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HSBC to relocate senior executive to Hong Kong amid pivot to Asia: sources

Aileen Taylor is set to move to the city as the bank focuses on tapping Asian growth markets and rebuilding its local investment banking team HSBC Holdings will relocate its group chief people and governance officer, Aileen Taylor, from London to Hong Kong later this year, as the lender doubles down on expanding its Hong Kong and Asia operations, according to sources at the bank. After Taylor moves to Hong Kong, four of the bank’s 13 group operating committee members will be based in the city. HSBC’s co-CEOs for Asia and the Middle East, David Liao Yi-chien and Surendra Rosha, as well as Barry O’Byrne, CEO of international wealth and premier banking, are already located there. The company’s CEO, Georges Elhedery, signalled Hong Kong’s importance to the group when he began his new job in September 2024 by spending several days in the city, visiting the HSBC building in Central, as well as local branches, key customers and the city’s financial regulators, company officials said. The CEO can speak Mandarin Chinese and has frequently come to Hong Kong to work and meet mainland officials and regulators, attending the closing ceremony of the International Mathematical Olympiad (IMO) in Shanghai last week.

July 29, 2026

Business

China welcomes WTO ruling against Türkiye’s vehicle restrictions

By continuing to browse our site you agree to our use of cookies, revised Privacy Policy and Terms of Use. You can change your cookie settings through your browser. Chinese electric vehicles awaiting export, Hangzhou, east China's Zhejiang Province, June 15, 2026. /VCG China welcomes a ruling made by the World Trade Organization (WTO), which found Türkiye's restrictive measures on electric and certain other types of vehicles originating from China violate global trade rules, the Ministry of Commerce said on Tuesday. The WTO circulated the panel report in the case brought by China on Tuesday, which supported China's claims and ruled that Türkiye's measures contravened WTO rules, an official from the ministry's department of treaty and law said in response to a media query. Since 2023, Türkiye has had in place restrictive measures, including additional tariffs and import licensing requirements, on Chinese electric vehicles, hybrid vehicles and other vehicles. These measures violate WTO rules including bound tariffs, national treatment and most-favored-nation treatment, and have severely harmed China's legitimate trade interests and bilateral economic and trade relations, the official added.

July 29, 2026

Business

US posts photo of coastguard working with Taiwan after Beijing starts patrols

De facto American embassy says the two sides are coordinating on search, rescue, disaster relief and maritime law enforcement The American Institute in Taiwan (AIT) – the de facto US embassy in Taipei – posted the undated image on social media on Tuesday, saying the two sides were coordinating on search, rescue, disaster relief and maritime law enforcement. “The United States appreciates Taiwan’s partnership in maritime security and safety, and supports Taiwan’s meaningful contributions on global issues including maritime law enforcement exchange and international cooperation,” the AIT said. The statement made no mention of Beijing, but analysts said the timing underscored Washington’s support for Taiwan. The US released the photo weeks after Beijing announced that its coastguard had begun “routine law enforcement patrols” in waters east of Taiwan.

July 29, 2026

Business

AI competition heats up as US targets Southeast Asia’s public sector

Washington’s launch of AI Spark is seen as a move to counter Chinese AI models that have made inroads in Southeast Asia, analysts say However, the initiative is unlikely to force Southeast Asia to choose between AI Spark and the Chinese model, as the region is expected to integrate US know-how with Chinese and local systems to avoid dependence on any single provider, according to analysts. On July 22, Washington said in a statement that AI Spark would support American AI exports to Southeast Asia as part of an overarching plan to advance “technologies of the future”. The announcement came in the middle of US Secretary of State Marco Rubio’s visit to Manila during a meeting of Asean foreign ministers last week, where he said Washington was delivering US$2.5 billion in strategic investments in the region. At a virtual press briefing on Friday, US Ambassador Kevin Kim said that while the investments would span various categories, there was an emphasis on advancing technologies in Southeast Asia given its interest in AI, data centres and other areas. “AI Spark … will provide financial and technical support to Southeast Asian governments interested in deploying the US’ AI stack for public sector applications,” Kim added.

July 29, 2026

Business

How Hong Kong can chart a cycle-friendly course

Embracing cycling as a means of transport would not just improve Hongkongers’ health but also reduce road congestion and contribute to sustainability goals Cycling is more than a trend and worth developing. Since the invention of the bicycle, it has been the most energy-efficient form of human-powered transport – including running or walking. Research suggests it takes less energy to cycle than to walk the same distance. Unfortunately, we are not quite a cycle-friendly city yet. There are some districts with more integrated cycling lanes and networks, including Sha Tin, Tai Po, Tuen Mun and the developing Kai Tak GreenWay. However, cross-district commuting over longer distances is the key. For crosstown travel, cycling would truly be of benefit when one needs to reach a destination to which it is too far to walk.

July 29, 2026

Business

Chinese gaokao student’s inspiring story captivates nation after losing last relative

Zeng expresses gratitude for donations but urges focus on those in greater need An 18-year-old Chinese girl recently lost her last living relative as she embarks on her university journey, yet she has declined donations, asking that they be given to others in need. Zeng Zixuan scored 564 out of 750 on this year’s gaokao, the national higher education entrance exam, and has been admitted to the petroleum engineering programme at Yangtze University. She chose this university because it is close to her home, allowing her to visit her grandmother frequently. However, just as Zeng was anticipating a new chapter in her life, her grandmother fell ill and passed away in early July, leaving her an orphan. Zeng was raised by her grandmother after her parents divorced during her childhood.

July 29, 2026

Business

Should China aim for the lead in making AI rules for the world?

Moonshot AI’s Kimi K3 has exposed gaps in global governance, and the first and best will win, Chinese institute says Moonshot, which was founded just three years ago, released the model’s core components on the internet, allowing anyone to download, inspect and customise for free. Kimi is an open-weight or open-source model, unlike many American closed artificial intelligence models, whose core inner workings are guarded closely by the company that developed them. AI governance has become a new battleground for China-US rivalry and neither side has ruled out the possibility of dialogue on the issue.

July 29, 2026

Business

AI boom will sustain Hong Kong’s export surge, lift GDP outlook, economists say

Baptist University’s Billy Mak says rising export values also reflect higher prices for AI components and relative easing in China-US trade tensions Billy Mak Sui-choi, an associate professor at Baptist University’s accountancy, economics and finance department, said global demand for artificial intelligence (AI) remained far from saturated and would continue to drive exports. “No single country has yet been able to dominate the AI field across models, services and hardware,” he said. “As long as countries see an opportunity to compete, they will continue investing in the necessary hardware.” Mak noted that while initial AI demand centred on Nvidia’s graphics processing units, businesses realised that a broader ecosystem was required, including memory chips, photovoltaic modules and motherboards, helping to explain Hong Kong’s strong exports and re-exports from mainland China. Provisional figures released by the Census and Statistics Department on Monday showed the value of exports climbed to a record HK$641.1 billion (US$81.7 billion) after a 40.8 per cent rise in May.

July 29, 2026

Business

South Korean scientists solve 250-year-old dementia-linked brain mystery

The breakthrough offers hope for new Alzheimer’s treatments – and provides a scientific basis for the benefits of facial massage The breakthrough, published this month in journal Cell, solved a puzzle that has stumped scientists since lymphatic vessels around the brain were first discovered roughly 250 years ago: how does our body clear away the waste? An international team led by Dr Koh Gou-young, a scientist at the Centre for Vascular Research within South Korea’s Institute for Basic Science, identified tiny openings in the tough membrane protecting the brain – dubbed arachnoid fenestrations – through which fluid drains into vessels around the nose and eyes before reaching lymph nodes in the neck. The human brain constantly produces metabolic waste, which needs to be cleared away by cerebrospinal fluid: the clear, watery liquid that acts as a natural shock absorber and nutrient bath for the brain and spinal cord. When this system slows down, toxic proteins such as amyloid beta – a hallmark of Alzheimer’s disease – can build up, raising the risk of dementia and other neurodegenerative disorders.

July 29, 2026

Business

Shanghai Clearing House targets global growth with expanded offshore yuan push

SHCH will broaden its clearing services across offshore yuan bonds, interest rates and foreign exchange products As part of this push, SHCH will broaden its clearing services for offshore yuan bonds, interest rates and foreign exchange products to help foreign investors hedge risk. “We will further enrich the supply of yuan central counterparty clearing products, expanding categories into bonds, interest rates, and foreign exchange to provide foreign investors with rich risk-hedging tools for overseas yuan assets, reinforcing our clearing dominance over yuan products,” Ma wrote in the article published on the social media account of China Finance magazine last week. “We should study and formulate dedicated regulations or rules to unify the standardisation and overall supervision of central counterparty clearing, while exploring liquidity risk constraint and support facilities to stabilise market expectations,” said Ma, former deputy chief of the People’s Bank of China’s financial market department. The move comes as Shanghai released an action plan to expand offshore business, including bond issuance in pilot free-trade zone and forex trading, amid the city’s efforts to become an international financial centre.

July 28, 2026

Business

Elon Musk launches invite-only X Money where users can send cash to one another

Users will receive an ‘X’-branded Visa debit card that is usable at any ATM, a 6% yield and real-time transfers Elon Musk’s social media company X, formerly known as Twitter, launched its own bank account-like product where users can send money to one another. The service, known as X Money, is not a new bank. X Money is using technology and banking services provided by Cross River Bank and branding that backbone as X Money. It is common for new financial companies to use a traditional bank’s backbone to launch their services, as chartering a new bank is a timely and costly process. Currently X Money is invite only and users will receive an “X”-branded Visa debit card that is usable at any ATM. Users of X will be able to send money to other X users in real-time, the company said. Invitations are only available to X’s paying members presently. To attract customers, X Money is offering a 6 per cent yield on deposits and 3 per cent cashback on eligible purchases. To earn the 6 per cent yield, a customer would need to deposit at least US$1,000 into an account. Customers would also have to be signed up for X’s premium services, which is at least $8 a month.

July 28, 2026

Business

Life in prison, no parole, for US teenager who killed 4 in Georgia school shooting

Colt Gray killed 2 pupils and 2 teachers in 2024 with a gun given to him by his father, who has been convicted of second-degree murder A US teenager who shot dead four people at a high school with a gun his father gave him as a Christmas present was sentenced to life in prison on Tuesday. Colt Gray, 16, pleaded guilty to carrying out the September 2024 attack at Apalachee High School in the town of Winder, Georgia. Gray was 14 years old when he shot dead two 14-year-old pupils and two teachers, while also wounding nine other people. He was charged as an adult. Superior Court Judge Nicholas Primm sentenced Gray to life in prison without the possibility of parole. “You were failed by each of your parents. You were failed by your extended family,” Primm said. “That failure does not absolve you from who you chose to idolise, worship and become. “You weren’t being bullied at Apalachee. It wasn’t done out of hatred. You didn’t even know anyone at that school. It was done for the infamy of it.”

July 28, 2026