Hong Kong is set to challenge London’s dominance in marine insurance as Middle East tensions highlight the city’s ability to provide war-risk cover at a lower cost, according to the local insurance regulator’s chairman. Stephen Yiu Kin-wah on Tuesday said the Insurance Authority had supported insurers in launching a special war-risk insurance pool last November,…
Authorities are communicating with local oil companies to monitor how the war in the Middle East is affecting Hong Kong’s fuel market, amid a public backlash over what has been called premature price hikes. Responding to a South China Morning Post inquiry on Tuesday, the Environment and Ecology Bureau also said the government had been…
Financial Secretary Paul Chan Mo-po delivered his latest budget on February 25. Over the past decade, under his stewardship, Hong Kong has weathered multiple economic shocks and recently returned to a respectable growth rate of 3.5 per cent. Yet the tasks ahead are formidable: addressing a structural fiscal deficit in the city’s capital account while…
Hong Kong authorities have been urged to review the pricing mechanism for local fuel supplies after petrol retailers were accused of swiftly raising prices as conflict erupted in the Middle East, even though the city had not yet exhausted its weeks-long stockpile. Global fuel prices have soared since the US-Israel war with Iran broke out,…
An elementary school in Minab, Iran, was hit amid US and Israel‘s actions against Ayatollah Khamenei‘s regime. The strike on February 28 at Shajarah Tayyebeh elementary school left dozens dead, including children, and became the deadliest known instance of civilian casualties since the conflict involving the nations began. However, no side has claimed responsibility for…
A bulk carrier signaled it was Chinese-owned as it transited the Strait of Hormuz this week, highlighting how vessels are trying to ensure safe passage through the waterway during the war in the Middle East. The Iron Maiden changed its destination signal to “CHINA OWNER” from “For Orders” early Thursday as it made a break…
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…
The Strait of Hormuz is a strategic route for global oil shipping. If the Strait of Hormuz were to close amid escalating regional conflict, the consequences would reverberate far beyond the Middle East. For China, the world’s largest energy importer, such a scenario would represent a serious strategic shock — not catastrophic, but substantial enough…
Iran has not accepted all the “red lines” defined by US President Donald Trump for a diplomatic resolution, Vice President JD Vance said Tuesday after talks in Geneva. U.S. Vice President JD Vance speaks to the media before he boards Air Force Two to depart for Washington, in Baku, Azerbaijan Wednesday, February 11, 2026. (AP)…
Iran and the US reached an understanding on the main “guiding principles” during talks aimed at resolving their long-running nuclear dispute, Iranian Foreign Minister Abbas Araqchi said on Tuesday, cautioning that an agreement was not imminent. This handout photo released by Iran’s Revolutionary Guards Corps (IRGC)’s official website Sepanews on February 17, 2026, shows boats…