CLP Power, Hong Kong’s largest electricity supplier, will raise its fuel cost adjustment (FCA) next month – the first increase in more than a year – citing changes in actual fuel prices. Starting from April 1, the FCA will rise from 39.2 HK cents to 39.8 HK cents per kilowatt-hour, an increase of 0.6 HK…
Global investors should take a fresh look at China, where rapid technological advancement is converging with declining geopolitical risk relative to other regions, senior investment executives said at the Milken Institute’s Global Investors’ Symposium on Monday. The event in Hong Kong brought together 500 business leaders and senior executives from the investment, banking, finance, technology…
Hong Kong should leverage its position as a “safe haven for investment” to attract foreign capital amid the ongoing conflict in the Middle East, the head of InvestHK has said, noting that more companies using Dubai as a hub have shifted to the city to diversify risk. The call came as finance chief Paul Chan…
Cathay Pacific Airways will nearly double its fuel surcharges from next Wednesday, following a similar move by another Hong Kong carrier amid rising fuel prices driven by the Iran war. Cathay’s move, announced on Thursday and applicable to tickets issued on or after March 18, came on the same day the higher fuel surcharge rate…
Airfares from Hong Kong to European, South American and even some Asian destinations have surged amid the latest geopolitical tensions, according to industry insiders, especially on routes that typically transit through Middle Eastern aviation hubs. A check by the South China Morning Post found that airfares to such destinations had roughly tripled from Tuesday, days…
The first passenger flight to return to Hong Kong from the Middle East on Wednesday night amid the escalating conflict in the region was made possible by safe corridors in United Arab Emirates (UAE) airspace, an aviation expert has said, outlining the challenges of flying over conflict zones. Captain Steven Dominique Cheung, chairman of the…
The conflict in Iran could raise cargo transport costs from Asia to Europe by at least 10 per cent, according to Hong Kong sector representatives, as major shipping companies suspended bookings to and from the Middle East or imposed significant war-risk surcharges. Lawmaker Tommy Chung Ki-fung, who represents the import and export constituency, explained on…
Shifting policies under US President Donald Trump’s administration are expected to heighten market volatility in Hong Kong this year, the finance chief has said, but he also expressed “cautious optimism” about the capital market, noting that business and political leaders he met at the World Economic Forum viewed the city much more positively than in…
Europe made a “misjudgment” in categorising Russia as its top security threat and instead the continent’s real danger lay in Europeans’ inner “demon”, according to China’s longest-serving ambassador to the US. Cui Tiankai, a former Chinese foreign vice-minister, also claimed Nato had outlived its relevance and argued that the transatlantic security alliance no longer served…
Chinese businesses should pivot their attention to the “rising” Global South such as Africa and the Middle East while minimising foreign investment risks through localisation, according to a former senior diplomat. Le Yucheng, who was a Chinese foreign vice-minister from 2018 to 2022, offered the assessment on Wednesday at the Hongqiao International Economic Forum in…