Page 6 - Hong Kong

India second best global market in H1FY25 behind Hong Kong, shows data

Consumer durables, auto and metal stocks were among the best-performers.

Cathay Cargo wants Indian airlines to use Hong Kong-based cargo terminal

Cathay Cargo, part of Cathay Pacific Airways, has said it wants Indian airlines to use its Hong Kong-based cargo terminal for various freight movements and is already in active discussion with one carrier. According to Mark Watts, Chief Operating Officer of Cathay Cargo Terminal, the facility, with an annual shipment handling capacity of 2.7 million tonnes, is open for all airlines that fly into Hong Kong. "We don't currently have any Indian air carriers, but I would definitely like to have more Indian air carriers using the Cathay Cargo terminal, and we are in active discussions with one at the moment," Watts told PTI in an interview. He refused to reveal the name of the Indian carrier with which the talks are in progress. Watts said the facility, spread over 1 lakh square metres, is "right-sized for the short and medium term", and has scope for further expansion. "In terms of our overall facility size, we actually think we're right-sized for the short and medium term...we've got

Cathay Pacific buys back warrants from Hong Kong government's 2020 bailout

Cathay made heavy losses and layoffs during the COVID-19 pandemic and reported its first annual profit in four years in March, and paid its first dividend since 2019

Evergrande founder's ex-wife wins limited access to frozen funds in UK

The troubled developer's liquidators are pursuing legal action to recover approximately $6 billion from seven defendants

DBS may tap Goldman Sachs to help find insurance partner in India, Taiwan

The Singapore-based lender is working with Goldman Sachs Group Inc. as an adviser on potential ban assurance agreements for those markets

Southern China braces for Typhoon Yagi after it sweeps by Hong Kong

A powerful typhoon swept south of Hong Kong and was moving toward a Chinese island province where it was expected to make landfall Friday, forcing many aspects of life in the region to a halt. Trading on the stock market, bank services and schools were halted in Hong Kong after the city's weather authority raised a No. 8 typhoon signal for Typhoon Yagi, the third-highest warning under the city's weather system. Yagi, with maximum sustained winds of 230 kilometers (142 miles) per hour near its center, forced more than 250 people to seek refuge at temporary government shelters and led to cancellations of more than 100 flights in the city. Heavy rain and strong winds overnight felled dozens of trees across the financial hub before the weather gradually calmed on Friday morning. The weather forecaster was expected to downgrade the typhoon signal in the afternoon. In Hainan, a tropical holiday island in southern China, residents were bracing for the powerful storm. The province's ...

Hong Kong's Cathay Pacific probe finds 15 A350s need engine parts replaced

Aviation Herald, an air safety publication, reported the jet had turned back after a cockpit alert warning of a fire in one of its two Rolls-Royce XWB-97 engines

Cathay Pacific halts flights for A350 checks, other airlines await guidance

Rolls-Royce had not yet issued a directive to airlines regarding possible inspections, according to an industry source who was not authorised to speak publicly about the matter

What is the issue with Cathay Pacific's A350 engines: All you need to know

A problem unfolded several minutes after take-off on flight CX383 from Hong Kong to Zurich on Monday

Hong Kong court convicts editors over articles on democracy activists

The city's District Court on Thursday announced the conviction of Chung Pui-kuen and Patrick Lam, top editors at the shuttered pro-democracy publisher Stand News

Cathay Cargo keen for biz in India, aims for 'coterminalisation' of planes

Hong Kong-based Cathay Cargo is looking to expand in India and wants its freighter planes to be allowed to "co-terminate" while flying between multiple destinations within the country under the open sky framework, a senior company official said. Under the open sky policy, the Indian government allows several foreign cargo carriers to operate from all international airports so as to fast-track movement of goods, especially to push exports of perishable items. "Open sky policy is positive for India," said Tom Owen, Director, Cargo, Cathay Cargo. "...What we (would) also like to see in addition to that is the ability to co-terminate our flights. We like to fly into Delhi and then fly to Kolkata and then fly back to Hong Kong. So we can pick up on two places," Owen told PTI in an interview. He said the company is upbeat on India's economic growth and "we are very keen to grow more in India". Cathay Cargo can "redeploy the capacity to help the country respond to the needs of the market

Hong Kong expects to double Indian footfalls this year with events lined-up

Hong Kong is expecting to double the number of Indian travellers this year with a line-up of festivals and events to boost tourism, a top executive of HK Tourism Board has said. Last year, 2,08,000 Indians travelled to Hong Kong. "We want to double this number this year and have many festivals and events lined up to boost tourism this year. In the first half of 2024, Hong Kong welcomed 1,81,000 visitors from India, which is 89 per cent of the pre-Covid time," Hong Kong Tourism Board Director, South Asia and Middle East, Puneet Kumar told PTI. Looking at this growth in momentum, the HK Tourism Board is hoping to cross the pre-Covid (2018) level of tourist arrivals this year, he added. Hong Kong Tourism Board takes 2018 as the benchmark for pre-Covid times as in 2019, the tourism industry almost came to a standstill with cancellation of hundreds of flights as the country saw protests against the Hong Kong government's introduction of a bill to amend the Fugitive Offenders Ordinance w

HK-based developer Logan Group gets over $1 bn loan amid restructuring

The newly secured refinancing is a step in Logan's path to restructure around $8 billion of its offshore debt with the firm adding that it will continue to push forward with the restructuring

Asia stocks firm, dollar sags amid low US treasury yields on Fed cut bets

Mainland Chinese blue chips added 0.4%, although Hong Kong's Hang Seng slipped 0.3%

Hong Kong billionaire Adrian Cheng expects city to become top wealth hub

The semi-autonomous Chinese territory is trying to regain its stature as a global financial hub following years of draconian Covid-19 restrictions and a sweeping crackdown against political dissent

Collapsing land sales in Hong Kong threatens city's funding model

For decades, the city's government generated massive income from auctioning off land to cash-rich developers as prices soared

7 Hong Kong activists fail to overturn convictions over 2019 protest

Seven of Hong Kong's most prominent pro-democracy activists lost their final bid to overturn their convictions at the city's top court on Monday over their roles in one of the biggest anti-government 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 were found guilty in 2021 of organising and participating in an unauthorised assembly. Their convictions dealt a blow to the city's flagging pro-democracy movement during a political crackdown on dissidents following the protests. Last year, the activists partially won their appeal at a lower court, with their convictions quashed over the charge of organising an unauthorised assembly. But their convictions over taking part in the assembly were upheld and they continued their legal battle at the city's top court. On Monday, judges at the Court of Final Appeal ruled against their appeal over the remaining

Evergrande aims to recover $6 billion from founder Hui, former top execs

The liquidators said they had obtained injunctions restraining Hui, Ding and Xia from dealing with, disposing of, or diminishing the value of their worldwide assets up to various prescribed limits

Country Garden liquidation hearing adjourned to Jan 2025: Hong Kong court

Ever Credit Limited, a unit of Hong Kong-listed Kingboard Holdings, filed the liquidation petition against Country Garden in February for non-payment of a $205 million loan

Publisher Jimmy Lai to testify in his defence at Hong Kong security trial

A defence lawyer said Thursday that prominent publisher Jimmy Lai will testify in his defence in the landmark national security trial brought under a Beijing-imposed law that has all but wiped out public dissent. Lai, the 76-year-old founder of the now-defunct Apple Daily newspaper, was arrested in 2020 during a crackdown on the mass pro-democracy protests that rocked Hong Kong in 2019. He was charged with colluding with foreign forces to endanger national security and conspiring with others to put out seditious publications. If convicted, he faces up to life in prison. On Wednesday, Lai's lawyer Robert Pang argued his client had no case to answer because the prosecutors' evidence was insufficient. Pang said the prosecution had failed to prove Lai's intent after the introduction of the 2020 law and stressed the importance of freedom of speech. But judges Esther Toh, Susana D'Almada Remedios and Alex Lee ruled against him on Thursday. Having considered all the submission, we ruled t