Page 10 - Hong Kong

India, Hong Kong customs dept unearth trade-based money laundering case

The Indian and Hong Kong Customs have unearthed a major case of Trade-Based Money Laundering (TBML) involving Hong Kong-based exporters and Indian importers located in a Special Economic Zone (SEZ), the finance ministry said on Friday. In an exemplary case of bilateral cooperation and exchange of information, this crackdown showcases investigation and enforcement actions taken by both administrations under their respective laws to expose an international cartel. DRI had unearthed a case of Trade-Based Money Laundering from a SEZ, wherein cheap synthetic diamonds were being imported into India in the guise of natural diamonds, to remit foreign currency out of India. Investigations revealed that cheap synthetic diamonds were being mis-declared as natural diamonds and overvalued more than 100 times and being imported from firms based in Hong Kong to SEZ in India. During the investigation, it was also observed that some real diamonds were imported but replaced with synthetic diamonds a

After jail term, Hong Kong pro-independence activist seeks asylum in UK

An activist who advocated for Hong Kong independence and was jailed under a sweeping national security law fled to Britain to seek political asylum, according to his social media posts Friday. Tony Chung was among the first convicted under the Beijing-imposed law that was introduced after the 2019 pro-democracy protests. He was found guilty of secession and money laundering in 2020 and sentenced to 43 months in prison. In two Instagram posts Friday, Chung detailed how authorities closely watched him after he was released from prison: He was asked to meet with national security authorities regularly and report to them on where he had been, whom he had met with and his conversations, and authorities offered to pay him for information on others to prove he had reformed himself. They also proposed he go to mainland China. Chung said he was made to sign a document that barred him from disclosing his conversations with the authorities, so he could not seek help from any lawyers nor tell .

Hong Kong court rejects Jimmy Lai's bid to throw out sedition charge

A Hong Kong court on Friday rejected a bid by prominent activist publisher Jimmy Lai to throw out a sedition charge against him, delivering the ruling on the third day of his landmark national security trial. Lai, 76, was arrested during the city's crackdown on dissidents following huge pro-democracy protests in 2019. He faces possible life imprisonment if convicted under a sweeping national security law imposed by Beijing. He is charged with colluding with foreign forces to endanger national security and conspiring with others to publish seditious publications. Foreign governments, business professionals and legal scholars are closely watching the case, which is tied to the now-shuttered pro-democracy newspaper Apple Daily that Lai founded. Many view it as a trial of the city's freedoms and a test for judicial independence in the Asian financial hub. Hong Kong is a former British colony that returned to China's rule in 1997 under a promise the city retain its Western-style civil .

Hong Kong to offer residency to wealthy for $3.8 million investment

Known as the Capital Investment Entrant Scheme, the plan was announced during Hong Kong Chief Executive John Lee's policy address in October.

Hong Kong court begins Day 2 of activist publisher Jimmy Lai's trial

The national security trial of Hong Kong's famous activist publisher Jimmy Lai entered its second day Tuesday, with judges expected to rule by the end of the week on his lawyers' bid to throw out a sedition charge that has been increasingly used to target dissidents. Lai, 76, was arrested in August 2020 during a crackdown on the city's pro-democracy movement following massive protests in 2019. He faces a possible life sentence if convicted under a national security law imposed by Beijing. He was charged with colluding with foreign forces to endanger national security and conspiring with others to put out seditious publications. His landmark trial tied to the now-shuttered pro-democracy newspaper Apple Daily that Lai founded is widely seen as a trial for press freedom and a test for judicial independence in the former British colony, which was promised to have its Western-style civil liberties remain intact for 50 years after returning to Chinese rule in 1997. After Lai walked into

National security trial opens in Hong Kong for activist publisher Jimmy Lai

A landmark national security trial opened Monday in Hong Kong for prominent activist publisher Jimmy Lai, who faces a possible life sentence if convicted under a law imposed by Beijing to crush dissidents. Lai, 76, was arrested in August 2020 during a crackdown on the city's pro-democracy movement under the sweeping national security law enacted following huge protests four years ago. He is charged with colluding with foreign forces to endanger national security and conspiring with others to put out seditious publications. The closely watched case tied to the now-shuttered pro-democracy newspaper Apple Daily that Lai founded is widely seen as a trial of press freedom and a test for judicial independence in the Asian financial hub. China promised that the former British colony could retain its Western-style civil liberties for 50 years after returning to Chinese rule in 1997. But in recent years, the Hong Kong government has severely limited free speech and assembly and virtually .

India's market cap now just a whisker away from toppling Hong Kong's

A significant portion of Hong Kong's market cap is due to companies from Mainland China choosing to list in the city

China's homegrown C919 aircraft arrives in Hong Kong in maiden flight

A Chinese C919 jet arrived in Hong Kong on Tuesday in the Chinese-made plane's first foray outside of mainland China as its manufacturer prepares to take on Airbus and Boeing in the market for single-aisle commercial aircraft. The C919 and another Chinese-made aircraft, an ARJ21, will be on display at Hong Kong's international airport until Sunday. The C919 is due to perform a fly-past over the city's scenic Victoria Harbor on Saturday. The maker of the C919, the Commercial Aircraft Company of China, or COMAC, designed many of the C919's parts, but some of its key components are still sourced from the West, including its engine. The narrow-bodied airliner was in development for 16 years and received certification in 2022. It has a maximum range of about 3,500 miles (5,630 kilometres) and is designed to carry 158-168 passengers.

Hong Kong leader praises election turnout as voter numbers hit record low

Hong Kong leader John Lee on Tuesday praised the 27.5 per cent voter turnout in the city's weekend election, a record low since the territory returned to Chinese rule in 1997. Sunday's district council election was the first held under new rules introduced under Beijing's direction that effectively shut out all pro-democracy candidates. The turnout of 1.2 million voters has indicated that they supported the election, they supported the principles, Lee said at a news conference. It is important that we focus our attention on the outcome of the election, and the outcome will mean a constructive district council, rather than what used to be a destructive one, he said. Sunday's turnout was significantly less than the record 71.2 per cent of Hong Kong's 4.3 million registered voters who participated in the last election, held at the height of anti-government protests in 2019, which the pro-democracy camp won by a landslide. Lee said there was resistance to Sunday's election from ...

Voter turnout below 30% in Hong Kong's first elections after new rules

Voter turnout plunged below 30 per cent in Hong Kong's first district council elections since new rules introduced under Beijing's guidance effectively shut out all pro-democracy candidates, setting a record low since the former British colony returned to Chinese rule in 1997. According to official data on Monday, 27.5 per cent of the city's 4.3 million registered voters cast ballots in Sunday's polls significantly less than the record 71.2 per cent who participated in the last elections held at the height of anti-government protests in 2019. The pro-democracy camp won those polls in a landslide victory, in a clear rebuke of the government's handling of the protests. Beijing loyalists are expected to take control of the district councils after Sunday's elections, with partial returns showing big pro-government parties gaining more seats than independent candidates and smaller parties. The district councils, which primarily handle municipal matters such as organizing construction ..

Hong Kong holds first 'patriots only' local elections after overhaul

Residents went to the polls on Sunday in Hong Kong's first district council elections since an electoral overhaul was implemented under Beijing's guidance of patriots administering the city, effectively shutting out all pro-democracy candidates. Turnout is expected to be much lower than in the last elections, held at the height of the 2019 anti-government protests. Some pro-democracy voters, dismayed by the drastic rule changes, including the elimination of most directly elected seats, are turning their backs on the polls. Members of the League of Social Democrats, one of the city's remaining pro-democracy political parties, had planned to stage a small protest to express their discontent over the electoral rule changes. But their members were arrested by the police after being stopped and searched, the group said. The police said three people were arrested on suspicion of intending to incite others to disrupt the elections, but did not provide names. The final turnout in the vote

Hong Kong holds first district council elections since electoral overhaul

Residents went to the polls on Sunday in Hong Kong's first district council elections since an electoral overhaul was implemented under Beijing's guidance of patriots administering the city, effectively shutting out all pro-democracy candidates. Turnout is expected to be much lower than in the last elections, held at the height of the 2019 anti-government protests. Some pro-democracy voters, dismayed by the drastic rule changes, including the elimination of most directly elected seats, are turning their backs on the polls. The final turnout will be a barometer of public sentiment toward the patriots-only system, the new political order under the Hong Kong government's crackdown on dissidents following the 2019 protests the most concerted challenge to Beijing since the former British colony returned to China's rule in 1997. China promised the semi-autonomous territory could retain its Western-style liberties for 50 years under the one country, two systems framework. But that promise

India's stock market value tops $4 trillion, narrowing gap with Hong Kong

The market capitalisation of companies listed on India's exchanges has risen by $1 trillion in less than three years, as the South Asian market emerges as one of the best performers

Hong Kong court puts off Evergrande's hearing on debt restructuring to Jan

A Hong Kong court postponed until Jan. 29 a court hearing scheduled for Monday on troubled Chinese property developer Evergrande's winding-up petition. Evergrande is trying to win support from its creditors for a plan to restructure more than $300 billion in debt to stave off liquidation. The company's lawyer told the court it was requesting an adjournment to refine its new debt restructuring plan. The Hong Kong High Court has postponed the hearing over Evergrande's potential liquidation several times. Judge Linda Chan had said in October that Monday's hearing would be the last before a decision is handed down. Evergrande could be ordered to liquidate if creditors reject its plan. The company, the world's most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. Last month, the company said Chinese police were investigating Evergrande's chairman, Hui Ka Yan, for unspecified suspected crimes in the late

Hong Kong billionaire Henry Cheng family's succession under spotlight

This month, his heir-apparent status at the $26 billion family empire was thrown into doubt after his father Henry Cheng said the conglomerate is still looking for a successor

KPMG, Deloitte ask staff to use burner phones for Hong Kong visits

The move comes as China increases its control over Hong Kong, the Asia-Pacific headquarters of many global companies

RBI in discussions with US, Hong Kong, Swift on digital bank payments

Current practices involve routing funds through banks using the Swift platform. CBDCs could enable direct settlements between parties, offering advantages such as speed and cost-efficiency

HSBC hires UBS's Gautam Anand for role serving India's rich diaspora

Gautam Anand was appointed Global Coordinator for Global India, the Middle East, North Africa and Europe from Dec. 1, according to an internal memo seen by Bloomberg News

Hong Kong cuts taxes for foreign home buyers, traders for global status

Hong Kong's leader on Wednesday cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Chief Executive John Lee said the extra stamp duties imposed on non-resident buyers and current local homeowners looking to buy additional properties would be halved, making the first easing over the past decade since property cooling measures were introduced. In his annual policy address, Lee also unveiled plans to reduce stamp duty on stock transactions to 0.1% from 0.13%, saying a vibrant stock market is vital to upholding the city's status as a financial hub. After the easing of COVID-19 restrictions, Hong Kong's economy has begun to recover, fuelled by growth in tourism and private consumption. The city's economy expanded 2.2% in the first half of 2023 year-on-year and is expected to grow between 4% and 5% for the full year. However, the path to full recovery remains uneven, particularly with geopolitics tensio

Amid declining Indian imports, shipments from Russia, Hong Kong see growth

In the realm of exports, India saw diverging trends among its top 10 markets