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☆ Hong Kong flags handouts to speed up recovery from Covid shock
▼ + stars: | 2023-02-22 | by ( ) www.cnbc.com time to read: +1 min

Hong Kong will give more handouts to consumers to support the city's recovery from a prolonged economic downturn induced by Covid-19 restrictions, Financial Secretary Paul Chan announced in the 2023/24 budget on Wednesday. Chan told legislators the city was at the beginning of an economic recovery, no longer shackled by stringent COVID measures that have isolated it from the rest of the world. "I believe that Hong Kong's economy will visibly recover this year, and I remain positive," Chan said. "However, the economic recovery is still in its initial stage, and there is a need for our people and businesses to regain vigour." Hong Kong counts on increased cross-border business with mainland China, which has also given up enforcing Covid rules.

☆ Hong Kong's financial secretary expects real GDP growth of 3.5% to 5.5% in 2023
▼ + stars: | 2023-02-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Hong Kong’s Covid-hit economy will return to growth this year and expand by between 3.5% and 5.5%, as the city opens up and China’s economic outlook improves, Hong Kong’s financial secretary said on Wednesday. On Wednesday, Hong Kong’s financial secretary Paul Chan said the economy will stage a significant rebound this year, with real GDP growth hitting 3.5% to 5.5%. Previously, analysts had broadly raised their forecasts for Hong Kong’s economic growth to a range between 3% and 6.5%. Industries like tourism, trade, and real estate, are set to “ride the crest of Hong Kong’s reopening wave,” they said. Currently, trading in Hong Kong’s financial market can be suspended under extreme weather, such as a typhoon.

Aerial view by drone of Tokyo Cityscape with Tokyo Sky Tree visible in Tokyo city, Japan on sunrise. Asia-Pacific markets are set to open mixed on Wednesday as investors look ahead to key economic data across the region. Japan's Nikkei 225 fell 0.7% as investors further digested the nation's producer price index that rose 1.6% on an annualized basis. Economists expect it to come in at 3.5% in the fourth quarter on an annualized basis , according to a Reuters poll. In New Zealand, the S&P/NZX 50 Index fell 0.64%, ahead of the central bank's interest rate hike decision.

HONG KONG, Feb 21 (Reuters) - Hong Kong is under pressure to rein in spending when it unveils its annual budget on Wednesday, after racking up huge fiscal deficits during the COVID-19 pandemic and as it struggles to kick-start the economy and regain its financial lustre. "However, as our economy stabilises, we have to make adjustments to our fiscal measures accordingly." That compares with a shortfall of HK$56.3 billion or 1.9% of GDP, projected by the government in its budget last year. Hong Kong hewed closely to China's zero-COVID policies -- imposing some of the world's toughest measures including lengthy quarantines for inbound travellers and social distancing rules that hurt the tourism, retail and catering sectors. ($1 = 7.8306 Hong Kong dollars)Reporting by Jessie Pang and Donny Kwok; Writing by James Pomfret; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ 2023 will be a 'much better' year for Hong Kong's economy than 2022, says finance secretary
▼ + stars: | 2023-01-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2023 will be a 'much better' year for Hong Kong's economy than 2022, says finance secretaryPaul Chan, Hong Kong's finance secretary, discusses the city's economic outlook in the context of factors such as mainland China's reopening.

Doctors are calling on the public to familiarize themselves with lifesaving CPR techniques after Buffalo Bills safety Damar Hamlin suffered cardiac arrest during a football game Monday night in Cincinnati. Hamlin received CPR, which stands for cardiopulmonary resuscitation, to restore his heartbeat on the field, the Bills said in a statement. The American Heart Association said it saw a 200% increase in web traffic to its CPR site after news of Hamlin’s cardiac arrest emerged. More than 30 states require public school students to learn CPR before high school graduation. Another possible solution, Toft said, is for the U.S. to require CPR training to obtain driver’s licenses — a strategy deployed in some Scandinavian countries.

☆ Billionaire investor Bill Ackman is shorting the Hong Kong dollar in a bet it'll lose its peg to the greenback
▼ + stars: | 2022-11-24 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Bill Ackman said on Wednesday that he's betting against the Hong Kong dollar. "The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks." "We have a large notional short position against the Hong Kong dollar through the ownership of put options," the billionaire investor tweeted on Wednesday. "The peg no longer makes sense for Hong Kong and it is only a matter of time before it breaks." "If you bet against the Hong Kong dollar, you are bound to lose," Paul Chan told an investment summit earlier this month.

That puts Hong Kong in a league of its own. The competitive tension between Hong Kong and Singapore is greater than ever. The danger is that Hong Kong’s new embrace of virtual assets will set up a regulatory race to the bottom, even if FTX’s collapse means it might happen at a slower pace. The policy statement notes that retail investors in other markets have been granted exposure to virtual assets including through exchange-traded products. Column by Thomas Shum in Hong Kong, Pranav Kiran in Bengaluru.

☆ Hong Kong's economy shrinks for third straight quarter, outlook dims
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Nov 11 (Reuters) - Hong Kong's economy contracted 4.5% in the third quarter from a year earlier, advance government data showed on Friday, weighed down by rising global interest rates and a slump in trade. It was the third consecutive quarter of year-on-year contraction for the Asian financial hub's gross domestic product (GDP), and marked the worst contraction since the second quarter of 2020. "Looking forward, the markedly deteriorating external environment will continue to pose immense pressure on Hong Kong's export performance," a government spokesman said in a statement, adding that geopolitical tensions and uncertainties over COVID-19 will add downside risks. Cases of negative equity in Hong Kong's residential mortgage loans registered a near nine-fold increase in the third quarter from the previous one, with a fall in house prices accelerating during the period. "(Hong Kong) economic outlook remains cloudy on all fronts if the border remains partially opened in the fourth quarter," said Samuel Tse, an economist at DBS Bank.

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.

HONG KONG, Oct 31 (Reuters) - Hong Kong aims to restore its reputation as a global financial hub by playing host to a bevy of top Wall Street executives this week, defying critics who say a talent crunch and geopolitical tension will hobble its ambition. Alongside the main theme of "navigating through uncertainty", the summit is widely expected to focus on whether Hong Kong can remain a global financial centre after almost three years of border controls and pandemic restrictions. COVID-19 CONTROLSThe two-day summit, organised by the Hong Kong Monetary Authority (HKMA) - the de-facto central bank - has suffered at least two marquee participants dropping out after contracting COVID-19. Those who make it will look for reassurances of the city returning to pre-pandemic normalcy, making it easier for them to move talent to Hong Kong. Reporting by Scott Murdoch in Sydney and Kane Wu and Selena Li in Hong Kong; Editing by Sumeet Chatterjee and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong proposes allowing retail trade in cryptocurrencies
▼ + stars: | 2022-10-31 | by ( Georgina Lee | ) www.reuters.com time to read: +2 min

HONG KONG, Oct 31 (Reuters) - Hong Kong's government has proposed allowing retail investors to trade in cryptocurrencies and crypto exchange-traded funds - a move it hopes will help it rebuild its fintech hub status. Authorities will start a consultation process on giving retail investors "a suitable degree of access" to virtual assets, Financial Secretary Paul Chan said in a keynote address broadcast to the Hong Kong Fintech Week conference. While Singapore allows retail investors to trade in cryptocurrencies, its central bank has been discouraging the public from speculative trading in cryptocurrencies and brought in restrictions on advertising of cryptocurrency services in public places. Hong Kong's latest move to legalise retail crypto trade would also set Hong Kong further apart from mainland China, which has a imposed a blanket ban on cryptocurrency trade. ($1 = 7.8492 Hong Kong dollars)Reporting by Georgina Lee; Additional reporting by Anshuman Daga; Editing by Vidya Ranganathan and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

☆ Hong Kong finance chief stuck in Saudi Arabia after catching COVID
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Oct 27 (Reuters) - Hong Kong's Financial Secretary Paul Chan tested positive for COVID-19 during a visit to Saudi Arabia and will stay there for a "short while" to observe health requirements, the city's government said on Thursday. Chan had been due to complete his visit to Saudi Arabia and return to Hong Kong on Thursday but had tested positive before setting off for home. Hong Kong has scrapped mandatory hotel quarantine but international arrivals still can not enter some places, like bars and restaurants, on the first three days of their visit. Participants in the banking event from abroad will be have to take a COVID test before beginning their journey to Hong Kong, upon arrival and throughout the three-day medical surveillance period, the HKMA said. Reporting by Farah Master; Editing by Clarence Fernandez, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ Citi CEO Fraser will not attend Hong Kong summit due to COVID - source
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Oct 27 (Reuters) - Citigroup (C.N) Chief Executive Jane Fraser will not attend next week's Global Financial Leaders' Investment Summit in Hong Kong as she has tested positive for COVID-19, a person with knowledge of the matter told Reuters. It did not say if Chan would attend the summit. Citi's Fraser was set to join the heads of some of the world's top banks and asset managers at the summit. A Citi spokesperson confirmed the development and said that Fraser looked forward to visiting Hong Kong in the near future. Goldman Sachs (GS.N) CEO David Solomon, Morgan Stanley (MS.N) boss James Gorman and BlackRock (BLK.N) President Rob Kapito are among the speakers scheduled to attend, according to the summit organiser, the Hong Kong Monetary Authority (HKMA).

☆ Black and Hispanic adults less likely than Whites to receive ‘potentially lifesaving’ bystander CPR during cardiac arrest, study finds
▼ + stars: | 2022-10-27 | by ( Jacqueline Howard | ) edition.cnn.com time to read: +7 min

The data also showed that 38.5% of Blacks and Hispanics received bystander CPR when the cardiac arrest happened at home, compared with 47.4% of Whites. He added that not receiving bystander CPR during a cardiac arrest can have “significant clinical outcomes” for the person whose heart stopped pumping. “Bystander CPR ensures some level of blood circulation, oxygenation of the brain and other vital organs,” Benjamin said. “Certainly time to intervention is critical, and bystander CPR and defibrillator access and use is a part of that,” she said, adding that disparities in how much CPR training is conducted in communities also plays a role in the likelihood of someone receiving bystander CPR. “We need to use what we learn about disparities to help improve the likelihood of bystander CPR for everyone.

☆ Hong Kong wins over Goldman Sachs and other bank CEOs after lifting strict Covid rules
▼ + stars: | 2022-09-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. Under the current rules, travelers are free to move around, although they may not be allowed into restaurants or bars during the first three days of their stay. The summit was announced by Hong Kong Financial Secretary Paul Chan in February. Hong Kong is the base for JPMorgan’s Asia Pacific headquarters, as well as those of many other financial firms. Now, the conference will be an important part of the city’s efforts to show that it’s truly reopened for global business.

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