40 Burst results for "Hong Kong"
Fresh update on "hong kong" discussed on BTV Simulcast
"On the markets, Asia hanging onto gains, Currently up, about 6/10 of 1% were have the pretty much make 8 to 25 leading the search in Asia up by 2%. The housing dough under pressure down by 2/10 off 1%. We have 10 cent. Pretty much of front and centre it beat its asked him is the highest estimates and also downplayed the Trump Administration's, which had ban but that's not helping that the stock's down. Currently putting pressure on the hung sing the cause Me higher by a 9/10 of 1%. This is, of course, the best performer in Asia this year. And the benchmark in Australia lower by six tends off 1%. Australian stocks dropping him It's softer corporate earnings guidance with losses. Their communication services was the poorest performing sector after Telstra guided, eh Financially. A 21 endings range that was 8% below expectations and taking a look at where the nifty is. It is pointing to a high open up by three tents off 1% in rehab. The Ruby at 74 80 to wish Life looks set to get tougher for Hong Kong officials have been sanctioned by the U. S. China's biggest state run banks, is said to be taking tentative steps to comply with the restrictions all down in order to secure their access to crucial dollar funding. Their action follows similar steps taken recently by other global banks to remain in compliance with the sanctions. Hey, Withdrawal is on Asia Financing investing in managing Editor Candice Zachariah Candace. One steps. Actually, are these Chinese entities taking to fall in line with what the Americans are doing? Irish Good morning. So as you mentioned last week under an executive order from President Trump the U. S sanctions, 11 Chinese and Hong Kong officials, including the Hong Kong Chief Executive carry lamps that role and implementing that he's encouraged security law in Hong Kong. Now, this wasn't entirely a surprise for banks. They've been braising for this month, and we've heard that the large lenders, large foreign lenders like Citigroup and Standard Chartered I've already increased scrutiny of their banking climbs in Hong Kong, but that's more surprisingly, we're also seeing that for the large state run Chinese banks, including the Bank of China, China Construction Bank, China Merchants Bank. They've not alter and cautious on new account opening these individuals, at least one of them has suspended new account openings and transactions are also under the scanner with an added layer of compliance checks. Some of the lenders have banned US transactions. Why are they doing this candidates Because the Hong Kong Munchie Authority has said the lenders in the city have no obligation to go the way that the the U. S sanctions have gone. I think the issue here isn't really about the Hong Kong regulator. As Richard pointed out earlier, it's about access to the international financial market, which is dominated by US dollar transactions in the foul of US Sanctions means risking that crucial access with Chinese banks. So if you go back a few years, for example, the U. S sanctions the Bank of Colon in 26 2012 story for its oil financing dealings with Iran, and what that effectively did. Is it the small Chinese lender off from greenback, Damon system and suffocated cross border business. The big Chinese lenders have operations in the U. S. Um They also have quite a lot of dollar funding $1.1 trillion worth of dollar funding at the end of 2019. So they really contradict that kind ofthe blowback from the U. S. I guess we're gonna ask this. What does it say about China's approach to the standoff with the U. S, then? I think the thing you need to notice the banks have their own interests to consider. You know, they have the funding to think about they have their international networks to think about. And really, you know, they don't need to run a file of U. S sanctions. J. P. Morgan Chase, noted in a recent report that the Chinese officials that has been sanctioned can easily obtain banking services from local unlisted banks that don't have dollars that don't have dollar or U. S businesses. But I think as you say, this also says something about you know, the fact is softer approach. We've seen more recently from the Chinese in general in dealing with the US despite you know all of the activity along the actions against Chinese companies, officials, the Chinese continued to reiterate that that door remains open to talk on DH while they retaliated by sanctioning 11 Americans. After the US move. They stopped short of putting any really senior American government officials on the Listen. I think that says the same thing. You know, we remain open. We want to calm things down. And it's good stuff of age of finance and investing. Managing Editor Candace's recognized that giving up Treasury wine taking a stumping on poor profits, but signs of recovering China bode well for.
‘Fight on’: Arrested Hong Kong media tycoon Jimmy Lai tells staff
"Kong media tycoon and pro democracy campaigner Jimmy Lai has urged his fellow citizens to fight on against Beijing's new security law for Hong Kong. Recently released after his dramatic arrest on Monday, Jimmy Lai said he would continue to be unapologetically critical of Beijing. Mr Lyte runs the Apple Daily tabloid newspaper in Hong Kong as part of his next digital media group. 200 police officers raided his newsroom at the start of this week. We managed to talk to him earlier today, and I asked him if he saw his arrest coming. I was expecting this, but not soon. Because the national security go has such a re bonds from the international community and you as the using a team sanctions against the people who are responsible and all that. You know, Hongkong people were alarm like 30% off the business leaders that they're moving, or did he move business elsewhere? And 40% sadistic emigrate. And those are the elites so you can consider what the pending the ordinary people really a feeling. So I thought that the Chinese the city CCP should have found that there's a blunder and they was kept low key and knocked on the actuators. That's so speculated all When I saw the bodies came into my house seven o'clock in the morning, the day before yesterday ideal. I was too optimistic and lung of the policeman. Spoke. Mandiri so even is actually was said to be. The law is still more being control by the Hong Kong police. Which is the press. I think, tell us about the moment you were arrested. Tell us where they took you. What happened? That's not the first time I was arrested. I was arrested 213 times before. This time. They said that he's a national security door, which is more scary. I just forgot what I felt. You know, I just asked them, OK, Can I go up and have a bath and change because I just finished my exercise? And they said, Let's make you crave, but we have the follow you. You can't close it all When you bath. The police has to be outside watching me, and that's a very unusual as last time was not a serious Estes. I was not thinking about anything else. Maybe I was feeling a bit numb. Let's see what happens. They handcuffed me and send me to the police station. What sort of questions? Did they ask you in detention? I would remain silent. You know, they shall be a lot of interviews that I did before Two lifers and also some off my treater Lifestream on supposed Nate. Those are things that I have wildly the National security law, and that's it all remains silent. I didn't give any answer Both your sons were arrested, too focused charges because they have nothing to do with my business. Are you worried that eventually you could be taken to mainland China to face detention and questioning maybe even trial there. By worry above. This is a lot less because I can see that the lesson Secretary Law Department is under the control of Hong Kong police. Don't Aziz worry as I was before about being sent to China, But you never know. You understand how you stand out for the authorities in Beijing being the only Major media owner in Hong Kong without any links to the Chinese state. Yes, that's why I'm the target, and I knew that was a hug it and I knew that I would have to face up to whatever that comedian exercise that they will have to do to me on. I didn't prepare as early as the day before yesterday. What do you say to those in Hong Kong who still campaign against the law? While I think that we will have to see what happens, you know, because nobody can campaign against them or any way not. But the law is an honor. I think Hong Kong people were very angry when I was a rest. You know, you could see that I was stopped. Price drop admittedly. But then He's gone up like almost a few 100 times, just because people showed their support. And when he's not horse racing Day, we so less than 100,000 papers and yes, they we so about half a 1,000,000 your arrest on Monday will inevitably make you something of a figurehead for the opposition movement. How do you feel about that? Well, the way I feel that his owner, because when I was in the custody, I could not sleep. You know the night before I was thinking if I knew that what's gonna happen to me now? And even further more hardship. Would I have done the same thing and I form above this and said, Oh, maybe, you know, I would not have another way. This is my character and the character is destiny, and once I accept my destiny is so slight accepted. God's pressing. I was all the sudden, very relieved and said that whatever comes there will be depressing for God. It sounds like you're very much expecting more brushes with Beijing. Well, if they started, they will stop right. So it's just the beginning. A lot more people will probably be arrested as you were. What's your message to Hong Kong now? They come. I think we have to be a bloke cautious. You know what assistance to reserve our rule of law and freedom and also the same time. You know, we have to be more careful and more creative in the way that we persists. Our resistance. We can't do the same thing we did before, and we can be a heretical before especially young people. Because the more radical the sort of life spend we have, you know, fighting. We had to really used our brain and patience because this's a long fight. Radicalism is not for long. Jimmy Lai in Hong Kong and
Fresh update on "hong kong" discussed on BTV Simulcast
"Up here. Tio with down the damage caused by the latest look down in Melvin Employment said by 114,000 against and asked him to just 30,000. The national jobless rate stands at 7.5%. But that's expected to climb as Melvin's belonged, locked down bites. Virus. Stimulus talks remain stole than Washington, with each side blaming the other House Speaker Nancy Pelosi says she rebuffed Treasury secretary Steven Mnuchin, because the White House hasn't budged from his demand for smaller relief. He, though, says it was she who won't compromise. Pelosi says Democrats will come down a trillion dollars if the administration will raise its ceiling by the same amount. Democratic presidential take it. Joe Biden and Kamala Harris have made that debut as a White House team, saying November's election will shape America for years to come, Biden said Harry's knows how to make hard calls animal energized the female black community. Paris is African American and Asian American. Their appearance was scaled down from traditional introductions because of the coronavirus with an audience entirely of journalists on campaign staff. Another leading Hong Kong democracy activist, has been released on bail, saying she won't be stopped from speaking out. Agnes shall was held along with media tycoon Jimmy Lai and others on the China is sweeping national Security law, Chow says have bail conditions include regular reports to police on the surrender off a passport. Hong Kong Justice Department has felt to see exactly why she was arrested. And worsening relations between New Delhi in Beijing now see state own Indian oil majors, declining to hire Chinese tankers to ship oil on DH related product. Sources say China flagged vessels being banned from bidding on tenders to import crude to India or export down the line products. Most tank is that India highest of flights in Liberia, Panama and Mauritius, with only limited use of Chinese ships. And still ahead those our exclusive interview with Treasury wine CEO Tim Ford. We'll talk about earnings and how the increasing tensions which in Australia and China will come into play But next still no word on when U..
Hong Kong activist Agnes Chow, media mogul Jimmy Lai released
"Hong Kong, Several prominent activists and journalists arrested under a new national security law have been released after nearly two days in detention. They're accused of colluding with foreign forces. NPR's Emily Fang reports. The charge carries a maximum life prison sentence. Media mogul John Eli flashed a thumbs up to reporters as he was released from police custody. The publisher interment of one of Hong Kong's brashest pro democracy newspapers. I was among 10 individuals arrested on Monday under the new law. Livestream today showed by walking back into his newspaper office amid a standing ovation from employees. Agnes Chow, a 23 year old pro democracy activists, and Wilson Lee, a freelance journalist, were also released on bail. Child told Hong Kong reporters she had been unprepared for the sudden arrest and called the allegations should colluded Foreign forces on social media. Incomprehensible.
Fresh update on "hong kong" discussed on Bloomberg Law
"And I'm Brian Curtis in Hong Kong. Let's get you caught up on this hour's top business stories and the markets. White House adviser Larry Kudlow says the trade deal is fine with China. He says China is substantially increasing purchases of American goods. He dismissed concerns that rising tensions might jeopardize the deal. Meantime, U. S and Chinese negotiators are planning to discuss progress on the deal in the coming days. Beijing is also pushing to widen the agenda to include Washington's recent crackdown on the businesses, TIC TAC, and we chat. China's banks in Hong Kong are taking some tentative steps to comply with U. S sanctions sanctions imposed on officials in the city. The banks are looking to safeguard their access to dollar funding and overseas networks. Consent Holdings. Thie, owner of We Chat reassured investors that President Trump's ban on the wee chat service may apply only to its overseas operations. The comments came after 10 cent boosted revenue at the fastest pace in two years and reported profit that beat the highest estimate. The stock is trading slightly lower in Hong Kong today. In other earnings lift reported better than expected revenue and losses. The company reported a 61% decline in revenue to $339 million. That beat analyst estimates of 335 million for the quarter. Lift, also maintained its forecast for a quarterly adjusted profit by the end of next year. Still, the company faces challenges. This week, a California judge ordered lift and uber to reclassify drivers as employees by the end of the month. Both company said they will appeal the decision and in markets thanks. Ng indexes flat At the moment, the Nikkei is trading up nearly 2% and in Taiwan, the taxes up 2/3 of 1%. Mobile news 24 hours a day live in a Bloomberg quick take brought to you by 27 under journalists and analysts and 100 and 20 countries in Hong Kong. I'm Brian Curtis, this is Bloomberg. You're listening to Bloomberg Law with Joon Grosso from Bloomberg Radio. After years of legal and.
Hong Kong media tycoon Lai, activist Agnes Chow released on bail
"Activists in Hong Kong, have been released on bail a day after they were arrested under the territories. New National security law. The first to walk out was campaigner Agnes Chou. She called her arrest political persecution. Shortly afterwards, the media tycoon Jimmy Lai was also set free on bail. He was greeted by a cheering crowd. Both were accused of colluding with foreign powers to undermine China.
Fresh update on "hong kong" discussed on Bloomberg Law
"Barbara Kusaka. And I'm Doug prisoner at Bloomberg World headquarters in New York. Let's check this hour's top business stories in the markets after the bell in the U. S. Cisco forecast a revenue decline in between 9 to 11%. Now the market was estimating a drop of just 7%. You see, a large chunk of Cisco's revenue comes from government agencies. And small as well as medium sized businesses. It shares were down by 6% in late New York trading Lift reported its worst financial results is a public company in 1/4 scarred by effective travel freeze due to the pandemic. The company reported a steep drop in both revenue and a loss that was greater than expected. However, the results were above what the market was expecting. And the stock only gap down by 7/10 of 1%. Trade negotiators from both the US and China are planning to discuss compliance of the face one trade deal in the coming days. Beijing is expected to address the recent US crackdown on tech businesses, including TIC TAC, and we chat Now, at the same time, China's largest state run banks operating in Hong Kong. Have taken effective steps to comply with U. S sanctions imposed on officials in Hong Kong right now in Hong Kong trading. We have shares in 10 cent weaker. By about 8/10 of 1%. In spite of a big beat on quarterly results, the company booked revenue at the fastest pace in two years. Sales jumped 29% to 16.5 $1,000,000,000. During the U. S session. Eight ers in 10 cent were up 3%. We check markets every 15 minutes here on Bloomberg. Right now. In Hong Kong, Hang sang up 1/10 of 1%. The Nikkei is hired by 1.8% that Cosby up 1/2 of 1% and on the Chinese mainland Shanghai composite down 2/10 of 1%. Global News 24 hours a day on air and on Bloomberg. Quick Take This is Bloomberg. Is.
Putin Says Russia Has Approved 'World First' COVID-19 Vaccine. but Questions Over Its Safety Remain
"Breaking overnight Russian president. Vladimir Putin said that the first Russian produce vaccine for COVID. Nineteen has received regulatory approval from the country's Health Ministry the vaccine was developed by Moscow's Galilea Institute. Putin. said. It forms stable immunity and passes all necessary safety checks putting also said, one of his daughters has actually received that vaccine Brian this news about Putin and this potential vaccine is huge but I think we do need to take it with a grain of salt. Well, trying to make sense of it, Becky, good, morning Wolf Becky as well. I mean trying to make sense of it. You have what you think are the markets sort of key points, right? Trillions of dollars in stimulus potential payroll tax cuts, all the market themes that we've all been talking about on CNBC all day long powering the markets higher seven days in a row you wake up at whatever four o'clock in the morning and Russia says, Oh, by the way, we have a working vaccine it's been approved by our own institute and I gave it to my daughter says Vladimir Putin so it is a huge developing story and I think. Guys it really whether or not you believe it or not, and there's GonNa be a lot of scientists that want to see the data. What is this vaccine? What is it based on? How many doses are available? How much does it cost as the world get it either way the market did move a little. We were up before the headlines crossed, but it did move a little on this news and I think Becky it does call into question. What happens on the day and whether that day is today or not the day the world gets a working vaccine. What happens? What do we do? Do we know? I, guess drink some vodka do we go out and street down the street I have no idea you know I might look here. Here's what I. Here's how I kind of look at this news just from what we've been hearing in the last several months from experts. There is a huge debate here in the United States taking place about whether these potential vaccine candidates should be fast-tracked even more and brought directly to the public before it. Goes through the extensive as one face to face three testing the phase three testing that you would normally see it's very high bar. They want to make sure that that not only is it safe for people to take. But also that there is efficacy remember last week we heard from the Dr Anthony. FAUCI that there's a a real risk that you are not going to see something that has ninety percent or north in terms of its effectiveness. The FDA is now looking at fifty percent as the floor. If they can get fifty percent effectiveness, they would think that that is great. Sixty, seventy, five percent even better. But you probably not talking about a vaccine where you have ninety three percent effectiveness with the measles shot. My guess is that the Russians have taken a candidate and fast forward it without doing a lot of those types of extensive studies that you're going to see on candidates vaccine candidates here in the united. States and there's a big debate about that. There are people here in the United States are pushing for us to do the very same thing but if you talk to. Some of the more cautious experts, some of the people who look at this they say, no, we do this for a reason it would be disastrous if you approved vaccine and then it turned out it either wasn't safe or that it didn't work very well but people would lose faith in vaccination programs. It's difficult enough to get people to accept vaccinations and do this, and there are more people here and the United States who are anti factors at this point who are raising questions about whether they'd even take it but there's a real reason that you go through these extensive steps and try to make these things positive now again. Totally, a guess, but I don't know how they would have had time to do all the testing that that we are making sure everyone of the vaccination candidates here in the United States has gone through and that's just the safety question Becky I mean look at the day we've got so far from all of the US in European trials. If you could put safety aside has any of them showed yet enough effectiveness in treating this forest enough antibodies antigens or whatever it is they're trying to create. I'm not sure where even quite there yet. Anyway on some of the data points and to that point whether it's a safety concern or. Effectiveness concerned with the Russian vaccine I doubt will get the daytime. You put the news on twitter whatever you WANNA call it and there's a group of people that just don't want to believe anything. They don't want any good news is that people are just bad I don't know why that is like Oh, well, it's not real or it's Russia must be faked maybe it is fake who knows there's a lot of candidates out there not just on the vaccine side but on the antibody side, the treatment cyber general and other things we could have real candidates by September by the way September is next month. Let me give you a few reasons to be optimistic. The are one the reproduction rate has held fairly steady. There are community spreads parts of America, but overall fairly steady. The question I've got is this we're starting to get some indications that Americans maybe closer to so-called hurt immunity than we think because t cell reproduction rates have seen higher in some communities ironically corona queens a few weeks ago or a month ago they found twenty five percent of the population had developed t-cells or anybody's and twenty five percent was not ill indicating that perhaps there is a greater capacity for amazing bodies to generate these t cells and these antibodies than we think in other. Words guys. There's a lot of terrible news out there and a lot of families are suffering but the market I think have looked at the fact that we had nine, hundred, sixty, eight, sixty, million people got avian flu, the Hong Kong flu and Nineteen Sixty eight off and fifty thousand or so Americans ended up dying from that about two hundred thousand in today's numbers no vaccine was ever created for that. You can debate whether or not. We have a vaccine it's still exist in some form. The point is I think the market is at least looked out a year and said life will hopefully be. Much, different and maybe much more normal than it is right now
Fresh update on "hong kong" discussed on Bloomberg Daybreak: Asia
"Asia where we are seeing the Singapore market, up by about 3/4 of 1% in the 1st 25 minutes or so of trade, were awaiting the reopen of markets in Hong Kong and mainland China. The C S I 300 yesterday was down 7/10 of 1% looking like Hong Kong will open up. To the upside by around 1%. There was that huge jump coming through in Cathay Pacific shares yesterday despite the record lost, the Nikkei 2 to 5, up 1.7%. And Australia's market is weaker will get THIE Australia employment numbers coming through in about five minutes time. This is Bloomberg. This is a blue and Bloomberg We know a lot of financial experts is a former president of the European Central Bank of Global Financial Warriors is a classic textbook a lot of political experts if you were advising the president states. What's the thing that he's not doing that he should do it? Lucky for you. We know a lot of science experts to you talked about those re agents, which are necessary for the testing. It's also the behavioral, psychological approach. Bloomberg Radio. The Bloomberg business happened. Bloomberg radio dot com Bloomberg the world is listening. The world's financial decision makers.
Hong Kong Newspaper Raided, Tycoon Detained Under New Law
"Hong Kong have arrested media tycoon Jimmy Lai, a prominent pro democracy figure. He's been out of the forefront, so he's drawn the ire of Beijing, while the same time kind of becoming a bit of a hero to the pro democracy forces here. The police have also raided the offices of Lies Popular newspaper will have the
China Sanctions 11 US Citizens Including Marco Rubio and Ted Cruz
"Will sanction 11 Americans in response to similar US measures announced last week against Hong Kong and Chinese officials. NPR's Emily Thing, reports. The move comes amid escalating tensions between Washington and Beijing among the American sanctions. Senators Marco Rubio and Ted Cruz, who China has already sanctioned in retaliation for other American sanctions over China's detention and abuse of millions of ethnic Uighur Muslims. Human Rights Watch executive director Kenneth Roth and Michael Abramowitz, the president of Freedom House will also be sanctioned meeting any assets they have in China will be frozen and they travel to China banned. Last week. The U. S sanctioned Hong Kong chief executive carry land and 10 other Hong Kong and Beijing officials for their involvement in the national security law that has been used to prosecute a broad range of dissent in Hong Kong. Emily Thing. NPR NEWS Beijing At the close on Wall
China sanctions 11 US politicians, heads of organizations
"China, announcing unspecified sanctions against 11 US politicians and heads of organizations that promote democratic causes Suspected include senators Marco Rubio and Ted Cruz. You've already been singled out by Beijing. The Foreign Ministry says the 11 had performed badly on issues concerning Hong Kong, where China's crackdown on opposition voices following its imposition of a national security law. That's correspondent Charles
China sanctions 11 US politicians, heads of organizations
"China has announced unspecified sanctions against eleven American politicians and heads of organizations promoting democratic causes those affected include senators Marco Rubio and Ted Cruz who's already been singled out by Beijing the foreign ministry says the eleven how to perform badly on issues concerning Hong Kong where China has cracked down on opposition voices following its imposition of a national security little the number of Americans named by the ministry exactly equals the number of Hong Kong and Chinese officials placed on the sanctions list by the US last week over the crackdown I'm Charles the last month
Hong Kong newspaper raided, tycoon detained under new law
"Ah, serious note. If you ever question about you know whether or not the Chinese government was going to crack down in Hong Kong. No. This is trickling out now on almost a weekly basis where we're seeing the grip of communist China, overtaking Hong Kong, and it's it's troubling and sad. A media tycoon there in Hong Kong who runs a newspaper the offices, the newsroom all rated They took documents. They arrested him. There's a picture of him. The Associated Press has out there of him being hauled away in handcuffs. It showed China's determination to enforce the new law and curb descent. In the semi autonomous city isn't really semi autonomous. Not anymore. I mean, once they passed that long, a few months ago that gave them more purview over over people in Hong Kong that that was it. I mean, shave their tracking down China's just taken over Hong Kong. It's very trouble. It is
Hong Kong media tycoon Jimmy Lai arrested under security law
"Hong Kong police have arrested media tycoon Jimmy Lai and raided the publisher's head quarters in the highest profile use yet of a new national security law Beijing imposed on the city in June life was taken out of his mansion in Kowloon by police and later brought to his media company next digital led police raid was ongoing according to a live stream video by stock live remained in the office he's read the two hours before police took him away the seventy one year old is not spoken pro democracy figure in Hong Kong who regularly criticizes China's authoritarian rule and Hong Kong's government the move comes days off to the American government announced sanctions on Hong Kong and mainland Chinese officials I'm Charles the last month
The ECBs Former Vice-President Explains The Historic Step That Europe Just Took
"True CEOS thinking we don't really talk that much about Europe these days. I mean, I guess not in relation to the the heady days of the eurozone debt crisis. Now we don't, but also I feel like this particular crisis at least some of our episodes, you know, obviously, we talk a lot in the bed context the US context, of course, know talked about Hong Kong and Asia and Asia supply chains in China and so forth stills like we've focused a little bit less on how this current crisis is playing out in the Europe. Yeah I think that's right I. Guess the implication is that maybe this has been unfair in some respects because there has actually been something very interesting going on in Europe at the moment. Yeah. I mean, for one thing you know there's a good argument to be made Europe at least relative to the US, if not necessarily Asian countries has done a pretty decent job overall of suppressing the virus self and you know for years during the euro area crisis, they're always people fiscal policy. Fiscal Policy Missing. You gotta spend more gotTa get the Germans to spend more and you know maybe this time it looks like they're actually doing. Yeah that's exactly what I was thinking. So we have the announcement of a big deal seven, hundred, fifty, billion euros worth by the EU to fund on long term recovery. Fund for the Eurozone and that's a big deal because as you point out, everyone's been talking about fiscal stimulus but it looks like the euro-zone is finally going ahead and doing it. Right and so this of course raises questions and it's a theme that we've definitely had a lot on on our podcast, which is, is this offer something bigger for the post-crisis period? So sports, it's well known that know there's a lot of money being spent by governments all around the world including the US. But the question mark is okay when the crisis phase is over the government's just retrench or does this become a sort of new macroeconomic stabilization model? That's a theme that we've had dozens of times but it's particularly important to New York, in context I think because people have sort of identified the lack of fiscal burden sharing his sort of a basic architectural tension or flaw within. Euros. Yeah I think that's exactly right. How does the I don't want to say the intrusion of fiscal stimulus but how does the arrival of fiscal stimulus on the scene actually reshape the way that monetary policy works and I? Guess we should also mention that the is also in the midst of a of another really important project which is rethinking. How it targets inflation. So we have all of this going on simultaneously real existential questions for the role of the European Central Bank. Absolutely well, I'm very excited. We have a fantastic guest to talk about all of this we are going to be talking with Vito comes don. So he is the former vice president of the European Central Bank from two thousand, Ten may twenty eighteen. He's now a professor at Navarra University in Madrid out the perfect guest to discuss all this. So without further ado, let's bring him in a veto. Thank you very much for joining us. So are you happy to not being a policymaker in this time or you? Do Miss being at the ECB during such an extraordinary moment. Well, it's always difficult to get out of you know executive responsibilities and I. Of course, I would not say that I, am Epi at the out or unfortunate circumstances of the covy. The shock we are again in a very important periods of policy making but. Me Europe as been doing well I think in these episodes. Better than in the previous episode of two, thousand. Ten to two thousand twelve. Just to start out with walking the significance of the deal that was agreed, this seven, hundred, hundred, billion euros you tweeted about it clearly, you think it's important. What's the significance. Well it establishes for president that are very meaningful. In, the first place it involves a decision to issue common European depth. The Commission will issue seven hundred and fifty billion of debt to fund these program, and that's the first. The second the point is that these is going to be distributed in the form of budget transfers and not loans to the country's. Third IT'S A big program to implement Wat- is a European fiscal policy stimulus to address a recessionary phase. India to be an economy, and that's also the first time that these happens at this level and fourth the distribution of the ballot transfers which. Correspond to a little more than half of the seven hundred and fifty billion is done in a way that it is not proportional to the size of each country. By two indeed benefits more the countries that's have lower level of leaving and higher unemployment. So there is a convergence play. There is solidarity aspect of these edits also quite new in terms of transfers to give you two examples on a proportional basis, Italy would be entitled to fifty billion, but the they are getting eighty billion. Right as Germany, you'll be entitled to ninety six billion in proportional terms, but is getting only twenty seven. So these four points put together constitute the indeed very important precedents and babs, and do we all hope so that it will be a sign of things to happen. If again, there will be a stressful situation in the European economy, and that's a very important element for everyone the notion that when there is a very stressful social economic situation Europe, steps up and two x decisions to fight the recession and does not leave behind any of the member countries. It's a big message for the future and I think markets are really beginning to injury injuries what these means And we see that already but it will take time of course, perhaps for the markets by Geico anglo-saxon markets to overcome. Lingering, doubts about the European project.
Prominent Pro-Democracy Activist Arrested in Hong Kong
"Police in Hong Kong have arrested a prominent pro democracy activists and media tycoon Jimmy Lai for suspected collusion with foreign powers. Still, I was detained along with his two sons and four other people early today on suspicion of breaching the new National Security law. America. Oi has more details. The newspaper he founded Apple Davey has been very critical of Beijing. But to see the live pictures of police raiding the office is quite astonishing in the city, where free press was very famous because this is the first time will has been used against media as well. And, of course, just last month we saw The New York Times. Announcing that it was moving part of its Hongkong bureau to South Correa and several outlets have complained about a foreign journalist these and not being renewed. So this arrested definitely a significant blow to Hong Kong status for it's a
Hong Kong police raid pro-democracy media group, arrest founder
"I'm w est with the BBC News Police in Hong Kong have arrested a prominent pro democracy activists and media tycoon Jimmy Lai for suspected collusion with foreign powers. Still, I was detained along with his two sons and four other people early today on suspicion of breaching the new National Security nor America. Oi has more details. The newspaper he founded Apple Davey has been very critical of Beijing. But to see the live pictures of police raiding the office is quite astonishing in the city, where free press was very famous because this is the first time will has been used against media as well. And, of course, just last month, we saw The New York Times. Announcing that it was moving part of its Hongkong bureau to South Correa and several outlets have complained about a foreign journals these air not being renewed. So this arrested definitely a significant blow to Hong
Hong Kong media tycoon Jimmy Lai arrested under security law
"Tycoon and prominent pro democracy activists. Jimmy lie under the New China National Security law. The government says the charges include colluding with foreign forces, US has passed an
U.S. Sanctions Chinese Officials Over Hong Kong Policy, Including Carrie Lam
"Has sanctioned Hong Kong chief Executive Carrie Lam for her role in crackdowns on political freedom in the city Correspondent Ivan Watson reports She's not the only one in the U. S. Department of Treasury has announced sanctions against 11 top government officials here in Hong Kong, accusing them of undermining this former British colonies. System of autonomy and democratic freedoms. On the top target is the city's top official, Carrie Lam, the chief executive here. Other targets include The secretaries of justice and security to current or former police chief. I'm
Hong Kong fires back at "shameless" U.S. sanctions
"Hong Kong's government is calling US sanctions on 11 senior officials shameless and despicable. The BBC's Michael Bristowe reports. The sanctions signal further deterioration in the relations between the US and China. The U. S said it was imposing the sanctions in response to China's attempts to undermine the autonomy of Hong Kong. The sanctions will freeze the U. S assets of those targeted, including the totals leader, Carrie Lam in Beijing senior official Dalio training Mr Leo equipped that he didn't have any assets of world offered to send president from $100 to impound. Mr Trump has taken a more confrontational attitude towards China ahead of the U. S presidential election, the BBC's Michael
U.S. imposes sanctions on Hong Kong chief executive Carrie Lam
"U. S is sanctioned Hong Kong's chief executive Carrie Lam, It's police commissioner, mainland China's top official for the territory and other senior leaders for what they say they say is undermining Hong Kong's autonomy and restricting the freedom of expression. Like the administration's other sanctions. These air mainly symbolic as the 11 officials designated today have few U. S assets to sanction. Carrie Lam, the most well known name here, laughed off the impact sanctions would have on her earlier this week and said earlier this summer that she doesn't like visiting the US anyway.
U.S. Sanctions Chinese Officials Over Hong Kong Policy---Including Carrie Lam
"The Trump administration is imposing sanctions on 11 Chinese officials, accusing them of undermining Hong Kong's authority. NPR's Michelle Kellman reports among those on the blacklist, Hong Kong's chief executive Treasury Department singles out chief Executive Carrie Lam for implementing what it calls Beijing's policies of suppression in Hong Kong last year, her pushed to update the territories extradition arrangements with mainland China set off a Siri's of demonstrations. In a new blow to pro democracy activists. Lam recently postponed elections to Hong Kong's legislature. The U. S. Condemned that move as another sign of China, undermining the territories. Autonomy. Americans air now prohibited from doing any business with lamb or the 10 others, mostly security officials who are on the blacklist. Any property they might have in the U. S. Will be
"hong kong" Discussed on First Person
"I found a having covered the handover I found it fascinating to go back so many years later and so I probably five or six trips over a period of two three months, and what was interesting is there were a lot of students, but there were a lot of ordinary Hong Kong people who? Had to develop a certain political identity. They didn't see themselves as mainland Chinese, they didn't see themselves as. People who lived under the government of the Chinese? Communist Party? They have a very separate identity and very separate values. I'm going I. Talk to people in Hong Kong I. It's talking to people in the mainland I would say they have very little. In common, the conversations are different. The values are different, and that's part of a a lot of this conflict is over identity. So the Chinese Communist, party is very worried about holding the country together as people have become so much more wealthy, more sophisticated greater expectations because of the growth as well as their own travel in education overseas, and what it feels it has to do on its periphery is to break. Other identities say that's what they're doing. Everybody in Hong Kong knows that they want to turn Hong Kong into just another southern city in China. I mean it's interesting of course. China is a country of many many identities. Well not from the Party's perspective, so let's look at the periphery because I think it's very good to look at the periphery of China. Understand where the Communist Party is coming from what are their greatest fears? and. Let's watch what they've done in Tibet. There was a period of time a number of years ago, where monks relating themselves on fire because of the repression, and they put monasteries cities on lockdown and I gotta say this is very different from what I was there in the nineties. I mean in the nineties in Beijing. Yes, it's an authoritarian country, but it was pretty free wheeling, and you could talk to a lot of people about a lot of topics and people were not scared..
"hong kong" Discussed on FP's The Editor's Roundtable (The E.R.)
"Thank you for joining us. Happy to be here Sir so as you like. The rest of the world has been watching Hong Kong is. Undergoing a wave of major protests will get to a little bit later in our conversation, but I WANNA go back a little bit. Because you are on the ground in Hong, Kong in Nineteen, ninety seven. With the handover. Let's talk about how hung on with a colony to begin with well it you know. The history of the city is completely different than the history of any other city in China I mean obviously There were neocolonial cities like Shanghai, which retreated ports Hong Kong was indeed a colony, and so from the from eighteen, forty, nine, forty, two on, it had a completely different. Different system and it was also incredibly successful one. You had British rule of law. You didn't have democracy, but it was a much more open and cosmopolitan place. It was a watching post for China, and it was also a kind of a mix of east and west in many good ways. There are a lot of sort of the protections of Western society but. Very rich Chinese culture right there on the south, China, sea. So a very different city than you would find anywhere else in China and I think we're seeing those differences really most acutely right now, and we should acknowledge that Hong Kong major port obviously. The. How did that have an impact on its culture? I think it's much more cosmopolitan. You gotTA remember up until. Seventy, nine, the opening particularly with the United States China during the was was just incredibly close, so for instance I lived in Shanghai and my kids went to Shanghai American school. That's a school with over one hundred years of history, but there's a long period of time. When it wasn't even open, it was closed because under Mao there was almost no access from the West and particularly for Americans. Hong Kong was always sort of this cosmopolitan hub just right up against the mainland, and then of course Hong Kong Island just off the mainland. So ninety seven. Yeah, here there on the ground in the run-up to and then the actual night of the handover. What did it feel like to be there? You did feel like it was a huge moment. In the history of Communist China and basically China and the West. China has been. The from a Chinese perspective they talk about is you're probably very familiar. Listeners will be familiar. The hundred years of humiliation in which they lost Hong Kong they had to open up these treaty ports in places like Shanghai which they didn't want to do, they were forced to do that and then war with the Japanese invasion, all of that and so what? What the Chinese. Government the Communist Party's been doing for quite some time now is sort of consolidating what it lost bringing back, Hong Kong in ninety, seven, Macau from the Portuguese and ninety nine, eventually Taiwan and so that sort of the perspective, and so you could see a much much stronger China in ninety-seven, still maybe the seventh or eighth largest economy in the world beginning. Beginning to consolidate and return to sort of the way it saw itself historically, and of course the British having to give it up, and it was very interesting to. There is some writing on this that I. Think and if I remember correctly in the archives that there was talk of the British trying to introduce some sort of democracy and Deng Xiaoping threatening to send the. The People's Liberation Army and because even then he knew that you couldn't have that. You couldn't have a Chinese city. Right up against that border with a completely different system, but they did usher in One Country Two Systems. What does that mean well? It means something very different today than it did ninety. The whole concept was that Hong Kong after ninety and for fifty years. Would be able to keep its way of life. Essentially, that means the British rule of law system free speech free press. They're very good. In terms of anti-corruption, it's a much more Western kind of society and was that negotiated at. What point between the British and the Chinese zoos between Deng, Xiaoping and Margaret, Thatcher, in eighty, four or so yeah. And so the. Idea was Hong Kong will get fifty more years of this system right. They would not be immediately absorbed. It would not have to become communist or anything like that because that would have been just a completely radical change and Lord knows what it would have to have to send in the army if you wanted to do that. They get this agreement, but at the same time was there a culture of dissidents and exile Eddie Among Hongkongers? There was and I can. It's really I. Remember at midnight on that night. The People's liberation. Army rolling across the border into Hong. Kong and there was a feeling of dread and I think they came to the Prince of Wales Barracks that night right on Victoria Harbour. There was great concern. There's a history in Hong Kong of people coming there who are exiled from China certainty and the Cultural Revolution. People literally made rafts and floated down the river and swam to Hong Kong, but many of them have always had a second passport because Hong Kong always seemed a temporary place. Not You you neither East nor west and that night. My strongest memories was standing outside the Legislative Council building as China was taking back control, and there were the democratic legislators particularly Martin. Lee The godfather of Chinese democracy, avowing to do everything they could to keep Hong Kong free, and to continue to push for political representation inside Hong Kong for ordinary people and to resist the authoritarian regime that was essentially taking control of the city. There is a mix now. There are democratically elected lawmakers. Of course you, you have different factions have pro-beijing. pro-beijing people particularly, some of them may have a mainland background also are very much oriented towards the economy of China and see great advantage to integrating with China because the economy his so huge there now and then just recently, the Shenzhen economy surpassed the Hong Kong economy so Hong Kong no longer has the kind of leverage that had once had, and it's very dependent on the mainland in a way that was not. A twenty two years ago, there was more anxiety. I mean ninety seven was not even a decade after gentleman. was there anxiety having watched? What happened Hannemann with the hand of there was somebody else interesting I. Look back on what we wrote them as journalists, and at the time I felt like our coverage was maybe a little sensationalistic in the sense that we talked about the gloom and doom, but in fact the reality was nothing was going to change soon, and so even ten years on as I looked. Sometimes I would go back and look at my own writings and go. You know it was. It was a little over the top or a little too dark in terms of its approach. I now feel our coverage was right or maybe should have been even tougher because we've seen what's happened. and it's become very clear that this regime under Xi. Jinping cannot tolerate one country two systems. I WANNA spend one more moment on the night of Nineteen, ninety seven the handover. There's video archives of the last governor from the UK be candid back. The British flag looking really overcome with emotion..
"hong kong" Discussed on Front Burner
"On Thursday China's parliament passed the draft resolution of its controversial national security law. It's meant to criminalise acts. That are seen to remind the Chinese government's authority and for many this signals. The end of one country two systems a political promise made one Hongkong a former British colony was handed over to China in nineteen ninety seven. It allowed people in Hong Kong certain civil liberties not found in mainland China. This week thousands of protesters took to the streets of Hong Kong to make their fears and discontent around the new law. Known protests about China's long reach have really become part of the fabric of Hong Kong life last June. What began as demonstrations against a proposed extradition? Bill would later turn into a call for greater democratic freedoms today journalist and lawyer Antony Dapper and is here to help us understand what the national security law might mean for the future of Hong Kong. He's the author of city on fire the fight for Hong Kong. This is front burner.
"hong kong" Discussed on Throughline
"Again. For many mainlanders. They return of Hong Kong marks. The End of China's century of humiliation call with them is China's and Hong Kong should be returned to China. Hong Kong is part of China and Hong Kong. People don't like aging. Well you guys. There's something wrong with you guys. So most of the mainland Chinese they really supports Beijing's position on Hong Kong. The thing is in the years after the handover more more mainland. Chinese people came to work in Hong Kong and the more that happened. The more Hong Kongers were like. Wow we are truly not the same. We've spent over a century living under different governments different economies and different cultures. And they mourn wanted to assert their own identity even more which frustrated China to no end and you also have the Chinese government and people in China increasingly fitting that autism Hong Kong. People are kind of almost like spoiled children. He's always asking for more already. Get more than anybody else in China. Scott and Acumen asking for more and more of their rice being protected still. China's infrigement was relatively slow going until two thousand three six years after the handover. The government of Hong Kong introduced an amendment to article twenty three commonly known as the national security. Bill it was essentially an anti-subversion long that many Hong Kongers saw as a threat. They're civil liberties for the first time. After nine hundred thousand nine again you had half a million people marching in streaks Hong Kong to protest against the article. Twenty three naturally shoot. It was the largest protests in Hong Kong since the tnn massacre and it worked. China shelled the bill indefinitely but then regrouped and came back even harder around twenty twelve eight demand from Chinese governments that on contra changes educational curriculums and Mick. Hong Kong's edgerrin curriculum patriotic. And then you have the high school shootings in Hong coming out and say but did spring washing us. We don't want brainwashing. Be One copper free liberal education. This is the Environment Xi Jinping walked into when he became the leader of China in two thousand thirteen and a year later in the streets. A Sea of umbrellas. The symbol of a mass demonstration underway in Hong Kong students and young people formed the umbrella movement a series of sit in protests that oppose. Beijing's decision to have more say in control over Hong Kong's electoral system. Hundreds of thousands packed the streets of downtown Hong Kong as police fired as many as eighty seven cans of tear gas determine demonstrators shielding themselves with umbrellas and spawning the so-called umbrella and in the last three or four years you even have some of them beginning to talk about maybe we need to look at south determination because Hong Kong is a Chinese colony will never be allowed to have democracy and those words of self determination and independence caught the ears of Beijing. Red-light Fash Hoar Cross Beijing. The Chinese government and they come up with an even harder approach and that is the background to the events that erupted in Hong Kong in the summer of twenty nine thousand nine hundred which brings us back to the beginning of this episode and to the current protests that are still going strong and only escalating Beijing has has violated. These promises in has been trying to really encroach into Hong Kong controlling Hong Kong Roy Moore eroding autonomy. So all of those have been really God. Hong Kong's young people to feel that they have no future that has really tricker this assistance from young people and at the same time. We also want to understand that. This trend has been increasing over time and it just fall from the sky. Now you're talking about a younger generation of people in Hong Kong who feel that they must now stand up and fight for the core values of Hong Kong. The kind of languished using you said if we don't fight we may not have a chance to fight for Hong Kong's caught Banu any longer so we will now make our last stand. We may all four but we have four. At least we fall having defend our values..
"hong kong" Discussed on Throughline
"There were some small protests but mainly it was quiet people in Hong Kong knew. They had to accept their fate. They had no other choice. Some Hong Kongers were genuinely going to miss the British who let's not forget were colonizers you will had parents taking their children's tool the Hong Kong government offices and other places to have pictures with those colonial symbols before they were taken down but not everyone felt that there were some Hong Kong people. That saw the handover in a positive light. You also at the same time have Many in Hong Kong who fueled that is good for the colonial eras to end. We are.
"hong kong" Discussed on Throughline
"Culina was British again. The idea that the European colonial empires who simply restore to status quote was not really bury balloonist stick and this time. Brian realized that the Chinese were no longer going to tolerate second class. So when the British governor return to power she had to make changes to post Hong Kong and he stopped to look at political reform for the first time the Chinese population had a voice and therefore reasons to feel that they are citizens of British Hong Kong and a commitment to the future of maintaining Hong Kong. I say British colony gaining respect from Hong Kongers was crucial for Britain because China was suddenly making is at Hong Kong again and wanted it back in the course of the Second World War. The leader of China Jenkins shot ask for the first time for the British to return Hong Kong to Chinese sovereignty so the new that and so as Hong Kong started to look a bit more democratic China started to look a lot more communist. Maoist to be exact on October first nineteen forty-nine Mountain proclaims the birth of the People's Republic of China in the new communist capital. Picking country will never again be an insulted nations as Mao we have stood up when Chairman Mao and the Communist Party took over China in nineteen forty nine. Both sides immediately closed their borders and the long trend of open migration between China and Hong Kong came to a screeching halt so for the first time after nineteen forty nine Hong Kong had a settled populations and this settled population will change and they were developed a very strong clear sense of identity. Us Hong Kong people by Nineteen Sixties Metro cozy haven for Jackson lines but the approach to Kai Tak airport is a spectacular hop across the and by the beginning of the one thousand nine hundred seventies. Hong Kong became a significant financial center. Runway jets eight thousand feet into the water and everyday Boeing's bring in men engineers and economists keen to observe and join in the expansion of Asia's fastest growing economies. Chinese became much richer. Practically by here in the nineteen seventies and people often stopped. It's to be able to afford luxuries. Light entertainment and lesser giant..
"hong kong" Discussed on Throughline
"Was the eighteenth century and China was raking in profits from trading things around the world western powers. Great Britain weren't doing so well so brin decided that in order to compete with China they needed to trade the Chinese something that would fly off the shelves. They got the idea of selling opium to China and that's then completely turn be tree balance in the opposite direction. Great for Britain but it came at a cost for China. And there were F- was in China because opium is being this attitude and it got many people's sake and the court. The court decided that they had to do something about it. This is Victoria Timber Highway. She's a political scientist at the University of Notre Dame. I'm from Hong Kong gripping Hong Kong had demanded breath in Hong Kong So then I've been talking a lot about Hong Kong leads LE- back to the trade war. The opium that was coming into China was a problem because it was hurting their society and economic progress so they retaliated by confiscating over one thousand tons of opium. Britain was outraged and demanded that China pay for those drugs and the ruling power at this time. The Ching Empire refused and then that trigger the first opium and Britain invaded. China was the most powerful Empire East Asia but its military was still no match for Great Britain so after three years of fighting. China asked for a truce that was concluded by Detroit City of Nanjing in eighteen forty two. This is Steve Sang Professor Studies and Director of these source China Institute you at the School of Oriental and African Studies University of London. One of Britain's demands this peace treaty was for China to hand over one of its territories. The small little known undeveloped island called Hong Kong. It was a collection of a number of fishing villages a little bit of farming and also a place that pirates of the News as base for the publishing was very small. Maybe just several thousand people because of this the Ching Empire didn't consider the island all that important but the UK saw the benefits. Hong Kong Island had a natural harbor which offered the Western power a strong eastern trade base and also as kind of this gateway to the rest of Asia as row. Pitching Empire wasn't thrilled about handing anything over to Britain. But they figured if it had to be something it might as well be Hong Kong the Bris wanted to have a just a whole pile of barren rocks so whatever this pile of barren rocks was given to Britain in eighteen forty two which was the first of three handoffs slowly but surely gave the British all the tiny islands and surrounding territories that we know today as Hong Kong geography of the Hong Kong colony consists basically of three areas. Hong Kong Island the Colquhoun Peninsula stage to happened in eighteen. Sixty after the second opium war. When Britain gained the Kowloon Peninsula and the new territory and then the third stage of expansion was the leasing of the New Territories in Eighteen. Ninety eight for ninety nine years. This ninety nine year lease gave Britain all the remaining territories of Hong Kong but with it came expiration date nineteen ninety-seven this marked the beginning of what? China called a century of humiliation. While Hong Kong now entirely under British rule began.
"hong kong" Discussed on Haunted Places
"The Chinese University of Hong Kong or see you. H K was founded in one thousand nine hundred sixty three with a charter from the local Legislative Council created as a research university with a mixture of both Chinese and western educational styles. See You H K has the largest campus in Hong Kong after assimilating nearby schools. It boasts nine different colleges as part of its unique school system the campus located near the Hong Kong Mass Transit Rail or MTR with university station being essential. Stop for students. It was there that the legend of the single braid girl was born. The story goes that a woman was attempting to immigrate to Hong Kong from China alongside her boyfriend instead of a promising new life. She only found heartbreak and her boyfriend abandoned her to save himself and her precious braid caught on the train. Door as she attempted to escape border security she was scalped and left to die by the side of the road. They say her restless spirit haunts the very same road at night still searching for her boyfriend wanting to bring him to the other side.
"hong kong" Discussed on Monocle 24: Section D
"And James last on the show you managed to crawl sort of a legend of the advertising industry in Hong Kong a man with a and extremely long shadow in the world of visual design and a man. I believe you've spoken to before at kind of a kind of a funny topic to put to someone the effectiveness of corona virus as safety literature. But some tell us tell us a little bit about Stanley Wong who you spoke to. Next so stunning warns had a forty year career in commercial advertising. Graphic design and art was recently the subject of a three month long retrospective at the Hong Kong Heritage Museum of that was sadly cut short by a month because of the krona virus and all the museums had to close with a pandemic challenging the advertising industry all around the world. I thought it'd be fun to invites him into the bureau and ask this venerable designer to select his favourite Kovic one thousand nine campaigns from the last few months your top story you give me a little hint come from personal healthcare cars and government three sectors that have been very important and prominent during this time without further. Ado Stanley please. Could you walk our listeners? Through your three picks from around the world the first one is an advert from one of the F. CG powerhouses Unilever for their soap dove. Can you tell us a little bit about this campaign? And whether you like it. This is some of our candidate market from orphee. Tell you the message. I is actually Dov because his skin. Care Potter. Okay the donation to the hospital. They have partner to support those committed to help in hospital to save lives.
"hong kong" Discussed on The Economist: The Intelligence
"Today Hong Kong released its latest. GDP result and as expected. It doesn't look good. The city it has been facing a range of economic and political challenges over the past year and its fortunes are strongly tied to those of the mainland so as China's trade war with America has crimped growth there. It's squeezed Hong Kong's exports yet last year. The big threat to Hong Kong's economy appeared to be a political a bill allowing extradition of Hong Kong to the mainland sparked enormous protests and worries that the mainland would put them down violently now. A new threat is compounding all these pressures. The Corona virus outbreak across the border. Connie was already in a great deal of trouble. Simon Cox is our emerging markets editor and is based in Hong Kong. Figures released today. Show the shrank by two point. Nine percent sent in the last three months of two thousand nineteen compared with the same period of twenty eighteen that follows a quarter of contraction before that and this recession John reflects two big factors. And what factors are they so Hong Kong's economy has been going through a year of tribulation. The trade will clearly hit on conches major industries and then on top of that we had the protests stoppage in June and have continued even to the present day peaking really in the last quarter if twenty-nine to clean November when violent clashes ended up with virtual siege of a couple of universities. Here including one quite close to where I live which caused the shutdown of one of the major tunnels running under Victoria Harbour for two weeks. Hong Kong's Economy Hong Kong itself was founded on free trade. So it's it's extremely dependent on the free movement of goods but also people a lot of local employment depends on tourism particularly visitors from the mainland and those visits have been dramatically curtailed by the protests. And they will be dramatically curtailed by the virus we saw back in November which is one of the worst months for the protests tests that the number of visitors to Hong Kong dropped by about fifty six percent. That's the worst drop since the size outbreak in two thousand and three many people Using his appointive comparison the current virus those industries in particular now face an even deeper winter to quote the Finance Secretary Pole Chen and and those have been damaged to sentiment. People feel less like going out for an evening at a bar or restaurant if they fail getting tig asked on the way home and that damage sentiment is often the most severe aspect of these sorts of troubles and quite often people can find a way around the supply cups. You can find it. Alternative road when alternative tip tunnel under the harbour if people don't feel like spending and is very digital businesses can do and so from from your perspective the protests and the hit two sentiment will continue so the damage to economic sentiment is clearly going to continue protests have been somewhat clips and transformed by the krona virus. People obviously less willing to cool Kohl for mass gatherings given the fears of contagion but sort of anger and distrust that the protests reflected continued. And it's taken a new form now. People don't think the Hong Kong government is doing enough to prevent transmission of the virus in particular. People are very angry that the border with mainland China has not been completely shut it. It has been restricted quite severely. But it hasn't been completely closed off an in addition they're angry because there's a shortage of surgical masks the evidence for the efficacy of mosques this is somewhat limited but nonetheless people seized on this as a measure they can take. Unfortunately there's been a shortage and you can see long queues. Even this lunchtime I went to a nearby by department store is a queue of over one hundred people waiting for mosques. Many people have been waiting so long. They'd taken a shopping baskets. Turn them upside down sitting on them for more comfortable comfortable weight and the GDP data out today. Don't even take into account the coming hit from the corona virus. What's your view on how that will add to the existing pressures so the current vice will make things worse? Some people have been hoping for recovery in the New Year because the protests seem to have simmered down a bit there was some evidence of people resuming normal life or that has now been dashed. The latest forecast I've seen for example. UBS Bank think that Hong Kong GDP could shrink by over six percent percent. This quarter compared with the first quarter of nineteen so an even deeper recession and Hong Kong economy might rebound once the virus contained. We've seen that in the past with things like saws that there's some pent-up demand so you do see a rebound but that's never enough to offset all the damage and obviously Hong Kong's economy is is is intimately tied to to that of the mainland. How has the the virus affected? The Chinese mainland economy so far so economic forecasts have been slashing their predictions for China's growth. I saw one prediction today that the virus would knock two percentage points off its growth in the first quarter of this year compared with the same quarter last year costs. Despite the warriors building over the past week or two that wasn't reflected in the stock markets which were closed for the Chinese New Year holiday until this morning and then we saw them tank by about nine percent. Wuhan is quite important. Auto manufacturing hub. The China of moral concern is the spread of the virus to other provinces. That are an even more important part of China's economy and of course you know the government has been quite Jacobean and imposing a quarantine measures that whatever. Their effectiveness in controlling virus will certainly have a fairly dramatic economic impact. Listen short short term. China does have this gold of which sets out years ago with doubling the size of its economy between ten and twenty twenty. It had seemed to be on track for that goal. The damage this virus might cause to grow share. Could put that golden doubt for that reason and others it may will try and goose economy towards the end of the year stimulate not to make up lost ground but again this is something that can for short the damage but not completely offset it so it seems that the economic pressures on in Hong Kong are are only going up here. I mean where. Where does Hong Kong go from? Here what do you see in the sort of medium and longer term so I think the inputting Hong Kong is to try and rebuild the relationship between the government and the governed unfortunately this crisis which could have brought people together seems to have only sewn divisions further. It's very important in a public health. Emergency government it has credibility the government has to make difficult calculations about to what extent to close off the border which would damage the economy toward extent. It's worth suffering that economic comic damage in order to control the virus and people here don't think those judgments being made in the interests of Hong Kong loan. They still think the Hong Kong government is doing the bidding of Beijing. Now that may or may not be true these judgments so as very difficult but we've seen for example people trying to disrupt the rail link between Hong Kong and the mainland throwing items onto the tracks. None of that is going to help the border question. For Hong Kong in global global economy terms the border future for Hong Kong in the eyes of international investors depends on it security and safety as a financial hub. There I I think the virus is a blessed concern. This isn't a homegrown problem. It's something that many parts of the world are facing and in Singapore has more confirmed cases of this virus than Hong Kong so whereas the protests reflected very much domestic weaknesses. The virus is obviously something that transcends Hong Kong and so I don't think it necessarily will further jeopardize its status as an international financial hub. Thank you very much time. Thank you my pleasure..
"hong kong" Discussed on Stuff They Don't Want You To Know Audio
"The island of hong kong is just is to the south of where the main city of hong kong is right so over the next several decades over the next fifty years the u._k. Expands it's control of <hes> adjacent areas. They take over the kowloon peninsula in the kowloon bay. They take over. What's called the new territories this last area. The new territories territory's comprises a lot of modern hong kong but wait you might be saying didn't knoll just mention that this lasted lasted from eighteen forty one to nineteen ninety-seven what gives some of us may remember the events of nineteen ninety-seven in eighteen ninety gate way back in eighteen ninety eight when the u._k. Took control of these new territories. They didn't actually control them indefinitely gently. They leased them from the government of china for ninety nine years unusual ben. I this struck me as being a little bit a strange like putting a clock on it like that. It's such a long clock. It's weird you know. Property in general is a little bit. We are in this part of the world. <hes> frequently frequently people don't buy land. They lease it from the government. I was surprised and <hes> i was alive at this time on his surprise. When hong kong was given back quote unquote to to china on july first nineteen ninety seven. I had not heard of something something like this happening. But of course i was not an expert in the peaceful transition of power so i i don't know we'll get into it but there's certainly were caveats with that quote unquote giving back of hong kong to china correct yes yeah because as the date approached as july first nineteen ninety-seven approached both the government of mainland china and the united kingdom mm realized it would be cartoonish -ly difficult ni- impossible to separate the new territories from the rest of hong kong this had become one cohesive thing and that's when they said okay we have to make something work the way that hongkong along the u._k..
"hong kong" Discussed on RNZ: The Detail
"Detail i'm sharon. Break kelly it's the cry of hundreds of thousands of protesters eastern who braved torrential rain to protest and hong kong streets again at the weekend and that's despite growing warnings from beijing but this is not unusual angry young mob within the mums proteins. We've had the lawyers proteges. We had the teachers protest they would try. They would taxi drivers protest thing. They've been government officials protesting. This movement has broad support within hong kong the people of hong kong want to maintain the one country two systems moto although but the tanks are at the border and china's not backing down this propaganda video from china showing off its armies army's capabilities and the strong message is that the unreached will not be tolerated in china's ambassador.
"hong kong" Discussed on The Journal.
"Oh call has seen its biggest political crisis in decades the last ten weeks natasha khan is a hong kong correspondent for the wall street journal. I've been covering the pro democracy marcy movement in hong kong since two thousand fourteen and i've been covering the current round of protests since it started. There's an unlikely trigger for these protests a murder order in taiwan. There's a couple that was from hong kong that were traveling to thailand for a trip and the boyfriend and that couple had murdered his his girlfriend allegedly he fled back to hong kong and taiwanese authorities asked for him to be taken back because hong kong. They didn't have an extradition agreement with taiwan. Authorities began to really try to push through this proposed law which would allow for hong kong the people and other suspects to be extradited to china and other countries for trial. This proposed law was really contentious because china china has a more opaque judicial system and there were concerns about human rights abuses for people who are tried in that system people in hong kong were unhappy happy with this law for one particular reason it could let china reach into hong kong a semi autonomous region and apply chinese law there baz as more and more people in hong kong society started asking for the spill to be either delayed or withdrawn and there wasn't a response of the government momentum began to build for a giant giant protests essentially on june ninth which ended up drawing an estimated one million people on the streets. It was a hot day was humid and people were waiting. I mean seriously seven hours to just walk down the streets and to make the statement that they cared that maybe the government should rethink this bill. There are people in wheelchairs are grandmothers. There were people with their families families. There was a a really broad costs action holcombe there and what happened was that i think about an hour. After the march was officially declared don the government it didn't come out and address these one million people which represents like seventh of this population but they issued a press release. This press release acknowledged the protesters concerns but said in essence that the protesters simply misunderstood the bill it also said the extradition bill would continue to move through hong kong's legislative council on june twelve and so once again people in hong kong took to the streets on on june twelfth was very tense mood and in the mid to late afternoon. Police started clearing the protesters with quite a lot of force. You know they use a lot of tear gas rubber bullets which really caused a huge reaction society here that in turn led an estimated two million people to come out the next weekend the weekend after that and the the weekend after that protesters kept coming out they have shown up in malls in hospitals and this week they shut down the airport in the scenes beans. Were were one of solidarity. Many people took the day off from work to go and support and you had people just chanting throughout the whole day just chanting sitting on the airport arrival hall chancing for the government to listen to them. You know there's a term in cantonese which is language we speak in hong kong and it's called guy and means at oil and it's really kind of like a word of encouragement to say hey like i got your back. You know you can do it and and one of the biggest chance that you'll always see now like every few days when there's a protest as people people saying hongkongers at oil you know hung out and guy out. There are a lot of things adding oil to these protests the way the protesters are organizing online the way police are responding but the driving force underneath it all has to do with this extradition bill not the bill itself but what it could mean for hong kong hong kong's leader carrie. Lam said she would suspend the bill after those early protests but she hasn't withdrawn it entirely entirely it may seem like a pretty nuance difference but protesters are worried that lamb may be serving china's interests not hong kong's from the protesters point of view if you could do this one thing and you're still not doing it. Is it because china has said they're not going withdraw the bill. It feels like there's this attention between the hong kong government and china like you have said distrust right of the hong kong government that they aren't just puppets of beijing yes and and i think that that's something that didn't happen overnight. One.
"hong kong" Discussed on Monocle 24: The Foreign Desk
"In recent weeks the streets of Hong Kong have been filled by not just the biggest demonstrations in recent memory but some of the largest gatherings of people in human history they began as protests against a proposed law which would enable extradition of suspected criminals from Hong Kong to mainland China this dispute over a technicality has escalated into a standoff between Beijing and the people of Hong Kong with the government of Hong Kong occupying being a distinctly uncomfortable position in between two clearly determined entities. There were always going to be tensions in the one China Two Systems setup agreed when Hong Kong once a British colony was returned to to China in one thousand nine hundred ninety seven but despite what Beijing may have wanted or imagined Hong Kong does not appear at all reconciled to its eventual absorption into China proper sheduled to occur by two thousand and forty seven indeed among the younger Hongkongers in particular a separate identity appears to be emerging one rooted at least in part in the idea of Hong Kong as a democracy so far at least China has taken a relatively restrained approach to the demonstrations as it did to what became known as the umbrella movement of two thousand fourteen but is China's patients infinite can Hong Kong be lewd or pushed towards compromise and does Hong Kong's songs government have any say in any of this anymore. This is the foreign desk.
"hong kong" Discussed on Correspondents Report
"Well, you will have seen the scenes over the past two weeks. Hong Kong has been the scene of anger and violence and tragedy at a record breaking display of defiance to the communist party rule is in China at its peak almost two million people marched in Hong Kong to demand. The scrapping of legislation that would allow almost anyone to be extradited to face trial in China. The China correspondent Bill Birtles looks back in a moment of courage, and of history. It's Sunday morning, June sixteenth. And I'm feeling pretty pessimistic about the story deigned sent to Cava sitting over our usual, Hong Kong breakfast of Tyco, coffees at the hotel. I'm going through planning messages from ABC headquarters with my colleagues, Nick doll and Craig Berkman it saying back in Sydney. Everyone thought Hong Kong was about to go off again. Just dies before hundreds of riot. Police moved in on mainly young protestors at a demonstration outside the city's legislative assembly. Hong Kong's.
"hong kong" Discussed on The Daily
"Austin where does all of this begin? The story begins a year ago in February of twenty eighteen Austin Ramsey covers Hong Kong for the times a young couple from Hong Kong. They went from Hong Kong to Taiwan bre trip over Valentine's Day. After this trip he returns and she doesn't. Her family is incredibly worried, and they contact Hong Kong police Hong Kong police contact Taiwan. Police the police in Taiwan begin looking into it, they find the hotel where the couple stayed they find footage of him coming out with a large suitcase..
"hong kong" Discussed on The Heat
"I've been to Hong Kong by before off the hand off. So we have a lot of family history. I remember my dad saying a lot of other people saying that during the handover in nineteen ninety seven everyone expected the PR to come marching over the hills and take over every street corner in Hong Kong. So there is that sort of feeling especially in the west, as you know, just any minute, now it's all gonna be taken away, hundreds of thousands of people have taken to the streets of Hong Kong to protest a controversial proposed extradition, Bill, if passed by the territory's legislature, it would allow suspects to be sent to mainland China for trial or to any other country for that matter to use tear gas and rubber bullets to disperse crowds.