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This is the last week of trading for May; Economic releases are relatively light this week. But data related to inflation will be watched. The markets seem to be buying into the Fed’s line that it will be transitory, I remain unconvinced. Also Bitcoin/Crypto remains in the headlines on regulation, emission and the fact that whislt the PBOC, FED and others crack down on it they are thinking about Digital currencies.
Hedge Funds continue to be active looking for opportunities created by the volatility in the crypto world. Interestingly short interest in Hong Kong pulled back Friday but Chinese Financials remain under pressure despite Huarong paying a bond
Covid continues to overhang the markets; especially Asia.
US earnings continue with some interesting names; Spac Lordstown Motors on Monday. Then later in the week; Autozone, Intuit, Toll Brothers, Dicks Sporting Goods, American Eagle, Nvidia, Snowflake, Workday, Best Buy, Dollar General, Dollar Tree, Medtronic, Gap, Ultra Beauty, Costco, SalesForce, Dell, Big Lots and others.
US and other markets continue to trade at highs and although some have seen pull backs we are yet to see a major correction. Tech (non internet) saw another good weak; I expect it to remain strong on good demand (reinforced by Tech companies spending Capex to meet demand). Interestingly US REITs had a strong week; which suggest investors are more confident that the general economic recovery’s will have a positive impact on property.
Biden’s spending plan discussions continue to rumble on news he’s prepared to reduce it to US$1.7tn may help but bipartisan agreement still not a given.
The world’s seven largest advanced economies agreed on Friday to stop international financing of coal projects that emit carbon by the end of this year, and phase out such support for all fossil fuels, to meet globally agreed climate change targets.
Asia summary more details below
Australia Expect market to open lower with weakness in resources, oil and gold.
Data this week is light; Construction Work Done, Leading Index, Private Capex.
Japan Nikkei to opened lower with caution on covid and ahead of Kuroda’s speech. Covid concerns remain but Tech, Robotics and Entertainment should remain firm. Data this week Coincident & Leading Indexes then Friday Jobs and CPI. June is AGM month in Japan and hence of interest to hedge funds to seek insight into targets like Mitsubishi Logistics and Toshiba amongst others
S Korea Expect markets to open lower following the US and on covid concerns. This week data is light; Consumer & Business Confidence and BoK rate decision
Taiwan Market to open flat following a strong Friday with sentiment cautious on covid and US markets but local companies still seeing strong demand and TSMC should be +VE after saying its going to take action to address the shortage of auto chips. Expect shipping to remain strong as the BDI closed +1.6%
Data this week Jobs, Industrial Profits, Retail Sales, M2 Money supply out Monday; then quiet.
China Market to open lower with caution after the US close and with the concerns over PBOC tightening, defaults and government support for the recovery. The wild card remains ‘Team China’. The only major data this week is Industrial Profits.
HK ADR’s closed -102pts @ 28,356 with weakness in Chinese Financials and E-commerce; likely to continue. Expect to see some movement after the HSI index review which came out after market Friday. Pharma in focus with Q1 earnings due from CSPCPharm, SinoBio, Ali Health, Lees Pharma this week. Others include Kingsoft, Emperor Group, Xiaomi, Dynam, Boyaa, Lenovo, Sincere and Meituan. Only Trade data due this week.
Eurozone Consumer Confidence final, Sentiment data
German GDP, Ifo data, Consumer Confidence, Import Prices
France Consumer & Business Confidence, Unemployment, GDP, Inflation and Inflation.
US More housing data, Richmond Fed, Durable Goods, GDP Growth & Price Index, PCE data, Corporate Profits, Personal Income & Spending, Goods Trade Balance, Wholesale Inventories, Michigan Final reading, Chicago PMI
DOW +0.36%, NDX -0.48%, S&P -0.08%, Russel 2K +0.34%
Markets opened at the day highs on strong PMI data but trended lower through the morning and then traded sideways in the PM. Bitcoin/crypto and related names under pressure talk of the US IRS involvement in more regulation following comments from China and the Fed saying it would relasese a discussion paper on a US digital currency ; Coinbase -4%, Microstrategy -4.7%, Tesla -1%.
Concerns on Fed tapering eased through the weak.
Ford +6.7% announced 20k reservations for its F-150 electric version.
Home Depot +0.7% on buback programme annoucement
Oatly +11% following its +18% on its IPO debut Thursday.
Deere +1.3% good earnings and raised FY forecast
VF -9% (Timberland, Vans and The North Face,) mixed results
Banks opened higher and largely traded sideways/lower; JPMorgan Chase +1.1%, Citigroup +1.9% Wells Fargo +0.4%, Amex +0.9%
Work from home names: Facebook -0.8% increased selling into the close, Apple -1.5% & Amazon -1.4% trended lower all day, Netflix -0.8% traded sideways, Disney +0.6% choppy, Zoom Video -2.6% initially sold off and trended lower, Alphabet -0.6% sold down at lunch and traded sideways. Microsoft -0.5% trended lower all day,
Tech NXP Semi flat choppy trading sold down in last 30 mins, Nvidia +2.6% (announced 4 for 1 share split) and Micron -0.5% sideways all day, AMD -1.1% sold down early, Skyworks -1.1% initially tested higher but sold down after 30 mins.
Re-opening stocks Boeing +3.2% opened higher on increased production of 737 Max then traded sideways, Caterpillar +1% rallied then sideways, Simon Property -0.2% initial spike then sold down in choppy trading, sideways from lunch, Kohl’s -0.15% sideways, Nordstrom -0.9% sideways but then sold down in last 30 minutes, Gap -0.1% small spike initially then sideways, United Airlines +0.4% initial rally then sideways for most of the day but sold down into the close, Carnival -1.3% trended lower all day. Wynn Resorts +0.6% initial spike trended lower to early afternoon flat then worked higher into the close, Chevron +0.5% sideways roll-a-coaster, Exxon Mobil +0.1% sideways but sold down into the close.
Lock down names Campbell Soup flat and General Mills +0.4% after initil spike was sold down through the morning then flat. JM Smucker +0.6% similar but worked better in the afternoon.
PMI Flash data
Services May 70.1 vs 64.7 Apr (F/Cast was 64)
Composite May 68.1 vs 63.5 Apr (F/Cast was 63)
Manufacturing May 61.5 vs 60.5 Apr (F/Cast was 59.8)
Existing Home Sales Apr -2.7% vs -3.7% Mar (F/cast was +0.7%)
Baker Hughes Oil Rig Count 356 vs 352 prior
Baker Hughes Total Rig Count 455 vs 453 prior
USD was slightly stronger vs Yen & Euro. Taper concerns have eased suggesting the market is buying into the Feds ‘transitory inflation’.
Bitcoin -7.7% @ 37,095.82 as fears of more US regulations and IRS involvement and Musks tweets,
VIX -2.5% @ 20.15, US T10 @ 1.623%
OIL Brent +2.04%, WTI +2.65%
Gold -0.01%, Silver -1.45%, Copper -1.28% Platinum -2.83%, Palladium -3.32%.
Chicago Fed National Activity Index Apr (March was +1.71 F/cast is +2.5)
DAX +0.44%, CAC +0.68%, FTSE -0.02%
FTSE opened lower and dipped despite good retail sales and PMI data then traded around flat all day. CAC and DAX opened higher and traded just above flat rising slowly in the PM to close around their highs.
French PMI’s beat but German slightly missed expectations. Eurozone business growth hit a 3 year high. Ahead we have a EU Finance ministers in person meeting.
BioNTech said, Thursday, said the Covid-19 vaccine it developed alongside Pfizer is likely to be equally as effective against the new virus variant first discovered in India as it was against the one found in South Africa.
Richemont +5% in early trade after it proposed doubling its dividend after a 38% rise in net profit for its fiscal year 2020/21.
CTS Eventim +1.2% off initial highs after Commerzbank raised its price target following a strong earnings report Thursday.
Swedish business group Lifco gained +0.7% but off the initial high.
Lufthansa -6.5% and traded sideways after the Thiele family, its second-largest shareholder, offloaded more than half of its stake in the airline following the death of Heinz Hermann Thiele.
PMI Flash data
Manufacturing May 62.8 vs 62.9 Apr (F/Cast was 62.2)
Services May 55.1 vs 50.5 Apr (F/Cast was 52.6)
Composite May 56.9 vs 53.8 Apr (F/Cast was 54.5)
Consumer Confidence Flash May -5.1 vs -8.1 Apr (F/castwas -7)
PMI Flash data
Manufacturing May 64 vs 66.2 Apr (F/Cast was 65.7)
Services May 52.8 vs 49.9 Apr (F/Cast was 52.5)
Composite May 56.2 vs 55.8 Apr (F/Cast was 57.5)
PMI Flash data
Manufacturing May 59.2 vs 58.9 Apr (F/Cast was 58.4)
Services May 56.6 vs 50.3 Apr (F/Cast was 53.6)
Composite May 57 vs 51.6 Apr (F/Cast was 54.5)
Retail Sales Apr +9.2% MoM vs +5.1% Mar revised (F/cast was +3.8%)
Retail Sales Apr +42.4% YoY vs +7.2% Mar (F/cast was +37%)
Retail Sales ExFuel Apr +9% MoM vs +4.6% Mar revised (F/cast was +3.7%)
Retail Sales Ex Fuel Apr 37.7% YoY vs +7.9% Mar (F/cast was +32%)
PMI Flash data
Manufacturing May 66.1 vs 60.9 Apr (F/Cast was 60)
Services May 61.8 vs 61.0 Apr (F/Cast was 61.7)
Composite May 62 vs 60.7 Apr (F/Cast was 61.5)
EUROZONE No data due
GERMANY No data due
FRANCE No data due
UK No data due
JAPAN Nikkei to lower with caution on covid and ahead of Kuroda’s speech. Covid concerns remain but Tech, Robotics and Entertainment should remain firm
Yen closed 108.94
No data due but BoJ Gov Kuroda speech
Key this week will be CPI (expected to have eased) and Unemployment expected to have risen.
Tokyo reported 649 new covid cases, Hakkaido reported 727 a new high, nationwide the total 1,294 a new high (by 1 from Wednesday)
Japan expanded a state of emergency to cover the southern island of Okinawa on Friday, as authorities approved two more coronavirus vaccines to speed a lagging inoculation campaign. The newly approved vaccines, from Moderna Inc and AstraZeneca PLC, will join the one co-developed by Pfizer Inc and BioNTech SE in a vaccination drive that began in mid-February.
Nearly 70% of Japanese firms want the Tokyo Olympics either cancelled or postponed, a Reuters survey found, underscoring concerns that the Games will increase coronavirus infections at a time when the medical system is under heavy strain.
With just nine weeks to go before the Games, states of emergency have been imposed in much of Japan until the end of the month to counter a spike in infections that has resulted in a shortage of medical staff and hospital beds in some areas. But the IOC says it can proceed even if Tokyo is in a state of emergency.
To me it seems the organisation risks damaging its reputation by not listening to public opinion.
The government is likely to forgo submitting an extra budget to the current parliament session running until June 16, the Yomiuri newspaper reported on Friday.
Japan will have no choice but to rethink its Myanmar development aid if the situation in the Southeast Asian country does not improve, Foreign Minister Toshimitsu Motegi said on Friday, adding that private investment might also not be possible.
FT reports SoftBank’s Yuko Kawamoto, a prominent corporate governance expert and first female director exits in board shake-up. She had previously challenged Son. The other board director was vice-chair Ron Fisher, one of Son’s longest-serving advisers who oversaw much of SoftBank’s $10bn-plus investment in WeWork, will also step down after 26 years at the company. A slight -VE
It also announced Pending approval in June, SoftBank will have five non-executive directors including new members Kenneth Siegel, head of the M&A team in Japan at law firm Morrison & Foerster, and Keiko Erikawa, female chair of entertainment group Koei Tecmo Holdings.
Japanese dating app operator Net Marketing Co. said Friday personal data of 1.71 million users, including names and face photos, was likely leaked due to unauthorized access to its server. -VE
SOUTH KOREA Expect markets to open lower following the US and on covid concerns.
No data due
KDCA reported 666 new covid cases Saturday (vs 561 Friday 646 Thursday) -VE
Government on Friday approved Moderna Inc's COVID-19 vaccine, as the country attempts to speed up its inoculation efforts, drug safety minister Kim Gang-lip told a news conference.
President Biden and South Korean President Moon Jae-in on Friday injected fresh urgency into attempts to engage North Korea in dialogue over its nuclear weapons, with Biden saying he would meet its leader Kim Jong Un under the right conditions. The Statement did not specifically mention just about keeping the region safe from activities that could undermine peace and stability.
Full text http://www.koreaherald.com/view.php?ud=20210522000118
Four major South Korean companies, including Samsung and SK, on Friday announced plans to invest $39.4 billion in the United States, ahead of President Moon Jae-in's summit with US President Joe Biden in Washington. The announcement were largely expected;
Samsung Electronics announced plans to invest $17 billion in a new foundry plant. LG Energy Solution and SK innovation, which make batteries, said they plan to invest some $14 billion in separate and joint projects, while Hyundai Motor announced plans to invest $7.4 billion in expanding the electric vehicle production and recharging infrastructure in the US. SK hynix also said it has plans to spend $1 billion on building a large-scale research and development center in Silicon Valley. Still slight +VE
SK hynix, on Friday said it has earned approval from Europe's antitrust watchdog for its acquisition of Intel Corp.'s NAND business. +VE
Samsung Electronics and SK hynix, are expected to enjoy a super cycle in the global memory chip market until 2023, industry sources said Friday. According to international market tracker IC Insights, global sales of memory chips will reach a record high of $180.4 billion in 2022.
Daewoo Shipbuilding & Marine Engineering said Friday that it will localize a core technology to propel ships, in order to advance its competitiveness, especially regarding high value-added vessels. DSME has signed a memorandum of understanding with Hyosung Heavy Industries, the industrial motor manufacturer under Hyosung Group, to jointly develop a shaft generator motor using permanent magnet, according to officials. +VE
Bithumb, South Korea’s second-largest cryptocurrency exchange by trading volume, shrugged off questions on Friday about a fraud case involving a major shareholder. -VE for sentiment
TAIWAN Expect market to open flat following a strong Friday with sentiment cautious on covid and US markets but local companies still seeing strong demand and TSMC should be +VE after saying its going to take action to address the shortage of auto chips.
Data due after market Unemployment, Industrial Production, Retail Sales and M2 Money Supply
CECC reported 312 new covid cases; next week is crucial to determine whether Taiwan’s measures to contain an accelerating outbreak of the virus centered in Taipei and New Taipei City have been successful, they said.
Ministry of Foreign Affairs said the issue of Taiwan’s participation in the World Health Assembly has been added to the health meeting's agenda as a supplementary item. Foreign ministry spokesperson Joanne Ou on Friday afternoon (May 21) said that Taiwan’s inclusion in the global health meeting is now a supplementary item to be discussed during the assembly.
A Taiwanese official accused China on Saturday of spreading fake news about the COVID-19 situation on the island, saying this was why the government was publicising and refuting instances of false information that have been circulating online. After months of keeping the pandemic under control, Taiwan is dealing with a surge in domestic infections, and the whole island is under a heightened state of alert with people asked to stay at home and many venues shut.
Legislators yesterday passed the second reading of draft proposals to boost government spending for industries affected by the COVID-19 pandemic to NT$630 billion (US$22.55 billion). +VE
Taiwan Semiconductor Manufacturing Co (TSMC), which commands more than half of the global foundry market, yesterday said it is taking “unprecedented actions” to boost supply of microcontroller units (MCU) by 60 percent this year to mitigate a severe automotive chip crunch. It would increase 2021 output for MCUs, one of the key components in automotive semiconductor products, by 60 percent from the 2020 level, representing a 30 percent increase over the 2019 pre-pandemic level in this critical product category,” the statement said.
MiTAC International Corp, the world’s biggest aftermarket automotive global positioning system (GPS) device maker, yesterday predicted sustainable demand, but higher costs. A shortage of electronic components that has plagued the industry in the first quarter has shown no signs of abating, MiTAC president Billy Ho told an investors’ conference.
Wistron Corp yesterday confirmed that one of its employees had tested positive for COVID-19. The employee works at its offices in New Taipei City’s Sijhih District, but has not been in since Friday last week, Wistron said. The company said it does not expect its operations to be affected by the employee’s health status, or the nationwide level 3 COVID-19 restrictions.
CHINA Expect market to open lower with caution after the US close and with the concerns over PBOC tightening, defaults and government support for the recovery. The wild card remains ‘Team China’.
No data due
China reported 10 new COVID-19 cases on Friday (May 21), down from 24 cases a day earlier, the country's national health authority said on Saturday. The National Health Commission said in a statement that nine of the new cases were imported infections. The number of new asymptomatic cases, which China does not classify as confirmed cases, dropped to 23 from 25 a day earlier.
FT reports that China increasing it inocuclations by offering incentives of eggs and cooking oil to rap videos urging citizens to “get jabbed quick”.
China's President Xi Jinping on Friday pledged an additional $3 billion in aid over the next three years to help developing countries recover from the coronavirus pandemic, and proposed setting up an international forum on vaccine cooperation.
U.S. Department of Commerce will keep its defence up and take defensive actions against Chinese companies that threaten the national security, Secretary Gina Raimondo told Yahoo Finance.
Huawei will remain on the trade blacklist, while evaluation over tariffs against China will go on.
U.S. Defense Secretary Lloyd Austin has so far been unable to speak with China’s top general despite multiple attempts to set up talks, U.S. defense officials said on Friday. -VE
The top political leader of Tibet’s government in exile said on Friday that there is an urgent threat of “cultural genocide” in Tibet, and the international community must stand up to China ahead of the 2022 Beijing Winter Olympics.
China should let the yuan appreciate to offset the rising cost of commodity imports, a People’s Bank of China official said, Bloomberg reports. “As an important consumer of commodities globally, China is inevitably impacted by international market prices through imports,” Lyu Jinzhong, director of the research and statistics department at the central bank’s Shanghai branch, wrote in an article published Friday by China Finance, a magazine run by the PBOC. Would be -VE for exporters though.
Chinese banks raise mortgage rates, helping to rein in runaway prices that puts housing affordability further out of reach. Shenzhen, Nanchang, Hangzhou are among the cities that have seen rising mortgage rates for first-time borrowers and second-home buyers. The national average mortgage rate for first-home buyers rising 11 basis points since January to 5.33 per cent in May -VE developers but +VE banks
China would more than double the number of millionaires in the next five years and boost the size of the middle class by almost half, spurring consumption in the economy, HSBC Holdings PLC said. The number of high-net-worth individuals (those with the equivalent of at least 10 million yuan (US$1.56 million) in investable assets) is likely to increase from more than 2 million to 5 million by 2025, it said. The middle class, which numbers about 340 million now based on the narrowest definition, would grow by more than 45 percent to more than 500 million in the period, it said. “An expanding middle class will underpin medium to long-term economic growth, and stronger consumer spending boosts domestic demand, business confidence, and capital expenditure,” HSBC economists led by Qu Hongbin wrote in a note yesterday.
Strong earthquakes rattle Chinese provinces of Yunnan and Qinghai, leaving at least three dead, 27 injured. The Yunnan earthquake, which had a magnitude of 6.4, struck first at 9.48pm on Friday; the 7.4-magnitude Qinghai quake struck hours later. All the reported deaths and injuries so far have been recorded in Yunnan
HONG KONG ADR’s -102pts @ 28,356 with weakness in Chinese Financials and E-commerce which is likely to continue. Expect to see some movement after the HSI index review which came out after market Friday. Pharma in focus with Q1 earnings due
No data due but after market Friday
HK Inflation Rate Apr +0.7% vs +0.5% Mar (F/cast was +0.4%)
Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in April 2021 was 0.3%, marginally larger than that in March 2021 (0.2%). The larger increase was mainly due to the increases in local transport fares and the enlarged increases in the prices of motor fuel.
Short Selling Friday 13.1% vs 18.9% Thursday
Top Shorts ICBC (1398) 43%, Bank Comm (3328) 41%, Hengan (1044) 40%, Country Garden (2007) 36%, Henderson Land (12) 35%,Bud Apac(1876) 34%, Hang Seng Bank (11) 34%, BOC (3988) 34%, Petrochina (857) 30%, Shenzhou Int (2313) 30%, HSBC (5) 30%, CK Asset (1113) 29%, Anta Sports (2020) 25%.
Earning due this week include
CSPCPharm, SinoBio, Ali Health, Lees Pharma this week. Others include Kingsoft, Emperor Group, Xiaomi, Dynam, Boyaa, Lenovo, Sincere and Meituan.
Chong Hing Bank privatisation continues to see interest it started at around 5% gross spread before tightening up to around 3% gross. Possible risks are a blocking stake for the deal; which is1.607% stake or 15,633,030 shares (valued at approximatelyUS$41m at the deal px).
The Hong Kong government slamed Taiwan for grossly interfering with Hong Kong's affairs on repeated occasions and created irretrievable damage to Hong Kong-Taiwan relations, after closing its representative office in Taiwan three days ago. “Most notably, Taiwan has launched the so-called "Hong Kong Aid Project" and unilaterally established the so-called "Taiwan-Hong Kong Office for Exchanges and Services" under the Taiwan-Hong Kong Economic and Cultural Co-operation Council, which go against the founding purpose of the council,” the spokesman added.
Hang Seng Indexes Company Limited Friday announced the results of its review of the Hang Seng Family of Indexes for the quarter ended 31 March 2021. All changes will take effect on 7 June 2021 (Monday).
For Hang Seng Index, XINYI SOLAR (00968.HK), BYD COMPANY (01211.HK) and CG SERVICES (06098.HK) will be added to the index. The number of constituents will increase from 55 to 58.
For Hang Seng China Enterprises Index, BYD COMPANY (01211.HK) and EVERG SERVICES (06666.HK) will be added to the index, while GUANGDONG INV (00270.HK), CHINA UNICOM (00762.HK) and CHINA TOWER (00788.HK) will be deleted. The total number of constituents will be reset to 50 from current 51.
For Hang Seng TECH Index, AUTOHOME-S (02518.HK) and BILIBILI-SW (09626.HK) will be added to the index, while ZTE (00763.HK), FIT HON TENG (06088.HK) and ARCHOSAUR GAMES (09990.HK) will be removed. The total number of constituents will be reset to 30 from current 31.
CHINA HUARONG (02799.HK) announced that it has always conscientiously fulfilled its debt repayment obligations in a responsible manner. From 1 April to 20 May, China Huarong and its subsidiaries paid a total of 25 maturing domestic and overseas bonds on schedule.
CATHAY PAC (293 HK) cargo capacity gradually recovering. Fell off in April 36.6% vs Feb after the relaxation of stricter crew quarantine rules in the middle of the month. But rebounding and helped by 80% of pilots and over 40% of cabin crew in Hong Kong have either booked or received their vaccination. +VE and comes China Airlines has warned that around 10% of its cargo capacity will be affected as its pilots are required to quarantine for 14 days.
TONGDAO LIEPIN (06100.HK) announced the first quarter result ended March 2021. The loss narrowed from RMB12.373 million in the corresponding period of previous year to RMB7.859 million.
XIAOMI-W (01810.HK) announced that it had entered into strategic framework cooperation with Beijing Sport University, whereby the two parties will co-nudge the conversion of high-level academic achievements.
TIMES NEIGHBOR (09928.HK) has been informed by its controlling shareholder Best Source that Best Source had acquired an aggregate of 900,000 shares at an average price of approximately HK$5.44 per Share in the open market on 17 May 2021, 18 May 2021 and 20 May 2021, involving $4.896 million.
CHINA RE (01508.HK) announced that the aggregate primary premium income of China Reinsurance (Group) Corporation as derived from the operating subsidiary of the Company, China Continent Property & Casualty Insurance Company Ltd., for the period from 1 January 2021 to 30 April 2021 was approximately RMB15.791 billion.
The Lands Department (LandsD) announced that a site, Lot No. 4076 in Demarcation District No. 91 at the junction of Fan Kam Road and Castle Peak Road - Kwu Tung, Fanling, New Territories, in the 2021-22 Land Sale Programme will be disposed of by public tender. The tender invitation for the lot will commence on May 28 and close on June 25.
Centa-City Leading Index (CCL) last tracked at 184.65, up 0.53% weekly to a new high since September 2019, which put the index only 3.06% away from its record high.
CCL Mass added 0.19% weekly to 187.31;
CCL (mid-and-small units) grew 0.25% weekly to 184.85;
CCL (large units) went up 2.09% weekly to 183.61.
SWIRE PACIFIC A (00019.HK) and SWIRE PROPERTIES (01972.HK) announced changes to the board of directors.
Merlin Bingham SWIRE, the chairman of SWIRE PACIFIC A and of SWIRE PROPERTIES, has indicated his intention to resume his position as chief executive of John Swire & Sons Limited (the holding company of the wider Swire group) and to return to London. As a consequence, he will step down as chairman of Swire Pacific and Swire Properties. He will remain a director of Swire Pacific, Swire Properties and CATHAY PAC AIR (00293.HK).
Guy Martin Coutts BRADLEY, a director and currently the chief executive of Swire Properties will become a director of Swire Pacific and Cathay Pacific and will succeed Merlin Bingham SWIRE as a chairman of Swire Pacific and Swire Properties. Bradley will cease to be the chief executive of Swire Properties.
The above changes will take effect on 24th August 2021.
Following the conclusion of the public consultation on proposals to amend the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO) (Cap. 615), the Government published Friday (May 21) a paper outlining the views received during the consultation, its responses and conclusions on the way forward. The gist being in addition to a range of administration sanctions, it proposed the following maximum level of criminal sanctions, on conviction on indictment - conducting a regulated VA activity without a licence: a fine of $5 million and imprisonment for seven years; and, in the case of a continuing offence, a further fine of $100,000 for every day during which the offence continues.
HKEX (00388.HK) announced the appointment of Alejandro Nicolas Aguzin as the Chief Executive, effective 24 May 2021, for a term of three years until 23 May 2024. Aguzin’s compensation package includes a basic salary of HK$10 million per annum.