Hong Kong property developer New World Development said on Friday that Eric Ma will step down as chief executive officer after having spent just two months on the job.The sprawling business empire, run by Hong Kong’s third-richest family, reported an annual loss of over US$2.5 billion in late September. Former Hong Kong development minister Ma took over as CEO from Adrian Cheng, a grandson of the founder, when the losses were announced. But in a Friday stock exchange filing, New World said Ma had “tendered his resignation as an Executive Director and the chief executive officer of the Company in order to pursue his other personal commitments”.Company executive director Huang Shaomei, also known as Echo Huang, has been appointed CEO effective on Friday for a term of three years, New World said.Patriarch Henry Cheng said in a statement that he was “very pleased to have found a more suitable candidate”, saying Huang had extensive experience in real estate and corporate management.Cheng said that reviewing the firm’s development direction showed that “timely phased changes need to be made, and the role of the CEO also requires to be adjusted”.New World’s share price fell by around six percent before trading was halted shortly after Friday lunchtime.The company said trading will resume on Monday.The property arm is the largest unit of New World, whose interests also span jewellery, department stores and logistics.That has left it vulnerable as Hong Kong suffers the longest property market downturn since the SARS outbreak in 2003.Once a blue-chip stock, New World will be removed from Hong Kong’s benchmark Hang Seng Index starting next month, a sign of its declining value in recent years.Morningstar analyst Jeff Zhang told Bloomberg News that Ma’s departure will not have a significant impact on New World’s operations.”The company will continue to promote residential sales and asset divestment in the future to accelerate deleveraging,” Zhang said.The developer on Thursday sold its stake in Hong Kong’s largest sports complex, Kai Tak sports park, to an investment vehicle owned by the family. 

Japan’s unpopular minority government approved on Friday an extra budget to help pay for a massive stimulus package after the ruling coalition’s worst election result in 15 years.The hoped-for lift to the economy is also aimed at boosting Prime Minister Shigeru Ishiba’s popularity after a gaffe-riddled start including an embarrassing video of him eating.The extra budget approved by the cabinet is worth 13.9 trillion yen ($92 billion) and is expected to be approved in parliament by the end of the year.It will be partly funded by issuing bonds worth over 6.6 trillion yen.It includes 1.5 trillion yen to boost Japan’s chip and AI sectors, part of a 10-trillion-yen push over the coming years previously announced.Last week Ishiba’s cabinet approved a 21.9-trillion-yen stimulus drive, with the overall impact expected to be worth 39 trillion yen.It includes handouts of around 30,000 yen for low-income households, fuel and energy subsidies, and assistance to small businesses.Ishiba, 67, took office on October 1 following the resignation of unpopular predecessor Fumio Kishida, and called snap elections soon afterwards.But the move backfired, with voters angry over corruption within the ruling Liberal Democratic Party (LDP) — which has governed almost non-stop for decades — and price rises.The ruling coalition of the LDP and the smaller Komeito party were deprived of a majority in the lower house of parliament for the first time since 2009.Ishiba has promised to revitalise depressed rural regions and to address the “quiet emergency” of Japan’s shrinking population, the world’s second-oldest.A poll in the Mainichi Shimbun daily on Sunday put the cabinet’s approval rating at 31 percent, down 15 points from early October. The disapproval score was 50 percent.Ishiba drew ridicule after being snapped apparently napping in parliament this month, and for failing to stand up to greet other world leaders at a gathering in South America.Worse was a video that emerged of Ishiba eating an onigiri rice ball — a popular snack — whole and munching on it without closing his mouth.”He eats like a three-year-old,” one user said on X. “How could he have risen to the top with these manners?” asked another.

The yen rallied Friday after forecast-busting inflation data out of Tokyo boosted talk of another Japanese interest rate cut next month, while equity markets were mixed as traders weigh the economic outlook during a second Trump administration.With Wall Street closed for the Thanksgiving break, there were few catalysts to drive business heading into the weekend and at the end of a rollercoaster month dominated by uncertainty in the wake of Donald Trump’s election victory.Traders are tracking developments surrounding the tycoon as he builds a hawkish cabinet and outlines his plans, including a threat to hammer China, Canada and Mexico with hefty tariffs on his first day.Eyes were also on Japan, where figures showed consumer prices in Tokyo — seen as a bellwether for the country — jumped to 2.6 percent in November, well up from October and much more than expected.The news ignited speculation the central bank will hike rates for a third time this year.Expectations for an increase in borrowing costs have picked up pace in recent weeks after Bank of Japan governor Kazuo Ueda said officials would have to tighten policy if the economy continued to perform in line with forecasts.Friday’s price data came as separate figures showed the jobs market remained tight. Bets on a rate increase have risen to more than 60 percent, according to Bloomberg News.The yen rallied Friday, hitting less than 150 per dollar for the first time in a month.The currency was also supported by forecasts that the Federal Reserve will lower US rates at its December meeting — narrowing the yield differential and making the Japanese unit more attractive to investors.The report “will probably strengthen the BoJ’s conviction that inflation momentum is building, with its two percent target looking (increasingly) secure”, said Taro Kimura, an economist with Bloomberg Economics.The BoJ hiked rates in March for the first time in 17 years as it looked to move away from a long-running ultra-loose monetary policy.However, a second surprise lift at the end of July sparked turmoil on markets and led to a major unwind of the so-called “yen carry trade” in which investors used the cheaper currency to purchase higher-yielding assets.The stronger yen weighed Japanese exporters and pushed Tokyo stocks lower on Friday.Other Asian markets fluctuated, with Sydney, Seoul, Singapore, Manila, Jakarta and Taipei in the red, while Wellington, Mumbai and Bangkok were slightly higher.Hong Kong and Shanghai gained after Chinese authorities held a meeting to discuss plans to boost stunted consumption, a key goal for Beijing as they look to kickstart the world’s number two economy.London was barely moved at the open while Frankfurt and Paris retreated.The euro edged up but remained under pressure owing to uncertainty over budget cuts to reduce France’s huge deficit, and as Prime Minister Michel Barnier’s government struggles amid tough opposition from the right and left.Economic weakness in Germany in particular has also dampened enthusiasm in Europe. Oil prices slipped after the OPEC+ alliance postponed a weekend meeting to December 5, with analysts saying there were signs of disagreement among the group over plans to increase output.Bitcoin was sitting at about $96,500, having suffered a big drop at the start of the week following its worst run since Trump’s electoral success.Still, it is widely tipped to top $100,000 on expectations the new president will ease restrictions on the digital currency market.- Key figures around 0810 GMT -Tokyo – Nikkei 225: DOWN 0.4 percent at 38,208.03 (close)Hong Kong – Hang Seng Index: UP 0.3 percent at 19,423.61 (close)Shanghai – Composite: UP 0.9 percent at 3,326.46 (close)London – FTSE 100: FLAT at 8,280.84Dollar/yen: DOWN at 159.99 yen from 151.51 yen on ThursdayEuro/dollar: UP at $1.0577 from $1.0552 Pound/dollar: UP at $1.2724 from $1.2687Euro/pound: DOWN at 83.13 pence from 83.18 pence West Texas Intermediate: DOWN 0.3 percent at $68.52 per barrelBrent North Sea Crude: DOWN 0.7 percent at $72.75 per barrel