China launches low-altitude economy unit to drive 2025 growth
By Meredith Chen
China has set up a new department to oversee its low-altitude economy, in a landmark boost to the fast-expanding sector as the country seeks new growth drivers for 2025.
China’s top economic planning body introduced the Low-Altitude Economy Development Division on its website on Friday, according to state news agency Xinhua.
The division would be “responsible for formulating and implementing development strategies and medium- to long-term plans” for the sector, as well as “provide relevant policy recommendations”, and “coordinate major issues”, the National Development and Reform Commission (NDRC) said on its website.
While it is the 30th division to be set up under the NDRC, the one appears to be a rarity in that it focuses on a particular industry.
Other NDRC departments have a wider scope, such as those for foreign investment, the private economy, employment, and national defence.
The low-altitude economy generally refers to both crewed and uncrewed aerial activities below 1,000 metres (3,280 feet), including drone delivery of both goods and passengers.
It also includes the use of electric vertical take-off and landing (eVTOL) aircraft for air taxi and delivery services or in agriculture, for activities like crop-spraying and disease monitoring. The range can be extended to 3,000 metres depending on regional and practical needs.
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By Meredith Chen
China has set up a new department to oversee its low-altitude economy, in a landmark boost to the fast-expanding sector as the country seeks new growth drivers for 2025.
China’s top economic planning body introduced the Low-Altitude Economy Development Division on its website on Friday, according to state news agency Xinhua.
The division would be “responsible for formulating and implementing development strategies and medium- to long-term plans” for the sector, as well as “provide relevant policy recommendations”, and “coordinate major issues”, the National Development and Reform Commission (NDRC) said on its website.
While it is the 30th division to be set up under the NDRC, the one appears to be a rarity in that it focuses on a particular industry.
Other NDRC departments have a wider scope, such as those for foreign investment, the private economy, employment, and national defence.
The low-altitude economy generally refers to both crewed and uncrewed aerial activities below 1,000 metres (3,280 feet), including drone delivery of both goods and passengers.
It also includes the use of electric vertical take-off and landing (eVTOL) aircraft for air taxi and delivery services or in agriculture, for activities like crop-spraying and disease monitoring. The range can be extended to 3,000 metres depending on regional and practical needs.
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Thai opposition leader outpolls incumbent in preferred PM survey
By Bloomberg
Thailand’s main opposition party leader has overtaken incumbent Prime Minister Paetongtarn Shinawatra in a prominent opinion poll as the most preferred leader of Southeast Asia’s second-largest economy.
Natthaphong Ruengpanyawut, leader of the People’s Party, was selected by 29.9 per cent of 2,000 respondents as the person they “would support to become prime minister today,” according to the quarterly survey result issued on Sunday by the National Institute of Development Administration. He was seen to be the candidate most likely to continue the party’s ideology and to be most compatible with the new generation, it said.
Thailand’s general election will not be held until at least 2027, but the poll by the Bangkok-based graduate school is widely perceived as a barometer of the country’s political mood. Paetongtarn was picked for the prime ministerial post in August in a parliament vote just days after the removal of her predecessor, Srettha Thavisin, by the Constitutional Court in an ethics violation case.
The People’s Party topped the list for the most popular political party with a 37.3 per cent approval rating, edging up from 34.3 per cent in a survey in September. The ruling Pheu Thai Party was in second place with 27.7 per cent, compared to 27.2 per cent in the earlier survey.
The popularity of Paetongtarn, the youngest daughter of former prime minister Thaksin Shinawatra, surged in the September survey as the then-new government approved its version of a cash-handout programme. In that poll, she ranked highest with 31.4 per cent of the vote, while Natthaphong came in third.
In the latest survey, she was second choice for the most preferred prime minister, securing 28.8 per cent of respondents’ support.
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By Bloomberg
Thailand’s main opposition party leader has overtaken incumbent Prime Minister Paetongtarn Shinawatra in a prominent opinion poll as the most preferred leader of Southeast Asia’s second-largest economy.
Natthaphong Ruengpanyawut, leader of the People’s Party, was selected by 29.9 per cent of 2,000 respondents as the person they “would support to become prime minister today,” according to the quarterly survey result issued on Sunday by the National Institute of Development Administration. He was seen to be the candidate most likely to continue the party’s ideology and to be most compatible with the new generation, it said.
Thailand’s general election will not be held until at least 2027, but the poll by the Bangkok-based graduate school is widely perceived as a barometer of the country’s political mood. Paetongtarn was picked for the prime ministerial post in August in a parliament vote just days after the removal of her predecessor, Srettha Thavisin, by the Constitutional Court in an ethics violation case.
The People’s Party topped the list for the most popular political party with a 37.3 per cent approval rating, edging up from 34.3 per cent in a survey in September. The ruling Pheu Thai Party was in second place with 27.7 per cent, compared to 27.2 per cent in the earlier survey.
The popularity of Paetongtarn, the youngest daughter of former prime minister Thaksin Shinawatra, surged in the September survey as the then-new government approved its version of a cash-handout programme. In that poll, she ranked highest with 31.4 per cent of the vote, while Natthaphong came in third.
In the latest survey, she was second choice for the most preferred prime minister, securing 28.8 per cent of respondents’ support.
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Why upskilling is so important for China’s workforce
By Seamus McGuinness
For decades, the story of China’s economic dynamism has been characterised by growth and progress. Today, however, the world’s second-largest economy is grappling with new opportunities and enduring challenges.
Its key macroeconomic paint a complex picture: domestic consumption remains weak, inbound foreign direct investment fell to a three-decade low at the end of 2023 and the property market – though showing early signs of a recovery following stimulus measures – remains turbulent. Industrial growth has been modest and, earlier this year, youth unemployment hit record highs after the government reintroduced data. Labour productivity is also in steady decline. The Chinese economy is predicted to experience a medium-term slowdown due to these structural constraints.
The US election outcome could pile further pressure on an already vulnerable economy as China braces for potential trade tariffs.
These indicators paint a sobering portrait of China’s evolving landscape. However, while the headline numbers offer a snapshot of broader trends, do they tell the full story?
Behind these figures lies a human story: the evolving Chinese labour market and workers adapting their upskilling strategies to navigate through an uncertain future, which is changing in the face of rapid technological advancement, demographic shifts, economic globalisation and climate change.
In China, and globally, these forces are not only accelerating transformation but also amplifying worker anxieties about skill relevance, job security and human capital development.
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By Seamus McGuinness
For decades, the story of China’s economic dynamism has been characterised by growth and progress. Today, however, the world’s second-largest economy is grappling with new opportunities and enduring challenges.
Its key macroeconomic paint a complex picture: domestic consumption remains weak, inbound foreign direct investment fell to a three-decade low at the end of 2023 and the property market – though showing early signs of a recovery following stimulus measures – remains turbulent. Industrial growth has been modest and, earlier this year, youth unemployment hit record highs after the government reintroduced data. Labour productivity is also in steady decline. The Chinese economy is predicted to experience a medium-term slowdown due to these structural constraints.
The US election outcome could pile further pressure on an already vulnerable economy as China braces for potential trade tariffs.
These indicators paint a sobering portrait of China’s evolving landscape. However, while the headline numbers offer a snapshot of broader trends, do they tell the full story?
Behind these figures lies a human story: the evolving Chinese labour market and workers adapting their upskilling strategies to navigate through an uncertain future, which is changing in the face of rapid technological advancement, demographic shifts, economic globalisation and climate change.
In China, and globally, these forces are not only accelerating transformation but also amplifying worker anxieties about skill relevance, job security and human capital development.
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Syria’s Jewish community continues to dwindle post-Assad
By Associated Press
In this Damascus suburb, the handful of remaining Jews in Syria can again make pilgrimages to one of the world’s oldest synagogues where people from throughout the region once came to pray.
Syria’s 13-year civil war left the synagogue partially destroyed. Walls and roofs have collapsed. Some artefacts are missing. A marble sign in Arabic at the gate says it was first built 720 years before Christ.
Since insurgents overthrew President Bashar al-Assad in early December, people have been able to safely visit the widely destroyed Jobar suburb that was pounded for years by government forces while in the hands of opposition fighters.
Syria was once home to one of the world’s largest Jewish communities. Those numbers have shrunk dramatically, especially after the state of Israel was created in 1948.
Today, only nine Jews live in Syria, according to the head of the community, almost all older men and women. The community believes that no Syrian Jews will remain in the country in a few years.
One of the people visiting the Jobar Synagogue, also known as Eliyahu Hanavi synagogue, on Thursday was grey-haired Bakhour Chamntoub, the head of the community in Syria.
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By Associated Press
In this Damascus suburb, the handful of remaining Jews in Syria can again make pilgrimages to one of the world’s oldest synagogues where people from throughout the region once came to pray.
Syria’s 13-year civil war left the synagogue partially destroyed. Walls and roofs have collapsed. Some artefacts are missing. A marble sign in Arabic at the gate says it was first built 720 years before Christ.
Since insurgents overthrew President Bashar al-Assad in early December, people have been able to safely visit the widely destroyed Jobar suburb that was pounded for years by government forces while in the hands of opposition fighters.
Syria was once home to one of the world’s largest Jewish communities. Those numbers have shrunk dramatically, especially after the state of Israel was created in 1948.
Today, only nine Jews live in Syria, according to the head of the community, almost all older men and women. The community believes that no Syrian Jews will remain in the country in a few years.
One of the people visiting the Jobar Synagogue, also known as Eliyahu Hanavi synagogue, on Thursday was grey-haired Bakhour Chamntoub, the head of the community in Syria.
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‘Boring billion’ to biodiversity boom: China-US team charts early evolutionary upheaval
By Holly Chik
Chinese and US scientists have shed new light on a dull stretch in the planet’s history known as the “boring billion”, and they say their study on this period could help us understand extraterrestrial life, predict future evolution and prepare for catastrophic events.
The researchers spent six years building a global palaeobiology database of early life forms, mapping out biodiversity trends from 2 billion to 500 million years ago. They published their findings in the peer-reviewed journal Science on December 20.
Between 1.8 billion and 800 million years ago, things on Earth were rather uneventful. Oxygen levels were low, climate changes were minimal and living things did not evolve much.
According to the scientists, the earliest organisms found during these billion boring years, such as bacteria, lived long and stable lives, but there was also a slow yet steady increase in the number of species during the period.
The boring billion was followed by a global freeze that shook up biodiversity and the evolution of life on Earth.
The scientists found that two global glaciation events between 720 and 635 million years ago disrupted the evolution of eukaryotes – organisms whose cells have a clearly defined nucleus, which include animals, plants and fungi.
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By Holly Chik
Chinese and US scientists have shed new light on a dull stretch in the planet’s history known as the “boring billion”, and they say their study on this period could help us understand extraterrestrial life, predict future evolution and prepare for catastrophic events.
The researchers spent six years building a global palaeobiology database of early life forms, mapping out biodiversity trends from 2 billion to 500 million years ago. They published their findings in the peer-reviewed journal Science on December 20.
Between 1.8 billion and 800 million years ago, things on Earth were rather uneventful. Oxygen levels were low, climate changes were minimal and living things did not evolve much.
According to the scientists, the earliest organisms found during these billion boring years, such as bacteria, lived long and stable lives, but there was also a slow yet steady increase in the number of species during the period.
The boring billion was followed by a global freeze that shook up biodiversity and the evolution of life on Earth.
The scientists found that two global glaciation events between 720 and 635 million years ago disrupted the evolution of eukaryotes – organisms whose cells have a clearly defined nucleus, which include animals, plants and fungi.
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Jailed Kurdish leader says ‘ready’ to support Turkey peace drive
By Agence France-Presse
Abdullah Ocalan, the jailed leader of the Kurdistan Workers’ Party (PKK), is “ready to make a call” to back a new initiative by the Turkish government to end decades of conflict, Turkey’s pro-Kurd party said on Sunday.
Two lawmakers from the DEM party made a rare visit to Ocalan on Saturday on his prison island, the first by the party in almost a decade, amid signs of easing tensions between the Turkish government and the PKK.
On Friday, President Recep Tayyip Erdogan’s government approved DEM’s request to visit the founder of the PKK, which is designated a terror group by Turkey and its Western allies.
Ocalan has been serving a life sentence on the island of Imrali south of Istanbul since 1999.
The government’s approval of the visit comes two months after the head of Turkey’s nationalist MHP party, Devlet Bahceli, extended Ocalan a shock olive branch, inviting him to parliament to renounce terror and disband his group, a move backed by Erdogan.
“I have the competence and determination to make a positive contribution to the new paradigm started by Mr Bahceli and Mr Erdogan,” Ocalan said, according to a DEM statement on Sunday.
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By Agence France-Presse
Abdullah Ocalan, the jailed leader of the Kurdistan Workers’ Party (PKK), is “ready to make a call” to back a new initiative by the Turkish government to end decades of conflict, Turkey’s pro-Kurd party said on Sunday.
Two lawmakers from the DEM party made a rare visit to Ocalan on Saturday on his prison island, the first by the party in almost a decade, amid signs of easing tensions between the Turkish government and the PKK.
On Friday, President Recep Tayyip Erdogan’s government approved DEM’s request to visit the founder of the PKK, which is designated a terror group by Turkey and its Western allies.
Ocalan has been serving a life sentence on the island of Imrali south of Istanbul since 1999.
The government’s approval of the visit comes two months after the head of Turkey’s nationalist MHP party, Devlet Bahceli, extended Ocalan a shock olive branch, inviting him to parliament to renounce terror and disband his group, a move backed by Erdogan.
“I have the competence and determination to make a positive contribution to the new paradigm started by Mr Bahceli and Mr Erdogan,” Ocalan said, according to a DEM statement on Sunday.
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Hong Kong’s winter flu season expected to peak mid-January, expert says
By Emily Hung
Hong Kong’s winter flu season is expected to peak in mid-January, a respiratory disease expert has predicted, noting holidaymakers were returning from countries experiencing H1N1 outbreaks.
David Hui Shu-cheong, a professor of respiratory medicine at the Chinese University of Hong Kong, on Sunday urged high-risk groups including children and elderly residents to get vaccinated as soon as possible.
The latest data from the Centre for Health Protection indicated overall influenza activity remained low, but there had been an uptick in the percentage of respiratory specimens testing positive for flu at public laboratories.
The positivity rate increased from 1.09 per cent in the week of December 8 to 1.35 per cent in the week of December 15, Hui said.
“It’s very likely local flu activity will continue to rise,” he said in a television interview. “Many residents have also recently gone to Japan, mainland China, Taiwan and Singapore, which are having an outbreak of H1N1. In South Korea, there is even a co-circulation of H1N1 and H3N2, and it’s possible for holidaymakers to bring the virus back home as they return.
He said Hong Kong would likely reach the baseline threshold of 4.94 per cent in just “a few weeks”, he said. The percentage of positive influenza test results indicates the typical level of influenza activity in a population.
“It’s therefore very likely for us to see a peak in January.”
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By Emily Hung
Hong Kong’s winter flu season is expected to peak in mid-January, a respiratory disease expert has predicted, noting holidaymakers were returning from countries experiencing H1N1 outbreaks.
David Hui Shu-cheong, a professor of respiratory medicine at the Chinese University of Hong Kong, on Sunday urged high-risk groups including children and elderly residents to get vaccinated as soon as possible.
The latest data from the Centre for Health Protection indicated overall influenza activity remained low, but there had been an uptick in the percentage of respiratory specimens testing positive for flu at public laboratories.
The positivity rate increased from 1.09 per cent in the week of December 8 to 1.35 per cent in the week of December 15, Hui said.
“It’s very likely local flu activity will continue to rise,” he said in a television interview. “Many residents have also recently gone to Japan, mainland China, Taiwan and Singapore, which are having an outbreak of H1N1. In South Korea, there is even a co-circulation of H1N1 and H3N2, and it’s possible for holidaymakers to bring the virus back home as they return.
He said Hong Kong would likely reach the baseline threshold of 4.94 per cent in just “a few weeks”, he said. The percentage of positive influenza test results indicates the typical level of influenza activity in a population.
“It’s therefore very likely for us to see a peak in January.”
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Hong Kong gears up for expected influx of arrivals ahead of new year
By Ng Kang-chung
Hong Kong checkpoints had logged nearly 260,000 arrivals by Sunday afternoon as border officers geared up for an anticipated peak influx of holidaymakers coming to celebrate the new year.
The Immigration Department had projected that the number of arrivals using land control points during the Christmas and New Year holiday period would peak on Sunday, with an estimated 626,000 entries.
As of 4pm on Sunday, immigration officers at all 13 control points had dealt with 553,293 people, comprising 259,584 arrivals and 293,709 departures, according to provisional data from the department.
The busiest crossings were the two rail-based border control points – Lo Wu and Lok Ma Chau spur line. Up to 4pm, the former had recorded 95,372 people, while the latter cleared 89,085 arriving and departing passengers.
The third-busiest control point was the land-based Shenzhen Bay crossing. It handled 67,469 people arriving and departing.
Among the arrivals, 81,195, or more than 31 per cent, were from mainland China. They mostly entered via the Lok Ma Chau spur line checkpoint and express rail link in West Kowloon. The two crossings respectively handled 18,092 and 19,185 incoming mainlanders up to 4pm.
Hong Kong will ring in 2025 with a fireworks display at Victoria Harbour on New Year’s Eve and a series of countdown and celebratory activities.
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By Ng Kang-chung
Hong Kong checkpoints had logged nearly 260,000 arrivals by Sunday afternoon as border officers geared up for an anticipated peak influx of holidaymakers coming to celebrate the new year.
The Immigration Department had projected that the number of arrivals using land control points during the Christmas and New Year holiday period would peak on Sunday, with an estimated 626,000 entries.
As of 4pm on Sunday, immigration officers at all 13 control points had dealt with 553,293 people, comprising 259,584 arrivals and 293,709 departures, according to provisional data from the department.
The busiest crossings were the two rail-based border control points – Lo Wu and Lok Ma Chau spur line. Up to 4pm, the former had recorded 95,372 people, while the latter cleared 89,085 arriving and departing passengers.
The third-busiest control point was the land-based Shenzhen Bay crossing. It handled 67,469 people arriving and departing.
Among the arrivals, 81,195, or more than 31 per cent, were from mainland China. They mostly entered via the Lok Ma Chau spur line checkpoint and express rail link in West Kowloon. The two crossings respectively handled 18,092 and 19,185 incoming mainlanders up to 4pm.
Hong Kong will ring in 2025 with a fireworks display at Victoria Harbour on New Year’s Eve and a series of countdown and celebratory activities.
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China’s ‘city of the future’ Xiongan takes another step towards ambitious goals
By Vanessa Cai
China’s futuristic megacity of Xiongan – a signature project of President Xi Jinping – has taken yet another step towards completion with a reinforced urban management structure.
The Xiongan New Area, about 100km (62 miles) south of Beijing, now has 25 government agencies to guide its continued expansion, city authorities said after a meeting on Saturday.
Among these are four district management committees, and 21 municipal departments – similar to existing urban centres, according to details posted on the Xiongan city website.
The departments will oversee sectors including education and healthcare, technological innovation, industrial development and administrative approvals.
“A city management system that matches high-quality construction, high-level management, and high-quality relocation and development has been essentially established,” Xiongan authorities said in a statement on the website.
Xiongan New Area, dubbed as China’s “city of the future”, was announced by the top Communist Party leadership in 2017, who described it as “a strategy crucial for a millennium to come”.
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By Vanessa Cai
China’s futuristic megacity of Xiongan – a signature project of President Xi Jinping – has taken yet another step towards completion with a reinforced urban management structure.
The Xiongan New Area, about 100km (62 miles) south of Beijing, now has 25 government agencies to guide its continued expansion, city authorities said after a meeting on Saturday.
Among these are four district management committees, and 21 municipal departments – similar to existing urban centres, according to details posted on the Xiongan city website.
The departments will oversee sectors including education and healthcare, technological innovation, industrial development and administrative approvals.
“A city management system that matches high-quality construction, high-level management, and high-quality relocation and development has been essentially established,” Xiongan authorities said in a statement on the website.
Xiongan New Area, dubbed as China’s “city of the future”, was announced by the top Communist Party leadership in 2017, who described it as “a strategy crucial for a millennium to come”.
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Three die in clandestine English Channel crossing attempt
By Agence France-Presse
Three migrants died on Sunday in an attempt to cross the English Channel from France to Britain, a local mayor told journalists.
The deaths take this year’s casualty toll from failed clandestine crossings to a confirmed 76.
The boat that was to take the migrants on Sunday ran into trouble near Bleriot-Plage, a public beach in Sangatte close to the French Channel port of Calais, at around 6:00am, an emergency services source said.
Several people fell into the water trying to board the overcrowded vessel, French maritime services said.
Around 50 people were given emergency help on the beach by government services or NGOs, with many in a state of hypothermia.
Some were taken to Sangatte’s nautical base for treatment.
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By Agence France-Presse
Three migrants died on Sunday in an attempt to cross the English Channel from France to Britain, a local mayor told journalists.
The deaths take this year’s casualty toll from failed clandestine crossings to a confirmed 76.
The boat that was to take the migrants on Sunday ran into trouble near Bleriot-Plage, a public beach in Sangatte close to the French Channel port of Calais, at around 6:00am, an emergency services source said.
Several people fell into the water trying to board the overcrowded vessel, French maritime services said.
Around 50 people were given emergency help on the beach by government services or NGOs, with many in a state of hypothermia.
Some were taken to Sangatte’s nautical base for treatment.
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By Fran Lu
Six years after making a phenomenal debut on the girl group reality show Produce 101, pop idol Naomi Wang Ju is now widely recognised as a promising actress.
When Wang, 32, appeared on the 2018 show with another hundred slim and pale-skinned girls who conformed to the traditional idea of Chinese beauty, she faced mocking that she was “chunky” and “dark-skinned”.
But Wang impressed many by saying she loved her body and did not mind other people’s criticism.
Wang was born into an ordinary family in Shanghai. Her father was a salaryman and her mother was a teacher.
They supported Wang’s interest in dancing and signed her up for dancing classes, but they did not want her to pursue a career in show business as they did not have connections.Naomi Wang Ju worked in sales and education before making her TV breakthrough. Photo: Sina
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Search launched for woman who fell from slope on Hong Kong hiking trail
By Danny Mok
A search operation is under way for a Hong Kong hiker who fell from a steep slope and has been missing for hours in the eastern New Territories.
Authorities received a report at 1.20pm on Sunday that a woman had fallen while hiking on a challenging route in Ma On Shan Country Park.
Emergency personnel rushed to the country park to begin a search and rescue operation. The Government Flying Service also dispatched a helicopter to help in the search.
The woman was reportedly part of a group of more than 10 hikers traversing a difficult trail commonly known as Nei Tin Path, which connects Ma On Shan and Ngau Ngak Shan, when she fell.
Nei Tin Path is regarded as having a high degree of difficulty and is known for its rugged and challenging terrain, with continuous ascents and descents.
Numerous sections require hikers to use both hands and feet to climb.
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By Danny Mok
A search operation is under way for a Hong Kong hiker who fell from a steep slope and has been missing for hours in the eastern New Territories.
Authorities received a report at 1.20pm on Sunday that a woman had fallen while hiking on a challenging route in Ma On Shan Country Park.
Emergency personnel rushed to the country park to begin a search and rescue operation. The Government Flying Service also dispatched a helicopter to help in the search.
The woman was reportedly part of a group of more than 10 hikers traversing a difficult trail commonly known as Nei Tin Path, which connects Ma On Shan and Ngau Ngak Shan, when she fell.
Nei Tin Path is regarded as having a high degree of difficulty and is known for its rugged and challenging terrain, with continuous ascents and descents.
Numerous sections require hikers to use both hands and feet to climb.
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Air crash tests South Korea’s acting president two days into the job
By Reuters
When South Korea’s acting President Choi Sang-mok arrived at the scene of the deadliest air disaster on the country’s soil on Sunday, he had been on the job for less than 48 hours.
Choi, the country’s finance minister, became acting leader on Friday night after the impeachment of Prime Minister Han Duck-soo, who had been acting president since President Yoon Suk-yeol was impeached and suspended from power on December 14, following his short-lived attempt to impose martial law.
The bewildering turnover at the top of Asia’s fourth-largest economy and one of its most vibrant democracies left the government scrambling when Jeju Air flight 7C2216 slammed into a wall at Muan International Airport on Sunday, killing most of the 181 people on board.
Choi visited the site a few hours after the crash and declared it a special disaster zone.
“The government would like to offer its sincere condolences to the bereaved families and will do its best to recover from this accident and prevent a recurrence,” he said.
Behind the scenes, government offices were still figuring out the chain of command and how press statements would be released, a ministry spokesperson and four other officials said. All spoke on condition of anonymity to discuss sensitive planning.
“Today Choi went to Muan with land ministry officials, not finance ministry officials,” a spokesperson said. “A team of transportation ministry officials and safety ministry officials will report directly to Choi regarding the Muan plane crash for the next few weeks. As for how we will distribute press releases on all his schedules – still undecided.”
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By Reuters
When South Korea’s acting President Choi Sang-mok arrived at the scene of the deadliest air disaster on the country’s soil on Sunday, he had been on the job for less than 48 hours.
Choi, the country’s finance minister, became acting leader on Friday night after the impeachment of Prime Minister Han Duck-soo, who had been acting president since President Yoon Suk-yeol was impeached and suspended from power on December 14, following his short-lived attempt to impose martial law.
The bewildering turnover at the top of Asia’s fourth-largest economy and one of its most vibrant democracies left the government scrambling when Jeju Air flight 7C2216 slammed into a wall at Muan International Airport on Sunday, killing most of the 181 people on board.
Choi visited the site a few hours after the crash and declared it a special disaster zone.
“The government would like to offer its sincere condolences to the bereaved families and will do its best to recover from this accident and prevent a recurrence,” he said.
Behind the scenes, government offices were still figuring out the chain of command and how press statements would be released, a ministry spokesperson and four other officials said. All spoke on condition of anonymity to discuss sensitive planning.
“Today Choi went to Muan with land ministry officials, not finance ministry officials,” a spokesperson said. “A team of transportation ministry officials and safety ministry officials will report directly to Choi regarding the Muan plane crash for the next few weeks. As for how we will distribute press releases on all his schedules – still undecided.”
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Hong Kong to grapple with turbulent market in 2025, finance chief says
By Emily Hung
Hong Kong is set to grapple with a turbulent market in 2025 amid uncertainties stemming from geopolitical tensions and high interest rates, the city’s finance chief has said, vowing to expand ties with other economies and promote the innovation and technology (I&T) sector.
Financial Secretary Paul Chan Mo-po also said on Sunday that the city had made “steady progress” over the past year despite such uncertainties, pointing to an improving capital market sentiment and signs of growth in the stock and property markets.
Over the past year, the Hang Seng Index has returned to the 20,000 level with the stock market going up by 18 per cent. The average daily transaction volume surpassed HK$132 billion (US$17 billion), a 25 per cent uptick from last year.
The city also remained in 4th position globally this year in terms of IPO fundraising.
Chan also noted that the city’s economic growth forecast stood at 2.5 per cent and the unemployment rate was at a lower level of 3.1 per cent, while inflation remained mild and residents’ incomes had “recorded a real increase”.
But the minister said the retail and catering sectors still faced significant hurdles, even with more than 44 million visitor arrivals being recorded so far this year, a 30 per cent year-on-year increase, and the recent resumption of a visa scheme for Shenzhen residents.
“Looking ahead to 2025, uncertainties arising from geopolitics and a prolonged period of high interest rates will contribute to a more turbulent market,” Chan wrote in his official blog.
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By Emily Hung
Hong Kong is set to grapple with a turbulent market in 2025 amid uncertainties stemming from geopolitical tensions and high interest rates, the city’s finance chief has said, vowing to expand ties with other economies and promote the innovation and technology (I&T) sector.
Financial Secretary Paul Chan Mo-po also said on Sunday that the city had made “steady progress” over the past year despite such uncertainties, pointing to an improving capital market sentiment and signs of growth in the stock and property markets.
Over the past year, the Hang Seng Index has returned to the 20,000 level with the stock market going up by 18 per cent. The average daily transaction volume surpassed HK$132 billion (US$17 billion), a 25 per cent uptick from last year.
The city also remained in 4th position globally this year in terms of IPO fundraising.
Chan also noted that the city’s economic growth forecast stood at 2.5 per cent and the unemployment rate was at a lower level of 3.1 per cent, while inflation remained mild and residents’ incomes had “recorded a real increase”.
But the minister said the retail and catering sectors still faced significant hurdles, even with more than 44 million visitor arrivals being recorded so far this year, a 30 per cent year-on-year increase, and the recent resumption of a visa scheme for Shenzhen residents.
“Looking ahead to 2025, uncertainties arising from geopolitics and a prolonged period of high interest rates will contribute to a more turbulent market,” Chan wrote in his official blog.
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Singapore’s new era in 2024: Taylor Swift, leadership transition and a high-profile trial
By Kimberly Lim
In 2024, Singapore’s typically stable landscape was punctuated by significant political upheavals and cultural milestones.
The city state grappled with a high-profile corruption scandal and leadership transition, all while hosting concerts by some of the world’s leading acts, cementing its position as an international entertainment hub.
Here are the most widely read Singapore stories This Week in Asia covered in 2024:
American pop star Taylor Swift’s six sold-out shows in March attracted more than just fans from across the region, it also drew some ire from neighbouring countries.
Singapore’s concert deal with Swift had caused an uproar over an exclusivity deal to make the city state the tour’s only stop in the region, with some politicians and fans reading the move as a snub.
Then prime minister Lee Hsien Loong said Singapore was not “being unfriendly” in an attempt to smooth ruffled feathers, adding that the deal had turned out to be very successful.
Swift’s concerts, along with other top acts such as British rock band Coldplay, brought about a surge in tourism activity and gave the economy a boost in the first quarter of the year, the central bank said in April.
via SCMP Full Text Feed
By Kimberly Lim
In 2024, Singapore’s typically stable landscape was punctuated by significant political upheavals and cultural milestones.
The city state grappled with a high-profile corruption scandal and leadership transition, all while hosting concerts by some of the world’s leading acts, cementing its position as an international entertainment hub.
Here are the most widely read Singapore stories This Week in Asia covered in 2024:
American pop star Taylor Swift’s six sold-out shows in March attracted more than just fans from across the region, it also drew some ire from neighbouring countries.
Singapore’s concert deal with Swift had caused an uproar over an exclusivity deal to make the city state the tour’s only stop in the region, with some politicians and fans reading the move as a snub.
Then prime minister Lee Hsien Loong said Singapore was not “being unfriendly” in an attempt to smooth ruffled feathers, adding that the deal had turned out to be very successful.
Swift’s concerts, along with other top acts such as British rock band Coldplay, brought about a surge in tourism activity and gave the economy a boost in the first quarter of the year, the central bank said in April.
via SCMP Full Text Feed
Hong Kong urban renewal body to test scheme in bid to boost tender process
By Vivian Au
Hong Kong’s Urban Renewal Authority will launch a scheme next month that aims to improve transparency and communications in response to the lacklustre interest from developers in bidding for its projects amid an unclear market environment.
The “development facilitation service”, which aims to improve the success rate of authority tenders, will be tested on a project in Mong Kok.
The Shantung Street/Thistle Street redevelopment is a 14,940 square metre project that aims to enhance the liveability of the surroundings.
Wai Chi-sing, managing director of the cash-strapped authority, said on Sunday in his official blog that developers who accessed the service could use a dedicated platform to download project information, including planning parameters, land lease terms and design requirements.
The authority will also send out questionnaires on the platform to gather opinions from developers.
“The service aims to increase the transparency of project information before the tender process starts and to help developers prepare better,” he said.
The new initiative followed an announcement by the authority that it might undertake a major redevelopment project in Kowloon City on its own after a failed tender in September. The lone bid was from CK Asset Holdings.
via SCMP Full Text Feed
By Vivian Au
Hong Kong’s Urban Renewal Authority will launch a scheme next month that aims to improve transparency and communications in response to the lacklustre interest from developers in bidding for its projects amid an unclear market environment.
The “development facilitation service”, which aims to improve the success rate of authority tenders, will be tested on a project in Mong Kok.
The Shantung Street/Thistle Street redevelopment is a 14,940 square metre project that aims to enhance the liveability of the surroundings.
Wai Chi-sing, managing director of the cash-strapped authority, said on Sunday in his official blog that developers who accessed the service could use a dedicated platform to download project information, including planning parameters, land lease terms and design requirements.
The authority will also send out questionnaires on the platform to gather opinions from developers.
“The service aims to increase the transparency of project information before the tender process starts and to help developers prepare better,” he said.
The new initiative followed an announcement by the authority that it might undertake a major redevelopment project in Kowloon City on its own after a failed tender in September. The lone bid was from CK Asset Holdings.
via SCMP Full Text Feed
