Page 11 - Hong Kong

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

Hong Kong eyes stronger economic, trade ties with Thailand to expand role

Hong Kong's leader said Tuesday the city would seek to strengthen its economic and trade ties with Thailand after a meeting with the country's prime minister, as the Chinese financial hub looks for more business opportunities in Southeast Asia. Chief Executive John Lee said at a weekly press briefing that he and Thai Prime Minister Srettha Thavisin agreed during a meeting on Monday that the two sides have good and close relations" and that they would promote more exchanges between their people. Lee's administration wants to expand the city's role in Southeast Asia to boost economic growth for the financial hub after years of COVID-19 restrictions. It aims to position the city as a bridge between mainland China and the international community. Lee said Hong Kong will work to deepen regional cooperation and strengthen its work on economic, trade and investment activities with countries in the Association of Southeast Asian Nations. Since 2010, ASEAN has been the second-largest trading

Typhoon Koinu heads toward southern China, Hong Kong; 1 dead in Taiwan

A typhoon headed toward southern China and Hong Kong on Friday after bringing record-breaking winds and leaving one dead in Taiwan. Typhoon Koinu was weakening as it headed west across the South China Sea toward China's Guangdong province, the China Meteorological Administration said. It was forecast to turn to the southwest in waters off the coast by Sunday. The storm was about 370 kilometres (230 miles) from Hong Kong on Friday morning and moving at about 10 kilometres (6 miles) per hour, the city government's Hong Kong Observatory said. Hong Kong was hit by heavy rains about one month ago that killed at least two people and caused widespread flooding. Ferry service was suspended in parts of Guangdong province, and the city of Guangzhou cancelled some flights and trains. One person was killed by flying glass in the Taiwanese city of Taichung on Thursday and more than 300 others were injured around the island, Taiwan's fire department said. Pounding rain and wind gusts downed tree

Despite choppy Q2, rupee shines bright in Asia in first half of FY24

After a steady first quarter, the currency came under pressure in the second quarter following a rise in US yield and rising crude oil prices towards the end of September

China authorities ban US firm Kroll's employee from leaving Mainland China

Michael Chan, a Hong Kong-based managing director, is assisting an investigation into a case that dates back a few years

Alibaba starts restructuring with plan to list logistics arm in Hong Kon

In the months since, the company has approved a process to start external financing for its international commerce arm and was also looking to list its cloud unit

Hong Kong to tighten regulation of crypto after arrests linked to JPEX

Hong Kong's leader said on Tuesday that the territory will tighten regulation of digital assets after police arrested six people following allegations of fraud at an unlicensed cryptocurrency exchange in the city. The arrests on Monday followed an announcement by Hong Kong's securities watchdog last week that the exchange, JPEX, was unlicensed and did not have authority to operate its cryptocurrency trading platform in the city. The Securities and Futures Commission said it had received more than 1,400 complaints against JPEX involving more than 1 billion Hong Kong dollars (USD 127.9 million) in losses. The SFC also said some investors said complained of being unable to withdraw their virtual assets from JPEX accounts or of finding their balances were reduced and altered. The SFC and police were expected to release details on the case later Tuesday. Hong Kong's chief executive, John Lee, told reporters Tuesday that the government would step up efforts to educate investors and remi

Asia Cup history: From ODIs to T20s, a classic crowd-puller for 39 years

The Asia Cup was started after India's World Cup win and to fulfil the rising aspirations of Asia's cricketing nations

China's unexpected trading tax cut forces Hong Kong into hard choice

The aggressive moves by Beijing to support markets are speeding up plans for Hong Kong to come up with its own measures to revive activity of trading and initial public offerings

Hong Kong closes schools as torrential rain floods streets, subway station

Hong Kong on Friday closed schools and halted trading on the stock exchange as torrential rain lashed the city overnight, flooding streets in parts of the city as well as an underground subway station. Heavy rains poured down on the city from Thursday night, with the government warning that the weather would last till noon Friday. The Hong Kong Observatory said it recorded 158.1 mm (6.2 inches) of rain in the hour between 11 pm on Thursday and midnight, the highest recording since records began in 1884. The highest black rainstorm warning, the first in nearly two years, was issued on Thursday night and remained in place Friday morning, with residents urged to seek safe shelter if they were outdoors. Videos circulating on social media showed a flooded underground subway station, as well as water rushing down the stairs and escalators of the station. Other videos showed cars caught in muddy water on flooded streets, including in the city's cross-harbour tunnel that connects Hong Kon

Hong Kong locks down, stock market shut as city braces for typhoon Saola

China's central bank said on Friday it will cut the amount of foreign exchange that financial institutions must hold as reserves for first time this year

Hong Kong grind to near standstill as Super Typhoon Saola edges closer

Most of Hong Kong and some other areas in southern China ground to a near standstill Friday with classes and flights cancelled as Super Typhoon Saola edged closer to the region. The typhoon could make a landfall in parts of southern China and many workers were forced to stay at home. Pupils in various cities had the start of their school year postponed to next week. Hong Kong's stock market trading was suspended and nearly 200 outbound flights for Friday were cancelled in the key centre for regional business and travel. China Railway Guangzhou Group said nearly 4,000 trains were suspended between Thursday and Sunday, state media CCTV earlier reported. The Hong Kong Observatory raised a No. 8 typhoon signal, the third-highest warning under the city's weather system, early Friday. Its forecast said Saola with maximum sustained winds of 205 kilometers (127 miles) per hour would be rather close to the financial hub on Friday and Saturday morning, skirting within 100km south of the ..

Hong Kong court upholds minimum sentences for breaching Beijing-imposed law

A jailed university student who pleaded guilty to inciting secession in Hong Kong lost his bid to reduce his five-year sentence in a court ruling Tuesday that is expected to set the bar for other cases brought under the national security law Beijing imposed on Hong Kong. Lui Sai-yu pleaded guilty in April 2022 and admitted that content on a Telegram channel he administered incited others to separate Hong Kong from China or alter the legal status of the city unlawfully. But his timely guilty plea did not get him a one-third reduction in the length of his imprisonment like in many other cases under Hong Kong's common law system because the security law imposed minimum jail terms for serious offences. Lui is one of the some 260 people who were arrested under the security law as Beijing tried to crush dissidents following the massive protests in 2019. The top court's ruling on his appeal may guide sentencings in other national security cases, including for the city's most prominent ..

Hong Kong activists partially win to quash convictions over 2019 protest

Seven of Hong Kong's most prominent pro-democracy advocates had part of their convictions quashed on Monday over their roles in one of the biggest pro-democracy protests in 2019. Jimmy Lai, founder of the now-defunct Apple Daily newspaper; Martin Lee, the founding chairman of the city's Democratic Party; and five former pro-democracy lawmakers, including barrister Margaret Ng, had been found guilty of organising and participating an unauthorised assembly. Lai, Lee Cheuk-yan, Leung Kwok-hung and Cyd Ho were jailed between eight to 18 months. Martin Lee, an octogenarian nicknamed the city's Father of Democracy," Ng and Albert Ho were given suspended jail sentences. Their convictions two years ago and their sentences were widely seen as another blow to the city's flagging democracy movement under an unprecedented crackdown by Beijing and Hong Kong authorities. Judge Andrew Macrae said he and other judges of the Court of Appeal unanimously quashed their convictions over the charge of .

French Stuntman, Remi Lucidi, dies after falling from a 68-story building

French Stuntman, Remi Lucidi died after falling from a 68-story building in Hong Kong. The man was last seen alive at 7.38 pm when he tapped on the window of the penthouse, startling a maid inside