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☆ Hong Kong economy shrinks 4.5% yr/yr in Q3, outlook remains weak
▼ + stars: | 2022-10-31 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) - Hong Kong’s economy shrank faster in the third quarter, contracting 4.5% from the same period a year earlier, the third straight quarter of downturn, advance government data showed on Monday, as external demand remained weak. Hong Kong, China June 29, 2020. The city’s economy shrank by 4.0% and 1.3% in the first and second quarters respectively. It was the deepest contraction since the second quarter of 2020 when gross domestic product shrank 9.4% as COVID-19 took its toll around the world. In his first policy address earlier this month, Hong Kong Chief Executive John Lee prioritised improving international competitiveness and attracting more overseas talent.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. Register now for FREE unlimited access to Reuters.com RegisterSince his return to HSBC in September, Elhedery has been working on projects for Quinn. He is one of several Lebanese bankers to rise to the top ranks at HSBC, including his predecessor heading the investment bank, Samir Assaf. Shares of Hong Kong-listed HSBC, which makes the bulk of its sales and profit in Asia, fell 2.5% in a firm broader market (.HSI). "This is about how the group executive committee is positioned with potential succession options for the future," Quinn told Reuters.

A logo of HSBC is seen on its headquarters at the financial Central district in Hong Kong, China August 4, 2020. The London-headquartered bank posted a pretax profit of $3.15 billion for the three months ended Sept. 30. That was down from $5.4 billion a year ago, but well above the $2.45 billion average of analyst estimates compiled by the bank. "We remain on track to achieve our cost targets for 2022 and 2023," said Noel Quinn, HSBC's Chief Executive Officer. It said it would do this by the first half of next year by increasing revenue and managing costs.

☆ Foxconn imposes restrictions on iPhone assembly plant in China's Zhengzhou - SCMP
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone SiuOct 21 (Reuters) - Taiwan's Foxconn (2317.TW) has imposed tough COVID-19 control restrictions on its plant in the Chinese city of Zhengzhou that assembles Apple Inc's (AAPL.O) iPhone, the South China Morning Post reported on Friday. "Production in the Zhengzhou campus remains normal, without a notable impact (from the Covid-19) situation," SCMP quoted a Foxconn spokesman as saying on Thursday. The new measures come as Foxconn's factory is ramping up production of the latest iPhone 14 models, SCMP added. Both Foxconn and Apple did not immediately respond to a Reuters request for comment.

☆ Foxconn says production normal at iPhone plant in China despite COVID curbs
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone SiuOct 21 (Reuters) - Taiwan electronics manufacturer Foxconn (2317.TW) said on Friday production at its largest iPhone factory remains normal, despite tightening COVID-19 restrictions at the plant in the Chinese city of Zhengzhou this week. "Zhengzhou (plant) still maintains normal production and has little impact (from the situation)," Foxconn told Reuters. The new measures follow Zhengzhou's latest outbreak recording a total of 196 cases since Oct. 8, and come as Foxconn's factory is ramping up production of the latest iPhone 14 models. Register now for FREE unlimited access to Reuters.com RegisterReporting by Beijing newsroom and Juby Babu in Bengaluru; Editing by Jacqueline Wong and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Burned-out young people in Hong Kong are escaping to a peaceful island
▼ + stars: | 2022-10-19 | by ( Dave Lucas | ) www.reuters.com time to read: 1 min

Craftsman Jesse Yu, 32, crosses on a ferry to Victoria Harbour, with the financial district seen in the background, in Hong Kong, China September 23, 2022. Newcomers drawn by an idyllic lifestyle and low rents in one of the world's priciest property...moreCraftsman Jesse Yu, 32, crosses on a ferry to Victoria Harbour, with the financial district seen in the background, in Hong Kong, China September 23, 2022. Newcomers drawn by an idyllic lifestyle and low rents in one of the world's priciest property markets are rejuvenating Peng Chau, reversing an exodus in the 1970s as fortunes waned in the area, once home to Hong Kong's biggest matchstick factory. REUTERS/Tyrone SiuClose

Hong Kong Chief Executive John Lee delivers his first annual policy address at the Legislative Council in Hong Kong, China October 19, 2022. REUTERS/Tyrone SiuHONG KONG, Oct 19 (Reuters) - Hong Kong's Chief Executive John Lee said in his inaugural policy address on Wednesday that he wanted to bolster the city's competitiveness and attract more overseas talent, including graduates from top global universities. Lee, a former career policeman with limited financial expertise, also stressed in his speech that further safeguarding the city's national security would remain a priority, with more national security laws currently being explored. "Apart from actively nurturing and retaining local talents, the government will proactively trawl the world for talents," Lee said in his speech to local lawmakers. ($1 = 7.8499 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by James Pomfret, Clare Jim and Donny Kwok; Writing by James Pomfret; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

"People need space, but there's so much noise in the city," added the 36-year-old devotee of Buddhism and Zen. "These social events are important catalysts," said Ng Mee-kam, a professor of urban studies at the Chinese University of Hong Kong. "He was quite amazed and asked me whether we young people can really survive on dreams," added Yu, whose workshop, tucked behind a bed in his studio flat, is about 100 sq. "My dream is just a wall away from me," added Yu, who works freelance in corporate communications and sometimes goes kayaking with Chan, a good friend. "After moving to Peng Chau, I realised I don't need to emigrate anymore," Chan said.

The 465-foot superyacht "Nord", owned by the sanctioned Russian oligarch Alexey Mordashov is seen docked, in Hong Kong, China October 7, 2022. REUTERS/Tyrone SiuHONG KONG, Oct 11 (Reuters) - Hong Kong leader John Lee said on Tuesday there was "no legal basis" for the city to act on Western sanctions, when asked about a Russian yacht berthed in the financial centre that belongs to a sanctioned Russian oligarch. Hong Kong authorities were criticised by the U.S. State Department for allowing a luxury yacht belonging to sanctioned Russian oligarch Alexey Mordashov to dock in Hong Kong waters last week. Instead, Lee said Hong Kong would only abide by United Nations sanctions. Officials in Hong Kong do what is right to protect the interests of the country and the interests of Hong Kong.

☆ Cathay Pacific to increase flight frequencies after Hong Kong eases quarantine restrictions
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA Cathay Pacific aircraft takes off at the airport, during the coronavirus disease (COVID-19) pandemic in Hong Kong, China, March 31, 2022. REUTERS/Tyrone SiuHONG KONG, Sept 23 (Reuters) - Cathay Pacific Airways Ltd (0293.HK) on Friday said it plans to add more than 200 pairs of passenger flights in October to both regional and long-haul destinations. The announcement came after Hong Kong government said to scrap its controversial COVID-19 hotel quarantine policy for all arrivals from Sept. 26. "While we will continue to add back more flights as quickly as is feasible, it will take time to rebuild our capacity gradually," Cathay said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by Twinnie Siu and Meg Shen; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong will scrap COVID hotel quarantine from Sept. 26
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +4 min

Travellers queue up for shuttle bus to quarantine hotels at the Hong Kong International Airport, amid the coronavirus disease (COVID-19) pandemic, in Hong Kong, China, August 1, 2022. REUTERS/Tyrone SiuHONG KONG, Sept 23 (Reuters) - Hong Kong will scrap its controversial COVID-19 hotel quarantine policy for all arrivals from Sept. 26, more than 2.5 years after it was first implemented, in a long-awaited move for many residents and businesses in the financial hub. The former British colony is a global outlier outside mainland China in imposing hotel quarantine for international arrivals, in line with the country's "dynamic zero" COVID strategy. Both events have been widely seen as a bid to show that Hong Kong can resume business as usual. Hong Kong has reported more than 1.7 million COVID infections and 9,934 deaths since the pandemic began.

☆ Hong Kong to hold press conference on Friday to update on hotel quarantine - source
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterTravellers queue up for shuttle bus to quarantine hotels at the Hong Kong International Airport, amid the coronavirus disease (COVID-19) pandemic, in Hong Kong, China, August 1, 2022. REUTERS/Tyrone SiuHONG KONG, Sept 23 (Reuters) - Hong Kong's government will hold a press conference on Friday afternoon to update on the relaxation of its controversial COVID-19 hotel quarantine policy for all arrivals, a government source told Reuters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Clare Jim in Hong Kong; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Over 2,500 people lined up to offer condolences to Queen Elizabeth II outside the British consulate in Hong Kong on September 12, 2022. It originally defined sedition as speech that brought “hatred or contempt” against the Queen, her heirs, or the Hong Kong government. The colonial flag of Hong Kong and images of Queen Elizabeth are placed outside the British Consulate in Hong Kong on September 12. “I feel angry that the Hong Kong government is not showing any respect properly (to the Queen). Since the introduction of the national security law, Britain has created what it calls a path to citizenship via a new type of visa.

☆ Hong Kong leader to make announcement soon on COVID quarantine policy
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Travellers queue up for shuttle bus to quarantine hotels at the Hong Kong International Airport, amid the coronavirus disease (COVID-19) pandemic, in Hong Kong, China, August 1, 2022. Lee said he was conscious that Hong Kong needed to retain its competitiveness, adding that authorities wanted to bring back events and activities to the city. We would like to have an orderly opening up...because we don't want to have chaos or confusion in the process," he told reporters. Hong Kong, taking its cues from China which is pursuing a zero-COVID policy, is one of the few places in the world to still require travellers from abroad to quarantine upon arrival though the length of quarantine has eased over time. Business groups, diplomats and many residents have slammed the city's COVID-19 rules, saying they threaten Hong Kong's standing as a global financial centre.

REUTERS/Tyrone SiuSept 20 (Reuters) - Chip giant Nvidia Corp (NVDA.O) on Tuesday unveiled its new computing platform called DRIVE Thor that would centralize autonomous and assisted driving as well as other digital functions including in-car entertainment. General Motor's (GM.N) autonomous driving unit Cruise last week said it had developed its own chips to be deployed by 2025. It currently uses Nvidia chips. read moreThe first customer Nvidia announced for DRIVE Thor is China's Geely-owned (GEELY.UL) ZEEKR. Shapiro said its current computer system called DRIVE Orin will be used in Chinese car company XPeng's new smart SUV and Chinese autonomous driving startup QCraft.

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