Hong Kong has extended its talent list to cover 51 professions, including nurses, dentists, architects and builders, to ease staff shortages in sectors such as medicine and construction. The list, which allows workers to gain visas within four weeks, has been expanded from its launch in 2018, when it covered just 13 areas, to include burgeoning industries such as environmental technology services and innovation and technology. The government unveiled the updated scheme while revealing it had already received more than 10,000 applications through its talent scheme this year.
Primary school children in England have ranked fourth in the Progress in International Reading Literacy Study (PIRLS). The PIRLS tests measure progress in literacy specifically, and are taken by nine- and ten-year-olds every five years in 57 countries. Other successful nations included Singapore, Hong Kong, and Russia. Wales and Scotland do not participate in the assessments, and Northern Ireland was unable to participate in the most recent round due to pandemic-related school closures.
A group of US senators has proposed the Taiwan Tax Agreement Act of 2023 that would permit tax breaks for Taiwanese investors. The senators said that this will help to increase investment between the US and Taiwan by removing the double-taxation currently in place in relations between the countries. Offering tax relief could inspire further Taiwanese tech firms to move to the US to set up shop, including the construction of a TSMC $40bn plant in the state of Arizona. According to data from the Ministry of Economic Affairs in Taipei, Taiwan invested $23.73bn in the US between 1952 and 2022, the second highest amount after mainland China. Analysis from experts suggested that this move would increase economic, capital, and personnel mobility between the two countries, disrupting China's chip-making lithography machines and shifting the focus into tech collaboration and development based around US-led tax-friendly policies.
Boies Schiller Flexner has hired a former government attorney from Kazakhstan, Almat Madaliyev, as a partner in its London and New York offices. Madaliyev previously served as vice minister of justice for the Kazakh government dealing with investor-state disputes and commercial transactions for Kazakhstan. Boies Schiller worked with Madaliyev on litigation for Almaty, the country's largest city, and BTA Bank, one of its largest banks. Madaliyev is the second partner to join Boies Schiller in September, following Evan Ezray, a former deputy solicitor general of Florida. More than a dozen lawyers left Boies Schiller's London office last January.
Baidu CEO Robin Li has said that providing “appropriate” online content for viral chatbots such as ChatGPT is difficult in China. While models such as ChatGPT may be probabilistic, regulations in the country mean that content must comply with laws concerning political, sexual and violent material. The company recently launched its own chatbot, Ernie Bot, and plans to use it to gain ground in areas including cloud services, online marketing and smart devices.
Overseas property buyers have pushed up house prices in England and Wales by an average £44,000, or 17%, over the past 20 years, according to a study by Filipa Sa, lecturer and economist at King’s College London. But the boom in foreign buyers slowed after Brexit and the pandemic, which impacted the UK’s appeal as a destination. The return of overseas buyers is expected to cushion house prices falls this year given experts forecasting a record net migration of up to one million before 2024.
American jailed for spying by China is a veteran pro-Beijing advocate who rubbed shoulders with senior Chinese officials, CNN reporting shows
CNN
23-05-16 16:25
John Shing-Wan Leung, 78, an American citizen, has reportedly been sentenced to life in prison by a Chinese court. Leung was found guilty of spying, however, it was not known that he had been detained until the verdict was delivered. Searches on Chinese state media reports reveal that John Leung is the head of several pro-China groups in the US and has ties with senior Chinese officials. Leung is linked with the National Association for China’s Peaceful Unification (NACPU), Washington DC-based pro-China and Taiwan-focused lobby group, designated a foreign mission in 2020 by the Trump administration. China’s Foreign Ministry said the designation was unjustified.
Taiwanese same-sex couples have been given joint adoption rights under the 2019 same-sex marriage legislation. An amendment to the legislation, which had its third reading in the Legislative Yuan, means the adoption process is the same for same-sex couples as it is for heterosexual couples under the island's civil code. The move comes after a landmark court ruling earlier this year in Kaohsiung that allowed a man to become the legal guardian of his husband's adopted daughter. Taiwan remains the only jurisdiction in Asia to have legalised same-sex marriage.
The London Metal Exchange is making incremental progress in restoring investor confidence after the disruption caused to trading by the increase in nickel prices after the Russian invasion of Ukraine in 2016. CEO Matthew Chamberlain said the exchange had introduced measures, such as daily price limits, as well as introducing an "action plan" on 30 March. LME, owned by Hong Kong Exchanges and Clearing, will be hoping the two-year project will accelerate its advance into Asia.
Japan's GDP figures for the first quarter are set to be the highlight for Asian markets on Wednesday, with expectations of annualised growth of 0.7%, the fastest rate in three quarters, leading to Tokyo stocks opening up 0.2%. China's weaker than expected economic data for April has resulted in slumps across Chinese financial assets, with April house prices also due on Wednesday. Although offshore investors have a new scheme to link Hong Kong with the mainland in order to access interest rate derivatives to help hedge their Chinese bond exposure, concerns about debt demand have cast extra doubt over the yuan's ability to gain reserve currency status.
The UK's newly-appointed foreign secretary, Liz Truss, will call on the country's Chancellor Rishi Sunak to designate China as a national security threat during a speech in Taiwan this Wednesday. Truss will also urge the government to 'urgently' close China's 30 Confucius Institutes in the UK. This marks a significant hardening of the UK's stance towards China, as prime minister Boris Johnson only last year described China as the "biggest long-term threat to Britain". Truss is the first former UK prime minister to visit Taiwan since Margaret Thatcher in the 1990s.
Ukrainian officials have claimed that their air defence system intercepted six hypersonic Kinzhal missiles which had been pointed at Kiev, evidence which if confirmed, would suggest the country's ability to shoot down the most advanced weaponry from Russia. Ukraine accused Russia of launching an "exceptional" flurry of missiles and drones at Kiev, but said that it had stopped the Kinzhals. Russia claimed that one missile had hit an American-made Patriot system. This is one of Russia's biggest attacks since March, and Russia's chaotic defence system and lack of resources have failed to improve the country's 15-month war strategies.
China's yuan has weakened towards the 7-per-dollar threshold, its weakest this year, after weaker-than-expected economic data raised concerns about the country's growth prospects. Analysts predict that if it falls below 7, the currency could trigger retaliatory measures by US President Donald Trump, who has repeatedly accused Beijing of manipulating its currency. Some see a weaker yuan as a tool China could use to ease the effect of US tariffs and a slowing economy, but it also risks capital flight from the country.
Hong Kong's ageing population is set to create a serious housing shortage for retirees. Property consultancy JLL forecasts the shortage will top 60,000 homes by 2032 and trigger a "huge social problem" for the city. Meanwhile, in Kwun Tong only one in every 41 elderly people is expected to find senior care beds. Hong Kong's population is expected to age rapidly, with almost one-third of residents aged over 65 by 2039 - nearly double the current figure. Hong Kong is predicted to have the world’s oldest population by 2050, with more than 40% of people aged 65 and above.
Hong Kong side Kwoon Chung Southern have one final opportunity to prove their worth by winning the Sapling Cup final against Lee Man. Under-22 goalkeeper Ng Wai-him, whose performances this season have earned him the title of best under-22 Southern player and a HK$3,000 prize, has sights set on including representation of his city in the AFC Under-23 Asian Cup qualifiers and Asian Games. Winning the Sapling Cup would not only help Southern regain respect, but also offer Ng the chance to gain further international exposure.
According to reports, multinational banks, including Goldman Sachs and Morgan Stanley, are reportedly scaling back their goals and expansion plans in China due to the "deteriorating geopolitical climate" and the increasingly authoritarian direction of President Xi Jinping's government. In particular, the banks are struggling to compete against China's state-owned enterprises, which are "well-entrenched" in the market, making it difficult for global banks to compete. In the face of slowing growth for its economy, China has introduced the most sweeping changes to its financial services, including full ownership of insurers, banks, brokers, and asset managers by foreign firms.
However, the country's ongoing geopolitical nuances have caused Wall Street firms to become more cautious about the China market; publicly, everyone is saying the same thing - China is still a massive opportunity, and they have no plans of withdrawing, particularly since such considerable money has already been spent. Privately, Wall Street executives told Bloomberg that it's challenging to maintain the confidence of both sides as tensions escalate, which is expected to intensify as the US election cycle approaches.
Many Wall Street giants are considering more drastic job cuts as there is a realization that a fundamental rethink on the world’s No. 2 economy is necessary due to the weakened business climate, fewer opportunities for outsized profits and China's approach to the financial market. While planning to build onshore brokerage, Morgan Stanley is focusing its efforts on its derivatives and futures businesses.
UBS's Taiwan wealth unit is expecting double-digit growth this year, despite fears over tensions between China and Taiwan. While some clients are shifting assets to financial centres such as Hong Kong or Switzerland, others are reconfiguring their portfolios and bringing funds back to Taiwan, said Head of Wealth Management Henry Su. The unit is also aiming for double-digit revenue growth and plans to offer historically local clients alternative investments and concentrate more on onshore banking for the island economy. Last year, Taiwanese businesses decreased their new investments in China and banks cut their exposure to China to the lowest level in at least a decade.
Hong Kong’s footballing community has once again been hit by allegations of corruption and match-fixing as the Independent Commission Against Corruption arrested 23 people associated with illegal gambling. Hong Kong football has been blighted by match-fixing for the past 10 years with more than 30 involved in such practices having been charged, accused or convicted. Last week, investigators discovered one side was targetted with three main match-fixing strategies, poor play, score control and changing bets.
US antitrust tsars Lina Khan and Jonathan Kanter are scaring corporate executives with their willingness to sue to block deals that promote rampant consolidation, according to the FT. The Federal Trade Commission’s recent decision to file a lawsuit to block Amgen's $28.3bn acquisition of Horizon Therapeutics surprised many in the industry. So far, mergers challenged or blocked by the duo (with the help of friendly regulators in the UK and EU) include Microsoft’s $75bn acquisition of gaming company Activision Blizzard, Lockheed Martin’s planned $4.4bn acquisition of US missile products supplier Aerojet Rocketdyne, and the $2.2bn merger of Penguin Random House and Simon & Schuster. The duo have said they will try to sue to block deals even if they know they might lose. Vince McMahon, the founder of World Wrestling Entertainment, relied on merchant bank Raine Group for strategic advice and its help in selling his company. Raine will earn $65m from the $21bn transaction.
Former UK Prime Minister Liz Truss has called China the “biggest long-term threat” to Britain while warning of its growing political and economic influence. Truss is the first former UK prime minister to visit self-ruled Taiwan since Margaret Thatcher's visit in 1990. She hailed the country as “an enduring rebuke to totalitarianism” whose fate was a “core interest” to Europe. China’s relations with Britain and other Western democracies remain in decline, as they dispute issues such as human rights, trade technology, China’s aggressive moves in the South China Sea and its crackdown on democracy in Hong Kong.
