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<ul class="summary-list"><li>Hong Kong authorities warned about a scam using deepfake Elon Musk videos to trick investors.</li><li>The group claimed to provide an AI-driven cryptocurrency trading service.</li></ul>No, Elon Musk didn't create the <a target="_blank" href="https://www.businessinsider.com/ftx-shady-crypto-binance-customer-funds-investors-markets-tokens-busd-2023-3">shady crypto trading website</a> that a random person on Facebook is telling you to invest in.The Hong Kong Securities and Futures Commission issued a warning last week about deepfake scams. According to the statement, a group calling itself Quantum AI or AI Quantum, is using deepfake videos of Elon Musk to trick people into thinking he is behind the software.The group is not to be confused with <a target="_blank" href="https://www.nasa.gov/intelligent-systems-division/discovery-and-systems-health/nasa-quail/">NASA's Quantum AI Lab (QuAIL)</a>, which focuses on quantum computing research.As the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to dupe their victims into handing over cash."Deepfakes" leverage artificial intelligence to mimic the face and voice of a person in a video or audio clip. Scammers will use deepfakes to set up video calls with victims. They then use a webcam paired with software that changes their facial features to look like the person with whom the victim thinks they are communicating.The notorious Nigerian scam group, <a target="_blank" href="https://www.businessinsider.com/romance-scams-ai-deepfakes-yahoo-boys-nigeria-fraud-2024-4">The Yahoo Boys</a>, for example, uses deepfakes to trick people into romance scams.The group in Hong Kong claimed to provide a cryptocurrency trading service using underlying artificial intelligence. But Hong Kong authorities said they suspect it is a front for "virtual asset related fraudulent activities." The group used three websites and two Facebook pages to run its crypto scams, the warning says.Authorities said the group used deepfake videos of Musk to deceive victims into thinking that he was the developer of the technology, lending the fake company an air of legitimacy. They even went as far as creating a fake "news" website to promote false information about the service, authorities said.Hong Kong police shut down all of its websites and social media pages, according to <a target="_blank" href="https://crypto.news/hong-kong-authorities-expose-crypto-scam-featuring-deepfake-elon-musk/">Crypto News</a>. The Hong Kong Police Force did not return a request for comment from BI.It's not the first time scammers have used deepfakes of Musk to steal money from their victims. In April, a South Korean woman said she lost $50,000 after <a target="_blank" href="https://www.businessinsider.com/woman-fell-in-love-deepfake-elon-musk-gave-50000-dollars-2024-4">scammers pretending to be Musk</a> reached out to her on Instagram. She even held a video call with whom she thought was the ubiquitous billionaire."'Musk even said 'I love you, you know that?' when we made a video call," the woman told 60 Minutes of the deepfaked conversation.

A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer

<ul class="summary-list"><li>Stock exchanges in China stopped reporting daily data on foreign fund flows.</li><li>Year-to-date flows entered the negative territory on Friday as foreign investors continue to pull back. </li></ul>Exchanges in China stopped reporting a key indicator investors use to gauge sentiment in the stock market of the world's second-largest economy. On Monday, exchanges halted the release of daily data on flows from foreign investors. Foreign fund flows are often used as a key sentiment indicator, showing daily inflows to stocks in mainland China. As of last week, the data was turning increasingly sour, with the year-to-date net flows entering negative territory on Friday as investors continued to pull back from China stocks. If the trend continues, it will be the first year of net outflows since 2016. China's CSI 300 index is down almost 2.5% year-to-date, and has plummeted over 9% since May.Officials first hinted at cutting real-time data on foreign flows back in April and made the decision official at the end of July. Now, the metric will only be published quarterly.The move is part of a large pivot away from real-time data as China's economy remains stuck in a rut. In May, China stopped reporting intraday foreign flows data. Officials said the move more closely aligned Chinese stock exchanges with those in the US and Europe, where markets don't release intraday data on certain investors or differentiate between domestic and international investors.Now, China's Shenzhen and Shanghai stock exchanges only publish two daily data metrics — trades of its 10 most active stocks and the total turnover and trade volume of stocks traded through Hong Kong.China's economy is facing headwinds from several directions, including its <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-housing-market-real-estate-crash-investors-outlook-construction-2024-3">struggling property sector</a> and <a target="_blank" class="" href="https://www.businessinsider.com/china-economy-weak-domestic-demand-factory-activity-amid-strong-export-2024-7">weak consumer sentiment</a>. Its latest bout of tough economic data showed fixed-asset investment saw an unexpected decline in the first half of the year.

Stock investors in China lose access to key data as exchanges stop reporting sentiment indicator

Mumbai: Indian stock markets rallied on Monday after the <keyword id="20032950" type="General" weightage="20" keywordseo="BJP-led-government" source="keywords">BJP-led government</keyword> secured a majority in the latest state elections in Maharashtra. The <keyword id="20641216" type="General" weightage="100" keywordseo="Nifty-50" source="keywords">Nifty 50</keyword> index gained more than 1.45 per cent or 346.30 points to open at 24,253.55 points, while the BSE <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> index surged 1,076 points or 1.36 percent to open at 80,193.47 points. Experts noted that the election results have an impact on the markets today, and if past trends are followed, the markets may witness some rally amid the return of the BJP in the Maharashtra state elections. <keyword id="20161891" type="General" weightage="20" keywordseo="Ajay-Bagga" source="keywords">Ajay Bagga</keyword> Banking and Market Expert stated that "The just concluded elections in Maharashtra, the results of which were declared on November 23rd, will have a positive immediate impact on the stock markets. The landslide win for the BJP lead coalition in the Maharashtra state elections could lead to a short-term boost to the Indian stock markets which have been in a declining mode" He further added "Investors will interpret this mandate as favourable for the capex and infrastructure push that is ongoing in Maharashtra. The beneficiary sectors of this election are industrials, infrastructure, manufacturing, real estate and financials". In the sectoral indices on the National Stock Exchange, <keyword id="20065014" type="General" weightage="20" keywordseo="Nifty-Realty" source="keywords">Nifty Realty</keyword> and <keyword id="19941314" type="General" weightage="20" keywordseo="Nifty-PSU-Bank" source="keywords">Nifty PSU Bank</keyword> rallied with a surge of more than 2 percent, while other major indices also gained more than 1.5 per cent, including Nifty Metal, Nifty Media, and Nifty Oil &amp; Gas. In the Nifty 50 list, 49 stocks gained during the opening session, while only one stock declined. Shri Finance opened as the top gainer in the Nifty 50. The shares of the AdGroup also surged around 2 percent at the time of filing this report. <keyword id="19967296" type="General" weightage="20" keywordseo="Adani-Green" source="keywords">Adani Green</keyword> also climbed around 4 percent. "We are most likely to break the falling 20-day average that lies at 24,030, which will be the first time that'd happen since the record high of 27th September. Seasonality trends between now and the end of the year have been historically positive, with the Nifty rising 80% of the time during this period with an average return of over 4 per cent" Akshay Chinchalkar, Head of Research, Axis Securities. In other Asian markets, Japan and South Korea indices rallied. The Nikkei 225 index surged more than 1.5 percent, South Korea's Kospi also rose by 1.5 percent, Taiwan's Weighted Index was up by 0.48 percent, while Hong Kong's Hang Seng index was down marginally by 0.14 percent at the time of filing this report.

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

<ul class="summary-list"><li>India's stock market overtook Hong Kong's to become the fourth largest in the world.</li><li>The total value of shares in India equaled $4.33 trillion at Monday's close, over Hong Kong's $4.29 trillion.</li></ul>India's stock market is booming, and its value has ballooned so much that it overtook Hong Kong's on Monday, Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-01-23/india-overtakes-hong-kong-as-world-s-fourth-largest-stock-market?srnd=markets-vp">reported</a>.The total value of shares on Indian exchanges hit $4.33 trillion at Monday's close, compared to Hong Kong's $4.29 trillion, according to data compiled by Bloomberg, making it the fourth largest stock market in the world. India <a href="https://www.businessinsider.com/india-stock-market-catching-up-hong-kong-2023-12">passed the $4 trillion mark</a> on December 5, with half of that value built up in just the past four years.The stock market has been galvanized by a growing number of retail investors and strong corporate earnings.Meanwhile, the country's population overtook China's last year, and it has been <a href="https://www.businessinsider.com/india-business-market-entry-barriers-tariffs-supply-chain-china-2023-6">gearing itself up</a> for boom-time economic growth and a flood of foreign investment.Overseas funds poured over $21 billion into Indian stocks last year, and the S&amp;P BSE Sensex, a benchmark index tracking Indian stocks, notched an eighth consecutive year of gains.What has also helped close the gap between the two stock markets is a slumping Chinese economy and property crash, which have prompted foreign investors to shift money elsewhere.Together, mainland Chinese and Hong Kong equities have <a href="https://markets.businessinsider.com/news/stocks/china-markets-mainland-hong-kong-stocks-losses-economy-woes-2024-1">lost a total of $6.3 trillion in market value since 2021</a>. The <a href="https://www.cnbc.com/quotes/.HSI">Hang Seng Index</a>, a benchmark index for Hong Kong stocks, has tanked around 30% in the past year, though it rose slightly on Tuesday on reports that Chinese policymakers are considering a $278 billion stimulus package.

India's stock market overtakes Hong Kong's as the 4th largest in the world

<ul class="summary-list"><li>Hong Kong's latest residency program has drawn applicants largely from Guinea-Bissau and Vanuatu.</li><li>Vanuatu's cash-for-residency program has been the subject of international scrutiny.</li></ul>Hong Kong's latest sales pitch involves a cash-for-residency program targeted at wealthy investors — and most of them come from just two countries.The plan, which began in March, offers two-year visas in exchange for an investment of 30 million Hong Kong dollars, about $3.8 million, into the city. Investors can extend their visas and eventually apply for permanent residency. It builds on prior investment-for-residency programs offered in the last two decades, which aim to capture foreign capital and talent to boost Hong Kong's economy.This version attracted over 250 applicants in March through May, per <a target="_blank" href="https://www.info.gov.hk/gia/general/202406/12/P2024061200327.htm">government data</a> from last month. Nearly 80% of the applicants come from just two countries: Vanuatu and Guinea-Bissau. The countries have long attracted mainland Chinese looking for other residency options, including government officials — a<a target="_blank" href="https://www.reuters.com/article/idUSBREA0Q04S/"> pattern highlighted by Reuters in 2014</a>.Few people buy citizenship in Vanuatu or Guinea-Bissau with the intent to move to the countries or even step foot there. Permanent residency instead marks a stepping stone to Hong Kong's residency scheme, which prohibits mainland Chinese residents.Vanuatu, a Pacific nation, has a similar immigration program to Hong Kong. The country markets itself as a "business-friendly, tax-free destination" that issues passports to wealthy individuals for an <a target="_blank" href="https://www.vanuatupassport.vu/vanuatu-citizenship-program/">investment of $130,000 into the country.</a>A 2021 report from <a target="_blank" href="https://www.theguardian.com/world/2021/jul/15/citizenship-for-sale-fugitives-politicians-and-disgraced-businesspeople-buying-vanuatu-passports">The Guardian</a> identified several controversial figures who gained citizenship through this program, including two founders of Africyrpt, the crypto investment app, who <a target="_blank" href="https://markets.businessinsider.com/currencies/news/south-african-brothers-billions-bitcoin-disapper-crypto-heist-2021-6-1030548585">disappeared in 2021</a> along with <a target="_blank" href="https://markets.businessinsider.com/news/cryptocurrencies/south-africa-bitcoin-suspected-scam-africrypt-regulator-powerless-crypto-unregulated-2021-6">billions of dollars in bitcoin</a>, and Hayyam Garipoglu, who was imprisoned for embezzlement in Turkey.Vanuatu, a small country of about 350,000 people with few natural resources, relies on residency sales to buoy its economy. Selling citizenships accounted for <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-government-of-the-republic-of-vanuatu-announce-major-changes-to-their-citizenship-by-investment-programme-1031102198">nearly 50% of the country's revenue, the government said in 2022</a>. Vanuatu citizens can travel to the UK and the European Union, among other destinations, without visas.While Vanuatu pledged in 2022 to <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-government-of-the-republic-of-vanuatu-announce-major-changes-to-their-citizenship-by-investment-programme-1031102198">improve due diligence checks</a> to ensure the legitimacy of potential investors, the nation granted citizenship to multimillionaire Andrew Spira, who had been convicted of using a false passport and drug charges in Australia in 2023, according to a November <a target="_blank" href="https://www.abc.net.au/news/2023-11-17/andrew-spira-pleads-guilty-fraud-and-drugs-charges-darwin-court/103118198">report from the Australian Broadcasting Corporation</a>.Passports from the West African country of Guinea-Bissau have also become somewhat of a hot topic on the Chinese social media platform Xiaohongshu. Dozens of posts viewed by Business Insider promoted the nation's passports, shown to be worth 150,000 to 200,000 yuan, or about $21,000 to $27,000. The posts, which have been viewed over 600,000 times, highlight that the passports qualify for Hong Kong's residency program.<div type="image" title="Screenshot from Xiaohongshu promoting the purchase of Guinea-Bissau passports" height="810" width="642" msid="111656140" hostid="261" sizebytes="29286"></div>Guinea-Bissau has no known programs offering citizenships in exchange for investments. The West African nation's citizens currently make up the highest proportion of applicants for Hong Kong's New Capital Investment Entrant Scheme — 139 out of 333 applicants, per <a target="_blank" href="https://gia.info.gov.hk/general/202406/12/P2024061200327_460942_1_1718177384937.pdf">government data</a>.Hong Kong's latest attempt to woo investors comes just as a <a target="_blank" href="https://www.henleyglobal.com/publications/wealthiest-cities-2024">report by Henley and Partners</a> shows that the city lost 4% of its millionaires from 2013 to 2023.The city has tried cash-for-residency programs before. Its last attempt was suspended in 2015. According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2015-01-14/hong-kong-suspends-immigration-program-for-wealthy-investors">Bloomberg at the time</a>, that program brought in over 24,000 new residents, almost 90% of whom were Chinese nationals.

Rich people can buy their way into Hong Kong residency, and the majority of applicants come from 2 tiny countries

<ul class="summary-list"><li>India's stock market hit a $4 trillion valuation for the first time on Tuesday, per Bloomberg.</li><li>It's narrowing the gap with Hong Kong, the world's fourth-largest stock market.</li></ul>The value of companies listed on India's stock exchanges hit $4 trillion for the first time on Tuesday – narrowing the gap with Hong Kong, <a target="_blank" href="https://www.bloomberg.com/news/articles/2023-12-06/india-stock-value-tops-4-trillion-narrowing-gap-with-hong-kong">Bloomberg</a> reported.Hong Kong is the world's fourth-largest stock market, but is now worth less than $4.7 trillion following an 18% slide in the Hang Seng Index this year.In contrast India's two main indexes, the Sensex and the Nifty, are up 13.3% and 14.6% this year.The Indian market was worth less than $1.5 trillion in pandemic-affected 2020, according to Bloomberg, but has since made significant gains.Investors have been reassured by wins in three state elections this weekend for India's ruling party, headed by prime minister Narendra Modi."The market is taking comfort from the victory of BJP due to hopes of policy continuity in 2024, focusing on growth rather than fiscal populism," Sanjeev Hota of stock broker Sharekhan told <a target="_blank" href="https://www.reuters.com/world/india/indian-shares-set-open-new-record-highs-while-global-rally-eases-2023-12-05/">Reuters</a>.Despite global economic headwinds, India — the world's fastest-growing economy — is projected by the IMF to expand by 6.3% this year.Investors, from Apple to Goldman Sachs, have been <a target="_blank" href="https://www.businessinsider.com/india-economy-markets-elon-musk-ray-dalio-goldman-sachs-apple-2023-7">upbeat</a> about the country as a destination for investment.The three biggest stock markets are the US, worth just over $48 trillion, followed by China at about $9.6 billion and Japan on almost $6 trillion, per Bloomberg figures.

You Searched For "Hong Kong Stock Exchange" and got 6 results

A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer

Kenneth Niemeyer

Stock investors in China lose access to key data as exchanges stop reporting sentiment indicator

Kelly Cloonan

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

ANI

India's stock market overtakes Hong Kong's as the 4th largest in the world

Aruni Soni

Rich people can buy their way into Hong Kong residency, and the majority of applicants come from 2 tiny countries

Lian Kit Wee

Watch out Hong Kong – India's $4 trillion stock market is fast catching up

Kai Xiang Teo

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You Searched For "Hong Kong Stock Exchange" and got 6 results

A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer

Kenneth Niemeyer

Stock investors in China lose access to key data as exchanges stop reporting sentiment indicator

Kelly Cloonan

Nifty, Sensex rallied around 1.5 % after Maharashtra election results, Experts noted short term rally

ANI

India's stock market overtakes Hong Kong's as the 4th largest in the world

Aruni Soni

Rich people can buy their way into Hong Kong residency, and the majority of applicants come from 2 tiny countries

Lian Kit Wee

Watch out Hong Kong &ndash; India's $4 trillion stock market is fast catching up

Kai Xiang Teo

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Watch out Hong Kong – India's $4 trillion stock market is fast catching up