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  1. “Everyone knows where the red lines are now,” a senior member of Chief Executive Carrie Lam Cheng Yuet-ngor’s administration said at a closed-door meeting which I attended. That was right after Financial Times journalist Victor Mallett had been kicked out of Hong Kong following a Foreign Correspondents’ Club event he moderated featuring Hong Kong National Party founder Andy Chan Ho-tin. This was late 2018 and the official had an air of smug satisfaction as he celebrated a job well done.Today…
  2. Wanda Film Holding, China’s biggest cinema chain operator controlled by billionaire Wang Jianlin, is feeling the strain from the closure of cinemas and delay in movie releases due to the coronavirus pandemic.The Shenzhen-listed company said in a stock exchange filing on Tuesday that it expects first-half net loss to reach up to 1.6 billion yuan (US$228.4 million) compared to a net profit of 524.27 million yuan a year ago.“While the coronavirus pandemic has caused an unfavourable impact to the…
  3. Huawei Technologies will be banned from Britain’s 5G network, the British government announced on Tuesday in a major policy reversal.The decision follows escalating tension with Beijing and pressure from Washington and could add to the pressure on other European countries to review their approach to the Chinese telecoms giant.By tearing up his earlier decision to allow Huawei up to a 35 per cent share in the non-sensitive parts of Britain’s 5G networks, Prime Minister Boris Johnson has ignored…
  4. The economic havoc wreaked by the coronavirus pandemic has taken a financial toll on the world’s wealthy investors, affecting 70 per cent of them and forcing them to delay their retirement plans, according to a study by the Swiss bank UBS.The Covid-19 pandemic has affected how the wealthy think about money, as they now have less to pass on to their next generation, according to the May 2020 survey of 3,750 wealthy individuals in 15 markets including the United States, the UK, Germany, France,…
  5. The United States is unhappy with China’s new national security law for Hong Kong and is seeking ways to express its disquiet. Some advisers to US Secretary of State Mike Pompeo have reportedly suggested taking measures that would undermine the Hong Kong dollar’s Linked Exchange Rate System (LERS), its peg to the US dollar. Washington should file those suggestions in the rubbish bin. Such measures would hurt the very Hongkongers that Washington wants to help. It is the Hong Kong people who…
  6. Shares of Shanghai Fosun Pharmaceutical (Group) surged as much as 10 per cent after it announced that an application for clinical trials of its novel coronavirus vaccine candidate has been accepted by Beijing.The trial application for the Covid-19 mRNA vaccine – BNT162b1 – in collaboration with German partner BioNTech was accepted by the National Medical Products Administration, the company said in a statement to Hong Kong’s bourse late on Monday.“We will continue to maintain close contact with…
  7. Why was the Hong Kong dollar peg introduced?On a sweltering hot summer day in September 1983, a long queue of people stood outside a Hong Kong supermarket waiting to snatch whatever groceries they could get their hands on.The scene, complete with its empty supermarket shelves and frustrated customers, was another sign of plummeting public confidence in Hong Kong’s financial system and underlined the challenges that the government faced in restoring it.On September 24, 1983, months of consumer…
  8. Huizhou, a fast-growing mainland city, is getting to play a bigger role in Beijing’s Greater Bay Area and Belt and Road Initiative plans.Shanghai-based Juneyao Air has launched a new route connecting Huizhou to Hulunbuir in Inner Mongolia, with a stopover in Changsha, capital of Hunan province in central China, linking the bay area city with the autonomous region in northern China.The route will also provide a further boost to Hulunbuir as it is a relatively important trading bridge connecting…
  9. Cathay Pacific may have won some breathing space after shareholders signed off on its HK$39 billion (US$5 billion) rescue plan but investors only need to look at its peer Singapore Airlines to know that more pain is in store.More than 99 per cent of independent shareholders who voted on Monday supported Cathay Pacific’s HK$11.7 billion cash call. A HK$27.3 billion bailout by the Hong Kong government was also approved, handing it a critical lifeline.Yet, a third wave of coronavirus infection in…
  10. Macau casino stocks soared on Tuesday as neighbouring Guangdong province eased Covid-19 travel restrictions that have contributed to massive losses in revenue in the world’s biggest gambling town.Galaxy Entertainment closed with a 6.2 per cent gain at HK$54, after shooting up as much as 11.1 per cent, while Sands China, which also has a huge presence in Macau’s hot Cotai Strip of glittering new casino clusters, finished ahead by 5 per cent at HK$32.35, after jumping as much as 8.9 per cent…