‘Christmas vibe’ lures tourists to Hong Kong but more residents heading off
By Fan Chen
Tourists from mainland China and elsewhere are being drawn to Hong Kong by the festive atmosphere although a greater number of residents are heading out of the city for the Christmas break.
Mainland visitor Wang Xin from Shandong province landed at Hong Kong International Airport on Sunday afternoon with her boyfriend for a five-day holiday.
“I have some good memories in the city, so I decided to bring my boyfriend. It’ll be his first time in Hong Kong, and we plan to do all the touristy stuff, including touring around Victoria Harbour and taking the Star Ferry,” said Wang, who is self-employed.
Before boarding a bus to their hotel in Tsim Sha Tsui, she took photos of a dazzling Christmas tree in the middle of the arrival hall. Wang described the airport as “convenient and pretty”.
Some tourists chose Hong Kong because of its strong festive atmosphere.
Eva Nan Xi, a marketing worker in neighbouring Shenzhen, arrived in Hong Kong by high-speed rail for a day trip to immerse herself in the city’s holiday vibe.
“Many of my foreign clients have talked about how they celebrated Christmas abroad, which makes me want to experience that myself,” said Nan, who is in her late 20s.
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By Fan Chen
Tourists from mainland China and elsewhere are being drawn to Hong Kong by the festive atmosphere although a greater number of residents are heading out of the city for the Christmas break.
Mainland visitor Wang Xin from Shandong province landed at Hong Kong International Airport on Sunday afternoon with her boyfriend for a five-day holiday.
“I have some good memories in the city, so I decided to bring my boyfriend. It’ll be his first time in Hong Kong, and we plan to do all the touristy stuff, including touring around Victoria Harbour and taking the Star Ferry,” said Wang, who is self-employed.
Before boarding a bus to their hotel in Tsim Sha Tsui, she took photos of a dazzling Christmas tree in the middle of the arrival hall. Wang described the airport as “convenient and pretty”.
Some tourists chose Hong Kong because of its strong festive atmosphere.
Eva Nan Xi, a marketing worker in neighbouring Shenzhen, arrived in Hong Kong by high-speed rail for a day trip to immerse herself in the city’s holiday vibe.
“Many of my foreign clients have talked about how they celebrated Christmas abroad, which makes me want to experience that myself,” said Nan, who is in her late 20s.
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Hong Kong may drop plan to use hydrogen-powered light rail trains: lawmakers
By Ng Kang-chung
Hong Kong may be forced to drop plans to use hydrogen-powered trains on its light rail system because of safety regulations and the need to “rebuild” all platforms, two legislators have warned.
Lawmaker Michael Tien Puk-sun, citing his sources, said on Sunday the MTR Corporation’s plans for the 36km (22 miles) of lines were in jeopardy in part due to incompatibility between the mainland China-made trains and current light rail platforms.
“The hydrogen-fuelled trains are low-floor trains. They are not compatible with the light rail platforms,” said Tien, a former chairman of the Kowloon-Canton Railway Corporation.
Another lawmaker, Gary Zhang Xinyu, called for the relaxation of a ban on the simultaneous operation of hydrogen-powered trains and traditional direct current electric ones on the line.
The pair were responding to the rail operator’s announcement on Saturday that it had completed a trial run with one of the trains. No passengers were involved in the tests.
The MTR Corp brought in a low-floor, hydrogen-powered train in June to conduct the trial run as part of a government plan to develop the use of greener energy sources to reach the city’s goal of becoming carbon neutral by 2050.
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By Ng Kang-chung
Hong Kong may be forced to drop plans to use hydrogen-powered trains on its light rail system because of safety regulations and the need to “rebuild” all platforms, two legislators have warned.
Lawmaker Michael Tien Puk-sun, citing his sources, said on Sunday the MTR Corporation’s plans for the 36km (22 miles) of lines were in jeopardy in part due to incompatibility between the mainland China-made trains and current light rail platforms.
“The hydrogen-fuelled trains are low-floor trains. They are not compatible with the light rail platforms,” said Tien, a former chairman of the Kowloon-Canton Railway Corporation.
Another lawmaker, Gary Zhang Xinyu, called for the relaxation of a ban on the simultaneous operation of hydrogen-powered trains and traditional direct current electric ones on the line.
The pair were responding to the rail operator’s announcement on Saturday that it had completed a trial run with one of the trains. No passengers were involved in the tests.
The MTR Corp brought in a low-floor, hydrogen-powered train in June to conduct the trial run as part of a government plan to develop the use of greener energy sources to reach the city’s goal of becoming carbon neutral by 2050.
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Hong Kong should start third medical school sooner amid Sino-US tensions: expert
By Elizabeth Cheung
Hong Kong should strive to prepare its third medical school more quickly amid Sino-US tensions, a former head of the Hospital Authority has said, as he highlighted the importance of the new institution in embracing technology and nurturing talent.
Anthony Wu Ting-yuk, who was chairman of the Hospital Authority from 2004 to 2013, told the Post that an interim plan should be put in place to offer training to medical students from the new school, instead of waiting about a decade for a proposed teaching hospital to be ready in the Northern Metropolis.
“We should seize on technology and build a brand new medical school … which focuses on the training in technology,” Wu said in an interview earlier this month.
Hong Kong is pressing on with establishing its third medical school after Chief Executive John Lee Ka-chiu threw his support behind the plan in his policy address in October.
Earlier this month, the government sent out invitations to the city’s eight publicly funded universities for them to submit proposals for the new school, with interested institutions required to submit their plans by mid-March.
The University of Hong Kong and the Chinese University of Hong Kong run the city’s two existing medical schools.
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By Elizabeth Cheung
Hong Kong should strive to prepare its third medical school more quickly amid Sino-US tensions, a former head of the Hospital Authority has said, as he highlighted the importance of the new institution in embracing technology and nurturing talent.
Anthony Wu Ting-yuk, who was chairman of the Hospital Authority from 2004 to 2013, told the Post that an interim plan should be put in place to offer training to medical students from the new school, instead of waiting about a decade for a proposed teaching hospital to be ready in the Northern Metropolis.
“We should seize on technology and build a brand new medical school … which focuses on the training in technology,” Wu said in an interview earlier this month.
Hong Kong is pressing on with establishing its third medical school after Chief Executive John Lee Ka-chiu threw his support behind the plan in his policy address in October.
Earlier this month, the government sent out invitations to the city’s eight publicly funded universities for them to submit proposals for the new school, with interested institutions required to submit their plans by mid-March.
The University of Hong Kong and the Chinese University of Hong Kong run the city’s two existing medical schools.
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China sanctions Canadian institutes, individuals over Tibet, Xinjiang rights row
By Wendy Wu
Beijing has sanctioned two Canadian institutes and several individuals as tensions with Ottawa continue to worsen over Tibet and Xinjiang.
The Uygur Rights Advocacy Project, the Canada Tibet Committee and 20 people from the two organisations had been placed on the sanctions list, the Chinese foreign ministry said on Sunday, citing China’s anti-sanctions law.
Their assets within China have been frozen, all transactions and cooperation projects have been banned, and persons on the list are barred from entering China, including Hong Kong and Macau, from Saturday, according to the ministry.
The move comes after Canada imposed sanctions on eight former and current senior Chinese officials earlier this month, citing alleged human rights violations in Xinjiang – home to the mainly Muslim Uygur ethnic minority group – and in Tibet.
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By Wendy Wu
Beijing has sanctioned two Canadian institutes and several individuals as tensions with Ottawa continue to worsen over Tibet and Xinjiang.
The Uygur Rights Advocacy Project, the Canada Tibet Committee and 20 people from the two organisations had been placed on the sanctions list, the Chinese foreign ministry said on Sunday, citing China’s anti-sanctions law.
Their assets within China have been frozen, all transactions and cooperation projects have been banned, and persons on the list are barred from entering China, including Hong Kong and Macau, from Saturday, according to the ministry.
The move comes after Canada imposed sanctions on eight former and current senior Chinese officials earlier this month, citing alleged human rights violations in Xinjiang – home to the mainly Muslim Uygur ethnic minority group – and in Tibet.
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Diamonds are plunging in value around the world. Is China to blame?
By Ralph Jennings
Not all newlyweds in China can afford a name-brand, natural diamond in today’s tough economy. But many no longer want one, anyway.
Prices for natural gems have fallen worldwide, tainting their store of value, while synthetic alternatives cost far less and glitter just as brightly.
“They don’t necessarily need something from Tiffany’s,” said Vivian Wu, a 40-year-old founder of the Shanghai-based diamond business Wei An Shang Mao.
Wu still completes about 10 diamond orders per week, as she has for years, but these days customers are often looking for a bargain. Newlyweds increasingly ask her to find smaller gems to fit their shrinking budgets or choose artificial ones that are sometimes just one-tenth the price of a natural stone.
Changes taking place in China are rapidly reshaping the global diamond market, as the country’s consumers pull back from splashing out on natural stones and its factories ramp up production of cheaper synthetic alternatives.
Wholesale diamond prices have fallen by about 40 per cent over the past two years, according to Bank of America Global Research. The Zimnisky Rough Diamond Price Index shows a particularly steep drop since an all-time high in 2022.
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By Ralph Jennings
Not all newlyweds in China can afford a name-brand, natural diamond in today’s tough economy. But many no longer want one, anyway.
Prices for natural gems have fallen worldwide, tainting their store of value, while synthetic alternatives cost far less and glitter just as brightly.
“They don’t necessarily need something from Tiffany’s,” said Vivian Wu, a 40-year-old founder of the Shanghai-based diamond business Wei An Shang Mao.
Wu still completes about 10 diamond orders per week, as she has for years, but these days customers are often looking for a bargain. Newlyweds increasingly ask her to find smaller gems to fit their shrinking budgets or choose artificial ones that are sometimes just one-tenth the price of a natural stone.
Changes taking place in China are rapidly reshaping the global diamond market, as the country’s consumers pull back from splashing out on natural stones and its factories ramp up production of cheaper synthetic alternatives.
Wholesale diamond prices have fallen by about 40 per cent over the past two years, according to Bank of America Global Research. The Zimnisky Rough Diamond Price Index shows a particularly steep drop since an all-time high in 2022.
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Hong Kong’s Northern Metropolis MOU a ‘general expression’ of support: minister
By Vivian Au
Hong Kong’s development minister has said a Northern Metropolis memorandum of understanding (MOU) signed by 85 business heavyweights is simply a “general expression” of support without commitments to formal tenders, with the financial sector calling for more transparency and dialogue.
Secretary for Development Bernadette Linn Hon-ho said on Sunday the agreement, signed last month, aimed to unite efforts and promote the project near the border with mainland China.
She said the “support” wording of the MOU was “neutral”.
“Would the public overthink this matter?” she said.
The companies have pledged to support and participate in the Northern Metropolis blueprint, which envisions transforming 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub.
Linn added the MOU was a “general expression” of support, which could come in various forms such as providing expert opinions or financing.
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By Vivian Au
Hong Kong’s development minister has said a Northern Metropolis memorandum of understanding (MOU) signed by 85 business heavyweights is simply a “general expression” of support without commitments to formal tenders, with the financial sector calling for more transparency and dialogue.
Secretary for Development Bernadette Linn Hon-ho said on Sunday the agreement, signed last month, aimed to unite efforts and promote the project near the border with mainland China.
She said the “support” wording of the MOU was “neutral”.
“Would the public overthink this matter?” she said.
The companies have pledged to support and participate in the Northern Metropolis blueprint, which envisions transforming 30,000 hectares (74,130 acres) of land in the New Territories into an economic powerhouse and housing hub.
Linn added the MOU was a “general expression” of support, which could come in various forms such as providing expert opinions or financing.
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Rapid test to give Hong Kong officials new weapon to fight shark fin trade
By Ambrose Li
Hong Kong is set to adopt a new rapid test that could “significantly” reduce the time needed to identify shark fin species at borders as early as next year to help tackle illegal wildlife trade and overexploitation, according to a top UN official and local authorities.
Ivonne Higuero, secretary general of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), also called on the private sector to step up efforts to help counter wildlife trafficking during a recent visit to Hong Kong.
In an exclusive interview with the Post, Higuero, head of the CITES Secretariat that is administered by the UN Environment Programme, revealed that Hong Kong would soon begin using a new method to detect shark fins from species protected under the convention.
“Normally, if you’re suspicious of the species, you would have to send it to genetic testing, which is costly and takes time. But now, with this new system, you do it on the spot with the right equipment and almost immediately that you can get a result,” she said, likening it to the rapid tests used during the Covid-19 pandemic.
The Agriculture, Fisheries and Conservation Department told the Post earlier that it was refining the technique with the US-based Mote Marine Laboratory and Aquarium, which has provided the equipment and reagents required for free.
“As more shark species are brought under the control of CITES, academics have developed a new technique known as closed-tube bar coding, which is a PCR-based method to identify shark species,” the department said.
“The method does not require DNA sequencing, but uses reagents containing the genetic probes. It can provide results in two hours at the earliest and significantly reduce the turnaround time in the identification of shark fin specimens.”
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By Ambrose Li
Hong Kong is set to adopt a new rapid test that could “significantly” reduce the time needed to identify shark fin species at borders as early as next year to help tackle illegal wildlife trade and overexploitation, according to a top UN official and local authorities.
Ivonne Higuero, secretary general of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), also called on the private sector to step up efforts to help counter wildlife trafficking during a recent visit to Hong Kong.
In an exclusive interview with the Post, Higuero, head of the CITES Secretariat that is administered by the UN Environment Programme, revealed that Hong Kong would soon begin using a new method to detect shark fins from species protected under the convention.
“Normally, if you’re suspicious of the species, you would have to send it to genetic testing, which is costly and takes time. But now, with this new system, you do it on the spot with the right equipment and almost immediately that you can get a result,” she said, likening it to the rapid tests used during the Covid-19 pandemic.
The Agriculture, Fisheries and Conservation Department told the Post earlier that it was refining the technique with the US-based Mote Marine Laboratory and Aquarium, which has provided the equipment and reagents required for free.
“As more shark species are brought under the control of CITES, academics have developed a new technique known as closed-tube bar coding, which is a PCR-based method to identify shark species,” the department said.
“The method does not require DNA sequencing, but uses reagents containing the genetic probes. It can provide results in two hours at the earliest and significantly reduce the turnaround time in the identification of shark fin specimens.”
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India’s luxury property market booming despite economic slowdown
By Biman Mukherji
India’s luxury property market is defying an economic slowdown as more wealthy buyers, from local tech entrepreneurs to overseas investors of Indian origin, splurge on high-end homes, industry experts say.
Properties ranging from units with private pools to penthouses offering panoramic views of first-tier city skylines like Mumbai have been snapped up in the past few years. Some of the luxurious homes occupy entire floors and even have helipads.
Anshuman Magazine, chairman and CEO for India, Southeast Asia, Middle East and Africa at global real estate firm CBRE, said the buying spree for such units was showing little sign of slowing.
“This trend has revitalised the luxury housing market, prompting renewed interest from buyers seeking upgraded living experiences,” Magazine said.
Between January and September, sales of luxury properties priced at 40 million Indian rupees (US$470,000) and above surged by 37.8 per cent from the same period a year earlier, according to CBRE’s data, with Delhi’s national capital region (NCR), Mumbai and Hyderabad driving growth.
Delhi-NCR recorded a 72 per cent jump, while sales in Mumbai rose by 18 per cent, according to CBRE, adding that Mumbai accounted for half of the country’s total luxury property sales.
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By Biman Mukherji
India’s luxury property market is defying an economic slowdown as more wealthy buyers, from local tech entrepreneurs to overseas investors of Indian origin, splurge on high-end homes, industry experts say.
Properties ranging from units with private pools to penthouses offering panoramic views of first-tier city skylines like Mumbai have been snapped up in the past few years. Some of the luxurious homes occupy entire floors and even have helipads.
Anshuman Magazine, chairman and CEO for India, Southeast Asia, Middle East and Africa at global real estate firm CBRE, said the buying spree for such units was showing little sign of slowing.
“This trend has revitalised the luxury housing market, prompting renewed interest from buyers seeking upgraded living experiences,” Magazine said.
Between January and September, sales of luxury properties priced at 40 million Indian rupees (US$470,000) and above surged by 37.8 per cent from the same period a year earlier, according to CBRE’s data, with Delhi’s national capital region (NCR), Mumbai and Hyderabad driving growth.
Delhi-NCR recorded a 72 per cent jump, while sales in Mumbai rose by 18 per cent, according to CBRE, adding that Mumbai accounted for half of the country’s total luxury property sales.
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Cathay flight from Hong Kong suffers 15-hour delay due to unruly passenger
By Emily Hung
A US-bound Cathay Pacific Airways flight was diverted to Tokyo before returning to Hong Kong on Sunday because of an unruly passenger, causing a delay of nearly 15 hours for travellers on board.
Cathay Pacific flight 812 took off from Hong Kong International Airport on Saturday at around 7.40pm, heading for the United States city of Boston.
But the service was diverted to Tokyo’s Haneda airport to deal with the disruptive passenger, according to a Post reporter on board.
Social media users who posted details of the ordeal online said the passenger had assaulted others on the flight and was arrested by police in Tokyo.
After a layover in the Japanese capital, the flight departed for Hong Kong at 3.15am on Sunday and landed at around 7.15am.
Passengers boarded another plane in Hong Kong, with a different crew, before departing again at 10.30am.
The carrier provided each passenger a HK$150 (US$19) meal voucher.
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By Emily Hung
A US-bound Cathay Pacific Airways flight was diverted to Tokyo before returning to Hong Kong on Sunday because of an unruly passenger, causing a delay of nearly 15 hours for travellers on board.
Cathay Pacific flight 812 took off from Hong Kong International Airport on Saturday at around 7.40pm, heading for the United States city of Boston.
But the service was diverted to Tokyo’s Haneda airport to deal with the disruptive passenger, according to a Post reporter on board.
Social media users who posted details of the ordeal online said the passenger had assaulted others on the flight and was arrested by police in Tokyo.
After a layover in the Japanese capital, the flight departed for Hong Kong at 3.15am on Sunday and landed at around 7.15am.
Passengers boarded another plane in Hong Kong, with a different crew, before departing again at 10.30am.
The carrier provided each passenger a HK$150 (US$19) meal voucher.
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Hong Kong’s new culture minister must get her priorities right
By Alice Wu
Rosanna Law Shuk-pui, the city’s new secretary for culture, sports and tourism, is enjoying quite the warm welcome. Even wearing a red jacket to a Legislative Council meeting to introduce the Blueprint for Arts and Culture and Creative Industries Development three days into her new job was enough to get her compliments.
This perhaps reflects the lawmakers’ frustrations with Law’s predecessor more than anything. Seeing a new face was enough to get lawmakers’ hopes up.
But Law’s honeymoon period was short-lived. The blueprint has not been well-received, though it must be said it was not her doing. There has been disappointment with its lack of content, especially on the strategy front. It did not cover much that has not been said before, and it did not reveal any bold or innovative initiatives either.
One lawmaker was especially critical. Adrian Pedro Ho King-hong took issue with the use of Hong Kong Coliseum, which is notorious for being hard to secure. Ho cited examples of how many times local artists have been rejected to put on their concerts there. While Ho is wrong to assume the coliseum was not in use during non-concert days, he is not wrong in pointing out that the application and approval process could be more transparent.
This latter point is something that fellow lawmaker Ma Fung-kwok also mentioned. A veteran lawmaker and representative of the sector, Ma said he believes the approval process could be sped up with higher level of transparency to address the problem with public perception.
With the ambitious aim for Hong Kong to become an arts and cultural hub and regional centre of mega-events, it is imperative that these venue-related issues are addressed. The bigger problem with our city’s venues is an old one: the lack of them.
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By Alice Wu
Rosanna Law Shuk-pui, the city’s new secretary for culture, sports and tourism, is enjoying quite the warm welcome. Even wearing a red jacket to a Legislative Council meeting to introduce the Blueprint for Arts and Culture and Creative Industries Development three days into her new job was enough to get her compliments.
This perhaps reflects the lawmakers’ frustrations with Law’s predecessor more than anything. Seeing a new face was enough to get lawmakers’ hopes up.
But Law’s honeymoon period was short-lived. The blueprint has not been well-received, though it must be said it was not her doing. There has been disappointment with its lack of content, especially on the strategy front. It did not cover much that has not been said before, and it did not reveal any bold or innovative initiatives either.
One lawmaker was especially critical. Adrian Pedro Ho King-hong took issue with the use of Hong Kong Coliseum, which is notorious for being hard to secure. Ho cited examples of how many times local artists have been rejected to put on their concerts there. While Ho is wrong to assume the coliseum was not in use during non-concert days, he is not wrong in pointing out that the application and approval process could be more transparent.
This latter point is something that fellow lawmaker Ma Fung-kwok also mentioned. A veteran lawmaker and representative of the sector, Ma said he believes the approval process could be sped up with higher level of transparency to address the problem with public perception.
With the ambitious aim for Hong Kong to become an arts and cultural hub and regional centre of mega-events, it is imperative that these venue-related issues are addressed. The bigger problem with our city’s venues is an old one: the lack of them.
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Xi Jinping’s anti-corruption campaign nets record number of ‘tigers’ in 2024
By William Zheng
Chinese leader Xi Jinping’s war on corruption has ensnared a record number of high-ranking officials this year, with 56 senior cadres at vice-ministerial level or above being investigated, a tally by the South China Morning Post has found.
That marks a jump of nearly 25 per cent from 2023, when 45 high-ranking officials were subject to graft probes by anti-corruption agency the Central Commission for Discipline Inspection, or CCDI.
According to the Post’s analysis, corruption cases involving top party organs and ministries have doubled, while there was also an increase in cases within the aviation and defence industries.
But in 2024 there were fewer corruption cases in the finance sector – a key focus of the campaign last year.
Deng Yuwen, former deputy editor of the Study Times newspaper published by the Central Party School, said more officials were getting caught up in the campaign.
“The anti-corruption net has been cast wider while the mesh is getting smaller – so more are getting caught and fewer can slip through,” he said.
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By William Zheng
Chinese leader Xi Jinping’s war on corruption has ensnared a record number of high-ranking officials this year, with 56 senior cadres at vice-ministerial level or above being investigated, a tally by the South China Morning Post has found.
That marks a jump of nearly 25 per cent from 2023, when 45 high-ranking officials were subject to graft probes by anti-corruption agency the Central Commission for Discipline Inspection, or CCDI.
According to the Post’s analysis, corruption cases involving top party organs and ministries have doubled, while there was also an increase in cases within the aviation and defence industries.
But in 2024 there were fewer corruption cases in the finance sector – a key focus of the campaign last year.
Deng Yuwen, former deputy editor of the Study Times newspaper published by the Central Party School, said more officials were getting caught up in the campaign.
“The anti-corruption net has been cast wider while the mesh is getting smaller – so more are getting caught and fewer can slip through,” he said.
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Qatar vows to stop EU gas sales if fined under due diligence law: media report
By Reuters
Qatar will stop shipping gas to the EU if member states strictly enforce a new law cracking down on forced labour and environmental damage, Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Sunday.
The Corporate Sustainability Due Diligence Directive, approved this year, requires larger companies operating in the European Union to check whether their supply chains use forced labour or cause environmental damage and to take action if they do.
Penalties include fines of up to five per cent of global turnover.
“If the case is that I lose five per cent of my generated revenue by going to Europe, I will not go to Europe. I’m not bluffing, Kaabi told the newspaper, adding that “five per cent of generated revenue of QatarEnergy means five per cent of generated revenue of the Qatar state. This is the people’s money, so I cannot lose that kind of money – and nobody would accept losing that kind of money.”
Kaabi, the chief executive of state-owned QatarEnergy, has said the EU should thoroughly review the due diligence law. He has also said that his Gulf country has no concerns about US president-elect Donald Trump’s promise to lift a cap on liquefied natural gas exports.
Qatar, among the world’s top LNG exporters, is seeking to play a larger role in Asia and Europe as competition from top supplier the United States increases. It plans to expand its liquefaction capacity to 142 million tons per year by 2027 from 77 million.
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By Reuters
Qatar will stop shipping gas to the EU if member states strictly enforce a new law cracking down on forced labour and environmental damage, Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Sunday.
The Corporate Sustainability Due Diligence Directive, approved this year, requires larger companies operating in the European Union to check whether their supply chains use forced labour or cause environmental damage and to take action if they do.
Penalties include fines of up to five per cent of global turnover.
“If the case is that I lose five per cent of my generated revenue by going to Europe, I will not go to Europe. I’m not bluffing, Kaabi told the newspaper, adding that “five per cent of generated revenue of QatarEnergy means five per cent of generated revenue of the Qatar state. This is the people’s money, so I cannot lose that kind of money – and nobody would accept losing that kind of money.”
Kaabi, the chief executive of state-owned QatarEnergy, has said the EU should thoroughly review the due diligence law. He has also said that his Gulf country has no concerns about US president-elect Donald Trump’s promise to lift a cap on liquefied natural gas exports.
Qatar, among the world’s top LNG exporters, is seeking to play a larger role in Asia and Europe as competition from top supplier the United States increases. It plans to expand its liquefaction capacity to 142 million tons per year by 2027 from 77 million.
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Minorities fear targeted attacks in post-revolution Bangladesh
By Agence France-Presse
For generations, the small Hindu temple outside the capital in Muslim-majority Bangladesh was a quiet place to pray – before arsonists ripped open its roof this month in the latest post-revolution unrest.
It is only one of a string of attacks targeting religious minorities since a student-led uprising toppled long-time autocratic leader Sheikh Hasina in August.
“We don’t feel safe,” said Hindu devotee Swapna Ghosh in the village of Dhour, where attackers broke into the 50-year-old family temple to the goddess Lakshmi and set fire to its treasured idols on December 7.
“My son saw the flames and doused them quickly,” said temple custodian Ratan Kumar Ghosh, 55, describing how assailants knew to avoid security cameras, so they tore its tin roof open to enter.
“Otherwise, the temple – and us – would have been reduced to ashes.”
Hindus make up about eight per cent of the mainly Muslim nation of 170 million people.
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By Agence France-Presse
For generations, the small Hindu temple outside the capital in Muslim-majority Bangladesh was a quiet place to pray – before arsonists ripped open its roof this month in the latest post-revolution unrest.
It is only one of a string of attacks targeting religious minorities since a student-led uprising toppled long-time autocratic leader Sheikh Hasina in August.
“We don’t feel safe,” said Hindu devotee Swapna Ghosh in the village of Dhour, where attackers broke into the 50-year-old family temple to the goddess Lakshmi and set fire to its treasured idols on December 7.
“My son saw the flames and doused them quickly,” said temple custodian Ratan Kumar Ghosh, 55, describing how assailants knew to avoid security cameras, so they tore its tin roof open to enter.
“Otherwise, the temple – and us – would have been reduced to ashes.”
Hindus make up about eight per cent of the mainly Muslim nation of 170 million people.
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Xi’s vision for Macau, Hong Kong boon to confidence amid geopolitics: Paul Chan
By Denise TsangJess Ma
Chinese president Xi Jinping’s commitment to maintaining the “one country, two systems” governing principle for Hong Kong and Macau has boosted people’s confidence amid a complex geopolitical situation, according to Paul Chan Mo-po.
In his weekly blog post on Sunday, Hong Kong’s financial secretary said Xi’s speech at the inauguration of Macau’s new administration had summed up the institutional advantages of the governing systems and practical experiences of both cities, which successfully marked a “win-win cooperation” between different social systems that were key to maintaining their long-term prosperity.
Chan noted a good stable system must be maintained for a long time, embodying the values of peace, tolerance, openness, and sharing.
“In the current complex geopolitical situation, the speech is more positive and makes people more confident,” he said.
In his speech at the inauguration of Macau’s sixth administration under Chief Executive Sam Hou-fai last week, Xi underscored the importance of maintaining the one country, two systems governing principle.
Summarising his vision for the long-term implementation of the principle, Xi said Hong Kong and Macau should exploit the advantages of the arrangement in four areas: prioritising national security; pushing for high-quality development; boost connectivity both internally and externally; and fostering tolerance and harmony.
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By Denise TsangJess Ma
Chinese president Xi Jinping’s commitment to maintaining the “one country, two systems” governing principle for Hong Kong and Macau has boosted people’s confidence amid a complex geopolitical situation, according to Paul Chan Mo-po.
In his weekly blog post on Sunday, Hong Kong’s financial secretary said Xi’s speech at the inauguration of Macau’s new administration had summed up the institutional advantages of the governing systems and practical experiences of both cities, which successfully marked a “win-win cooperation” between different social systems that were key to maintaining their long-term prosperity.
Chan noted a good stable system must be maintained for a long time, embodying the values of peace, tolerance, openness, and sharing.
“In the current complex geopolitical situation, the speech is more positive and makes people more confident,” he said.
In his speech at the inauguration of Macau’s sixth administration under Chief Executive Sam Hou-fai last week, Xi underscored the importance of maintaining the one country, two systems governing principle.
Summarising his vision for the long-term implementation of the principle, Xi said Hong Kong and Macau should exploit the advantages of the arrangement in four areas: prioritising national security; pushing for high-quality development; boost connectivity both internally and externally; and fostering tolerance and harmony.
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China property flare-ups resurface as crisis enters fifth year
By Bloomberg
One of China’s leading developers is now on authorities’ radar for default risk. A major Hong Kong builder is asking lenders to extend loans. Another industry peer is selling an iconic but largely empty mall in Beijing.
As China’s property debt crisis enters its fifth year, there’s little indication that distressed developers are finding it easier to repay debt as a slump in home sales continues. Their dollar bonds are still trading at deeply distressed levels, debt issuance has nearly dried up and the sector a notable laggard in the stock markets.
Alarm bells went off again in recent weeks, when the banking regulator told top insurers to report their financial exposure to China Vanke to assess how much support the country’s fourth-largest developer by sales needs to avoid default. Over in Hong Kong, New World Development sought to delay some loan maturities while Parkview Group put a landmark commercial complex up for sale in Beijing.
The latest signs of stress are adding to concerns that the worst is far from over for the housing sector, once a powerful growth engine and now a big drag on demand for items from furniture to cars. And they are particularly worrying because Vanke’s woes show the liquidity crisis is hurting one of the few big builders that have avoided default. The trouble faced by its Hong Kong peers, meanwhile, means the contagion is increasingly felt offshore.
“While recent government policies have helped to arrest the speed of decline, it could take another one or two years for the sector to [hit] bottom,” said Leonard Law, senior credit analyst at Lucror Analytics. “Against this backdrop, we can’t rule out the possibility of some more defaults next year, albeit the overall default rate should be much lower than before.”
Chinese authorities have stepped up efforts in recent years to ease the slowdown, including interest rate cuts, slashing purchasing costs and restrictions, as well as state guarantees for bond sales by stronger developers. Top leaders also pledged to stabilise the property market next year at a key economic meeting earlier this month.
However, the rescue measures adopted so far have focused on preventing a collapse in property prices, protecting owners of unfinished flats and using state funds to help absorb excess supply. At the same time, policymakers chose to look on as former industry behemoths China Evergrande Group and Country Garden Holdings defaulted.
via SCMP Full Text Feed
By Bloomberg
One of China’s leading developers is now on authorities’ radar for default risk. A major Hong Kong builder is asking lenders to extend loans. Another industry peer is selling an iconic but largely empty mall in Beijing.
As China’s property debt crisis enters its fifth year, there’s little indication that distressed developers are finding it easier to repay debt as a slump in home sales continues. Their dollar bonds are still trading at deeply distressed levels, debt issuance has nearly dried up and the sector a notable laggard in the stock markets.
Alarm bells went off again in recent weeks, when the banking regulator told top insurers to report their financial exposure to China Vanke to assess how much support the country’s fourth-largest developer by sales needs to avoid default. Over in Hong Kong, New World Development sought to delay some loan maturities while Parkview Group put a landmark commercial complex up for sale in Beijing.
The latest signs of stress are adding to concerns that the worst is far from over for the housing sector, once a powerful growth engine and now a big drag on demand for items from furniture to cars. And they are particularly worrying because Vanke’s woes show the liquidity crisis is hurting one of the few big builders that have avoided default. The trouble faced by its Hong Kong peers, meanwhile, means the contagion is increasingly felt offshore.
“While recent government policies have helped to arrest the speed of decline, it could take another one or two years for the sector to [hit] bottom,” said Leonard Law, senior credit analyst at Lucror Analytics. “Against this backdrop, we can’t rule out the possibility of some more defaults next year, albeit the overall default rate should be much lower than before.”
Chinese authorities have stepped up efforts in recent years to ease the slowdown, including interest rate cuts, slashing purchasing costs and restrictions, as well as state guarantees for bond sales by stronger developers. Top leaders also pledged to stabilise the property market next year at a key economic meeting earlier this month.
However, the rescue measures adopted so far have focused on preventing a collapse in property prices, protecting owners of unfinished flats and using state funds to help absorb excess supply. At the same time, policymakers chose to look on as former industry behemoths China Evergrande Group and Country Garden Holdings defaulted.
via SCMP Full Text Feed
