Latest from RTHK
RTHK
34 minutes 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
an hour ago
- Business
- RTHK
Xi urges deeper NZ partnership amid Cook Islands row
Xi urges deeper NZ partnership amid Cook Islands row President Xi Jinping hosts New Zealand Prime Minister Christopher Luxon in the Great Hall of the People in Beijing. Photo: Reuters President Xi Jinping met with New Zealand's Prime Minister Christopher Luxon in Beijing on Friday, calling on both sides to place greater emphasis on cooperation. For more than 50 years, since the establishment of diplomatic ties, China-New Zealand relations have long been at the forefront of Beijing's ties with Western developed countries, Xi said. As the China-New Zealand comprehensive strategic partnership enters its second decade, both sides should work to grow the partnership and bring more benefits to the two peoples, he said. Xi stressed that China and New Zealand should place greater emphasis on cooperation in bilateral relations, leverage their complementary strengths, deepen trade and investment cooperation, and explore potential for cooperation in scientific and technological innovation, climate change and infrastructure. The president encouraged both sides to strengthen exchanges in education, culture, youth and at non-governmental and sub-national levels. The meeting came as Cook Islands Prime Minister Mark Brown condemned "patronising" neighbour New Zealand, which halted aid to the Pacific island nation after it signed a slew of deals with China. Major partner New Zealand has halted millions of dollars in aid to the Cook Islands, citing a "lack of consultation" over agreements struck with Beijing in February. Self-governing Cook Islands has a "free association" pact with New Zealand, its former colonial ruler which provides budgetary assistance as well as help on foreign affairs and defence. "The relationship between the Cook Islands and New Zealand is defined by partnership, not paternalism," Brown said in a speech to parliament. "Decisions to unilaterally pause core sector support reflect a patronising approach inconsistent with modern partnership." Brown said his nation's ties with China did not "compromise" its independence, adding that no military or defence arrangements had been made. "No debt commitments, no erosion of our national sovereignty," he told parliament. (Xinhua/AFP)
RTHK
an hour ago
- RTHK
Chinese post-grad student gets life for rape spree
Chinese post-grad student gets life for rape spree Zou Zhenhao is suspected to have targeted 50 more women on top of the 10 he had raped in the UK and China. File photo: Reuters A Chinese post-graduate student convicted of drugging and raping 10 women in the UK and China and suspected of having attacked more has been jailed for life by a London court. Police in London say they have evidence to suggest Zou Zhenhao might have targeted more than 50 other women. Described in court as "calculated and predatory", Zou, 28, targeted young Chinese women whom he invited to his London flat for drinks or to study before drugging and attacking them. He filmed nine of the rapes with hidden or handheld cameras, but only three of the 10 victims have ever been identified. Sentencing him at Inner London Crown Court, Judge Rosina Cottage said there was "no doubt that you planned and executed a campaign of rape" that had caused "devastating and long term effects". To the world he appeared "well to do, ambitious and charming" but this was a mask hiding a "sexual predator", she said. He treated his victims "callously" as "sex toys" for his own gratification, and his desire to assert "power and control over women" meant that he would be a "risk for an indefinite period", she added. Zou, wearing a dark suit and glasses, listened impassively in the dock to the sentence via a translator. He will serve a minimum of 22 years in jail, after accounting for time already spent in custody. The former engineering student at University College London was found guilty by a jury in March of 28 offences including 11 counts of rape – with two of the counts relating to one woman – three counts of voyeurism and one of false imprisonment. He was found guilty of raping three women in London and seven in China between 2019 and 2023. He was also convicted of three counts of possessing butanediol – an industrial solvent – with intent to commit a sexual offence and 10 counts of possession of an extreme pornographic image. Victims told the sentencing hearing in impact statements of the psychological damage they suffered including nightmares, self harm and a sense of despair and isolation. One recalled "wandering like a trapped animal trying to find an exit" after she was attacked. "What happened that night is etched into my soul forever," she said. (AFP)
RTHK
an hour 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
an hour 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.
