Asia, Shanghai, Tokyo, Hong Kong most expensive cities for the wealthy

Asia, Shanghai, Tokyo, Hong Kong most expensive cities for the wealthy

Asia continues to be the most expensive place in the world to be rich, according to a new report, which saw the region’s resilience to the Covid-19 pandemic hold high prices steady. The world’s most populous continent remained the most costly for high-and ultra-high net worth individuals (HNWIs) in Bank Julius Baer’s Global Wealth and Lifestyle Report 2021 as its swift response to the global health crisis and overall currency stability maintained the cost of luxury goods in the region. Four of the five most expensive cities for HNWIs — individuals with $1 million or more in investible assets —...

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Pub gardens, gyms and hairdressers reopen

Pub gardens, gyms and hairdressers reopen

A member of the bar staff pours drinks in the Switch bar as it opens following the easing of lockdown measures on April 12, 2021 in Newcastle Upon Tyne, England. Ian Forsyth | Getty Images News | Getty Images LONDON — The U.K. has eased its lockdown further with the reopening of non-essential shops and perhaps the most keenly-missed social hotspot — pubs — able to welcome customers to their gardens again on Monday. Hairdressers, beauty and nail salons and indoor leisure facilities such as gyms and spas are now allowed to reopen and overnight stays away from home in...

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Asian companies are catching up with ESG, sustainable practices, says SGX

Asian companies are catching up with ESG, sustainable practices, says SGX

SINGAPORE — Companies in Asia are catching up with their Western peers in adopting sustainability and ethical practices, said Loh Boon Chye, chief executive of the Singapore Exchange. Environment, social and governance — or ESG for short — refers to a set of criteria used to measure a company’s performance in a range of areas such as carbon emissions, contributions to society and boardroom diversity. Those criteria are increasingly used by investors globally — alongside traditional financial metrics — to evaluate potential investments. Europe and the U.S. have been leading the adoption of ESG, but Loh told CNBC’s Sri Jegarajah...

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China data protection laws aim to help rein in country’s tech giants

China data protection laws aim to help rein in country’s tech giants

Chinese President Xi Jinping in Beijing on Jan. 22, 2021. Shen Hong | Xinhua News Agency | Getty Images GUANGZHOU, China — China is looking to tighten rules around how its citizens’ personal data is collected, as it moves to further rein in the power of technology giants like Alibaba and Tencent. A strong data framework could help countries define how the next-generation internet looks as well, one expert said, pointing out that it could become a geopolitical issue as China looks to challenge the U.S. in the technology sphere. But the move has also raised debate about whether those...

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Matsuyama wins first men’s golf major for Japan

Matsuyama wins first men’s golf major for Japan

Hideki Matsuyama of Japan celebrates on the 18th green after winning the Masters at Augusta National Golf Club on April 11, 2021 in Augusta, Georgia. Jared C. Tilton | Getty Images Sport | Getty Images Hideki Matsuyama overcame a nervy start and a pressure-induced back-nine stutter to become the first Japanese player to win a men’s major with a one-shot victory at the 85th Masters. His overnight four-stroke lead was quickly reduced to one when he bogeyed the first and Will Zalatoris started with a pair of birdies, but Matsuyama restored his composure and looked set for a back-nine procession...

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Alibaba shares jump after $2.8 billion fine anti-monopoly fine

Alibaba shares jump after $2.8 billion fine anti-monopoly fine

The signage is seen at Alibaba Group headquarters during the company’s 11.11 Singles’ Day global shopping festival in Hangzhou, Zhejiang province, China, November 11, 2020. Aly Song | Reuters GUANGZHOU, China — Alibaba shares in Hong Kong jumped more than 5% on Monday after the company was fined 18.23 billion yuan ($2.8 billion) by Chinese regulators as a result of an anti-monopoly investigation. “Despite the record fine amount, we think this should lift a major overhang on BABA and shift the market’s focus back to fundamentals,” Morgan Stanley wrote in a note on Sunday, a day after the fine was...

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Powell says it’s ‘highly unlikely’ the Fed will raise rates this year, despite stronger economy

Powell says it’s ‘highly unlikely’ the Fed will raise rates this year, despite stronger economy

Federal Reserve Chairman Jerome Powell Kevin Lamarque | Reuters Despite what he sees as a rapidly recovering economy, Federal Reserve Chairman Jerome Powell on Sunday reaffirmed the central bank’s commitment to keep loose monetary policy on place. That includes a statement of near-certainty that interest rates won’t be going anywhere as inflation remains tame and millions of Americans remain in need of assistance as the nation rebuilds from the damage caused by the Covid-19 pandemic. “I think it’s highly unlikely that we would raise rates anything like this year,” Powell told “60 Minutes” journalist Scott Pelley in a broadcast Sunday...

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US semiconductor policy looks to cut out China, secure supply chain

US semiconductor policy looks to cut out China, secure supply chain

A close up image of a CPU socket and motherboard laying on the table. Narumon Bowonkitwanchai | Moment | Getty Images GUANGZHOU, China — If you talk about chipmaking, two companies usually spring to mind — Taiwan’s TSMC and South Korea’s Samsung Electronics. The two Asian firms combined control more than 70% of the semiconductor manufacturing market. The U.S., which was once a leader, lags behind in this space after monumental shifts in the business models in the semiconductor industry. But a global semiconductor shortage and geopolitical tensions with China have bolstered Washington’s scrutiny of the supply chain, which is...

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Asia-Pacific stocks set for mixed start; investors watch Alibaba shares

Asia-Pacific stocks set for mixed start; investors watch Alibaba shares

SINGAPORE — Shares in Asia-Pacific looked set for a mixed start on Monday after the Dow Jones Industrial Average and S&P 500 notched record closing highs on Friday stateside. Futures pointed to a higher open for Japanese stocks. The Nikkei futures contract in Chicago was at 30,000 while its counterpart in Osaka was at 29,930. That compared against the Nikkei 225’s last close at 29,768.06. Stocks in Australia, meanwhile, looked set for an opening dip. The SPI futures contract was at 6,980, compared with the S&P/ASX 200’s last close at 6,995.20. Currencies The U.S. dollar index, which tracks the greenback...

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Stock futures slip after Dow, S&P 500 hit fresh records

Stock futures slip after Dow, S&P 500 hit fresh records

A Wall Street street sign is displayed in front of the New York Stock Exchange (NYSE) in New York, U.S., on Thursday, Feb. 11, 2021. Bloomberg | Getty Images Futures contracts tied to the major U.S. stock indexes slipped at the start of the overnight session Sunday evening, suggesting Wall Street could see mild losses on Monday to curb last week’s strength in U.S. equity markets. Dow futures lost 30 points around 6 p.m. in New York, while contracts tied to the S&P 500 shed 0.15%. Nasdaq 100 futures fell 0.1%. The movement in the futures market on Sunday followed...

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