Archive for February 28th, 2020

HK budget: with years of deficits looming, city must find new revenue streams and areas for economic growth, experts warn

28-Feb-2020 Intellasia | AFP | 6:02 AM

The Hong Kong government’s decision to go into the red this year and for the next five has sparked calls from financial experts for it to come up with a more [...] » More

HK starts standing down riot police after budget hike

28-Feb-2020 Intellasia | AFP | 6:02 AM

Hong Kong’s riot police officers will begin returning to regular law enforcement duties such as crime prevention and traffic control because violent pro-democracy [...] » More

HK’s small businesses thrown vital budget lifeline as Financial Secretary Paul Chan bids to safeguard jobs

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Hong Kong businesses have been thrown an HK$18.3 billion (US$2.3 billion) lifeline in relief measures as the government vows to support enterprises and safeguard jobs through [...] » More

HK budget: health bosses get HK$970 million cash injection to fight coronavirus epidemic

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

The Hong Kong government has pledged an extra HK$3.6 billion a year for the city’s public hospitals to improve staff retention, services and research, and given health [...] » More

HK finance minister shoots down lawmakers’ proposal to seek approval for cash handout separately from police funding in government budget

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Hong Kong’s finance minister has shot down a proposal by lawmakers to seek funding approval for the HK$10,000 (US$1,283) cash handout separately from other issues in [...] » More

More than 25,000 Cathay Pacific employees to take unpaid leave as airline’s business challenges remain ‘acute’ amid coronavirus outbreak

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Hong Kong’s flagship airline Cathay Pacific warned on Wednesday that its business conditions remained “acute”, with 25,000 employees opting to take unpaid [...] » More

HK budget for fiscal 2020/21

28-Feb-2020 Intellasia | Reuters | 6:02 AM

The following are highlights of Hong Kong’s budget for the 2020/21 fiscal year starting in April. Hong Kong is to announce plans for its largest budget deficit in at [...] » More

Standard Chartered’s profit misses analysts’ estimates, warns growth in 2020 may be slower

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Standard Chartered, one of three lenders authorised to issue currency in Hong Kong, reported a lower-than-expected annual profit and warned its income growth may slow this [...] » More

Crisis-hit Cathay says 25,000 staff to take unpaid leave

28-Feb-2020 Intellasia | Bloomberg | 6:02 AM

More than 25,000 Cathay Pacific Airways Ltd staff are taking unpaid leave, underscoring the depth of the airline’s troubles as it contends with the coronavirus. Chief [...] » More

HK budget: property cooling measures to remain despite developers’ calls for withdrawal

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Property cooling measures will remain in place despite some calls for their withdrawal as home prices are still beyond the means of people, Hong Kong’s finance chief [...] » More

HK budget: HK$2.7 billion jobs outlay largely aimed at training programmes, employer subsidies

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Hong Kong’s newest budget has set aside HK$2.7 billion (US$347 million) to bolster efforts to create and retain jobs amid the economic downturn, with HK$200 million of [...] » More

New World Development sells HK$3 billion stakes in two HK shopping malls to rail operator MTR Corp

28-Feb-2020 Intellasia | AFP | 6:02 AM

Hong Kong finance minister shoots down lawmakers’ proposal to seek approval for cash handout separately from police funding in government budget Hong Kong’s [...] » More

HK budget: city to pump HK$22 billion into private equity fund, as finance chief predicts economy will slow over next four years

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Hong Kong is to pump HK$22 billion into a new private equity fund geared towards the city’s future in anticipation the economy will slow in the next four years, the [...] » More

Virus drags down loan growth, asset quality at HK banks

28-Feb-2020 Intellasia | Aljazeera | 6:02 AM

Hong Kong’s banks face at least two quarters of worsening asset quality and slowing loan growth as the coronavirus outbreak hits trade and consumer banking, analysts [...] » More

HK police to ramp up manpower by more than 7 per cent with 2,500 new posts in ‘biggest boost since 1997′

28-Feb-2020 Intellasia | South China Morning Post | 6:02 AM

Hong Kong’s police force will ramp up manpower by more than 7 per cent in its biggest boost in decades, with an extra 2,500 posts to cope with operational needs, [...] » More