Latest news with #RTHK
RTHK
6 hours ago
- Business
- RTHK
Hang Seng Index ends bad week with a rebound
Hang Seng Index ends bad week with a rebound The Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. File photo: RTHK Hong Kong stocks rebounded on Friday but still logged their steepest weekly decline since April, as the lack of new stimulus measures this week weighed on investor sentiment amid broader global tensions surrounding the Iran-Israel conflict. The benchmark Hang Seng Index ended the day with gains of 292.74 points, or 1.26 percent, at 23,530.48. The Hang Seng China Enterprises Index rose 1.38 percent to end at 8,527.07 while the Hang Seng Tech Index rose 0.88 percent to end at 5,133.14. Across the border, the benchmark Shanghai Composite Index ended down 0.07 percent at 3,359.90 while the Shenzhen Component Index closed 0.47 percent lower at 10,005.03. The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 0.84 percent to close at 2,009.89. The Hong Kong stock market had witnessed a steady recovery over recent weeks, rebounding from losses triggered by reciprocal tariffs imposed by US President Donald Trump. The benchmark Hang Seng Index has advanced 17 percent in the year to date. "The Lujiazui forum this week offered no new measures to boost the capital market, which was a potential letdown for some investors," said Jason Chan, senior investment strategist at Bank of East Asia. The two-day gathering of top financial regulators and market participants at the annual Lujiazui Forum wrapped up on Thursday, delivering few surprises for market participants. Sentiment is expected to remain weak, with the persistent risk of an escalation in Middle East tensions continuing to cast a shadow over markets, Chan said. "The market could stay range-bound in the short term." China kept its benchmark lending rates unchanged on Friday, as expected, after rolling out sweeping monetary easing measures last month to support the economy. For the week, the Hang Seng Index was down 1.5 percent, the biggest drop since the week of April 7, while the CSI300 Index was down 0.5 percent. (Reuters/Xinhua)
RTHK
7 hours ago
- Politics
- RTHK
'Media should not abuse press freedom'
'Media should not abuse press freedom' Lo Wing-hung said the media won't easily violate security laws as long as they are not politically driven. Photo: RTHK Veteran journalist Lo Wing-hung said while press freedom is important, it should not be abused and and the media should always take a moderate stance. "It's like walking on a tightrope," he told RTHK's NSL Chronicles III programme. "I always think the 'middle-of-the-road' approach is the best for society's overall interests." He said press freedom comes with responsibility, describing the relationship between the two as that of "twin brothers". Lo, who's also a member of the Chinese People's Political Consultative Conference, said media outlets won't easily violate security laws so long as they're not "politically-driven". For those with a "strong political agenda", he said they'll have to make a choice going forward, either to stop doing what they are doing or run the risk of committing a crime.
RTHK
7 hours ago
- Business
- RTHK
HKers can use FPS for payments up north from Sunday
HKers can use FPS for payments up north from Sunday HKMA chief executive Eddie Yue says Payment Connect will allow local residents to make transfers of small sums in a much simpler way. Photo: RTHK China's central bank governor Pan Gongsheng hails Payment Connect as a milestone in deepening financial connectivity between Hong Kong and the mainland. Photo: RTHK Residents from Hong Kong and the mainland will soon be able to use a new fast payment tool to conduct cross-border transactions involving small sums in real time from Sunday, with monetary authorities from both sides hailing the launch as a milestone in deepening connectivity. The announcement came after the Hong Kong Monetary Authority's launch on Friday of the cross-border payment method, Payment Connect, which links its electronic payment network – Faster Payment System (FPS) – with the mainland's Internet Banking Payment System. The linkage allows cross-bank transactions using simply the recipients' mobile numbers or account numbers, with small-value payments settled instantly at any time. "I'm very much looking forward to Sunday when we will further connect the fast payment systems between Hong Kong and the mainland using Payment Connect, as it breaks through the boundaries of time and place," HKMA chief executive Eddie Yue said at the launching ceremony in Beijing. "Residents from both places will only need to click on our phones, enter the recipient's mobile phone number, and they can easily make small personal remittances or pay for various living expenses [using it], achieving simple and immediate transfers," he said, adding that the FPS system has been very popular among Hong Kong residents since 2018. Under the new service, residents can use FPS to transfer small sums of up to HK$10,000 each day per account to the mainland, while the total annual remittance limit is set at HK$200,000. And such transfers will not affect another 80,000 yuan of northbound daily quota set for local residents. While there's no limit set for mainland residents using the tool for southbound transfers, they will still be subject to the current annual foreign exchange quota of US$50,000 per person. The launch of the tool also comes as the number of FPS users closes on 17 million, with one million new accounts being set up in the first five months of the year. The number of registered users is far more than the total population of Hong Kong as an individual can have more than one account. For his part, People's Bank of China governor Pan Gongsheng said the launch marks another milestone in the deepening of financial connectivity between Hong Kong and the mainland, as Beijing highly values the SAR as a global financial centre. "The cross-border Payment Connect, which is directly connected to the infrastructure of the monetary authorities of the two places, provides online fast bilateral local currency and bilateral renminbi remittance services for residents of the two places, which will further enhance the efficiency and experience of cross-border payments," he said. "It'll also provide conveniences for economic and trade cooperation as well as personnel exchanges between Hong Kong and the mainland, injecting new vitality into Hong Kong's development while further promoting the cross-border adoption of the renminbi," he added. The two sides have been working on the service since August. The new tool will see six SAR banks join the first batch of institutions to provide such services – Bank of China (Hong Kong), HSBC, Hang Seng Bank, Bank of East Asia, as well as two state-backed lenders. There'll also be six mainland banks supporting the tool.
RTHK
11 hours ago
- Business
- RTHK
Substandard flats' accreditation fee 'not low at all'
Substandard flats' accreditation fee 'not low at all' Homeowners can have the accreditation fee waived or reduced if they complete the rectification works early. File photo: RTHK A concern group of subdivided flat owners said on Friday the proposed accreditation fee for homeowners is not low at all. Under its plan to regulate substandard flats, the Housing Bureau has proposed a one-year period to allow landlords to register their flats for rectification starting from March. The proposed HK$3,000 accreditation fee for each unit can be waived or reduced if they complete the rectification and alteration works before a 36-month grace period expires in February 2030. A report by professionals is also required to prove that the property meets the minimum standards: for example, each unit has to be at least eight square metres in size and has to come with an enclosed toilet. Speaking on an RTHK radio programme, Hayson Chan, chairman of the Hong Kong Basic Housing Units Operators Association, said the grace period provides sufficient time for homeowners to make the necessary changes. However, he is concerned about the cost of accreditation. "For example, splitting one flat into four would mean HK$3,000 multiplied by four," Chan said. "But when you add in the certification fees charged by professionals, and from what I hear from some professionals, they all said the fees would be at least tens of thousands of dollars. "I also saw that the Hong Kong Institute of Surveyors had stated that the minimum cost ranges from HK$15,000 to HK$30,000. "So, the total will add up to at least HK$40,000 to HK$50,000." Chan hopes that the government can offer more details as to how the certification has to be carried out. As for whether landlords would pass on the additional costs to tenants, he said that would depend on the market situation. The bill has been gazetted, and it will be tabled to lawmakers next month.
RTHK
12 hours ago
- Business
- RTHK
Rosanna Law committed to enhancing her bureau's work
Rosanna Law committed to enhancing her bureau's work Rosanna Law said her bureau still has significant work ahead and numerous opportunities to explore. Photo: RTHK Secretary for Culture, Sports and Tourism Rosanna Law said she is committed to strengthening Hong Kong's cultural, sports and tourism offerings with the aim of creating enriching experiences for both residents and visitors. Speaking to RTHK to mark the third year of Chief Executive John Lee's administration, Law expressed deep enthusiasm for her work, emphasising the fulfillment she finds in her position. She said her bureau still has significant work ahead and numerous opportunities to explore. 'I really want to ensure that Hong Kong's culture, sports and tourism [bureau] not only upholds a good reputation but also achieves tangible results," Law said. "These results can be economic benefits, notable achievements or how we showcase positive aspects to the public, including our various artists and athletes gaining recognition internationally. 'However, the most important point is that culture, sports and tourism [events] should bring joy to people. "If citizens and tourists find happiness in participating in our cultural and sports activities, I will already be very satisfied.' The tourism chief said many new attractions like Hong Kong Disneyland's World of Frozen and Kai Tak Sports Park have drawn a significant number of visitors to the city, but there is still a need to manage surges in tourism. 'What we need to work on is managing crowd movements during peak times, especially at popular spots like, for example, the High Island Reservoir East Dam,' Law said. 'We definitely need better management when it comes to distributing the flow of people effectively because Hong Kong's capacity to accommodate visitors should be completely fine.' Law said plans are underway to deploy real-time crowd monitoring and alert systems at key sites to better manage crowds. 'In the future, we hope to establish alerts for certain scenic spots,' she said. "If there are too many people, we could use red and green indicators to inform travellers. 'We often talk about 'off-peak travel,' encouraging people to visit when it's less crowded or to leave before peak times. "Even for travel dates, if we can promote off-peak options, it would help manage the situation better.' Looking ahead, Law said the Tourism Board is leveraging artificial intelligence capabilities to tailor experiences for visitors based on demographics and preferences while factoring in real-time attraction capacity and crowd conditions.
