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☆ The best street style we spotted at Art Basel Hong Kong 2024
▼ + stars: | 2024-04-03 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +1 min

Fashion's elite, including Maison Margiela's Stefano Rosso, attended Art Basel in Hong Kong last month. BI was in Hong Kong to admire art, but also the city's innovative fashion sense. This article is part of BI's 2024 Art Basel series, taking you inside the art fair's global scene. Fashion and art are inextricably linked — evident at this year's Art Basel in Hong Kong. The art fair, sponsored by UBS, attracted more than 240 galleries from around the world to descend on the Hong Kong Convention and Exhibition Centre last month.

Persons: Maison Margiela's Stefano Rosso, —, Art Basel Organizations: Art Basel, BI, Service, Art, UBS, Hong Kong Convention, Exhibition, Harbour Locations: Hong Kong, Basel, Art Basel, Hong

☆ Alibaba and Tencent: China’s internet giants snap up their own shares to boost flagging stock market value
▼ + stars: | 2024-04-03 | by ( Laura He | ) edition.cnn.com time to read: +4 min

That would mark the biggest share repurchase by a Chinese tech company in the past year. The tech giant’s move comes at a time when Chinese regulators have been asking listed companies to repurchase shares to stabilize market confidence. Overall, companies listed in Hong Kong spent 126 billion Hong Kong dollars ($16.1 billion) buying back shares in 2023, the highest on record, according to Chinese financial data provider Choice. Tencent alone accounted for about 40% of total share buybacks in the Hong Kong market. Additionally, the global selling of Chinese assets, driven by geopolitical tensions or concerns about regulatory uncertainties, has further pressured Chinese share prices.

Persons: Alibaba, “, ”, Stephen Innes, Tencent, Xiaomi, ” Innes Organizations: Hong Kong CNN, Alibaba, BABA, Hong Kong, CNN, “ Locations: China, Hong Kong, buybacks, Shanghai, Shenzhen, Hangzhou, Beijing

☆ In Kyoto, Five Hotels to Add to Your Travel Wish List
▼ + stars: | 2024-04-01 | by ( John Wogan | ) www.nytimes.com time to read: +1 min

Andre Fu, the interior designer behind hotels like the Upper House in Hong Kong and Villa La Coste in Aix-en-Provence, France, has infused his signature aesthetic (extravagantly refined, with warm woods and luxurious textures) within the confines of a particularly historic area of Kyoto. The 161-room Mitsui, opened in late 2020, sits across from Nijo Castle, an enormous 17th-century compound and a UNESCO World Heritage site. It’s in stark contrast to the hotel, whose only timeworn element is an imposing entrance gate — a traditional wood structure over 300 years old and a remnant of the days when the Mitsui family lived on the grounds. Once past the gate, you’ll find a glass-and-steel building, designed by the Japanese architect Akira Kuryu, and landscaping that’s meant to echo the original garden pathways of the Mitsui residence, planted with cherry trees and steppingstones that meander above a glassy pond. Rooms from about $1,360 a night.

Persons: Andre Fu, Villa, Mitsui, Akira Kuryu, Tetsuya Asano Organizations: Villa La Coste, Mitsui, UNESCO, Ritz Paris Locations: Hong Kong, Aix, Provence, France, Kyoto, Nijo

☆ U.S. consumer plays in China are more than coffee and iPhones. Stocks to watch
▼ + stars: | 2024-03-31 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Domino's Pizza's China operator DPC Dash reported Wednesday its 26th straight quarter of same-store sales growth — including the pandemic period. Pizza push Domino's has a roughly 14% stake in DPC Dash, which listed in Hong Kong about a year ago. Woo has a buy rating on DPC Dash and a price target of 73.05 Hong Kong dollars. "Chinese people do eat pizza," DPC Dash CEO Wang said. Yum China, which owns Pizza Hut in China among other brands, is set to release earnings in late April.

Persons: DPC Dash, they've, Xi Jinping, Papa John's, Papa, DPC, Aileen Wang, Wang, Walter Woo, Woo, McDonald's, That's, Christopher J, Kempczinski Organizations: Starbucks, Apple, HSBC, U.S, DPC, Advertising, Hong, Hong Kong Stock Exchange Locations: China, Shanghai, U.S, DPC, Hong Kong, North America, Beijing, Xi'an, Changsha, FY24E, Thurs

☆ Here's how I prepared for my 15-hour long-haul flight to Hong Kong
▼ + stars: | 2024-03-30 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Before I share how I survived my 15-hour flight, I have to let you in on my personal Q2 challenge: I'm determined to eat less ultra-processed foods. Now the city has reimagined itself as a tourist destination, with a waterpark, an artificial beach, and a golf course. According to one estimate, Americans actually have about four to six hours of leisure time every day. AdvertisementSee the full listMore of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor-in-chief, in New York.

Persons: —, you'll, Let's, Greta Gerwig's, Barbie, Jenny Chang, Rodriguez, Marielle, Marielle Descalsota, Daniel Chaney, Alexa Campbell, Henry Ammann, Alyssa Powell, Beyoncé, Carter, Buckle, Tanner Adell, who's, Javier Zayas, there's, Tyler Le, Ewan McGregor's, Lisa Frankenstein, Zelda Williams, Robin Williams, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Canberra Airport, Getty, Art Basel, BI, Visa, Mastercard —, Mastercard Forest City, Paramount, Netflix Locations: Hong Kong, Australia, Johor, Malaysia's Forest, Forest City, Texas, Moscow, New York

☆ Taiwan needs more babies. But conservative traditions are holding back some fertility solutions
▼ + stars: | 2024-03-30 | by ( Eric Cheung | ) edition.cnn.com time to read: +8 min

Taipei, Taiwan CNN —For married Taiwanese men Alan Hung and Danny Huang, the process of having a biological child together was never easy. Cases like this are troubling to Chen Ching-hui, who last month became the first fertility specialist to win a seat in Taiwan’s parliament. Same-sex couples and single women are banned from accessing procedures such as in vitro fertilization (IVF) or egg freezing in Taiwan, while surrogacy is outlawed entirely. The issue is particularly pressing for Taiwan because, as its population dwindles, so do its military ranks. A nurse handling egg freezing inside a Taipei clinic run by fertility specialist, and now lawmaker, Chen Ching-hui.

Persons: Taiwan CNN —, Alan Hung, Danny Huang, “, ” Huang, Chen Ching, Hung, Huang, Aiden, Danny Huang “, Chen, –, Dr Chen Ching, Eric Cheung, ”, ” Chen, Hsueh, Chang, Paula Bronstein, Huang – Organizations: Taiwan CNN, CNN, Kuomintang, KMT, Communist Party, Taiwan’s Institute for National Defense and Security Research, Democratic Progressive Party, China Medical University Hospital Locations: Taipei, Taiwan, Russia, United States, Taiwan’s, China, East Asia, Japan, Singapore, Korea, Hong Kong, South Korea, Southeast Asia

☆ U.S.-Funded Broadcaster Leaves Hong Kong, Citing Security Law
▼ + stars: | 2024-03-29 | by ( David Pierson | ) www.nytimes.com time to read: +1 min

The authorities in China have long accused Radio Free Asia, also known as R.F.A., of being a front for the U.S. government. In its statement, the news organization noted that officials in Hong Kong had also recently referred to R.F.A. as a “foreign force” in the context of how it covered the discussion over the new security law. Hong Kong enacted the security law on March 23, giving the city’s authorities more power to investigate such offenses as “external interference” and the theft of state secrets. The government declined a request to comment on Radio Free Asia’s departure, pointing instead to national security laws in other countries to justify legislation in Hong Kong.

Persons: Bay Fang, Chris Tang Organizations: Radio Free Asia, Radio Free, U.S . Locations: States, Hong Kong, Taiwan, United States, China, Radio Free Asia

☆ Art Basel Hong Kong: Collectors return to Asia’s biggest art fair despite cooling market
▼ + stars: | 2024-03-29 | by ( Stephy Chung | ) edition.cnn.com time to read: +9 min

Hong Kong CNN —Picture Vladimir Putin, Angela Merkel and George W. Bush as 7-year-olds. Noemi Cassanelli/CNNAsia’s largest art fair, which concludes Saturday, has returned to “pre-pandemic scale,” as organizers put it. Hong Kong artist Mak2's installation in the fair's "Encounters" section. A colorful booth by Dvir Gallery, based in Paris, Tel Aviv and Brussels, which participated in the Hong Kong fair for the first time. So while Art Basel is a “very international platform,” Chan said, it still provides the chance to showcase homegrown talent.

Persons: Vladimir Putin, Angela Merkel, George W, Bush, Lí, Noemi Cassanelli, Hong, Hong Kong’s, ”, William Leung, fairgoer, “, Ivy Haldeman, François Ghebaly, It’s, it’s, “ It’s, Victoria Miro, Wirth, Mark Bradford, Philip Guston, Ed Clark, ” Keith Tsuji, Willem de Kooning’s, Kooning, Fuyuhiko Takata, Yoko Ono’s, Takata, Fuyuhiko, Louise Delmotte, I’m, ” Takata, fairgoers, Jaume Plensa, Mary Sabbatino, Sabbatino, Mak2, Teppei, Maho Kubota, Alexie, Kantor, Trevor Yeung, Stephen Wong, people’s, Hilda Chan, London’s, ” Chan Organizations: Hong Kong CNN, Art Basel, CNN, “, Hauser, Hauser & Wirth, Galerie Lelong, The, Hong, Dvir, Hong Kong, CNN Hong, London’s Tate Locations: Hong Kong, Beijing, Hong Kong ., China, New York, Art Basel Hong Kong, Los Angeles, Asia, American, Spanish, York, Paris, Australian, Paris , Tel Aviv, Brussels, Hong

☆ Gangs netting up to $3 trillion a year as Southeast Asia human trafficking becomes a global crisis, Interpol says
▼ + stars: | 2024-03-28 | by ( Kathleen Magramo | ) edition.cnn.com time to read: +5 min

CNN —Human trafficking-fueled fraud is exploding in Southeast Asia with organized crime rings raking in close to $3 trillion in illicit revenue annually, the head of Interpol has said in comments that reveal the huge profits being earned by cartels. One international organized crime group makes $50 billion a year, according to Interpol secretary-general Jurgen Stock, adding that $2 trillion to $3 trillion of illicit money flows through the global financial system annually. While drug trafficking contributes around 40% to 70% of organized crime income, criminal groups are also using those smuggling networks to illegally move humans, arms and stolen products among other things, Stock said. Criminal enterprises also exist in Laos, Thailand and the Philippines, with many of the lucrative online scam operations ranging from illegal gambling, to love scams and crypto fraud. Beijing has pressed Myanmar’s military government to rein in the scam operations, but with limited success.

Persons: Jurgen Stock, Stock, ” Stock, Human Rights Volker Turk Organizations: CNN, Interpol, International Monetary Fund, Covid, ”, “, United Nations, UN, Human Rights, Philippine News Agency Locations: Southeast Asia, Singapore, Asia, United States, Myanmar, Cambodia, Laos, Thailand, Philippines, China –, Beijing, China, Manila, what’s, Malaysia, Vietnam, Hong Kong

Tokyo's Sézanne is the newly crowned winner of "Asia's 50 Best Restaurants 2024" list. The two Michelin-starred neo-classical French restaurant, located on the 7th floor of the Four Seasons Hotel Tokyo at Marunouchi, climbed from No. Japan had nine restaurants make this year's list, as did the small city-state of Singapore. Odette, which has been in the top 10 list since 2017, is still the highest-ranking restaurant in Singapore (No. Restaurants on the top 50 list are dispersed among 19 cities in Asia.

Persons: Singapore —, Seroja, Les Amis, Gaggan Anand, Le Du Organizations: Michelin Locations: Marunouchi, Japan, Singapore, China, Hong Kong, Shanghai, Macao, Asia, Bangkok

☆ Country Garden misses results and likely faces trade suspension in fresh blow for China’s property sector
▼ + stars: | 2024-03-28 | by ( Laura He | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Troubled housing giant Country Garden announced late Thursday that it would delay the publication of its annual results, in the latest sign of the turmoil still coursing through China’s huge property sector. The move is likely to cause its share trading to be suspended from Tuesday, as is required by Hong Kong’s listing rules. Country Garden, once the China’s largest property developer, is reeling under about $194 billion worth of debt. Last month, it received a liquidation petition in Hong Kong from a creditor for non-payment of a loan worth 1.6 billion Hong Kong dollars ($204 million), according to the company. Country Garden’s woes echo that of another huge, and now insolvent, Chinese property giant Evergrande.

Persons: Hong Kong’s, Evergrande Organizations: Hong Kong CNN, Garden, Hong Kong Locations: Hong Kong, China’s

☆ Asia’s 50 best restaurants for 2024 revealed
▼ + stars: | 2024-03-27 | by ( Karla Cripps | ) edition.cnn.com time to read: +5 min

CNN —After losing the number one spot to Bangkok in 2023, Tokyo has reclaimed its crown as the city with the top eatery in the region at the annual Asia’s 50 Best Restaurants Awards, which were announced in Seoul, South Korea on Tuesday evening. The list – part of the global “World’s 50 Best” brand – is compiled by the Asia’s 50 Best Restaurants Academy, which is made up of more than 300 food critics, writers, chefs and restaurateurs, all selected for their knowledge of Asia’s restaurant scene. Though Singapore didn’t have any restaurants in the top five, nine of its venues made the top 50 list – more than any other city. Courtesy The World's 50 BestThe “Asia’s Best Female Chef” award went to Pichaya ‘Pam’ Soontornyanakij, owner of Bangkok restaurant Potong, which came in at 17 on this year’s list. Mineko Kato of restaurant Faro in Tokyo won the Asia’s Best Pastry Chef award and Kevin Lu of Logy, in Taipei, was voted Asia’s Best Sommelier.

Persons: Daniel Calvert, Calvert, “, ”, Sézanne, I’ve, we’d, Gaggan, Seroja, Gaggan Anand, Thitid “, Sühring, Le Du –, Ton, Bangkok –, Odette, Pichaya, Pam ’ Soontornyanakij, Ton’s Nusara, Mineko Kato, Kevin Lu, Logy, Sung Anh, Mosu, Danny Yip, Hong, Le, Fu, Hui, Samrub, Villa, Ling Long, Ando, Les Amis, Baan, Goh, Anan, Tam’s Organizations: CNN, Marunouchi, Restaurants Academy, Hospitality, Toyo, Meta, Studio, Bund Locations: Bangkok, Tokyo, Seoul, South Korea, Japan, France’s Champagne, Maronouchi, Asia, ”, Kolkata, Hong Kong, Singapore, Thai, ” Singapore, Faro, Taipei, Nusara, Suhring, Osaka, Odette, Sorn, Le Du, Potong, Shanghai, Logy, Masque, Mumbai, Manila, Delhi, Seroja, Taichung, Taiwan, Mume, Wakayama, Lolla, Avartana, Chennai, India, Fukuoka, Jakarta, Kyoto, Anan Saigon, Ho Chi Minh City, Macao

☆ H&M shares jump 14% as profit smashes expectations
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

(Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter. Operating profit rose to 2.08 billion Swedish krona ($196 million), versus the 1.43 billion krona forecast in a LSEG poll of analysts. The company's operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10% operating margin this year. Net sales fell year-on-year in the first quarter, hitting 53.7 billion krona from 54.9 billion krona. Credibility was lent to the company's 10% operating margin target by positive sales momentum in the early spring/summer season, the Jefferies note added.

Persons: Budrul Chukrut, Inditex, Daniel Ervér, Helena Helmersson, Ervér, Jefferies Organizations: Getty, M Locations: HONG KONG, CHINA, Swedish, Hong Kong, Zara

☆ Don’t Look Away From What’s Happening in Hong Kong - The New York Times
▼ + stars: | 2024-03-26 | by ( Maya Wang | ) www.nytimes.com time to read: +1 min

“What should I do with those copies of Apple Daily?”Someone in Hong Kong who I was chatting with on the phone recently had suddenly dropped her voice to ask that question, referring to the pro-democracy newspaper that the government forced to shut down in 2021. “Should I toss them or send them to you?”My conversations with Hong Kong friends are peppered with such whispers these days. Last week, the city enacted a draconian security law — its second serious legislative assault on Hong Kong’s freedoms since 2020. It had rule of law, a rowdy press and a semi-democratic Legislature that kept the powerful in check. Anyone who grew up in China in the 1980s and 1990s could sing the Cantopop songs of Hong Kong stars like Anita Mui, and that was a problem for Beijing: Freedom was glamorous, desirable.

Persons: “, Hong Kong, —, Anita Mui, Beijing’s Organizations: Apple Daily, Britain Locations: Hong Kong, China, Beijing

☆ China is trying to connect Southeast Asia by high-speed rail. Here’s how that’s going
▼ + stars: | 2024-03-25 | by ( Heather Chen | ) edition.cnn.com time to read: +10 min

CNN —Imagine jumping on a train in southwestern China, traveling some 2,000 miles and arriving in Singapore – less than 30 hours later. Southeast Asia is the “obvious” choice because of its “proximity to China,” Bowerman adds. “Beijing, I think, ultimately wants to see Southeast Asian countries within its sphere of geopolitical influence. A staff member waits for passengers to board the Jakarta-Bandung high-speed train during a week-long public trial phase at the Halim station in Jakarta on September 17, 2023. “In the example of a high-speed railway line between Malaysia and Singapore, Singapore would likely have just one stop – Malaysia would have more,” Wong told CNN.

Persons: China’s, Gary Bowerman, ” Bowerman, ”, Pon Souvannaseng, Peerapon Boonyakiat, Bowerman, Pan Wenbo, Pan, Mei Wei, Wei, “ I’m, Xi Jinping’s, Souvannaseng, Hong Kong –, Hong Kong’s, Yasuyoshi Chiba, Wong Muh Rong, ” Wong Organizations: CNN, Initiative, China Railway, Reuters, East Japan Railway Co, Malaysian, Bentley University, of, Communist Party, Laos Railway, Laos Railway cumulatively, Orient Express, Getty Locations: China, Singapore, Asia, Laos, Kunming, Vientiane –, Indonesia, Jakarta, Bandung, West Java, Thailand, Bangkok, Thai, Malaysia, Kuala Lumpur, Southeast Asia, “ China, Peerapon, Cities, Penang, Malacca, Phuket Old Town, Beijing, Vietnam, Philippines, Cambodia, Wat, Siem Reap, ”, Kowloon, Hong Kong, Shanghai, Halim, AFP, “

☆ Activist Oasis may turn to a preferred playbook to help build value at Greencore
▼ + stars: | 2024-03-23 | by ( Kenneth Squire | ) www.cnbc.com time to read: +6 min

Business: Greencore Group is an Ireland-based manufacturer of convenience foods. Premier Foods has generated a total return of nearly 300%, while Greencore is down 41.5% in that time. It is hard to believe there is another investor more qualified to create shareholder value at Greencore than Oasis. In addition, at The Restaurant Group and Premier, Oasis pushed for the sale of non-core assets, which is consistent with streamlining operations and creating shareholder value. One Greencore director who Oasis knows well is Alastair Murray, the former CFO and once-interim CEO of Premier Foods.

Persons: Seth Fischer, Greencore, Daniel Wosner, Oasis, Gavin Darby, Darby, Wosner, Wosner's reappointment, Dalton Philips, Catherine Gubbins, Alastair Murray, Murray, Ken Squire Organizations: Greencore, Convenience Foods, Ireland, Oasis Management, Oasis, Premier Foods, Apollo, Premier, Group, 13D Locations: Ireland, United Kingdom, Hong Kong, Tokyo, Austin, Cayman Islands, Asia, Europe

☆ See the pitch deck that helped a former Goldman Sachs exec raise $5 million for an AI-powered networking startup that feeds deal ideas to bankers
▼ + stars: | 2024-03-22 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Doctor, then a Goldman Sachs managing director who ran the bank-solutions group based in Hong Kong, was visiting the bank's London office. The AI startup was built to suggest potential deals based on the data it's exposed to. Louisa AI knows that a current Goldman employee used to work at the semiconductor company, and the AI knows a project-finance employee in New York. In an article about solar panels, Louisa AI would link the words "solar panels" to "solar" and then to "renewables." Here's the pitch deck Louisa AI used to raise $5 million to fund its AI-powered deal prompter.

Persons: Rohan Doctor, Goldman Sachs, Doctor, Jim Esposito, Louisa AI, Louisa, Janet Yellen Organizations: Business, Blue9, Insight Partners, Goldman, Oxford Locations: Hong Kong, London, Asia, Oxford, Canada, Here's, Taiwan, New York

☆ 'Hong Kong is China's Hong Kong': Beijing hits back at U.S. for 'slandering' city's new security law
▼ + stars: | 2024-03-21 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

The flags of China and Hong Kong displayed in rows. China's embassy hit back against U.S. criticism of Hong Kong's new national security law on Thursday, saying the U.S. should "respect China's sovereignty." Hong Kong lawmakers passed a new national security law on Tuesday which critics say grants the government more power to quash dissent. "Hong Kong is China's Hong Kong. Hong Kong affairs are purely China's internal affairs, which no country is in the position to point fingers at or interfere in," a spokesperson said on Wednesday.

Persons: Hong, Hong Kong's, Vedant Patel, John Lee, Wang Yi, — CNBC's Evelyn Cheng, Clement Tan Organizations: U.S . State Department, Kong's Legislative, China's, Beijing, China - Locations: China, Hong Kong, U.S, China's, Hong Kong . Hong Kong, Kong's, China - U.S

☆ Hong Kong's national security law has analysts divided on its social and economic ramifications
▼ + stars: | 2024-03-20 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

Lawmakers, government officials, and Hong Kong Chief Executive John Lee are posing for a group photo inside the chamber of the Legislative Council complex after passing the Safeguarding National Security Bill in Hong Kong, China, on March 19, 2024. Hong Kong's new national security bill that seeks to "prevent, suppress and punish espionage activities" has left analysts divided on its social and economic ramifications. Lawmakers in Hong Kong passed the Safeguarding National Security Bill, which has been under scrutiny for provisions such as life imprisonment for 'treason' and 'insurrection,' in a special session on Tuesday. Hong Kong's Legislative Council had introduced the bill known as Article 23 on March 8, and Chief Executive John Lee had urged the need to pass the law "as soon as possible" given an "increasingly complex" geopolitics backdrop. Chiu highlighted that the bill was deliberated on, amended, and passed within 11 days — a record time in Hong Kong's legislative history.

Persons: John Lee, Hong, Dominic Chiu, Chiu, — Organizations: Hong, Legislative, National, China &, Eurasia Group, Hong Kong's Legislative Locations: Hong Kong, China, China & Northeast Asia, Hong Kong's

☆ Gucci owner Kering tanks 14% after Asia profit warning, dragging down Europe luxury brands
▼ + stars: | 2024-03-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

A Gucci store at Harbour City shopping mall, operated by Wharf Holdings Ltd., in Hong Kong, China, on Friday, June 2, 2023. Shares of French luxury group Kering plunged 14% on Tuesday after the company warned that Gucci sales look set to fall 20% year-on-year in the first quarter, amid declining Asia transactions. Kering plunged to the bottom of the Stoxx 600 after a delayed open, dragging other European luxury lines with it. Gucci comparable revenues in the first quarter are expected to be down by nearly 20% year on year." The slowdown is expected to derive primarily from Asia — and chiefly from China, whose economy has been struggling.

Persons: Gucci, Kering, Christian Dior, Hermes, Burberry Organizations: Wharf Holdings Ltd, Gucci, Asia — Locations: Harbour City, Hong Kong, China, Asia, London, Pacific

☆ 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 Security Law Could Damage City’s Standing as Financial Hub
▼ + stars: | 2024-03-19 | by ( Keith Bradsher | ) www.nytimes.com time to read: +1 min

Paul Chan, the top finance official of Hong Kong, traveled to Paris, London, Frankfurt and Berlin last September to lure foreign investors. Last month he abolished taxes on foreigners’ purchases of Hong Kong real estate. Mr. Chan’s brisk work pace represents an attempt to shore up Hong Kong’s role and image as the financial hub of Asia. Under its top leader, Xi Jinping, China has asserted greater influence in the past four years over Hong Kong’s laws and prosecutors. The mainland’s own economic struggles, especially in real estate, have further shaken confidence in Hong Kong as a place to put money.

Persons: Paul Chan, Xi Jinping Organizations: Hong Locations: Hong Kong, Paris, London, Frankfurt, Berlin, Asia, Beijing, Hong, China

☆ How Putin and Xi both bent their nations to their will to become presidents for life
▼ + stars: | 2024-03-19 | by ( Tom Porter | ) www.businessinsider.com time to read: +9 min

In the past decade, Putin and Xi have crushed what little remained of domestic opposition on their paths to absolute power. Advertisement"Both Putin and Xi's careers were forged as highly effective backroom operators forging relationships of dependency and patronage," he said. GREG BAKER via Getty ImagesDover said it would be a mistake to see Putin and Xi simply as dictators operating by arbitrary fiat. Both, he said, had built effective networks of loyalists capable of responding to crises and enacting their ambitious strategies to seize more global power. Xi and Putin bond over hatred of Western powerIt's on the global stage that the synergy between the leaders is of growing significance and growing alarm to Western leaders.

Persons: —, Vladimir Putin, Xi Jinping, Putin, It's, Xi, Graeme Thompson, Robert Dover, Li, notionally, Korea's, GREG BAKER, Getty Images Dover, Xi's, Thompson Organizations: Service, Business, Reuters, Eurasia Group, Hollywood, Getty, University of Hull, Communist Party, US, National People's, of, People, Getty Images, Central, Putin, Beijing Locations: China, Russia, Soviet Union, Moscow, Hong Kong, Beijing, Dover, Ukraine, Ukrainian, Taiwan, Putin Russia, East Asia

☆ TikTok: Is it really Chinese?
▼ + stars: | 2024-03-18 | by ( Laura He | ) edition.cnn.com time to read: +8 min

Is TikTok Chinese? In March 2023, CEO Chew was repeatedly pressed by US lawmakers on whether TikTok was Chinese. According to TikTok’s own website, its subsidiaries around the world are all structured under Bytedance Ltd.Is ByteDance Chinese? At last year’s congressional hearing, Chew didn’t directly answer any questions about whether ByteDance is a Chinese company either. That means the Chinese government now owns 1% of Beijing Douyin Information Service, which is the domestic Chinese unit of Bytedance.

Persons: TikTok, Shou Chew, Trump, Chew, Jose Luis Magana, Musical.ly, TikTok’s, ByteDance, Zhang Yiming, Liang Rubo, Zhang, Liang, Jinri, Chew didn’t, Shannon Stapleton, Zhang Fuping, Xi Jinping, Wu Shugang, Shu Yuting Organizations: Hong Kong CNN, TikTok LLC, TikTok Ltd, ByteDance Ltd, Bytedance Ltd, Tianjin’s Nankai University, ByteDance, Carlyle Group, General Atlantic, Susquehanna International Group, Reuters, Communist, Cyberspace Administration, Beijing Douyin Information Service, Chinese Communist Party, National Intelligence Law, Commerce Ministry Locations: China, Hong Kong, United States, Beijing, California, Los Angles, Singapore, Delaware, Culver City , California, Cayman Islands, Shanghai, Chinese, TikTok

Germany’s DAX added 0.1% to 17,959.35 and the FTSE 100 in London edged 0.1% higher to 7,731.73. Markets are awaiting a decision by the Bank of Japan on Tuesday on whether to raise its benchmark interest rate for the first time in 17 years. The Hang Seng in Hong Kong edged 0.1% higher to 16,737.12, and the Shanghai Composite index gained 1% to 3,084.93. Elsewhere, Australia’s S&P/ASX 200 edged 0.1% higher to 7,675.80, and the Kospi in South Korea advanced 0.7%, to 2,685.84. A report on consumer prices last week showed inflation remains stubborn, ticking up to 3.2% in February from 3.1% in January.

Persons: Germany’s DAX, Australia’s Organizations: Japan’s, Federal Reserve, CAC, Dow Jones, Nikkei, Bank of Japan, Honda Motor, Dongfeng Motor, Nasdaq, Software, Adobe, Microsoft, Broadcom, Google, University of Michigan, Fed, Traders, CME Group, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, London, Paris, Tokyo, Hong Kong, Shanghai, China, South Korea, India, Bangkok, U.S

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