Business
High inflation and anti-strike laws ignite London train workers, but people complain about their strikes
- 2023-07-26
- Business
- By: REN Ziyi DavidEdited by: REN Ziyi David
- 2023-07-26
About one and a half months ago, Gyrd Hanks planned to watch the Eurovision Song Contest Final in person, which is about three hours of public transport from his home at London Zone 5. However, on May 13th, when the final contest began, he was sitting on the couch, drinking beers, and watching the show live on TV, all because of the RMT strike that disrupted the Avanti West Coast line operation. The Avanti West Coast Line was not alone. A total of 19 rail operators were affected due to the strike that took place on May 12th and 13th, led by RMT and ASLEF unions, as their salary increase proposals got declined amid the sky-high inflation rate in the UK and the new anti-strike law. Although the strike gained support from the public, some have raised complaints. Hanks said he understood the frustration and dissatisfaction of the train workers. Still, being a fan of the Eurovision Contest, he was rather unhappy about not being able to attend the show in person. “The inflation and ascending living costs are something we all need to face. Sometimes I feel like the unions are too greedy,” he said. According to National Rail, the strike covered “large areas of the national network.” National Rail also warned about late start and disruption of the network on the day following the striking day. “I have four kids, plus my wife. That makes it difficult for us to go on a private vehicle for any trips together,” said Hanks. He said that the family heavily relies on the rail or buses to travel. The RMT and ASLEF union strikes forced him to cancel the Eurovision Contest family trip. The long-term salary dispute between the RMT union members and the company triggered the strike once again. The …
Going green could be expensive but worthwhile in the UK
- 2023-07-21
- Culture & Leisure
- By: Bella Ding、Zimo ZHONG、Le Ha NGUYENEdited by: Bella Ding
- 2023-07-21
Paprika is a spice made from dried, ground peppers used in Spanish and English cuisines, and among different flavours, smoked paprika won great popularity with BBC listing 261 recipes in total using this ingredient under its food column. The ordinary smoked paprika sold at grocery stores costs around £1.69 for 75g while the same product tagged environment-friendly costs £1.3 for just 10g, or nearly five times more expensive, in Re: Store, a zero waste shop located in Hackney, London. Established in 2019 by founder Megan Adams, Re: Store encourages zero waste-conscious shopping to help protect the planet from harmful degradation. Consumers could bring their own containers for products or utilise paper bags provided by the shop to reduce the use of plastic for packaging. “Our customers want to shop locally and shop sustainably to reduce their environmental impacts,” said Shaniah Bond, assistant manager at Re: Store, “A lot of them like the process of bringing their own jars, filling them and taking them home.” Food waste situation in the UK According to the true cost accounting published by Sustainable Food Trust, people in the UK spend £120 billion annually on food, and an additional £116 billion in environmental and health costs caused by the food and farming industries, which are instead passed onto the public through taxes and expenses related to climate change and environmental damage. Sustainable food reduces the negative environmental impact during their production process, which no longer depends on businesses and systems based on extraction and growth but towards approaches based on the principles of regeneration, sustainability and the circular economy. According to Statista, UK households are estimated to throw away nearly 100 billion pieces of plastic packaging per year, or 66 items per household per week on average. In 2021, the waste reached a staggering number …
ChatGPT-type AI stocks grow with volatility amid investment hype
- 2023-06-30
- Business
- By: Yuhe WANG、Mei Ching LEEEdited by: Bella Ding、Zimo ZHONG、Nga Ying LAU
- 2023-06-30
The Microsoft-backed OpenAI, the developer of the ChatGPT, announced the launch of the latest artificial intelligence model named GPT-4 with stronger functions on Mar. 14. It can simultaneously process information in images and respond to a 25,000-word request now. ChatGPT sprints to one million users in only five days, creating the fastest-growing consumer application in history compared with technology powerhouses such as Netflix and Twitter, according to Statista. The popularity of the newest version of ChatGPT reached a full score in the evaluation of Google Trends only six days after its debut. AI stands for Artificial Intelligence, which is the development of intelligence in machines that are programmed to think like humans, which includes virtual assistants. "AI stocks" refers to stocks of companies focused on developing and applying artificial intelligence technology. The largest players in AI stocks currently are Google and Microsoft, while small companies are usually working on the application of AI rather than invention. Rex Tsang Kai-bong, the founder of AO Summit, an online platform using AI to analyse the flow of stocks, used the example of the application of Google Maps in Gogovan, an app-based logistic platform originated in Hong Kong. “GogoVan can be successful without a need to build another map system because the founders took the chance of applying for Google Maps, so as AI,” said Tsang. However, Tsang was not optimistic about the development of small companies which introduce specific use of AI as he considered small companies with limited revenue and fund for continuous research and development would feel hard to compete with tech giants to introduce specific AI utilization. Microsoft was making a “multiyear, multibillion-dollar” investment in OpenAI, according to the company statement on Jan 23. During the same period, the mean capital expenditures for the Software (System & Application) industry were …
Hong Kong Cinema Day 2023 kicks off Happy Hong Kong
- 2023-04-30
- Society
- By: Hanzhi YANG、Yiyang LIEdited by: Noah Tsang、Ming Min AW YONG
- 2023-04-30
There was a larger crowd than usual yesterday at the Festival Grand Cinema due to the Hong Kong Cinema Day 2023. Groups of families and young couples could be seen queueing up to get their movie tickets. On Hong Kong Cinema Day 2023, one movie ticket would cost consumers only HK$30 to watch. This applies to all types of movies in Hong Kong cinemas, whether it's 4DX, IMAX or DBOX. Carol Chan, 33, said, "I walked by the cinema after work on the 27th and found so many tickets left to buy that I bought two, just in time to take the opportunity to go on a date with my boyfriend". Tickets for the Hong Kong Cinema Day 2023, which is one of Hong Kong's "Happy Hong Kong" events, were on sale after 11 am on April 27 at all cinema ticketing websites. A maximum of four tickets are allowed per person per transaction. Online ticket purchase is subject to the ticket purchase restriction of each theatre. Agens Li, 28, was travelling from Shenzhen to Hong Kong during the Labour Day holiday said, "I bought my movie tickets on the app on the 27th. The movie, The First Exorcist of the Church, was not released on the mainland". She added, "It's really lucky to see the movie on the holiday at such a good price." There are no senior citizen, child and student discounts. All other coupons, movie coupons, membership and bank discounts will not apply on the same day. Organized by the Hong Kong Theatre Association and sponsored by the Film Development Fund, Hong Kong Cinema Day 2023 aims to encourage audiences to experience the joy of returning to the theatre and accelerate the economic recovery of the industry. The "Happy Hong Kong" series, which was unveiled to the …
Hong Kong’s unemployment rate drops to 3.3% on the path to full recovery
- 2023-03-17
- Business
- By: Man TSE、Kin Hou POONEdited by: Le Ha NGUYEN、Rex Cheuk、Yixin Gao
- 2023-03-17
Hong Kong’s seasonally adjusted unemployment rate edged lower to 3.3% in the rolling period from December 2022 to February 2023, amid the full reopening aroused the labour market, according to the data released by the Census and Statistics Department. Hong Kong’s unemployment rate has shown a tenth-month decreasing trend since April 2022. The latest figure marked a 0.1 percent decrease from the prior period between last November and this January. The number of seasonally adjusted unemployed persons declined by around 2,700 to 115,700, while the underemployment rate dropped by 0.1 percentage point to 1.3%, with the number of underemployed people decreasing by 4,200 to 47,900. "The labour market conditions should improve further in the near term alongside the continued return of economic activities to normalcy and the rebound in inbound tourism," said Chris Sun Yuk-han, the Secretary for Labor and Welfare. The combined unemployment rate of the retail, accommodation and food services sectors slightly fell by 0.2 percentage point to 4.3%. The unemployment rate of the retail sector declined by 0.3 percentage point to 3.9%, while the food and beverage service activities sector edged down by 0.1 percentage point to 4.8%. The unemployment rates of many other sectors, particularly the transportation sector and the arts, entertainment and recreation sector, also accordingly decreased. Hong Kong has been resuming normalcy with the full border reopening with the Mainland. Beijing announced last month that mainland tourists can enter Hong Kong freely without quota limitations and reservations. Hong Kong also lifted the mask mandate, the last Covid restriction in the public area in Hong Kong, on March 1. “After cancelling different Covid prevention policies, more and more people are willing to consume and work outside, so the retail and catering industries are recovering,” said Yuen Wai-kee, the Assistant Professor of the Department of Economics …
HUTCHMED records US$360.8 million annual loss by slow returns on drug investments
- 2023-02-28
- Society
- By: Nga Ying LAU、Ho Yi CHEUNGEdited by: Lok Yi CHU、Bella Ding
- 2023-02-28
HUTCHMED (China) Ltd (0013), a Hong Kong-based biopharmaceutical company, released its 2022 full-year results today, recording a net loss of US$360.8 million (about HK$2.8 billion) amid slow returns on drug investment. The operating loss climbed 24.2% to US$407.7 million (about HK$3.2 billion) affected by the increased input in research and development, driving the net loss up US$166.2 million (about HK$1.3 billion), or 85 %, year-over-year. “Our oncology and immunology operations have not generated profits and have operated at a net loss, as creating potential global first-in-class or best-in-class drug candidates requires a significant investment of resources over a prolonged period of time,” said Simon To Chi-keung, the Chairman of HUTCHMED, in the full-year results. Clinical studies and the development process of drugs were hampered in 2022 by hospital closures, travel restrictions and shipping difficulties resulting from COVID-19, according to the full-year results. The company’s revenue advanced by 19.7%, or US$70.3 million (about HK$548.3 million), to US$426.4 million (about HK$3.33 billion) in 2022, benefiting primarily from the sales of marketed products in its main businesses of oncology and immunology. It was then offset by the surge in research and development expenses of US$87.8 million (about HK$684.8 million) within the year. HUTCHMED announced its annual results after the market closed. Its stock price, increased by 2.4%, closed at HK$ 25.85 Tuesday. However, HUTCHMED’s stock price dropped 15% in February. “The significant return would not appear until the final stage of the drug development, which is concerned by shareholders,” said Alvin Cheung Chi-wai, the stock commentator at Prudential Brokerage Limited. HUTCHMED is developing another six anti-tumour drugs in early clinical trials and plans to enter registrational trials in 2023 and early 2024, while the company also reached a US$1.1 billion (about HK$8.6 billion) deal with Japan’s Takeda Pharmaceutical to license its colon cancer …
2023-24 Budget: Tourism industry calls for sufficient financial support to revitalise businesses
- 2023-02-24
- Society
- By: Man TSEEdited by: Bella Ding、Zimo ZHONG、Yuchen LI
- 2023-02-24
Hong Kong is set to spend HK$350 million in organizing international events to attract tourists and offers fully guaranteed loans to revive tourism businesses. The funds are primarily for promoting major tourism events, including the first-ever Hong Kong Pop Culture Festival and the Hong Kong Wine and Dine Festival, Financial Secretary Paul Chan Mo-po said on Wednesday. The Hong Kong Tourism Board will spend another HK$200 million hosting more international meetings, incentive travels, conventions and exhibitions in the fields of finance, innovation and technology and medicine. “Hong Kong has long been a world‑renowned events capital. Organisation of mega events, international conferences and exhibitions is especially crucial to drawing high value-added visitors,” Chan said. This is the first Budget under the current-term government’s administration and after the resumption of quarantine-free travel with the Mainland and the international community. Hello Hong Kong campaign, launched on Feb. 2, will distribute 500,000 free air tickets and various cash vouchers to attract worldwide tourists. Li Wai-pong, the operation manager of Hong Kong Travel Bus Company said that Hong Kong may not have the capacity to cater for visitors due to the labour and resource shortage in the tourism industry. “It will cost me around HK$90,000 each bus to repair the travel buses before operation,” said Li, “No transport operator could afford it without the financial help from the government, especially after a three-year business suspension.” The government announced the fully guaranteed loans worthing HK$2.7 billion for transport operators and travel agents on Wednesday, to support cross-boundary passenger transport and the tourism industry. Li said that this scheme’s effectiveness in supporting companies’ reopening is limited, since many companies can no longer afford new debts. The deficiency of manpower also exists among travel agencies. “Only 10% of our leaving bus drivers are willing to come back to …
New round of consumption vouchers and increased football betting tax centre Budget 2023’s discussion
- 2023-02-23
- Society
- By: Nga Ying LAUEdited by: Le Ha NGUYEN、Mei Ching LEE
- 2023-02-23
Hong Kong Financial Secretary Paul Chan Mo-po released the budget speech for fiscal 2023-24, the first under the administration of Chief Executive John Lee Ka-chiu, on Wednesday with major public concern surrounding the fresh round of consumption vouchers and raising the football betting duty of Hong Kong Jockey Club amid the government’s deficit. Eligible citizens will receive HK$5,000 electronic consumption vouchers in two instalments, HK$3,000 in April and the remaining in the middle of the year. The amount of consumption vouchers is reduced from HK$10,000 due to an expected deficit of HK$140 billion in the financial year 2022-23, said Chan. “HK$5,000 is the best we can do,” said Chan when asked why the amount of this year’s consumption voucher was lower than last year's during a press conference on Wednesday afternoon. Non-permanent residents who have come to Hong Kong through different admission schemes or to study will receive vouchers in half value, i.e. HK$2,500 in total. But whether inbound persons admitted recently to the Top Talent Pass Scheme with rich work experience and good academic qualifications are eligible to receive the vouchers is yet to be confirmed. The budget also introduced the annual special football betting duty of HK$2.4 billion on the Hong Kong Jockey Club (HKJC) for 5 years starting from 2023/24, a cumulative total of HK$12 billion. HKJC, a local non-profit unit providing horse racing, sporting and betting entertainment, slammed the policy in its latest statement, saying that “any permanent hike in betting duty rates will irreversibly create structural problems, which will only benefit illegal and offshore betting operators. The soccer betting duty was originally set at the rate of 50% of gross profit. According to HKJC, even the original rate is already the highest in the world. “Most importantly, such increase will adversely impact the Club’s ability …
2023-24 Budget: Hong Kong government distribute consumption vouchers to consolidate economic recovery
- 2023-02-23
- Business
- By: Ho Yi CHEUNGEdited by: Bella Ding、Lok Yi CHU
- 2023-02-23
The government announced a "moderately liberal" fiscal stance in the following financial year, issuing consumption vouchers to promote private consumption and stimulate economic growth during the post-pandemic era. Hong Kong permanent residents and new arrivals aged 18 or above, as the first section, will receive HK$5,000 electronic consumption vouchers, half of the amount received last year, while persons who live and study in Hong Kong through admission schemes as the second section will receive the voucher at half value. "As economic activity regains momentum and after considering the fiscal deficit, we will continue the consumer voucher scheme to support the retail industry and consolidate the economic recovery,” said Paul Chan Mo-po, the Financial Secretary of Hong Kong at the press conference. The government has implemented the consumption voucher scheme with HK$5,000 and HK$10,000 to over 6 million eligible citizens of the first category respectively to boost domestic consumption in the last two years. Hong Kong’s private consumption expenditure in the fourth quarter of 2022 reached HK$514.3 billion with a year-on-year increase of 1.9%, according to the Census and Statistics Department. Leung Chak-tim, the owner of Quarter Bar, expected that consumer vouchers cannot stimulate the business of the food and beverage sector as his bar has similar figures on revenue before and after the distribution of vouchers. “There are more policies as barriers stifling revenue growth during COVID-19, like social distancing,” said Leung. The volume index of retail sales for food, alcoholic drinks and tobacco recorded an overall decline of 4.2% in 2022, according to the Census and Statistics Department. “Rental expenditure is 30% of our total cost. If we are unable to increase the revenue, we prefer the government to implement subsidies for restaurants and shops as a way to cut costs,” added Leung. Tsang Mei-kuen, a housewife, said …
Hong Kong’s unemployment rate drops in 9 months trend
- 2023-02-17
- Business
- By: Yuchen LI、Yuhe WANGEdited by: Bella Ding、Rex Cheuk、Man TSE
- 2023-02-17
Hong Kong’s seasonally adjusted unemployment rate edged lower from 3.5% in the period from October to December 2022 to 3.4% between December 2022 and January 2023, recording the ninth consecutive improvement from last year. The underemployment rate dropped 0.1 percentage points to 1.4% from November 2022 to January, with the number of the underemployed persons decreasing by 3,200 to 52,100, while the number of unemployed decreased by 7,600 to 118,400. The unemployment rate of the retail sector and the food and beverage sectors declined by 0.4 and 0.1 percentage points to 4.2% and 4.9% respectively. The unemployment rates of other sectors line lined in general. Hong Kong's seasonally adjusted unemployment rate has kept a steady downward trend since May 2022 as the city recovers from the epidemic alongside border reopening between Hong Kong and China, said Chris Sun Yuk-han, the Secretary for Labor and Welfare. “The unemployment and underemployment situation continued to improve,” said Sun. Amid the fifth wave of COVID-19 pandemic in early 2022, retail, accommodation and food service was the most affected industry, with its unemployment rate hitting 10% in the period of February to April 2022, according to the Census and Statistics Department. Vera Yuen Wing-han, an economics lecturer at the University of Hong Kong, said that Hong Kong's service industry had to shut down extensively before border opening as the consumption level was low. Moreover, Hong Kong's local labour market has been troubled for a long time by the shortage of labour, especially in the service industry, Yuen added. “The recruitment advertisements hang all the time but few people apply for the vacancies,” Roy Chan, the human resource manager of 616 Catering Management Limited said. The staff shortage in the catering industry is a common phenomenon especially for the full-time staff. “We prefer the full-time staff …