1 in 4 US voters say they don’t want Trump or Biden to win
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The ranks of the double-haters — voters who say they don’t like either major party presidential candidate — are at a historic high and make up one-quarter of the electorate, according to a new analysis from Pew Research Centre. Double-haters were a key factor in Trump’s upset win in 2016, when they broke for the Republican candidate over Democrat Hillary Clinton. Biden and Trump are taking roughly equal measures of these disillusioned voters in battleground states, with Biden winning 25 per cent to Trump’s 22 per cent, a May Bloomberg News/Morning Consult poll shows. The biggest threat to Biden and Trump is that voters turned off by them will simply stay home — or find refuge in an independent candidate like Robert F. Kennedy Jnr, who is polling at 24 per cent among those voters in the Bloomberg/Morning Consult survey. Other third-party candidates are taking a combined 12 per cent. Growing political polarisation is driving the unpopularity. The Pew analysis found that presidential candidates are only slightly less popular within their own party than they were three decades ago, but that voters of the opposing party are much more negative.
Cathay Pacific passengers to pay 22% less on fuel fee for most tickets bought in Hong Kong
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Cathay Pacific passengers will pay 22% less in fuel surcharges for most tickets issued in Hong Kong from next month. The one-way fuel surcharge for flights between Hong Kong and Australia, Europe, the United States, and other long-haul destinations will be reduced from HK$923 to HK$719 effective from July 1 for tickets bought in the city. The fee for flights between Hong Kong and India and Bangladesh will drop from HK$440 to HK$343, while the fees for other short-haul flights will decrease from HK$207 to HK$161. Similar adjustments will also be rolled out for tickets issued in Canada, New Zealand, and other places. The fee updates were made public on Friday, with the airline saying the surcharges were adjusted "in accordance with fuel prices" on a monthly basis. The airline last updated the fee in January when the fuel surcharge for long-haul flights was reduced from HK$1,127 to HK$923.
#CathayPacific #FuelSurcharge #HongKong #Airline
Opinion | If US-China arms build-up continues apace, demons of war will prevail
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The Chinese and American militaries are behaving provocatively, increasing the risk of conflict. Recent events include armed Chinese coastguard ships entering disputed waters in the East China Sea, US forces participating in military drills in the South China Sea, and the deployment of Chinese logistics ships near Taiwan. Both China and the US are taking countermeasures and increasing military exercises in the Western Pacific. The US has deployed a mid-range missile system to the Philippines and is delivering unmanned aerial vehicles to the Indo-Pacific region. The US navy is also testing advanced network technologies. Economic interdependence and rational economic considerations have not prevented conflicts in the past. If China and the US do not address the underlying problems of their rivalry, the arms build-up could lead to war.
#UschinaRelations #MilitaryBuildup #Conflict #Asiapacific
Swarovski is ‘playing the long game in China’, CEO Alexis Nasard says
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Austrian crystal maker Swarovski has launched a lab-grown diamonds collection in China. The collection, called the 'Created Diamonds Collection', is available at 34 stores in mainland China and three in Hong Kong. Swarovski CEO Alexis Nasard stated that China is a very important market for the company, and they are deeply committed to the region. The collection offers better value for money compared to mined diamonds and is made with renewable energy and recycled metals. The regular range of the collection is priced from 3,000 yuan to 95,000 yuan, while the made-to-order high complication collection ranges from 135,000 yuan to 1.8 million yuan. China currently represents 15% of Swarovski's sales, and the company plans to open a few more stores in the country. Swarovski is also interested in expanding in Southeast Asia, particularly in Singapore, Bangkok, and India. Nasard emphasized the importance of retail presence in top cities, where most of the middle class and affluent people who can afford the brand are living.
Opinion | Please, America, show some shame over the war in Gaza
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The article discusses the hypocrisy of the United States and Israel in their actions towards Palestine compared to the accusations of genocide against China in Xinjiang. The United States is providing a large foreign aid package to Israel, including weapons and support for a scorched-earth siege of Gaza. The death toll in Gaza is quickly rising, and there are allegations of genocide and crimes against humanity. Various UN officials and organizations have expressed concern over the situation, including reports of mass graves, imminent famine, and the denial of humanitarian aid. The article calls on the United States to show shame for its actions.
#Genocide #WarCrimes #HumanRights #Palestine #Israel #UnitedStates #China #Xinjiang #Gaza
US sanction threats against Chinese banks over Russia trade ties risk ‘gargantuan’ financial instability
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US sanction threats against Chinese banks over their trade with Russia could lead to global financial instability and damage US-China relations. The US is reportedly considering sanctions to pressure China to stop supporting Russia's military production. However, such sanctions would impede transactions in Europe and the US, affecting American companies and investors in China. Removing China from the Swift interbank financial system would cause a significant logjam in trade transactions and clearing, leading to cost-push inflation. China's world trade reached $5.8 trillion in 2023, and its removal from Swift would inconvenience companies abroad. Sanctions against Chinese banks would also accelerate China's efforts to develop its own international payment and clearing system and internationalize the yuan. Broader ties between China and the US would suffer, and it would become impossible to work constructively with China on any issue. The US has preliminarily discussed sanctions on some Chinese banks, but there is no short-term plan to carry out such measures. The exploration of bank sanctions is seen as a calculated bluff and a signal from the US to increase pressure on China over its stance on Russia.
#UschinaRelations #Sanctions #ChineseBanks #RussiaTradeTies #FinancialInstability #SwiftInterbankSystem
US sanction threats against Chinese banks over Russia trade ties risk ‘gargantuan’ financial instability
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US sanction threats against Chinese banks over their trade with Russia could lead to global financial instability and damage US-China relations. The US is reportedly considering sanctions to pressure China to stop supporting Russia's military production. However, such sanctions would impede transactions in Europe and the US, affecting American companies and investors in China. Removing China from the Swift interbank financial system would cause a significant logjam in trade transactions and clearing, leading to cost-push inflation. China's world trade reached $5.8 trillion in 2023, and its removal from Swift would inconvenience companies abroad. Sanctions against Chinese banks would also accelerate China's efforts to develop its own international payment and clearing system and internationalize the yuan. Broader ties between China and the US would suffer, and it would become impossible to work constructively with China on any issue. The US has preliminarily discussed sanctions on some Chinese banks, but there is no short-term plan to carry out such measures. The exploration of bank sanctions is seen as a calculated bluff and a signal from the US to increase pressure on China over its stance on Russia.
#UschinaRelations #Sanctions #ChineseBanks #RussiaTradeTies #FinancialInstability #SwiftInterbankSystem
Hong Kong public spending watchdog takes aim at academy for gifted students
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Hong Kong's public spending watchdog, the Audit Commission, has urged the Hong Kong Academy for Gifted Education (HKAGE) to address the lack of school nominations for membership and improve the completion rate of courses. The commission found that between the 2018-19 and 2022-23 school years, there was a 'lack of enthusiasm' among schools for applying for membership. On average, 51% of about 1,000 primary and secondary schools did not nominate students for membership. The commission recommended that the academy collaborate with the Education Bureau to address the issue and promote channels for identifying gifted students other than school nomination. The academy, founded in 2008, is a non-profit organisation subsidised by the bureau and provides free programmes and services to students aged 10 to 18. It received government subsidies of HK$50.6 million in the 2022-23 school year and had around 8,000 members as of the end of 2023. The academy will continue its publicity initiatives and explore more channels to recruit gifted students. The commission also found that the completion rates of some programmes for gifted students were low and recommended that the academy set targets and adopt measures to boost them.
#HongKong #Education #GiftedStudents #PublicSpending #Watchdog
136 family offices eyeing setting up or expanding operations in Hong Kong: minister
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More than 130 family offices are currently eyeing setting up or expanding their operations in Hong Kong, with about three-fifths of the entities based in mainland China, the city’s treasury chief has said. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu wrote in replies to lawmakers on Wednesday that 136 family offices had indicated they were preparing or had decided to set up or expand operations in the city as of the end of March. The tally included 82 based on the mainland, 27 from Europe, 13 from the rest of Asia, alongside nine located in the Middle East, as well as four in Oceania and one from North Africa, he said. The minister also revealed a dedicated team from InvestHK, the city’s investment promotion agency, helped 64 family offices set up or expand their operations in the city over the same period. Hui said the InvestHK team was confident it could achieve the target of helping at least 200 family offices to establish or expand their operations in Hong Kong by the end of 2025, a goal outlined in Chief Executive John Lee Ka-chiu’s 2022 policy address.
Picking sushi in Hong Kong to be more of a lottery after plastics ban starts
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Choosing sushi in Hong Kong could become more hit-and-miss after a major Japanese discount chain started to put the treat into cardboard boxes after the city’s plastic ban kicked in. Some sushi were still packed in transparent plastic boxes, while others were packaged in cardboard ones for dine-in customers. Buyers only had a picture on top of the biodegradable boxes to guide them on what the sushi were supposed to look like. Some buyers prefer the convenience of dining in, while others are concerned about the presentation and potential water stains in the cardboard boxes. The plastic ban, which covers styrofoam products and throwaway plastic items, has a six-month grace period for businesses to comply.
#Sushi #PlasticsBan #HongKong #EnvironmentalIssues
‘Don’t jump to conclusions’: China needs balance amid US, EU overcapacity fears
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China should be mindful of risks from overcapacity and prudently formulate industrial policies to guide enterprises amid Beijing’s hi-tech push. The European Union and United States have accused China of exporting overcapacity, particularly with electric vehicles. Former government adviser Jia Kang says policymakers should have the foresight to make good predictions for supply and demand. He suggests that Beijing should improve communication with the United States and EU to settle disputes through cooperation and competition. China’s new quality productive forces strategy aims to pivot economic growth and exports to a tech-led growth trajectory. China shipped more than 1 trillion yuan worth of “new three” products in 2023. The State Council-backed Economic Daily argues that China’s “quality capacity” is providing impetus to the world economy and the green transition. Jia Kang defends the role of industrial policies but stresses the need for judiciousness when designing policies.
TikTok responds to EU ultimatum on risks of new TikTok Lite app
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TikTok has responded to an ultimatum from the European Commission regarding the risks associated with its new app, TikTok Lite. The commission ordered TikTok to provide an assessment of the app's rewards-for-views scheme within 24 hours. The scheme allows users to collect points by watching videos and exchange them for things of value, such as Amazon vouchers. The commission wants to know how TikTok assessed the addictiveness and mental health risks of the scheme, particularly for children. If TikTok fails to provide the requested information, it could face fines of 1% of its global annual revenue, plus periodic fines of 5% of its daily revenue. TikTok has stated that the rewards scheme is not available to minors and has a daily limit on the number of videos that can be watched for a reward. The European Commission will now assess TikTok's response and decide on potential next steps. TikTok Lite recently launched in France and Spain.
#Tiktok #Eu #TiktokLite #EuropeanCommission #RewardsScheme #Addictiveness #MentalHealthRisks #Children #Fines
US exports to China down 4.3% year on year amid trade tensions: report
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US exports to China declined 4.3% year on year in 2023, reaching a total of $144.9 billion, according to a report by the US-China Business Council. The decline was led by agricultural goods shipments. The stunted economic growth in China and Sino-American political challenges also contributed to the decline. China was the third-largest goods export market for the US in 2023. Oilseeds and grains remained America's top export to China. US exports of semiconductors and their components to China fell to their lowest level since 2016. The report also highlighted the impact of US-China trade policy on the agricultural sector and the services trade, including education exports.
#UsExports #China #TradeTensions #AgriculturalGoods #Semiconductors #UschinaBusinessCouncil
US business lobby calls China’s security focus ‘extreme’ in 600-page report
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The American Chamber of Commerce in China has called for clarity in China’s new security laws to assuage investors and bring capital back to the country. The 600-page report lists concerns from member firms and makes recommendations to US and Chinese governments to boost activity and lubricate trade. The report highlights China's 'extreme' emphasis on national security as a drag on business and calls for foreign organizations to compete on a level playing field with domestic firms. The report also calls on the US government to clear up details on its expansive export controls with their Chinese counterparts. The sluggish state of China’s economy and growing tension in China-US relations have contributed to a loss in confidence from overseas capital. Tensions in the bilateral relationship were cited as the top roadblock to business for a fourth consecutive year.
#China #Us #Business #NationalSecurity #Investment
Opinion | For Hong Kong to thrive, the private sector must rise to the challenge
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The private sector in Hong Kong needs to take on more direct responsibility to identify and embrace today's economic opportunities. Comparisons to pre-2020 Hong Kong can be unhelpful when assessing the trajectory of the city's new economic drivers. Visitor numbers have been increasing dramatically since 2020, with a 852% increase from 2020-2023 and continued robust growth in 2024. However, the private sector is not converting these visitor numbers into considerable economic benefit for sectors like art, culture, hotels, restaurants, and entertainment. The private sector needs to adapt to the new era and change business models to capture robust growth. The focus on mega events offers tactical solutions but not fundamental strategic repositioning. The private sector should embrace change and foster new businesses. The private sector also needs to play a role in communicating the impact of national security laws in Hong Kong. Hong Kong should take greater responsibility in embracing its positive economic fundamentals and taking action to grow value for the city and its people.
#HongKong #PrivateSector #Economy #Business #Tourism