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Saturday , May 27 2017
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Hong Kong

Kids in school disguise used to smuggle phones out of Hong Kong

Hong Kong Customs and Excise

HONG KONG: Ten children in school uniform have been caught trying to smuggle almost 1 million yuan (RM622,247) worth of mobile phones and expensive Chinese delicacies across the border from Hong Kong into Shenzhen. The children said they were not trying to make money, but had been promised food at McDonald’s or ice cream if they successfully sneaked the goods ... Read More »

Car dealer convicted of supplying second-hand vehicle with false mileage

hongkongcustoms

HONG KONG: A second-hand car dealer was sentenced to a fine of $40,000 and imprisonment of two months suspended for two years today (May 25) at Kowloon City Magistrates’ Courts for supplying a second-hand vehicle with a false trade description, in contravention of the Trade Descriptions Ordinance (TDO). Hong Kong Customs received a complaint in late October 2015 against a ... Read More »

Hong Kong Customs advises public to stop using unsafe car charger

Hong Kong Customs and Excise

HONG KONG: Hong Kong Customs today (May 24) advised members of the public to stop using a type of car charger with potential hazards. Test results have indicated that this type of car charger could pose a fire risk. Customs officers recently conducted a test-buy operation on a type of car charger for testing. The chargers, which had no brand ... Read More »

Hong Kong’s unemployment remains at 3.2%

Unemployment to rise in Latin America

HONG KONG: Hong Kong’s unemployment rate stood at 3.2% in February – April 2017, same as that in January – March 2017, according to the Hong Kong Census and Statistics Department. The underemployment rate also remained unchanged at 1.2% in the two periods. Comparing February – April 2017 with January – March 2017, movements in the unemployment rate and underemployment ... Read More »

Hong Kong property stocks brush off latest cooling measures

PROPERTY

HONG KONG: Shares in Hong Kong property developers were mixed in Monday morning trading after authorities had another crack at cooling the Asian financial hub’s red-hot property market. The Hong Kong Monetary Authority announced that second-home buyers will have to stump up more for deposits, as the city’s de-facto central bank lowered loan-to-value ratios by 10 percentage points. Banks will ... Read More »

Hong Kong’s $38M marijuana bust

marijuana

HONG KONG: In its largest cannabis seizure since 1990, officers in Hong Kong raided two factory units and arrested 10 people this week. More than 2,000 plants and 24 kilograms of dried cannabis were confiscated with an estimated street value of $38 million USD. The two suspected ringleaders are a father and son team, yet their wives were also arrested. ... Read More »

Hong Kong Customs seizes suspected illicit cigarettes

illicitcigarrete

HONG KONG: Hong Kong Customs yesterday (May 17) seized about 1.2 million suspected illicit cigarettes, with an estimated market value of about $3.2 million and a duty potential of about $2.3 million, at various locations in Kowloon and the New Territories. During an anti-illicit cigarette operation yesterday, Customs officers inspected a cargo consignment at a logistics site in Kwai Chung ... Read More »

Hong Kong’s Qupital raises $2M led by Alibaba to finance invoice loans for SMES

SMES

HONG KONG: Qupital, a one-year-old Hong Kong-based startup that addresses cash flow issues for SMEs, has closed a $2 million seed funding round. The is certainly a notable size for an early stage investment in Hong Kong’s nascent but growing startup scene. The financing was led by Hong Kong-London firm MindWorks Ventures and the $130 million Alibaba Entrepreneurs Fund which ... Read More »

Hong Kong man to plead guilty to attempting to smuggle over 2lbs of meth

METH

HONG KONG: A Hong Kong man has signed a plea deal with the federal government, admitting to attempting to smuggle over 2 pounds of methamphetamine into Guam. The Hong Kong national is identified as Chi Hang Leung. Authorities say that last month they received a tip that Leung was involved in money laundering and drug trafficking and that he would ... Read More »

Hong Kong firm pays US$3b in record land sale

sale

HONG KONG: A Hong Kong tycoon has paid US$3 billion for a prime commercial lot, a city record according to analysts, as costs in one of the world’s most expensive metropolises continue to soar. The price tag – which works out at around US$1 million per square metre – for the rare plot of land in Hong Kong’s bustling Central ... Read More »

Cocaine stashed in cereal boxes seized by Customs, ex-helper arrested

COCAINE

HONG KONG: A 31-year-old woman was arrested yesterday after authorities discovered over two kilograms of cocaine stashed in cornflake boxes and milk powder cartons in her possession. Customs officers intercepted the unidentified suspect at the intersection of Cheong Lok Street and Nathan Road in Yau Ma Tei at around 8pm, HK01 reports. They found her carrying the cocaine on her ... Read More »

Hong Kong Customs seizes suspected prohibited weapons

Hong Kong customs

HONG KONG: Hong Kong Customs yesterday (May 12) seized about 33 000 suspected prohibited weapons from a container at the Tuen Mun River Trade Terminal Customs Cargo Examination Compound, including Chinese-style throwing darts and knives the blade of which is exposed by a spring. The estimated market value of the seizure was about $2.2 million. Through risk assessment, Customs officers ... Read More »

Hong Kong economy expands at fastest pace since 2011

economy logo

HONG KONG: The Hong Kong economy grew notably by 4.3% in the first quarter of 2017 over a year earlier, sustaining the improving trend that began in the second quarter of last year, and beating the 3.7 percent rise expected by economists. That’s the fastest pace since 2011. External demand continued to strengthen as the global economic environment further improved. ... Read More »

Hong Kong Customs seizes suspected smuggled central processing units

hk customs

HONG KONG: Hong Kong Customs yesterday (May 12) seized 735 suspected smuggled central processing units with an estimated market value of about $650,000 at Man Kam To Control Point. Customs officers intercepted an outgoing lorry at Man Kam To Control Point for inspection yesterday evening and seized 735 central processing units inside the altered differential unit. The 42-year-old male driver ... Read More »

Hong Kong forex broker KVB Kunlun posts HK$18.9 mln loss in Q1

loss

HONG KONG: Following our earlier report about the Q1 profit warning it issued, Hong Kong Forex retail forex broker KVB Kunlun Financial Group Ltd (HKG:8077) has followed up by releasing its full first quarter 2017 results, indicating a major slowdown in business and a large net loss. Overall, Revenues at KVB Kunlun came in at just HK$65.6 million (USD $8.4 ... Read More »

Hong Kong Customs seizes 4 mln suspected illicit cigarettes

illicitcigarrete

HONG KONG: Hong Kong Customs yesterday (May 9) seized about 4 million suspected illicit cigarettes with an estimated market value of about $11 million and a duty potential of about $8 million at Man Kam To Control Point. Customs officers intercepted two incoming trucks declared to contain stainless steel pots at Man Kam To Control Point yesterday. After inspection, Customs ... Read More »

‘Careless’ pot smugglers give game away in $21m bust

DRUGBUST

HONG KONG: Customs seized marijuana buds from Canada worth HK$21.5 million – the biggest seizure in 10 years in Hong Kong. Customs officers found the 131 kilograms of drugs at a logistics company in an industrial building on Wang Lung Street, Tsuen Wan, on Monday. The drugs were stashed in 15 wooden boxes shipped in from Canada and declared as ... Read More »

Hong Kong man sentenced to 15 years in prison for importing $176 mln of meth

methamphetamine

HONG KONG: A 20-year-old Hong Kong man will spend 15 years and five months in prison after importing about $176 million of methamphetamine into New Zealand. Kai Yip Cheung was arrested in October 2016 following a 16-month investigation into a company thought to have been set up to smuggle the drug.  Customs intercepted 10 shipping containers sent from China in ... Read More »

Hong Kong Customs makes record seizure of suspected cannabis buds with three arrested

Hong Kong Customs and Excise

HONG KONG: Hong Kong Customs yesterday (May 8) smashed a drug distribution syndicate in Tsuen Wan. During the operation, Customs officers seized about 131 kilograms of suspected cannabis buds with an estimated market value of about $21.5 million. This is a record high in quantity for a seizure of cannabis buds by Hong Kong Customs in the past decade. In ... Read More »

HSBC unveils first solar tram shelter in Hong Kong

hsbc

HONG KONG: HSBC and Grey Group Hong Kong have partnered to unveil Hong Kong’s first solar-driven tram shelter, as part of the belt-and-road initiative (BRI) – a blueprint for global economic development. Transforming a traditional channel into an innovative statement, solar panels were installed on the tram shelter roof outside the HSBC main building, absorbing sunlight during the day. At ... Read More »