Page 6 - Hong Kong

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

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