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Economics at scmp.com

Today News

13

Hong Kong’s revamped Temple Street night market draws 1.5 million tourists and locals in 5 months; attraction extended until end of year

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Authorities opt to extend initiative by six months, with more food offerings and promotion efforts planned.

Hong Kong logged 783 personal bankruptcy applications last month, a 21% jump and 4-month high

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March figure is up from 648 petitions logged in February following 753 in January.

06

All you need to know about Hong Kong’s new ban on single-use plastics – a complete visual guide

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Hong Kong is taking a major step in its war on waste by banning many single-use plastics. Here’s a visual guide on how much we waste, and the new rules aimed at tackling the problem.

03

Hong Kong wants to make a big splash in ‘art tech’. But what is it? From AI to NFTs, broad brush approach may need better framing, experts say

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Everything from songs penned by AI to augmented reality exhibitions come under art tech umbrella, which curators hope will catch eye of young people.

02

Hongkongers will get access to more than one credit reference agency under new scheme aimed at promoting competition

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A new operating model enabling Hongkongers to use the services of multiple credit reference agencies for the first time will start on April 26, the Hong Kong Association of Banks and two other industry groups announced.

Thursday, Apr 18

17

Hong Kong customs arrests 3 over alleged HK$1.8 billion money-laundering scheme linked to cryptocurrency platform, shell companies

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Woman, 42, and two men, aged 48 and 60, allegedly set up five companies and 18 local bank accounts that handled more than 1,000 suspicious transactions.

Hong Kong JPEX cryptocurrency scandal: 72 arrested, HK$228 million in assets frozen so far

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Providing update on city’s largest alleged fraud, police chief Raymond Siu also says force has received 2,636 reports regarding case, with about HK$1.6 billion involved.

15

Hong Kong’s buoyant home sales to fight gravity of continued high interest rates as cut hopes dwindle, analysts say

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Property agents have raised sales forecasts for the year amid project launches at discounted prices, but say a lack of a rate cut could pare those estimates.

13

About 60 enterprises forge partnerships with new Hong Kong I&T park as city pushes forward plan to attract jobs and billions of dollars in investment

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Among those to sign partnership deals with Hong Kong-Shenzhen Innovation and Technology Park are top firms from nine major economies.

Hong Kong lawmakers question HK$4.39 billion bill for running 30,000 temporary public housing flats

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Administration plans to provide 30,000 temporary homes by 2027-28 for families waiting at least three years for public housing.

07

Jewellery retailer Chow Tai Fook plans to rejuvenate brand, renovate 8,000 stores in mainland China and Hong Kong

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Vice-chairman Sonia Cheng says overhaul aims to ‘set the course of the group’s future’, with fresh logo and online shopping improvements among changes.

Wednesday, Apr 17

10

Big demand for discounted tickets for Hong Kong’s Cinema Day event this weekend

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Sixty-three cinemas across city selling tickets at HK$30 each for second annual day offering big discounts.

09

Indonesian firms push for stronger trade ties with Hong Kong, eye opening family offices, investing in energy, logistics and transport sectors

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Delegation meets Hong Kong’s John Lee to discuss creating opportunities for Indonesian companies looking to tap into local, mainland Chinese markets.

Tuesday, Apr 16

15

Hong Kong tourism sector hoping for 30% bump in visitors over mainland China’s Labour Day ‘golden week’ holiday

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Tourism lawmaker Perry Yiu says industry working on presenting ‘old offerings in new or refreshing and innovative ways’.

13

Hong Kong’s bitcoin, ether ETFs seen as attractive to Asian buyers, but ‘child’s play’ compared with scale of US market

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Spot bitcoin and ether ETFs in Asia could be attractive to investors looking to avoid US tax laws, but the market is still relatively ‘tiny’.

Monday, Apr 15

17

Hong Kong’s ESF international school group plans to raise tuition fees by about 5%

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Increase, which must be approved by Education Bureau, is aimed at supporting hiring and retention of staff, English Schools Foundation says.

16

Chinese tea shop giant Sichuan Baicha Baidao aims to raise US$330 million in Hong Kong’s biggest IPO of 2024

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Chinese tea shop giant Sichuan Baicha Baidao Industrial aims to raise HK$2.5 billion (US$330 million) in a Hong Kong initial public offering, set to be the city’s largest new-share sale of the year, regulatory filings show.

15

Average cost of Hong Kong supermarket goods went up by 1.9% last year, Consumer Council finds

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Prices of confectionery, biscuits and snacks rose by 9.9 per cent in 2023, Consumer Council says.

Hong Kong’s first spot bitcoin and ether ETFs get conditional approval as city stakes a lead on such products

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Bosera Asset Management, HashKey Capital, Harvest International and ChinaAMC are all working on spot crypto ETFs after the SFC’s first conditional approvals.

10

Hong Kong consumer watchdog calls for vigilance over private care home fees, says additional costs may balloon to 57% of basic monthly charges

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Consumer Council says items ranging from diapers to air conditioning may account for up to 57 per cent of basic monthly fees.

02

Outgoing HKEX chairman Laura Cha stresses importance of raising exchange’s global profile

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Laura Cha worked hard to elevate Hong Kong’s prominence on the international stage since she became the first and only female chairman of HKEX in 2018. As her tenure draws to a close, she believes that aim is no less important today.

Sunday, Apr 14

08

Hong Kong finance chief Paul Chan vows to help 1.8 million firms make payments, use services on enterprise version of iAM Smart

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Firms will be able to sign documents digitally and make payments for government services, among host of other features, on platform expected to launch in 2026.

Saturday, Apr 13

03

Hong Kong counts down to single-use plastic ban, but loophole allows people to still buy throwaway items online. Will they?

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Ban targets sale and distribution of plastic items, but not possession, so people can still buy online.

Friday, Apr 12

16

Hong Kong lawmakers hit out at hefty fare increases proposed by taxi trade

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Commissioner for Transport Angela Lee says authorities will strike a balance between the financial sustainability of trade and public’s acceptance of fare increases.

Member of Hong Kong leader’s policy unit denies involvement in Vietnam’s biggest fraud case

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Lee George Lam denies link to US$12.5 billion fraud by Vietnamese real estate tycoon Truong My Lan, insisting he was not part of management of Saigon Commercial Bank at the time.

11

Hong Kong public service struggles with 20% or more vacancies in some departments

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Broadcaster RTHK has highest vacancy rate at 23.8 per cent – 175 jobs – unfilled; police force tops the numbers game with 6,837 posts open, almost 18 per cent of establishment.

Hong Kong to set up new policy office to help drive development of digital economy, finance chief Paul Chan says

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Financial Secretary Paul Chan touts importance of supporting data flows during two-day summit bringing together business leaders to discuss digital economy.

08

Turnover rate of Hong Kong’s native English-speaking teachers hits decade low after end of Covid curbs

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Attrition rate for NETs fell to 9 per cent in primary schools and 7 per cent in secondary institutions, the lowest since data became available in 2013-14.

02

‘Rugby is changing lives in Asia,’ says maker of documentary inspired by visit to China

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Hamish Kenny says his documentary tells how the sport is growing across the continent and helping communities.

Thursday, Apr 11

16

City University of Hong Kong calls for broader ESG reporting coverage, says all financial institutions licensed by SFC should submit emissions data

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All financial institutions licensed by the SFC should be required to submit ESG reports for the development of a comprehensive ecosystem of sustainability disclosures, City University of Hong Kong says.