The Hong Kong government must ensure its massive HK$1.8 billion (US$229.8 million) subsidy for diesel to mitigate record-high oil prices for the transport sector is not exploited by fuel companies through discount manipulations, an industry leader and a lawmaker have cautioned. Their warnings came shortly after authorities announced a two-month, HK$3-per-litre (38 US cents) diesel…
Crawley, Wednesday’s ceasefire announcement by President Donald Trump, linked to Iran reopening the Strait of Hormuz, prompted immediate optimism shipping would quickly resume. It didn’t. What will it take to get ships going through the Strait of Hormuz again? The following morning, traffic remained minimal. A handful of vessels, largely linked to Iran, made the…
Iran’s imposition of a toll for ships to pass through the Strait of Hormuz looks set to be a key point of contention at talks opening in Pakistan Friday. Shipping toll for Hormuz passage sharply divides nations When the United States and Israel launched their attack on Iran on February 28, Iran responded by blocking…
Up to 80 per cent of Hong Kong’s fishing vessels have suspended operations nearly a month ahead of a planned moratorium, according to a sector representative, as the doubling of “red oil” prices caused by the war in the Middle East has made going out to sea untenable for operators. Representatives for the local transport…
Investment banking fees across Asia-Pacific excluding Japan reached US$5.3 billion in the first quarter of 2026, with China’s Citic Securities ranking as the region’s top earner. The total in the first three months fell 5 per cent from a year earlier, as growth in equity capital markets underwriting was offset by weaker debt capital market…
Oil rebounded after its biggest one-day drop since April 2020, as the Strait of Hormuz remained largely blocked and Israeli attacks on Lebanon threatened to derail the fragile ceasefire in the Middle East. Crude oil prices have been on the rise of late and the Russia’s invasion of Ukraine has further fuelled concerns of supply…
A two-week ceasefire between the United States and Iran is unlikely to significantly ease fuel prices in the near term without a complete end to the conflict, Hong Kong economists have warned, citing uncertainties in the volatile situation. Economist Simon Lee Siu-po of the Chinese University of Hong Kong’s Shenzhen Finance Institute said that uncertainties…
President Trump hailed the rescue of the two U.S. airmen at a news conference on Monday, and he deserves his share of the credit. God knows he’d have been blamed had the high-risk mission failed. Involving more than 150 aircraft, this was “one of the largest, most complex, most harrowing combat searches” ever attempted, Mr….
The Strait of Hormuz blockage is being felt far and wide. While the world struggles with higher pump prices, key energy exporters such as the United Arab Emirates (UAE) and Qatar face severe economic setbacks. In Gulf states serving as air hubs, expats and affluent locals are scrambling for the exit. The discovery of oil…
A satellite image, captured by NASA, shows the Strait of Hormuz, which connects the Gulf of Oman (L) with the Persian Gulf (R) and separates Iran (below) from the countries of the Arabian Peninsula—Oman, the United Arab Emirates, and Qatar. -/Nasa/dpa Russia is generating billions in revenues from its commodity exports due to the effective…