Saturday , July 22 2017
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Hong Kong

High-speed boat chase in Hong Kong ends with smuggling arrest and seizure of HK$2.8 million haul

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HONG KONG: Police seized a HK$2.8 million haul of electronics and valuable stones intended for smuggling onto the mainland on Wednesday night, after a 5km high-speed chase with a boat in eastern Hong Kong waters. But the people aboard another boat involved managed to escape and head back to the mainland. The haul, including new digital cameras and lenses, used ... Read More »

HKIA cargo throughput surges by 11.3% from Jan- June


HONG KONG: Hong Kong International Airport (HKIA) has recorded growth in all three air traffic categories in the first half of 2017. The significant increase was seen in cargo throughput. From January to June this year, HKIA handled 2.3 million tonnes of cargo, which is 11.3 percent higher than the same period last year. The strong cargo throughput was primarily ... Read More »

Deutsche Bank closing 16 ETFs in Hong Kong


HONG KONG: Deutsche Bank’s asset management unit is closing 16 exchange-traded funds (ETFs) in Hong Kong, following BlackRock in delisting ETFs with low demand. The 16 Deutsche Bank X-trackers ETFs ceased trading on Wednesday, according to a Hong Kong exchange filing. Most of the funds have assets of less than US$40 million (S$55 million). The closures highlight the challenge of ... Read More »

Hong Kong to import Tuna fish from Pakistan


HONG KONG: Pakistan has entered into business negotiation with a trade delegation from Hong Kong export world famous Tuna fish from Pakistan. In this respect a three member trade delegation comprising of importers of Sea Food from Hong Kong visited TDAP on 13th July 2017.The objective of visit of delegation is to place orders of Tuna Fish from Pakistan. The ... Read More »

Hong Kong seizes 3 mln suspected illicit cigarettes


HONG KONG: Hong Kong customs officers show about suspected illicit cigarettes seized at Kwai Chung Customhouse Cargo Examination Compound in Hong Kong, July 12, 2017. Customs officers inspected four 40-foot containers declared to contain plastic granules and used auto parts arriving in Hong Kong from Malaysia at Kwai Chung Customhouse Cargo Examination Compound on July 10. After inspection, Customs officers ... Read More »

Two arrested for smuggling gold from Hong Kong via Japan


HONG KONG: One Japanese national and a South Korean accomplice have been arrested for smuggling gold bullion worth some 3.5bil won (RM13mil) from Hong Kong, the customs authorities said Thursday. The Incheon-based customs agency said a 24-year-old Japanese man, whose identity was withheld, and a 49-year-old South Korean, identified only by his last name Hong, are in custody. They are ... Read More »

Hong Kong customs seizes contraband cigarettes worth HK$8 mln


HONG KONG: Hong Kong customs officers seized HK$8.2 million (US$1 million) worth of contraband cigarettes, which were hidden in four shipping containers from Malaysia last week. Lau Yuk-lung, who heads the city’s customs division investigating illicit cigarettes, said an initial investigation showed the consignment containing more than 300 cartons of cigarettes was not intended for local consumption. It was one ... Read More »

Hong Kong stock rally pushes Hang Seng above 26,000 level

hong kong stocks

HONG KONG: Hong Kong stocks broke through the 26,000 level on Wednesday as they headed for their best week in four months. Gains for banks and technology stocks supported the Hang Seng index on Wednesady as it rose for a third day to an intraday high of 26,147.30, its highest level since the Chinese stock market fever in mid-2015. The ... Read More »

Hong Kong seizes 7.2 tons of ivory


HONG KONG: More than seven tonnes of ivory worth over US9 million was seized in Hong Kong, officials said Thursday, the largest bust of its kind in the city in three decades. The 7,200 kilogramme (16,000 pound) haul was hidden underneath frozen fish and raised suspicions because of the high transportation fees listed on the bill of import. Customs officials ... Read More »

Tesla sales in Hong Kong falter after cut in tax breaks

Bangladesh frozen food exporters seek tax cut in upcoming budget

HONG KONG: Over in Hong Kong, the slashing of a tax break for electric vehicles (EV) – which came into effect on April 1 – has had an impact on sales of Tesla vehicles in the autonomous territory. Following the move, not a single Tesla model was registered with the transport department in April, the Wall Street Journal reports. The ... Read More »

‘Largest ever’ ivory shipment worth $9 mln seized in Hong Kong


HONG KONG: The customs inspectors discovered the tusks inside a 40-feet Malaysian consignment declared as “frozen fish”. Following an initial investigation, the authorities have arrested the owner and two staff members of a trading company in Tuen Mun, Hong Kong. Read More »

Hong Kong customs, Australian customs sign mutual recognition arrangement


HONG KONG: The Commissioner of Customs and Excise, Mr Hermes Tang, attended the 129th/130th Council Sessions of the World Customs Organization held in Brussels, Belgium today (July 6, Brussels time). Mr Tang also signed the Mutual Recognition Arrangement (MRA) with the Acting Commissioner of the Australian Border Force, Department of Immigration and Border Protection, Mr Michael Outram. Under the MRA, ... Read More »

Hong Kong seizes largest ivory haul in 30 years


HONG KONG: Authorities in Hong Kong this week made their largest haul of contraband ivory in more than 30 years, amid surging illegal wildlife seizures fuelled by lax regulations and buoyant demand from mainland China. The former British colony situated at the mouth of China’s Pearl River Delta is one of the world’s top global transit hubs for endangered species ... Read More »

Hong Kong private sector expands for third straight month, driven by exports to mainland


HONG KONG: Hong Kong’s private sector showed growth for the third straight month, driven by stronger export sales to the mainland, though business confidence remained negative. The latest Nikkei Hong Kong Purchasing Managers’ Index, a gauge of the sector’s health, showed that Hong Kong’s business conditions improved in the second quarter. In June, the PMI stood at 51.1, up from ... Read More »

Hong Kong Customs successfully prosecutes beauty parlour staff members

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HONG KONG: Hong Kong Customs has successfully prosecuted two female staff members of a beauty parlour for engaging in aggressive commercial practices under the Trade Descriptions Ordinance (TDO). The two female staff members were each sentenced to carry out 200 hours of community service at Kwun Tong Magistrates’ Courts today (July 4). Hong Kong Customs earlier received information alleging that ... Read More »

HSBC completes first trade on Hong Kong-China bond connect scheme


HONG KONG: HSBC Holdings said it had completed its first trade on the long-awaited Hong Kong-China bond connect scheme, which went live on Monday. The scheme links China’s $9 trillion bond market with overseas investors, the latest step in the opening of the country’s capital markets. Read More »

Hong Kong woman caught with 8kg of cocaine at Taiwan airport

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HONG KONG: A Hong Kong woman could face the death penalty after being arrested on Wednesday on suspicion of trying to smuggle more than 8kg of cocaine into Taipei, according to Taiwan’s official news agency. The haul had an estimated street value of almost NT$100 million (HK$25 million) and was the largest drug seizure of its kind in Taiwan in ... Read More »

Hong Kong home prices scale new peak, 20 years after 1997 record

home prices

HONG KONG: Hong Kong carries the dubious honour as the world’s least affordable city to own a home, but many property industry veterans still firmly believe they can do no wrong in buying a residence here. Home prices have surpassed their 1997 peak by 40 per cent, and this has prompted the government to roll out no fewer than three ... Read More »

Pride of PLA Navy to make port call in Hong Kong


HONG KONG: The People’s Liberation Army is to make its most visible ­appearance in Hong Kong in 20 years, marking the handover anniversary with an unprecedented port call by its first aircraft carrier, the Liaoning, sources told the South China Morning Post. It will sail to the city for the first time early next month, following a visit by Xi ... Read More »

Hong Kong gazettes funds tax exemption bill


HONG KONG: Hong Kong has enacted legislation to introduce a profits tax exemption for privately offered open-ended fund companies (OFCs) if their central management and control exercised in Hong Kong. The Inland Revenue (Amendment) (No. 4) Bill 2017 implements the measure, which was announced at the 2017-18 Budget. A government spokesman said, “The Bill seeks to create a level playing ... Read More »