Opinion | Hong Kong’s new Octopus card for mainland travel aids integration
==========
The new Octopus card allows users to top up in Hong Kong dollars and tap for rides in public transport across 336 mainland cities. Unlike previous cross-border Octopus cards, the new Octopus-China T-Union Card holds up to HK$3,000 in stored value and fares will be deducted in yuan. The new card enables users to travel on 38,000 mainland public bus routes and 285 rail or ferry services. It cannot be used for retail or other transactions across the border. The recent trend of Hongkongers going north for shopping, dining, and entertainment may be boosted by the convenience of the new card.
#OctopusCard #MainlandTravel #CrossborderIntegration #PublicTransport #HongKong
Opinion | Hong Kong’s new Octopus card for mainland travel aids integration
==========
The new Octopus card allows users to top up in Hong Kong dollars and tap for rides in public transport across 336 mainland cities. Unlike previous cross-border Octopus cards, the new Octopus-China T-Union Card holds up to HK$3,000 in stored value and fares will be deducted in yuan. The new card enables users to travel on 38,000 mainland public bus routes and 285 rail or ferry services. It cannot be used for retail or other transactions across the border. The recent trend of Hongkongers going north for shopping, dining, and entertainment may be boosted by the convenience of the new card.
#OctopusCard #MainlandTravel #CrossborderIntegration #PublicTransport #HongKong
IMF keeps China’s 2024 GDP growth estimate unchanged on ‘troubled property sector’
==========
The International Monetary Fund (IMF) has kept its estimate for China's 2024 GDP growth unchanged at 4.6%, below Beijing's target of 5%. The IMF cited concerns over the enduring property market slump as the reason for maintaining its forecast. It warned that without a comprehensive response to the troubled property sector, China's growth could falter, hurting trading partners and potentially leading to a drop in real estate investment, reduced housing demand, and weakening household confidence and spending. The IMF also raised its forecast for the US GDP growth this year to 2.7% and India's GDP growth forecast to 6.8%. The IMF maintained its 4.1% economic growth forecast for China in 2025. China's property market has been facing challenges since 2020 due to the pandemic and tightened financing policies, leading to defaults and a decline in property investment.
#Imf #China #GdpGrowth #PropertySector #EconomicRecovery
Hong Kong man jailed for 2019 petrol bomb offences and Taiwan escape bid
==========
Tang Kai-yin, a Hong Kong man, has been sentenced to 46 months in jail for possession of petrol bombs during the 2019 anti-government protests and for attempting to escape justice by fleeing to Taiwan. Tang played a leading role in the manufacture of petrol bombs and in planning and executing the escape attempt. He had already served three years in a mainland Chinese jail for his role in the escape attempt, but the mainland jail term did not reduce his Hong Kong sentence. Tang was involved in a failed escape by boat to Taiwan as part of a 12-strong fugitive group. The court heard that police seized enough material to make 16 petrol bombs and arrested Tang and four others. Tang's sentence was reduced to 34 months due to his guilty plea. The escape attempt failed when the boat was intercepted by mainland Chinese coastguards. Tang had no seafaring experience or license but still pressed ahead with the trip. Eight other people involved in the escape bid were sentenced to 10 to 18 months in jail for perverting the course of justice. Tang's total jail term is 46 months.
#HongKong #PetrolBomb #Protests #EscapeAttempt #Taiwan
In China, Germany’s Olaf Scholz seeks ‘open and fair’ competition, cooperation
==========
German Chancellor Olaf Scholz calls for 'open and fair' competition between European and Chinese automakers during his visit to China. He visited a hydrogen-fuel-cell plant operated by German auto supplier Bosch in Chongqing and an innovation center of German company Covestro in Shanghai. Scholz insists on open and fair competition with China's carmakers while welcoming China-made cars in the German market. Bilateral relations between Germany and China have been strained due to conflicts concerning human rights, security, unfair competition, and market access for foreign companies. China has been Germany's largest trading partner for many years, with an estimated 5,000 German companies operating in China. However, the value of exports and imports between the two countries in 2023 dropped by 8.7% from the previous year. The European Union is conducting an anti-subsidy investigation into Chinese electric vehicles, and concerns about overcapacity in the new-energy sector have been raised. German businesses in China have observed 'unfair competition,' and German politicians have differing views on economic reliance on China. The future of China-Germany relations will be influenced by Berlin's policy priorities and will require a balancing act between ideology and economic interests.
#China #Germany #Trade #Competition #Automakers #MarketAccess #ElectricVehicles
DSE 2024: Mathematics exam ‘noticeably easier’ than last year, says top tutor
==========
The Hong Kong Diploma of Secondary Education (DSE) mathematics exam for 2024 was considered 'noticeably easier' compared to the previous year's assessment, according to top tutor Dick Hui. Hui noted that this year's Paper 2 had only two to three tricky multiple-choice questions, compared to four difficult questions on last year's assessment. He highlighted two challenging questions related to shapes in Paper 2. Hui also emphasized the importance of carefully reading the question wording in Paper 1, as it tested candidates' ability to identify concepts being assessed. The DSE examinations will end on May 4, with results scheduled to be released on July 17.
#Dse #Mathematics #Exam #HongKong #Education
US-China rivalry is ‘biggest uncertainty’ for Chinese business executives
==========
Chinese business executives and investors are embracing a future fraught with geopolitical tensions and slowing economic growth, but also with opportunity emerging from the country’s burst real estate bubble. The ongoing housing slump has depressed investor sentiment, but China’s economic resilience is praised, supported by its vast pool of engineers and skilled workers, sophisticated infrastructure, and innovation in areas such as renewable energy and electric vehicles. The US-China relationship is a major concern, with executives highlighting the trend of global decoupling, technology blockade, and trade protectionism. The potential collision between the two countries comes at a time when China is struggling with a housing crisis and a loss of confidence among consumers and entrepreneurs. Foreign interest in the Chinese market will depend on the direction of Beijing's next set of policies. Despite the challenges, Chinese venture capital and private equity investors remain relatively upbeat, citing China's competitive advantages in terms of a comprehensive supply chain, innovation, and a stable social and political structure.
#UschinaRivalry #ChineseBusinessExecutives #ChineseMarket #GeopoliticalTensions #EconomicGrowth
Trash from the International Space Station may have hit a house in Florida
==========
Nasa is investigating a cylindrical slab that tore through a house in Florida on March 8. Alejandro Otero believes it was a piece of a cargo pallet containing old batteries that Nasa ground control teams released from the ISS in 2021. The item almost struck his son. Astrophysicist Jonathan McDowell agrees with Otero's assessment.
#InternationalSpaceStation #SpaceDebris #Florida
TSMC is the Taiwan DPP’s gift to the US that keeps on giving
==========
Taiwan Semiconductor Manufacturing Co (TSMC) plans to produce its most advanced chips in the United States, including 2-nanometre chips, in a new plant in Phoenix, Arizona. TSMC is also offshoring more production to Japan and Germany. Other Taiwanese chip-making groups and hi-tech firms are considering overseas headquarters to hedge against Chinese attack. The chip-making industry is too important to be left to Taiwan, as natural disasters and an invasion by mainland China could cause havoc to the global economy. Under the ruling Democratic Progressive Party (DPP), Taiwan is giving away TSMC to the US, resembling asset-stripping and taking down the silicon shield. In return, Taiwan will buy the Advanced Tactical Data Link System Upgrade Planning or Link 22 from the US for US$75 million, enhancing communications and network security with the US military and its North Atlantic defense allies. This move is seen as part of Nato's expansion into Asia. The article suggests that Taiwan's actions resemble the situation in Ukraine, but on a larger scale.
#Tsmc #Taiwan #Dpp #Us #ChipmakingIndustry
https://www.scmp.com/opinion/article/3258976/tsmc-taiwan-dpps-gift-us-keeps-giving
Opinion | As supply chains shift away from China, others get their own economic miracles
==========
As global supply chains shift away from China, countries like Vietnam and Mexico are becoming attractive manufacturing hubs. Chinese companies are investing in manufacturing facilities in these countries to maintain sales in Western markets. Mexico is expected to gain the most, with an industrial estate in Nuevo Leon generating $5 billion in investment and creating 7,000 jobs. Vietnam is also hosting more Chinese manufacturing, with one project expected to create 400 new jobs. The shift in trade is benefiting these new manufacturing countries through investments, job growth, and knowledge transfer from China. While Chinese-backed factories in the US face resistance, they bring job growth and knowledge transfer that will benefit the American economy. The shift in supply chains is reshaping the global trade matrix, with new winners and losers emerging. Chinese companies will still be able to do business, but they will lose their dominance in the supply chain and the technology behind it.
#SupplyChains #Manufacturing #China #Vietnam #Mexico #Investment #JobGrowth #KnowledgeTransfer #UsEconomy
Drone delivery service launches in China's Greater Bay Area
==========
A new commercial cargo route has been launched in China's Greater Bay Area, offering drone delivery service between the cities of Shenzhen and Zhongshan. The flight takes around 45 minutes and costs 40 yuan (US$5.60) per order, with a maximum weight limit of 20kg (44lbs). The service, operated by drone manufacturer Phoenix Wings and backed by logistics giant SF Express, aims to slash transport time and costs between the two cities. The drone has an average cruising speed of 108km/h (67mph) and can be used for emergency support, intercity rapid delivery, and offshore logistics. The service operates six days a week from 9am to 6pm, with exceptions for extreme weather events and airspace control. The launch of this cross-water low-altitude logistics route is expected to boost the efficiency of express delivery and promote economic and social development in the Greater Bay Area. China has been actively promoting its "low-altitude economy" and expects it to contribute between 3 and 5 trillion yuan (US$705 billion) to the country's economy by 2025.
#DroneDelivery #China #GreaterBayArea #Transportation #Logistics
Biden says US shot down Iran-launched attack drones, pledges ‘support’ for Israel against Tehran
==========
US forces shot down Iran-launched attack drones flying toward Israel. Iran vowed to retaliate for a suspected Israeli strike this month. Biden condemned Iran’s attacks and reaffirmed America’s commitment to Israel's security. Biden convened a meeting with his national security team to discuss the situation. The attack marked the first time Iran has launched a direct military assault on Israel. The Pentagon confirmed full US support for Israel's defense against Iran. Iran seized an Israeli-affiliated container ship near the Strait of Hormuz. The US strongly condemned the seizure and urged Iran to release the ship and crew immediately.
#JoeBiden #Iran #Israel #Tehran #Us #AttackDrones #Security
China’s gold markets become haven for horde of eager buyers
==========
China’s gold markets have experienced a surge in buyers as people look for stable investments. The Hualin International Jewelry Market in Guangzhou has seen a flood of new gold stores and an increasing number of customers. The price of gold has been volatile, with customers buying products with lower grams due to the high prices. Chinese consumers have been selling off old jewelry amid record high gold prices. The People’s Bank of China has been buying bullion to diversify its holdings. A large deposit of gold was discovered in Qinghai province. Gold prices have been hitting historic highs globally. Some investors are holding paper gold as a hedge against concerns over wealth management and money supply. The timing of actions by the US Federal Reserve and price volatilities in the domestic gold market are factors affecting the market.
#China #GoldMarkets #Investments #PriceVolatility #People'sBankOfChina
Climate change requires US and China to cooperate not compete, experts warn
==========
Experts at a Harvard University conference on US-China relations emphasized the need for China and the US to move beyond their differences and address global problems together. Despite ongoing disputes over trade, Taiwan, and other issues, the recent summit between Chinese President Xi Jinping and US President Joe Biden has provided some hope for cooperation. The experts highlighted the urgent need to address global warming, as current pledges to reduce greenhouse gas emissions fall far short of what is necessary. They called for international coordination, particularly between the US, China, India, and Europe, to spur action on climate change. The speakers also emphasized the importance of holding leaders accountable and urged citizens to speak out when they believe government policies are wrong. They called for ambitious climate targets, carbon trading, and increased private sector investment in clean energy. The experts stressed the need for political courage and bravery from leaders to strengthen the US-China relationship and address shared concerns.
#ClimateChange #UschinaRelations #GlobalWarming #GreenhouseGasEmissions #InternationalCoordination #Leadership #PrivateSectorInvestment #CleanEnergy
US general confirms China’s efforts to discuss space safety amid thawing ties
==========
China has reached out to the United States to discuss space safety-related issues, according to US Space Command chief Stephen Whiting. Whiting stated that China had contacted the US on two occasions in the past six months. The US has routinely shared data on potential orbit collisions with China, but Beijing did not always respond. The interactions and the specific issues discussed were not detailed in the report. The US has emphasized the importance of international collaboration on orbital data to prevent collisions and expressed a desire for regular sharing of safety data with China. The communication between the two countries on space safety is seen as a positive development amid thawing military ties. Military-to-military communications were restored following a meeting between Presidents Joe Biden and Xi Jinping in November 2023. In October, US and Chinese officials met to discuss space situational awareness data. China's outreach to the US on space safety could potentially lead to cooperation in other areas such as climate change and artificial intelligence.
#China #UnitedStates #SpaceSafety #MilitaryTies #Thawing #Cooperation
Brazil’s Lula reunites with meat billionaire brothers as China ties bloom
==========
Brazilian President Luiz Inacio Lula da Silva reunites with meat billionaire Batista brothers, Wesley and Joesley Batista, at a JBS factory in Campo Grande, Brazil. The Batista brothers, who grew their family butcher shop into the world's largest meat producer, were previously involved in a corruption scandal that brought down thousands of politicians, including Lula. The meeting is part of Lula's efforts to increase agricultural exports to China and replicate the commodities-fueled growth of the early 2000s. A total of 38 Brazilian plants recently received authorization to export products to China, which is expected to boost Brazil's trade balance by $2 billion over the next year. JBS plans to invest $29 million to double the daily production capacity of the Campo Grande facility. The Batista brothers recently returned to prominence in Brazil and were named to the JBS board. It remains unclear whether Lula's government will support JBS's push to list its shares in the US. The Brazilian national development bank has not yet publicly stated its position on the matter.
#Brazil #Lula #BatistaBrothers #China #Trade #AgriculturalExports #Jbs #CorruptionScandal
How Taiwanese-Canadian actress Karena Lam stays curious as an artist and a mother
==========
Taiwanese-Canadian actress Karena Lam discusses her life as an artist and a mother. Lam talks about how she balances her career and motherhood, stating that being a mother has made her more focused and efficient. She also shares her thoughts on the importance of curiosity and continuous learning in her artistic journey. Lam mentions that she is currently working on a film project and is excited about exploring new roles and challenges. Overall, Lam emphasizes the importance of finding joy and fulfillment in both her personal and professional life.
Deutsche Bank to seize upswing as rivals retrench in Hong Kong, mainland China
==========
Deutsche Bank is focusing on its China business to take advantage of the withdrawal of its investment banking rivals and capitalize on the post-Covid recovery in the world's second-largest economy. The bank has been strengthening its corporate finance division and expanding its presence in the debt and equity capital markets. It has also been hiring new talent, including Michael Hufton from Morgan Stanley, to bolster its infrastructure and utilities division in Asia-Pacific. Deutsche Bank aims to position itself to seize the rebound in mainland China's business and take advantage of the opportunities presented by Hong Kong's role as a financial window to China. The bank is positive about the outlook for inbound investments from the Middle East to China and expects more transactions between the two regions. Despite the recent slump in deal-making and stock offerings, Deutsche Bank remains confident in the long-term potential of the Chinese market.
#DeutscheBank #China #InvestmentBanking #HongKong #Asiapacific #CorporateFinance #EquityCapitalMarkets #DebtCapitalMarkets #Hiring #MiddleEast
Hong Kong public service struggles with 20% or more vacancies in some departments
==========
Hong Kong’s public service departments have almost 20,000 vacancies, with some having up to 20 per cent or more of posts unfilled. The Civil Service Bureau revealed that RTHK, the city’s public broadcaster, had the highest vacancy rate at 23.8 per cent, with 175 posts unfilled. The police force had the highest number of jobs available, with 6,837 vacancies, which is 17.9 per cent of its total establishment. The Agriculture, Fisheries and Conservation Department registered a 20 per cent staff shortfall with 460 vacancies. The Education Bureau recorded a 15.6 per cent vacancy rate with 983 posts unfilled. The bureau stated that there were 19,744 vacancies, a 10.3 per cent vacancy rate, in November last year. An average of 5,100 civil servants are expected to retire every year over the next five financial years. The government will consider re-evaluating organizational structures if there are fundamental changes in job nature, tasks, and complexity, or if there are difficulties in recruitment and retention of talents. Over the 2022-23 and 2021-22 financial years, almost 4,000 civil servants from more than 200 departments resigned. The bureau explained that higher turnover rates in some departments were due to smaller departments with a small number of personnel leaving, such as retiring. Between 2018-19 and 2022-23, 1,124 public servants were punished with formal disciplinary action, including 524 cases involving serious misconduct. There were also 600 cases involving criminal convictions that required formal disciplinary action. Another 1,995 civil servants were disciplined for minor misconduct during the same period.
#HongKong #PublicService #Vacancies #CivilServiceBureau #Rthk #PoliceForce #AgricultureFisheriesAndConservationDepartment #EducationBureau #Retirement #OrganizationalStructures #Resignations #DisciplinaryAction
Can Asians be true English Premier League fans from afar? Ex-Liverpool ace has say at Hong Kong Sevens
==========
Former Liverpool goalkeeper David James addresses the issue of hostile and racist abuse towards Asian supporters of English Premier League clubs. He emphasizes that fans in Asia are capable of showing the same passion as local fans and that their support should not be questioned. James recalls his experience playing football at Hong Kong Stadium and witnessing the tremendous support of Liverpool fans in Asia. He also mentions the initiative by Kick It Out and the Professional Footballers' Association to tackle the underrepresentation of British South Asian players in the English academy system. James recently attended the Hong Kong Sevens as an ambassador for Carlsberg and praised the event and the enthusiasm of the crowd. He also discusses the challenges of transferring skills between sports and the increasing attraction of sevens rugby due to its professional circuit and regular big events.
#EnglishPremierLeague #AsianFans #Racism #HongKongSevens #DavidJames