China's foreign exchange regulator released new rules that require banks to flag risky trades, including those involving cryptocurrencies, which would make it more difficult for mainland investors to buy and sell bitcoin and other digital assets. Banks are expected to monitor and report "risky foreign exchange trading behaviours", including underground banks, cross-border gambling and illegal cross-border financial activities involving cryptocurrencies, according to last week's announcement by t
A better year expected for IPO bankers as Hong Kong claws its way back into top 10 markets
After a satisfying year for investment bankers in Hong Kong, who helped lift the city back into the top 10 ranking in initial public offerings (IPOs) worldwide, the new year could be merrier as Hong Kong Exchanges and Clearing (HKEX) prepares for more market debutants. Companies and investors raised US$11 billion from 64 first-time stock offerings on the main board, according to data compiled by the London Stock Exchange Group, making it the fifth busiest IPO venue. India's two main exchanges an
Markets in 2024: Wall Street's high-octane rally keeps investors captive to the US
Markets that began the year with investors expecting a global stock rally to fizzle, swift U.S. interest rate cuts to boost Treasuries and soften the dollar and emerging market currencies to strengthen have firmly defied that consensus. That comes mostly thanks to a second year of huge gains for Wall Street stocks as artificial intelligence fever and robust economic growth sucked more global capital into U.S. assets and took the dollar up 6.6% against peers in 2024. U.S. exuberance rose after Donald Trump's Nov. 5 election win, as traders focused on the President-elect's plans for tax cuts and deregulation, with the surge in animal spirits propelling cryptocurrency bitcoin to a 122% annual gain.
Chinese stocks post first annual gain since 2020, HK ends 4-year rout
Chinese stocks registered their first annual gain following an unprecedented three-year decline despite a dip on the final trading day of 2024, while Hong Kong shares ended the year higher, supported by optimism over policy support. The blue-chip CSI 300, tracking the biggest companies listed in Shanghai and Shenzhen, rose 14.7% this year, breaking a losing streak since 2021 set off by the COVID-19 pandemic, property sector woes and weak consumer confidence. Hong Kong's benchmark Hang Seng Index closed the year's final session up 0.1%, for an annual gain of 17.7% that ended four consecutive years of losses.
Fintech app Dave faces legal action over deceptive marketing
The DOJ is seeking civil penalties, refunds for consumers, and a court order to halt the company's alleged unlawful practices.
Indonesia Faces Costly Biofuel Expansion After Palm Oil Surges
(Bloomberg) -- Indonesian consumers, fuel retailers and palm oil producers are facing higher costs from the government’s plan to expand its biofuel program after the price of the tropical oil surged.Most Read from BloombergDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesMigrant Crisis Pushed US Homelessness to Record High in 2024Make a Transit-Oriented New Year’s ResolutionThe nation plans to increase the volume of palm oil used in its
World’s Best-Performing Currency Fails to Slow Kenyan Inflation
(Bloomberg) -- Kenya’s annual inflation rate climbed for a second successive month in December as higher food and transport costs offset the effects of the shilling’s world-beating performance this year.Most Read from BloombergDetroit’s Michigan Central Is the Building Revival Story of 2024Burned Out Parents Need Better Public SpacesMigrant Crisis Pushed US Homelessness to Record High in 2024The consumer price index rose 3%, compared with a 2.8% increase in November, the Nairobi-based Kenya Nati