South Korea Vows to Keep Investing in US ‘Whoever Wins’ Election
==========

South Korea's finance minister, Choi Sang-mok, stated on October 24, 2024, that the country will maintain strong economic ties with the US regardless of the election outcome. He emphasized ongoing investments in American semiconductor and battery plants. Concerns exist over potential trade barriers from either Donald Trump or Kamala Harris, impacting South Korean businesses. Trump has proposed escalating tariffs against China, while Harris may increase corporate taxes. Choi highlighted the importance of a rules-based global trade framework. The South Korean won has weakened by about 15% over three years, trading around 1,380 per dollar. The Bank of Korea reported a mere 0.1% GDP growth last quarter, prompting expectations of a downgraded 2024 growth forecast from 2.4%. The central bank cut its benchmark rate to 3.25% earlier this month, citing cooling inflation and property prices.

#SouthKorea #UsRelations #ChoiSangmok #Trump #Harris #Economy #Trade #Won #Gdp #BankOfKorea

https://www.thestandard.com.hk/breaking-news/section/6/221941/South-Korea-Vows-to-Keep-Investing-in-US-%E2%80%98Whoever-Wins%E2%80%99-Election


Harris, Trump and Biden mark Oct. 7 attacks as US election looms
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On October 7, 2024, President Joe Biden commemorated the one-year anniversary of Hamas's attacks on Israel with a candle lighting ceremony at the White House, emphasizing the need for peace amidst ongoing conflict. Vice President Kamala Harris planted a memorial tree at her residence, symbolizing hope, while Donald Trump met with Jewish leaders in New York. Biden condemned the brutality of the attacks, which resulted in 1,206 Israeli deaths, and called for a ceasefire in Gaza, where 41,909 people have died since the war began. The anniversary highlights the challenges Biden and Harris face with Arab and Muslim voters ahead of the upcoming presidential election, as protests against the Gaza war occurred at Columbia University and Wall Street. Trump criticized Biden's foreign policy, claiming it is the worst in history and asserting the need for his re-election to end the bloodshed.

#Biden #Harris #Trump #Hamas #Israel #Gaza #Election #Conflict #Peace #Protests

https://www.thestandard.com.hk/breaking-news/section/6/221272/Harris,-Trump-and-Biden-mark-Oct.-7-attacks-as-US-election-looms


Take stock of what rate cut implies about extent of US economic woes
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The US Federal Reserve cut interest rates by 0.5% on September 23, 2024; Fed Chairman Jerome Powell indicated earlier cuts were possible if employment data had been better; the rate cut reflects worse-than-expected employment conditions; future cuts will depend on inflation and employment; historical rate cuts often coincide with recessions; past downturns in the S&P 500 followed rate cuts; current market resembles the tech stock environment of 2000; Nvidia and TSMC report strong earnings, but AI stock valuations may be inflated; caution is advised for investors regarding the implications of the rate cut.

#UsEconomy #FederalReserve #InterestRates #Employment #StockMarket #Recession #Inflation #AiStocks #Nvidia #Tsmc

https://www.thestandard.com.hk/section-news/section/5/266373/Take-stock-of-what-rate-cut-implies-about-extent-of-US-economic-woes


Yellen 'probably done' when Biden ends term, may meet Chinese counterpart soon
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U.S. Treasury Secretary Janet Yellen stated she is 'probably done' serving in government after President Biden's term ends in January 2025; Yellen, 78, has held significant roles including Treasury Secretary and Federal Reserve Chair; she plans to meet with Chinese Vice Premier He Lifeng soon to address U.S.-China relations; Yellen emphasized the need for ongoing discussions to manage tensions; she noted the U.S. economy is stabilizing with lower inflation and solid consumer spending; Undersecretary Jay Shambaugh will lead a delegation to Beijing to discuss economic issues.

#JanetYellen #Biden #China #Economy #UschinaRelations #HeLifeng #Inflation #Employment #TexasTribuneFestival #Trade

https://www.thestandard.com.hk/breaking-news/section/3/220246/Yellen-'probably-done'-when-Biden-ends-term,-may-meet-Chinese-counterpart-soon


US Justice Department to appeal ruling dismissing Trump documents case
==========

A U.S. judge in Florida dismissed the criminal case accusing Donald Trump of illegally keeping classified documents after leaving office. The judge ruled that Special Counsel Jack Smith, who is leading the prosecution, was unlawfully appointed to his role and did not have the authority to bring the case. The Justice Department said it would appeal the decision. Trump was convicted in May on New York state charges involving hush money paid to a porn star. In the documents case, Trump was indicted on charges that he willfully retained sensitive national security documents at his Mar-a-Lago estate in Florida after leaving office in 2021 and obstructed government efforts to retrieve the material. Prosecutors will seek to revive the case in their appeal before the Atlanta-based U.S. Court of Appeals for the 11th Circuit.

#UsJusticeDepartment #DonaldTrump #ClassifiedDocuments #SpecialCounsel #Appeal #CriminalCase

https://www.thestandard.com.hk/breaking-news/section/6/218440/US-Justice-Department-to-appeal-ruling-dismissing-Trump-documents-case


Sa Sa's turnover dips 10pc amid unabated northern wave
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Sa Sa International reported a nearly 10% dip in turnover for the first quarter ended June, reaching HK$945 million. Sales in Hong Kong and Macau fell by 20.4% year-on-year to HK$684.8 million, with sales to tourists accounting for 46.3% of the total. The increased duty-free allowance for mainland visitors to Hong Kong is expected to have a positive impact on sales, but it will take time for the initiative to take effect. Sales in the mainland and Southeast Asia saw a significant increase, while online sales surged by 71.3% to HK$201.2 million. Sa Sa currently operates 186 retail stores, including 82 in Hong Kong and Macau, 31 in the mainland, and 73 in Southeast Asia.

#SaSaInternational #Turnover #HongKong #Macau #Sales #Tourists #DutyfreeAllowance #Mainland #SoutheastAsia #OnlineSales #RetailStores

https://www.thestandard.com.hk/section-news/section/2/264433/Sa-Sa%27s-turnover-dips-10pc-amid-unabated-northern-wave


Stocks, yuan stutter as China's economy misses the mark
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China's economy grew by 4.7 percent in the second quarter, missing market estimates. The second-quarter gross domestic product expansion was the slowest in five quarters. Retail sales increased slower than expected and the property sector remains a drag. First-half GDP rose 5 percent, in line with Beijing's annual target. Goldman Sachs cut the forecast for full-year growth to 4.9 percent and called for more stimulus. Raymond Yeung, chief economist for Greater China at ANZ, also lowered his targets to 4.9 percent growth. The People's Bank of China kept the one-year medium-term lending facility rate unchanged at 2.5 percent. Retail sales of cars fell 6.2 percent in June. Industrial output rose 5.3 percent in June. New home prices across China slid 4.5 percent from a year earlier. The urban jobless rate was unchanged at 5 percent. Hong Kong's Hang Seng Index dipped 1.52 percent. The onshore yuan weakened by 42 basis points to 7.2627 per greenback.

#China #Economy #Stocks #Yuan #Gdp #Stimulus

https://www.thestandard.com.hk/section-news/section/2/264431/Stocks,-yuan-stutter-as-China%27s-economy-misses-the-mark


CUHK orientation camp slammed for disrespectful group name involving slain model Abby Choi
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During an orientation camp at the Chinese University of Hong Kong (CUHK), a group of freshmen from the Department of Mathematics used the name of slain model Abby Choi Tin-fung in conjunction with a food item as their group name. The incident sparked strong criticism and disapproval online. CUHK stated that a supervision mechanism and support system are in place to manage student-organized orientation camps, and all participants must follow university rules and the Code of Conduct. The university emphasized that it is working with faculties, colleges, and administrative departments to ensure meaningful and enriching activities during orientation camps.

#Cuhk #OrientationCamp #AbbyChoi #DisrespectfulGroupName

https://www.thestandard.com.hk/breaking-news/section/4/218401/CUHK-orientation-camp-slammed-for-disrespectful-group-name-involving-slain-model-Abby-Choi


China says conducting joint military drills with Russia
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China announced that it is conducting joint military drills with Russia along its southern coast. The exercises, called Joint Sea-2024, began in early July and will last until the middle of this month. The drills are taking place in the waters and airspace around Zhanjiang, Guangdong province, and aim to demonstrate the resolve and capabilities of both countries in addressing maritime security threats and preserving global and regional peace and stability. The drills are part of Beijing and Moscow's annual plan for military engagement. China and Russia have strengthened their ties in recent years and have hostile relations with NATO. NATO leaders accused China of enabling Russia's invasion of Ukraine, leading to China condemning the remarks as "irresponsible and provocative." China maintains that it is not a party to the Ukraine conflict but has faced criticism for its political and economic support to Russia. Japan expressed concern over joint China-Russia activities near its territory from a national security perspective.

#China #Russia #MilitaryDrills #MaritimeSecurity #Nato #Ukraine #GlobalPeace #RegionalPeace #JointExercises

https://www.thestandard.com.hk/breaking-news/section/3/218351/China-says-conducting-joint-military-drills-with-Russia


Stars Koo, Hsuan promote HK in video campaign
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Hong Kong star actor Louis Koo Tin-lok and actress Jessica Hester Hsuan are featured in the latest Tourism Board promotional videos of the hospitality campaign. The advertisement themed 'Let's Go the Extra Mile' covers three sectors including catering, retail, and transport. The full video will be launched next week. Local actress Stephy Tang Lai-yan and actor Kevin Chu Kam-yin also featured in the new TV ads. The board plans to enhance promotions in different markets including the Middle Eastern and Muslim markets. The board will organize and support six mega events in the second half of this year to early next year, including the Hong Kong International Dragon Boat Races, Hong Kong Cyclothon, Hong Kong Wine & Dine Festival, Hong Kong WinterFest, the New Year countdown celebrations, and the Hong Kong International Chinese New Year night parade. The S2O Hong Kong Songkran Music Festival will be held on June 8 and 9 this year, while the Tai Hang Fire Dragon Dance will return during the Mid-Autumn Festival in September. The Hong Kong Tennis Open 2024 will be held between October 28 and November 3, while SmartCon 2024 is scheduled for October 30 and 31.

#HongKong #Tourism #Promotion #VideoCampaign #Hospitality #Actors #Events

https://www.thestandard.com.hk/section-news/section/4/263240/Stars-Koo,-Hsuan-promote-HK-in-video-campaign


Japan, ASEAN to counter China's EV grip
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Japan and the Association of Southeast Asian Nations (ASEAN) plan to create their first joint strategy on automobile production and sales within the Southeast Asian bloc to counter China's increasing presence in the electric vehicle (EV) market. The aim is to draw up an interim joint strategy through around 2035 when the Japanese and ASEAN economic ministers meet next September. Japan intends to use 140 billion yen from its Ministry of Economy, Trade and Industry budget for assistance to the Global South for personnel training. China's National Development and Reform Commission announced measures to strengthen the leading position of the country's EV industry. XPeng's shares jumped over 7 percent in Hong Kong as it revealed its new artificial intelligence initiative. XPeng plans to launch new products in the second half of the year and is confident in sales growth via product upgrading and AI. Li Auto's first-quarter net profit slumped 72 percent quarter-on-quarter to 1.28 billion yuan, though total deliveries grew 52 percent year-on-year to 80,400 units. Xiaomi's electric vehicle unit and China's battery giant CATL have set up a joint venture on battery manufacturing with a registered capital of 1 billion yuan. Tesla is working to appease European leasing companies after retail price cuts affected their fleets' value and slow service and expensive repairs alienated corporate customers.

#Japan #Asean #China #ElectricVehicles #AutomobileProduction #Sales #EvMarket #Strategy #Xpeng #LiAuto #Xiaomi #Catl #Tesla

https://www.thestandard.com.hk/section-news/section/2/262899/Japan,-ASEAN-to-counter-China%27s-EV-grip


Disney princess gets mom a queen treat
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Lilian, a cast member in the guest relations team at Hong Kong Disneyland, planned a surprise for her mother Amy by visiting her at the Professor Porter merchandise store in Adventureland where she works and sending her flowers. Lilian got her mother the job at Disney and passed on her knowledge to help her adapt to the fast-paced environment. The theme park is hosting a job fair offering 500 full-time positions.

https://www.thestandard.com.hk/section-news/section/21/262504/Disney-princess-gets-mom-a-queen-treat


Labour's day of reckoning still in the air
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Labour performed better than in the 2019 local elections but failed to gain further from the gains it made in the 2023 local elections. Smaller parties like the Liberal Democrats and Greens secured more seats than anticipated. In Wokingham, Andy Ng Siu-hong, a BNO migrant from Hong Kong and ex-Hong Kong district council member, won a seat on the local council as a Liberal Democrat candidate. The Conservatives lost votes to Reform UK, but Labour was unable to win over most of the defected votes. Former Conservative voters chose smaller alternatives like the Liberal Democrats, Greens, or Reform UK as a protest against the party leadership of Rishi Sunak. Sunak was installed in a coup without a national party vote and was involved in toppling Boris Johnson and forcing out Liz Truss. The split among the Tories is similar to the divide among US Republicans. Labour may become the largest party in parliament after the next general election but may need to form a coalition with a smaller party to control the house. The Liberal Democrats, with an ex-Hong Kong district council member affiliated, could be the king-maker after the general election.

#LabourParty #LocalElections #Conservatives #LiberalDemocrats #Greens #ReformUk #RishiSunak #BorisJohnson #Coalition #GeneralElection

https://www.thestandard.com.hk/section-news/section/17/262503/Labour%27s-day-of-reckoning-still-in-the-air


Buoyant primary market stifles secondary sales
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Hong Kong's primary housing market maintained its momentum over the weekend with brisk sales at Onmantin in Ho Man Tin and The Yoho Hub II in Yuen Long. Phase IIB of Onmantin sold 202 out of 248 flats on offer. El Futuro in Kau To Shan recorded 10 deals over the mainland's five-day May Day holiday. Wheelock Properties sold 12 homes at the Seasons series in Lohas Park. Chinachem's luxury project Victoria Coast sold a home by tender for HK$30 million. Sun Hung Kai Properties received more than 3,600 checks for 282 flats in the price lists of The Yoho Hub II. Henderson Land Development opened the new sales center and show flats for Gateway Square Mile in Mong Kok. Weekend transactions at 10 major housing estates fell 27 percent to eight over the previous week. Louis Chan Wing-kit of Centaline Property Agency said attractively priced new homes on the market and adverse weather impacted secondary sales. Hong Kong Property Services reported only two deals at blue-chip estates, down by 78 percent.

#HongKong #HousingMarket #PrimaryMarket #SecondarySales

https://www.thestandard.com.hk/section-news/section/2/262495/Buoyant-primary-market-stifles-secondary-sales


Action actor tackled by kung fu fan
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Martial arts actor Philip Ng Wan-lung was kicked by a kung fu fan while promoting his new film Twilight of the Warriors: Walled In. In a video that went viral, a middle-aged man kicked the book out of Ng's hand during a meet-and-greet event. Later, when Ng was demonstrating the "one inch punch," the man bumped into him, causing him to nearly fall. People denounced the fan's sneak attack, while Ng thanked people for their concern and confirmed he was okay.

#MartialArts #Actor #KungFu #ViralVideo

https://www.thestandard.com.hk/section-news/section/21/262501/Action-actor-tackled-by-kung-fu-fan


US law firm Mayer Brown to split from Hong Kong partnership
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US law firm Mayer Brown plans to separate from its current Hong Kong operations and continue operating in Hong Kong through a new partnership focused on corporate and other work. The Hong Kong partners of Mayer Brown plan to reestablish their firm as Johnson Stokes & Master (JSM), which was the name of the Hong Kong-based entity that merged with Mayer Brown in 2008. If approved, JSM is expected to operate independently by next year. Mayer Brown has approximately 170 lawyers in Hong Kong, Beijing, and Shanghai. The move comes as many international law firms rethink or reduce their presence in China due to growing pressures on foreign businesses and converging economic and geopolitical challenges.

#UsLawFirm #MayerBrown #HongKong #Partnership #InternationalLawFirms #China

https://www.thestandard.com.hk/breaking-news/section/4/216009/US-law-firm-Mayer-Brown-to-split-from-Hong-Kong-partnership


Police to conduct 15-day anti-traffic violation operation as labor day nears
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Police will conduct a 15-day anti-traffic violation operation called "KICKSTARTER" and "CELLBREAKER" from April 24 to May 8 in various districts across Hong Kong. The operation aims to combat illegal, unlicensed taxis, illegal parking, and other traffic violations. The police will take strict enforcement actions against these illegal activities and will also carry out education and publicity activities. They remind the public to report any illegal behaviors and emphasize that traffic safety is the responsibility of all road users. The police also call on drivers to remain professional and maintain the image of the industry and Hong Kong.

#Police #TrafficViolations #Operation #HongKong

https://www.thestandard.com.hk/breaking-news/section/4/215668/Police-to-conduct-15-day-anti-traffic-violation-operation-as-labor-day-nears


'Significant response' to UK doc-hiring drive
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The Hospital Authority reported a "significant response" to recent recruitment events in London and Manchester. Around 300 medical students and doctors from the United Kingdom attended the events either in person or online. Representatives from the authority, two medical schools in Hong Kong, the Department of Health, the Hong Kong Economic and Trade Office in London, and the Hong Kong Medical Society of the UK provided participants with information on working in Hong Kong, registration arrangements, and specialist training development. Esteemed medical professionals, including Philip Chiu Wai-yan, Simon Ng Siu-man, Leo Poon Lit-man, Kelvin To Kai-wang, and assistant director of health Jackie Leung Ching-kan, were present to address questions. The representatives highlighted the convenience of the new registration scheme and the diverse career prospects available in Hong Kong's public healthcare sector. The Hospital Authority plans to recruit more than 250 nonlocally trained doctors by the end of the year, including 200 for long-term employment.

#Recruitment #MedicalProfessionals #HongKong #PublicHealthcare

https://www.thestandard.com.hk/section-news/section/4/262212/%27Significant-response%27-to-UK-doc-hiring-drive


Flu shots prescribed as surge continues
==========

University of Hong Kong pediatric expert Lau Yu-lung advises children and the elderly to get vaccinated against the flu as the surge continues. Hong Kong has recorded around 20 serious cases of children infected with the flu during the current flu season. Lau expects another outbreak of flu B virus this summer or winter and urges the public to be vaccinated, especially for children and the elderly. The vaccination rate among the elderly is only 40 percent and needs to be improved. The Centre for Health Protection reported the first child fatality case this year, with an eight-year-old girl dying after being infected with H1 flu. Another six-year-old girl infected with the virus complicated with brain disease is also fighting for her life. Lau explains that the flu peak continues as two types of Influenza A viruses - H1 and H3 - hit Hong Kong by turns. Lau states that it is hard to predict when the flu surge will end.

#FluShots #Surge #Vaccination #Children #Elderly #HongKong

https://www.thestandard.com.hk/section-news/section/11/262230/Flu-shots-prescribed-as-surge-continues


Green bonds up to US$4.3 trillion mark
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The size of the sustainable bond market has reached US$4.3 trillion by year-end. Hong Kong aims to lead the development of transitional financing and plans to launch a roadmap this year to climate disclosures. The Financial Services Development Council, Friends of the Earth (HK), and the China Sustainable Investment Forum held a forum to mark Earth Day. The Securities and Futures Commission emphasized the importance of Hong Kong following international standards to boost investor confidence. The Hong Kong Monetary Authority released a one-stop information platform for small- and medium-sized enterprises to compare lending services offered by banks. Real-time monitoring by retail banks prevented US$2.3 million in funds from being deposited into fraudulent accounts.

#SustainableFinance #ClimateDisclosures #InvestorConfidence #SmallAndMediumsizedEnterprises #Banking #FraudPrevention

https://www.thestandard.com.hk/section-news/section/2/262199/Green-bonds-up-to-US$4.3-trillion-mark


Container port's big drop in the ocean
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Hong Kong's container port has dropped out of the top 10 container ports in 2023 for the first time, according to Alphaliner's recent report. The volume of containers handled in Hong Kong fell 14.1 percent to 14.3 million units in 2023, resulting in the city losing about one third of its container business in the past decade. Trading and logistics, which contribute more than one fifth to Hong Kong's GDP and employ over half a million people, are expected to be significantly impacted. Major shipping companies are reported to be skipping Hong Kong in their schedules for 2025. Transport and Logistics Secretary Lam Sai-hung is urged to take action to get Hong Kong back on these major shipping schedules.

https://www.thestandard.com.hk/section-news/section/17/262209/Container-port%27s-big-drop-in-the-ocean


Hong Kong man dies during scuba dive trip to South Africa
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A 50-year-old Hong Kong man died while scuba diving in Gqeberha city, South Africa. The man lost consciousness and despite resuscitation efforts, he was declared dead. The Chinese consulate in Cape Town confirmed the deceased was a Hong Kong ID holder. The South African National Sea Rescue Institute received a report about the unconscious tourist and transferred him to their rescue station where paramedics continued with CPR. The cause of death is under investigation by South African police. The Hong Kong Immigration Department is in contact with the man's family and the Chinese consulate to provide assistance. Hong Kong Underwater Association diving division director Kelvin Kam Sheung-hang stated that South Africa is not a popular destination for scuba divers due to its high cost and lack of underwater attractions. He recommended at least 200 dives before attempting dives in South Africa.

#ScubaDiving #Accident #HongKong #SouthAfrica

https://www.thestandard.com.hk/section-news/section/11/262229/Hong-Kong-man-dies-during-scuba-dive-trip-to-South-Africa


China foreign minister says Beijing and Jakarta want regional peace and stability
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China's Foreign Minister Wang Yi and Indonesian Foreign Minister Retno Marsudi have pledged to strengthen economic ties and maintain peace and stability in the region. Wang called for all parties in the Gaza conflict to exercise restraint and urged the United States to support a United Nations resolution for a ceasefire. Chinese investment in Indonesia reached over $7.4 billion last year. Both countries pledged to maintain peace in the Indo-Pacific region and accelerate negotiations on the code of conduct on the South China Sea. Wang is scheduled to attend a high-level dialogue cooperation mechanism meeting in Labuan Bajo on Friday.

#China #Indonesia #ForeignMinister #RegionalPeace #Stability #GazaConflict #UnitedNations #Ceasefire #Investment #SouthChinaSea #Indopacific

https://www.thestandard.com.hk/breaking-news/section/3/215478/China-foreign-minister-says-Beijing-and-Jakarta-want-regional-peace-and-stability


Virtual asset risks to be better managed
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Hong Kong is studying regulatory measures to manage risks of virtual assets. Under Secretary for Financial Services and the Treasury Joseph Chan Ho-lim stated that the government aims to establish a stable and transparent regulatory environment to promote the sustainable development of virtual assets and the Web3 market. Chan highlighted that investors may not receive sufficient protection on platforms when trading different types of virtual assets. Hong Kong, as an international financial center, will closely monitor international regulatory developments to ensure prudent requirements for the virtual asset market. Additionally, Hong Kong is expected to approve exchange-traded funds (ETFs) investing in bitcoin and ether, with Harvest Fund Management and Bosera Asset Management (International) among the issuers expected to launch these ETFs at the end of the month.

#VirtualAssets #Regulation #Web3Market #Investors #ExchangetradedFunds #Bitcoin #Ether

https://www.thestandard.com.hk/section-news/section/2/261966/Virtual-asset-risks-to-be-better-managed


China natural disasters cost US$3.3b in first quarter, government says
==========

In the first quarter of 2024, natural disasters in China, including floods, droughts, an earthquake, freezing conditions, landslides, and flooding on the Yellow River, caused direct economic losses of 23.76 billion yuan (US$3.28 billion), according to the government. The disasters resulted in the deaths of 79 people, with 110,000 needing emergency relocation and resettlement, and 10.4 million people across 26 regions and provinces affected. Other natural disasters included a drought affecting 424,000 hectares of crops, sandstorms, and forest fires. In 2023, natural disasters in China caused 345.45 billion yuan (US$47.7 billion) of direct economic losses, with 691 people dead or missing. The government plans a three-year campaign to improve response times during disasters and accidents.

#China #NaturalDisasters #EconomicLosses #Earthquake #Floods #Droughts #Landslides #YellowRiver

https://www.thestandard.com.hk/breaking-news/section/3/215301/China-natural-disasters-cost-US$3.3b-in-first-quarter,-government-says%C2%A0


CATL's new energy system 'to target world markets'
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Chinese battery giant CATL has launched a new energy storage system called Tianheng, which is the world's first mass-producible energy storage system with five-year zero loss of capacity. The Tianheng system has a capacity of 6.25 megawatt-hours, with unit area energy density increasing by 30 percent and footprint decreasing by 20 percent. CATL may target overseas projects first due to high production costs. CATL is planning a second listing in Hong Kong to raise between US$5 billion and US$6 billion. XPeng, a Chinese electric vehicle maker, has appointed Sime Darby as its distributor in Hong Kong and plans to open a flagship store in the third quarter. XPeng is expected to sell its latest electric SUV model G6 and flagship electric seven-seater MPV X9 from mid-May. XPeng plans to enter Macau with partner Xin Kang Heng and expand its footprint in Spain, Thailand, Singapore, and other European countries. Sales of EVs in China have recorded the lowest quarterly growth in a year for the first three months of this year. XPeng's share price rose 7.71 percent to HK$32.15 per share yesterday but the stock is still down 43 percent so far this year.

#Catl #EnergyStorageSystem #Tianheng #Battery #OverseasProjects #HongKong #Xpeng #SimeDarby #ElectricVehicle #G6 #X9 #Macau #Spain #Thailand #Singapore #EuropeanCountries #Evs #SharePrice

https://www.thestandard.com.hk/section-news/section/2/261897/CATL%27s-new-energy-system-%27to-target-world-markets%27


Construction workers, off-duty aid officer come to the rescue
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More than 10 residents were rescued by construction workers and an off-duty Civil Aid Service member. The aid officer, named Chow, heard screams and called the construction workers to cut a wire fence hindering the residents. They also used a water hose to fight the fire. One of the construction workers, named Man, said they erected ladders, used a crane to rescue an elderly man, and saved more than 10 people. The Democratic Alliance for the Betterment and Progress of Hong Kong arranged temporary accommodations for the affected residents. The DAB secured rooms in seven hotels, but it may not be enough due to a tight hotel room supply. Approximately 40 households were affected. Charity organizations Lok Sin Tong and Tung Wah Group of Hospitals offered financial support, funeral services, and compensation to the affected residents.

#Rescue #ConstructionWorkers #AidOfficer #Fire #TemporaryAccommodations #CharityOrganizations

https://www.thestandard.com.hk/section-news/section/11/261916/Construction-workers,-off-duty-aid-officer-come-to-the-rescue


Sheikh Ali's family office website goes offline
==========

The website of Sheikh Ali Al Maktoum's family office has gone offline. The website included a list of staff and photos of Sheikh Ali attending events. Last month, Sheikh Ali announced plans to set up a family office with $500 million in Hong Kong. He was called the nephew of Dubai's ruler Sheikh Mohammed Bin Rashid Al Maktoum. However, he later delayed the opening ceremony of his family office. Sheikh Ali was revealed to be from a distant branch of the ruling family and is also a popular singer known as Alira. Last month, Hong Kong's government helped 58 family offices settle in the city. The article was published on April 11, 2024.

#SheikhAliAlMaktoum #FamilyOffice #Website #Offline #Dubai #HongKong

https://www.thestandard.com.hk/section-news/section/2/261893/Sheikh-Ali%27s-family-office-website-goes-offline


Hong Kong set to lead Asia with spot bitcoin ETFs
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Spot bitcoin exchange-traded funds (ETFs) could be launched in Hong Kong this month, with the first approvals by the Securities and Futures Commission (SFC) likely to be announced next week. At least four mainland Chinese and Hong Kong asset managers, including China Asset Management, Harvest Fund Management, and Bosera Asset Management, have submitted applications to launch the ETFs. The SFC could approve the first batch of spot bitcoin ETFs as soon as next Monday. Hong Kong would become Asia's first city to offer these ETFs, much faster than industry expectations. Hong Kong authorities are keen to improve the city's attractiveness for financial trading. However, cryptocurrencies are facing scams and cybersecurity risks, with cryptocurrency users losing $437 million to scams and hacks in Q1 2024. Separately, the Hong Kong Monetary Authority and the Hong Kong Association of Banks launched Anti-Scam Consumer Protection Charter 2.0 to guard against credit card scams and digital frauds. In other news, the cross-border payment between Hong Kong's Fast Payment System and Thailand's PromptPay has an average transaction amount below HK$200.

#Bitcoin #Etfs #HongKong #Cryptocurrency #FinancialTrading

https://www.thestandard.com.hk/section-news/section/2/261894/Hong-Kong-set-to-lead-Asia-with-spot-bitcoin-ETFs


Sequel to Cinema Day blockbuster
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Cinema Day is set to make a comeback on April 21, offering moviegoers the chance to enjoy more than 70 films at HK$30 per ticket across all 63 participating cinemas. Last year's inaugural event attracted over 220,000 individuals, setting a single-day, non-holiday record. All major cinema companies in Hong Kong are participating, including Broadway Circuit, Emperor Cinemas, MCL Circuit, Newport Circuit, and Cinema City. Tickets for all movie formats, including special ones like 4DX, IMAX, and CGS Laser, will be available for a flat rate of HK$30. Winning films from the 42nd Hong Kong Film Awards will also be re-screened on Cinema Day. The event aims to promote Hong Kong's pop culture and create a vibrant cinema-going atmosphere in the city. Tickets will be available for purchase starting from noon on April 17.

#CinemaDay #FilmIndustry #HongKongPopCulture

https://www.thestandard.com.hk/section-news/section/11/261921/Sequel-to-Cinema-Day-blockbuster


City's economy to slow this quarter: HKU
==========

Hong Kong's economy is projected to slow to 1.7 percent this quarter, according to the University of Hong Kong (HKU), mainly due to high interest rates. Property consultant Cushman & Wakefield forecasts a 3 percent rise in home prices in the first half of the year. HKU expects 2.3 percent growth for the whole year, lower than last year. Cushman predicts a 5 to 7 percent rise in home prices if interest rates are cut in the second half, but no sharp rebound is expected. Home prices rose 1.5 percent in March after the removal of stamp duties. CK Asset's Blue Coast development received over 10,000 cheques for 184 units, making them 53 times oversubscribed. Cititc has put 144 homes at Jardine's Lookout on the market.

#HongKong #Economy #InterestRates #HomePrices #PropertyMarket

https://www.thestandard.com.hk/section-news/section/2/261900/City%27s-economy-to-slow-this-quarter:-HKU


Home pride
==========

Golden Sixty, Romantic Warrior, and California Spangle are the selected runners for FWD Champions Day at Sha Tin on April 28. The event features a record HK$72 million in total prize money and 10 individual Group 1 winners among 35 selected runners. Golden Sixty will be chasing a record fourth successive Champions Mile victory and an incredible 11th Group 1 win. Vincent Ho, Golden Sixty's jockey, will be going for a fifth straight win in the race. Other notable runners include Dubai Honour, Mad Cool, Champagne Color, Obamburumai, Elton Barows, Brave Emperor, Beauty Eternal, Beauty Joy, Galaxy Patch, Red Lion, Taj Dragon, Romantic Warrior, Dubai Honour, Russian Emperor, Prognosis, Hishi Iguazu, North Bridge, Straight Arron, Sword Point, Nimble Nimbus, Five G Patch, Happy Together, Massive Sovereign, California Spangle, Mad Cool, Victor The Winner, Little Brose, Believing, Sunrise Ronaldo, Lucky With You, Invincible Sage, Howdeepisyourlove, Duke Wai, Flying Ace, and Mugen.

#GoldenSixty #RomanticWarrior #CaliforniaSpangle #FwdChampionsDay #ShaTin #Group1Winners #ChampionsMile #PrizeMoney #Jockey #DubaiHonour #MadCool #ChampagneColor #JapaneseAspirants #GreatBritain #HongKong #QeiiCup #RussianEmperor #Prognosis #HishiIguazu #NorthBridge #StraightArron #SwordPoint #NimbleNimbus #FiveGPatch #HappyTogether #MassiveSovereign #Chairman'sSprintPrize #LuckySweynesse #VictorTheWinner #LittleBrose #BlueDiamondStakes #Believing #SunriseRonaldo #LuckyWithYou #InvincibleSage #Howdeepisyourlove #DukeWai #FlyingAce #Mugen

https://www.thestandard.com.hk/section-news/section/8/261912/Home-pride


Market rallies past 17,000 as sentiment improves
==========

Hong Kong stocks jumped above 17,000 points as sentiment improved despite Fitch Ratings' cut in its outlook of China. The Hang Seng Index closed 311 points higher, or 1.9 percent, to 17,139 points. Fitch Ratings revised China's outlook to negative from stable, citing concerns about the growing burden of government deficits. China's Ministry of Finance responded that the goal of 3 percent government deficit is overall 'appropriate and reasonable' and will benefit the economy. In Hong Kong, tech stocks led a rally buoyed by share buybacks in the sector and China's latest batch of online game approval. Tencent climbed 3 percent as it continued its share repurchase plans while Alibaba rose 4.9 percent. Ping An Insurance inched up 0.6 percent despite a trust under the insurer missing repayment due two weeks ago. Shares of China Vanke lost 4.3 percent as a regional manager in the city of Jinan was assisting an investigation. NetEase edged higher by 0.8 percent after announcing the resumption of cooperation with Blizzard Entertainment. Chinese sportswear brand 361 Degrees rose 6.8 percent on strong first-quarter sales. Fashion retailer Esprit extended its gain by 65.7 percent on a potential partnership with an international private equity group in its European businesses.

#HongKongStocks #FitchRatings #China #GovernmentDeficits #TechStocks #Tencent #Alibaba #PingAnInsurance #ChinaVanke #Netease #361Degrees #Esprit

https://www.thestandard.com.hk/section-news/section/2/261902/Market-rallies-past-17,000-as-sentiment-improves


Cui Jianchun welcomed in new foreign ministry role
==========

Cui Jianchun, former Chinese ambassador to Nigeria, has been appointed as the foreign ministry commissioner in Hong Kong. He assumes the role following the departure of Liu Guangyuan. Chief Executive John Lee Ka-chiu welcomed the appointment and praised Cui's extensive experience as a seasoned diplomat. Lee emphasized the importance of collaboration between the Office of the Commissioner of the Ministry of Foreign Affairs in the HKSAR and the SAR government. Cui has previously served as the Chinese ambassador to Nigeria, minister counselor at the Chinese Embassy in France, Chinese ambassador to Kuwait, and deputy director-general of the Consular Affairs Department of the Ministry of Foreign Affairs. Before his diplomatic career, Cui worked in the China National Nuclear Corporation for over 20 years.

#CuiJianchun #ForeignMinistry #HongKong #JohnLeeKachiu #Diplomat

https://www.thestandard.com.hk/section-news/section/4/261907/Cui-Jianchun-welcomed-in-new-foreign-ministry-role


Cocaine bricks continue to wash ashore in Hong Kong
==========

Police officers in Hong Kong were called to a beach after a plastic container storing suspected cocaine bricks washed ashore for a second time in six days. Last Thursday, officers seized HK$19 million in cocaine that washed up on Chung Hom Kok Beach. On Tuesday, a swimmer found a green plastic container on Lido Beach and reported it to the police. Officers found eight tightly wrapped packages inside the container, one of which had white powder leaking out. The beach was cordoned off for further searches, but no more drugs were found. Police are investigating whether the recent discoveries are connected.

#Cocaine #DrugSmuggling #HongKong

https://www.thestandard.com.hk/breaking-news/section/4/215176/Cocaine-bricks-continue-to-wash-ashore-in-Hong-Kong


Hong Kong looking at more steps to boost stock market, says Lee
==========

Hong Kong's leader John Lee said the authorities are considering additional measures to bolster the securities market in the Asian financial hub. The city's economy expanded by just 3.2 percent last year, and capital flight turned the Hong Kong stock market into the worst-performing major index last year. Lee mentioned that a host of measures had already been taken, including improving the listing regime for specialized technology companies, to enhance competitiveness. Hong Kong's Hang Seng Index tumbled nearly 14 percent in 2023, its fourth consecutive year of decline. The value of initial public offerings (IPOs) dropped 28.5 percent in the first quarter of this year compared to the year-ago period to US$507 million. Hong Kong announced a mix of measures in February to lure back capital, businesses, and visitors to the city. Hong Kong has been a crucial gateway for investments in mainland China, and the Hong Kong government is now lobbying the mainland to introduce a new connect program to deepen investor access to each other's markets. The three-day HSBC summit in Hong Kong kicked off on Monday, bringing together over 2,000 delegates. HSBC Chairman Mark Tucker said that Hong Kong would continue playing its role as a global financial center due to its vast capital markets, the strong commitment to maintain the common law system, and a "rock-solid" U.S. dollar peg.

#HongKong #StockMarket #SecuritiesMarket #JohnLee #Economy #CapitalFlight #HangSengIndex #InitialPublicOfferings #Hsbc #Investments #China

https://www.thestandard.com.hk/breaking-news/section/4/215144/Hong-Kong-looking-at-more-steps-to-boost-stock-market,-says-Lee


China holiday spending tops pre-pandemic levels
==========

Chinese tourists spent nearly 54 billion yuan (US$7.5 billion) on 119 million trips within the country during the recent three-day break, marking the first time that per-trip holiday spending has topped pre-pandemic levels. The travel data indicates recovering consumption sentiment in China's economy after three years of harsh COVID-19 rules. The number of domestic trips during the recent holiday rose 11.5 percent compared to 2019. Chinese tourists also made 2.42 million cross-border trips, up 102 percent from 2023. Foreigners made 500,000 trips across the border, a surge of 163 percent. China has been trying to attract foreign visitors recently by allowing visa-free entry for travelers from a growing list of countries and making digital payments easier to use.

#China #HolidaySpending #Tourism #Covid19 #Economy

https://www.thestandard.com.hk/breaking-news/section/3/215143/China-holiday-spending-tops-pre-pandemic-levels


Huge star explosion to appear in sky in once-in-a-lifetime event
==========

Sometime between now and September, a massive explosion 3,000 light years from Earth will flare up in the night sky, giving amateur astronomers a once-in-a-lifetime chance to witness this space oddity. The binary star system in the constellation Corona Borealis is normally too dim to see with the naked eye. But every 80 years or so, exchanges between its two stars spark a runaway nuclear explosion, making it appear as if a new star has suddenly popped up in our night sky for a few days. This event has been witnessed twice before, in 1866 and 1946. There are only around 10 recurring novas in the Milky Way and surrounding galaxies. The explosion is caused by a white dwarf and a red giant in a binary star system. The white dwarf orbits the red giant, and matter being ejected by the red giant collects near the surface of the white dwarf. Once enough mass has built up on the white dwarf, it triggers a runaway thermonuclear reaction, resulting in a massive explosion. The James Webb space telescope will observe the outburst of T Coronae Borealis. To witness the event, one simply needs to look in the direction of the Corona Borealis constellation.

https://www.thestandard.com.hk/breaking-news/section/6/215090/Huge-star-explosion-to-appear-in-sky-in-once-in-a-lifetime-event


US to set curbs on Hong Kong officials after city passes security law
==========

The US is set to impose new visa restrictions on some Hong Kong officials after the city passed a domestic security legislation. The State Department will take steps against multiple Hong Kong officials responsible for the crackdown on rights and freedoms. The announcement follows the findings of the department's annual Hong Kong Policy Act Report to Congress, which catalogs the intensifying repression and ongoing crackdown by China and Hong Kong authorities. The US move marks the latest overseas response to Hong Kong's passing of Article 23, the local security law. Foreign governments have warned that the law could further erode Hong Kong's freedom and rule of law.

#Us #HongKong #VisaRestrictions #SecurityLaw #RightsAndFreedoms

https://www.thestandard.com.hk/breaking-news/section/4/214891/US-to-set-curbs-on-Hong-Kong-officials-after-city-passes-security-law


Friday Beyond Spotlights – Honorable Chris Tang: Safeguarding Hong Kong’s Security
==========

Chris Tang, Secretary for Security of the Government of the Hong Kong Special Administrative Region, shares his insights and experience on maintaining a secure environment for business development and spearheading the passage of the Safeguarding National Security Bill. Tang discusses Hong Kong's safety and security status, the stance of the police during the 2019 'colour revolution', and the rights and freedoms guaranteed under the Safeguarding National Security Ordinance. He also elaborates on key philosophical approaches and provisions in the Ordinance, and shares his personal journey from joining the police force to becoming Secretary for Security.

https://www.thestandard.com.hk/breaking-news/section/4/214809/-Friday-Beyond-Spotlights-%E2%80%93-Honorable-Chris-Tang:-Safeguarding-Hong-Kong%E2%80%99s-Security


Xi's positive message to US business captains
==========

President Xi Jinping called for closer trade ties with the United States during a meeting with top American business leaders in Beijing. Xi emphasized the mutually beneficial economic ties between the two countries and highlighted China's contribution to world economic growth. The meeting, attended by executives such as Stephen Schwarzman from Blackstone and Cristiano Amon from Qualcomm, lasted over an hour and a half. Xi acknowledged issues with the domestic economy but expressed confidence in handling them. He urged China and the US to seek common ground on major issues while reserving differences on minor ones. Xi also reassured Dutch Prime Minister Mark Rutte that attempts to restrict China's access to technology will not hinder the country's progress. He warned against the creation of scientific and technological barriers and the fragmentation of industrial and supply chains. Xi stated that China's reform and opening up will continue, with plans for major measures to deepen reforms and build a first-class business environment.

https://www.thestandard.com.hk/section-news/section/11/261645/Xi%27s-positive-message-to-US-business-captains


MTR enhances High Speed Rail train service
==========

Starting from April 6, the MTR Corp will regularize four more train services between West Kowloon and Shenzhen. Over 200 High Speed Rail trains will be in service every day during the Easter and Ching Ming holidays. The newly added regular trains include one pair running between Hong Kong West Kowloon and Futian stations, and one pair running from Hong Kong West Kowloon to Shenzhenbei station. More trains between Hong Kong West Kowloon and Futian stations will operate from March 28 to April 6, with a total of 12 to 14 trains for Shenzhen added daily. The Hong Kong-Zhuhai-Macao Bridge Authority announced that private vehicles will not be charged between April 4 to 6 during the Ching Ming holiday.

#Mtr #HighSpeedRail #TrainService #HongKong #Shenzhen

https://www.thestandard.com.hk/breaking-news/section/4/214802/MTR-enhances-High-Speed-Rail-train-service


Student sentenced eight weeks for falsely canceling artiste Cho Wing-lim’s organ donation registration
==========

A student named Wong Tsz-shing has been sentenced to eight weeks in prison for impersonating TVB artiste Raymond Cho Wing-lim and canceling his registration for the centralized organ donation registry. Wong pleaded guilty to criminal damage of a computer belonging to the Department of Health on May 23, 2023. The magistrate, Stephanie Tsui May-har, stated that Wong's prank affected patients in need of replacement organs and that any sabotage of the registry must not be tolerated. Wong was released on bail pending an appeal. The defense argued that Wong is a good student studying social sciences at the University of Hong Kong, but the magistrate rejected the argument. Wong also attempted to cancel the organ donation registrations of lawmaker Junius Ho Kwan-yiu and former Chief Executive Carrie Lam Cheng Yuet-ngor. Wong admitted to searching for Cho's personal information on doxxing websites and submitting the cancellation. Cho later confirmed that he had never registered for the centralized organ donation system.

https://www.thestandard.com.hk/breaking-news/section/4/214798/Student-sentenced-eight-weeks-for-falsely-canceling-artiste-Cho-Wing-lim%E2%80%99s-organ-donation-registration


Weightlifting Association takes heat over chairman referring HK as a 'small country'
==========

The Hong Kong, China Weightlifting and Powerlifting Association is facing criticism over remarks made by its chairman, Josephine Ip Wing-yuk, during an opening speech at the 'Hong Kong Weightlifting Invitation 2024' event. In her speech, Ip referred to Hong Kong as a 'relatively small country' and categorized it as a 'small country' like Australia. Lawmaker Adrian Pedro Ho King-hong has called for an investigation into the incident and has asked the Hong Kong Olympic Committee to consider suspending the Association's operation. The Association has previously been involved in scandals, including allegedly withholding sports subsidies and mishandling national anthems and flags at international competitions.

#WeightliftingAssociation #HongKong #JosephineIpWingyuk

https://www.thestandard.com.hk/breaking-news/section/4/214698/Weightlifting-Association-takes-heat-over-chairman-referring-HK-as-a-%27small-country%27


Insurers raise alarm bells over Vanke debt
==========

China Vanke, the country's second-biggest developer by sales, is facing debt risks as shares and bonds hit record lows. At least two Beijing-based insurers have instructed their external portfolio managers to closely monitor Vanke's credit risks, while one life insurer has told its pension managers to reduce exposure. Vanke has started negotiations with state insurers to extend maturities of some private borrowings, but no agreement has been reached yet. The developer's shares and bonds slumped, with shares closing down 7.1 percent in Hong Kong and falling 4.7 percent in Shenzhen. Vanke's yuan bonds also hit their lowest levels, and its 3.975 percent dollar bond due in 2027 fell by more than 6 cents on the dollar to 47.3 cents. China's home sales slump has accelerated this year, adding to concerns about Vanke's debt obligations.

#ChinaVanke #DebtRisks #Insurers #Shares #Bonds #RecordLows #CreditRisks #Negotiations #Maturities #Developer #HomeSalesSlump

https://www.thestandard.com.hk/section-news/section/2/260881/Insurers-raise-alarm-bells-over-Vanke-debt


'Radical' stance follows China-US rift
==========

During the trial of Next Digital founder Jimmy Lai Chee-ying, former Apple Daily ex-editorial writer Yeung Ching-kee testified that Lai invited anti-China writers to his home for dinner and called on foreign countries to impose sanctions on China and Hong Kong officials. Yeung also mentioned that Lai only gave instructions during internal meetings and that he had never objected to Lai's opinions. Yeung revealed that the launch of Apple Daily's English edition was discussed during a dinner gathering at Lai's home, where Lai expressed hope that the US government would adopt stronger measures and sanctions against China. Yeung also mentioned that Lai instructed him to find writers to write insider news of power struggles between China's top-ranked officials for the English edition. However, Yeung eventually informed Lai that he was unable to find a suitable writer for the topic. Yeung also shared that he had been a major contributor to Lai's Twitter posts and that another contributor had resigned after Lai disclosed his role online. Yeung's testimony also highlighted that the United States fell out with China after then-US Vice President Mike Pence's speech in 2018, which influenced Apple Daily to take a more radical reporting angle on the 2019 protest.

#China-usRift #JimmyLai #AppleDaily #Sanctions #HongKong

https://www.thestandard.com.hk/section-news/section/11/260916/%27Radical%27-stance-follows-China-US-rift


Australia's Golden Goose unruffled as China crises come and go
==========

China has been a major source of trade for Australia, but experts argue that Australia is not dependent on China and its economy is open to the world. The collapse of China's stock markets and the failure of developer China Evergrande have raised concerns, but Australia's exports to China have remained strong. In December, goods exports to China reached A$18.5 billion, up 14.7% from the previous year. Iron ore, Australia's biggest export earner, has many buyers beyond China and generated A$187 billion in earnings in the year to December. Other exports have also benefited from improved diplomatic relations between Beijing and Canberra. However, tourism and student numbers from China have declined, but the gap has been filled by inflows from other countries. Australia is not heavily reliant on inward investment from China. The constant concerns over China have weighed on the Australian dollar, but mining profits have benefited. Experts argue that there is no clear disruptive force from China to Australia.

#Australia #China #Trade #Exports #IronOre #DiplomaticRelations #Tourism #Investment #AustralianDollar #Mining

https://www.thestandard.com.hk/breaking-news/section/6/213153/Australia%27s-Golden-Goose-unruffled-as-China-crises-come-and-go