HONG KONG : Hong Kong's economy shrank faster in the third quarter, contracting 4.5 per cent from the same period a year earlier, the third straight quarter of downturn, advance government data showed on Monday, as external demand remained weak.
It was the deepest contraction since the second quarter of 2020 when gross domestic product shrank 9.4 per cent as COVID-19 took its toll around the world. It said geopolitical tensions and developments in the pandemic would add downside risks despite easing quarantine rules for inbound visitors. On a quarterly basis, the economy shrank a seasonally adjusted 2.6 per cent in the July-September period, as compared with the 2.9 per cent decline in the first quarter and a 1 per cent growth in second quarter.
Source: Financial Digest (financialdigest.net)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hong Kong proposes allowing retail trade in cryptocurrenciesHONG KONG: Hong Kong's government has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds - a move it hopes will help it rebuild its fintech hub status. The city, which previously proposed limiting crypto trade to professional investors, has seen planned rules f
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Hong Hui Fang to leave showbiz if AJOOMMA fails -The team behind AJOOMMA said that the results of the film are relevant because they believe that local films have their limits. When a film does not get a good result and does not sell well, it will be really difficult for the industry to continue due to the difficulties in financing and shooting.
Source: IndependentSG - 🏆 9. / 63 Read more »
LVMH-backed L Catterton aims to raise 2 billion yuan in first yuan-denominated fundBEIJING/HONG KONG -L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund, as it eyes early-stage investments in China. L Catterton, which has invested in Chinese sof
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
L Catterton aims to raise 2 billion yuan for first yuan-denominated fundBEIJING/HONG KONG : Private equity firm L Catterton on Monday said it aims to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund. The fund, for which the first closing has completed, will focus on investing in early-stage projects in the consumer sector for its first phase.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Chinese authorities ask: Dear newlywed, when's the baby arriving?HONG KONG - An online post about a newlywed in China, who was rung up by her local government asking if she was pregnant, garnered tens of thousands of comments on Thursday (Oct 27) before being removed, with many netizens saying they had experienced similar calls. The debate comes on the heels of President Xi Jinping declaring at the Communist...
Source: asiaonecom - 🏆 10. / 59 Read more »
Asia bond funds dump China in favour of cash after high-yield routHONG KONG : Bond fund managers with strategies focused on Asian high-yield issuers have switched to cash and other non-China assets after suffering huge losses in China’s corporate bond market.Once a sought-after investment that accounts for more than half of Asia’s high-yield corporate bond issuance,
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »