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'I paid thousands to a company for jobs that never came'

Oct 15, 2026

Apurv Patel is one of several people who say they were promised job opportunities that did not appear.

Banks say Healey is planning Budget tax raid on their profits

Oct 15, 2026

Tech Stocks Drop Further Amid Doubts Over AI Spending

Oct 15, 2026

Data Centers Become Targets in Wars in Ukraine, Russia and the Middle East

Oct 15, 2026

Mortgage Rates Hover at 7.4%, Highest Since 2023

Oct 15, 2026

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Oct 15, 2026

Homeownership Drifts Further Out of Reach as Mortgage Rates Rise

Mortgage rates have pushed above 7 percent and home prices remain elevated, hurting the prospects of would-be buyers.

Oct 15, 2026

California’s Proposition 45 Brings the Sprawl Debate Back

Oct 15, 2026

Gulf Oil Is Still Flowing Despite a Surge in Attacks on Ships

Oct 15, 2026

Nandy 'minded to intervene' in Sky's £1.6bn takeover of ITV entertainment arm

Oct 15, 2026

Midterms Could Shift Focus of Epstein Abuse to Banks’ Role

Interesting Read

Stocks making the biggest moves premarket: CoreWeave, Rocket Lab Corp, SK Hynix & more

These are the stocks posting the largest moves premarket.

Oct 15, 2026

India set to overtake Japan as fourth-largest economy

India is expected to become the world's fourth-largest economy by 2027, overtaking Japan, according to International Monetary Fund projections that on Thursday laid out the Asian nations' contrasting trajectories. The IMF said Japan would remain the fourth-largest country by nominal gross domestic product this year, but in 2027 India is set to take its place, with a GDP reaching US$4.52 trillion. Japan is slated to slip to sixth place that year, falling behind both India and the United Kingdom, the projection showed. India has shown strong growth in recent years despite global economic headwinds, with the IMF this week raising its forecasts for 2026 growth to hit seven percent. Japan, by contrast, is plagued by an ageing population and other structural problems that have seen the Asian giant's growth stagnate. The United States is the world's largest economy, followed by China and Germany. Releasing the IMF's regional economic outlook for Asia-Pacific on Thursday, Asia director Krishna Srinivasan said India entered the current energy price shock caused by the US-Israel war on Iran from a strong position. "India entered this with very strong fundamentals," he said. "Growth was strong, fiscal prudence was pretty much enshrined, they had lots of reserves and so on. And so in that context, they have responded well to the shock." Growth in Japan, by contrast, is projected to slow to 0.7 percent in 2026, with the country hard hit by an increase in energy prices – and wider inflation – that has seen the Bank of Japan raise interest rates to their highest level in three decades. The country, long haunted by deflation, has seen a sustained increase in consumer prices since the spring of 2022, and spiking energy prices from the Iran war have further fuelled those rises. The fall of the yen, which hit its lowest level in 40 years against the dollar over the summer, is further driving up the cost of imports. Japan's ageing population is also weighing on economic activity. Srinivasan said Japan's economy was benefiting from the boom in artificial intelligence investments, but not as much as its regional neighbours. (AFP) Edited by Aaron Tam

Oct 15, 2026

Banks unveil AI outcomes under HKMA sandbox scheme

Local banks on Thursday presented their outcomes from participating in the Hong Kong Monetary Authority’s GenAI sandbox, featuring innovations such as anti-deepfake detection and streamlined data platforms. Launched in 2024, the sandbox allows financial institutions to test new operational and customer service scenarios in a controlled environment. The sandbox's second cohort, comprising 27 use cases from 20 banks and 14 technology firms, was selected in October last year and began trial tests early this year. Standard Chartered said it tested a new platform in the sandbox that allows staff to pull client information from complex data sources and generate a comprehensive summary of client issues and investment performance, enabling them to provide better advice. The process takes just one minute – down from four to five hours previously – giving relationship managers far more time to engage directly with clients. HSBC, meanwhile, tested a deepfake detection tool in the sandbox, revealing that none of around 20 deepfake attempts managed to penetrate its security system. The bank also collaborated with the Hong Kong University of Science and Technology to test an AI model that translates text into sign language, aiming to assist hearing-impaired customers on its website and at branch locations. HSBC's Co-Chief Executive for Asia and the Middle East, David Liao, said the bank already has 150 AI specialists in Hong Kong and plans to double the size of that team over the next two to three years. He stressed that the bank remains fully committed to advancing its AI initiatives. “The type of work within HSBC cuts across how we look at public market data. We have many use cases right now that are already in progress, in serving how we deal with securities analytics and how we serve our clients with market insights,” he said, adding that prevention of financial crimes is another major use case for AI. Asked about the bank's decision in July to establish a global AI centre in Singapore instead of Hong Kong, Liao said HSBC is an international financial institution with diverse business considerations. He stressed that the SAR remains the decision-making hub for its operations across the Asia-Pacific and Middle East regions. Edited by Edmond Fong

Oct 15, 2026

China indicates rare earths will keep flowing to EU, regardless of U.S. trade deal expiration

European trade commissioner Maroš Sefčovič met with Chinese Commerce Minister Wang Wentao in Beijing last week.

Oct 15, 2026

HK stocks slip as new fears weave around AI boom

Mainland stocks fell on Thursday to their lowest close in 14 months, tracking broad weakness across global markets, as technology shares led declines after stronger-than-expected US inflation data fuelled concerns that interest rates could rise further. In Hong Kong, the benchmark Hang Seng Index fell 251 points, or one percent, to 24,062 on turnover of HK$224.16 billion. The tech index dropped 113 points, or 2.7 percent, to 4,060 as shares of Alibaba slumped 3.7 percent while the China Enterprises Index was 79 points, or one percent, lower at 8,103. On the mainland, the benchmark Shanghai Composite Index ended down 59 points, or 1.59 percent, at 3,707 and was paced in its fall by a 1.6 percent decline for the blue-chip CSI300 index. The Shenzhen Component Index was 293 points, or 2.43 percent, lower at 11,816 while the ChiNext Index lost 83 points, or 2.92 percent, to finish at 2,783. "The recent pullback seems to be driven more by a concentrated unwinding of elevated tech crowding, while mutual funds also face pressure related to break-even redemptions," said Lei Meng, China equity strategist at UBS Securities. "Geopolitics, US Treasury yields and oil-price volatility have contributed to tighter dollar liquidity due to their impact on inflation expectations, weighing on market risk appetite." The dollar rose while Wall Street stocks fell after data showed US consumer prices rose more than expected last month, briefly reviving bets the Federal Reserve may raise interest rates. "The main theme overnight was a hotter-than-expected US inflation print which reignited Fed rate hike fears," analysts at Commerzbank said in a note. Meanwhile, investors are turning their attention to China's third-quarter gross domestic product data due on Monday for clues on the strength of the economic recovery following a string of upbeat data ranging from trade to credit lending. The International Monetary Fund on Thursday projected Asia's economic growth would moderate next year and warned of heightening risks from the Iran war-induced energy shock, a potential correction in the AI boom and spillovers from rising global bond yields. A harbinger of that potential correction came with a bang in East Asian markets. In Tokyo, the tech-heavy Nikkei share average tumbled 3,318 points, or 4.9 percent, to 64,425 amid reports about distressed debt at US cloud-computing provider CoreWeave while ⁠hot US inflation figures sparked fears of higher interest rates. The broader Topix fell 93 points, or 2.29 percent, to 4,003. In Seoul, the Kospi ended down 454 points, or 7.57 percent, at 5,554 for a six-month ⁠low as a heavy selloff in chipmakers triggered a circuit breaker. (With contributions from Reuters and AFP) Edited by Aaron Tam

Oct 15, 2026

HKMA unveils framework for responsible AI in banking

The Hong Kong Monetary Authority (HKMA) on Thursday announced the "ART" framework to guide the responsible adoption of artificial intelligence in the banking sector, focusing on accountability, resilience and trust. Deputy Chief Executive Arthur Yuen said the progression from generative to agentic AI represents an important new stage of innovation for the banking sector. "By pairing innovation with clear accountability, resilient operating models and effective human oversight, banks can fully realise the benefits of AI while maintaining the trust and stability for Hong Kong's financial system," he said. Key initiatives under the framework include new supervisory guidance on responsible AI adoption, an AI training data sharing platform in collaboration with Cyberport and the University of Hong Kong, and further testing of agentic AI applications through a sandbox programme. The HKMA said more than 60 percent of use cases explored agentic AI applications under the second cohort of a generative AI sandbox trial. It is showcasing the positive results during the two-day Finance+AI Forum with Cyberport. Edited by Aaron Tam

Oct 15, 2026

HK stocks slip as US inflation balloons rate rise fear

Markets started the day on the back foot as trading kicked off in Asia on Thursday, as a quicker-than-expected increase in US consumer price inflation upped expectations for the Federal Reserve to act this year and pushed stocks lower. In Hong Kong, the benchmark Hang Seng Index fell 195 points, or 0.8 percent, to 24,119. The tech index dived 92 points, or 2.21 percent, to 4,082 while the China Enterprises Index slipped 58 points, or 0.72 percent, to 8,124. Across the border, the Shanghai Composite Index opened down 56 points, or 1.5 percent, at 3,710. The Shenzhen Component Index fell 290 points, or 2.4 percent, to 11,819 while the ChiNext Index dived 89 points, or 3.13 percent, to 2,776. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2 percent, with South Korean shares leading the plunge. In Tokyo, the Nikkei lost almost 864 points, or 1.28 percent, to open at 66,880 before hitting the skids to be 2,965 points, or 4.38 percent, down at one stage before lunch. In Seoul, the Kospi plunged 336 points, or 5.59 percent, to open at 5,673 before losses widened to 468 points, or 7.8 percent, at one stage before noon. "Asia faces another difficult session," said Chris Weston, head of research at Pepperstone Group Ltd in Melbourne. "Kospi and Nikkei futures point to renewed technology weakness, with leveraged ETF flows and AI infrastructure credit risk firmly in focus." (Reuters & Xinhua) Edited by Aaron Tam

Oct 15, 2026

US inflation up 3.7 pct in September

US consumer inflation was hotter than anticipated in September, government data showed on Wednesday, as Washington's war with Tehran pushed energy costs higher, deepening strains on American households ahead of next month's midterm elections. The uptick underscores voter worries over high costs of living, and comes as US President Donald Trump is campaigning in US states to shore up support for his Republican party as it tries to retain control of Congress. The consumer price index (CPI) was up more than analysts expected in September, rising 3.7 percent on a year-on-year basis, said the US Department of Labor. This was a notable acceleration from the 3.4 percent reading in August. Economists had forecast a slightly cooler reading of 3.6 percent, according to MarketWatch. On a monthly basis, costs jumped 0.6 percent from August to September, the biggest gain in five months, up from a 0.4 percent increase the previous month. Petrol costs accounted for more than half of the jump, surging 9.1 percent on a monthly basis, Wednesday's report said. Excluding the volatile food and energy sectors, "core" CPI was up 2.6 percent from a year ago. Surging investment in data centres and AI has also pushed up prices for computer chips and the consumer electronics that use them. Higher inflation will likely put more pressure on the US Federal Reserve to lift its key interest rate at its next meeting later this month. Economists noted that the report showed price increases were spread more broadly across the economy than in recent months. “The report was worse than expected,” Bill Adams, chief US economist at Fifth Third Bank, said in a note to clients. “Price increases were widespread... Consumer demand seems to be holding up better than the downbeat consumer surveys would suggest, helping businesses maintain pricing power." Wednesday's figures are the last major inflation data to be released before the upcoming elections. Ongoing inflation has taken a toll on Trump’s standing with US voters. A poll by The Associated Press-NORC Center for Public Affairs Research found that just 17 percent of US adults approve of his handling of the cost of living issue. And only 26 percent approve of his handling of the economy overall, a new low. Higher prices are eroding Americans' earnings. The US Labor Department also said on Wednesday that average weekly paycheques, when adjusted for inflation, shrank last month compared with a year ago for the first time since May. (Agencies) Edited by Cecil Wong

Oct 14, 2026

Wall Street stocks fall after hot inflation data

Hotter-than-expected US inflation data sent the Nasdaq to a sharply lower close on Wednesday, with worries about more interest rate hikes from the US Federal Reserve pummeling shares ⁠of Oracle, CoreWeave and other AI stocks sensitive to higher borrowing costs. Increased bets that the Fed will need more rate hikes to tame inflation dealt a sharp blow to some of the market's biggest gainers of 2026. Oracle lost 8.8 percent, while AI-infrastructure firms CoreWeave and Nebius tumbled 15 percent and 10 percent, respectively. Dell and Hewlett Packard Enterprise sank 11.4 percent and 8.2 percent respectively, after Barclays downgraded the AI server makers to "equal-weight" from "overweight". The Philadelphia SE Semiconductor Index dropped 4.3 percent, down for a sixth straight session, its longest losing streak since May 2025. Apple rose 0.5 percent, with its market capitalisation closing above US$5 trillion for the first time. US Labor Department data showed the core consumer price index up 0.3 percent in September versus economist expectations for a rise of 0.2 percent. On an annual basis, core CPI, which strips out food and energy prices, rose 2.6 percent, above forecasts for a rise of 2.5 percent, while the headline rate rose 3.7 percent, above estimates for a rise of 3.6 percent. Interest-rate traders are pricing in a ⁠37 percent chance that Fed policymakers will raise ⁠rates this month, up from 22 percent on Tuesday, according to CME's FedWatch tool. "Investors are not happy with the report because that puts pressure on the Fed to raise rates to combat inflation," said Adam Sarhan, chief ⁠executive of 50 Park Investments, in New York. Inflation remains public enemy number one for the market and for the Fed." The S&P 500 declined 1.1 percent to end the session at 7,718 points, its biggest one-day drop since July 29. The Nasdaq declined 1.9 percent to 26,692 points, its biggest daily drop since July 23. The Dow Jones Industrial Average declined 0.1 percent to 51,621 points. Bank of America fell 4.8 percent. The lender's profit fell in the third quarter as it set aside US$1.2 billion to cover regulatory fines for failures to detect potential money laundering. Morgan Stanley dropped almost ⁠3 percent, despite a rise in quarterly profit. (Reuters) Edited by Cecil Wong

Oct 14, 2026

Oct 15, 2026

What Is Starshield, SpaceX’s Military-Grade Satellite Internet Service Ukraine Relies On?

For years, Ukraine’s armed forces have relied on satellite communication services developed by Elon Musk’s SpaceX. Recent restrictions have hampered its war effort.

Oct 15, 2026

Energy Dept. Issues Emergency Order Amid Above-Average Temperatures

The order as a precaution allows grid operators to use backup generation this week. There were no widespread outages reported.

Oct 15, 2026

Healey says surprise UK growth is 'sign of resilience' ahead of Budget

The economy grew by 0.1% in August, defying analysts' expectations of a slight contraction.

Oct 15, 2026

Shook Research Changes Name to Veritant After Forbes Scandal

The company, known for its rankings of wealth advisers, sped up a rebranding after its founder acknowledged a secret $6 million payment to the top editor of Forbes.

Featured News

'I paid thousands to a company for jobs that never came'

Banks say Healey is planning Budget tax raid on their profits

Tech Stocks Drop Further Amid Doubts Over AI Spending

Data Centers Become Targets in Wars in Ukraine, Russia and the Middle East

Mortgage Rates Hover at 7.4%, Highest Since 2023

Latest News

Homeownership Drifts Further Out of Reach as Mortgage Rates Rise

California’s Proposition 45 Brings the Sprawl Debate Back

Gulf Oil Is Still Flowing Despite a Surge in Attacks on Ships

Nandy 'minded to intervene' in Sky's £1.6bn takeover of ITV entertainment arm

Midterms Could Shift Focus of Epstein Abuse to Banks’ Role

Interesting Read

What Is Starshield, SpaceX’s Military-Grade Satellite Internet Service Ukraine Relies On?

Energy Dept. Issues Emergency Order Amid Above-Average Temperatures

Healey says surprise UK growth is 'sign of resilience' ahead of Budget

Shook Research Changes Name to Veritant After Forbes Scandal

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