Hong Kong is witnessing a surge in foreign capital as investors flee United States tariff uncertainties, noted Financial Secretary Paul Chan in his official blog. He pledged to promote the city’s safe and stable environment as a free port, amid the reciprocal tariffs imposed by the U.S. on its trading partners, which had brought uncertainties to the global trading and investment environment. Chan also noted increased foreign investment in Mainland Chinese companies, driven by the Mainland’s economic resilience and innovation.
2.8%
The International Monetary Fund’s (IMF) reduced global growth forecast for this year. It also cut its 2026 forecast to 3 percent, citing the impact of U.S. tariffs and rising trade tensions. This is lower than its projection in January, by 0.5 percentage point for 2025 and 0.3 percentage point for 2026, with downward revisions for nearly all countries, according to the IMF’s latest World Economic Outlook. The IMF called the report a “reference forecast” based on measures announced as of 4 April.
“These revisions to the education standards ensure that professional accountants worldwide develop the right competencies to implement sustainability reporting and assurance standards effectively.”
– Lee White, the International Federation of Accountants (IFAC) Chief Executive Officer. IFAC revised its International Education Standards to embed sustainability skills in accountants’ training. The revisions establish a global baseline of sustainability competence. IFAC calls on stakeholders to begin preparing for implementation, with early adoption encouraged ahead of the 1 July 2026 effective date.
>95,000
The number of auditors worldwide who will benefit from the deployment of artificial intelligence (AI) agents into KPMG U.S.’s smart audit platform Clara, the firm announced in April. The AI agents will automate tasks such as data analysis and document review, enhancing audit quality and efficiency. A new Financial Report Analyzer AI engine provides AI-generated output to enable auditors in completing required disclosure checklists. KPMG plans to deploy more AI agents within the next year.
120+
The number of Deloitte U.S. contracts terminated since January, worth more than US$1.16 billion, by the Department of Government Efficiency in the U.S., led by Elon Musk, according to Fortune’s analysis. Deloitte faces more than double the cuts of any other consultancy, with Accenture losing 30 contracts. The crackdown targets wasteful spending, prompting firms to justify costs.
2nd
Hong Kong clinched the title of the world’s second most crypto-friendly city, surpassing Singapore and Abu Dhabi, according to a report by migration platform Multipolitan. The city ranked behind Ljubljana, capital of Slovenia, in the report’s Crypto Friendly Cities Index 2025, which evaluates cities based on regulation, tax regimes, digital infrastructure and wealth. Since 2022, Hong Kong has rolled out new compliance requirements for crypto companies and licensed 10 trading platforms.
HK$17.7 billion
The amount raised across 15 Hong Kong initial public offerings (IPOs) in the first quarter of 2025, nearly three times higher than the funds raised in the same period last year, and the highest first quarter amount since 2021, according to KPMG China. This was driven by a 25 percent increase in the number of completed deals, and by six IPOs exceeding HK$1 billion in funds raised.
47%
The percentage of investigations by the United Kingdom’s Financial Reporting Council that took more than two years to complete, according to figures published in 2024. The U.K. accounting watchdog has launched a comprehensive review of its misconduct investigation processes, aiming to streamline probes and explore “broader” regulatory tools. The move follows criticism over lengthy investigations, burdening firms and partners, reported the Financial Times.
