As Hong Kong grapples with an estimated budget deficit of nearly HK$100 billion (US$12.8 billion), Financial Secretary Paul Chan Mo-po has urged government departments to tighten their purse strings ahead of announcing his annual budget on February 26. His call has sparked concerns among some observers about the possible impacts of budget cuts, including higher…
Most of the Chinese University of Hong Kong’s reserves have specific purposes and cannot be redirected arbitrarily, its president has said, adding that he hopes possible government funding cuts will not affect the institution’s new initiatives. Professor Dennis Lo Yuk-ming on Thursday acknowledged the city’s financial challenges, saying the university was willing to go through…
Hong Kong’s finance chief should spend within the city’s means given the expected whopping deficit, a rural leader has said after drawing a fortune stick that advised residents against greed as part of a Lunar New Year ritual. Kenneth Lau Ip-keung, chairman of powerful rural body the Heung Yee Kuk, drew a “neutral” stick at…
Vendors at Hong Kong’s largest Lunar New Year fair are slashing their prices on flowers and other goods to clear stock, reporting weaker sales on the final day of operations, while some visitors have said they are spending cautiously. Financial Secretary Paul Chan Mo-po visited the 395-stall fair at Victoria Park in Causeway Bay on…
Hong Kong and Saudi Arabia are strengthening their bilateral cooperation in the financial services sector after a meeting in the city this week as their central banks explore ways to enhance their roles as the gateways between the two jurisdictions. Eddie Yue Wai-man, CEO of the Hong Kong Monetary Authority (HKMA), met with Ayman Al-Sayari,…
Eighty-five business heavyweights have pledged to support and participate in Hong Kong’s Northern Metropolis megaproject near the mainland China border, with a senior Beijing official calling on their companies to take part in wider reforms and help the city steer through global changes. The government on Friday also announced that next month it would invite…
The adoption of artificial intelligence (AI) in Hong Kong is on the rise, as enterprises look to deploy advanced computing infrastructure in their premises and in the city’s data centres, according to industry experts at a recent tech event. “We understand that businesses are eager to jump on the AI bandwagon to improve their efficiency…
Several overseas and mainland Chinese technology companies set to open offices in Hong Kong have dismissed concerns the local economy could suffer under a second Trump presidency, saying they are confident about growth. Seventeen more companies signed deals with the Office for Attracting Strategic Enterprises on Monday to establish a presence in Hong Kong, taking…
Hong Kong’s finance chief has revealed that another 17 companies will set up offices locally under a government push to develop the innovation and technology sector, as he pointed to “golden opportunities” for firms looking to settle in the city. Financial Secretary Paul Chan Mo-po also said on Sunday that Hong Kong would need to…
With the recent whirlwind of advances in the development of artificial intelligence (AI), it is natural for businesses and investors to want to leverage its power for future growth. It is also natural to have concerns about misuse and abuse by scammers. As such, the new government policy for “responsible” use of AI at the…