Saturday , March 24 2018
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Hong Kong

Hong Kong shops still sell pangolin scales despite ban

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CENTRAL: Hong Kong street where shops keep a dizzying array of dried produce, one highly-valued ingredient is still being sold despite being subject to an international ban: deep-fried scales of endangered pangolins. The reclusive pangolin, also known as the scaly anteater, has become the most trafficked mammal on Earth due to soaring demand in China and Vietnam. While its scales ... Read More »

Cocaine worth HK$14m found in noodle-making machines as South American and European arrested in Hong Kong

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CENTRAL: Customs officers involved in raiding three flats discovered sachets of cocaine concealed in the metal shafts of noodle-making machines shipped from South America via mainland China. Similar discoveries had been made in previous raids in recent weeks. The drug bust, together with another on Friday in To Kwa Wan, Kowloon, netted a total of 14kg of cocaine worth HK$14 ... Read More »

Hong Kong and India enter into tax pact


The Financial Secretary Mr Paul Chan, on behalf of the Government of the Hong Kong Special Administrative Region, signed in Hong Kong today (March 19) a comprehensive agreement for the avoidance of double taxation (CDTA) with the Ambassador of India to China, Mr Gautam Bambawale, signifying the Government’s sustained efforts in expanding Hong Kong’s tax treaty network. The CDTA sets ... Read More »

Hong Kong deserves a system of public finance founded on 21st century values


CENTRAL: Hong Kong now has HK$1.1 trillion in reserves, and another HK$3.6 trillion in the Exchange Fund. For any city in the world  indeed for most sovereign states  these would be outstanding figures. And yet for a city that prides itself on a mix of financial acumen and professional civil service, the best that Financial Secretary Paul Chan and his ... Read More »

Hong Kong restricts poultry imports from AI-hit countries

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DUBLIN: Mexico reported 2 cases of high pathogenic H7N3 avian influenza in the central part of the country. Mexican officials reported to the OIE that the virus killed 1,380 of 1,900 Rhode Island Red chickens in the state of Guanajuato. The remaining birds were culled. A second outbreak was detected among a backyard flock in the neighbouring state of Queretaro, which led ... Read More »

Shell close to clinching Hong Kong’s first LNG import deal


CENTRAL: Shell has edged out companies such as Malaysia’s Petronas to supply LNG through a long-term contract to Hong Kong utility CLP Power, two sources familiar with the matter told Reuters.  Hong Kong is undertaking a massive shift to using more natural gas to fuel its electric power generation from coal, potentially creating a steady and lucrative demand source in ... Read More »

Hong Kong gazettes tax cutting budget bill


CENTRAL: Hong Kong’s Inland Revenue Department gazetted the Inland Revenue (Amendment) Bill 2018, containing measures worth HKD30bn (USD3.82bn) announced in the Budget. Adjustments to salaries tax and tax under personal assessment will reduce tax revenue by HKD6.43bn per year. This includes increasing the number of tax bands from four to five with marginal rates of two percent, six percent, 10 ... Read More »

Hong Kong’s 2018-19 budget targets a diversified economy

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CENTRAL: On February 28, the Financial Secretary of Hong Kong released the 2018-2019 Budget, confirming the government’s new fiscal policy and budget strategies for the coming financial year. Hong Kong authorities say the budget’s primary goals are to create a more diversified economy, invest for the future, and address the needs of the people. The budget featured four main themes: “a diversified ... Read More »

Hong Kong pro democracy movement loses ground in byelection


CENTRAL: Final results show Hong Kong pro-democracy candidates have won back two of four seats in a crucial byelection in the semiautonomous Chinese region. According to Monday’s tally, the opposition was not able to recapture all its territory, losing some to formidably resourced pro-Beijing rivals in the city’s semi-democratic legislature. The four seats were left empty when a group of ... Read More »

Growth in Hong Kong market and china e commerce with gold coast incentive trip


CENTRAL:  Incorporated a global health and wellness company committed to transforming lives to make a better world, is celebrating its strong growth in the Hong Kong market and China e-commerce with an incentive trip for its highest performers in Asia We’re incredibly excited about this region,” said Mannatech CEO Al Bala. “Momentum is accelerating in Hong Kong and our ecommerce ... Read More »

Hong Kong shark fin imports halved since 2007 thanks to tighter regulations and shipping bans

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CENTRAL: Between 2007 and last year, re-exports also dropped by three quarters, suggesting a “declining market for shark fin in mainland China”, WWF-Hong Kong said. Two-fifths of global shark fin stocks pass through Hong Kong to other destination markets. The group called the results compiled from government data “promising” and an indicator that environmental campaigns, including mounting pressure on shipping ... Read More »

Hong Kong closer to 1m cruisers as new developments boost connectivity

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CENTRAL: Cruisers originated from international markets, mainland China and Hong Kong. The Hong Kong domestic market made up 42% of arrivals, the mainland for 23%, and short- and long-haul international markets contributed 35%. Since Kai Tak Cruise Terminal opened in 2013, Hong Kong has amassed a compound annual growth rate of 29% for ship calls and 47% for passenger throughput. ... Read More »

Hong Kong stocks track Wall Street rebound as trade

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CENTRAL: Hong Kong shares advanced on Tuesday, as investors’ concerns over the possibility of a global trade war eased amid opposition to U.S. President Donald Trump’s plan to impose tariffs on steel and aluminum imports.  Worries over an imminent global trade war stemming from Trump’s announcement of an import tariff on certain foreign metals last week appeared to abate as ... Read More »

Hong Kong budget fails to share bumper surplus with the needy

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CENTRAL: Finance chief Paul Chan has maintained that the government will give about 40 percent of the surplus back to the public through various means. The plan included a number of tax rebates, with salaries tax, tax under personal assessment, and profits tax all reduced by 75 per cent in 2017-18.Around 200-300 attended Sunday’s demonstration, calling on the government to return wealth to the ... Read More »

Hong Kong’s new budget contains tax relief measures


HONG KONG: Hong Kong’s new Budget contained a number of new tax perks for individuals and measures to promote the adoption of environmentally friendly technologies, but few measures for businesses. The key measure, intended to provide one-off relief to a broad range of taxpayers, is a proposal to reduce by 75 percent profits tax, salaries tax, and tax under personal assessment ... Read More »

Macau casino revenue rises 5.7% in Feb


HONG KONG: Gambling revenue in the Chinese territory of Macau rose 5.7 percent in February, less than analysts had expected for the big-spending holiday period but still the 19th month of consecutive gains. Macau’s Gaming Inspection and Coordination bureau on Thursday said revenue rose to 24.3 billion patacas ($3.02 billion), against analyst expectations of 7-12 percent growth. Read More »

Hong Kong’s economy seen moderating but expansionary budget to lend support


HONG KONG: Strong consumption, as well as frothy stock and real estate markets likely bolstered Hong Kong’s economic growth in the fourth quarter, but higher U.S. interest rates and easing China capital inflows may pose broader risks to growth this year. With the economy showing signs of moderation, the government will probably announce short-term relief measures and capital spending initiatives ... Read More »

Middle-class families to get ‘massive’ tax breaks in Hong Kong budget


HONG KONG: Hongkongers will get no cash handouts in this year’s budget, despite mounting pressure from across the political spectrum on Financial Secretary Paul Chan Mo-po, who will instead offer “massive” tax incentives and relief measures targeting specific groups, especially the middle class. Details will be unveiled on Wednesday when Chan announces his plan to spend a huge fiscal surplus that ... Read More »

Hong Kong shares rebound after US bond yields ease


HONG KONG: Hong Kong shares climbed on Friday as U.S. Treasury yields came off a four-year high, helping to lift the Dow Jones industrials overnight. Several property shares advanced. The Hang Seng Index was up 0.8% to 31,226.61 by midday. Forty-six of the gauge’s 51 constituents traded higher, with developer Country Garden Holdings rising 4% to lead gains in percentage terms, ... Read More »

Hong Kong cosmetics retailer pulls out of Taiwan


HONG KONG: Hong Kong’s largest cosmetics retailer Sa Sa International Holdings said Wednesday it will shut all its shops in Taiwan after losing money for six consecutive years. Sa Sa has 20 stores across the island according to its official website, and employs about 260 local staff. All the shops are expected to be closed by the end of March, ... Read More »