Hong Kong’s Economic Growth Beats Forecast in First Quarter
Hong Kong’s economy grew faster than expected in the first quarter, a tentative sign that the city’s post-pandemic recovery is stabilizing.
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Hong Kong’s economy grew faster than expected in the first quarter, a tentative sign that the city’s post-pandemic recovery is stabilizing.
Hong Kong’s world-beating stock rally is showing no signs of letting up, with the city’s currency peg to the greenback burnishing its haven appeal amid the threat of higher-for-longer US interest rates.
Bankruptcies in Sweden extended their streak of annual increases to 21 months in April, according to data from Creditsafe, which expects no immediate relief even as inflation slows and rate cuts are approaching.
Chicago-based law firm Mayer Brown LLP is preparing to split off its Hong Kong operation amid US and China geopolitical tensions, according to people familiar with the matter.
The Czech Republic is poised to cut interest rates by another half of a percentage point, but a nascent economic recovery and sticky inflation may slow monetary easing in the following months.
Dec 23, 2016
BNN Bloomberg
,Toronto Mayor John Tory is critical of British Columbia’s 15 per cent tax hike on foreign homebuyers, characterizing it as politically-motivated.
In an interview on BNN Friday, Tory said B.C. Premier Christy Clark’s surplus levy on foreign buyers was hasty, and noted it has failed to depress prices in Vancouver’s hot housing market.
“The number of [home] sales went down in Vancouver, but interestingly in light of this tax, the prices went up: so if the whole idea here is to dampen down the increase in prices, then the jury would still be out at best on whether or not that tax had the desired effect,” he said. “I’m not sure if you’re really addressing what the issue is in the minds of people, namely the big increases in prices, that that tool in B.C. is actually working.”
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While prices in Vancouver have indeed continued to post double-digit increases on a year-over-year basis in the wake of the foreign buyers tax hike, the most recent data from the Real Estate Board of Greater Vancouver showed the benchmark price for a detached home in the region fell 2.2 per cent from October to November.
Tory said Toronto is actively assessing its approach to the affordability issue in Toronto, but said he would not be rash in implementing changes, despite the Toronto Real Estate Board reporting a 27.6 per cent rise in the average price of a detached home in November. Even relatively more affordable condo prices were up 15.1 per cent in the month.
“The worst thing we could do for the marketplace and its long-term health is to act in a hasty manner, to do something that’s politically sexy, but that is actually not going to be effective and may even be less than responsible.”