US Supreme Court agrees to review law banning Chinese-owned TikTok
By Khushboo Razdan
The US Supreme Court said on Wednesday that it had agreed to review a US law that mandates a nationwide ban of the popular Chinese-owned video app TikTok if it fails to secure a non-Chinese buyer by January 19.
The arguments over whether the law violates freedom of speech protected by the US Constitution will be heard on January 10.
The court has directed the petitioners to submit a brief by December 27, arguing whether the law, officially known as the Protecting Americans from Foreign Adversary Controlled Applications Act, violates the free speech protections.
The app has around 170 million active users in the US.
“Speech restrictions have survived the Constitution’s most demanding standard only in rare and narrow circumstances,” TikTok said in an emergency appeal it filed on Monday, requesting a temporary halt on the ban.
TikTok had urged the court to “do what it has traditionally done in free speech cases: apply the most rigorous scrutiny to speech bans and conclude that it violates the First Amendment”.
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By Khushboo Razdan
The US Supreme Court said on Wednesday that it had agreed to review a US law that mandates a nationwide ban of the popular Chinese-owned video app TikTok if it fails to secure a non-Chinese buyer by January 19.
The arguments over whether the law violates freedom of speech protected by the US Constitution will be heard on January 10.
The court has directed the petitioners to submit a brief by December 27, arguing whether the law, officially known as the Protecting Americans from Foreign Adversary Controlled Applications Act, violates the free speech protections.
The app has around 170 million active users in the US.
“Speech restrictions have survived the Constitution’s most demanding standard only in rare and narrow circumstances,” TikTok said in an emergency appeal it filed on Monday, requesting a temporary halt on the ban.
TikTok had urged the court to “do what it has traditionally done in free speech cases: apply the most rigorous scrutiny to speech bans and conclude that it violates the First Amendment”.
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China and India agree on six-point consensus as they resume high-level border talks
By Zhao ZiwenKhushboo Razdan
China and India reached a six-point consensus following border talks between Chinese Foreign Minister Wang Yi and India’s national security adviser Ajit Doval in Beijing on Wednesday.
They agreed to “continue to take measures to maintain peace and tranquillity in the border areas and promote the healthy and stable development of bilateral relations”, according to a statement issued by the Chinese foreign ministry.
The top diplomats “reaffirmed their commitment to continue seeking a fair, reasonable, and mutually acceptable package solution to the boundary issue” and to take “positive measures to promote this process.” The package settlement, first agreed upon in 2005, outlines the guiding principles for resolving the border dispute.
The two countries pledged to strengthen cross-border exchanges and cooperation, including resuming Indian pilgrimages to China, revitalising cross-border river cooperation, and renewing border trade, the statement said.
Additionally, they agreed to hold the next round of special representatives’ meetings in India next year, with the exact timing to be determined later through diplomatic channels.
According to another readout by the Chinese foreign ministry, the talks between Wang and Doval were “in-depth and constructive”.
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By Zhao ZiwenKhushboo Razdan
China and India reached a six-point consensus following border talks between Chinese Foreign Minister Wang Yi and India’s national security adviser Ajit Doval in Beijing on Wednesday.
They agreed to “continue to take measures to maintain peace and tranquillity in the border areas and promote the healthy and stable development of bilateral relations”, according to a statement issued by the Chinese foreign ministry.
The top diplomats “reaffirmed their commitment to continue seeking a fair, reasonable, and mutually acceptable package solution to the boundary issue” and to take “positive measures to promote this process.” The package settlement, first agreed upon in 2005, outlines the guiding principles for resolving the border dispute.
The two countries pledged to strengthen cross-border exchanges and cooperation, including resuming Indian pilgrimages to China, revitalising cross-border river cooperation, and renewing border trade, the statement said.
Additionally, they agreed to hold the next round of special representatives’ meetings in India next year, with the exact timing to be determined later through diplomatic channels.
According to another readout by the Chinese foreign ministry, the talks between Wang and Doval were “in-depth and constructive”.
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Shoppers look to score as mall at Hong Kong’s Kai Tak Sports Park opens
By Johnny Wan
A 700,000 sq ft shopping centre in Hong Kong’s soon-to-open Kai Tak Sports Park began operating on Wednesday, with hundreds of people queuing for cash coupons.
Scores of stores in the Kai Tak Mall opened their doors, with occupancy at about 80 per cent. The mall is a key part of the park, located in the heart of East Kowloon and about a five-minute walk from Kai Tak MTR station.
The park is due to open in March next year.
“We definitely encourage people coming for shows, or sport events, to come earlier and enjoy our restaurants and spend as well,” said Crystal Wong Ho Kwan, head of retail of Kai Tak Sports Park.
“We are also in discussions with some of our restaurant partners to stay open even after events, and of course, there will be some flexible arrangements.”
Regular operating hours are from 10am to 10pm daily.
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By Johnny Wan
A 700,000 sq ft shopping centre in Hong Kong’s soon-to-open Kai Tak Sports Park began operating on Wednesday, with hundreds of people queuing for cash coupons.
Scores of stores in the Kai Tak Mall opened their doors, with occupancy at about 80 per cent. The mall is a key part of the park, located in the heart of East Kowloon and about a five-minute walk from Kai Tak MTR station.
The park is due to open in March next year.
“We definitely encourage people coming for shows, or sport events, to come earlier and enjoy our restaurants and spend as well,” said Crystal Wong Ho Kwan, head of retail of Kai Tak Sports Park.
“We are also in discussions with some of our restaurant partners to stay open even after events, and of course, there will be some flexible arrangements.”
Regular operating hours are from 10am to 10pm daily.
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Nicolas Sarkozy to wear electronic bracelet after French corruption conviction upheld
By Reuters
The Cour de Cassation, France’s highest court, upheld on Wednesday former president Nicolas Sarkozy’s conviction for corruption and influence peddling.
Sarkozy had appealed against the 2021 conviction for corruption and influence peddling, in which he had been handed a three-year prison sentence. Two of the years were suspended and Sarkozy would wear an electronic monitoring bracelet instead of going to prison for the last year.
Patrice Spinosi, lawyer for Sarkozy, said Sarkozy would appeal to the European Court for Human Rights to challenge the ruling.
Spinosi added Sarkozy would comply with the ruling which forces him to wear an electronic bracelet, a first for a former head of state, but would continue to use all legal means available to him to prove his innocence.
Sarkozy, a conservative who remains an important figure in French politics even after leaving office in 2012, had been found guilty by a lower court of trying to bribe a judge and of peddling influence in exchange for confidential information about a probe into his 2007 campaign finances.
The court found that Sarkozy conspired to secure a job in Monaco for a judge in exchange for inside information about an investigation into allegations that Sarkozy had accepted illegal payments from L’Oreal heiress Liliane Bettencourt.
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By Reuters
The Cour de Cassation, France’s highest court, upheld on Wednesday former president Nicolas Sarkozy’s conviction for corruption and influence peddling.
Sarkozy had appealed against the 2021 conviction for corruption and influence peddling, in which he had been handed a three-year prison sentence. Two of the years were suspended and Sarkozy would wear an electronic monitoring bracelet instead of going to prison for the last year.
Patrice Spinosi, lawyer for Sarkozy, said Sarkozy would appeal to the European Court for Human Rights to challenge the ruling.
Spinosi added Sarkozy would comply with the ruling which forces him to wear an electronic bracelet, a first for a former head of state, but would continue to use all legal means available to him to prove his innocence.
Sarkozy, a conservative who remains an important figure in French politics even after leaving office in 2012, had been found guilty by a lower court of trying to bribe a judge and of peddling influence in exchange for confidential information about a probe into his 2007 campaign finances.
The court found that Sarkozy conspired to secure a job in Monaco for a judge in exchange for inside information about an investigation into allegations that Sarkozy had accepted illegal payments from L’Oreal heiress Liliane Bettencourt.
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Chinese Premier Li Qiang pledges to crack down on unfair targeting of private firms
By William Zheng
Chinese Premier Li Qiang has warned local governments not to target private companies with unfair fines and promised further measures to improve the business environment next year.
The pledge – made at a meeting of the State Council, China’s cabinet, on Monday – follows accusations that some local authorities have been trying to raise extra funds by targeting private firms outside their jurisdictions.
This year Beijing has announced a series of measures to improve the business environment as part of its efforts to boost the faltering economy.
This includes a drive by the country’s top prosecuting authority to strengthen legal protections for private enterprises.
According to state news agency Xinhua, Li said that the abuse of administrative punishments and unfair law enforcement are still problems in some parts of the country and in certain sectors.
He told the meeting it is important for the government to start with the issues that are of “grave concern to the public and businesses” and standardise the exercise of power across the nation.
A special campaign will be launched in 2025 to regulate business-related law enforcement with the aim of improving the business environment and boosting market confidence, Li said.
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By William Zheng
Chinese Premier Li Qiang has warned local governments not to target private companies with unfair fines and promised further measures to improve the business environment next year.
The pledge – made at a meeting of the State Council, China’s cabinet, on Monday – follows accusations that some local authorities have been trying to raise extra funds by targeting private firms outside their jurisdictions.
This year Beijing has announced a series of measures to improve the business environment as part of its efforts to boost the faltering economy.
This includes a drive by the country’s top prosecuting authority to strengthen legal protections for private enterprises.
According to state news agency Xinhua, Li said that the abuse of administrative punishments and unfair law enforcement are still problems in some parts of the country and in certain sectors.
He told the meeting it is important for the government to start with the issues that are of “grave concern to the public and businesses” and standardise the exercise of power across the nation.
A special campaign will be launched in 2025 to regulate business-related law enforcement with the aim of improving the business environment and boosting market confidence, Li said.
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Catch up on some of SCMP’s biggest China and economy stories of the day. If you would like to see more of our reporting, please consider subscribing.
Two Chinese astronauts aboard the Tiangong space station have broken the world record for the longest single spacewalk, set more than two decades ago by the US space programme.
President Xi Jinping has landed in Macau for a three-day visit to mark the 25th anniversary of the gaming hub’s return to Chinese administration and which will conclude with the inauguration of the city’s incoming leader.
China should focus on childbirth support and lower the cost of raising children as it grapples with demographic issues that have not been seen elsewhere in the world, a Communist Party newspaper urged on Tuesday.President Xi Jinping and his wife Peng Liyuan have arrived in Macau. Photo: Eugene Lee
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Trump taunts Trudeau again, says Canada should be a US state
By Bloomberg
Donald Trump threw a fresh taunt at Canada as Prime Minister Justin Trudeau tries to weather a crisis sparked by the sudden departure of a minister who was a bulwark against the US president-elect’s plan to start trade wars with his neighbours.
“No one can answer why we subsidise Canada to the tune of over $100,000,000 a year? Makes no sense!” Trump said in a post early Wednesday on Truth Social. “Many Canadians want Canada to become the 51st State. They would save massively on taxes and military protection. I think it is a great idea. 51st State!!!”
Trump has been joking that Canada could always become the US’s 51st state – and Trudeau its governor – ever since the Canadian leader rushed out to see him at his Mar-a-Lago resort. But the lighthearted comments seemingly made in jest over a Thanksgiving dinner have taken a more sinister undertone with Trudeau now fighting for his political survival.
It is unclear why Trump cited the figure of US$100 million and he has used US$100 billion in the past.
The US goods trade deficit with Canada through October was US$50.5 billion and the gap for all of 2023 was US$64.3 billion, according to Census data. In a 2018 post on the social media platform known as Twitter at the time, he complained about how Canada makes “almost $100 Billion Dollars in Trade with US”.
In Ottawa on Tuesday, Trudeau tried to downplay the most serious challenge yet facing his leadership. “Like most families, sometimes we have fights around the holidays,” he told a gathering for his Liberal Party’s 153 lawmakers and their staffers.
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By Bloomberg
Donald Trump threw a fresh taunt at Canada as Prime Minister Justin Trudeau tries to weather a crisis sparked by the sudden departure of a minister who was a bulwark against the US president-elect’s plan to start trade wars with his neighbours.
“No one can answer why we subsidise Canada to the tune of over $100,000,000 a year? Makes no sense!” Trump said in a post early Wednesday on Truth Social. “Many Canadians want Canada to become the 51st State. They would save massively on taxes and military protection. I think it is a great idea. 51st State!!!”
Trump has been joking that Canada could always become the US’s 51st state – and Trudeau its governor – ever since the Canadian leader rushed out to see him at his Mar-a-Lago resort. But the lighthearted comments seemingly made in jest over a Thanksgiving dinner have taken a more sinister undertone with Trudeau now fighting for his political survival.
It is unclear why Trump cited the figure of US$100 million and he has used US$100 billion in the past.
The US goods trade deficit with Canada through October was US$50.5 billion and the gap for all of 2023 was US$64.3 billion, according to Census data. In a 2018 post on the social media platform known as Twitter at the time, he complained about how Canada makes “almost $100 Billion Dollars in Trade with US”.
In Ottawa on Tuesday, Trudeau tried to downplay the most serious challenge yet facing his leadership. “Like most families, sometimes we have fights around the holidays,” he told a gathering for his Liberal Party’s 153 lawmakers and their staffers.
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Former Taiwan leader Ma Ying-jeou visits Harbin aiming to ‘build bridge of peace’
By Lawrence Chung
Former Taiwanese leader Ma Ying-jeou has begun a nine-day trip to mainland China – his third in two years – amid accusations from pro-independence voices that he is compromising the self-ruled island’s interests.
Ma’s delegation, which includes a group of Taiwanese university students, was greeted by municipal officials and well-wishers at the airport when they arrived in Harbin, capital of Heilongjiang province in the northeast, on Wednesday.
Ma was due to meet Song Tao, head of the Taiwan Affairs Office, in the evening – their first meeting since Ma visited the mainland in April, when he promoted cross-strait student exchanges.
The former Taiwanese leader will attend a cross-strait youth ice and snow festival while he is in Harbin, and will also travel to Sichuan province in the southwest before returning to Taiwan on December 26.
Ma told reporters at Taoyuan International Airport before he left the island that exchanges between young people from Taiwan and mainland China “are especially important now, with wars frequent across the globe and cross-strait relations more tense than during my presidency”.
Ties between Beijing and Taipei were relatively stable when Ma led Taiwan from 2008 to 2016.
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By Lawrence Chung
Former Taiwanese leader Ma Ying-jeou has begun a nine-day trip to mainland China – his third in two years – amid accusations from pro-independence voices that he is compromising the self-ruled island’s interests.
Ma’s delegation, which includes a group of Taiwanese university students, was greeted by municipal officials and well-wishers at the airport when they arrived in Harbin, capital of Heilongjiang province in the northeast, on Wednesday.
Ma was due to meet Song Tao, head of the Taiwan Affairs Office, in the evening – their first meeting since Ma visited the mainland in April, when he promoted cross-strait student exchanges.
The former Taiwanese leader will attend a cross-strait youth ice and snow festival while he is in Harbin, and will also travel to Sichuan province in the southwest before returning to Taiwan on December 26.
Ma told reporters at Taoyuan International Airport before he left the island that exchanges between young people from Taiwan and mainland China “are especially important now, with wars frequent across the globe and cross-strait relations more tense than during my presidency”.
Ties between Beijing and Taipei were relatively stable when Ma led Taiwan from 2008 to 2016.
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CEO sentiment in China sours amid slowdown risks, survey finds
By Kandy Wong
Confidence among China-based CEOs in the second half of this year deteriorated against the backdrop of “the top three major risks” – China’s economic slowdown, more intensive local competition and geopolitical tensions – a new survey has found.
The index of CEO confidence declined to 49 for the second half compared with 56 in the first half of this year, and this “was driven by growing concerns about current and near-term business conditions within the Chinese economy”, according to US non-profit think tank The Conference Board.
The confidence survey, conducted every six months, aims at tracking sentiments of China-based CEOs of mostly US and European multinational companies. A reading of less than 50 on a scale of 0-100 reflects more negative than positive responses.
“Conditions facing multinational businesses operating in China are currently extremely challenging, with 76 per cent of CEOs citing China’s economic slowdown as the biggest risk facing their business,” said Alfredo Montufar-Helu, head of the think tank’s China Centre, adding that customers are “highly price-sensitive” and seek “steep discounts”.
Responding to the survey that was fielded between September 30 and October 28, 41 per cent of CEOs out of 34 participants said that current business conditions were worse than six months prior – a substantial increase from 23 per cent in the first half of the year.
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By Kandy Wong
Confidence among China-based CEOs in the second half of this year deteriorated against the backdrop of “the top three major risks” – China’s economic slowdown, more intensive local competition and geopolitical tensions – a new survey has found.
The index of CEO confidence declined to 49 for the second half compared with 56 in the first half of this year, and this “was driven by growing concerns about current and near-term business conditions within the Chinese economy”, according to US non-profit think tank The Conference Board.
The confidence survey, conducted every six months, aims at tracking sentiments of China-based CEOs of mostly US and European multinational companies. A reading of less than 50 on a scale of 0-100 reflects more negative than positive responses.
“Conditions facing multinational businesses operating in China are currently extremely challenging, with 76 per cent of CEOs citing China’s economic slowdown as the biggest risk facing their business,” said Alfredo Montufar-Helu, head of the think tank’s China Centre, adding that customers are “highly price-sensitive” and seek “steep discounts”.
Responding to the survey that was fielded between September 30 and October 28, 41 per cent of CEOs out of 34 participants said that current business conditions were worse than six months prior – a substantial increase from 23 per cent in the first half of the year.
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Hong Kong licenses 4 more crypto exchanges amid bitcoin price surge
By Xinmei Shen
Hong Kong’s securities regulator has granted approval to four new cryptocurrency exchanges to operate in the city, giving the industry a boost amid a surge in the price of bitcoin this month.
Accumulus GBA Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI) have obtained virtual asset trading platform licences as of Thursday, according to an updated list published by the Securities and Futures Commission (SFC).
The approval comes as the city moves to strengthen the virtual asset regulatory regime it initiated two years ago, with the goal of reviving crypto business in the city while protecting retail investors. While mainland China has maintained a strict ban on commercial activity involving cryptoassets, Hong Kong has sought to become a hub for accessing digital assets such as bitcoin, the price of which has gained 60 per cent in the last six months and recently surpassed US$100,000 for the first time.
“We have been proactively engaging with VATPs’ senior management and ultimate controllers, which helps drive home our expected regulatory standards and expedite our licensing process for VATPs,” said Eric Yip, the SFC’s Executive Director of Intermediaries. “We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.”
The newly licensed exchanges can “operate on a restricted scope of business” after they complete the required rectification actions, in addition to “a vulnerability assessment and a penetration test through an independent third party with satisfactory results”, the SFC said.
The regulator has previously licensed three local cryptocurrency platforms: OSL, HashKey and HKVAX. The four new licensees were among the nearly 30 companies pursuing the licence this year, but only about a dozen remain applicants after a number of large platforms, including OKX and HTX, withdrew their applications earlier this year under stringent regulatory requirements.
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By Xinmei Shen
Hong Kong’s securities regulator has granted approval to four new cryptocurrency exchanges to operate in the city, giving the industry a boost amid a surge in the price of bitcoin this month.
Accumulus GBA Technology (Hong Kong), DFX Labs, Hong Kong Digital Asset EX, and Thousand Whales Technology (BVI) have obtained virtual asset trading platform licences as of Thursday, according to an updated list published by the Securities and Futures Commission (SFC).
The approval comes as the city moves to strengthen the virtual asset regulatory regime it initiated two years ago, with the goal of reviving crypto business in the city while protecting retail investors. While mainland China has maintained a strict ban on commercial activity involving cryptoassets, Hong Kong has sought to become a hub for accessing digital assets such as bitcoin, the price of which has gained 60 per cent in the last six months and recently surpassed US$100,000 for the first time.
“We have been proactively engaging with VATPs’ senior management and ultimate controllers, which helps drive home our expected regulatory standards and expedite our licensing process for VATPs,” said Eric Yip, the SFC’s Executive Director of Intermediaries. “We aim to strike a balance between safeguarding the interests of investors and facilitating continuous development for the virtual asset ecosystem in Hong Kong.”
The newly licensed exchanges can “operate on a restricted scope of business” after they complete the required rectification actions, in addition to “a vulnerability assessment and a penetration test through an independent third party with satisfactory results”, the SFC said.
The regulator has previously licensed three local cryptocurrency platforms: OSL, HashKey and HKVAX. The four new licensees were among the nearly 30 companies pursuing the licence this year, but only about a dozen remain applicants after a number of large platforms, including OKX and HTX, withdrew their applications earlier this year under stringent regulatory requirements.
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China must harness cutting-edge AI to transform its finance sector: former PBOC official
By Sylvia Ma
A former deputy governor of China’s central bank has called on the country’s finance sector to embrace the game-changing potential of emerging artificial intelligence technology, as Beijing seeks to cultivate “new quality productive forces” to revitalise the economy.
“AI technology has played a positive role in transforming traditional financial services such as customer support, investment and risk management,” Li Dongrong, former deputy governor of the People’s Bank of China, said at an industry summit in Shenzhen on Sunday, according to a social media post by the event’s host.
“Now, the emergence of next-generation large language models has also become a key enabler for the transformation of the banking sector.”
China has created a comprehensive industrial ecosystem for AI since the government issued a blueprint for the industry’s development in 2017, Li said, adding that the core industry is now worth nearly 600 billion yuan (US$82 billion).
Major Chinese financial institutions including the Industrial and Commercial Bank of China (ICBC) and China Construction Bank are reportedly exploring ways to enhance their operations using large language models and other AI technology.
Fintech giant Ant Group last year introduced an AI assistant tool named Zhixiaozhu that can help financial practitioners in areas including investment research, insurance and marketing. Ant is an affiliate of Alibaba Group Holding, which owns the South China Morning Post.
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By Sylvia Ma
A former deputy governor of China’s central bank has called on the country’s finance sector to embrace the game-changing potential of emerging artificial intelligence technology, as Beijing seeks to cultivate “new quality productive forces” to revitalise the economy.
“AI technology has played a positive role in transforming traditional financial services such as customer support, investment and risk management,” Li Dongrong, former deputy governor of the People’s Bank of China, said at an industry summit in Shenzhen on Sunday, according to a social media post by the event’s host.
“Now, the emergence of next-generation large language models has also become a key enabler for the transformation of the banking sector.”
China has created a comprehensive industrial ecosystem for AI since the government issued a blueprint for the industry’s development in 2017, Li said, adding that the core industry is now worth nearly 600 billion yuan (US$82 billion).
Major Chinese financial institutions including the Industrial and Commercial Bank of China (ICBC) and China Construction Bank are reportedly exploring ways to enhance their operations using large language models and other AI technology.
Fintech giant Ant Group last year introduced an AI assistant tool named Zhixiaozhu that can help financial practitioners in areas including investment research, insurance and marketing. Ant is an affiliate of Alibaba Group Holding, which owns the South China Morning Post.
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How bureaucracy is sabotaging UK’s efforts to aid Ukraine
By Nicolas Groffman
The foreign ministers of Germany, France, Italy, Poland, Spain, the United Kingdom and the European Union recently stressed the importance of “rapid and collective implementation” of the Group of Seven’s US$50 billion loan to Ukraine and said they supported Kyiv on its “irreversible path” to Nato membership.
Without aid from countries in the transatlantic security alliance, Ukraine might have already been defeated. However, countries could be doing better – not in terms of the amounts they pledge, which are generous, but in the speed of disbursement. Ukrainians are paying not in cash but in blood. If weapons do not arrive in time, people die.
Bureaucracy is an unnecessary barrier to the Nato war effort. Take the UK as an example.
Russia’s invasion in February 2022 prompted an immediate and forceful response from the UK. In 2022, then British prime minister Boris Johnson was one of the first Western leaders to visit Ukraine.
To date, the UK has pledged over £12 billion (US$15.2 billion) in aid. That aid can come in large, glamorous deals involving tanks or guided missiles, which can take months or years to provide. Recently, Britain has sped up, committing to deliver 16 AS90 artillery guns within a tighter time frame.
Other deals can be smaller: bullets, grenades, shells and the like, which should be bought, sold and used up rapidly at the front. One of the companies I work with has, with great difficulty, secured a supply of much-needed artillery shells for Ukraine. The company can either sell these directly to Ukraine, or to the UK government, which will then gift them to Ukraine.
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By Nicolas Groffman
The foreign ministers of Germany, France, Italy, Poland, Spain, the United Kingdom and the European Union recently stressed the importance of “rapid and collective implementation” of the Group of Seven’s US$50 billion loan to Ukraine and said they supported Kyiv on its “irreversible path” to Nato membership.
Without aid from countries in the transatlantic security alliance, Ukraine might have already been defeated. However, countries could be doing better – not in terms of the amounts they pledge, which are generous, but in the speed of disbursement. Ukrainians are paying not in cash but in blood. If weapons do not arrive in time, people die.
Bureaucracy is an unnecessary barrier to the Nato war effort. Take the UK as an example.
Russia’s invasion in February 2022 prompted an immediate and forceful response from the UK. In 2022, then British prime minister Boris Johnson was one of the first Western leaders to visit Ukraine.
To date, the UK has pledged over £12 billion (US$15.2 billion) in aid. That aid can come in large, glamorous deals involving tanks or guided missiles, which can take months or years to provide. Recently, Britain has sped up, committing to deliver 16 AS90 artillery guns within a tighter time frame.
Other deals can be smaller: bullets, grenades, shells and the like, which should be bought, sold and used up rapidly at the front. One of the companies I work with has, with great difficulty, secured a supply of much-needed artillery shells for Ukraine. The company can either sell these directly to Ukraine, or to the UK government, which will then gift them to Ukraine.
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Hong Kong Hospital Authority surplus more than doubles to HK$986 million
By Sammy Heung
The Hong Kong Hospital Authority’s surplus more than doubled in 2023-24 from the previous financial year, while chief executive Tony Ko Pat-sing’s pay increased by 4.8 per cent.
The authority’s annual report, published on Wednesday, showed gains from investments had jumped to HK$1.99 billion (US$256 million) from HK$789 million a year earlier.
Its surplus widened to HK$986 million, which was more than two times larger than the HK$478 million recorded in 2022-23.
But staff costs rose by almost HK$3 billion, or 5 per cent, to HK$62.4 billion.
The authority, which manages the city’s public hospitals, also released the latest information about the pay packets of its top five earners.
Ko was the highest paid at HK$6.87 million for the year ended March 31, 2024. The figure was 4.8 per cent higher than the HK$6.56 million he received in the previous year.
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By Sammy Heung
The Hong Kong Hospital Authority’s surplus more than doubled in 2023-24 from the previous financial year, while chief executive Tony Ko Pat-sing’s pay increased by 4.8 per cent.
The authority’s annual report, published on Wednesday, showed gains from investments had jumped to HK$1.99 billion (US$256 million) from HK$789 million a year earlier.
Its surplus widened to HK$986 million, which was more than two times larger than the HK$478 million recorded in 2022-23.
But staff costs rose by almost HK$3 billion, or 5 per cent, to HK$62.4 billion.
The authority, which manages the city’s public hospitals, also released the latest information about the pay packets of its top five earners.
Ko was the highest paid at HK$6.87 million for the year ended March 31, 2024. The figure was 4.8 per cent higher than the HK$6.56 million he received in the previous year.
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Chinese scientists say Zuchongzhi 3.0 quantum computer is as powerful as Google’s Willow
By Ling Xin
Chinese scientists have unveiled Zuchongzhi 3.0, a 105-qubit quantum processor that brings China on par with the United States in the race to build the world’s most powerful quantum computer.
The announcement came about a week after Google revealed its Willow processor, highlighting how closely the two nations are matched in pushing the boundaries of quantum technology.
Both Zuchongzhi 3.0 and Willow house 105 qubits, so far the highest count achieved in superconducting quantum devices, according to a paper released by the Chinese team on Tuesday, which is yet to undergo peer review.
Zuchongzhi 3.0 showed high precision in qubit operations and stability, comparable to Willow’s performance, according to the research team led by Pan Jianwei of the University of Science and Technology of China.
Google’s Willow achieved major advances in quantum error correction, a crucial step towards making quantum machines more reliable. The Chinese scientists have announced plans to incorporate similar techniques for Zuchongzhi 3.0 in the coming months.
They said their processor widened the gap in computational abilities between quantum and classical computers, serving as “both a testament to the progress in quantum hardware and a foundation for practical applications”.
Quantum computers use qubits instead of traditional computer bits to process information. Unlike classical bits, which can represent either a 0 or a 1, qubits can exist in a “superposition” state – essentially representing both 0 and 1 simultaneously.
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By Ling Xin
Chinese scientists have unveiled Zuchongzhi 3.0, a 105-qubit quantum processor that brings China on par with the United States in the race to build the world’s most powerful quantum computer.
The announcement came about a week after Google revealed its Willow processor, highlighting how closely the two nations are matched in pushing the boundaries of quantum technology.
Both Zuchongzhi 3.0 and Willow house 105 qubits, so far the highest count achieved in superconducting quantum devices, according to a paper released by the Chinese team on Tuesday, which is yet to undergo peer review.
Zuchongzhi 3.0 showed high precision in qubit operations and stability, comparable to Willow’s performance, according to the research team led by Pan Jianwei of the University of Science and Technology of China.
Google’s Willow achieved major advances in quantum error correction, a crucial step towards making quantum machines more reliable. The Chinese scientists have announced plans to incorporate similar techniques for Zuchongzhi 3.0 in the coming months.
They said their processor widened the gap in computational abilities between quantum and classical computers, serving as “both a testament to the progress in quantum hardware and a foundation for practical applications”.
Quantum computers use qubits instead of traditional computer bits to process information. Unlike classical bits, which can represent either a 0 or a 1, qubits can exist in a “superposition” state – essentially representing both 0 and 1 simultaneously.
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Influencer Andrew Tate loses US$2.5 million tax battle with UK police
By Associated Press
A British court ruled on Wednesday that police can seize more than 2 million pounds (US$2.5 million) to cover years of unpaid taxes from influencer Andrew Tate and his brother Tristan.
The Devon and Cornwall Police force went to court to claim the money, held in seven frozen bank accounts, from the Tates and a woman identified only as J.
At Westminster Magistrates’ Court, chief magistrate Paul Goldspring ruled that financial transactions by the brothers, including transferring US$12 million into an account in the name of J, were a “straightforward cheat” of the tax authorities.
A lawyer for the force said that the Tates were “serial” tax evaders who failed to pay any tax on 21 million pounds in revenue from their online businesses, including War Room, Hustlers’ University, Cobra Tate and OnlyFans, between 2014 and 2022.
At a hearing in July, lawyer Sarah Clarke quoted from a video posted online by Andrew Tate, in which he said: “When I lived in England I refused to pay tax.”
A lawyer for the brothers, Martin Evans, argued that the bank transfers were “entirely orthodox” for people who run online businesses.
via SCMP Full Text Feed
By Associated Press
A British court ruled on Wednesday that police can seize more than 2 million pounds (US$2.5 million) to cover years of unpaid taxes from influencer Andrew Tate and his brother Tristan.
The Devon and Cornwall Police force went to court to claim the money, held in seven frozen bank accounts, from the Tates and a woman identified only as J.
At Westminster Magistrates’ Court, chief magistrate Paul Goldspring ruled that financial transactions by the brothers, including transferring US$12 million into an account in the name of J, were a “straightforward cheat” of the tax authorities.
A lawyer for the force said that the Tates were “serial” tax evaders who failed to pay any tax on 21 million pounds in revenue from their online businesses, including War Room, Hustlers’ University, Cobra Tate and OnlyFans, between 2014 and 2022.
At a hearing in July, lawyer Sarah Clarke quoted from a video posted online by Andrew Tate, in which he said: “When I lived in England I refused to pay tax.”
A lawyer for the brothers, Martin Evans, argued that the bank transfers were “entirely orthodox” for people who run online businesses.
via SCMP Full Text Feed
