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HSBC profit flat as Middle East provisions offset wealth growth

Credit impairment charges rose 44 per cent to US$1.3 billion, driven by provisions linked to the Middle East conflict and UK fraud exposure HSBC, Hong Kong’s largest lender, reported broadly flat first-quarter profit as lower interest rates and provisions linked to the Middle East conflict offset solid growth in its wealth management business. Net profit for the first three months of 2026 rose 0.14 per cent year on year to US$6.94 billion, or 41 US cents per share, the London-based bank said in a Hong Kong stock exchange filing on Tuesday. The result missed the US$7.07 billion consensus estimate of 17 analysts polled by the bank. Pre-tax profit fell 1 per cent to US$9.38 billion, also below the consensus forecast of US$9.59 billion. The bank recorded US$1.3 billion in credit impairment charges during the quarter, up 44 per cent from a year earlier. This included a precautionary provision of US$300 million to reflect uncertainty related to the Middle East conflict, as well as US$400 million tied to fraud-related, secondary securitisation exposure involving a UK financial sponsor.

May 6, 2026

Business

Sea robbery fears stalk Singapore and Malaysia’s busiest waterways

Opportunistic nighttime raids in the Straits of Malacca and Singapore are testing security in a vital maritime chokepoint The crew managed to raise the alarm in time and thankfully no one was hurt. But by the time the vessel was searched the intruders were gone, vanished back into the water with a clutch of spare engine parts in tow. The nighttime raid on the Taipan was the latest in a steady drumbeat of low-level robberies along one of the world’s most consequential shipping corridors: a narrow, reef-strewn passage through which an estimated 70 per cent of Asia’s oil imports flow, alongside trillions of dollars in annual cargo. Analysts are careful to stress that the attacks are not signs of a looming security collapse. But they are a symptom of nagging vulnerabilities in a globally important shipping chokepoint.

May 6, 2026

Business

Indonesia caps ride-hailing commission fees at 8% in ‘radical correction’ of sector

The new commission scheme shows the state’s support for ride-hailing drivers, but may not necessarily boost their incomes, observers say The move could mark a significant shift in one of Southeast Asia’s biggest on-demand economies, where millions of drivers for platforms such as Gojek and Grab have become a highly visible labour force and, analysts say, a potent political bloc. Last week, Prabowo announced a presidential decree that would lower the commission fees ride-hailing companies charge drivers for each order, from 20 per cent to 8 per cent. Drivers would also get universal healthcare and work accident insurance, he said. “It’s not right that you [drivers] are the ones sweating, but they [the companies] are getting the money. Sorry, if they [the companies] don’t want to comply, don’t bother doing business in Indonesia,” Prabowo said in front of drivers during a May Day rally in Jakarta on Friday.

May 6, 2026

Business

China stray dog becomes local hero after car crash, 56 cabbies cover medical costs, aid in recovery

‘Friendly’ canine who became taxi drivers’ best friend suffers multiple fractures; plight sparks online calls to build dog a safe play area A stray dog in central China has gone viral after a group of taxi drivers raised money for his surgery following a car accident. At the high speed rail station in Xuancheng, Anhui province, a yellow dog became a beloved figure among the local cabbies. Lively, friendly and always eager to run, the dog quickly warmed his way into the drivers’ hearts. Last summer, driver Zhang encountered the dog and was moved by his gentle nature. From that day, Zhang and his fellow drivers began bringing food and spending their breaks playing with the dog. They affectionately named him “Stationmaster Huang” as a tribute to the comfort he brought during their long, tiring shifts.

May 6, 2026

Business

Chasing L5: WeRide CEO sees ‘ChatGPT moment’ in driverless cars within 10 years

The global commercial robotaxi fleet was estimated to be 7,000 vehicles in 2025, and is expected to surge to about 6 million by 2035 WeRide boss Tony Han Xu believes the first fully autonomous cars may arrive on streets by 2035, as global carmakers and tech firms accelerate the application of self-driving technologies despite roadblocks. A vehicle capable of full automation is known as Level 5 (L5), according to a set of standards published by SAE International in 2014. Referring to L5 as “Super Drive”, Han, co-founder, chairman and CEO of WeRide, said its reality was not far off. “I think within 10 years, we will achieve ‘Super Drive’,” Han said in an interview with the South China Morning Post. “That means a car can drive anywhere better than a human being.” There are six automation levels, ranging from L0 where the car is completely controlled by a driver, to L5 where a vehicle can operate anytime, anywhere and under any weather without human intervention.

May 6, 2026

Business

Can South Korea’s most advanced fighter, the KF-21, compete with China, the US and Europe?

Recent roll-out puts South Korea in elite group of countries capable of indigenously developing advanced supersonic combat aircraft The roll-out marked the start of mass production for the 4.5-generation fighter, with an initial 40 Block I units to be completed for the South Korean Air Force by 2028. According to Bence Nemeth, a senior lecturer in defence studies at King’s College London and executive director of the King’s Centre for Defence Economics and Management, the KF-21 could be competitive in overseas exports but entered the market “late and in a crowded field”. Nemeth said South Korea’s advantages were likely to be its cost, quality, delivery speed and willingness to offer industrial cooperation. But he added that procuring fighters was also about political alignment and wartime supply chain reliability. “The KF-21 will therefore need aggressive marketing and credible long-term sustainment guarantees,” Nemeth argued.

May 6, 2026

Business

EcoCeres to invest HK$10 billion in sustainable aviation fuel plants in Greater Bay Area

Sustainable aviation fuel plants backed by tycoon Peter Lee’s family office hailed by Hong Kong leader as ‘milestone’ cross-border collaboration A biofuel company backed by the family office of tycoon Peter Lee Ka-kit will invest HK$10 billion (US$1.3 billion) in sustainable aviation fuel (SAF) production plants in the Greater Bay Area, a project that Hong Kong’s leader has hailed as a “milestone” collaboration between the city and mainland China. Chief Executive John Lee Ka-chiu said the venture represented joint efforts by the Hong Kong and Dongguan governments to align with Beijing’s 15th five-year development plan between 2026 and 2030. He described it as “a milestone” and “an excellent example of synergy of the two places”. “Hong Kong brings global finance, professional services and research capabilities. Dongguan brings mature chemical industry parks, logistics and a steady supply of used cooking oil – the essential raw material for SAF,” the city leader said. “Together, we form a powerful combination.” SAF is a renewable fuel produced from waste materials such as used cooking oil and agricultural waste that reduces life cycle emissions by up to 80 per cent compared with conventional fuel.

May 6, 2026

Business

Ni hao, new hire: Africa’s growing Mandarin job boom

While Chinese firms have long brought their own translators to the continent, they are now often hiring local linguists The change is partially being driven by the expanding footprint of smaller Chinese companies, which would rather hire locally than bring their own staff from China, and by the increasing role played by African firms in trade. Few of the thousands of Chinese executives, managers and workers who pour into Africa every year are proficient in the languages of their host countries, according to recruiters and analysts. This is true for the most widely spoken official languages like English or French, and is especially the case with indigenous African languages. “There is now a greater need for Chinese language skills than before,” said Heidi Haugen, a professor of China studies at the University of Oslo in Norway. Recent job posts on the networking site LinkedIn reveal continent-wide demand for Mandarin skills in sectors including real estate, mining, hospitality, healthcare and manufacturing.

May 6, 2026

Business

Chinese companies suing governments the world over

Support us Picture: David Gray / Getty via The Conversation The Chinese-owned firm that operates the Port of Darwin isn’t happy about the federal government’s push to return it to an Australian owner. Now, the situation is escalating, with the stage set for an international legal showdown. The Albanese government has been in talks with Landbridge Group, whose parent company is headquartered in Shandong province, China, to return the port to an Australian owner, following an election promise. But in late April, Ye Cheng, the Chinese billionaire who founded Landbridge, initiated proceedings against Australia at a World Bank tribunal, the International Centre for Settlement of Investment Disputes. The government has said it will defend the claim. This case may take years to resolve. But it’s not the only example of a Chinese company taking on a national government, claiming to be unfairly excluded based on national security or other concerns. Right now, many of these cases are still pending. But these rulings could have major financial implications if they provide a route for Chinese firms to demand compensation from governments for any losses caused by political decisions.

May 6, 2026

Business

Drones shatter months of relative calm in Sudan’s capital as international airport targeted

Khartoum rocked by new attacks as Sudan again alleges UAE and Ethiopia involvement in the civil war Sudan’s armed forces blamed a drone attack ⁠on Monday that targeted Khartoum airport on the United Arab Emirates and Ethiopia, the latest in a barrage of assaults in recent days that has shattered months of relative calm in Sudan’s capital, three years into its civil war. Reuters could not independently verify the claims. Neither country immediately commented on the allegations made late on Monday. Sudan has often accused the UAE of supporting Rapid Support ‌Forces (RSF) paramilitaries, a charge the Gulf state has denied, and had accused Ethiopia of getting involved in the conflict earlier this year. Strikes launched since Friday have hit military targets and civilian areas in a city where people, ministries and international agencies had started returning since the army retook control there in March 2025, residents told Reuters. Witnesses said Monday’s drone attacks targeted Khartoum International Airport - where some of the earliest fighting erupted between the military and the paramilitary Rapid Support Forces in April 2023 - and which received its first international flight in three years last week.

May 6, 2026

Business

Tourist’s photos with removed Hong Kong trail sign draw backlash online

Viral images show a backpacker posing with MacLehose Trail sign, prompting criticism over visitors’ behaviour during ‘golden week’ holiday A tourist has shared photos of herself holding a MacLehose Trail sign apparently removed from its metal stand during the Labour Day “golden week” holiday, drawing criticism from Hong Kong internet users. In one of two photos posted on her RedNote account, “2 star”, on Monday, the woman is seen holding the wooden panel, with a caption reading: “This is my favourite tourist picture” and a hashtag for Po Pin Chau, a well-known natural landmark in Sai Kung and a popular destination for visitors. In the second image, the sign is at the base of the metal stand by the roadside. In the post’s comment section, the woman said she found the sign already fallen and had merely picked it up for a photo. “There was absolutely no act of damaging public property,” she wrote, without specifying when the pictures were taken. The photos later went viral after being widely shared on Hong Kong social media. The post had attracted more than 19,000 “likes” and 600 comments by Tuesday afternoon, with many users criticising what they described as inconsiderate behaviour and damage to the city’s environment.

May 6, 2026

Business

Philippine inflation hits 3-year high amid Middle East conflict

Higher fuel, food, transport and utility costs forced inflation to 7.2 per cent last month, the highest since March 2023 Consumer prices rose 7.2 per cent last month, the statistics agency said on Tuesday, the highest since March 2023. That was above the 5.5 per cent median forecast in a poll of economists. The April print also breached the central bank’s forecast range of 5.6 to 6.4 per cent for the month. Emilio Neri, lead economist at Bank of the Philippine Islands, said the Bangko Sentral ng Pilipinas (BSP) could be forced to do another off-cycle meeting and hike rates to stem inflation. “Yes, we won’t rule out a forceful intermeeting hike. ⁠We can’t rely on supply side solutions to ensure that Philippine inflation is kept well-anchored in ‌this kind of volatile environment.”

May 6, 2026