Tuesday , May 22 2018
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Sanctions-hit Rusal soars 9 per cent in Hong Kong after Russian oligarch Deripaska cedes control


Aluminium prices surged last month amid fears the US sanctions will hit the global supply chain, but prices have since retreated after the US softened its stance on the penalties Rusal, which produces about 7 per cent of the world’s aluminium, saw its Hong Kong-listed shares surge as much as 9 per cent on Monday, after Russian billionaire Oleg Deripaska ... Read More »

Asian Markets Rise As China And US Agree To Avert Trade War

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Hong Kong,:Asian and European markets mostly rose Monday and the dollar extended gains after the US and China said they had agreed to hold off imposing tariffs, averting a potentially damaging trade war. After high-level talks in Washington the two economic superpowers revealed a deal had been hammered out, ending months of tension that have sent financial markets into a ... Read More »

IMF raises 2018 GDP growth forecast for Asia, Hong Kong


HONG KONG – The International Monetary Fund (IMF) raised its forecast for Asia’s economic growth to 5.6 percent, and that for Hong Kong to 3.6 percent, according to a report it released here Wednesday. The IMF released its latest regional outlook for the Asia Pacific, forecasting economic growth in Asia at 5.6 percent in 2018 and 2019, slightly higher than ... Read More »

Tencent boost proves to be short-lived as benchmark Hong Kong index gives up gains

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Hong Kong and mainland markets fell on Thursday despite an initial boost provided by Tencent, as investors waited on the sidelines for the outcome of the second round of US-China trade talks in Washington. The benchmark Hang Seng Index declined 0.5 per cent to 30,942.15 after opening higher at 31,416.71 on the back of Chinese internet giant Tencent Holdings’ 61 ... Read More »

Male model and Australian man arrested as customs seize date rape drug GBL intended for Hong Kong party district

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Hong Kong : A male model was arrested and a large quantity of a date rape drug, believed to be intended for Hong Kong’s nightlife district Lan Kwai Fong, was seized on Monday. An Australian man was also detained after customs closed down a drug distribution and packaging centre on Monday, seizing HK$1.9 million (US$242,000) worth of contraband. The haul ... Read More »

Drug beautician’ arrested in HK$16.5 million raid that Hong Kong customs officers say is city’s first case of crystal meth ‘ice-washing’


Hong Kong customs officers seized an estimated HK$16.5 million (US$2.1 million) worth of crystal meth and arrested a so-called drug beautician in a raid on a Yuen Long flat, in what officers said was the city’s first case of “ice-washing”. Officers from the Drug Investigation Bureau, which is part of the Customs and Excise Department, also arrested a 35-year-old woman ... Read More »

Most Asian markets end healthy week on a positive note

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Hong Kong.: Asian markets built on the past week’s gains yesterday following another rally in New York as traders welcomed a below-forecast US inflation read that dampened expectations for a sharp lift in interest rates, reports AFP from Hong Kong. While geopolitical tensions continue to linger after Donald Trump pulled out of the Iran nuclear pact this week, dealers were ... Read More »

Hong Kong’s benchmark index ends midday session firm on back of gains in oil stocks

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Hong Kong : Hong Kong stocks closed the midday session higher on Thursday, led by gains in oil companies in line with overnight gains on Wall Street, which was also boosted by energy stocks following US President Donald Trump’s decision to quit a nuclear agreement with Iran. China Shenhua Energy jumped 4.76 per cent to HK$20.20 and Sinopec rose for ... Read More »

Illegal guns and ammo worth $1.34m seized in Taiwan after passing through Hong Kong


Taiwan police have confiscated illegal firearms worth at least US$1.34 million shipped through Hong Kong in the biggest seizure of weapons headed to the island in 10 years. Officers also arrested six people but none of them was the gunrunning mastermind, a spokesman for the force said on Saturday. “The firearms – 109 in total along with 12,378 rounds of ... Read More »

Tax revenue up 13% to $328.6b for 2017-18 amidst higher stamp duty receipts


Hong Kong: The number of property transactions rose alongside prices.The Inland Revenue collected 13% more in tax revenue or $328.6b for 2017-18, buoyed by higher stamp duty receipts. “The property price has increased quite dramatically in 2017. On top of that, the number of property transactions in 2017-18 has also increased,” said Commissioner of Inland Revenue Wong Kuen-fai. “”So the ... Read More »

Micro flats and crackdown on Uber in Hong Kong show monopolies win


CENTRAL: Hong Kong has become the land that economic time forgot, where the outdated practices of monopoly-entrenched dinosaurs are defended by government officials. Dogmatic beliefs in a free market that are actually failed-and-rigged markets continue to tell the world that Hong Kong is an intellectually backward village, dominated by post-colonials with cosy back-room deals who cannot keep up with China’s economic and technological change. ... Read More »

Hong Kong’s options for housing crunch likely to face resistance


 CENTRAL: Local officials presented 18 proposals to the public Thursday designed to combat Hong Kong’s expensive housing and long-term land crunch, including building homes above one of the city’s busiest container terminals, but all of the options are expected to encounter opposition from interest groups. Read More »

Top Taxpayers Pay a Third of Hong Kong’s Taxes

CENTRAL: New information released by the Financial Services and the Treasury Bureau in Hong Kong on April 24th indicates that the top 1.5 highest earning taxpayers in the city paid more than a third of the personal income tax collected in 2017. In the 2016-2017 year, a total of HKD 63.6 billion in personal income tax was collected in Hong ... Read More »

Hong Kong Stock Exchange Amends Rules To Attract New-economy Companies

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CENTRAL: Hong Kong Exchanges and Clearing Limited (HKEX) has approved the biggest change to its initial public offering policy in two decades, to compete for technology and biotech firms’ listings versus the U.S. and mainland China. The proposed new rules will become effective April 30 when the Hong Kong Exchange will start accepting applications, the exchange announced late Tuesday. It is expected ... Read More »

Hong Kong tax bill granting enhanced R&D deduction gazetted


CENTRAL: A Hong Kong tax bill that provides for an enhanced deduction for research and development expenditures conducted in Hong Kong was gazetted April 20, Hong Kong’s Inland Revenue Department has announced. The new law is designed to encourage the conduct of research and development activities in Hong Kong. The tax bill restructures section 16B of the Inland Revenue Ordinance, ... Read More »

Hong Kong SAR investment promotion chief visits Middle East to promote city’s unique business


CENTRAL: InvestHK Director-General of Investment Promotion, Mr Stephen Phillips, today embarks on a five-day duty visit to the Middle East, aimed at engaging the region’s business and entrepreneurial communities and keeping them abreast of the latest business advantages Hong Kong has to offer. The visit covers the United Arab Emirates, Saudi Arabia and Kuwait, where Mr Phillips will meet with ... Read More »

Hong Kong cash handout scheme will cost government HK$330m to administer

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CENTRAL: This means administrative costs will amount to 2.9 per cent of the HK$11 billion scheme, much higher than in 2011, when costs were only 0.5 per cent of a HK$37 billion giveaway. In a paper submitted to the Legislative Council, the government explained that the bulk of the costs would go towards hiring 706 temporary staff and renting an ... Read More »

Three drivers arrested with smartphones at Shenzhen border


CENTRAL: Hong Kong Customs seized 1,469 smartphones at Shenzhen Bay Control Point yesterday and today worth HK$5 million from two outgoing coaches. The two male drivers, aged 50 and 55, were arrested. Also, today, officers intercepted an outgoing private vehicle at Shenzhen Bay Control Point and found 55 smartphones underneath the driver’s seat. A 39-year-old male driver was arrested. Customs ... Read More »

Man arrested over smuggling of 150 live turtles into Hong Kong from mainland China


CENTRAL: A 19-year-old man has been arrested in Hong Kong over the smuggling of 150 live turtles – suspected to be an endangered species  from mainland China, the second case involving such animals in a month. Officers from the Customs and Excise Department detained the man at Shenzhen Bay Control Point on Tuesday after intercepting a Hong Kong-bound car he ... Read More »

Brace for more intervention on Hong Kong dollar


CENTRAL: Hong Kong dollar has stabilized at the hands of foreign exchange interventions over the past few days, but more action will be necessary to reverse the weakness brought on by the stark interest-rate gap between Hong Kong and the U.S. The U.S.-Hong Kong dollar exchange rate USDHKD, +0.0076%  has been sitting at an all-time high of 7.85, which is the wide end ... Read More »