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☆ Raccoon drops from ceiling at LaGuardia Airport and goes on the run
▼ + stars: | 2024-11-06 | by ( Sara Smart | Maureen O'Hare | ) edition.cnn.com time to read: +3 min

CNN —Travelers at LaGuardia Airport in New York got quite the wake-up call on Monday morning when a raccoon fell from the ceiling at a gate before they boarded the plane. Video shared on social media shows the chaotic critter scene at a Spirit Airlines gate where a raccoon can be seen clinging onto a cable that is hanging from the ceiling. The incident took place around 8 a.m., according to the Port Authority of New York and New Jersey. “The raccoon was safely located and released outside, with no further sightings report,” the Port Authority said. “To ensure safety, airport staff is working closely with a professional wildlife control company to monitor the area, identify potential entry points, and implement necessary precautions,” the Port Authority said.

Persons: “, LaGuardia, Joe Biden, It’s, Michael Reiss, he’d, He’s Organizations: CNN, CNN —, LaGuardia, Spirit Airlines, ” Spirit Airlines, Port Authority of New, Port Authority, Marine Locations: New York, Port Authority of New York, New Jersey, Chester , Pennsylvania, Germany

☆ Panda pair arrive to VIP welcome in Hong Kong, as Beijing marks 75 years of communist China
▼ + stars: | 2024-09-25 | by ( Chris Lau | ) edition.cnn.com time to read: +4 min

An An and Ke Ke, both five years old, are expected to land shortly after noon at Hong Kong International Airport, where they will be greeted with a welcoming ceremony. Ke Ke the panda in Chengdu, Sichuan province, China. Ke Ke is one of two two giant pandas due to arrive in Hong Kong. An An and Ke Ke arrive from a breeding center in mainland China’s Sichuan province. Ying Ying made headlines in August by giving birth to twins, making her the oldest known first-time panda mother.

Persons: Ke Ke, Ke, acclimatize, John Lee, Le, Ying Ying, ‘, “, ” Lee, Hong, hub’s, Kevin Yeung, ” Organizations: CNN, Communist Party, Hong Kong International Airport, Ocean, Elite, Staff, RTHK, China Daily, Reuters, city’s, Le Le, Hong, People’s Locations: Hong Kong, Chengdu, Sichuan province, China, Ocean, Sichuan, Hong, Beijing, People’s Republic of China

☆ StubHub tricks people with ‘bait-and-switch’ pricing scheme, DC attorney general alleges
▼ + stars: | 2024-07-31 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —Millions of sports fans and concertgoers are being duped by a deceptive pricing scheme at StubHub that hides the true cost of tickets until the very last moment, according to a lawsuit filed Wednesday by Washington, DC Attorney General Brian Schwalb. The lawsuit accuses StubHub of deploying pricing tactics that “trick” consumers into overpaying for tickets and are designed to boost profits. “StubHub uses a classic bait-and-switch scheme,” the lawsuit said, describing what’s known as “drip pricing” where only part of the product’s price is advertised initially. “We strongly support federal and state solutions that enhance existing laws to empower consumers, such as requiring all-in pricing uniformly across platforms.”According to the lawsuit, StubHub did use an “all-in pricing” model from 2014 to 2015 where the advertised prices included the mandatory fees. However, the company abandoned that more transparent model after testing found that customers were more likely to ultimately buy tickets when those fees are only shown at the end, the lawsuit said.

Persons: Brian Schwalb, StubHub, “, ” Schwalb, John Lawrence, ”, ” Lawrence Organizations: New, New York CNN, DC Locations: New York, Washington, DC

☆ Hong Kong arrests six for social media posts in first use of new local national security law
▼ + stars: | 2024-05-28 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

CNN —Hong Kong police have made their first arrests under a newly passed local national security law over social media posts deemed “seditious” by authorities. “Those who intend to endanger national security should not have the delusion that they can avoid police investigation by going anonymous online,” the statement added. The arrests marked the first time Hong Kong’s own national security law had been invoked since it was unanimously passed by the city’s opposition-free legislature in March. The legislation introduces 39 new national security crimes, adding to an already powerful national security law that was directly imposed by Beijing on Hong Kong in 2020 after huge and sometimes violent pro-democracy protests the year before. The local national security legislation covers a raft of new crimes including treason, espionage, external interference and unlawful handling of state secrets, with the most serious offenses punishable by up to life imprisonment.

Persons: netizens, “, Hong, John Lee, Lee Organizations: CNN, Hong, police Locations: Hong Kong, Beijing, China

☆ Ransomware Group Claims Responsibility for Christie’s Hack
▼ + stars: | 2024-05-27 | by ( Zachary Small | ) www.nytimes.com time to read: +1 min

In a post on the dark web on Monday, the group claimed that it had gained access to sensitive information about the world’s wealthiest art collectors, posting only a few examples of names and birthdays. It was not immediately possible to verify RansomHub’s claims, but several cybersecurity experts said they were a known ransomware operation and that the claim was plausible. Nor was it clear if the hackers had gained access to more sensitive information, including financial data and client addresses. The group said it would release the data, posting a countdown timer that would reach zero by the end of May. “We attempted to come to a reasonable resolution with them but they ceased communication midway through,” the hackers wrote in their dark web post, which was reviewed by a New York Times reporter.

Persons: Edward Lewine, “, Christie’s, ” Organizations: New York Times Locations: Christie’s, GDPR

☆ Article 23: Hong Kong passes second national security law aligning city more closely with mainland China
▼ + stars: | 2024-03-19 | by ( Chris Lau | ) edition.cnn.com time to read: +6 min

Coming into effect on Saturday, the law introduces 39 new national security crimes, adding to an already powerful national security law that was directly imposed by Beijing on Hong Kong in 2020 after huge and sometimes violent democracy protests the year before. Hong Kong’s Chief Executive Lee described it as a “historical moment for Hong Kong.”Lawmakers attend a meeting for Basic Law Article 23 legislation at the Legislative Council on March 19, 2024 in Hong Kong, China. They argue their legislation is similar to other national security laws around the world. “This will surely increase the doubt, anxiety, and uncertainty of foreign businesses in Hong Kong.”In mainland China, national security laws have often ensnared both local and foreign businesses in opaque investigations. That is something Emily Lau, a former pro-democracy lawmaker, also worries about, that what made Hong Kong distinct is fast fading.

Persons: –, John Lee, Hong, Lee, Chen Yongnuo, ”, Hong Kong’s, Eric Lai, Lai, ” Lai, Hung Ho, fung, Capvision, Sarah Brooks, “, ” Brooks, ” Johannes Hack, Emily Lau, I’ve Organizations: Hong Kong CNN, Hong, ” Lawmakers, Legislative, China News Service, China’s Communist Party, CNN, Georgetown Center, Asian Law, Johns Hopkins University, Amnesty International, German Chamber of Commerce, Hong Kong Locations: Hong Kong, Hong Kong’s, Beijing, China, Amnesty International China, ”, Hong

☆ Hong Kong’s New Security Legislation Took Decades to Pass. Here’s What to Know.
▼ + stars: | 2024-03-19 | by ( Mike Ives | ) www.nytimes.com time to read: +1 min

Hong Kong passed national security legislation on Tuesday, giving officials in the Chinese territory more power to curb dissent, 21 years after mass protests forced the government to backtrack on a plan to introduce such laws. The security legislation is another significant erosion of freedoms in a former British colony once known for its freewheeling politics and relative autonomy from China. It also highlights how weak Hong Kong’s once-boisterous civil society and political opposition have become over the past four years. Here’s how Hong Kong got here and what’s in the law. But it also called for the eventual passage of national security laws to replace colonial ones the British were leaving behind.

Persons: Hong Kong’s Locations: Hong Kong, British, China

☆ Searches for VPNs spike in Texas after Pornhub pulls out of the state
▼ + stars: | 2024-03-15 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

“The apparent spike in VPN searches in Texas shows that these types of age verification laws aren’t just unconstitutional, they’re also silly and ineffective,” Greer said. “Similar search spikes have been reported after other states passed age verification laws, which EFF opposes,” said Hudson Hongo, a spokesperson for the group. It also highlights the running debate in statehouses nationwide about how and whether governments can require websites to perform age verification. It requires adult websites to implement “reasonable age verification” methods to ensure that pornography is not being distributed to minors. The 5th Circuit court’s latest decision formally lifts the injunction against the Texas law.

Persons: Pornhub, “, VPNs, ”, Evan Greer, they’re, ” Greer, Hudson Hongo, ” Pornhub, David Alan Ezra, Ezra, Ken Paxton Organizations: CNN, Texas, Pornhub’s, Google, Texans, Frontier Foundation, EFF, Court, Western, Western District of, Circuit, “ Locations: Texas, China, Russia, Turkey, Montana , Utah, Virginia, statehouses, Western District, Western District of Texas

☆ US officials combing leaked documents from Chinese tech firm for clues about Chinese hacking campaigns
▼ + stars: | 2024-02-22 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +6 min

CNN —US officials have been scouring a trove of newly leaked documents from a Chinese tech firm for clues on how the government in Beijing allegedly uses the company in extensive hacking campaigns, multiple US cybersecurity officials familiar with the matter told CNN. The documents, posted anonymously online last weekend for anyone to access, include screenshots of chat logs, as well as records of employees and Chinese government clients of the tech firm I-Soon. “This is some of the best visibility we’ve had into Chinese hacking operations outside of a government SCIF,” said Adam Kozy, who used to track Chinese hackers for the FBI, using an acronym for classified facilities. In a leaked marketing presentation, I-Soon touted its participation in an unspecified hacking project for China’s Ministry of Public Security in 2018. The project “achieved significant results” and received “recognition and praise” from Chinese officials, according to a presentation slide.

Persons: Biden, ”, Adam Kozy, I’m, ” Liu Pengyu, Wu Haibo, Beijing’s, Christopher Wray, Dakota Cary, ” GitHub, “, Wu, Obama, Xi Jinping, Adam Meyers, CrowdStrike, Meyers Organizations: CNN, FBI, Embassy, Telecom, China’s Ministry of Public Security, US Justice Department, US Locations: Beijing, Taiwan, India, Hong, Sichuan, China, Washington ,, Shanghai, Dakota, Asia, South Korea, Kazakhstan, Afghanistan

☆ Pornhub’s parent company admits it profited from sex trafficking
▼ + stars: | 2023-12-22 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

Aylo, Pornhub’s parent company, will pay a $1.8 million fine and compensate the sex trafficking victims as part of a deferred prosecution agreement. The company pleaded not guilty to the government’s charge of engaging in unlawful monetary transactions involving sex trafficking proceeds, although it acknowledged the illegal material was posted on its site and said it regrets that fact. The government did not accuse Aylo itself of violating any federal sex trafficking laws, but said the company should have known it was doing business with a group that was engaging in sex trafficking. And Aylo became aware of a federal lawsuit against the production company in 2017, court documents show. In a statement, Aylo, which is under new management since the alleged incidents occurred, said it “deeply regrets” that Pornhub hosted the content.

Persons: Pornhub, Aylo, “, ”, James Smith, Solomon Friedman, ” Friedman Organizations: Washington CNN, Eastern, of, FBI, Aylo Holdings, CNN, Ethical Capital Partners Locations: Peace, of New York, Canada

☆ Hong Kong’s pro-democracy leaders to give final defense as landmark national security trial nears an end
▼ + stars: | 2023-11-29 | by ( Chris Lau | Nectar Gan | ) edition.cnn.com time to read: +9 min

Those on trial say that plan was simply part of the pluralistic, oppositional politics that has long been permitted in Hong Kong. The Hong Kong government has repeatedly denied the national security law is suppressing freedoms. They hail from multiple generations and a wide political spectrum - from moderate democrats to those who advocate for Hong Kong’s self-determination. Known as “Grandma Wong,” the 67-year-old had been a fixture of Hong Kong’s pro-democracy protests. No national security cases in the city have been heard in front of a jury.

Persons: Hong, ”, Joshua Wong, Benny Tai, Claudia Mo, Alexandra Wong, Grandma Wong, Hong Kong’s, ” Alexandra Wong, Noemi Cassanelli, Gwyneth Ho, Leung Kwok, ISAAC LAWRENCE, John Lee, ” Lee, –, “ Organizations: Hong Kong CNN, Prosecutors, Hong, Kowloon Court, CNN, Getty, Communist Party, city’s, Hong Kong’s Legislative Locations: Hong Kong, Beijing, Hong, Kowloon, Britain, China, AFP, Hong Kong’s

☆ Hong Kong finance summit tiptoes around China
▼ + stars: | 2023-11-09 | by ( Peter Thal Larsen | ) www.reuters.com time to read: +7 min

HONG KONG, Nov 9 (Reuters Breakingviews) - Hong Kong in November enjoys a pleasant climate that some local managers dub “chairman weather”. Hong Kong is hardly a hot destination for financiers right now. Companies raised just $2.7 billion from initial public offerings in Hong Kong in the quarter, a fraction of previous years. Hong Kong officials including John Lee, the territory’s chief executive, have been sanctioned by the U.S.. Follow @peter_tl on XCONTEXT NEWSThe Global Financial Leaders’ Summit was held in Hong Kong from Nov. 6 to Nov. 8.

Persons: Marc Rowan, Colm Kelleher, Morgan Stanley, Goldman Sachs, David Solomon, Jane Fraser, Ken Griffin, Hong, John Lee, Eddie Yue, Kung, Zhang Qingsong, Bob Prince, Mark Wiedman, Apollo’s Rowan, UBS’s Kelleher, Joseph Yam, Una Galani, Thomas Shum Organizations: Reuters, Apollo Global Management, UBS, Monetary Fund, Companies, Citigroup, Citadel, Hong Kong Monetary Authority, Hong Kong’s HK, Exchange, People’s Bank of China, Bridgewater Associates, BlackRock, Goldman, Bank for International, Global, ’, Thomson Locations: HONG KONG, Hong Kong, Europe, U.S, China . Hong Kong, China, People’s Republic, Hong, British, Singapore, BLK.N, ”

☆ Gay Games: Sporting and cultural LGBTQ event faces a conservative backlash in Hong Kong
▼ + stars: | 2023-11-06 | by ( Manav Tanneeru | Chris Lau | ) edition.cnn.com time to read: +8 min

I have no idea how it managed to reach Hong Kong,” he said. Gay Games organizers hit back at the opposition from Hong Kong lawmakers and have vowed the event will be a proud, non-political, celebration of inclusivity. A spokesman did not answer the first part and replied on the latter: “Any activity that takes place in Hong Kong must not contravene any laws of Hong Kong. One of Hong Kong leader John Lee’s top advisers and also a lawmaker, Ip has been one of the few Hong Kong politicians vocally supportive of the games. Meanwhile Chan Kwan-on, one of the Gay Games ambassadors in Hong Kong, urged critics not to jump to conclusions and come see for themselves.

Persons: Hong Kong CNN —, –, ”, Junius Ho, Peter Shiu, Lisa Lam, Alan Lang, Hong, Tyrone Siu, Xi Jinping, Hong Kong, ” Wayne Morgan, ‘, Lang, Regina Ip, John Lee’s, Ip, Chan Kwan, “ Organizations: Hong Kong CNN, Gay Games, Wednesday, firebrand, Beijing, CNN, Reuters, Gay, Valencia, Hong, Gay Sports and Movement Association, China’s Communist Party, ’ Gay Locations: Hong Kong, Asia, Mexican, Guadalajara, Beijing, China, Hong, Australian, Taiwan

☆ The Corporate Retreat From Hong Kong Is Accelerating
▼ + stars: | 2023-10-24 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

International companies began trickling out of Hong Kong a few years back, uneasy about the financial hub’s tightening ties to mainland China. That first smattering of departures is now turning into a broad retreat involving banks, investment firms and technology companies. The number of U.S. companies operating in the city has fallen for four years in a row, by Hong Kong’s count, hitting 1,258 in June 2022, the fewest since 2004. Last year, mainland Chinese companies with regional headquarters in Hong Kong outnumbered American ones for the first time in at least three decades.

Persons: Hong Kong’s Locations: Hong Kong, China

☆ Dubai to start robotaxi trials next month in major autonomous push
▼ + stars: | 2023-09-27 | by ( Aimee Look | ) edition.cnn.com time to read: +3 min

Dubai hopes to become the first Middle Eastern city to introduce driverless taxis, Bahrozyan said. Autonomous taxis currently operate in several cities around the world, mostly in the US and China. Bahroyzyan said he foresees autonomous vehicles eventually making up the majority of the Middle East tourist hub’s taxi fleet. Selling and buying autonomous cars was also regulated. WeRide, a Chinese autonomous car technology company began trialing robotaxis in the UAE’s capital, Abu Dhabi, in 2022.

Persons: Ahmed Bahrozyan, Bahrozyan, ” Bahrozyan, “, Cruise, Bahroyzyan, GM’s Cruise, trialing, WeRide Organizations: UAE CNN —, General Motors, United Arab Emirates, Transport Authority, Cruise, CNN, RTA, ”, WeRide, Saudi Artificial Intelligence Company, Authority Locations: Abu Dhabi, UAE, UAE CNN — Dubai, robotaxis, Jumeirah, Dubai’s Roads, Dubai, Eastern, China, San Francisco, Dubai …, California, ” Dubai, robobuses, WeRide, Mecca

HONG KONG, Sept 26 (Reuters Breakingviews) - Global banks in Hong Kong are feeding on scraps. Bankers in Hong Kong are working on smaller issuances than they typically took on in the past, Dealogic data shows. Among the bigger ones in the works, courier SF Holding (002352.SZ) has filed for a secondary listing in Hong Kong and may raise up to $3 billion, per IFR. Fees on Indian deals are tiny, for example, and costs in Hong Kong are high. Overall investment banking fees in Hong Kong are set to come in at the lowest level in a decade too, Dealogic data shows, with HBSC top of the table.

Persons: Morgan Stanley, Debtwire, Una Galani, Pranav Kiran Organizations: Reuters, UBS, Bank of America, Bankers, HK, SF, Thomson Locations: HONG KONG, Hong Kong, New York, Swiss, United States, China, brimming, Shenzhen, Asia, India, U.S, Asia Pacific, Japan

☆ Singapore’s central bank boss faces a tough start
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 5 (Reuters Breakingviews) - Central banks pride themselves on being predictable. He is a former deputy to Menon, and currently a permanent secretary at the manpower ministry after spending 18 years in various stints at the central bank. He has led MAS’ financial stability assessment of the city state and completed a two-year secondment to the International Monetary Fund. During his 12-year term, he built up Singapore’s reputation as a global fintech hub and boosted its appeal as a leading financial centre. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Ravi Menon, Chia Der, There’s, Chia, Menon, Pernod Ricard, Una Galani, Katrina Hamlin Organizations: Reuters, Monetary Authority of, MAS, International Monetary Fund, X, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, Singapore, China

☆ Shelved L’Occitane buyout is no win for Hong Kong
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

A woman walks past a L'Occitane advertisement in Hong Kong April 19, 2010. Cosmetics retailer L'Occitane International S.A. plans to raise up to $708 million in a Hong Kong initial public offering, a source close to the deal said on Sunday night. Reinold Geiger has given up on his tentative plan to buy out the minority of shares he doesn’t already own of L’Occitane (0973.HK), a move that would have delisted the European skincare group from Hong Kong in the Asian hub’s largest take-private. The Austrian billionaire didn’t explain why he shelved the idea, which was probably a prelude to a relisting in Europe – mostly likely France. The appeal of such a move is unlikely to have diminished as global investors turn cold on both Hong Kong and China stocks, possibly for the long term.

Persons: Reinold Geiger, doesn’t, didn’t, Geiger, Una Galani, Thomas Shum Organizations: L'Occitane International S.A, Reuters, HK, Prada, Bloomberg, X, Thomson Locations: Hong Kong, MUMBAI, Austrian, Europe, France, China, Una

☆ Singapore’s clean reputation gets a timely test
▼ + stars: | 2023-07-18 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

SINGAPORE, July 18 (Reuters Breakingviews) - Singapore could turn a governance crisis into an opportunity. Its transport minister S. Iswaran and Ong Beng Seng, the property billionaire credited with bringing Formula One to the city, were arrested and released on bail last week. The rare high-profile probe involving a public official by the hub’s anti-graft agency is a timely test of the Asian centre’s willingness to act tough on corruption. It's been six days since Prime Minister Lee Hsien Loong revealed the investigation by the Corrupt Practices Investigation Bureau and the exact details remain unclear. S. Iswaran and businessman Ong Beng Seng were arrested on July 11 and subsequently released on bail, the Corrupt Practices Investigation Bureau said.

Persons: Ong Beng Seng, It's, Lee Hsien Loong, Iswaran, Ong, Una Galani, Thomas Shum Organizations: Reuters, Formula, Practices, Beijing, DBS, Hotel Properties, InterContinental Hotels Group, Marriott International, Thomson Locations: SINGAPORE, Singapore, Denmark, Finland, New Zealand, Norway, Asia, Hong Kong, COMO

☆ Hong Kong protest anthem vanishes from online music platforms after government seeks full ban
▼ + stars: | 2023-06-15 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +5 min

The ballad contains lyrics that reference the phrase “liberate Hong Kong, revolution of our times,” a protest slogan that has been already outlawed in 2020 for what the government and courts have declared are the phrase’s secessionist and subversive connotations. Users in the US cannot purchase the song on Apple Music either, although it also still yields search results on the platform. Following its 1997 handover to China, Hong Kong was promised key freedoms and autonomy to run its own affairs. The head of Amnesty International’s China team, Sarah Brooks, described the government’s move to outlaw the song as “absurd.”“The Hong Kong government must end its increasingly fervent crackdown on freedom of expression. Playing the song in public in Hong Kong is now fraught with legal risk.

Persons: Hong Kong ”, ”, “ ThomasDGX, Hong Kong, Hong Kong’s, John Lee –, –, Sarah Brooks, ” Brooks, Hong Kongers, Carl Court, Queen Elizabeth II Organizations: CNN, Spotify, Apple Music, YouTube, Google, Department of Justice, RTHK, Amnesty, “, Volunteers Locations: Hong Kong, United States, South Korea, Australia, Taiwan, China, Hong, Beijing

☆ Pornhub asks users, Big Tech for help as states adopt age verification laws
▼ + stars: | 2023-06-07 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Washington CNN —In the two-minute video, adult performer Cherie Deville stares into the camera and intones soberly to viewers, for the second time in a month, that policymakers are coming for their porn. It’s unclear how much Pornhub expects to achieve, as the laws have already been passed and signed. Pornhub’s simultaneous appeals to users and to Big Tech highlight the challenging position the company now finds itself in amid a wave of state legislation. Now, Pornhub’s fight could prove to be a bellwether for the growing push to enforce age verification for social media. Device-based age verification, Tiwari said, could have “very serious privacy connotations, because you now have the largest tech companies in the world having your government ID and all the information present in them linked to individual devices.

Persons: Cherie Deville, soberly, ” Deville, Pornhub, CNN it’s “, Pornhub —, —, ECP, Solomon Friedman, Friedman, ” Friedman, “, Porn, Pornhub’s, Josh Golin, ” Golin, India McKinney, ” McKinney, Udbhav Tiwari, Tiwari, ” Organizations: Washington CNN —, CNN, Ethical Capital Partners, Apple, Google, Microsoft, Big Tech, Android, Electronic Frontier Foundation, Mozilla, Twitter, Federal Trade Commission Locations: Pornhub, Utah, Arkansas , Mississippi, Virginia, India

☆ It’s time HSBC’s top owner calms down or sells up
▼ + stars: | 2023-05-04 | by ( Una Galani | ) www.reuters.com time to read: +5 min

Sticking around as a noisy unhappy owner with an 8% stake, though, risks hurting itself, HSBC and maybe even Hong Kong. A vote on Friday at HSBC’s annual meeting will test whether Ping An has garnered much support for its stance. A second resolution from the group wants the pre-Covid dividend reinstated and paid at not less than that level each year. Chances are both resolutions will pick up some votes, the latter especially from retail shareholders who globally between them own about one-third of the bank. If any large institutional investment houses join the Chinese group, it will be a blow to HSBC boss Noel Quinn.

☆ Hong Kong’s dollar stress gets more fundamental
▼ + stars: | 2023-04-24 | by ( Pete Sweeney | Thomson Reuters | Asia Economics Editor Pete Sweeney Joined Reuters Breakingviews In Hong Kong In September Previously He Served As Reuters' Chief Correspondent For China Economy | ) www.reuters.com time to read: +4 min

HONG KONG, April 24 (Reuters Breakingviews) - Hong Kong’s currency peg to the greenback is stuck between a rock and a hard place. In the past 12 months, the de-facto central bank has stepped in to buy Hong Kong dollars from the market roughly 40 times. Some foreign financiers, including Pershing Square boss Bill Ackman, argue Hong Kong’s financial system can’t sustain the peg and question its rationale. But in the long run, demand for Hong Kong dollars depends on confidence in its economic strategy. Hong Kong’s peg is durable enough for now, but its future is in doubt nevertheless.

☆ Hong Kong Arrests Show No Letup in Beijing-Driven Crackdown on Dissent
▼ + stars: | 2023-03-30 | by ( Selina Cheng | ) www.wsj.com time to read: 1 min

HONG KONG—Elizabeth Tang flew home to visit her husband in Stanley Prison, where he is awaiting trial on national security charges. As the 65-year-old labor activist left the Hong Kong maximum security facility earlier this month, a team of police was waiting—along with journalists from a state-owned newspaper. Ms. Tang’s arrest on March 9 for alleged collusion with foreign forces sent a signal to the financial hub’s 7.3 million people and their Communist Party rulers in Beijing: There would likely be no letup in the campaign to root out dissent.

☆ SVB Crisis Tests India’s New Finance Hub Potential
▼ + stars: | 2023-03-17 | by ( Megha Mandavia | ) www.wsj.com time to read: +1 min

Many Indian startups rushed this week to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city. The swift collapse of Silicon Valley Bank has cast an aspiring Indian finance center into sudden relief. India, which has long been a bit player in global finance, has a chance to boost its role—but only if it moves swiftly to rectify some regulatory barriers. This week, many Indian startups rushed to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city, once they regained access to their SVB deposits. Accounts set up within the hub’s International Financial Services Center, or IFSC, are free of India’s stringent capital controls since the funds are held in U.S. dollars.

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