Hong Kong financial authorities said today they are investigating Swiss bank UBS over possible misconduct related to the Asian financial centre’s benchmark interest rate.

Hong Kong’s central bank has tightened mortgage lending after saying a third round of quantitative easing by the US Federal Reserve risks pushing up home prices that have already surpassed their 1997 peak.

IBM China/Hong Kong Ltd said it has won a $6.5m out-tasking contract to support the Hong Kong Monetary Authority's office automation operation and mission-critical server systems.