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☆ Hong Kong already has a national security law. Now its leader is pushing for another one
▼ + stars: | 2024-01-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Hong Kong on Tuesday formally began the process of enacting a controversial homegrown national security law in a move that could have deep ramifications for the city’s status as a global financial hub. Beijing’s national security crackdown of recent years has transformed once-freewheeling Hong Kong, silencing almost all dissent and jailing dozens of political opponents. Under Hong Kong’s mini-constitution agreed by the two powers, the city is required to enact laws to prohibit acts that endanger national security. “Foreign agents and Hong Kong independence ideas are still lurking in Hong Kong society.”Hong Kong Chief Executive John Lee speaks during a press conference at government headquarters in Hong Kong on January 30, 2024. The new security law could bring further uncertainty for Hong Kong, which is striving to maintain its status as Asia’s premier financial hub following three years of strict Covid restrictions and Beijing’s national security crackdown.

Persons: Hong, it’s, John Lee, ”, It’s, we’ve, ” Lee, Lee, Peter Parks, Chris Tang, ” Tang, Tang Organizations: Hong Kong CNN, Tuesday, Hong, CIA, British, Getty Locations: Hong Kong, Beijing, China, AFP, Hong Kong’s, East, West

☆ Chinese leaders defend state of economy at global finance summit in Hong Kong
▼ + stars: | 2023-11-07 | by ( Michelle Toh | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Senior Chinese officials have defended the state of the world’s second largest economy at a conference in Hong Kong, telling global financiers not to worry about prospects in China despite an uneven recovery and ailing property market. “Since the beginning of the year, China’s economy has been picking up in general,” He said Tuesday at the Global Financial Leaders’ Investment Summit, which was organized by the Hong Kong Monetary Authority, the city’s de facto central bank. “Global investors have some concerns about China’s economy, including the pace of economic recovery, problems with property markets, and local government debt. “The potential of the Chinese economy remains promising,” he told the audience, which included the heads of Goldman Sachs, Citi and Morgan Stanley. A discussion on China at the Global Financial Leaders' Investment Summit in Hong Kong on Tuesday.

Persons: Lifeng, ”, Zhang Qingsong, ’ ”, “, Zhang, Goldman Sachs, Morgan Stanley, Peter Parks, ” Wang Jianjun, Wang Organizations: Hong Kong CNN — Senior, Global, ’ Investment, Hong Kong Monetary Authority, People’s Bank of China, “ Global, Citi, Monetary Fund, Global Financial, Investment, Getty, China Securities Regulatory Commission, Stock Connect Locations: China, Hong Kong, AFP

☆ Australia's new submarines are still 2 decades away from delivery, but the Aussies are already looking out for spies
▼ + stars: | 2023-09-26 | by ( Stavros Atlamazoglou | ) www.businessinsider.com time to read: +7 min

Australia is working with the US and UK to build nuclear-powered subs and other military technology. It can be intentional — for example, a foreign intelligence service spreading election conspiracies on social media — or unintentional, as when someone unwittingly shares the foreign intelligence service's social-media posts. Australian officials look at the Collins-class submarine HMAS Collins in September 2021. Those Australian intelligence officials echoed worries that US officials have about foreign efforts to compromise AUKUS. US intelligence officials estimate that Chinese espionage steals US economic secrets worth between $200 billion and $600 billion a year.

Persons: —, Joe Biden, Rishi Sunak, Anthony Albanese, Tayfun, Andrew Shearer, Mike Burgess, Burgess, CPOIS Damian Pawlenko, Azorian, PETER, Stavros Atlamazoglou Organizations: US, Service, Australia, British, Australian, Anadolu Agency, Getty, Australian National Intelligence, of National Intelligence, US Navy, Australian Security Intelligence, ASIO, FBI, Collins, Royal Australian Navy, intel, China Aviation, of State Security, Western, Hellenic Army, 575th Marine Battalion, Army, Johns Hopkins University, Johns Hopkins School, International Studies, Boston College Law School Locations: Australia, France, China, Canberra, San Diego, Virginia, North Dakota, Canada , New Zealand, AUKUS, Soviet, Beijing

☆ Why all signs point to an Australian summer of heat and fire
▼ + stars: | 2023-09-24 | by ( Laura Paddison | ) edition.cnn.com time to read: +5 min

On top of El Niño, there’s another climate fluctuation in the mix that amps up the likelihood of heat and drought. A fire rages in Bobin, 350 km north of Sydney, on November 9, 2019, during Australia's catastrophic Black Summer fire season. A combination of extreme heat and wind would likely fuel very intense fires “that will seem to come from nowhere,” he added. Whether summer heat will be unprecedented remains uncertain. “Increasing extreme heat is the clearest example,”he said, but it’s worsening the impacts of drought and extreme rain too.

Persons: CNN — It’s, El, ”, David Bowman, Steve Christo, ” Bowman, Karl Braganza, “, –, Peter Parks, Robb Webb, rainier, ” Braganza, Andrea Taschetto, Jason Evans Organizations: CNN, Sydney Marathon, University of Tasmania, Sydney, Getty, Australia’s, Meteorology, El, National Council, University of New Locations: Australia, New South Wales, AFP, Bobin, Sydney, Sydney’s, University of New South Wales

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

HONG KONG — After mass unrest in 2019, a pandemic that left it isolated from the world and the imposition of a national security law that has crushed dissent, Hong Kong is ready to turn the page. According to government statistics, about 319,000 people arrived in Hong Kong last month, down 97% from 10.8 million in October 2019. According to one report last month, Hong Kong has lost its status as Asia’s top financial center to Singapore. While it may not be realistic to expect businesses to turn away from China’s huge market, global business leaders “need to recognize that there’s a new situation in Hong Kong, there’s a new reality,” said Brian Kern, the lead researcher for a report on doing business in Hong Kong that was published last month by the Hong Kong Democracy Council, a nonprofit group based in Washington. Lee also pointed to a report in September in which Hong Kong topped Singapore as the world’s freest economy.

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