AFP Asia Business

Bank giant HSBC said Wednesday that group profits fell in the first half on higher costs but noted that it was “well positioned” to deal with the effects of US tariffs.Profit after tax dropped by one third to $12.4 billion compared with the first six months of 2024, hit by restructuring costs and an impairment …

HSBC banks lower profits on higher costs Read More »

Police in Shanghai busted a gang making and selling fake Labubus this month, detaining eight people and 5,000 counterfeit toys worth $1.7 million, local state-owned media reported. Made by Beijing-based toymaker Pop Mart, Labubu dolls have become a must-have item internationally, adorning the handbags of celebrities such as Rihanna and Dua Lipa.The furry, fanged creatures, which …

Shanghai police bust gang selling counterfeit Labubu toys Read More »

China said Wednesday that recently announced subsidies to support families with young children will provide a much-needed economic boost, as Beijing seeks to promote spending and avert a demographic crisis.Authorities in the world’s second-largest economy on Monday declared the new nationwide policy, which offers parents the equivalent of around $500 per child under the age …

China says childcare subsidies to ‘add new impetus’ to economy Read More »