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  1. Samsung Electronics reported better-than-expected profits after surging internet traffic propelled chip demand and gadget sales started recovering from the Covid-19 slump.The world’s largest manufacturer of memory chips and smartphones posted operating profit of 8.1 trillion won (US$6.8 billion) in the three months ended June, beating the 6.2 trillion won average of estimates. Sales for the quarter were 52 trillion won, according to preliminary results released Tuesday. The company did not…
  2. Hong Kong will continue to attract listings by international and Asian companies in the coming years, as the 2018 reforms and a soon to be launched wealth management connect scheme increase access to and capital flows from the Greater Bay Area, said Andrew Weir, who steps down as chairman of the Listing Committee this week.The 28-member committee acts as an independent administrative decision maker and an advisory body for Hong Kong Exchanges and Clearing, the local bourse operator. Weir, 55,…
  3. A combination of its small size and a friendly tax regime that attracts the world’s wealthiest individuals to its shores has made the principality of Monaco the world’s most expensive luxury property market, topping the likes of Hong Kong, New York, London and Paris, according to Savills.A home in the tiny kingdom on the Mediterranean Sea cost an average 48,150 euros (US$54,010) per square metre as of the end of 2019, or 7.7 per cent higher than in Hong Kong and almost double the level in New…
  4. The South China Morning Post on Tuesday launched its third edition of the China Internet Report, and in 2020 one theme dominates more than any other – the acceleration of digital trends as a result of the Covid-19 health crisis.The pandemic has permanently changed how people in China are using technology in their everyday lives, with increased online consumption and more people than ever before working online.“The Covid-19 pandemic has left a lasting and transformative impact on China’s…
  5. Beijing’s imposition of a draconian national security law, which prompted the British government to introduce a new path to citizenship for some 3 million Hong Kong residents who either hold a British National (Overseas) passport or are eligible for one, could boost demand for residential property in London.Camilla Dell senses an opportunity. Dell, the managing partner of estate agency Black Brick, noted that, “over the past 18 months or so, we’ve already seen growing interest in London as…
  6. Are financial markets underestimating the chances of a last-minute deal on Brexit? Time is fast running out to strike a mutually acceptable trade agreement before Britain quits the European Union at the end of the year, and nobody could be blamed for thinking it’s all going to end in tears.Emotions are running high and negotiators from both sides look so far apart that the prospect of Britain crashing out of Europe on bad terms looks very likely. But could the impossible still happen?After all,…
  7. Bull-market signs are flashing up everywhere in China’s stocks: the benchmark has risen to a multi-year high, turnover is surging and even the state media has got in on the act, talking up the momentum.A 5.7 per cent surge in the Shanghai Composite Index, led by brokerages and banks, pushed the gauge to a two-year high on Monday, with the combined turnover on the Shanghai and Shenzhen exchanges hitting a five-year high of 1.5 trillion yuan (US$213.2 billion).China Securities Journal, a…
  8. Ride-hailing giant Uber Technologies has agreed to acquire food delivery service Postmates in a US$2.65 billion all-stock takeover expected to be announced as soon as Monday morning in the United States, according to people familiar with the matter.Uber Eats head Pierre-Dimitri Gore-Coty is expected to continue to run San Francisco-based Uber’s combined delivery business, according to a person who asked not to be identified discussing a private deal. Under their agreement, Postmates chief…
  9. Semiconductor Manufacturing International Corp (SMIC), China’s top chip maker, is set to draw heavy subscriptions when it begins offering its 1.686 billion shares to mainland investors on Tuesday, putting the share flotation well on its way to becoming the largest in the A-share market since 2010.The buzz around SMIC has sent its Hong Kong-listed shares soaring.Its shares shot up 21 per cent to HK$40.10 on Monday, marking a fresh all-time high, and they have skyrocketed 236 per cent so far this…
  10. Charles Lu Zhengyao, chairman of scandal-ridden Chinese start-up Luckin Coffee, is tightening his grip on the company in a boardroom fight by appointing his nominees and ousting opponents, after surviving an internal revolt last week.Luckin convened an extraordinary general meeting of the shareholders on Sunday afternoon and passed all eight special resolutions requisitioned by Lu, according to Chinese media outlets including TMT Post, Sina News and 36Kr, citing unidentified sources…