Posties Comic Strip Challenge: Wonders of the World
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Posties is hosting a Comic Strip Challenge where participants can design and create dialogues for a comic strip. The challenge requires participants to color the provided comic strip from the Posties print newspaper and add their own creative touch to the characters and speech bubbles. The top submission will be published in the Posties Print issue, and the first-place winner will receive a HK$500 ParknShop coupon. The first runner-up will receive a HK$300 ParknShop coupon, and the second runner-up will receive a HK$100 ParknShop coupon. Winners will be announced via email and phone call in mid-May. Participants can submit their artwork online through a Google Form on the Posties article page. Subscribers can log in to their Posties account to submit, while non-subscribers need to redeem their digital subscription and create an account before submitting. The submission deadline is 23:59 on April 30, 2024. For any questions, contact [email protected]
https://www.scmp.com/posties/event/3258297/posties-comic-strip-challenge-wonders-world
Hong Kong braces for 36% drop in Primary One enrolments over 6 years
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The number of six-year-olds expected to start Primary One in Hong Kong is projected to decline by 36% over six years, from 49,600 this year to 31,500 in 2029. The primary school sector has described this prediction as 'very shocking' and is urging the government to lower the headcount threshold for operating a single class from 23 to 20 pupils to avoid further school closures. Yau Tsim Mong and Tsuen Wan will be the hardest-hit districts, with a projected 70% decline in Primary One enrolments. The number of 12-year-olds starting Form One is also expected to drop by 20% from 68,300 this year to 54,300 in 2029. The government has not proposed any new measures to address the shrinking student population.
#HongKong #Education #PrimaryOne #Enrolments #StudentPopulation
Beware what you wish for: calls for China to loosen grip on the yuan may rock emerging and developed markets alike, strategists say
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China watchers warn that calls for China to loosen its grip on the yuan may have a chain reaction, impacting both emerging and developed-market currencies. The currencies of Asian neighbors such as South Korea and Thailand are most under threat. A weaker yuan may strengthen the dollar, which historically has had a negative impact on developing nations' foreign-exchange markets. The yuan's stability is seen as an anchor for regional peers, and small moves can have a significant impact. The yuan is showing signs of weakening, and pressure is growing as it approaches the edge of its fixed trading range against the dollar. The People's Bank of China has tools to support the yuan, but traders remember the shock yuan devaluation in 2015. China's gloomy growth outlook and robust US economic data are putting policymakers in a bind. If the yuan weakens, the reverberations will likely be strongest in Asia, with the South Korean won and Thai baht potentially declining further. Central banks in Asia may need to rethink their currency management if the yuan's volatility increases. A spike in yuan volatility would disrupt carry trades and may test the grip of the central bank of China. A weaker yuan may lead to a stronger dollar, exacerbating the pressure on central bankers and governments worldwide. The risk is that the dollar ends up being stronger than anticipated.
#China #Yuan #ForeignExchange #EmergingMarkets #DevelopedMarkets
Exclusive | ‘We can’t be bullied’: Rwanda won’t take sides in US-China rivalry, envoy says
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Rwandan ambassador to China, James Kimonyo, stated that Rwanda will not be forced to choose between China and the United States. He emphasized that both countries are important partners for Rwanda and tensions between them should be settled systematically. Kimonyo dismissed claims of China engaging in debt-trap diplomacy in Africa as illogical. He defended China's investments in Africa, including those under the Belt and Road Initiative, stating that they are discussed based on Rwanda's national priorities. Kimonyo highlighted China's historical support for Africa and its positive contributions to Rwanda's socio-economic transformation. He expressed Rwanda's desire to deepen cooperation with China in various areas, including infrastructure, education, healthcare, technology, and innovation. China is already Rwanda's biggest source of foreign direct investment, and Kimonyo expects the investment to grow. Wu Peng, the Chinese foreign ministry's director general of African affairs, pledged China's support for Rwanda's development and deeper ties between the two countries.
#Rwanda #China #UnitedStates #Diplomacy #BeltAndRoadInitiative #DebttrapDiplomacy #Africa
With eye on China, Biden-Kishida meeting to set ‘remarkable’ outcomes: insiders
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US President Joe Biden and Japanese Prime Minister Fumio Kishida will unveil nearly six dozen "deliverables" in security, economic, and people-to-people areas. The summit aims to further cement the partnership between the US and Japan as tensions rise in the Indo-Pacific region due to China's increasingly muscular stance. The outcomes of the meeting are expected to be on a "remarkable" scale, with the largest number of substantial deliverables seen so far. The deliverables will include reorganizing and integrating the two militaries, joint operating command structures, space cooperation agreements, and people-to-people announcements. The leaders will also discuss the merits of prioritizing a latticework of groupings to deter China. US officials expressed confidence that the partnerships under the Indo-Pacific strategy will withstand the test of time, even if Biden loses his re-election bid. The summit will be followed by a trilateral summit with Philippine President Ferdinand Marcos Jnr to bolster Indo-Pacific economic and security agreements. Japanese Prime Minister Kishida will also address a joint meeting of Congress, becoming the second Japanese leader to do so. The US-Japan alliance was briefly strained by Biden's rejection of a US$41 billion takeover bid by Nippon Steel for US Steel on national security grounds. However, officials emphasized the deep and significant relationship between the two countries. The US has been focusing on the Pacific to counter China's rising economic and military might. China has expanded its island building activity in the South China Sea and challenged US freedom of navigation flights and voyages. The US has organized various groupings and alliances in the region, including the Quad, the Japan-South Korea-US trilateral, the Aukus alliance, and the Indo-Pacific Economic Framework. The trilateral summit with the Philippines aims to show support for the country as it faces pressure from China in the South China Sea. The US-Philippine mutual defense treaty applies to the Philippines in the South China Sea, and the US stands strongly by its alliance commitments to the Philippines.
#UsjapanRelations #IndopacificStrategy #China #Security #Economy #Peopletopeople #Partnerships #Summit #Deliverables #Military #SpaceCooperation #ArtificialIntelligence #HighSchoolExchanges #FiveEyes #TrilateralSummit #Philippines #UschinaConflict #SouthChinaSea
ByteDance profit surges 60% to US$40 billion, outpacing Tencent on TikTok fame
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ByteDance's profit surged roughly 60% in 2023, reaching over US$40 billion, with sales growing to nearly US$120 billion. This marks the first time ByteDance has surpassed Tencent in both revenue and profit. ByteDance leveraged its popular short-video platforms to expand into international e-commerce. The company's successful roll-out of TikTok Shop in markets like the US and Southeast Asia has unlocked new revenue sources beyond digital marketing. ByteDance is seeking to grow its e-commerce business tenfold this year in the US. However, ByteDance faces challenges, including the potential ban of TikTok in the US and elevated scrutiny in the country. The company has started to unwind risky bets and is focusing on generative AI. ByteDance's long-awaited stock market debut remains uncertain.
#Bytedance #Tiktok #Tencent #Alibaba #Ecommerce
Enterprising China exporter sells car-replacing rural electric pedicabs to US, bemoans profit levels same as selling clothes
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Luo Hao, a 25-year-old Chinese exporter, has gained attention for selling electric pedicabs, known as 'san beng zi', to customers in the United States. The small vehicles can carry cargoes weighing a tonne or several people on an uncovered trailer and can travel tens of kilometers on a full charge. Luo was inspired to start the business after seeing videos of a Chinese woman in the US who had bought a pedicab for her father-in-law as a Christmas gift. The pedicabs became a sensation in their town, leading Luo and a friend to move to the US and set up a business selling the vehicles. They have sold dozens of pedicabs since March, with revenue reaching $10,000 on the first day of sales. However, Luo notes that profits are not as high as expected and are on par with selling clothes in China. He advises others interested in the industry to have experience and resources before starting a similar business.
#China #Exporter #ElectricPedicabs #UsMarket #Business #Profit
China-US relations: American state department official explains how Beijing risks crossing 'red line' with Russia
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Deputy Secretary of State Kurt Campbell, a senior member of US President Joe Biden's administration, suggests that China's closer ties with Russia risk crossing a line as sensitive to Washington as Taiwan is to Beijing. Campbell emphasizes that the maintenance of peace and stability in Europe is the most important mission for the United States, and China's involvement in Europe is a strategic interest that they want China to understand. He warns that if Russia's offenses continue and they gain territory in Ukraine, it will alter the balance of power in Europe in ways that are unacceptable to the US. Campbell also mentions that China has been providing support to Russia, including machine tools and joint use capabilities, which could impact the US-China relationship. The Beijing-Moscow relationship appeared tighter after Chinese Foreign Minister Sergey Lavrov met with Chinese President Xi Jinping to jointly oppose Western-led "bloc confrontation" and "promote reform" in the global system. Campbell's comments come amid high-level bilateral engagements between the US and China, where they confront each other on thorny issues such as US restrictions on sales of advanced technology to China. The Biden administration sees China's closer relations with Russia as a rationale for a stronger alliance with Japan and the Philippines. The US is seeking more engagement on the military and operational side with China, and Campbell believes that the lines of communication are almost fully open.
#China #Us #Russia #Taiwan #Ukraine #Diplomacy
China-US relations: American state department official explains how Beijing risks crossing 'red line' with Russia
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Deputy Secretary of State Kurt Campbell, a senior member of US President Joe Biden's administration, suggests that China's closer ties with Russia risk crossing a line as sensitive to Washington as Taiwan is to Beijing. Campbell emphasizes that the maintenance of peace and stability in Europe is the most important mission for the United States, and China's involvement in Europe is a strategic interest that they want China to understand. He warns that if Russia's offenses continue and they gain territory in Ukraine, it will alter the balance of power in Europe in ways that are unacceptable to the US. Campbell also mentions that China has been providing support to Russia, including machine tools and joint use capabilities, which could impact the US-China relationship. The Beijing-Moscow relationship appeared tighter after Chinese Foreign Minister Sergey Lavrov met with Chinese President Xi Jinping to jointly oppose Western-led "bloc confrontation" and "promote reform" in the global system. Campbell's comments come amid high-level bilateral engagements between the US and China, where they confront each other on thorny issues such as US restrictions on sales of advanced technology to China. The Biden administration sees China's closer relations with Russia as a rationale for a stronger alliance with Japan and the Philippines. The US is seeking more engagement on the military and operational side with China, and Campbell believes that the lines of communication are almost fully open.
#China #Us #Russia #Taiwan #Ukraine #Diplomacy
Opinion | How Hong Kong Sevens showed need for change in city’s tourism strategy
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Over Easter, over half a million Hong Kong residents left the city, while only about 200,000 inbound visitors arrived, primarily from mainland China. Restaurants experienced a 30% drop in business compared to previous years. In contrast, the Rugby Sevens event brought optimism and increased spending from tourists. Wan Chai pubs were filled with people carousing, and media reports highlighted tourists visiting nightlife districts. Rugby fans were more visible and improved the city's mood. Hong Kong's tourism strategy needs to change to appeal to Western tourists and a more international demographic, as they possess higher spending power.
#HongKong #Tourism #RugbySevens #Easter #WesternTourists
Opinion | Tough conversations key to bridging gap between China, US
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US Treasury Secretary Janet Yellen's visit to China is a sign of stability in bilateral relations. The two sides engaged in open and frank talks despite their differences on Chinese "overcapacity". The US is concerned about Chinese industrial policy leading to "artificially cheap" products flooding global markets, while China sees the issue as protectionism. Yellen and her hosts discussed debt alleviation, financial exchanges, and anti-money-laundering efforts. The high-level dialogue cultivates trust and understanding, although more difficult conversations are expected in the future.
#China #Us #JanetYellen #BilateralRelations #Overcapacity #ElectricVehicles #SolarPanels #IndustrialPolicy #MarketShare #EconomicRecovery #Innovation #SupplyChains #DebtAlleviation #FinancialExchanges #Antimoneylaundering #Trust #Understanding #DifficultConversations
https://www.scmp.com/opinion/article/3258429/tough-conversations-key-bridging-gap-between-china-us
Janet Yellen in China: how far did trip move the ball for US-China relations as presidential election looms?
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US Treasury Secretary Janet Yellen's week-long trip to China focused on practical short-term issues, including overcapacity concerns, money laundering, and the mistreatment of US companies in China. Yellen claimed that 'major steps' had been taken to stabilize relations since her last visit in July, but acknowledged that many issues remained unresolved. Analysts believe that the pressure of the upcoming presidential election could force the Biden administration to take a more aggressive stance on the trade front. However, they also believe that the Biden team has generally taken a mild approach towards China and may not want to start a real trade war in 2024. Both countries are expected to maintain communication and deeper exchanges, but the US's small-yard high-fence strategy and concerns about overcapacity may lead to the implementation of other restrictive measures. China raised concerns about trade tariffs and export controls but does not expect them to be resolved. Yellen also had 'difficult conversations about national security' with Chinese leaders and exchanged information on the use of economic tools in the national security space. Both sides have reasons to keep the talks going and appear constructive to the world.
#JanetYellen #UschinaRelations #PresidentialElection #Overcapacity #TradeWar #BidenAdministration #ChinausTrade #EconomicDisputes #MoneyLaundering #UsCompaniesInChina #NationalSecurity
Janet Yellen in China: how far did trip move the ball for US-China relations as presidential election looms?
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US Treasury Secretary Janet Yellen's week-long trip to China focused on practical short-term issues, including overcapacity concerns, money laundering, and the mistreatment of US companies in China. Yellen claimed that 'major steps' had been taken to stabilize relations since her last visit in July, but acknowledged that many issues remained unresolved. Analysts believe that the pressure of the upcoming presidential election could force the Biden administration to take a more aggressive stance on the trade front. However, they also believe that the Biden team has generally taken a mild approach towards China and may not want to start a real trade war in 2024. Both countries are expected to maintain communication and deeper exchanges, but the US's small-yard high-fence strategy and concerns about overcapacity may lead to the implementation of other restrictive measures. China raised concerns about trade tariffs and export controls but does not expect them to be resolved. Yellen also had 'difficult conversations about national security' with Chinese leaders and exchanged information on the use of economic tools in the national security space. Both sides have reasons to keep the talks going and appear constructive to the world.
#JanetYellen #UschinaRelations #PresidentialElection #Overcapacity #TradeWar #BidenAdministration #ChinausTrade #EconomicDisputes #MoneyLaundering #UsCompaniesInChina #NationalSecurity
What did Janet Yellen eat in China? US Treasury secretary’s food and drink picks fascinate Chinese politicians, internet users
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US Treasury Secretary Janet Yellen's food and drink choices in China have fascinated Chinese politicians and internet users. Since she ate mushrooms with psychedelic properties in 2023, people have been curious about what she will eat next. Yellen was spotted drinking beer and praised for her chopsticks technique. Chinese politicians have taken notice of her popularity on the culinary arts scene. Yellen prefers to dine among other patrons and does not like partitions. She was seen eating at Tao Tao Ju, a Guangzhou restaurant, and her chopstick skills were praised. Yellen also often stops for fast food and local diners during domestic trips in the US. In China, her first viral moment happened when she unknowingly ate mushrooms with psychedelic properties at a Yunnan restaurant. Yellen was in China to discuss issues of Chinese overproduction of solar products, electric vehicles, and lithium-ion batteries. She ate at Lao Chuan Ban, a popular Sichuan restaurant, and had lunch with Beijing mayor Yin Yong at the Beijing International Hotel. On her last night in China, she visited Jing-A Brewing Co in Beijing and ordered a Flying Fist IPA, which she called 'excellent'.
#JanetYellen #China #Food #Drink #CulinaryArts #UsTreasurySecretary
English Premier League or La Liga matches in Hong Kong? Fifa considers rule changes to overseas games policy
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Fifa is considering changes to its policy on league matches being played in other countries. This comes as part of an agreement with football promoter Relevent Sports to dismiss a lawsuit challenging Fifa's stance. The agreement does not affect the suit against the US Soccer Federation. Relevent Sports had planned to host a La Liga match between Barcelona and Girona in Miami in 2018, but Fifa blocked the match. The change in Fifa's stance could potentially allow Hong Kong promoters to bring matches from top leagues to the city's new stadium at Kai Tak Sports Park. Relevent Sports also previously sued the USSF for refusing permission to sanction a league match between two teams from Ecuador. The lawsuit claimed violation of the Sherman Antitrust Act and tortious interference.
#Fifa #EnglishPremierLeague #LaLiga #HongKong #OverseasGames #RuleChanges
Paris Olympics: Hongkongers can watch coming games for free after authorities buy broadcast rights
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Hongkongers can watch the Paris Olympics and Paralympics for free on free-to-air TV stations TVB, ViuTV, Hoy TV, and public broadcaster RTHK. The city's leader, John Lee Ka-chiu, announced that the broadcast rights were purchased at a cheaper price than the Tokyo games. The purchase was made out of 'special consideration' and to bring joy, unity, and pride to residents. The amount paid for the broadcast rights was not disclosed due to a confidentiality clause. The move is expected to benefit commercial TV stations through advertising revenues and businesses at shopping centers through higher foot traffic. Replays will be aired during daytime hours, and social media content is also covered in the deals. The 2028 Olympics will have a 15-hour time difference for Hong Kong audiences, and coverage of those games will be left to commercial broadcasters. Kenneth Fok Kai-kong, vice-president of the Sports Federation and Olympic Committee of Hong Kong, welcomed the government's move as it offers more exposure to local athletes and a larger audience. In 2021, the government purchased the rights for the Tokyo Olympics, spending less than HK$160 million paid by TVB for the Rio Olympics in 2016 and HK$120 million spent by Cable TV for the 2012 games in London. The previous deal required free-to-air stations to carry a minimum of 900 hours of content and broadcast every event involving Hong Kong athletes. A similar arrangement is expected for the Paris Olympics.
#ParisOlympics #BroadcastRights #HongKong #TvStations #JohnLeeKachiu
Debt-saddled Lai Sun Development sells stake in AIA’s Hong Kong headquarters
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Lai Sun Development, a Hong Kong property firm, has sold its equity stake in the AIA Central skyscraper for HK$1.42 billion (US$180 million) to boost its liquidity. The sale comes after the developer disposed of its interest in an industrial building in the city. The unit, Peakflow Profits, sold its shareholdings in Bayshore Development, the owner of AIA Central, to Grand Design Development, a subsidiary of insurance giant AIA Group. AIA Group will hold the remaining equity stake in Bayshore Development. The proceeds of the sale will be used to repay bank loans and for general working capital. Lai Sun Development had total liabilities of over HK$34.69 billion for the six months ended January 31. Each of the Lai Sun units is expected to record a loss of about HK$154.6 million on the disposal. The sale is seen as a prudent move to enhance the cash flow and financial position of Lai Sun Development.
Opinion | China must rebalance economic development to put ‘overcapacity’ concerns to rest
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China's industrial capacity has become a focal point of conflict between Beijing and Washington. The US claims China's excessive industrial capacity in electric vehicles (EVs) and lithium-ion batteries could wreak havoc on the global economy, while Beijing sees it as an excuse for protectionist measures. Chinese EV makers are privately owned and compete with US, German, and Japanese carmakers based on their strong strategy, not state protection. China can make better and cheaper EVs, and Chinese EV makers are expected to expand overseas. Beijing frames the overcapacity debate as a sign of the West's refusal to accept China as an economic power. China's leadership is looking into the imbalance in the nation's economic development and the chronic lack of middle-income individuals. China must rebalance its economic development efforts to maintain its position as a competitive producer and help its population become affluent consumers.
#China #EconomicDevelopment #Overcapacity #IndustrialCapacity #Evs #LithiumionBatteries #Protectionism #Us #Competition #Consumerism
Hong Kong customs seizes gold disguised as machine parts worth HK$84 million
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Hong Kong customs officers have seized precious metal worth HK$84 million (US$10.7 million) disguised as machine parts in two air compressors in a Japan-bound consignment at the city’s airport. The smuggling operation was designed to evade import tariffs of around 10% in Japan. The gold parts, shaped as two motor rotors, a gear, and three screw shafts, were concealed in the machines’ motors and pumps. The combined weight of the confiscated gold was 146kg. The director of a local company was arrested in connection with the gold-smuggling attempt. This is the biggest seizure of smuggled gold in terms of value and weight since records began in 2000. Customs will exchange intelligence with overseas law enforcement agencies to determine the origin and consignee of the precious metal.
#HongKongCustoms #GoldSmuggling #MachineParts #Japan #ImportTariffs
Major sports events including HK Sevens need to ‘double down’ on sustainability
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Great Britain rugby sevens player Jamie Farndale emphasizes the need for international sports events to prioritize sustainability efforts due to their significant environmental impact. According to Farndale, professional sports emit 350 million tonnes of greenhouse gases, equivalent to the emissions of countries like Poland or Spain. The majority of emissions, around 90%, are generated by people traveling to these events. Farndale suggests that current efforts to reduce carbon footprints by 5% or 10% are insufficient and that a more significant commitment is necessary. The issue extends beyond international travel, as older venues like Hong Kong Stadium do not use renewable energy, and large amounts of food, packaging, and single-use plastics are discarded after events. Farndale believes that the sports industry has the potential to influence people to actively reduce their carbon footprints. The Hong Kong Sevens, for example, implemented sustainability measures such as using reusable plastic cups and partnering with Feeding Hong Kong to distribute unsold food. However, there are challenges in implementing sustainable practices, including contractual obligations and financial considerations for vendors, as well as restrictions imposed by stadiums. Hong Kong rugby boss Robbie McRobbie suggests that legislation may be necessary to enforce sustainability measures. The Hong Kong Sevens served as a test case for the Environmental Protection Department's Green Event Guidebook, which provides guidelines for waste reduction in large events. The next Hong Kong Sevens will be held at the newly built Kai Tak Sports Park, which will incorporate renewable energy sources.
#Sustainability #SportsEvents #GreenhouseGases #CarbonFootprint #RenewableEnergy #WasteReduction