I am not sure everyone in Hong Kong has taken fully on board the breadth and depth of the city’s intended role in the future economic development of the nation. It is right there in the budget speech delivered by Financial Secretary Paul Chan Mo-po, and it is being fleshed out in the 15th five-year…
Hong Kong entrepreneurs with operations in the Middle East are recalibrating their global footprints to hedge against mounting geopolitical instability and losses resulting from the widening conflict in Iran. The shift in business strategy followed the outbreak of the US-Israel war with Iran last week, prompting firms to draw up contingency plans by pivoting to…
Hong Kong’s economic growth forecast of between 2.5 per cent and 3.5 per cent for the year will not be affected by the Middle East war, which will hurt the trading sector but benefit the financial market, according to the city’s financial chief. Financial Secretary Paul Chan Mo-po also said on Saturday that the city…
Singapore is the most expensive city in the Asia-Pacific region to outfit an office, driven by increased labour costs, a shortage of contractors and strict building standards, according to real estate consultancy Knight Frank. The city had the highest average fit-out cost at US$2,029 per square metre – ahead of Tokyo (US$1,994) and Taipei (US$1,593)…
The escalating conflict in the Middle East is set to drive up travel costs for Hong Kong passengers as many are forced to opt for more expensive direct routes to Europe, according to analysts. They said on Monday that the suspension of major transit hubs in Dubai in the United Arab Emirates (UAE) and Doha…
The Hong Kong government has started the year with initiatives that have far-reaching impacts on the city’s long-term growth. Chief Executive John Lee Ka-chiu announced that he is spearheading Hong Kong’s inaugural five-year plan, which will promote broader integration with China’s five-year plan and ensure a bigger role for the city in the nation’s economic…
Hong Kong is stepping up its game as an international arbitration hub while pushing forward to help mainland Chinese companies go global with its professional services, the city’s deputy justice secretary has said. Deputy Secretary for Justice Horace Cheung Kwok-kwan on Tuesday described Hong Kong as an “indispensable bridge” between the rest of the country…
Hong Kong needs to consider widening the Stock Connect schemes and step up promotion in Southeast Asia and the Middle East to attract more international firms to list in the city, according to a government think tank. Rocky Tung Yat-ngok, newly appointed executive director of the Financial Services Development Council, said that while Hong Kong…
Hong Kong must maintain cash reserves to cope with geopolitical shocks and support long-term growth, even with a surplus expected in the government’s operating account this year, the financial secretary has said. Paul Chan Mo-po also said on Saturday that the city’s economy outperformed forecasts last year, lifted by strong exports to Southeast Asia and…
Hong Kong and mainland Chinese scholars have developed a pioneering AI model that uses satellite data to forecast heavy rainstorms up to four hours before they strike, much earlier than current predictions allow. The model represented a “major advancement in atmospheric monitoring and severe weather early warnings, enabling faster and more accurate forecasts and strengthening…