Finance

Strong Hong Kong dollar weighing on tourist spending: finance chief Paul Chan

Published

7 months ago

May 5, 2024

Strong Hong Kong dollar weighing on tourist spending: finance chief Paul Chan

“But the external environment remains complicated and there are a lot of uncertainties,” Chan said in his weekly blog. “The US Federal Reserve last week held interest rates steady. Coupled with stubborn inflation, the market expectation for a rate cut has weakened compared with earlier this year.”

He said the conditions could “bring adverse impacts to global economic recovery, Hong Kong’s exports, as well as the sentiment of local investment and capital markets”.

The Fed announced last week it was holding its benchmark lending rate steady in the 5.25 per cent to 5.5 per cent range as core inflation remained above the target of 2 per cent.

Chan said the city’s tourism sector was one of the key drivers of the economy in the first quarter, but warned of the drawbacks of a strengthening Hong Kong dollar, which is pegged to the US dollar.

The number of arrivals for the first three days of the Labour Day “golden week” holiday reached nearly 650,000, up by 25 per cent against last year’s figures, he said.

The break runs from May 1 to 5 on the mainland.

He said “changing consumption patterns among locals and tourists”, coupled with the strong Hong Kong dollar, could hit the retailing and catering sectors in particular.

Chan urged companies to develop new products and to embrace technology.

Finance minister Paul Chan attends the annual meeting of the board of governors of the Asian Development Bank in Tbilisi, Georgia. Photo: ISD

“New products can not only meet the changing needs of consumers, but also create demand and thus boost sales,” he said. “As for new ways of management, companies can lower costs and enhance efficiency by adopting more digital solutions.”

Chan was attending the annual meeting of the board of governors of the Asian Development Bank in Tbilisi, Georgia, which is themed “From Billions to Trillions – Promoting Private Sector Development for Climate Change”.

He said many participants were interested in the development of Hong Kong’s digital economy, as well as the innovation and technology sector.

Chan said at the plenary session a huge funding gap of trillions of US dollars existed for climate and transition investments, as well as in helping developed and developing economies in climate financing.

He urged members to work together to mobilise private sector resources and channel funds to support green and climate transition projects through innovative financial products and services.

In his weekly blog post, Chan also noted Hong Kong’s gross domestic product had increased for five consecutive quarters, expanding 2.7 per cent year-on-year in the first three months of the year.

The city’s benchmark Hang Seng Index also gained almost 14 per cent recently, while the property market had become more active after authorities scrapped cooling measures in February.

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Finance

COP29: Carbon Finance Summit – Session 2

Published

7 hours ago

November 18, 2024

Press Room

Greening and scaling up public finance is critical, but it is not enough. Significantly scaling up private sector finance, including through greening value chains, green financial products (e.g. funds and loans) and carbon finance is needed to channel more resources toward activities with a positive impact on the environment and society.

Finance

Why Nvidia stock is ripe for another surge: Investor

Published

14 hours ago

November 18, 2024

Press Room

Why Nvidia stock is ripe for another surge: Investor

Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, YouTube or wherever you find your favorite podcasts.

Nvidia (NVDA) mania is heating up ahead of the market darling’s Wednesday earnings report.

The company is “representative of the most important stocks in America,” EMJ Capital founder and president Eric Jackson told Yahoo Finance executive editor Brian Sozzi on his Opening Bid podcast (listen in below; video above).

Jackson reiterated his call that Nvidia’s stock could double within the next twelve months given its wide lead on AI chip production.

“The investments [in AI] are just getting started,” Jackson added. “The need for these chips is still going to continue for the next year or two or three.”

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Nvidia’s stock has surged more than 2,600% in the past five years according to Yahoo Finance data, fueled by one impressive quarter after another as it grabbed the top position in cutting-edge chips.

The company’s strong performance are expected to continue in its fiscal third quarter — sales and profits are each estimated to be up 83% from a year ago. Wall Street remains bullish on its favorite stock.

Of the 63 sell-side analysts that cover Nvidia, 59 rate the stock a buy or strong buy, Yahoo Finance data shows. The average price target stands at $160.38, about 13% above current levels.

“We see the near-term risks as largely balanced and we are buyers of Nvidia heading into its fiscal third quarter earnings report scheduled for Wednesday. Positive set-up indicators from accelerating bookings at cloud service providers, an upward bias on hyper-scale capital expenditures, as well as our view that near-term estimates will increase post the earnings call,” Evercore ISI analyst Mark Lipacis said in a client note on Monday.

Lipacis says if Nvidia were to let investors down, it would come in the form of decelerating revenue growth.

There has been a whirlwind of activity around Nvidia as of late.

In addition to achieving world’s most valuable company status by nudging out Apple (AAPL) and Google (GOOG), Nvidia joined the Dow Jones Industrial Average on Nov. 8. Former chip leader Intel (INTC) was kicked out.

“It’s good that Nvidia is part of the mix now,” Jackson said, noting it could encourage purchases from retail investors.

One potential hiccup is the restrictions around selling to China by the Biden administration and subsequent write downs which were a “meaningful part of their quarterly earnings,” Jackson said. “They had to take it down to zero.”

Incoming president Donald Trump could stay firm on the chip issue as well, making good on his campaign promises around China.

Finance

Shaping the Future of Finance: Diversified Product Ecosystem of SILEGX Exchange

Published

22 hours ago

November 18, 2024

Press Room

Shaping the Future of Finance: Diversified Product Ecosystem of SILEGX Exchange

DENVER, Nov. 18, 2024 (GLOBE NEWSWIRE) — SILEGX Exchange recently announced the further development of its diversified product ecosystem, showcasing its innovative prowess in the fintech sector. As a globally leading cryptocurrency trading platform, SILEGX offers a comprehensive ecosystem that combines innovation and competitiveness through a rich array of trading products and financial services. This announcement not only reflects the platform vision for driving the future of finance but also solidifies its significant position in the global cryptocurrency market.

SILEGX offerings encompass a wide range of areas, including spot trading, derivatives trading, financial products, and new token subscriptions. The spot trading service allows users to engage in the buying and selling of cryptocurrencies globally with speed and convenience, ensuring efficient execution of trades. In the derivatives trading arena, SILEGX introduces advanced risk management tools and high-performance trading engines to help users effectively manage risk amidst market volatility while maintaining flexibility in their investment strategies. These innovative products enhance the user trading experience and demonstrate the deep expertise of SILEGX in trading technology.

Beyond trading services, SILEGX has launched various financial products specifically designed for cryptocurrency investors to help users grow their digital assets. By integrating artificial intelligence technology and smart investment algorithms, the platform offers personalized investment portfolio recommendations, enabling users to easily gain returns in complex market environments. Additionally, the new token subscription service of SILEGX provides users with opportunities to participate in emerging cryptocurrency projects. By rigorously selecting quality token projects, the platform ensures a transparent and fair subscription process. This feature not only meets investor needs for diversified asset allocation but also injects fresh vitality into the market.

The competitiveness of SILEGX is further highlighted by its unique ecosystem. The platform not only focuses on trading services but has also established a comprehensive support network, including the SILEGX Academy, incubator projects, and digital wallet services. Through this series of innovations, SILEGX Exchange is redefining the standards of global cryptocurrency trading. Its diversified products and services cater to the broad needs of global users, providing an important reference for the development of future financial ecosystems. As the platform continues to expand its product lines and service offerings, SILEGX is reshaping the landscape of cryptocurrency trading, reinforcing its status as an industry leader.

Media Contact:
Company Name: SILEGX CRYPTO TECHNOLOGY CO.,LTD.
Company website: https://www.silegx.org
Contact Person: Maria
Email id: maria@silegx.org

Disclaimer: This content is provided by sponsor. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cbe235fe-2be4-41dd-94b0-c8ed1d8115ca