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South Korea court upholds President Yoon's impeachment
2025-04-04 HKT 10:30
South Korea's Constitutional Court on Friday decided to oust President Yoon Suk Yeol, upholding parliament's impeachment motion over his short-lived imposition of martial law last year that sparked the country's worst political crisis in decades.
With Yoon's ouster, a presidential election is required to take place within 60 days, according to the country's constitution.
Prime Minister Han Duck-soo will continue to serve as acting president until the new president is inaugurated.
The ruling caps months of political turmoil that have overshadowed efforts to deal with the new administration of U.S. President Donald Trump at a time of slowing growth.
Separately, 64-year-old Yoon faces a criminal trial on insurrection charges. The embattled leader became the first sitting South Korean president to be arrested on January 15 but was released in March after a court cancelled his arrest warrant.
The crisis was triggered by Yoon's December 3 declaration of martial law, which he has said was needed to root out "anti-state" elements and the opposition Democratic Party's alleged abuse of its parliamentary majority that he said was destroying the country.
Yoon lifted the decree six hours later after lawmakers defied efforts by the security forces to seal off parliament and voted to reject it. Yoon has said he never intended to fully impose emergency military rule and tried to downplay the fallout, saying nobody was hurt.
Months of protests have followed, and it remained unclear if the political chaos sparked by Yoon's martial law declaration will now be eased by the court ruling. (Reuters)
With Yoon's ouster, a presidential election is required to take place within 60 days, according to the country's constitution.
Prime Minister Han Duck-soo will continue to serve as acting president until the new president is inaugurated.
The ruling caps months of political turmoil that have overshadowed efforts to deal with the new administration of U.S. President Donald Trump at a time of slowing growth.
Separately, 64-year-old Yoon faces a criminal trial on insurrection charges. The embattled leader became the first sitting South Korean president to be arrested on January 15 but was released in March after a court cancelled his arrest warrant.
The crisis was triggered by Yoon's December 3 declaration of martial law, which he has said was needed to root out "anti-state" elements and the opposition Democratic Party's alleged abuse of its parliamentary majority that he said was destroying the country.
Yoon lifted the decree six hours later after lawmakers defied efforts by the security forces to seal off parliament and voted to reject it. Yoon has said he never intended to fully impose emergency military rule and tried to downplay the fallout, saying nobody was hurt.
Months of protests have followed, and it remained unclear if the political chaos sparked by Yoon's martial law declaration will now be eased by the court ruling. (Reuters)
2025-04-13 HKT 13:55
Financial Secretary Paul Chan on Sunday reaffirmed investors that Hong Kong will continue to welcome global business as a free port during "turbulent" times in global development.<br/><br/>He was speaking at the opening of InnoEX, a four-day innovation and technology trade event featuring more than 450 exhibitors from 13 countries and regions. <br/><br/>Addressing guests in a speech, the financial minister acknowledged "a shifting global landscape marked by a daunting trade war and technological fragmentation".<br/><br/>He urged businesses to adapt by finding new partners, exploring untapped markets, and adopting more flexible business models in what he called the "new normal".<br/><br/>Chan also declared that it is in "Hong Kong's DNA" to establish new connections and forge new partnerships, noting the SAR is home to more than 4,700 startups, with 28 percent founded by overseas entrepreneurs.<br/><br/>"Rest assured that our free port status and free trade policy remain unshaken. We are firm in our commitment to the free flow of capital, goods, talent and information," he said. <br/><br/>Also speaking at the event, Secretary for Innovation, Technology and Industry Sun Dong stressed that unilateral trade policies and protectionism means that technological cooperation will be more vital than ever. <br/><br/>"As we navigate an increasingly complex world with a looming revival of unilateralism and protectionism, it is essential that we continue to harness innovation and embrace collaborative spirit to sustain the competitive edge of the tech-driven economies while pushing the technological boundaries for the well-being of people," he said.<br/><br/>Sun added that Hong Kong will continue to capitalise on its unique advantages under the One Country, Two Systems principle.<br/><br/>These include the city's strategic location as a gateway between mainland China and global markets, world-class infrastructure and a highly diverse talent pool – all of which, he said, will attract top innovators and investors from around the world.
HK will remain a free port amid turbulent times: FS
2025-04-13 HKT 13:35
The commander of the SAR's search and rescue team on Sunday said a consensus has been reached with their mainland counterparts to work together in future missions.<br/><br/>The SAR's 51-member team returned home from Myanmar on Wednesday after assisting in search and rescue efforts following a devastating 7.9-magnitude earthquake.<br/><br/>Speaking after a Commercial Radio programme, deputy chief fire officer Cheu Yu-kok, who led the team, revealed that more than 10 mainland teams, including volunteers, were involved in the rescue operation.<br/><br/>"The Chinese rescue teams have about 300 members. If we have 300 people working together each time, the manpower, equipment and technology, as well as the efficiency, can be improved. We can also be well-organised," he said.<br/><br/>Cheu also recalled the moment when the SAR rescuers found a 52-year-old man alive, after he was was trapped in the rubble for more than 120 hours.<br/><br/>He said local residents and officials in Myanmar cried and clapped their hands after the man was rescued, describing the scene as emotional.<br/><br/>Speaking on the same programme, doctor Axel Siu, who's the Chief of Service (Accident and Emergency) at Ruttonjee and Tang Shiu Kin Hospitals, recalled how the team battled the sweltering heat and swarms of mosquitoes.<br/><br/>He said they adjusted their strategy by sending smaller teams of two to three people to scout an area first, before deciding whether more personnel should be deployed there to conserve energy.
'SAR to work with mainland in future rescue missions'
2025-04-12 HKT 16:24
Director of Immigration Benson Kwok says more officers will be deployed to verify documents submitted as part of Top Talent Pass Scheme applications, following reports of false information being provided on occasions.<br/><br/>"We will look into each case very carefully. Since June last year, we have been carrying out verification procedures for applicants' academic qualifications," he told reporters on Saturday. <br/><br/>"If verification procedures have not been carried out before, they will be conducted when applicants renew their pass."<br/><br/>Meanwhile, Kwok also said national security risks persist in Hong Kong.<br/><br/>"The Immigration Department will not lower its guard, and it will make coordination actively on the implementation of the national security legislation," he said.<br/><br/>"The department will continue to safeguard the southern gateway to our country and comprehensively block those who endanger national security from entering Hong Kong."
HK to boost scrutiny of talent pass applications
2025-04-12 HKT 16:10
The weather put a dampener on a water splashing festival in Kowloon City to celebrate Songkran on Saturday afternoon, with organisers forced to suspend the event when a thunderstorm warning was issued. <br/><br/>The "Water Splashing with Electronic Music" festival was part of a campaign to enhance Hong Kong's day and nighttime vibrancy.<br/><br/>Rizwan Ullah, a member of Kowloon City District Council which co-organised the event, said there was no problem with a little rain, but the threat of a storm posed safety fears.<br/><br/>"With the rain, it makes you feel more like in Bangkok or in Thailand, celebrating Songkran. I mean with rain it's perfectly okay, no problem. But the problem is with thunder," he said.<br/><br/>"Because if you are government organising an event like this with thunder, you have that responsibility to ensure public safety." <br/><br/>A man who said he has been going to the festival for many years was disappointed with the suspension.<br/><br/>"I understand that it should be suspended due to the thunderstorm warning, but I hope it can be resumed soon. The atmosphere is not as good as before," he said.<br/><br/>A tourist from Shanghai said while water splashing was the highlight of the festival, he still enjoyed the food on offer. <br/><br/>"This festival is still special because there are Thai New Year celebrations in Hong Kong. The atmosphere is quite good," he said.<br/><br/>The festival was slated to continue at Carpenter Road Park Basketball Courts on Sunday.
Weather forces suspension of water splashing event
2025-04-12 HKT 12:11
Pan Yundong, deputy commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs in Hong Kong, has called for all sectors to leverage the SAR's advantages in telling good stories about Hong Kong and the nation. <br/><br/>Speaking at an event on Friday, Pan said Beijing is committed to becoming a source of stability as the world undergoes unprecedented changes.<br/><br/>He highlighted how Chinese cultural appeal had resonated worldwide, and urged all sectors to showcase the nation's credible, lovable, and respectable image.<br/><br/>As Hong Kong transitions from stability to prosperity, Pan said the SAR government is implementing reforms with strong central government backing. He hopes everyone will adopt the can-do attitude known as the "Lion Rock Spirit".<br/><br/>Pan also noted how new technologies like AI and big data are changing how people communicate. He said Hongkongers should embrace these changes, while helping shape a positive narrative for the city and the nation.
HK told to leverage advantages in telling good stories
2025-04-12 HKT 11:42
Newly appointed police commissioner Joe Chow on Saturday said officers will work more closely with police in other jurisdictions to combat cross-border scams. <br/><br/>Speaking on a radio programme, Chow said it's becoming increasingly difficult to fight scams because many fraudsters or syndicates operate from outside Hong Kong. <br/><br/>"We have been working alongside other law enforcement agencies overseas, especially through the Interpol channel," he told reporters.<br/><br/>"We have two officers seconded over there in Singapore, the Singapore office of the Interpol. So on a day-to-day basis, we also continue this kind of collaboration work."<br/><br/>Locally, Chow said many scams involve stooge accounts, and police will focus on catching those who sell them. <br/><br/>On Friday, police arrested 139 alleged stooge account holders on suspicion of money laundering and obtaining property by deception. <br/><br/>The police chief also said national security threats are still in place despite the SAR being generally stable. <br/><br/>Chow said some people are using social media platforms to incite anti-government sentiment, and some shops have been printing seditious messages on receipts. <br/><br/>"The soft resistance has never been stopped," he said. "So we have to work harder and harder, and at the same time, we would like to enhance the national security awareness of the whole community."<br/><br/>Chow also highlighted the use of new technology in police operations, such as plans to utilise drones in patrolling in both urban and rural areas.
Police ramp up cross-border cooperation to fight scams
2025-04-12 HKT 11:36
Development minister Bernadette Linn says one or two sizeable Northern Metropolis land parcels should to be put up for tender this year, while one in the San Tin Technopole will be tendered in 2026. <br/><br/>The government has received 22 submissions expressing interest to develop the three pilot areas of large-scale land disposal located in Hung Shui Kiu Ha Tsuen, Fanling North, and San Tin Technopole.<br/><br/>Speaking on a radio programme, Linn said the submissions were made by property developers, contractors, conglomerates and logistic companies. She said 60 percent were local companies, and the others were from the mainland.<br/><br/>"We expect to see some output in the next two years, including building or formation works. These can be rolled out gradually," she said.<br/><br/>"We normally give developers six to seven years in total, although there were opinions that the time was insufficient. We have to strike a balance because we want to speed up development."<br/><br/>Linn added that the government will not rule out using a "two-envelope approach" for the tenders, which means non-premium factors will be considered.<br/><br/>Meanwhile, the Development Bureau launched a two-year pilot scheme to relax the restrictions under land leases on public spaces of shopping malls, giving them more flexibility to host activities.<br/><br/>The minister said the scheme aims to boost the economy by encouraging shopping malls to make better use of their public spaces.
Northern Metropolis to see up to two tenders this year
2025-04-12 HKT 09:54
Argentina dismantled key parts of its years-long currency controls and loosened its grip on the peso on Friday as it sealed a US$20 billion, 48-month Extended Fund Facility deal with the International Monetary Fund (IMF).<br/><br/>The IMF deal lays out an immediate disbursement US$12 billion, and a first review is planned for June with an associated additional disbursement of some US$2 billion, the IMF said.<br/><br/>The South American nation's central bank announced that it will undo a fixed currency peg from Monday, letting the peso freely fluctuate within a moving band between 1,000 and 1,400 pesos per dollar, versus 1,074 at the close on Friday.<br/><br/>Argentina will eliminate major parts of the so-called "cepo" capital controls that have restricted access to foreign currency, the central bank said in a statement.<br/><br/>Companies from this year will also be able to repatriate profits out of the country, a key demand from businesses that could unlock more investment.<br/><br/>"As of Monday, we will be able to put an end to the foreign exchange restrictions which were imposed in 2019 and which limit the normal functioning of the economy," Economy Ministry Luis Caputo said at a press conference. (Reuters)
Argentina ends foreign exchange restrictions
2025-04-12 HKT 09:30
President Donald Trump, who in January became the oldest person to assume the US presidency, underwent his first physical exam of his second term on Friday and said it went well, with results set to be released Sunday.<br/><br/>Trump, who turns 79 in June and likes fast food so much he staged a photo op at a McDonald's during his campaign last year, spent several hours being poked and prodded by the doctors at Walter Reed Medical Center in Bethesda, Maryland.<br/><br/>"It went, I think, well ... every test you can imagine, I was there for a long time, the yearly physical," Trump told reporters aboard Air Force One. "I think I did well. I think they're releasing the report on Sunday," he added.<br/><br/>Trump also said he took a cognitive exam and got all the answers right.<br/><br/>"Overall I felt I was in very good shape. A good heart, a good soul, a very good soul and I took — I wanted to be a little different than Biden. I took a cognitive test and I don't know what to tell you other than I got every answer right," Trump said.<br/><br/>The physical could offer the first clear look at Trump's condition since his ear was grazed by a bullet in an assassination attempt during a campaign rally in Butler, Pennsylvania, last July.<br/><br/>His campaign released a report by Ronny Jackson, Trump's former White House doctor and a Republican Congressman from Texas, saying the injuries were superficial.<br/><br/>The White House typically determines what data will be released from a president's health exam and earlier in the day Press Secretary Karoline Leavitt said results will be released as soon as possible.<br/><br/>Trump is not compelled to release any information, and there is no template for the presidential exam. Trump released only limited information about his health during his presidential campaigns.<br/><br/>During the 2024 election, Trump drew sharp contrasts with his predecessor, Joe Biden, now 82, claiming he was younger and fitter.<br/><br/>A White House doctor in 2018, when Trump was serving his first term, said the president was in overall excellent health but needed to shed weight and start a daily exercise routine.<br/><br/>When asked on Friday if the medical team had suggested any changes to his habits, the president said that they had "a little bit", but did not elaborate further.<br/><br/>Trump included a cognitive exam, the Montreal Cognitive Assessment, as part of his physical during his first term, and his doctor later said he scored 30 out of 30.<br/><br/>Biden released detailed summaries of his physical exams while in office, but several books published in recent months have raised questions about his mental acuity in his final months in the White House.<br/><br/>The mental ability and age of both Biden and Trump were in focus during last year's election campaign, especially after Biden's disastrous performance in a debate with Trump in June, and Trump's increasingly rambling speeches at rallies. (Reuters)
Trump takes annual physical exam, says it went well
2025-04-11 HKT 22:13
Dozens of Israeli air strikes on Gaza have killed "only women and children" after a ceasefire collapsed, the UN said, as an Israeli attack in the territory's south on Friday left a family of 10 dead.<br/><br/>A UN rights office report also warned that expanding Israeli evacuation orders were resulting in the "forcible transfer" of people into ever-shrinking areas, raising "real concern as to the future viability of Palestinians as a group in Gaza".<br/><br/>Israel's military said it was looking into the attack that killed members of the same family in Khan Yunis, southern Gaza, adding separately that it had struck about 40 "terror targets" across the territory over the past day.<br/><br/>Israel resumed its Gaza strikes on March 18, ending a two-month ceasefire with Hamas.<br/><br/>Since then, more than 1,500 people have been killed, according to the health ministry in the Hamas-run territory to which Israel cut off aid more than a month ago.<br/><br/>"Ten people, including seven children, were brought to the hospital as martyrs following an Israeli air strike that targeted the Farra family home in central Khan Yunis," civil defence spokesperson Mahmud Bassal said.<br/><br/>Turkish President Recep Tayyip Erdogan denounced Israel, saying: "If this is not barbarism, I ask you, what is it?" <br/><br/>And the UN decried the impact of the ongoing Israeli strikes, finding that "a large percentage of fatalities are children and women". (AFP)
Women, children killed in Israeli strikes: UN
2025-04-11 HKT 18:09
Secretary for Commerce and Economic Development Algernon Yau said on Friday the government will further review operations at RTHK after lawmakers expressed concern over the broadcaster's expenditure.<br/><br/>At a special finance committee meeting on the budget in the legislature, lawmakers raised questions over the station's headcount and spending.<br/><br/>Junius Ho noted that the broadcaster's forecast budget for this financial year had been set at HK$1.5 billion, around 50 percent more than that of five years ago.<br/><br/>He said the station cannot keep asking for more public money when the government is under financial stress. <br/><br/>"We will go back to review once again the overall operations of RTHK, its production and manpower arrangements," Yau said in response.<br/><br/>RTHK is under the purview of the Commerce and Economic Development Bureau.<br/><br/>New People's Party lawmaker Regina Ip noted the broadcaster is cutting four positions from its 750-strong workforce this financial year, and questioned if it could cut more jobs at the programme officer level in the TV section, since three of its five TV channels are relays of state television or broadcast acquired programmes.<br/><br/>Director of Broadcasting Angelina Kwan said the streamlining will continue, and proposals will be submitted to the bureau later. <br/><br/>Kwan added that RTHK has been purchasing outside programmes to provide more diverse content.
Govt pledges to review RTHK operations
2025-04-11 HKT 17:51
Former South Korean president Yoon Suk-yeol returned to his private home on Friday from the official residence after his removal from office, with crowds of supporters turning out to greet his motorcade.<br/><br/>The Constitutional Court upheld Yoon's impeachment last Friday, capping four months of unprecedented constitutional turmoil after his short-lived attempt to impose martial law in December sent shockwaves through Asia's fourth-largest economy.<br/><br/>South Korea will now hold a snap election on June 3, and questions remain over whether Yoon might still play a role given how his impeachment appears to have deepened polarisation in society and stirred up his conservative supporters.<br/><br/>Hundreds had gathered outside the gates of the official residence, where Yoon briefly stopped to hug and shake hands with supporters, some of whom were crying.<br/><br/>The ousted president has not been seen in public since he was released from prison on March 8 when a court cancelled his detention warrant in the criminal case against him. He did not attend the impeachment ruling by the Constitutional Court on April 4.<br/><br/>But a number of his ruling party members and supporters have been seen visiting the official residence where Yoon reportedly discussed the upcoming election.<br/><br/>As he left the official residence, Yoon donned a red baseball cap saying "Make Korea Great Again" given to him by a supporter, video footage showed.<br/><br/>"Now I will go back to being one of the people... and find a new way for the country and the people," Yoon said.<br/><br/>He and his wife were driven in a motorcade from the official presidential residence to their private apartment in a 37-storey building in Seoul. The pet-loving couple will also take back more than 10 dogs and cats they own.<br/><br/>Some 280 police were deployed around his private home on Friday ahead of the move, and Yoon is to be accompanied by a security detail of about 50 people, media reported.<br/><br/>The former president still faces trial on a criminal charge of leading an insurrection, which is punishable by death or a life sentence if he is convicted.<br/><br/>The race to replace Yoon kicked off this week with nearly 20 hopefuls expected to contest for the candidacy of the conservative People Power Party that is in a fight to retain the presidency against a populist liberal who leads in the polls. (Reuters)
Yoon in emotional exit from official residence
2025-04-11 HKT 17:19
President Xi Jinping urged the European Union on Friday to join hands with China in resisting "unilateral bullying", in reference to tariffs imposed by US President Donald Trump.<br/><br/>As he met Spanish Prime Minister Pedro Sanchez on Friday, Xi stressed the need for cooperation between the bloc and Beijing in weathering Trump's continual escalations in the trade war.<br/><br/>"China and Europe should fulfil their international responsibilities... and jointly resist unilateral bullying practices," Xi said.<br/><br/>This, he stressed, would not only "safeguard their own legitimate rights and interests, but also... safeguard international fairness and justice."<br/><br/>The president added there is no winner in a tariff war, and going against the world will only result in self-isolation.<br/><br/>He said for more than 70 years, China has achieved development through self-reliance and does not fear unreasonable suppression.<br/><br/>Xi added that no matter how the external world changes, China will remain confident and focused on running its own affairs well.<br/><br/>Sanchez, in turn, said following the meeting in Beijing that tensions over trade should not impede cooperation between China and the EU.<br/><br/>"Both Spain and Europe have a significant trade deficit with China that we must work to rectify," he admitted.<br/><br/>But Sanchez also said "we must not let trade tensions stand in the way of the potential growth of the relationship between China and Spain and between China and the EU".<br/><br/>Spain buys about 45 billion euros of goods every year from China, its fourth-largest trading partner, but sells around 7.4 billion euros' worth.<br/><br/>Sanchez's trip comes as the EU rethinks its global trading relationships in the face of turmoil caused by the US import duties announced last week that have sent world markets into a tailspin.<br/><br/>The Spanish leader is on his third visit to China in just over two years. (AFP/Xinhua)
Xi urges EU to join in opposing 'unilateral bullying'
2025-04-11 HKT 12:24
Commerce minister Algernon Yau on Friday said the chief executive would head to the Middle East next month with representatives from mainland enterprises to seek more business opportunities. <br/><br/>Yau made the announcement during the legislature's special finance committee meeting on the budget. <br/><br/>The DAB's Starry Lee, who's also Hong Kong's sole delegate to the Standing Committee of the National People's Congress, asked how the SAR government planned to reduce its reliance on the US market amid the trade war. <br/><br/>She pointed to the fact that Beijing had tasked Hong Kong with strengthening its global connections.<br/><br/>Yau replied that officials like himself have been to different countries seeking new partnerships, and John Lee would also do so next month.<br/><br/>"In May, the CE will visit the Middle East together with [those from] mainland enterprises. So amid the geo-political tensions, we seek to further development in new markets in the Middle East as well as Asean," the minister said.<br/><br/>"Among the 10 Asean countries, I've been to seven of them. Mr Lee has also led delegations to Laos, Vietnam and Cambodia. You can see the SAR government has been working proactively to connect with the world."<br/><br/>Import and export sector lawmaker, Kennedy Wong from the DAB, asked whether the government plans to move some of its Economic and Trade Offices from Europe and the United States to new markets.<br/><br/>Yau said in response that his bureau had been making plans to move some of the offices around, and it would submit its proposals later. <br/><br/>Business and Professionals Alliance and industrial sector lawmaker, Jimmy Ng, meanwhile, asked for a direct communication channel with officials due to the trade war, saying the sector had been caught off-guard by the ever-changing developments.<br/><br/>The minister said in response that his bureau had held two recent meetings with the trade, saying the financial secretary could take the lead to liaise with the business sector if needed.
CE to visit Middle East with mainland firms next month
2025-04-11 HKT 12:18
The Commissioner for Digital Policy Tony Wong said Hong Kong aims to launch a locally developed chatbot in the second half and that it may be available for use free of charge in the initial stage.<br/><br/>The Hong Kong Generative AI Research and Development Center is developing local large language models, and its generative AI document processing application HKPilot has been used by government departments since last year.<br/><br/>In an exclusive interview with RTHK, Wong said he hopes the application can improve work efficiency and, in the long run, replace traditional jobs that require a lot of manpower.<br/><br/>He expects HKChat's launch in the second half to bring great convenience to the people of Hong Kong.<br/><br/>"For instance, Hong Kong residents may want to apply for some government services and they may not know where to find the services or what the procedures are," he told RTHK.<br/><br/>"Because the chatbot is trained with data from Hong Kong and we provided it with a lot of information, it will answer you in detail the things you have to prepare and the procedures when applying for the services."<br/><br/>Wong was speaking ahead of the annual World Internet Conference's Asia-Pacific summit at the Hong Kong Convention and Exhibition Centre on Monday and Tuesday, the first time it is being hosted in the SAR.<br/><br/>He expects the summit to attract more than 1,000 officials and business representatives from around the world, like the Six Little Dragons from Hangzhou which include DeepSeek and Unitree Robotics.<br/><br/>He hopes Hong Kong can make use of its advantage of being connected with both the mainland and the world.<br/><br/>"We hope we can demonstrate our strength in innovation and technology to the outside world through Hong Kong and seek more room for its development," he said.<br/><br/>"The World Internet Conference uses Asia-Pacific summit as its theme, hoping to connect different countries in the Asia-Pacific region and paying special attention to the development of emerging markets in the Global South."<br/><br/>The commissioner said the authorities will go all out in making a success of the summit and hope it can be hosted in Hong Kong again next year.
HK to launch locally developed chatbot in second half
2025-04-11 HKT 10:05
Hong Kong stocks fell on Friday, hurt by growing concerns about the US trade war and the potential for a global recession.<br/><br/>Hong Kong's Hang Seng Index lost 124 points, or 0.6 percent, to open at 20,557 points, while the tech sub-index was 0.5 percent weaker.<br/><br/>However, the blue-chip CSI 300 Index on the mainland and the Shanghai Composite Index were flat, losing just 0.1 percent at the open.<br/><br/>Elsewhere, Japan’s Nikkei 225 share index was down 5.6 percent in early trading, while shares also fell in South Korea and Australia.<br/><br/>Losses of US stocks accelerated after the White House clarified that the United States will tax Chinese imports at 145 percent, not the 125 percent rate that Trump had written about in his posting on Truth Social Wednesday. (Agencies)
Local stocks open down 0.6pc amid tariff woes
2025-04-11 HKT 07:43
US President Donald Trump claimed victory over Europe in the US tariffs war but acknowledged a "cost" to his surging trade offensive against superpower rival China as markets plunged again on Thursday.<br/><br/>Trump sought a victory lap at a White House cabinet meeting, saying the European Union had backed off from imposing retaliatory tariffs because of his tough stance on China.<br/><br/>"They were very smart. They were ready to announce retaliation. And then they heard about what we did with respect to China... and they said, you know, 'We're going to hold back a little bit,'" he said.<br/><br/>Trump acknowledged "a transition cost and transition problems," but dismissed global market turmoil. "In the end it's going to be a beautiful thing."<br/><br/>Treasury Secretary Scott Bessent was upbeat, telling reporters that "I don't see anything unusual today," as he touted better than expected US inflation numbers and other economic indicators.<br/><br/>But major indices spent the entire day in the red, with the broad-based S&P 500 finishing down 3.5 percent after soaring 9.5 percent on Wednesday. The Dow Jones Industrial Average shed 2.5 percent, while the tech-rich Nasdaq slumped 4.3 percent.<br/><br/>The dialling back of the planned global trade war left most of the focus on China, the world's number two economy after the United States.<br/><br/>The White House on Thursday clarified that levies on Chinese imports are now at a staggering total of 145 percent - not the previously reported 125 percent.<br/><br/>This was because the latest tariff hike comes on top of a 20 percent tariff already imposed earlier. China has retaliated with levies of 84 percent on US imports.<br/><br/>The European Union welcomed the US president's partial row-back on his original threat to impose 20 percent tariffs against the bloc.<br/><br/>The 27-nation grouping responded with its own olive branch, suspending for 90 days tariffs on 20 billion euros' worth of US goods that had been greenlit in retaliation to duties on steel and aluminium.<br/><br/>In its latest measure, the Commerce Ministry in Beijing announced it would reduce the number of Hollywood films imported, but said it remained ready for dialogue. (AFP)
Trump claims victory over EU in tariff battle
2025-04-10 HKT 17:47
Manchester United on Thursday assured SAR fans that a “full team” including captain Bruno Fernandes will be featured in a friendly against Hong Kong, China next month. <br/><br/>The match – set for May 30 at Hong Kong Stadium – is part of the Red Devils’ post-season Asia tour, which kicks off with a stop in Kuala Lumpur.<br/><br/>It marks the Premier League side’s return to the SAR after 12 years. They last visited the city in 2013, when they defeated local club Kitchee 5-2.<br/><br/>At a press event held a day before tickets went on sale, Manchester United’s Director of Tour and Friendlies Christoffer Komen said the lineup is still being finalised, but promised the team will put on a show. <br/><br/>He noted key players are not required for international duty until June and that a “full team” should be coming to the SAR. <br/><br/>“You can be confident to see our stars, of course led by our team captain Bruno, we’ve also got all the players lined up currently to join us on a plane,” Komen said. <br/><br/>There was backlash last year over Lionel Messi’s no-show at an exhibition match in the SAR, which left local supporters frustrated. <br/><br/>At the press event, Eric Fok, chairman of the Football Association of Hong Kong, China welcomed the Red Devils’ return, calling it an opportunity to attract football enthusiasts across Asia. <br/><br/>Also attending the event was Ashley Westwood, head coach of the SAR football team, who said the squad would treat the friendly as preparation for their Asian Cup qualifier against India in June. <br/><br/>ProEvents, organiser of the friendly, said there are contractual agreements in place to ensure the appearance of United's key players. <br/><br/>"You just heard from Manchester United's executive saying that they will be coming with the full team." said its chairman, Paul Kam.<br/><br/>"I have also seen the list and they are coming, with obviously the first one being Bruno Fernandes, the captain. Together with [Alejandro Garnacho] and other players, they're all in there." <br/><br/>Tickets for the friendly fixture will go on sale at noon on Friday via ticketing platform Cityline. They will be priced between HK$390 to HK$2,990.
Manchester United promise to put on a show in HK
2025-04-10 HKT 15:28
The Chinese Manufacturers' Association on Thursday urged the SAR administration to roll out support measures to help enterprises with stabilising their working capital amid the global trade war.<br/><br/>The association said manufacturers, exporters and importers globally tend to hold off on plans and suspend orders due to the present fast-changing developments.<br/><br/>The group's president, Wingco Lo, said Hong Kong firms should be prepared for a protracted trade war and urged the government to introduce targeted measures to help them.<br/><br/>He said firms should take the opportunity to expand their markets given the turmoil caused by the United States.<br/><br/>"The policies are unstable," Lo said.<br/><br/>"They are always changing very fast, so we have to be cautious.<br/><br/>"I think we will be taking the strategy of waiting to see how these things develop. <br/><br/>"We are looking for new markets, emerging markets especially, to [be] less dependent on the US market."<br/><br/>Lo also urged the government to actively explore potential markets and expand economic and trade cooperation with countries in the Middle East and Africa.
Manufacturers call for support measures amid trade war
2025-04-10 HKT 13:49
US President Donald Trump has signed an executive order lifting water-pressure restrictions on showerheads, a move the White House said would "make America's showers great again".<br/><br/>Trump has long complained about inadequate water pressure in American bathrooms, which he blames on federal water-conservation regulations.<br/><br/>"In my case I like to take a nice shower, to take care of my beautiful hair," Trump said as he signed the order in the Oval Office on Wednesday.<br/><br/>"I have to stand under the shower for 15 minutes till it gets wet. <br/><br/>"It comes out drip, drip, drip. It's ridiculous."<br/><br/>The order directs the Energy Department to roll back "radical green" regulations limiting the flow of showerheads to 9.5 litres of water per minute.<br/><br/>The White House said the order "frees Americans from excessive regulations that turned a basic household item into a bureaucratic nightmare" and ends the "Obama-Biden war on showers".<br/><br/>Trump has targeted water-pressure standards for showerheads, toilets, dishwashers and other household appliances, since his first term.<br/><br/>"My hair, I don't know about you, but it has to be perfect, perfect," he said outside the White House in 2020.<br/><br/>"I take a shower, I want that beautiful head of hair to be just lathered," Trump said in Detroit in June.<br/><br/>"I get this best stuff you can buy and I dump it all over. <br/><br/>"And then I turn on the water and the damn water drips out. <br/><br/>"I can't get the stuff out of my hair. It's a horrible thing."<br/><br/>But according to the Appliance Standards Awareness Project, "shower head standards save consumers money on their water and energy bills and help the environment".<br/><br/>"Testing has repeatedly shown that today's models can provide an excellent shower," the NGO said in a 2024 report. (AFP)
Trump wants to 'make showers great again'
2025-04-10 HKT 13:34
Authorities on Thursday said they are stepping up efforts to tackle scam syndicates and their use of mule accounts to launder funds. <br/><br/>This came after the number of scam cases rose by 12 percent, to almost 45,000 last year, involving more than HK$9 billion. <br/><br/>Some 8,600 people were arrested on suspicion of lending their bank accounts for money laundering in 2024, a jump of 44 percent from the previous year. <br/><br/>Among the new measures, police will be sharing with banks the account and phone numbers, as well as e-mails associated with suspicious bank accounts on its Scameter database. <br/><br/>The Hong Kong Monetary Authority (HKMA) said banks could flag suspicious accounts, and when money goes into them, they can consider reminding clients of risks, conduct further vetting, or ask police for help.<br/><br/>Subject to Legco's passage of a new law, local retail banks will also seek to step up data sharing of suspicious accounts and transactions by the end of the year. <br/><br/>An executive director of the HKMA, Raymond Chan, said authorities and the sector will take steps to protect the privacy of clients.<br/><br/>"Banks will only be sharing client information in specific situations such as scams and money laundering. The information can only be used for detecting and preventing banned activities," Chan said.<br/><br/>"The sharing can only take place on a designated platform. One of the platforms is the Financial Intelligence Evaluation Sharing Tool (Finest) set up by the police."<br/><br/>Chan said the HKMA and the force will closely monitor the information sharing system, and it will be issuing guidelines to banks on its use.<br/><br/>Meanwhile, a police chief superintendent, Kelly Cheng, said officers had taken steps to tackle cross-border scam cases. <br/><br/>She noted that in a joint operation spanning several months last year, mainland authorities arrested 251 people in connection with more than 500 scam cases.<br/><br/>The arrestees – most of them from the mainland – were suspected of coming to Hong Kong to open bank accounts before going back across the border.
Authorities doing more to tackle scams, mule accounts
2025-04-10 HKT 13:21
Financial Secretary Paul Chan said on Thursday the integration of artificial intelligence technology into the fintech industry could help turbocharge financial development across Asia. <br/><br/>His remarks came as the government-owned investment body, Hong Kong Investment Corporation (HKIC), launched a strategic partnership with locally-based virtual bank, WeLab Bank, to further enrich the city's fintech ecosystem.<br/><br/>Speaking at a ceremony marking the partnership, Chan noted that the city's fintech industry, with firms numbering some 1,100, has seen rapid growth over the past year, rising by five places to rank fourth on the Global Financial Centres Index in terms of fintech evaluations.<br/><br/>He added that it's essential for the industry to incorporate the latest AI technology into its services so as to transform the finance and banking systems.<br/><br/>"For instance, AI technologies can uncover correlations between seemingly unrelated factors, enabling the identification of credit worthiness in individuals who might otherwise be regarded as unqualified for lending," Chan said.<br/><br/>"This is exactly what WeLab is achieving for its innovative technologies.<br/><br/>"I'm confident that through this partnership HKIC and WeLab can assist more local and regional enterprises to leverage AI and fintech, thereby unlocking the potential of finance, to support economic development across Asia."<br/><br/>Speaking to reporters after the event, HKIC chief executive Clara Chan hoped the strategic partnership can help more SAR firms tap into overseas markets.<br/><br/>"WeLab has already established a foundation in southeast Asia, their contacts, experience, and ability there can help these companies to accelerate their expansion into the overseas markets there," she said.<br/><br/>Launched in 2019, WeLab Bank said it has been ramping up its adoption of AI in recent years and has integrated DeepSeek's AI models into its local system.<br/><br/>The virtual lender has just reported its first monthly profit in December as it speeds up expansion into the southeast Asian market, including Indonesia and Thailand.<br/><br/>HKIC, meanwhile, has also struck a strategic partnership deal with chipmaker, StarFive, to speed up the adoption of the popular RISC-V chips, an open-source architecture used to design less-sophisticated semiconductors, in the SAR.
AI to turbocharge fintech growth in Asia: Paul Chan
2025-04-10 HKT 12:36
South Korean opposition leader Lee Jae-myung, widely seen as the frontrunner in a presidential by-election triggered by the removal of President Yoon Suk Yeol last week, officially announced a presidential bid on Thursday, vowing to heal a starkly divided nation through economic growth.<br/><br/>Lee, who narrowly lost the 2022 election to Yoon, led the liberal Democratic Party’s campaign to oust the former president over his December declaration of martial law.<br/><br/>Lee recently stepped down as the party’s chairman to focus on campaigning for the June 3 election. He is considered the clear frontrunner in party's primary. Kim Dong-yeon, the Democratic governor of Gyeonggi province and a longtime financial policymaker, also told reporters on Wednesday that he intends to run for president.<br/><br/>Yoon’s downfall has left the conservative People Power Party in disarray, with roughly 10 politicians expected to seek the nomination, reflecting a split between Yoon loyalists, who still control the party’s leadership, and reformists calling for a fresh start.<br/><br/>In a video message, Lee said that Yoon’s martial law saga exposed the country’s deep divisions and social conflicts, and argued that the root cause was a widening rich-poor gap. He promised aggressive government spending to jolt economic growth and ease income polarisation.<br/><br/>“We have more than we did in the past, but wealth is too concentrated in certain areas,” Lee said. <br/><br/>“With economic growth rates declining worldwide, it has become difficult to maintain and develop an economy solely on the strength of the private sector. However, with government-led talent development and extensive investments in technological research and development, we can revive the economy.”<br/><br/>He also said it was crucial to maintain a robust alliance with the United States and to pursue three-way cooperation with Japan, but he stressed that South Korea’s national interest should come first in “every decision”.<br/><br/>Lee, who has served as a lawmaker, provincial governor and city mayor, is adored by supporters for his outspoken style and has long positioned himself as an anti-elitist. <br/><br/>His critics view him as a populist who stokes division and demonises conservative opponents, while failing to offer realistic funding plans to achieve his ambitious goals. (AP)
S Korean opposition leader opens presidential bid
2025-04-10 HKT 12:13
An industry veteran on Thursday described US President Donald Trump's decision to further raise the levy on Chinese goods to 125 percent as “very irrational”, with experts saying Hong Kong firms should rely less on the US market.<br/><br/>The chairman of the Federation of Hong Kong Industries, Steve Chuang, told an RTHK radio programme that many federation members are adopting a wait-and-see approach, as the situation is changing every day.<br/><br/>His remarks came less than a day after Beijing announced it would further raise tariffs on US goods to 84 percent, starting at noon on Thursday.<br/><br/>Chuang pointed out that the amount of tariffs imposed by the US does not matter anymore, as levies have already made it impossible for businesses in the SAR to trade with the country.<br/><br/>"The main challenge to businesses in Hong Kong is that if they continue to manufacture the goods in China, should they go ahead with shipping?"<br/><br/>"Would American buyers cancel the order? All of them cannot react at the moment, including US buyers, many of them don't know what to do now,” he said.<br/><br/>Chuang revealed that some trading partners in the US have decided to either put their orders on hold or cancel them.<br/><br/>Meanwhile, Billy Mak from the Hong Kong Baptist University said he believes the US wants to cut ties with China by imposing the hefty tariffs.<br/><br/>The professor from the Department of Accountancy, Economics and Finance added that unless talks are held between the world's two largest economies, companies should rely less on US markets and seek to boost trade with Asean or countries along the Belt and Road.<br/><br/>And Gary Lau, chairman of the Hong Kong Association of Freight Forwarding and Logistics told the same show that Trump's decision to triple small parcel tariffs from the mainland and SAR will hit local exports the most, as e-commerce platforms accounted for most shipments.<br/><br/>He revealed that many platforms are trying to ship out their orders before the measure takes effect next month.
'Hefty US tariffs on China are very irrational'
2025-04-10 HKT 12:03
Dominican Republic rescue workers ended the search for survivors of a nightclub roof collapse as the death toll surpassed 180 in the Caribbean nation's worst disaster in decades.<br/><br/>Emergency personnel late on Wednesday reported 60 more deaths compared to the morning's count, with the total confirmed tally reaching 184.<br/><br/>An official statement had earlier said that "all reasonable possibilities of finding more survivors" had been exhausted, and the focus of the operation will turn to recovering bodies.<br/><br/>"Today we will complete the rescue effort," said Jose Luis Frometa Herasme, head of the fire service in the Dominican capital Santo Domingo, where the tragedy ocurred at the Jet Set nightclub in the early hours of Tuesday, sending shockwaves through the nation.<br/><br/>Relatives of missing people were still waiting desperately for news on Wednesday of their loved ones outside the ruined club, at hospitals and at the local morgue.<br/><br/>Over 300 rescue workers, aided by sniffer dogs, had spent two days combing through mounds of fallen bricks, steel bars and tin sheets, supported by firefighters from Puerto Rico and Israel.<br/><br/>Aerial images of the site showed a scene resembling the aftermath of an earthquake, with a gaping hole where the roof of the club – a fixture of Santo Domingo's nightlife for half a century – had been.<br/><br/>Over 500 people were also injured when the roof caved in while renowned merengue singer Rubby Perez was performing for a crowd of hundreds.<br/><br/>Perez and two former Major League Baseball players were among the dead.<br/><br/>President Luis Abinader has declared three days of national mourning. (AFP)
Search ends for survivors of nightclub disaster
2025-04-10 HKT 06:40
The French government has cut its growth forecast for 2025 because of the uncertainty over world trade, the economy minister said on Wednesday just hours after US President Donald Trump paused a massive hike in tariffs.<br/><br/>The government had forecast annual growth of 0.9 percent when presenting its 2025 budget, but Economy Minister Eric Lombard told TF1 television that it would be trimmed to 0.7 percent.<br/><br/>The Bank of France had already revised its growth forecast for 2025 to 0.7 percent in March, and the French Economic Observatory (OFCE) lowered its forecast to 0.5 percent on Wednesday.<br/><br/>Asked about a possible further downward revision, the minister said that "would depend on the negotiations that will be initiated with the United States and the decisions that are taken on customs duties."<br/><br/>"If we succeed in lowering tariffs, we could even get better, and if not, we will see," he added.<br/><br/>Lombard ruled out raising taxes in 2025.<br/><br/>Just before his interview, Trump announced that he was suspending levies on all countries except China for three months, after US bond and equity markets had tumbled for several days.<br/><br/>"It's good news, but we must remain calm," Lombard told LCI television, saying he hoped to find "a new agreement" with the Americans.<br/><br/>Bank of France governor Francois Villeroy de Galhau welcomed the US move which he called "a return to economic realism and a little reality". But he warned that US policy remained "unpredictable" and that there would be a "negative impact" in Europe.<br/><br/>Italy, which exports much more to the US than France, earlier in the day halved its growth forecast for 2025 to 0.6 percent. (AFP)
France cuts growth forecast for 2025 on tariff fears
2025-04-10 HKT 03:14
US President Donald Trump abruptly backed down on Wednesday in his global trade war with a 90-day pause for most countries – but slapped even more levies against China in what has become a full-scale confrontation between the world's two largest economies.<br/><br/>Following days of global market turmoil, Wall Street stocks surged in reaction to Trump's announcement.<br/><br/>"I have authorized a 90-day PAUSE" on higher tariffs that took effect on Wednesday, Trump said on his Truth Social network, saying he took the decision after more than 75 countries had reached out to negotiate and did not retaliate against the United States.<br/><br/>Only a flat rate of 10 percent tariffs on all countries that took effect on Saturday will remain in place. This marked a stunning reverse from often punishing levies that hit even many of the closest US allies.<br/><br/>But Trump accused China of still "ripping off" his country.<br/><br/>"Based on the lack of respect that China has shown to the World's Markets, I am hereby raising the Tariff charged to China by the United States of America to 125 percent, effective immediately," Trump said.<br/><br/>Trump had only hours earlier ramped up the duties on Chinese goods to a giant 104 percent. China then retaliated by raising tariffs on US imports to 84 percent.<br/><br/>"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," Trump said. (AFP)
Trump pauses tariffs for 90 days but hits China harder
2025-04-09 HKT 16:51
The government said changes to the HK$2 transport subsidy scheme will be in place sooner than expected.<br/><br/>Those changes were unveiled by Financial Secretary Paul Chan in his budget address in February, and officials have said it would take about 18 months to adjust Octopus machines to accommodate the new fares.<br/><br/>Under the plan, fares for more expensive routes will be higher than HK$2, with elderly and disabled passengers paying 20 percent of trips that cost more than HK$10.<br/><br/>Welfare minister Chris Sun told lawmakers on Wednesday that the changes could be implemented in about 12 months' time thanks to efforts by transport operators and the Octopus Cards Limited.<br/><br/>"We can now say with certainty that the HK$2, or 20 percent of fare, will be implemented in April 2026, which is five months earlier than the original estimate," he said at a special finance committee meeting on the budget.<br/><br/>Sun said this would mean extra savings of HK$260 million in public coffers.<br/><br/>He also said the move to cap the number of HK$2 subsidised trips to 240 per person each month will be in effect about two years from now.<br/><br/>Election Committee councillor Carmen Kan asked whether officials can implement the updated scheme even quicker.<br/><br/>Sun said the administration is already taking the least amount of time possible, because officials still have to manually adjust every single machine on vehicles.<br/><br/>For his part, Roundtable lawmaker Michael Tien asked whether officials could bring in more measures – such as tougher penalties or new laws – to tackle abuse or misuse of the JoyYou Card for the elderly.<br/><br/>Sun said officials had already raised the penalty for people using the card and posing as someone else, adding that some suspects were taken to court.
Revamped HK$2 subsidy scheme to take effect earlier
2025-04-09 HKT 16:16
China said on Wednesday it is verifying reports of Chinese nationals being captured in Ukraine.<br/><br/>Speaking in a regular briefing, Foreign Ministry spokesman Lin Jian also urged its citizens to avoid conflict zones and participating in wars, after Ukrainian President Volodymyr Zelensky said troops had captured two Chinese citizens fighting alongside Russian forces.<br/><br/>"The Chinese side is verifying relevant information with the Ukrainian side," Lin said.<br/><br/>Zelensky said in a social media post that two Chinese citizens were captured in the Donetsk region. (Agencies)
China 'verifying reports of nationals held in Ukraine'
2025-04-09 HKT 16:04
The Commerce Ministry said China will resolutely take countermeasures and fight till the end if the United States insists on further escalating economic and trade restrictive measures, with firm will and abundant means.<br/><br/>"I want to emphasise that there is no winner in a trade war, and China does not want a trade war, but the Chinese government will by no means sit by when the legitimate rights and interests of its people are being hurt and deprived," an official with the ministry said.<br/><br/>The comments came as US tariffs of 104 percent for Chinese goods came into force on Wednesday.<br/><br/>The official also said Beijing hopes Washington will immediately remove its unilateral imposition of tariffs, and work with China to strengthen dialogue, manage differences and promote cooperation.<br/><br/>Under the guise of pursuing "reciprocity" and "fairness," the US is engaging in zero-sum games and, in essence, seeking "America First" and "American exceptionalism," the official said.<br/><br/>Noting that the US is also deliberately severing the well-established global industrial and supply chains and breaking the market-oriented free trade rules, the official said these practices seriously interrupt the economic development of countries around the globe and affect the long-term stable growth of the world economy.<br/><br/>Meanwhile, Foreign Ministry spokesman Lin Jian told a regular briefing that "the Chinese people's legitimate right to development is inalienable".<br/><br/>"China's sovereignty, security and development interests are inviolable," he said. "We will continue to take firm and forceful measures to safeguard our legitimate rights and interests." (Xinhua & agencies)
'China has firm will to take countermeasures'
2025-04-09 HKT 12:43
Train services between Tung Chung and Sunny Bay will end earlier next Saturday to make way for track diversion work as part of the line's extension, MTR officials said on Wednesday.<br/><br/>On April 19, Tung Chung Line services will conclude two hours earlier at 11pm. <br/><br/>Free shuttle buses will be provided for people to travel between the two stations.<br/><br/>The railway company said the last train from Tung Chung to Hong Kong station will depart at 11.01pm, while the final train from Hong Kong to Tung Chung will leave at 11:07pm. <br/><br/>Ben Lui, MTR's chief of airport segment, said 100 extra staff will be deployed to help passengers along the line.<br/><br/>"If there are any unexpected situations like severe weather, our team will work quickly to fix it," he said. <br/><br/>"If these issues might affect train services the next day, we will communicate through the news media and social media as soon as possible."<br/><br/>The extension project, which includes building a new Tung Chung East station, is expected to finish by 2029. <br/><br/>The MTR said foundation work for the new station has been completed and everything is progressing well.
MTR warns of Tung Chung-Sunny Bay service disruption
2025-04-09 HKT 12:00
Secretary for Housing Winnie Ho said new construction technologies can speed up housing projects and that residents living in substandard subdivided flats will not go homeless amid policy changes.<br/><br/>The government announced a plan to eradicate substandard subdivided flats last year, saying they will be replaced by basic housing units, each of which must be no less than eight square metres, or 86 square feet.<br/><br/>Speaking on RTHK's Overview Policy programme, Ho said residents of substandard subdivided units do not have to worry about relocations.<br/><br/>"Let's say one third of the subdivided flats have to be redesigned," she said.<br/><br/>"But the supply of public housing units will increase in the future, and we will have 21,000 transitional flats and 30,000 light public flats<br/><br/>"These flats will help to accommodate some 30,000 households in subdivided flats who have to be relocated."<br/><br/>Ho said she believes new construction technologies can help speed up housing projects, such as the modular integrated construction method being used to build transitional housing and light public housing.<br/><br/>Ho said she has had exchanges with experts on the mainland and that their new technologies could help the construction sector of the SAR.<br/><br/>"There are more and more robotic arms being used," she pointed out. <br/><br/>"Light public housing are structural steel projects, so welding is an important procedure.<br/><br/>"Robotic arms are used for welding, and the efficiency, accuracy and safety are a lot better than doing it manually."
New technologies can speed up housing projects: govt
2025-04-09 HKT 11:37
A commercial-sector lawmaker said on Wednesday US President Donald Trump's tariffs on China are an act of bullying.<br/><br/>Trump will impose an additional 50 percent tariffs on Chinese imports at around noon Hong Kong time on top of 54 percent levies, bringing the total to 104 percent.<br/><br/>Jeffrey Lam, who is also an executive councillor, told an RTHK radio programme that manufacturers and exporters in Hong Kong who mainly do businesses with the United States were furious about the move and felt powerless.<br/><br/>"Many companies now face a situation where they have many batches of completed goods that cannot be shipped, and they're unable to collect payment," he said.<br/><br/>"Because, normally speaking, when a customer places an order, companies can only collect payment when the goods have been shipped and have a shipping order. <br/><br/>"As they cannot collect the payment, there is a great impact on their cash flow."<br/><br/>But he stressed that companies have to be united and not be cowed, saying that will get them through this difficult period.<br/><br/>Lam pointed out that firms have reached a critical point, as they still have to settle operating costs, such as wages and rents amid their cash-flow struggles.<br/><br/>The lawmaker called on the Hong Kong Monetary Authority to roll out measures to help support small and medium-sized companies.<br/><br/>These include extending a payments moratorium on principals for 12 months and offering flexible arrangements for firms to repay loans.<br/><br/>Even though the industry has been trading in the Middle East and Southeast Asian markets in the past two years, Lam said combined sales from the two places are still lower than US turnover.<br/><br/>He added that opening up new markets takes time and that they won't be able to replace the US market at once.<br/><br/>Meanwhile, Willy Lin, chairman of Hong Kong Shippers' Council told the same programme that companies in Hong Kong cannot do much even if they have already set up factories in various places, like Southeast Asia, as many of those countries have been hit by Trump's levies.
HK exporters 'furious over Trump tariffs'
2025-04-09 HKT 07:30
Rescuers raced to find survivors on Tuesday among the rubble of a Dominican Republic nightclub where at least 98 people, including a Major League Baseball star, were killed when the roof collapsed.<br/><br/>Renowned Dominican merengue singer Rubby Perez, who was on stage at the popular Jet Set nightclub when the roof caved in shortly after midnight, was one of those caught up in the calamity.<br/><br/>Emergency workers said the 69-year-old was among dozens of people trapped in the rubble, some of whom were heard crying for help.<br/><br/>Several Dominican media outlets later reported that Perez had been found dead but Juan Manuel Mendez, director of the Emergency Operations Centre, said forensics experts had "not confirmed that they found the body."<br/><br/>Over 370 rescue personnel combed mounds of fallen bricks, steel bars and tin sheets for survivors.<br/><br/>Among the dead was 51-year-old retired MLB pitcher Octavio Dotel, who won a World Series in 2011 with the St Louis Cardinals.<br/><br/>He was rescued alive but died of his injuries while being taken to hospital, local media reported.<br/><br/>Local media said there were between 500 and 1,000 people in the club when disaster struck shortly at 12:44 am local time. The club has capacity for 700 people seated and about 1,000 people standing.<br/><br/>Dozens of ambulances ferried the injured to hospital, as scores of people gathered outside the venue desperately seeking news of their loved ones.<br/><br/>Perez was on stage when there was a blackout and the roof came crashing down, according to eyewitness reports.<br/><br/>Also among the dead was the governor of the Monte Cristi municipality, Nelsy Cruz, according to President Luis Abinader.<br/><br/>The death toll started at 15 and kept rising throughout the day. By evening it had reached 66.<br/><br/>President Abinader visited the scene and declared three days of national mourning. (AFP)
At least 98 dead in Dominican Republic roof collapse
2025-04-08 HKT 19:58
There was fanfare at the Kai Tak Stadium on Tuesday evening as Coldplay kicked off the first of four concerts in Hong Kong on its current world tour.<br/><br/>The show marked the British pop band’s return to the SAR after a 16-year hiatus, and the first concert held at the new stadium.<br/><br/>Zoe, a longtime Coldplay fan, said she's attending the band’s concert for the first time.<br/><br/>“Because it might be the last concert they have in their career, so we're expecting just a very good concert tonight,” she said. <br/><br/>Another fan, Judy, got the standing ticket that puts her right next to the stage. <br/><br/>“I hope there will be fireworks tonight,” she said. “We already know the routine playlist, but I still want to hear if somebody's gonna order a song. My favourite song is ‘Every Teardrop is a Waterfall.’”<br/><br/>She was upset about missing Coldplay’s previous world tour and said this time is a dream come true.<br/><br/>“Actually, I used to study in London, but I think it's 2018, 2019, that’s the time they stopped the world tour. So it's such a shame that I didn't get a chance to see the tour. This time is like my dream comes true,” she said.<br/><br/>Organisers allowed people to bring empty reusable plastic or silicone bottles that can hold up to 600 millilitres of liquid into the stadium. <br/><br/>There were restrictions to bag size while a list of items, including professional cameras and handheld signs, are prohibited. <br/><br/>Most fans whom RTHK spoke to, including Bertha, found the rules reasonable. <br/><br/>“I'm aware of this and I think it's quite normal to have such restrictions. Because when I was in Taiwan and New Zealand, they didn't allow people to bring water bottles inside as well,” she said.<br/><br/>Once the concert got underway, the atmosphere was electric.<br/><br/>It started with the band's vocalist, Chris Martin, greeting fans in Cantonese. <br/><br/>He said Coldplay were delighted to be in Hong Kong.<br/><br/>Fans reached another frenzy when local singer Marf, from the girl group Collar, was invited as a guest to perform with the band.<br/><br/>The band also handed out LED wristbands that lit up in different colours for each song.<br/><br/>Police, meanwhile, said five people were arrested on suspicion of reselling tickets at inflated prices. <br/><br/>Coldplay will put on three more sold-out shows at Kai Tak Stadium on Wednesday, Friday and Saturday.<br/>_____________________________<br/><font style="font-size:90%" my="my"><i>Last updated: 2025-04-08 HKT 22:51</i></font>
Fans delight as Coldplay kick off HK tour
2025-04-08 HKT 17:00
China is ready to fight till the end if the United States is bent on waging a tariff war or trade war, the Foreign Ministry said on Tuesday.<br/><br/>Commenting on the US threat of an additional 50 percent tariff on Chinese imports, spokesman Lin Jian said the indiscriminate imposition of tariffs by the US seriously violates the legitimate rights and interests of other countries and the rules of the World Trade Organization, seriously damages the rule-based multilateral trading system, and seriously impacts the stability of the global economic order.<br/><br/>"It is typical unilateralism, protectionism, and economic bullying, and has been widely opposed by the international community," Lin said.<br/><br/>He added that pressuring, threatening and blackmailing are not the right ways to deal with China.<br/><br/>"China will take necessary measures to resolutely safeguard its lawful rights and interests," Lin said.<br/><br/>"If the United States ignores the interests of the two countries and the international community and insists on fighting tariff wars and trade wars, China will surely fight till the end."<br/><br/>Meanwhile, Premier Li Qiang said China's macroeconomic policies this year have fully taken into account various uncertainties and it has sufficient policy tools in reserve, adding that Beijing was "fully capable of hedging against adverse external influences".<br/><br/>Li made the comments in a phone call with the president of the European Commission, Ursula von der Leyen, who urged Beijing to ensure a negotiated solution to problems caused by the sweeping US import tariffs.<br/><br/>The premier added that China's countermeasures are aimed not only at safeguarding the country's sovereignty, security and development interest, but also at defending global trade rules and international fairness and justice.<br/><br/>He said China will continue its opening-up policies and step up cooperation with other countries. (Xinhua/Reuters)<br/>_____________________________<br/><font style="font-size:90%" my="my"><i>Last updated: 2025-04-08 HKT 21:59</i></font>
China 'ready to fight till the end' over US tariffs
2025-04-08 HKT 16:12
English Premier League giants Manchester United on Tuesday announced that they'll play a friendly in Hong Kong next month as part of their post-season Asian tour. <br/><br/>The match against Team Hong Kong, China, will take place at Hong Kong Stadium on May 30.<br/><br/>Organisers said on social media tickets for the game will go on sale on Cityline on Friday and that they'll hold a press conference the day before that about the match. <br/><br/>The Red Devils will also make a stop in Kuala Lumpur two days before that. <br/><br/>It's the first time in 12 years that the team will be coming to Hong Kong.
Manchester United to play in Hong Kong on May 30
2025-04-08 HKT 15:23
US President Donald Trump's tariffs on Singapore are "not actions one does to a friend", the city-state's leader said on Tuesday, adding the government will likely downgrade this year's economic growth forecast.<br/><br/>Prime Minister Lawrence Wong warned that the "likelihood of a full-blown global trade war is growing" and urged his trade-reliant nation to prepare for difficult times ahead.<br/><br/>"We are very disappointed by the US move, especially considering the deep and long-standing friendship between our two countries," he said in an address to parliament.<br/><br/>"These are not actions one does to a friend."<br/><br/>Singapore was hit with a 10 percent tariff despite a free-trade agreement with the United States.<br/><br/>The rate is much less than those imposed on other countries.<br/><br/>But Wong said the trade-dependent nation will be particularly hurt by a slump in the world economy and the unravelling of the global trading system based on free trade.<br/><br/>"Singapore may or may not go into recession this year, but I have no doubt that our growth will be significantly impacted," he said.<br/><br/>The trade ministry is reassessing its economic growth forecast this year of 1 to 3 percent "and will likely revise it downwards," he added.<br/><br/>Wong said that under the US-Singapore FTA, the city-state imposes zero tariffs on American goods. Singapore also runs a trade deficit with Washington.<br/><br/>"If the tariffs were truly reciprocal and if they were meant to target only those with trade surpluses, then the tariff for Singapore should be zero," he said.<br/><br/>Singapore hosts thousands of US companies and many of them have made the city their Asia-Pacific headquarters.<br/><br/>While the island-nation is not a US defence treaty ally, it enjoys robust military ties with Washington.<br/><br/>"This marks a profound turning point," he said.<br/><br/>"We are entering a new phase in global affairs, one that is more arbitrary, protectionist and dangerous." (AFP)
Singapore PM says tariffs 'not act of a friend'
2025-04-08 HKT 12:05
Chief Executive John Lee said on Tuesday Hong Kong will seize every opportunity to help social media influencers show the city to the world.<br/><br/>Lee was speaking after YouTube megastar IShowSpeed's visit here last week. <br/><br/>The live streamer drew crowds of fans and chaos as he made his way to Causeway Bay, Ocean Park and the Temple Street night market on Friday. <br/><br/>Speaking before the weekly Executive Council meeting, Lee said the Tourism Board had reached out to the YouTuber but didn't hear back from him. <br/><br/>"This KOL [key opinion leader] has many followers, he has many fans, so I'm sure we all take very seriously any opportunity to publicise Hong Kong," he said.<br/><br/>Lee also called on different sectors of the community to welcome and support influencers coming to the city. <br/><br/>"I see there were hotels, restaurants, public transport operators which provided Speed and other KOLs assistance in their broadcasting," he said. <br/><br/>"So if anyone wants to promote Hong Kong, please do our best to help them because Hong Kong is our home." <br/><br/>Asked about his assessment of Super March, Lee said the series of mega events attracted overseas tourists and boosted the hotel and catering industries. <br/><br/>He said more mega events are lined up for April, including the first-ever World Internet Conference Asia-Pacific Summit to be held in Hong Kong.
CE vows support for influencers after IShowSpeed visit
2025-04-08 HKT 11:57
An economist said on Tuesday he expects the US Federal Reserve to cut interest rates sooner than expected in a bid to rescue the American economy.<br/><br/>The prediction came a day after a global stock market rout amid concern over the ongoing trade war as seen in tit-for-tat tariff levies between the world's two largest economies.<br/><br/>Speaking on an RTHK radio programme, Terence Chong, executive director of Chinese University's Lau Chor Tak Institute of Global Economics and Finance, said that if the US stocks continue to slump, the Fed's top priority is to save the economy.<br/><br/>"I believe the chance of the Fed cutting rates due to the slump in US stocks and global stock market is high," he said. <br/><br/>"Because if US stocks continue to drop, it has to save the economy first. <br/><br/>"Inflation is not its top concern."<br/><br/>US President Donald Trump has threatened to impose an additional 50 percent tariffs on Chinese goods from Wednesday if Beijing does not retract its 34 percent counter-tariffs to the American levies imposed last week.<br/><br/>Chong said this shows that Trump was scared of China tariffs.<br/><br/>The economist pointed out that as soybean is one of China's top US imports, soybean farmers would be hit the hardest under the potential additional levy.<br/><br/>He also said if the trade war escalates, it might give rise to smuggling and panic buying in the United States when some goods are not imported to Washington.<br/><br/>Separately, Chong expects Hong Kong stocks to remain volatile in the short run and suggests investors not enter the market for now.
HK economist expects Fed to cut rates sooner
2025-04-08 HKT 11:10
Chief Executive John Lee has hit out at the United States for slapping "reckless" tariffs on countries and places around the world, vowing to take steps to respond to the sweeping levies through deepening international cooperation. <br/><br/>Washington has announced an additional 34 percent tariff on Chinese goods, which also applies to Hong Kong. <br/><br/>Coming on top of existing levies, the tariffs go up to 54 percent. <br/><br/>"The US no longer adheres to free trade, arbitrarily undermining the internationally established rules of world trade," Lee said ahead of Tuesday's Executive Council meeting. <br/><br/>"Its ruthless behaviour damages global and multilateral trade. <br/><br/>"The reckless imposition of tariffs affects many countries and regions around the world with huge tax rate increases and covering a wide range of goods, disrupting the world's economic and trade order, bringing great risks and uncertainties to the world."<br/><br/>Export enterprises will inevitably be affected in the short run by the tariffs, Lee added. <br/><br/>To address the effects brought about by US tariffs, the chief executive said seizing opportunities on the mainland and integrating into national development is one of seven key areas in which the SAR government is hoping to strengthen its work. <br/><br/>Lee also pledged to boost international exchanges, strengthen global financial cooperation, and work to attract foreign investment. <br/><br/>On Hong Kong, he said the authorities would accelerate industrial transformation, intensify efforts in the development of innovation and technology, while supporting enterprises to cope with the impacts of tariffs and external challenges.
'Reckless' tariffs hurt global trade, says John Lee
2025-04-08 HKT 10:51
South Korea will hold a presidential election on June 3, the country's acting president said on Tuesday, after Seoul's former leader Yoon Suk-yeol was removed from office over a disastrous declaration of martial law.<br/><br/>South Korea has been effectively leaderless since December, when former president Yoon attempted to subvert civilian rule but was quickly impeached by lawmakers and suspended from office.<br/><br/>A court last week upheld his impeachment, stripping him of the top job, and triggering fresh elections, which must be held within 60 days.<br/><br/>The government had held "discussions with the National Election Commission and other related agencies", Acting President and Prime Minister Han Duck-soo said on Tuesday.<br/><br/>It also took into account "the need to ensure smooth election operations and allow sufficient time for political parties to prepare," he said.<br/><br/>As a result they have decided "to set June 3 as the date for South Korea's 21st presidential election," he said, adding that the day would be designated as a temporary public holiday to facilitate voting.<br/><br/>Han called upon ministries and the National Election Commission to "make thorough preparations to ensure an election that is fairer and more transparent than ever, and one that can earn the trust of the people."<br/><br/>Unlike a regular poll, where a president-elect has a two-month transition period, the winner of the June 3 election will be inaugurated the following day.<br/><br/>Han resumed acting as president recently after the Constitutional Court threw out his own impeachment.<br/><br/>Presidential elections are typically held on Wednesdays, but no specific weekday is required for snap polls triggered by a vacancy.<br/><br/>The official campaign period will run from May 12 until June 2.<br/><br/>Opposition leader Lee Jae-myung is the frontrunner in any polls, with a 34 percent support rating according to the latest Gallup poll.<br/><br/>His party already controls the National Assembly.<br/><br/>He narrowly lost to Yoon in the 2022 presidential election but staged a political comeback as leader of the main opposition, despite a career shadowed by legal troubles, including ongoing trials.<br/><br/>In distant second place is Labour Minister Kim Moon-soo.<br/><br/>Polling around nine percent, he leads a pack of challengers from Yoon's People Power Party, which also includes former party chief Han Dong-hoon.<br/><br/>Yoon also faces a separate criminal trial on charges of insurrection over the martial law bid. (AFP)
Seoul confirms June 3 date for presidential elections
2025-04-08 HKT 10:39
The Hang Seng Index gained 329.22 points, or 1.66 percent, to open at 20,157.52 points on Tuesday.<br/><br/>Earlier, China's central bank, the People's Bank of China, said it would back major state-backed fund Central Huijin Investment in stabilising the market. <br/><br/>On Monday, stock markets on the mainland, Hong Kong and elsewhere in Asia, sold off sharply on trade war and recession concerns following Washington's imposition of tariffs. (with additional reporting by agencies)
Hong Kong stocks bounce back at opening
2025-04-08 HKT 09:40
Tokyo's Nikkei index jumped nearly six percent in early trade on Tuesday after plunging 7.8 percent the previous day, as US tariffs fuel market volatility.<br/><br/>The benchmark Nikkei 225 index was up 5.81 percent, or 1,809 points, to 32,946, while the broader Topix index gained 6.2 percent, or 141 points, to 2,430.<br/><br/>Seoul's Kospi index was also up nearly two percent.<br/><br/>US President Donald Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party.<br/><br/>On Monday, stock markets and oil prices collapsed further, as trading floors across the world endured waves of selling after last week's sharp losses.<br/><br/>Trump doubled down on his crusade on Monday, saying he was "not looking" at any pause in tariff implementation.<br/><br/>But meanwhile "Nvidia's stabilisation and the 2.7 percent rise in the Philadelphia Semiconductor Index (SOX) are expected to trigger buybacks in Japan's high-priced, semiconductor-heavy stocks", brokerage house Monex said in a note.<br/><br/>"With the yen's continued weakness providing additional tailwinds, domestic markets are projected to open higher today," it said.<br/><br/>One US dollar bought 147.56 yen in morning trade, compared to 147.83 yen overnight.<br/><br/>"Both the US administration and President Trump himself are denying reports about the suspension of reciprocal tariffs, meaning concerns over tariffs still persist," Monex said.<br/><br/>Japan's Prime Minister Shigeru Ishiba, meanwhile, said late on Monday that he had a call with Donald Trump in which they agreed to more talks on the US president's latest tariffs.<br/><br/>Despite the agreement, "tariff-related volatility will likely continue", Monex added. (AFP)
Tokyo's Nikkei up 5.8pc as US tariffs fuel volatility
2025-04-08 HKT 08:54
A volcano in the central Philippines erupted early on Tuesday morning, sending a plume of ash 4,000 metres into the sky and prompting calls for local school cancellations.<br/><br/>Kanlaon Volcano, one of 24 active volcanoes in the Southeast Asian nation, erupted in December, prompting the evacuation of surrounding villages.<br/><br/>The area around the volcano on the island of Negros was still under evacuation orders when Tuesday's eruption occurred.<br/><br/>"An explosive eruption is currently occurring at the summit vent of Kanlaon Volcano that began at 5:51 am today," the Philippine Institute of Volcanology and Seismology said in a statement.<br/><br/>The volcano "is producing a voluminous bent plume approximately 4,000 metres tall that is drifting southwest", it said.<br/><br/>Videos posted on social media showed a wide, billowing plume of smoke slowly stretching into the sky.<br/><br/>The level three alert - out of a scale of five - put in place during December's eruption remained unchanged.<br/><br/>In September, hundreds of nearby residents were evacuated after the volcano spurted thousands of tonnes of harmful gases in a single day. (AFP)
Philippines volcano sends ash into the air
2025-04-08 HKT 01:29
US President Donald Trump on Monday threatened huge additional tariffs on imports from China, raising the possibility of further escalation in a trade war that has already wiped trillions of dollars from global markets.<br/><br/>"If China does not withdraw its 34 percent increase above their already long term trading abuses by tomorrow, April 8th, 2025, the United States will impose ADDITIONAL Tariffs on China of 50 percent, effective April 9th," Trump said in a Truth Social post.<br/><br/>Last week, Trump put an additional 34 percent tariff on Chinese goods, on top of two rounds of 10 percent tariffs already declared in February and March. <br/><br/>It is not immediately clear how Trump's new threat factors into this calculation.<br/><br/>China's response included export controls on rare earth elements, and Beijing plans for its own 34 percent tariff on US goods, stacking atop existing Chinese levies set to begin April 10.<br/><br/>Earlier, Foreign Ministry spokesman Lin Jian said the new tariffs harmed the stability of global production and supply chains and seriously impacted the world’s economic recovery.<br/><br/>“Pressure and threats are not the way to deal with China. China will firmly safeguard its legitimate rights and interests,” Lin told reporters.<br/><br/>Trump took aim at Beijing's economic practices on social media Monday, criticising its "non-monetary tariffs" and "illegal subsidization of companies."<br/><br/>He added that "all talks with China concerning their requested meetings with us will be terminated."<br/><br/>But "negotiations with other countries, which have also requested meetings, will begin taking place immediately," Trump wrote on his Truth Social platform. (Agencies)
Trump threatens further 50pc tariffs on China
2025-04-07 HKT 17:56
Nurturing talent is the "cornerstone" in innovation and technology (I&T) development, according to the city's tech chief on Monday.<br/><br/>Secretary for Innovation, Technology and Industry Sun Dong told a launch ceremony for the Polytechnic University's faculty of computer and mathematical sciences that SAR authorities have been taking steps to expand the pool of highly-skilled professionals and equip young people with skills needed for the future. <br/><br/>"We firmly believe that nurturing talent is a cornerstone of innovation and technology development," Sun said. <br/><br/>"We continue to proactively promote science and mathematics education, and strengthen digital education, so as to provide talent support for developing Hong Kong into an international I&T centre."<br/><br/>The university's newly established faculty focuses on three main disciplines: applied mathematics, computing, and data science and artificial intelligence.
Nurturing talent 'cornerstone of innovation and tech'
2025-04-07 HKT 17:21
China on Monday accused the US of unilateralism, protectionism and economic bullying with tariffs, while calling on representatives of American companies including Tesla to “take concrete actions” to resolve the tariffs.<br/><br/>Putting “America First” over international rules harms the stability of global production and the supply chain and seriously impacts the world's economic recovery, Foreign Ministry spokesman Lin Jian told reporters.<br/><br/>"The US is seeking hegemony in the name of reciprocity, sacrificing the legitimate interests of all countries to serve its own selfish interests, and prioritising the US over international rules," he said.<br/><br/>"This is typical unilateralism, protectionism and economic bullying.<br/><br/>"The abuse of tariffs by the United States is tantamount to depriving countries, especially those in the Global South, of their right to development," Lin added, citing a widening gap between the rich and poor in each country, and less developed countries suffering a greater impact.<br/><br/>He said all countries should uphold consultation, joint construction and sharing, and "genuine multilateralism".<br/><br/>He also urged countries to jointly oppose all forms of unilateralism and protectionism, and safeguard the international system and the multilateral trading system according to the United Nations and World Trade Organization values respectively.<br/><br/>Last week, Trump put an additional 34 percent tariff on Chinese goods as part of “Liberation Day,” coming on top of two rounds of 10 percent tariffs already declared in February and March.<br/><br/>China and other governments retaliated quickly. Beijing announced its own 34 percent tariff rate on US goods, mirroring Trump's tariff rate.<br/><br/>“The sky won’t fall,” the People's Daily said, even if the US tariffs have an impact.<br/><br/>“Faced with the indiscriminate punches of US taxes, we know what we are doing and we have tools at our disposal." (Agencies)
US tariffs 'amount to unilateralism and bullying'
