Hong Kong is close to proposing a tax regime change that will exempt private equity and potentially hedge fund managers from paying tax on their earnings from carried interest and performance fees. This exemption will apply at both the corporate and individual tax level, according to a proposal to the Legislative Council on March 2. By applying the exemption to individuals, the city is hoping to l...
Hong Kong is close to proposing a tax regime change that will exempt private equity and potentially hedge fund managers from paying tax on their earnings from carried interest and performance fees. This exemption will apply at both the corporate and individual tax level, according to a proposal to the Legislative Council on March 2. By applying the exemption to individuals, the city is hoping to lure more asset managers and talent to the financial hub and boost Hong Kong’s status as Asia’s leading asset management center. Hong Kong has been working for years on proposals to change its tax regime for funds to bolster its status as an asset and wealth management hub. After rolling out reforms in recent years, including for carried-interest tax exemptions in 2021, the city is seeking to further increase its jurisdiction and legal infrastructure amid intensified competition with other financial centers including Singapore and Dubai. Adam Williams, managing director with Alvarez & Marsal Tax in Hong Kong, said: “If the tax incentives are implemented, it will create certainty for qualifying private equity managers to enjoy carried interest exempt in Hong Kong regardless of where their funds are structured.” “While yet to be confirmed, there’s still a chance some hedge funds may also be able to structure themselves to enjoy exempt carry, which would be a game changer for that segment of the asset management industry,” he said. The government aims to introduce the bill to the city’s Legislative Council within the first half of the year, according to the March proposal. It also plans to apply the rule retroactively to 2025. The city announced during this year’s budget plan that it was set to enhance its tax regime by expanding the scope to cover specific funds-of-one. It also proposed in March that pension and endowment funds be included. It would also classify more categories including digital assets, insurance-linked securities, carbon credits, precious metals, and specifi...
Yi Lianhong. Photo: VCG Six weeks after Chinese authorities announced an investigation into his conduct, Yi Lianhong, the former Communist Party chief of the affluent Zhejiang province in East China, has been officially stripped of his legislative status. According to a March 26 report by the state-run Zhejiang Daily, the provincial legislature announced that the Hangzhou municipal congress had vo...
Yi Lianhong. Photo: VCG Six weeks after Chinese authorities announced an investigation into his conduct, Yi Lianhong, the former Communist Party chief of the affluent Zhejiang province in East China, has been officially stripped of his legislative status. According to a March 26 report by the state-run Zhejiang Daily, the provincial legislature announced that the Hangzhou municipal congress had voted to remove Yi as a deputy to the 14th Zhejiang Provincial People’s Congress. Under China’s representative laws, his legislative qualifications have been terminated.
India’s rupee weakened to a fresh low, lagging behind regional peers, as foreign investors sped up sales of stocks and bonds on fears that elevated energy prices would drive up the import-heavy nation’s inflation and import bill. The currency fell past the closely watched 94 per dollar mark for the first time on Friday, weakening as much as 0.7%. That takes its decline to almost 4% since the Iran ...
India’s rupee weakened to a fresh low, lagging behind regional peers, as foreign investors sped up sales of stocks and bonds on fears that elevated energy prices would drive up the import-heavy nation’s inflation and import bill. The currency fell past the closely watched 94 per dollar mark for the first time on Friday, weakening as much as 0.7%. That takes its decline to almost 4% since the Iran war broke out a month ago. Meanwhile, benchmark yields rose to their highest since July 2024, as the government’s decision to cut taxes on auto fuels stoked concerns of fiscal strain. Brent prices are holding well above $100 per barrel after a surge on Thursday, when local markets were closed for a public holiday — far higher than the $70 baseline assumed by the Reserve Bank of India in October. Bloomberg Economics estimates that Brent crude at $100 a barrel and gas 50% above pre-war levels will raise India’s import bill by $5 billion a month. The prospect of higher inflation has significantly weakened the rupee, making local-currency denominated assets less attractive to global investors. Overseas investors have pulled $11.5 billion from local stocks this month. They have cut their holdings of the nation’s index-eligible bonds by a record $1.6 billion. Uncertainty over the duration of the conflict has darkened the outlook for local assets, complicating the central bank’s task after it stepped up support for both bonds and the currency in the early stages of the war. Interest-rate swaps now signal several rate hikes , even as rising bond yields have already lifted borrowing costs across the economy. Meanwhile, the RBI’s defense of the currency has sharply reduced its foreign-exchange reserves, potentially limiting its ability to intervene aggressively. “The RBI’s presence in the currency market has recently been a bit subdued,” said Dilip Parmar , currency analyst at HDFC Securities. “It looks like the central bank is keeping some powder dry because no one knows what will h...
Key Russian Baltic Oil Port Of Primorsk Resumes Loading After Ukraine Attack Russia’s top oil port in the Baltic Sea, Primorsk, resumed loading days after it came under attack from Ukrainian drones , although Bloomberg notes that the company that pipes crude there said it is trying to divert barrels elsewhere because of the incidents. Ukraine attacked Russia’s largest oil port in the Baltic Sea to...
Key Russian Baltic Oil Port Of Primorsk Resumes Loading After Ukraine Attack Russia’s top oil port in the Baltic Sea, Primorsk, resumed loading days after it came under attack from Ukrainian drones , although Bloomberg notes that the company that pipes crude there said it is trying to divert barrels elsewhere because of the incidents. Ukraine attacked Russia’s largest oil port in the Baltic Sea to prevent it from benefiting from rising oil prices: about 60% of Russia’s maritime oil exports pass through the port of Primorsk. pic.twitter.com/M2ghU0o6i1 — Open Source Intel (@Osint613) March 23, 2026 The Minerva Georgia, a Suezmax-class vessel capable of hauling about 1 million barrels of crude, berthed on Wednesday. Another, the Anlan, is scheduled to depart Thursday having been there for several days. Ukraine has stepped up attacks on Russian oil infrastructure to prevent Putin from benefiting from soaring prices. It also targeted the port of Ust-Luga this week, as well as the Kirishi oil refinery. Transneft, Russia’s pipeline operator, aims to divert flows away from the Baltic ports, Interfax reported. If Trump is allowed, why don’t we?! Putin’s burning russian port of Primorsk is visible for the entire flight from Finland. In general, Putin no longer has an oil-loading port in the Baltic. Ukraine has declared an oil embargo on Putin. And f**k Biden’s escalation management… pic.twitter.com/HDbA4yI54q — EMPR.media (@EuromaidanPR) March 25, 2026 Kiev’s moves seek to disrupt the flow of Russian petroleum at a time when the Iran war has already caused an unprecedented oil-supply shock. A Turkish oil tanker carrying Russian oil also came under drone attack in the Black Sea. Tyler Durden Fri, 03/27/2026 - 02:45
Farmers need fuel to keep water pumps running, but many petrol stations are empty and fears are now growing over the war’s impact on cost of fertiliser Follow our live coverage of the events in the Middle East here Thanadet Traiyot waited in line for hours at his local gas station, armed with containers and desperately hoping to secure much-needed diesel for his rice fields in Ayutthaya, central T...
Farmers need fuel to keep water pumps running, but many petrol stations are empty and fears are now growing over the war’s impact on cost of fertiliser Follow our live coverage of the events in the Middle East here Thanadet Traiyot waited in line for hours at his local gas station, armed with containers and desperately hoping to secure much-needed diesel for his rice fields in Ayutthaya, central Thailand. He was third in the queue when the shop announced their supplies had run dry. That was five days ago; he still hasn’t managed to restock to his normal levels. Back on his farm, Thanadet wades into his rice paddies, weaving past tall green stalks to assess the water levels and decide which of his water pumps can be turned off. Water needs to be spread equally across the fields, he says, but he doesn’t have enough diesel to keep everything running. Continue reading...
Granite ( GVA ) has been awarded the LRT-4 Webb-Zapata project by U.S. Customs and Border Protection, valued at approximately $495M. This project will be part of the company's first quarter 2026 capital plan. The project involves 27 miles of infrastructure improvements near Laredo, Texas. It includes excavation, grading, roads, fencing, seven bridges, eight culvert crossings, and 68 low water cros...
Granite ( GVA ) has been awarded the LRT-4 Webb-Zapata project by U.S. Customs and Border Protection, valued at approximately $495M. This project will be part of the company's first quarter 2026 capital plan. The project involves 27 miles of infrastructure improvements near Laredo, Texas. It includes excavation, grading, roads, fencing, seven bridges, eight culvert crossings, and 68 low water crossings. Additionally, the project will install electrical systems, lighting, cameras, and fiberoptics. Work is set to begin in April 2026 and finish by July 2027. More on Granite Construction Granite Construction Incorporated 2025 Q4 - Results - Earnings Call Presentation Granite Construction Incorporated (GVA) Q4 2025 Earnings Call Transcript Granite Construction's Upside Isn't Over Yet Granite Construction targets 6%–8% organic growth in 2026 as acquisitions and margin expansion drive outlook Granite Construction Non-GAAP EPS of $1.40 beats by $0.02, revenue of $1.17B beats by $20M