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Friday , November 17 2017
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Hong Kong

China opens up all mainland ports for Hong Kong imports

HONG KONG

  HONG KONG: Effective from 9 November, the country has made all ports accessible for wine imports from Hong Kong, which is expected to benefit more than 300 companies, according to the department. For years, Hong Kong has acted as a springboard for merchants eyeing for mainland market, given the city has zero tariff on imported wine and an effective ... Read More »

Hong Kong, Southeast Asian nations sign long-awaited trade deal

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  HONG KONG: Hong Kong has signed a landmark free trade deal with the Association of Southeast Asian Nations (ASEAN), in a move the city’s commerce secretary says could further integrate Hong Kong into China’s Belt and Road initiative. The free trade agreement, along with a related investment agreement, was signed on Sunday in the Philippines by representatives from Hong ... Read More »

Hong Kong should rebrand itself as a low tax haven

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  HONG KONG: “We [the rich] don’t pay taxes. Only the little people pay taxes,” said Leona Helmsley, a notorious New York heiress who was sentenced for 16 years for federal income tax evasion in 1989. That explains why rich people wish and possess the means to avoid taxes (legally or illegally) using offshore jurisdictions and havens. But, revealing the ... Read More »

Hong Kong GDP growth eases in Q3

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  HONG KONG: Hong Kong’s economic growth moderated for the second straight quarter in the three months ended September, data from the Census and Statistics Department showed Friday. In real terms, gross domestic product advanced 3.6 percent year-over-year in the third quarter, slower than second quarter’s 3.9 percent rise. In the first quarter of this year, the rate of expansion ... Read More »

Hong Kong stock market poised to open in red

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  HONG KONG: The Hong Kong stock market has alternated between positive and negative finishes through the last seven trading days since the end of the two-day losing streak in which it had fallen almost 200 points or 0.7 percent. The Hang Seng Index now rests just above the 29,135-point plateau although it figures to head south again on Friday. ... Read More »

Hong Kong Customs combats sale of pirated fortune-telling books

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  HONG KONG: Hong Kong Customs yesterday (November 8) conducted an anti-piracy operation and seized a total of 100 suspected pirated fortune-telling books and 12 suspected pirated calendars with an estimated market value of about $6,000. Acting on information alleging that pirated fortune-telling books were put on sale, Customs officers conducted patrols in conjunction with a copyright owner in various ... Read More »

Hong Kong Customs seizes suspected smuggled watches

HONGKONG

  HONG KONG: Hong Kong Customs yesterday (November 6) seized 405 suspected smuggled watches with an estimated market value of about $180,000 at Shenzhen Bay Control Point. Customs officers intercepted an outgoing tourist coach at ShenzhenBay Control Point and seized 405 watches from the overhead air-conditioning duct of the coach. The 43-year-old male driver was arrested. Investigation is ongoing. Under ... Read More »

Hong Kong finance chief Paul Chan defends business registration fee amid criticism from World Bank

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HONG KONG: The financial secretary has defended his decision earlier this year not to waive the annual business registration fee, even though the World Bank said it had weakened Hong Kong’s competitiveness. Paul Chan Mo-po said the HK$2,000 fee was a “trivial” amount to a new business. The city slipped one place to fifth in the World Bank’s 2018 ranking ... Read More »

Hong Kong Customs teams up with Australian Border Force to curb international drug trafficking activities

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HONG KONG: Hong Kong Customs and the Australian Border Force mounted a joint operation against drug trafficking between the two places by air mail from October 16 to 29. During the operation, a total of 14 cases of trafficking drugs from Hong Kong to Australia were detected with a seizure of about 30 kilograms of suspected dangerous drugs, including khat ... Read More »

HK trading fins from endangered sharks

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HONG KONG: An unprecedented DNA study of shark fin sold in Hong Kong has found a third comes from endangered species, and some of the fins are not even fins at all, but other body parts from sharks or other animals entirely. Researchers collected more than 4,800 samples of shark fin trimmings from local dried seafood stores between February 2014 ... Read More »

Hong Kong lifts import ban on S. Korean chickens

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HONG KONG: South Korean poultry farms will be able to export chickens to Hong Kong, one year after sales were banned due to a widespread outbreak of avian influenza (AI), the agriculture ministry here said Tuesday. The Ministry of Agriculture, Food and Rural Affairs said Hong Kong notified Seoul of its decision to lift the import ban on Korean chickens ... Read More »

Hong Kong Customs seizes suspected smuggled hairy crabs, seafood during anti-sea smuggling operation

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HONG KONG: The Customs and Excise Department (C&ED) seized 634 suspected smuggled hairy crabs and 190 kilograms of suspected smuggled razor clams with an estimated value of about $100,000 during an anti-sea smuggling operation mounted off Aberdeen today (October 29). Customs officers intercepted a fishing vessel off Aberdeen this morning. After a search on board, a batch of suspected smuggled ... Read More »

Hong Kong Customs seizes suspected dried seahorses

Hong Kong Customs and Excise

HONG KONG: Hong Kong Customs seized about 1 kg of suspected dried seahorses, an endangered species at Lok Ma Chau Spur Line Control Point on Friday, it said. Customs officers intercepted an outgoing passenger at the control point Friday afternoon and found about 1 kg of suspected dried seahorses in the baggage carried by the passenger. The 53-year-old woman was ... Read More »

Hong Kong customs seizes 830,000 suspected illicit cigarettes

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HONG KONG: The customs of China’s Hong Kong Special Administrative Region (HKSAR) announced on Saturday that it had seized about 830,000 suspected illicit cigarettes at a border control point. The cigarettes, with an estimated market value of about 2.2 million Hong Kong dollars (about 280,000 U.S. dollars) and a duty potential of about 1.6 million Hong Kong dollars (about 210,000 ... Read More »

Hong Kong Customs combats unfair trade practices at car beauty service centre

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HONG KONG: Hong Kong Customs today (October 27) arrested a male owner of a car beauty service centre suspected to have wrongly accepted payment, in contravention of the Trade Descriptions Ordinance (TDO). Customs earlier received information alleging that a car beauty service centre in Tai Po had closed down suddenly and was unable to provide the relevant services after accepting ... Read More »

Hong Kong trade deficit widens in September

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HONG KONG: Hong Kong’s foreign trade gap widened in September from a year ago, as imports grew faster than exports, data from the Census and Statistics Department showed Thursday. The visible trade deficit rose to HK$44.7 billion in September from HK$39.7 billion in the corresponding month last year. The deficit increased from HK$35.5 billion in August. Economists had expected a ... Read More »

HK wine imports rise to HK$7.5b in first eight months

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HONG KONG: Hong Kong imported the bulk of its wines in the first eight months from France, the UK and Italy, the Hong Kong Trade Developement Council says. Wine imports in the period were worth HK$7.56 billion. The industry picture was offered as the HKTDC announced the International Wine & Spirits Fair from November 9-11 (Thursday to Saturday) at the ... Read More »

Crystal seeks $4.5b in IPO

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HONG KONG: Apparel producer Crystal International Group, which has UNIQLO and H&M among its major clients, plans to raise HK$4.48 billion from a public offering on Hong Kong’s main board. The company, which produces lifestyle wear, denims, sweaters and sportswear, will issue a total of 509.3 million shares at an indicative price from HK$7.30 to HK$8.80 per share. Chief financial ... Read More »

Hong Kong said to be considering trading tax cut

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HONG KONG: The Hong Kong stock exchange reached a two-month high amid talk of a cut to the tax burden on trading activity. Citing a source privy to the discussions, Bloomberg said a representative from Hong Kong Exchanges and Clearing Ltd. had discussed with Hong Kong’s new Chief Executive, Carrie Lam, a rethink of the tax environment for traders and ... Read More »

Hong Kong IPOs will fade further without exchange reforms

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HONG KONG: Three years ago, the Stock Exchange of Hong Kong lost the chance to host the record $25 billion initial public offering of Alibaba Group Holding because regulators would not allow the company’s founders certain privileges they regarded as contrary to the principle that all shares carry equal voting rights. If Hong Kong is to become competitive in attracting ... Read More »