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Hong Kong stocks rebound on PBOC’s US$70 billion finance facility, fiscal stimulus hopes

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Investors open accounts at a securities firm in Qingdao, east China's Shandong province, on Tuesday. Photo: Xinhua

The Chinese central bank’s liquidity boosting tool sparks a 3 per cent surge in Hong Kong’s Hang Seng Index

Hong Kong and Chinese stocks both rebounded from sell-offs after China’s central bank kicked off a US$70 billion financing facility to fund institutional buying and traders bet on more fiscal stimulus to shore up growth.

The Hang Seng Index jumped 3 per cent to 21,251.98 at the close, snapping a two-day, 11 per cent decline. Still, the benchmark tumbled 6.5 per cent for the shortened trading week, as the city’s financial markets will be shut on Friday for a public holiday. The Hang Seng Tech Index gained 2.1 per cent on the day.

The CSI 300 Index rose 1.1 per cent, bouncing back from a 7.1 per cent slump a day earlier. The Shanghai Composite Index finished 1.3 per cent higher. Trading on the mainland’s markets remained wild, with the 10-day realised volatility of the CSI 300 rising to its highest since August 2015, according to Bloomberg data.

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Sentiment on the Hong Kong and mainland’s markets seemed to have stabilised after the People’s Bank of China (PBOC) started the swap facility with an initial size of 500 billion yuan (US$70.7 billion). Under the programme, qualified brokerages, mutual-fund firms and insurance companies will be able to swap their holdings of bonds, stock exchange-traded funds and stocks on the CSI 300 for highly liquid assets such as government bonds and central-bank bills, the PBOC said in a statement on Thursday. The scale can be expanded and applications from qualified institutional will be accepted immediately, it said.

The swap facility is part of a combined 800 billion yuan in new funding tools announced by the PBOC last month to bolster the stock market. The package also includes a 300 billion yuan relending programme to finance stock buy-backs and stake increases by listed companies and major shareholders.

Investors will closely scrutinise a press conference by Finance Minister Lan Foan on Saturday. Hopes are high that Lan will announce or offer clues on the much-heralded fiscal stimulus after top leaders signalled an all-out pivot to prop up economic growth.

“The steep dip in Chinese equities could present a more tempting entry point for investors, banking on the hope that Beijing will eventually roll out a fiscal lifeline,” said Stephen Innes, managing director at SPI Asset Management in Bangkok.

Chinese and Hong Kong markets have emerged as the best performers among the world’s major benchmarks over the past month, with the key equity gauges rising at least 20 per cent in the span and turnovers jumping to record highs. For the bull run to sustain, Beijing will need to deliver on no less than 3 trillion yuan in fiscal packages to revive economic growth, according to Daiwa Securities.

As part of the fiscal stimulus, China’s legislative body will probably approve the issuance of 2 trillion yuan of government bonds later this month, said Lu Ting, chief China economist at Nomura Holdings.

The stock markets will remain volatile until more fiscal policies and measures to support the property market are implemented, which will make re-rating of stocks more sustainable, according to HSBC Jintrust Fund Management.

All but five stocks on the 82-member Hang Seng Index rose. Ping An Insurance Group surged 5.9 per cent to HK$51 and China Life Insurance advanced 4.7 per cent to HK$16.46 on optimism they will be eligible to participate in the swap facility. Alibaba Group Holding rallied 2.8 per cent to HK$105.80 and Tencent Holdings advanced 1.1 per cent to HK$438.80.

On the mainland, both Guotai Junan Securities and Haitong Securities jumped by the 10 per cent daily limit in Shanghai after the two brokerages unveiled detailed merger plans. The stocks resumed trading after being suspended since September 5.

Other major Asian markets trader higher after US stocks rose to new highs overnight. Japan’s Nikkei 225 edged up 0.3 per cent, while South Korea’s Kospi gained 0.2 per cent and Australia’s S&P/ASX 200 added 0.4 per cent.

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Boris Johnson Says He Feels “Perfectly Safe” in Nigeria, Praises Imo State’s Progress

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Former British Prime Minister Boris Johnson has expressed confidence in Nigeria’s security, saying he feels perfectly safe during his visit to the country. His remarks come amid ongoing reports of insecurity in various parts of Nigeria, making his statement a notable endorsement of the nation’s stability in certain regions.

Johnson made the declaration on Thursday, December 4, 2025, while addressing participants at the Imo State Economic Summit 2025 in Owerri, the state capital. He acknowledged having read travel advisories and news reports highlighting security concerns prior to his trip but said his experience has been reassuring.

He said he feels perfectly safe in the country and emphasized that the summit environment and local hospitality contributed to his sense of security. He also asked the audience if they felt safe, receiving an enthusiastic affirmation.

During his visit, Johnson commended Governor Hope Uzodimma and the Imo State Government for their development initiatives, particularly efforts to provide 24-hour electricity. He highlighted the potential of Nigeria as a hub for innovation and economic growth, noting the opportunities presented by emerging technologies such as artificial intelligence.

While his statements have been welcomed by some as a boost to international confidence in Nigeria, analysts caution that the former prime minister’s experience reflects only a controlled and secure environment within Imo State. Several parts of the country continue to face challenges, including banditry, communal conflicts, and kidnappings.

Nonetheless, Johnson’s visit and remarks are significant, sending a positive message to investors and global observers about Nigeria’s potential for stability and progress. They also underscore the contrast between localized experiences of safety and broader security challenges across the country.

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Dangote to Uzodimma: Just show me where to invest

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Dangote

By Emmanuel Iheaka, OWERRI

The President of Dangote Group, Aliko Dangote has assured Governor Hope Uzodimma of Imo State that his group will be one of the biggest investors in the state.

Dangote gave the assurance at the opening session of the Imo Economic Summit 2025 in Owerri on Thursday.

The renowned Africa’s industrialist urged Uzodimma to indicate his preferred area of investment and forget the rest.

Dangote described the Imo governor as a personal friend of decades and commended him for providing enabling environment for investment.

“We will be one of your biggest investors in Imo. So, please tell me the area to invest and we will invest”, Dangote declared.

He called on entrepreneurs to always invest at home, adding that foreigners cannot drive the economy of any nation more than the nationals.

“What attracts foreign investors is a domestic investor. Africa has about 30 percent of the world’s minerals. We are blessed,” he submitted.

Dangote reiterated that his refinery was set to launch 1.4 million barrels per day capacity, the highest for any single refinery in the world.

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Fabergé egg given as Easter gift to mother of Russia’s last emperor sells for record £22.9m

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A diamond-encrusted Fabergé egg that Russia‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million.

Tsar Nicholas II gifted the Winter Egg to Dowager Empress Maria Feodorovna in 1913, five years before he was murdered along with his wife and children after the Russian Revolution.

 

Tsar Nicholas II

Dowager Empress Maria Feodorovna

 

 

The egg went under the hammer at Londonauction house Christie’s yesterday.

An unnamed buyer stumped up £22,895,000, smashing the previous global record of £8.9million that was set in 2007 when the famous Rothschild Egg was sold.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall.

Carl Fabergé, the master jeweller whose creations bedazzled Russia, created 50 Imperial Easter Eggs for the then-ruling Romanov family over a 31-year period, making them incredibly rare and valuable.

They were commissioned as Easter gifts in a tradition started by Tsar Alexander III in the 1880s.

Nicholas II, Alexander’s son, had an annual standing order for two Easter eggs to be made for his mother and his wife, until the fall of the Romanovs in the 1917 Russian Revolution.

A diamond-encrusted Fabergé egg that Russia ‘s last emperor gave to his mother as an Easter gift has sold for nearly £23million

 

Today, only 43 of the Imperial Easter Eggs remain, with seven missing.

The ‘exquisite’ Winter Egg had a pre-sale estimate of more than £20million.

Christie’s Margo Oganesian said: ‘Today’s result sets a new world auction record for a work by Faberge, reaffirming the enduring significance of this masterpiece.’

She added the sale celebrated ‘the rarity and brilliance of what is widely regarded as one of Faberge’s finest creations, both technically and artistically’.

The imperial eggs have enjoyed renewed interest on the art market in recent decades, mainly among wealthy Russians keen to acquire a piece of their country’s history.

Beyond its opulence, it is the ‘technique and craftsmanship’ that makes the Winter Egg exceptional, according to Ms Oganesian.

‘The Winter Egg is truly one of the rarest items that you can find,’ she explained. ‘It’s really hard to comprehend how Faberge created it.’

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes.

Carved from delicate rock crystal, the Winter Egg is an icy-looking orb studded with around 4,500 rose-cut diamonds, and stands at only five-and-a-half inches (14 centimetres) tall. Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket

The egg and its base are sculpted from crystal featuring diamond-encrusted platinum snowflakes

 

Tsar Nicholas and his wife, Empress Alexandra, with their five children. They were all murdered in 1918

 

Inside, it contains a bouquet of flowers made of white quartz anemones held by gold wire stems, gathered in a platinum basket.

Like many other Romanov possessions, the egg bears witness to Russian history. It was transferred from Saint Petersburg to Moscow in 1920 after the revolution.

As with many other Imperial Eggs, it was sold by the Soviet government to generate foreign currency and was acquired by London jeweller Wartski between 1929 and 1933, according to Christie’s.

The Winter Egg was subsequently part of several British collections but was considered lost from 1975, the auction house said in an essay attached to the sale lot online.

‘For 20 years, experts and specialists lost sight of it until 1994, when it was rediscovered and brought to Christie’s for sale in Geneva,’ said Ms Oganesian.

Eight years later, in 2002, it was sold again for a record $9.6 million in New York.

 

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