Business
The Hong Kong government has neither invested in nor offered “additional policy benefits or financial support” to any family offices, a spokesperson has said, after news that a Dubai sheikh planned to set up a family office in the city triggered suspicion surrounding his identity and source of wealth. Sheikh Ali Rashed Ali Saeed Al Maktoum, who said he was a nephew of the United Arab Emirates (UAE) ruler Sheikh Mohammed bin Rashid Al Maktoum, announced his plan to set up a family office in Hong Kong to manage up to US$500 million in a Bloomberg interview in March. The move attracted attention ...
Hong Kong Free Press
Industry representatives have said that local businesses saw a drop in trade over the long Easter weekend, as Hongkongers made almost 1.76 million outbound trips – four times the number of inbound visitor figures. According to Immigration Department data, Hong Kong residents made almost 1.76 million outbound trips from Friday to Monday, while mainland and other visitors made 400,369 inbound trips to Hong Kong in the same timeframe. The department logged 700,808 departures by Hong Kong residents on Friday, 453,946 on Saturday, 358,300 on Sunday, and 246,369 on Monday. Hong Kong resident arrival...
Hong Kong Free Press
Hong Kong MTR fares will increase by about 3 per cent in June, the city’s railway operator has announced. The MTR Corporation (MTRC) – Hong Kong’s only train services provider – announced the hike on Tuesday under a rate adjustment mechanism that takes into account the conglomerate’s property development profits. The government-controlled firm said the increase had considered public affordability as the fare adjustment was capped at 3.09 per cent, the equivalent to the change in median monthly household income in 2023. According to its fare adjustment mechanism, the price hike could have been ...
Hong Kong Free Press
Nineteen firms from mainland China and the US have signed an agreement to set up offices or expand in Hong Kong as part of a government drive to draw international innovation and technology (I&T) companies to the city. Chief Executive John Lee said during a signing ceremony on Wednesday that the firms, some of which already had an existing presence in Hong Kong, would thrive in the city. The deal would bring more than HK$40 billion in investment to Hong Kong’s economy, while creating some 13,000 jobs over the next few years, Lee added. A total of 25 companies were present at the ceremony, incl...
Hong Kong Free Press
Hong Kong’s flagship carrier Cathay Pacific lacked the experience and digital capability to predict a manpower shortage, the Civil Aviation Department has found, after the flagship carrier cancelled more than 780 flights from December to February. Cathay attributed the cancellations over the peak travel period to an “unanticipated and sustained increase in pilot sickness, most likely caused by a peak in seasonal influenza,” according to the airline’s report submitted to the department. The carrier said it had conducted projections to ensure that it had enough pilots for the rest of the 2024 sc...
Hong Kong Free Press
The Hong Kong government has announced it will cut funding for major NGOs starting from 2025 amid two straight years of budget deficits over HK$100 billion. Labour and welfare chief Chris Sun told reporters on Thursday the cutback would affect 59 large NGOs which currently received more than HK$50 million per year each, local media reported. Funding for each affected group will be reduced by two per cent for the fiscal year 2025-26 and further decreased by three per cent for 2026-27. Another 118 mid-sized and small NGOs will not be affected. “We’ve considered it thoroughly. While our financial...
Hong Kong Free Press
Hong Kong’s economy grew by 3.2 per cent in 2023 after the city lifted stringent Covid-19 restrictions, but the “difficult external environment” continued to limit the pace of growth, the city’s finance chief has said. Economic activity in Hong Kong showed an immediate improvement after anti-epidemic measures were axed early last year, Financial Secretary Paul Chan said on Wednesday when he presented the annual budget for the next fiscal year in the legislature. The income of the general public grew last year, Chan said, while private consumption expenditure increased by 7.3 per cent with the ...
Hong Kong Free Press
The Hong Kong government has announced the introduction of a tiered salaries tax regime from the 2024-25, which will see earners whose annual net income exceeds HK$5 million pay more. The financial secretary Paul Chan announced on Wednesday that taxpayers whose net income exceeds HK$5 million will be subject to an increased tax rate of 16 per cent on earnings over HK$5 million. Their first HK$5 million will be charged the standard rate of 15 per cent. Chan said the new regime would affect 12,000 taxpayers, or just 0.6 per cent, and predicted that the move would raise HK$910 million per year fo...
Hong Kong Free Press
Hong Kong is axing all extra stamp duties from Wednesday onwards in a bid to revive the city’s housing market, finance chief Paul Chan has said following pressure to lift long-standing property cooling measures. “After prudent consideration of the overall current situation, we decide to cancel all demand side management measures for residential properties with immediate effect, that is, no Special Stamp Duty, Buyer’s Stamp Duty, or New Residential Stamp Duty needs to be paid for any residential property transactions starting from today,” Chan said in Cantonese as he delivered his annual Budget...
Hong Kong Free Press
Hong Kong’s finance chief Paul Chan delivers the Hong Kong budget for 2024 on Wednesday, February 28, as the city faces a predicted HK$100 billion deficit. Help safeguard press freedom & keep HKFP free for all readers by supporting our team
Hong Kong Free Press
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