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Hong Kong

Customs officers net HK$5 million worth of electrical goods from boat off Siu Sai Wan

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The officers caught up with the boat in the water near Siu Sai Wan, on the north of Hong Kong Island, and found the batch of used smartphones and computer accessories. Two men, aged 62 and 43, were arrested, suspected of smuggling the goods across the city’s border with mainland China to avoid customs duties, though the direction was unclear. ... Read More »

Bank of China unit fined $1.27million in Hong Kong

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HONG KONG: Hong Kong’s securities regulator has fined a unit of Bank of China HK$10 million ($1.27 million) for failing to follow guidelines on sale of investment products. The Securities and Futures Commission (SFC) said that Bank of China International Securities failed to properly assess some of its clients’ risk tolerance levels, or to ensure that its recommendations to clients ... Read More »

Consider getting businesses involved in Hong Kong waterfront, development minister Michael Wong says

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Working with the private sector to revitalise Hong Kong’s prized waterfront is worth considering, the city’s development chief said on Thursday, insisting the government need not fear accusations of collusion. Secretary for Development Michael Wong Wai-lun made the remarks after the government last month pledged to give HK$6 billion towards extending and enhancing promenades on both sides of Victoria Harbour. ... Read More »

In Hong Kong’s trade-war-proof office rental market, it makes sense for companies to go east

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Hong Kong’s economy might have slowed last year, hit by the fallout from the trade war and multiple increases in American interest rates, but rents in the city’s office market remain at record highs. In its latest Premium Office Rent Tracker published last December, Jones Lang LaSalle, a global real estate firm, found that average total occupancy costs – the ... Read More »

Hong Kong‘s port has fallen behind rivals. Industry experts say it needs to be more competitive

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once world-beating port needs to raise its game or risk falling further behind competitors in , and elsewhere, industry experts said. The city‘s massive container facility has seen rivals, especially in mainland , expand and improve at a faster pace, air and rail options for shipping goods increase and, more recently, uncertainty resulting from the ongoing Washington-Beijing trade war. Since ... Read More »

Hong Kong port cargo throughput down 8.2 pct

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HONG KONG : Hong Kong’s total port cargo throughput in 2018 dropped 8.2 percent compared with 2017 to 258.5 million tonnes, official data showed on Tuesday. Within this total, inward port cargo and outward port cargo decreased 8.6 percent and 7.4 percent from those in 2017 to 159.5 million tonnes and 99.0 million tonnes respectively, according to the Census and ... Read More »

Customs arrangement with Hong Kong to benefit New Zealand trade

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WELLINGTON: The implementation of a Mutual Recognition Arrangement (MRA) between New Zealand and China’s Hong Kong Special Administrative Region (SAR) will bring significant benefits to New Zealand exporters, a New Zealand customs official said. The MRA between Hong Kong and New Zealand that was signed in June 2018 came into effect on Friday, following a ceremonial announcement in Hong Kong. ... Read More »

MetLife Hong Kong receives seventh ‘Caring Company’ citation

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MetLife Hong Kong has been named as a ‘Caring Company’ for the seventh consecutive year by the Hong Kong Council of Social Service. The award recognises the company’s contributions to the local community through volunteer programs and promoting financial literacy, a statement by MetLife Hong Kong said. Through its digital platform MetLife Discovery, users can learn about insurance and increase ... Read More »

Customs arrangement with Hong Kong to benefit New Zealand trade: official

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WELLINGTON: The implementation of a Mutual Recognition Arrangement (MRA) between New Zealand and China’s Hong Kong Special Administrative Region (SAR) will bring significant benefits to New Zealand exporters, a New Zealand customs official said on Wednesday. The MRA between Hong Kong and New Zealand that was signed in June 2018 came into effect on Friday, following a ceremonial announcement in ... Read More »

Hong Kong customs shut down crack cocaine centre and seize 1.5kg of drugs after arresting 16-year-old girl and her boyfriend for suspected trafficking

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Customs officers have closed a site being used to produce crack cocaine after arresting two suspected drug traffickers and seizing HK$1.5 million worth of illegal substances. The drug centre, based in a flat in Hung Hom, was uncovered after officers arrested a 22-year-old man and his 16-year-old girlfriend and seized 500 grams of the painkiller phenacetin in a Tseung Kwan ... Read More »

Hong Kong’s pent-up property demand may herald price rebound

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HONG KONG: The outlook for Hong Kong’s property market, the world’s least affordable, has started to firm with some analysts predicting prices could rise as much as 10 percent this year after only a short-lived correction. Pent-up demand, expectations of slower interest rate rises and optimism Beijing and Washington will soon hammer out a trade deal, have combined to boost ... Read More »

Hong Kong’s Carrie Lam hails southern China integration plan, but says city ‘will not be assimilated’

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Top officials from Hong Kong, Macau, Guangdong and the central government gathered on Thursday to promote the Greater Bay Area, a wide-ranging development plan unveiled earlier this week. Chief Executive Carrie Lam said at the symposium that Hong Kong is facing “increasingly serious challenges,” but the Greater Bay Area blueprint offers the city new impetus for development. Hong Kong needs ... Read More »

Tang reveals plan for planting grapes despite subtropical weather

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HONG KONG: Tang revealed the plan when interviewed by South China Morning Post arguing that wine is part of arts and culture, and the local climate can be suitable for planting grapes despite the capricious subtropical weather, and the city’s high labour and land cost. A key policy figure in eradicating tariffs on wine in Hong Kong in 2008, Tang ... Read More »

This Hong Kong Business School Helps MBA Students Chasing Careers In Artificial Intelligence

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Asia is fast becoming a major global player in the field of Artificial Intelligence (AI). China in particular is prioritizing technological development in its plans for the next few years, with a sophisticated national strategy that will see the country’s AI industry grow to be worth almost $60 billion by 2030. In this climate of fast-paced growth, opportunities are ripe ... Read More »

Hong Kong seizes $1m of rhino horn in record airport haul

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Two men carrying at least 24 severed rhino horns were arrested in Hong Kong airport by customs officers who said it was their largest ever seizure of rhino contraband smuggled by air passengers. The haul – worth some HK$8 million ($1 million) – was transported brazenly through the terminal in two cardboard boxes, the customs department said. The pair had ... Read More »

Wildlife smugglers must face justice

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Hong Kong appears to be doing a good job in honouring its obligation as a signatory to the international treaty of wildlife protection, as reflected in the regular seizures of imported endangered animals and their products. Regrettably, the interceptions are not always followed by prosecution and punishment. Ineffective legislation and insufficient international cooperation on this front mean many smugglers can ... Read More »

Hong Kong’s EU trade envoy says freedom fears over China ‘overdone’

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Hong Kong’s special economic and trade representative to the European Union, Shirley Lam, has insisted concerns that China is encroaching on the former British colony’s freedoms are “overdone”, as the semi-autonomous region finds itself caught in the middle of the Sino-US trade war. “We are operating under the principle of ‘one country, two systems’, both of which are equally important,” ... Read More »

Singapore still trails behind Hong Kong in economic freedom

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Hong Kong beat out Singapore as the freest economy in Asia Pacific and across the globe according to the Heritage Foundation’s 2019 index of economic freedom, with a freedom score of 90.2 compared to the Lion City’s 89.4. Singapore’s overall score inched up by 0.6 points on the back of increases in scores for trade freedom and government integrity outpacing ... Read More »

Hong Kong Well-placed to be Global FinTech Hub

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Hong Kong’s FinTech sector is set to be a major game-changer in the world’s financial industry thanks to dedicated government team with offices in London and San Francisco. Biz@HKUST speaks to Charles D’HAUSSY, Head of FinTech at InvestHK, on how it is attracting top enterprises, startup entrepreneurs, investors and other stakeholders to help put Hong Kong at the forefront of ... Read More »

Customs officers seize HK$4.8 million of illegal cigarettes

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Hong Kong customs officers have found HK$4.8 million worth of illegal cigarettes hidden inside mobile toilets being brought into the city from mainland China. Officials seized the contraband on Wednesday after it was found on a truck that had crossed the border. It was the fourth time smugglers have been caught trying to bring illegal cigarettes into Hong Kong this ... Read More »