HONG KONG
Region could be crypto hub
Hong Kong would be a great place for crypto, fintech and other start-ups to set up shop this year, the financial secretary Paul Chan (陳茂波) said yesterday, looking past the upheaval in the industry. Speaking at a Web3 forum in Cyberport, Chan said Hong Kong remains committed to becoming a regional crypto hub and would work to attract new businesses from all over the world. Hong Kong is preparing to issue more licenses for digital asset trading firms. The territory is also planning a consultation on crypto platforms that would explore the potential for retail participation in the industry, the government said.
UK
Industry fears energy costs
UK manufacturing firms say they are likely to cut jobs and production due to a surge in energy costs, despite the government extending its support. Make UK, the industry’s lobby group, flagged energy costs as the biggest concern of its members in a survey of 235 companies in November last year. About two-thirds of employers said they were concerned about the risk of blackouts, according to research by consulting firm PwC. Most companies surveyed do not expect the measures due to be announced to be sufficient to protect profits.
PHARMACEUTICALS
Chiesi to acquire Amryt
Italy’s Chiesi Farmaceutici on Sunday said it would acquire Ireland-based drugmaker Amryt Pharma PLC, which has products and drugs in development for treating rare diseases, in a deal valued at US$1.48 billion. The total value of the cash deal represents a 107 percent premium over Dublin, Ireland-based Amryt’s American depositary share closing price of US$7.00 on Friday, the companies said in a joint statement. “This addition of the Amryt portfolio, as well as their expertise, will help us on our journey to bring medicines to patients, no matter how rare their condition may be,” Chiesi Group chief executive officer Marco Vecchia said in a statement.
BANKING
UBS positive on business
UBS Group AG predicts an increase in business for its key wealth division in Asia this year after a difficult period last year and is looking to add talent, the company’s Asia Pacific president Edmund Koh (許健洲) said. “I think our wealth management will power away this year because of what’s happening in China, opening up and creating a more positive outlook for the whole market with investors,” Koh said. China’s reopening bodes well for the region, as well as globally, and real growth in China could start to increase in the second quarter, he said. Although China is experiencing a surge in COVID-19 infections, it has not affected the bank’s operations in the country where it employs 1,400 people, Koh said.
AUTOMAKERS
Anger over Tesla price cuts
Disgruntled Tesla Inc owners swarmed showrooms in China over the weekend to complain about missing out on another round of price cuts, as the company tries to boost sales in the world’s biggest electric-vehicle market. Posts on Chinese social media showed Tesla owners at different stores and distribution centers voicing their frustration about the cuts, which followed discounts made in October last year. After shipping a record of more than 100,000 Chinese-made electric vehicles in November last year, Tesla’s deliveries dropped sharply last month to below 56,000 amid lackluster demand.
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