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The Young Reporter

Business

Café de Coral shares slightly rebound from post-2008 financial crisis record low as the group stopping dine-in services due to pandemic

The share price of Café de Coral(00341), a Hong Kong fast-food chain, rebounded 2.17% compared to HK$ 11.98 yesterday as the company announced to stop dine-in services in most outlets. However, its shares still decreased nearly six percent in the past five trading days. Café de Coral and its congee restaurant Super Super Congee and Noodles suspended dine-in services and focused on takeaway from March 1, announced the Café de Coral Group on Feb 27. The Group would also adjust the business hours and modes of some casual dining branches. Leung Ke-ting, CEO of Café de Coral Group (Hong Kong), has publicly stated that the suspension on dine-in can reduce crowds in the store, protect the health of customers and employees, and reduce the pressure on employees to go to work. The group’s share fell as much as to HK$ 11.86 today, the lowest since the financial crisis in 2008. Restaurants in Hong Kong struggled to survive as the fifth wave of epidemic hit the city. It is estimated that there may be 5,000 restaurants that suspend business if the regulations are further tightened, said the Hong Kong Federation of Restaurant and Related Trades, reported by local media. LH Group Limited (01978) has suspended the operation of all its restaurants including Gyu-Kaku, Gyu-Kaku Jinan-Bou, On-Yasai, Mou Mou Club, etc. since yesterday. Its shares continued to drop today to HK$0.85, 1.16% lower than the previous close, after it plunged more than 11% to HK$0.82 yesterday morning. Tao Heung Holdings Limited (00573), a chain of Chinese restaurants, announced yesterday that it will be temporarily closed from today until the epidemic eases on Facebook. Its share price decreased 1.19% to a one-year low of HK$ 0.83 today. The government has expanded tightening social distancing rules to at least April 20. It ordered hair …

Society

Government distributes COVID-19 rapid test kits

Starting from today, the Home Affairs Department will distribute COVID-19 rapid test kits to people who live or work in districts where the sewage has tested positive for the coronavirus. Residents, cleansing workers and property management employees working in Kwai Tong, Sha Tin, Sham Shui Po, Eastern District, Kwai Chung and Wong Tai Sin can get the test kits in the relevant designated estates.  The government encourages people in those areas who are at risk of infection to get tested, in order to achieve the government’s goal of "early identification, early isolation and early treatment". Wong Ka-lok, 58, a resident who lives in Sau Mau Ping Estate  received the test kits after waiting for only five minutes.  “I am happy with the arrangement because there is enough staff to help us,” Wong said.  Lee Yu-mei, a 66-year-old cleaning worker who works in Chai Wan, Siu Sai Wan Estate. His company demands employees to undergo regular COVID-19 testing. “I hate doing the COVID-19 rapid tests because it makes me feel so anxious waiting for the test result,” Lee said. “I understand that being a cleaning worker is a high-risk job and I may be easily exposed to the virus. That’s why I will do the test.” People who test positive with the rapid test kits can dial the government's 24-hour hotline for "persons tested positive with rapid antigen tests in areas with positive sewage testing results" for assistance, the government stated in a press release today.  Also, officials advise infected people with severe symptoms, such as prolonged fever of 38 degree Celsius or shortness of breath, to dial 999 for an ambulance so that they can go to hospital.

Society

BRISBANE -- Southeast Queensland flood causes six deaths, traps over 1,400 homes in Brisbane

Residents from southeast Queensland are trapped by the flood as the city has been engulfed in heavy rainfall since last Friday. The flood is estimated to last until Monday.  Six deaths were recorded in Queensland since the flood caused by intense rainfall, one person is missing, reported by local press. The occasional showers on Friday have evolved to rainstorms, precipitation today has peaked to 228.4 mm in Brisbane, totaling up to 518 mm, according to the Daily Weather Observation by the Bureau of Meteorology. The bureau also predicted the rain in south-east Queensland will temporarily stop this Tuesday, but a new wave of rain and storm will begin within two days after the peace.  The Brisbane River hit a major flood level of 3.5 metres and will further rise to four metres at 8 a.m. next morning, estimated by the Bureau of Meteorology, Queensland. This would be the second highest flood level since 2011 of 4.46 metres.  In view of the flood warnings for surging water level of Brisbane River, the Brisbane City Council activated two northside evacuations centres in the south-east of the city. People from other cities in Queensland including low-lying areas of Ipswich, Grantham and Gympie are evacuated.  Public transportation service is hampered in Brisbane, according to the Brisbane City Council. The flood also declined the electricity supply of several regions, according to the outage finder, an interactive online tool that shows the power supply in different regions.  Wu Cheuk-hei, a university student, has experienced an outage since afternoon. Her apartment has run out of electricity since this morning.  The outage posed challenges to Wu’s living, as she relies on electricity for hot water. “I am wondering if I should take a cold bath if we still do not have electricity tomorrow,” she said.  The government of …

Society

Implementation of vaccine pass is in use

  • The Young Reporter
  • By: Phoebe Law、Lokman YuenEdited by: Jenny Lam、Jayde Cheung
  • 2022-02-25

From Thursday, visitors to a variety of public spaces must produce a vaccine pass this include shopping malls, wet markets and restaurants. Hong Kongers hold different views towards the new implementation.

Society

Vaccine pass kicks in at public venues

From today, visitors to government revenues and 23 categories of premises, including restaurants, malls, supermarkets, and wet markets must scan the Leave Home Safe app.  The policy applies to everyone aged 12 years and above. The app sounds an alarm if the phone does not show proof of vaccination. Staff at these premises are then required to inform the visitors or ask for proof of exemption. Chan Chui-san, 58, thought it was cumbersome to use the vaccine pass.  "The restaurant needs to scan my QR code again after I have scanned  the "Leave Home Safe" app, but the scanning equipment in some restaurants are not sensitive, and they wasted my time," Chan said. The scheme will be phased in so that people have ample time to receive a second or third dose of the vaccine. But from 30 April, people aged 18 or above must show at least two doses of the COVID-19 vaccine on their vaccination passes. Premises are divided into two categories for implementation of the scheme, namely “active checking” and “passive checking” premises. At “passive checking” premises, such as shopping malls and department stores, patrons do not need to show their vaccine passes upon entry, but law enforcement officers will conduct spot checks.  There are exceptions, for example, people who visit restaurants just to pick up takeaways or retrieve items, or are being tested or vaccinated, and receiving essential government services. People who cannot take the Covid-19 vaccine because of  health reasons may be exempted for  3 to 6 months but they need to present a certificate issued by a doctor. Jessie Wong is not vaccinated because she believed her allergies make her unsuitable, but her doctor would not give her an exemption certificate. "I can only plan for getting injections now," she said.  The president of …

Society

Budget 2022: Hong Kong budget aims to tighten financial and economic ties with mainland China

Hong Kong’s Financial Secretary Paul Chan Mo-po addressed the HK$170 billion budget for the city in today's speech, with considerable mentions on integrating Hong Kong’s economy into the mainland China market and national-level development. Strengthening Hong Kong as a financial centre to integrate with mainland development Hong Kong will enhance its status as an international financial centre in line with the 14th Five‑Year Plan by strengthening its status as an offshore renminbi hub and asset management centre, the Financial Secretary said in his budget speech today. “In the future, we will explore ways to further expand the channels for the two-way flow of cross- boundary RMB funds, as well as continue to promote the development of offshore RMB products, including introducing more diversified RMB wealth management products and bonds,” Financial Secretary, Paul Chan said . The city launched the Southbound Trading of Bond Connect and the Cross‑boundary Wealth Management Connect Scheme in the Greater Bay Area (GBA) in September last year, which allows individual investors in the mainland to invest in offshore bonds through the Hong Kong bond market according to the Hong Kong Monetary Authority. Chan said the government is exploring more enhancement measures for these investment initiatives, including expanding quotas and scope of eligible investment products, inviting more companies to participate, and improving distribution. The Hong Kong Mortgage Corporation Limited will study and implement a pilot plan for infrastructure financing securitization within the year. According to the plan, the corporation is expected to issue infrastructure financing securitization products worth about HK$ 35.1 trillion (US$450 million) in the institutional market next year. “On the one hand, the local infrastructure financing market will be more vigorous and diversified, and at the same time, market capital will be introduced into high-quality infrastructure projects,” Chan said. Chan also proposed to set up …

Society

Budget 2022: E-vouchers doubled to HK$10,000 to boost local consumption

Every permanent resident in Hong Kong will get $10,000 in electronic vouchers, the Financial Secretary announced in the budget today. But with tough Covid measures, some people in the restaurant industry doubt if they will benefit.

Society

Budget 2022: Efficacy of HK$67.5 billion healthcare spending has been questioned

The budget sets aside $67.5 billion dollars to fight the pandemic. Those include funds for vaccines, new healthcare facilities and potential future spending. But some people involved in the fight against Covid question if the money will benefit those in need.

Society

Five highlights from Hong Kong Budget Address 2022-23

In response to the fifth wave of outbreak in Hong Kong, Financial Secretary Paul Chan Mo-po unveiled today’s 2022-23 Budget online, a first for the city. Here are a few highlights of his speech: 1. Important figures The government’s total revenue is estimated to be HK$715.9 billion, a 3.3% increase compared with the previous year, while expenditures will increase 15.5% to HK$807.3 billion, Chan said.  Hong Kong will have an HK$18.9 billion surplus for 2021-22, Chan said, rather than the expected HK$101.6 billion deficit.  Fiscal reserves are expected to be HK$946.7 billion by the end of March. 2. Tax The rates of profits tax and salaries tax will remain unchanged in view of the current economic situation, Chan said. The government will also continue to waive up to HK$10,000 of salaries tax and tax under personal assessment. “With the outbreak of the fifth wave of the epidemic, businesses and individuals are generally under considerable financial pressure,” he said.  3. Progressive rating system A progressive rating system for domestic properties will be introduced to reflect the "affordable users pay" principle.  For properties with a rateable value of HK$550,000 or less, rates will remain uncharged at the present level of 5%  Property owners will pay 8% for a rateable value up to HK$800,00 and 12% over that. Chan said this will affect about 42,000 local properties, accounting for around 2% of private real estate, but will bring an increase of about $760 million in annual government revenue. 4. Anti-virus measure Chan added about HK$22 billion to the Food and Health Bureau to strengthen Covid-19 testing work, produce rapid antigen test kits and provide additional support for the Hospital Authority. 5. Green city The government will inject HK$200 million into the Green Tech Fund to build a liveable and green city and HK$1.5 …

Society

Budget 2022: Financial Secretary announces additional $10 billion to boost Hong Kong’s biotechnology industry

Hong Kong will continue to invest billions in the biotechnology industry as it works to enhance institutional capacity with HK$10 billion earmarked for life and health technology, Paul Chan Mo-po, Financial Secretary, said in his budget address today.  The investment in the innovation and technology sector comes amid the Greater Bay Area development. The establishment of the InnoLife Healthtech Hub in the Hong Kong Shenzhen Innovation and Technology Park, announced in the 2021 policy address, will bring the research strengths and resources of laboratories to create greater synergy, Secretary for Innovation and Technology Alfred Sit Wing-hang said in October last year. Biotechnology plays a significant role globally as it will dominate important economic activities in the 21th century and firms or countries that control key biotechnology will be able to rule the market and the economic development, according to scholars. “With more than 16 laboratories and the eight relevant State Key Laboratories, we can pool together top‑notch research teams from all over the world and focus our efforts on R&D work as well as global research collaboration in the field of life and health sciences,” Chan said. There are more than 250 biotechnology‑related companies in Hong Kong, with the majority of them operating in pharmaceuticals, traditional Chinese medicinal, healthcare products or medical devices and diagnostics, according to the Hong Kong Trade Development Council. In the 2018-19 Budget Address, biotechnology was recognized as one of four priority sectors, which Chan had earmarked an additional $50 billion for developing innovation and technology in Hong Kong. “Continuous promotion of Innovation and Technology development is an important strategy to foster a more vibrant and diversified economy.  The 14th Five‑Year Plan supports Hong Kong's development into an international I&T hub,” said Chan.  The current-term government has invested more than $130 billion in I&T development, which …