Hong Kong's Chan Says City On Track for Surplus This Year: RTHK
Chan told a radio program that the government originally forecast a deficit of 'a few billion' in the operating account for the fiscal year ending March 2026 but there is a chance of a surplus if growth continues into the second half, according to RTHK.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
6 minutes ago
- Yahoo
SoftBank Swings to Profit on Nvidia Bet Ahead of Big AI Campaign
(Bloomberg) -- SoftBank Group Corp. swung to a profit in the June quarter, bolstered by gains in its holdings including Nvidia Corp. and Coupang Inc., in a boost for founder Masayoshi Son's planned bets on artificial intelligence technologies. All Hail the Humble Speed Hump Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Major Istanbul Projects Are Stalling as City Leaders Sit in Jail PATH Train Service Resumes After Fire at Jersey City Station The Tokyo-based company reported net income of ¥421.82 billion ($2.9 billion) in its fiscal first quarter, versus the average of analyst estimates compiled by Bloomberg of ¥158.23 billion. The Vision Fund logged a ¥451.39 billion profit. Son is doubling down on bets geared to help him capitalize on booming investment in AI hardware. As part of that shift in focus, SoftBank has been building stakes in Nvidia and Taiwan Semiconductor Manufacturing Co. among others, while selling off less relevant assets. SoftBank increased its stake in Nvidia to more than $3 billion as of end-March, helping the Japanese investor benefit from the AI accelerator maker's 46% rally during the three months through June. US President Donald Trump's threat to unleash 100% chip tariffs but exempt companies moving production to America is infusing optimism for SoftBank's $500 billion Stargate data center foray with OpenAI and Oracle. That nudged the Japanese company's stock up around 1.5% on Thursday, putting it on track to pass a record high it hit the day before. 'Our longer-term outlook for SoftBank Group is cautiously optimistic, with a consensus toward continued business expansion,' said Ashwin Binwani, founder of Alpha Binwani Capital. 'We are prepared for volatility and see it as a buy-the-dip opportunity.' The 67-year-old SoftBank founder seeks to play a more central role in the spread of AI through sweeping partnerships such as Stargate and a planned $30 billion investment in OpenAI. Son is also courting TSMC and others about taking part in a $1 trillion AI manufacturing hub in Arizona. But concern over whether SoftBank can manage multiple mass-scale funding needs as interest rates inch up is keeping its stock at a significant discount to the total net asset value of its holdings. Some of the conversations behind Stargate have slowed due to market volatility, uncertainty around US trade policy and questions around the financial valuations of AI hardware, Bloomberg News reported in May. 'Key points to consider in assessing SoftBank include whether investment in the Stargate Project involving AI infrastructure in the US will progress; whether additional investment in OpenAI amid a fluid management situation is tenable,' SMBC Nikko Securities analyst Satoru Kikuchi wrote in a note earlier this year. --With assistance from Aya Wagatsuma. Russia's Secret War and the Plot to Kill a German CEO The Pizza Oven Startup With a Plan to Own Every Piece of the Pie AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity A High-Rise Push Is Helping Mumbai Squeeze in Pools, Gyms and Greenery ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
China's Export Machine Powers Ahead While Trade With US Shrivels
(Bloomberg) — China's export growth unexpectedly accelerated last month in the fastest gain since April, as demand from around the world compensated for the continued slump in shipments to the US. All Hail the Humble Speed Hump Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Major Istanbul Projects Are Stalling as City Leaders Sit in Jail PATH Train Service Resumes After Fire at Jersey City Station Total exports rose 7.2% in July from a year earlier to $322 billion, a surprise to most economists who had expected a slowdown from June's increase of 5.8%. Data released Thursday by the customs authorities showed the pickup was driven by strong growth in shipments to the European Union, Southeast Asia, Australia, Hong Kong and other markets, which more than made up for the fourth month of double-digit declines in US purchases. 'What really supported China's stronger-than-expected overseas shipments in the past three months was exports to non-US markets,' said Jacqueline Rong, chief China economist at BNP Paribas SA. The resilience in overseas shipments comes despite the high tariffs imposed by the US, showing that global demand for Chinese goods remains strong and still provides a significant driver for the domestic economy. Beijing and Washington face an Aug. 12 deadline to prolong their 90-day tariff truce. While the Chinese side said the two nations agreed to extend it after talks in Sweden last month, US officials have made clear President Donald Trump will make the final call on maintaining the agreement. What Bloomberg Economics Says... 'The July reading supports our view that exports may stay broadly resilient despite weaker trade with the US. The key risk hinges on whether and how other countries may tighten controls on transshipments under their trade deals with the US.' — Eric Zhu. For full analysis, click here An improvement in demand outside the US has meant the value of exports so far in 2025 is well above any previous year and would reach almost $3.8 trillion at the current pace. But some economists expect a slowdown in the second half of the year as companies try to sell off their increased inventories. China's currency is also providing a boost to exports. The yuan rebounded a little from July but is still weaker than it's been for years against a basket of its peers. 'While some of the sales to the Asean countries was suspected to be linked to re-routing, exports to Latin America and Africa that were less likely to be associated with transshipments were even more robust,' Rong said. 'Chinese goods are very competitive, and in recent months the yuan actually depreciated against non-US currencies, which helped exports as well.' China has also increasingly relied on third countries for the manufacturing of final products or components, a trend that accelerated following Trump's first trade war and his imposition of higher restrictions on the world's second-largest economy. China's share of total value-added manufacturing of goods destined for the US through countries including Vietnam and Mexico surged to 22% in 2023 from 14% in 2017, according to Bloomberg Economics. Shipments to the US fell 22% from a year earlier after slumping just over 16% in June. Chinese firms were able to increase their sales in other markets to compensate for the drop to the US, with exports to the EU rising 9.3% and growing almost 17% to the 10 Southeast Asian nations in the Asean group. Imports climbed 4.1%, with the volume of purchases of integrated circuits rising to a four-year high. China's exports of chips were also strong, showing the effects of a strong global semiconductor sector and the boom in the development of artificial intelligence, according to Rong. Exports of ships fell for the first time in five months, while vehicle sales abroad continue their strong growth, rising almost 19% by value in July. Shipments of machines and high-tech products also grew, with sales of rare earths overseas down for a sixth month. Chinese imports of key commodities held up in July, with copper, iron ore, soybeans and crude oil all posting year-on-year gains. BNP's Rong cautioned, however, that China's stronger-than-expected import growth may not last, noting that the yearslong property market slump deepened last month. High-frequency data indicates that trade activity is already slowing, with Chinese ports processing fewer containers in the seven days through Aug. 3 than the previous period, the second straight week of declines. Overall, China's trade surplus was $98.2 billion, lower than in June but still well above the historical average. Should this trend hold up, it will be well above $1 trillion in 2025, providing much needed support to an economy in deflation and still facing weak domestic demand. —With assistance from Wenjin Lv. (Updates throughout.) Russia's Secret War and the Plot to Kill a German CEO The Pizza Oven Startup With a Plan to Own Every Piece of the Pie AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity A High-Rise Push Is Helping Mumbai Squeeze in Pools, Gyms and Greenery ©2025 Bloomberg L.P. Sign up for the Yahoo Finance Morning Brief By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 minutes ago
- Yahoo
Modi Vows to Protect Farmers as Trump Builds Tariff Pressure
(Bloomberg) -- Prime Minister Narendra Modi pledged to safeguard the interests of farmers, a day after President Donald Trump doubled tariffs on Indian goods, with pressure mounting on New Delhi to open up its markets to US exports. All Hail the Humble Speed Hump Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Three Deaths Reported as NYC Legionnaires' Outbreak Spreads Major Istanbul Projects Are Stalling as City Leaders Sit in Jail PATH Train Service Resumes After Fire at Jersey City Station The welfare of farmers remain the country's top priority, Modi said at a conference in New Delhi. The government is constantly working to boost their incomes, lower cultivation costs, and diversify their sources of livelihood, he said on Thursday, without making any direct reference to Trump's move to raise tariffs on Indian goods to 50% as a penalty for India's Russian oil purchases. His commitment to protect farmers comes as Washington wants greater market access for its dairy products and genetically modified crops. It underscores New Delhi's efforts to protect a politically-sensitive sector, while managing stalled trade talks and potential domestic backlash. 'Our government has considered the strength of farmers as the foundation of the nation's progress,' Modi said. 'For us, the welfare of our farmers is the highest priority.' The world's top milk producer and the second-biggest grower of rice, wheat, sugar and cotton doesn't allow cultivation of GM food crops, even though those varieties can boost yields. The commercial release of genetically altered mustard has been stalled due to a legal challenge in the country's top court, and in 2010, the government rejected a GM variety of brinjal, or eggplant. However, India is weighing to ease some dairy market access rules for the US, Bloomberg News reported earlier. Currently, the South Asian nation prohibits the import of dairy products if the cattle were given feed made from animal-derived ingredients. The country has a Hindu majority, and cows are considered as sacred. Farmers are a major voting bloc in the most-populous nation, where millions of smallholders own less than 2 hectares (5 acres) of land. 'India will never compromise' on the interests of its farmers, fishermen and the dairy sector, Modi said. Russia's Secret War and the Plot to Kill a German CEO The Pizza Oven Startup With a Plan to Own Every Piece of the Pie AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Government Steps Up Campaign Against Business School Diversity A High-Rise Push Is Helping Mumbai Squeeze in Pools, Gyms and Greenery ©2025 Bloomberg L.P. Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
