TOP STORIES
2022 Hong Kong FinTech Week ends with the talk of digital payments
- 2022-11-04
- Business
- The Young Reporter
- By: Bella Ding、Zimo ZHONGEdited by: WANG Jingyan 王婧言
- 2022-11-04
Hong Kong FinTech Week came to a close today with the discussion of digital payment, with more than 400 exhibitors and 20,000 attendees joining the event this week. The five-day event is organised by InvestHK and supported by the Hong Kong Monetary Authority, containing physical conferences and online activities. The FinTech Week aims to bring together global leaders from the innovation, technology and finance industries to share insights, present innovative ideas and build business connections. Over 300 speakers gave views on fintech development, including a global market overview, the fintech industry in mainland China and the Greater Bay Area, application of emerging technologies and virtual assets. Barry Mak, Chief Operations Officer of BBMSL, a digital payment provider based in the city, said it was the first time his company participated in Hong Kong FinTech Week. “FinTech Week is a milestone for everybody to learn about digital payments, not only small merchants or start-ups,” said Mak, adding that the activity gave his business a platform to gain more exposure. Koernraad Michael Van Huffet is a director Risk Apac for SAS Institute Hong Kong, a data-analysis software provider. He attended FinTech Week for three days. “It is brilliant for me to learn new things such as blockchain and cryptocurrencies,” said Koernraad. “I like the payment topic most since it was straight on the subject that I needed for my study,” he added. “This year, we witnessed many highly promising fintech ventures and were also really pleased by the participation from the various corporate champions,” said King Leung, head of FinTech at InvestHK. The Financial Services and the Treasury Bureau unveiled a Policy Statement on the Development of Virtual Assets in Hong Kong before the opening of the event, to set out the policy position and approaches to facilitate a vibrant virtual …
Hong Kong allows bars and eateries to open all night but industry has mixed reactions
- 2022-11-04
- Society
- The Young Reporter
- By: Le Ha NGUYEN、Yuhe WANGEdited by: Malick Gai
- 2022-11-04
Hong Kong lifted opening-hour restrictions on restaurants and bars yesterday as part of the city’s latest loosening of COVID-19 rules, with industry workers welcoming the relaxation but concerned about the shortage of staff. Previously, restaurants were allowed to open until midnight, while bars could operate until 2 am. Now, businesses can set their own work hours, as announced by Under Secretary for Health Libby Lee Ha-yun in a press conference on October 27. “We hope that life will resume normal soon,” said Lee at the briefing, adding that the number of COVID-19 deaths and serious cases remains steady. The relaxation allows more flexibility and business opportunities for people working in the restaurant industry, said Fahad Awal, a DJ and event organizer for bars in Lan Kwai Fong, Hong Kong’s entertainment district. “We have all been waiting for clubs to open up for so long and now that it's here, we're really happy,” said Awal. “Even if you don't party, you just know that Hong Kong is one step closer to loosening up restrictions and everyone can become normal again.” Shireesh Prem, the manager at Le Boudoir, a pub in Lan Kwai Fong said the new policy is a “perfect change” and expected his business will increase by 30%. However, Prem said he’s pessimistic about when the restaurant and bar industry can fully revive. “It will take a very long time for the business to get back to pre-covid time because many expats have left already,” said Prem. Employees in the industry said that restaurants and bars will continue to face challenges despite the relaxing of opening hours as the new policy came almost three years into the pandemic. “Clubs will have to hire more people in order to run the business and its long working hours, making it even …
T8 alert remains in force until at least 10 pm as Nalgae nears
- 2022-11-02
- Society
- The Young Reporter
- By: Ho Yi CHEUNG、Kei Tung LAMEdited by: Serena Kong
- 2022-11-02
Hong Kong Observatory announced to keep No. 8 Typhoon Warning Signal to at least 10 pm as it forecasted that Typhoon Nalgae, the first T8 alert to be issued in November in 50 years, will “skirt within 100 kilometers” of the city tonight. “At 8 p.m., Tropical Storm Nalgae was centered about 100 kilometers southeast of Hong Kong Observatory (near 21.6 degrees north 114.7 degrees east) and is forecast to move northwest at about 10 kilometers per hour edging closer to the vicinity of the Pearl River Estuary.” said website of the Observatory as of 7.45 pm tonight. The Hong Kong stock market stopped trading in the afternoon section and classes were suspended for all schools. Ferries were halted while CityBus and New World First Bus announced to stop most services from 3.40 pm. Some office workers complained about the slow reaction of the Observatory, as the city’s forecaster didn’t issue No.8 alert until noon. Sherine Lam, who works in an entertainment company called Namco, began her shift at 1:00 p.m. The Observatory announced this morning that signal number 8 would be issued at or before 1.40 pm, but her employer still asked her to return to work. Lam criticized the late alert by the Observatory that brought inconvenience to office workers like her. “Because of the Typhoon Signal No.8, nobody comes to Namco and plays. I am confused if my job today was chatting with my colleagues for 40 minutes?” she added. May Kwan, a cashier at Mannings who worked her morning shift today, said the arrangement is undesirable and incomprehensible. "Typhoon Signal No. 8 was only hoisted this afternoon by the Observatory, but all schools were already closed this morning "Kwan said, "Our son did not need to attend school, but my husband and I both needed to …
Education: Student and teacher exodus hits Hong Kong
- 2022-11-02
- Society
- The Young Reporter
- By: Yu Yin WONG、Tsz Ying CHEUNGEdited by: Phoebe Law
- 2022-11-02
The student population continues to decline owing to a wave of emigration and the COVID-19 pandemic. The Education Bureau Student Enrolment Statistics reveals Hong Kong schools slashed 50 primary one classes in 2021 compared to the prior year. Joe Law, a primary school teacher who teaches English and Physical Education in Kowloon said during the pandemic, cross-border students from Shenzhen were unable to travel to Hong Kong. Families of cross-border students cannot travel back and forth under the disease prevention measures. From 2021 to 2022, schools in the New Territories have lost 1,755 primary one students since the COVID-19 outbreak in 2020 according to the government figure. They are forced to cut down their classes or even scuttle entirely. For instance, Tuen Mun, where cross-border schooling mostly takes place, has slashed nine primary one classes this year. Besides the reduction in class size, teacher departure has also hit the city since the pandemic. The recent Legislative Council figures indicate that the public and direct subsidy schools have lost 4,050 teachers and employed 3,790 new teachers in the 2021/22 academic year. In the past year, 15 faculty members left Law’s school, except the two of them has reached retirement age, some resigned and emigrated with their children, Law said. In February this year, the Education Bureau launched the vaccine pass among schools, which mandates all teachers to be fully vaccinated. “One of my colleagues refused to get a jab and eventually resigned because of the requirement,” Law added. “Even though some coworkers haven’t hit retirement age yet, they left because of the constantly changing education system,” Law said. Over the two years, national security education has been included in the school curriculum. Topics related to characteristics and the history of China will be covered in different subjects. In 2021, a new …
Housing pressure forces Hongkongers to leave
- 2022-11-01
- Society
- The Young Reporter
- By: Mei Ching LEEEdited by: YANG Zhenfei
- 2022-11-01
Wong Chun-yip moved to London from Hong Kong with his wife in 2019. They have just bought a house in the city. In Hong Kong, where housing prices are among the highest in the world, owning an apartment was something the 37-year-old could hardly imagine. "I am a freelance writer with a very unstable income. It was too much of a struggle to rent a flat and support my family on a basic salary of $37.5 per hour in Hong Kong. The high property prices gave me no hope," Wong said. Hong Kong ranked the least affordable housing market for the 12th consecutive year in 2022. Hongkongers can expect to work up to 23 years before they can buy their first home, according to Demographia’s International Housing Affordability report. High housing prices were one of the reasons that drove Wong to leave. He said it was a difficult decision because his family and friends are in Hong Kong, but he had no better option. Data from the Hong Kong General Chamber of Commerce showed that 27% of Hong Kong people moved to foreign cities for a better quality of life in 2005. “It is much easier to buy an apartment in the UK than in Hong Kong,” Wong said. According to the latest data from Numbeo, a global statistical database, it is twice as expensive to buy an apartment in Hong Kong as it is in London. The cost per square metre of an apartment in central Hong Kong is HK$249,000, compared to an average of HK$115,000 in London. However, the average monthly net salary (after tax) was HK$23,637.69 in Hong Kong, while HK$26,333.14 in the UK. Wong also said that many of his friends in Hong Kong thought about leaving because of political issues and to seek a better …
Hong Kong officials advise caution after Seoul Halloween tragedy
- 2022-10-31
- Society
- The Young Reporter
- By: Tsz Yin HOEdited by: Tiffany Ma
- 2022-10-31
Revellers gathered in the popular night spot, Lan Kwai Fong, to celebrate Halloween today. There is a special traffic arrangement in the area until early Tuesday morning. Several roads including D’Aguilar Street between Wyndham Street and Wellington Street, Wing Wah Lane, and Wo On Lane are closed from 2.00 pm on Sunday till 5.00 am on Tuesday, according to the government press release. Special traffic arrangement in Lan Kwai Fong during festivals was introduced after the 1993 New Year's Eve stampede in which 21 people were killed and 63 others were injured. This year, local officials have warned revellers in Hong Kong to be careful with safety after 154 people were killed in a stampede during Halloween celebrations in Seoul. On Sunday, Chief Executive John Lee Ka-chiu extended his condolences to the families of the victims and wished the injured a speedy recovery. He added that the government will pay close attention to the incident. Secretary for Security, Chris Tang Ping-keung said the Immigration Department will provide full help to Hong Kong residents abroad who seek assistance. “I believe the Itaewon tragedy will not happen ( in Hong Kong) because the crowd control is good, the people are disciplined and follow the directions made by the police,” said Cheng Wai-hing, a visitor to Lan Kwan Fong. who was there with his six-year-old son. Party-goers dressed up as different characters, such as Chinese hopping vampires and Covid-19 rapid antigen test indicator to celebrate Halloween. Kwok Ka-chuen, Regional Commander for Hong Kong Island said that the police will pay extra attention to crowd movement in response to the recent fatal stampede in Seoul. Chow Kwok-cheung, bar owner of J1 Pub said that business is quite good today. His bar has been fully-booked since last Friday. “It has been a while since we …
Expert remains confident amid attracting lost financial talents in Hong Kong
- 2022-10-31
- Society
- The Young Reporter
- By: Rex Cheuk、Man TSEEdited by: Kylie Wong
- 2022-10-31
Martin Li plans to work for several years in Hong Kong when he graduates from university in order to save up money to leave. He majors in accounting and management at Hong Kong University of Science and Technology and this summer. “I am not afraid of being jobless in the future. I am just worried about Hong Kong’s decreasing significance and competitiveness as a financial centre,” said Li. In mid-2022, Hong Kong’s population declined 1.6% to 7,291,600 from 7,413,100 year on year. The net outflow of Hong Kong residents is more than 113,000 residents since June 2021, after deducting the population inflow. Since January 2021, the UK has allowed all Hong Kong permanent residents born before 1997 to apply for British National (overseas) passports. According to the Home Office of the UK, 116,702 applicants have been successful as of 2022 Q2, while 68,146 of them were Hong Kongers.) Some of Li's peers also plan to emigrate because they fear Hongkongers are losing their freedom of speech. But in some cases, plans to leave are limited by financial situations. Cherry Tsang, former KPMG accountant, left for the UK in March for political reasons, and the strict Covid policies. “My coworkers here are more open-minded and willing to express their opinions without any concerns,” Tsang said in London. Politics aside, Hong Kong’s living environment, fast-paced lifestyle and working conditions are other factors both Tsang and Li considered. Temporary blasts Dr.Vera Yuen Wing-han, an economics lecturer at the University of Hong Kong, said that the emigration waves post neither immediate nor critical impact on the local financial industry, since corporates are attracting and retaining employees through promotions and salary raises. In fact, the mass emigration benefits those who stay because it is now easier for them to get a job or a promotion, …
Artists have faith in Hong Kong even after leaving the city
- 2022-10-28
- Politics
- The Young Reporter
- By: Bella DingEdited by: Jayde Cheung
- 2022-10-28
Vawongsir, a Hong Kong artist, has been drawing political comics for three years. Some of his art is critical of government officials. He does not wish to give his full name for the fear of reprisals. "When working in Hong Kong, I would get so nervous if there was any sound of keys hitting or door opening that made me suffer physically and mentally. So leaving Hong Kong is the solution," Vawongsir said. Returning the key to his landlord and moving out of his apartment, Vawongsir has been switching shelters from time to time since then so that he can leave in a hurry should the authorities come after him. In April, he left Hong Kong for good. "I had no choice but to leave," he said. Vawongsir is one of the artists who fled the city to escape the fear and political limitations on art and creation. The enactment of the Hong Kong National Security Law in 2020 has set red lines for freedom of expression, shrinking a considerable amount of room for artistic freedom in Hong Kong. Of the 183 people arrested under the NSL since its introduction till Mar 28,2022, one-third have been made for speech crimes including secession and subversion as shown in the statistics of Hong Kong Police Force. The city is facing a severe brain drain with a 3.49% decrease in the labour force over the same period in the second quarter of 2022 according to the Census and Statistic Department. Bernard Charnwut Chan, the chairman of the M+ Museum Board, wrote to the South China Morning Post that the government’s move to require censorship of artworks could risk Hong Kong losing its global reputation. In January 2020, the school where Vawongsir was working for received an anonymous complaint that he was posting political …
Hang Seng Index rebounds slightly amid Meituan and Tencent’s rise
- 2022-10-27
- Business
- The Young Reporter
- By: Ho Yi CHEUNG、Kei Tung LAMEdited by: Serena Kong
- 2022-10-27
Hong Kong Stock market arrested a five-day tumbling on Wednesday, up 1% compared to the previous close as the price of Meituan and Tencent sharply grew, while Alibaba underperformed the market. Hang Seng Index closed at 15,317.67, increasing 152.08 points compared to the previous close. The market opened down at 15,096.32 in the morning and climbed to its highest at 15,584.06 before the lunch break. The city’s tech index rose 2.48% to 2,956.41 against the previous close. The stock price of Meituan (03690) rallied 5.02% while Tencent (00700) and Xiaomi (01810) surged 2.52% and 3.51% respectively. However, Alibaba (09988) fell 2.04% against the market. Medical and pharmaceutical stocks are doing well, as Wuxi Biologics (02269) increased 3.36%and Alibaba Health Information Technology Limited (00241) bounced nearly 9% to close the market. The company expected a profit of over 80 million yuan in the past six months from April, said the report released late Tuesday. CSPC PHARMA (01093) and Hansoh Pharmaceutical Group Company Ltd. (03692) surged 5.33% and 5.26% respectively. But property stocks dragged down the market’s gains, with this sub-index slipped 0.71%.Hang Lung Properties (00101) plunged 6.53%, the worst among blue chips. The Shanghai Composite increased 0.78% to 2,999.50 points and the Shenzhen Composite Index gained 1.68% to 10,818.33 on Wednesday. China’s Central Bank said in an article that it would ensure health markets, including stocks, properties and debts, and would further develop the currency market.
Things you need to know about China’s 20th National Congress of CCP
- 2022-10-26
- Politics
- The Young Reporter
- By: Yixin Gao、Jiaxing LiEdited by: Ziyu Bruce Zhao、Summer Li
- 2022-10-26
The 20th Congress of the Communist Party of China came to a close on Oct. 22 after a week-long meeting session in Beijing. 2,379 elected deputies from all over the country attended the conferences, reviewed major issues of the past five years, and outlined the future plan for the world's second-largest economy. A new top governing team was introduced with Xi Jinping securing his third presidential term. Here are the seven key takeaways you should know about China's historic Communist Party Congress.