mindfully, moment by moment,” she said.

“So how does money serve you in this moment? How can money serve you in a broader way outside of the numbers and spreadsheets that we tend to put it in?”

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Miranda acknowledged that it’s not easy to adopt this mindset, but said people need to start trusting themselves more.

When asked about the risk of overspending, Miranda said it’s okay to take on credit card debt. Although controversial, she said carrying debt isn’t always “ethically wrong” or as “destructive” as society would have you believe.

“I consider those as part of the resources available to you to spend,” she says. “As long as we understand how our debt products work and the consequences of different decisions that we make around debt.”

Not paying off your credit card every month can be costly, however, leading to additional debt, an increase in repayments, and damage to your credit score, CNBC Select reports.

Go on a ‘money date’

Another way to avoid reckless spending is to take yourself out on a “money date” every fortnight, Miranda said.

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“It’s a way of automating your money management so that you don’t just constantly have this ticker of money stress running through your head,” she explained.

On the money date, you can check how your spending is affecting different areas of your life, and prioritize what’s important.

“So if I take this vacation that my friends are planning, how does that impact the money that I’m putting toward retirement savings next month? Or how does that impact what I’m spending in other areas? How does that impact how much I’m going to use on my credit card?” Miranda said.

You can also create a “money map” which helps organize your goals, the resources you have access to, and your financial commitments, she added — and this should be flexible.

For example, if you initially planned for 10% of your money to go into retirement savings every month, but then you realize you’d rather spend that money now, you can do that with a money map.

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“You can sort of move it as it makes sense for you, but it helps you to see your financial situation so that you can understand the consequences of decisions you make,” she said.

“You can make sure that you always have this understanding of the lay of the land in your financial situation, so that it’s easier to make those conscious spending decisions as you go about your day-to-day.”

It’s important to note that budgeting is a standard financial planning method recommended by experts, however. Tania Brown, a CFP and former coach at SaverLife, a nonprofit focused on helping low-income Americans save, previously told CNBC Make It that budgeting is important regardless of income.

“A budget tells your money where to go and what to do so that you can have the life you want,” Brown said. “The less money you have then the more critical it is you prioritize where that money goes.”

Ready to boost your income and career? Don’t miss our special Black Friday offer: 55% off all Smarter by CNBC Make It online courses. Learn how to earn passive income online, master your money, ace your job interview and salary negotiations, and become an effective communicator. Use coupon code THANKS24 to get the best deal of the season—offer valid 11/25/24 through 12/2/24.

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Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.

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Gartner Unveils CFO Conference 2025: Autonomous Finance & AI Transformation in Sydney | IT Stock News

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Gartner Unveils CFO Conference 2025: Autonomous Finance & AI Transformation in Sydney | IT Stock News




Gartner (NYSE: IT) has announced its CFO & Finance Executive Conference 2025 scheduled for March 24-25, 2025, at the Hilton Sydney, Australia. The conference will focus on ‘Autonomous Finance: Driving Transformation, Productivity and Change‘ and address challenges like high interest rates, growth issues, labor scarcity, and AI implementation. The event features four specialized tracks covering CFO roles, FP&A, Controller functions, and Finance Transformation. Keynote speakers include Gartner analysts Mallory Bulman and Clement Christensen, alongside futurologist Magnus Lindkvist. Early-bird registration ends January 24, 2025.

Gartner (NYSE: IT) ha annunciato la sua Conference CFO & Finance Executive 2025, in programma per il 24-25 marzo 2025, presso l’Hilton di Sydney, Australia. La conferenza si concentrerà su ‘Finanza Autonoma: Guida alla Trasformazione, Produttività e Cambiamento‘ e affronterà sfide come i tassi di interesse elevati, problemi di crescita, scarsità di manodopera e implementazione dell’IA. L’evento presenta quattro percorsi specializzati che coprono i ruoli dei CFO, FP&A, funzioni di Controllo e Trasformazione Finanziaria. I relatori principali includono gli analisti di Gartner Mallory Bulman e Clement Christensen, insieme al futurologo Magnus Lindkvist. La registrazione anticipata termina il 24 gennaio 2025.

Gartner (NYSE: IT) ha anunciado su Conferencia CFO & Finance Executive 2025 programada para el 24-25 de marzo de 2025, en el Hilton de Sídney, Australia. La conferencia se centrará en ‘Finanzas Autónomas: Impulsando la Transformación, Productividad y Cambio‘ y abordará desafíos como las altas tasas de interés, problemas de crecimiento, escasez de mano de obra e implementación de IA. El evento contará con cuatro pistas especializadas que abarcan los roles de CFO, FP&A, funciones de Control y Transformación Financiera. Los oradores principales incluyen a los analistas de Gartner Mallory Bulman y Clement Christensen, junto con el futurologo Magnus Lindkvist. La inscripción anticipada finaliza el 24 de enero de 2025.

가트너(Gartner) (NYSE: IT)는 2025년 3월 24일~25일 호주 시드니 힐튼에서 열릴 CFO 및 재무 임원 회의 2025를 발표했습니다. 이번 회의는 ‘자율 재무: 변화, 생산성 및 변화를 이끄는 힘‘에 초점을 맞추고 있으며, 높은 이자율, 성장 문제, 노동력 부족, AI 구현과 같은 과제를 다룹니다. 이 행사는 CFO 역할, FP&A, 관리자 기능 및 재무 변혁을 다루는 네 개의 전문 트랙으로 구성됩니다. 주요 연사는 가트너 애널리스트인 말로리 불만(Mallory Bulman)과 클레멘트 크리스텐센(Clement Christensen), 미래학자 마그누스 린드크비스트(Magnus Lindkvist)가 포함됩니다. 조기 등록은 2025년 1월 24일에 마감됩니다.

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Gartner (NYSE: IT) a annoncé sa Conférence CFO & Finance Executive 2025 prévue pour le 24 et 25 mars 2025 à l’Hilton Sydney, Australie. La conférence se concentrera sur ‘Finances Autonome : Stimuler la Transformation, la Productivité et le Changement‘ et abordera des défis tels que les taux d’intérêt élevés, les problèmes de croissance, la pénurie de main-d’œuvre et la mise en œuvre de l’IA. L’événement comporte quatre pistes spécialisées couvrant les rôles de CFO, FP&A, les fonctions de Contrôleur et la Transformation Financière. Les conférenciers principaux incluent les analystes de Gartner Mallory Bulman et Clement Christensen, ainsi que le futurologue Magnus Lindkvist. L’inscription précoce se termine le 24 janvier 2025.

Gartner (NYSE: IT) hat seine CFO & Finance Executive Conference 2025 angekündigt, die für den 24. und 25. März 2025 im Hilton Sydney, Australien, geplant ist. Die Konferenz wird sich auf ‘Autonome Finanzen: Transformation, Produktivität und Veränderung vorantreiben‘ konzentrieren und Herausforderungen wie hohe Zinssätze, Wachstumsprobleme, Arbeitskräftemangel und die Implementierung von KI ansprechen. Die Veranstaltung umfasst vier spezialisierte Tracks, die die Rollen des CFO, FP&A, Controller-Funktionen und Finanztransformation abdecken. Zu den Hauptrednern gehören die Gartner-Analysten Mallory Bulman und Clement Christensen sowie der Futurist Magnus Lindkvist. Die Frühbucherregistrierung endet am 24. Januar 2025.











Gartner, Inc. (NYSE: IT):

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Details:

Gartner experts will explore the theme “Autonomous Finance: Driving Transformation, Productivity and Change” during the Gartner CFO & Finance Executive Conference 2025. Sessions will cover how organizations can navigate various issues – such as higher interest rates, challenged growth, scarce labor, cost pressure, security threats, and the scramble for AI use cases – by rapidly evolving, transforming, and redefining data, processes, technologies, staff capabilities and organizational models.

Audience and Topics:

The conference agenda covers the latest hot topics in finance including AI in finance and finance transformation. View the full agenda to learn more about the conference experience.

The conference agenda is split into four tracks:

  • Track A: CFO: Improve the ROI of Finance and Enterprise Transformation
  • Track B: FP&A: Modernize Data, Analytics and Planning
  • Track C: Controller: Streamline, Simplify and Automate Workflows
  • Track D: Finance Transformation: Revitalize and Accelerate Your Transformation Programs

Keynotes & Guest Speakers:

  • Gartner Opening Keynote: “Finance’s New Identity as a Technology Function” with Mallory Bulman, Senior Director Analyst at Gartner, and Clement Christensen, Senior Director Analyst at Gartner
  • Guest Keynote: “Crafting the Future: Transformative Moments in the Digital Age” with Magnus Lindkvist, Futurologist

Exhibitor Showcase

Attendees will get exclusive access to live demos and peers case studies from solution providers at the forefront of finance technology. They will have the opportunity to evaluate the solution providers and learn implementation best practices.

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Registration

Early-bird registration expires on January 24, 2025. Additional details can be found on the registration page.

Members of the media can register for the conference by contacting Rob van der Meulen at rob.vandermeulen@gartner.com.

Social Media: Join the discussion on social media using #GartnerFinance.

About the Gartner Finance Practice

The Gartner Finance practice helps senior finance executives meet their top priorities. Gartner offers a unique breadth and depth of content to support clients’ individual success and deliver on key initiatives that cut across finance functions to drive business impact. Learn more at https://www.gartner.com/en/finance/finance-leaders. Follow Gartner for Finance on LinkedIn and X using #GartnerFinance to stay ahead of the latest expert insights and key trends shaping the Finance function. Visit the Gartner Finance Newsroom for more information and insights.

About Gartner

Gartner, Inc. (NYSE: IT) delivers actionable, objective insight that drives smarter decisions and stronger performance on an organization’s mission-critical priorities. To learn more, visit gartner.com.

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Rob van der Meulen

Gartner

Tel +44 1784 267 892

rob.vandermeulen@gartner.com

Source: Gartner, Inc.








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FAQ



When and where is the Gartner CFO & Finance Executive Conference 2025 taking place?


The conference will be held on March 24-25, 2025, at the Hilton Sydney, 488 George Street, Sydney, New South Wales, Australia.

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What are the main tracks at Gartner’s 2025 CFO Conference?


The conference features four tracks: CFO (ROI of Finance and Enterprise Transformation), FP&A (Data, Analytics and Planning), Controller (Workflow Streamlining), and Finance Transformation Programs.


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Who are the keynote speakers at Gartner’s 2025 Finance Conference?


The keynote speakers include Gartner analysts Mallory Bulman and Clement Christensen presenting ‘Finance’s New Identity as a Technology Function,’ and futurologist Magnus Lindkvist discussing ‘Crafting the Future: Transformative Moments in the Digital Age.’


When does the early-bird registration end for Gartner’s 2025 CFO Conference?


The early-bird registration expires on January 24, 2025.

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