Hong Kong’s monetary authority has held its base interest rate steady, following the lead of the US Federal Reserve, as analysts said the inflationary impact of the US-Israel war with Iran had reduced the chances of a rate cut this year. The city’s base rate would stay at 4 per cent, the Hong Kong Monetary…
Hong Kong authorities have failed to meet targets on the supply and construction of youth hostels, with the number of flats offered accounting for only 44 per cent of what was intended, an audit report has found. The Audit Commission on Wednesday released its report reviewing the government’s development and management of the facilities under…
The Hong Kong Observatory should step up efforts to explain decisions for issuing typhoon warnings to address public concerns amid a rise in extreme weather events, the Audit Commission has urged. Citing the forecaster, a report issued by the public sector watchdog on Wednesday noted “increasing public demand” for signal change notification well in advance…
Hong Kong Sees Rise Of Fake Stablecoins Hong Kong’s central bank has warned of a rise in counterfeit or fake stablecoins. The Hong Kong Monetary Authority (HKMA) says criminals are exploiting the city’s incoming stablecoin regime and notes that legitimate stablecoins have not yet been launched. In a news release, the Hong Kong-based regulator said…
Guangdong will “actively align” with Hong Kong’s strategy for the Northern Metropolis megaproject and highlight areas of collaboration as part of the province’s 15th five-year plan. The Guangdong provincial government on Tuesday published its development blueprint, with the term “Guangdong-Hong Kong-Macau Greater Bay Area” mentioned 57 times in the document and a chapter dedicated to…
Hong Kong authorities have rolled out a fresh package of measures to support small and medium-sized enterprises (SMEs) reeling from the global fuel crisis and geopolitical tensions in the Middle East, including a 21 per cent increase in available bank lending to HK$450 billion (US$78.43 billion). The Hong Kong Monetary Authority (HKMA), the city’s de…
A Hong Kong government-funded online portal that provides resources for teachers and school students has failed to meet its user number target, with thousands of items never being downloaded, viewed or used, according to an audit report. The Audit Commission report, which was released on Wednesday, also cited remarks from the executive director of Hong…
Hong Kong’s Law Society has ordered the closure of a solicitors’ firm under investigation for its alleged role in a series of “crash-for-cash” scams in the city. The society’s council announced on Wednesday it would intervene in the practice of Raymond Lam & Associates, which will cease operations with immediate effect. The council also appointed…
A top-floor residence at High Peak in Hong Kong’s Mid-Levels West neighbourhood has sold for HK$420 million (US$53.7 million) as activity in Hong Kong’s high-end housing segment remains heated after a strong first quarter. The penthouse unit at 23 Po Shan Road sold to a company called Shine Action on April 8, Land Registry records…
A Hong Kong man has been jailed for two months for sharing a social media post urging residents to shun last year’s Legislative Council election. Security guard Wong Wah-kwong, 63, pleaded guilty at West Kowloon Court on Wednesday to inciting others to boycott the December poll – the second under a Beijing-imposed “patriots-only” election overhaul…