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Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
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Share Price: 696.30
Bid: 696.30
Ask: 696.40
Change: 0.70 (0.10%)
Spread: 0.10 (0.014%)
Open: 693.80
High: 697.10
Low: 690.70
Prev. Close: 695.60
HSBA Live PriceLast checked at -

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Tech giants threaten to leave Hong Kong over privacy law

Tue, 06th Jul 2021 09:39

(Sharecast News) - Tech giants including Google, Facebook and Twitter have warned through an Asian industry group on Tuesday that they could cut their services in Hong Kong if Beijing goes ahead with its plans to impose new privacy laws.
The warning came in a letter sent by the Asia Internet Coalition, of which all three companies, in addition to Apple, LinkedIn and others, are members.

In the letter, the tech companies showed their discontent with the proposed amendments to current privacy laws which would see individuals hit with "severe sanctions" without specifying the possible penalties.

"Introducing sanctions aimed at individuals is not aligned with global norms and trends," said the letter, whose contents were first reported by the Wall Street Journal.

"The only way to avoid these sanctions for technology companies would be to refrain from investing and offering their services in Hong Kong, thereby depriving Hong Kong businesses and consumers, whilst also creating new barriers to trade."

Companies claim that it is not beneficial for them to remain in the area if the government is carrying out doxing practices (publicly releasing private or identifying information about an individual or organisation).

"We ... believe that any anti-doxing legislation, which can have the effect of curtailing free expression, must be built upon principles of necessity and proportionality," the AIC said.

Hong Kong saw an unprecedented wave of doxing during mass pro-democracy protests in 2019.

At a regular press briefing on Tuesday morning, Hong Kong's chief executive, Carrie Lam, said the proposed law would only target "illegal" doxing.

"There is wide support that doxing should be legislated against," Lam said. "The amendment exercise is to address the issue of doxing. The privacy commissioner is empowered to take action and carry out an investigation - that's it."
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HSBC to take $1bn hit from Argentina unit sale

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8 Apr 2024 19:45

West Virginia treasurer adds four finance firms to ESG blacklist

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8 Apr 2024 07:00

HSBC targets wealthy expats, bullish Asian firms to drive Europe unit, exec says

Managers focused on growth after complex transformation

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5 Apr 2024 07:29

Spain's Berge drops plans to list its Astara unit this year

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3 Apr 2024 16:07

London close: Stocks reverse losses to finish slightly higher

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3 Apr 2024 13:19

Morgan Stanley commits to Canary Wharf home until at least 2038

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2 Apr 2024 17:28

London stocks dip in global risk off mood; commodity-linked stocks jump

FTSE 100 down 0.2%, FTSE 250 adds 0.9%

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2 Apr 2024 15:22

London close: Stocks turn red on return from Easter break

(Sharecast News) - UK stocks experienced a downturn by the end of trading on Tuesday, as investors resumed activity following the extended weekend, with initial gains reversed by the close ahead of a week marked by a number of key economic data releases.

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2 Apr 2024 11:50

LONDON MARKET MIDDAY: FTSE 100 buoyed by UK manufacturing growth

(Alliance News) - The FTSE 100 in London was up at midday on Tuesday, reacting to the UK manufacturing sector returning growth and further PMI data across the globe.

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2 Apr 2024 09:09

LONDON MARKET OPEN: FTSE 100 up as oil majors and gold miners shine

(Alliance News) - Stock prices in London opened higher on Tuesday, in confident trade following the long Easter weekend, ahead of a UK manufacturing sector reading later in the morning.

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2 Apr 2024 08:44

TOP NEWS: HSBC to pay special dividend after completing Canadian sale

(Alliance News) - HSBC Holdings PLC on Tuesday said it would pay shareholders a special dividend after completing the sale of its Canadian business.

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LONDON BRIEFING: HSBC in special payout on Canada sale; Astra FDA win

(Alliance News) - London's FTSE 100 traded higher on Tuesday following the long weekend, as investors react to US data, and look ahead to manufacturing sector readings from Europe later.

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UBS makes Ermotti Europe's best-paid bank boss with $16 mln package

Ermotti earned $15.9 mln in 2023

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27 Mar 2024 14:42

Bank of England steps up scrutiny of private equity and bank valuations

LONDON, March 27 (Reuters) - The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.

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