Monday , January 27 2020
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Hong Kong

Hong Kong port loses a million teu as PRD undergoes a ‘transformation’

Hong Kong’s container volumes fell by over a million teu last year, pushing the transhipment hub down to eighth place in the global container port rankings. The port’s throughput fell 6.3%, to 18.36m teu, down more than 1.2m teu on 2018, according to figures from the Hong Kong marine department. By comparison, Shanghai maintained its top position with a 3.1% ... Read More »

Hong Kong Fashion Label Maker SML Explores $500 Million Sale

SML Group Ltd., a closely held garment label maker for fashion brands and retailers globally, is exploring a sale of the business which could fetch about $500 million, according to people familiar with the matter. Hong Kong-based SML is working with Citigroup Inc. to seek a buyer for the business, the people said, asking not to be identified because the ... Read More »

Hong Kong Ladies’ Market stalls shut down in customs raid on hawkers selling fake goods

Four women were arrested and HK$4 million worth of counterfeit goods seized as customs officers closed down hawker stalls suspected of selling fakes to tourists at the Ladies’ Market in Hong Kong. Officers raided three stands at the attraction in Tung Choi Street, Mong Kok, and two nearby flats used for storage on Tuesday, customs said on Thursday. Jacky Tsang ... Read More »

Hong Kong shares close at 5-mth highs on trade deal hopes

HONG KONG,: The Hong Kong stock market rose on Thursday to its highest level since last July, fuelled by hopes that Beijing and Washington will sign a trade pact this month to end their bruising tariff war. ** By the close of trade, the benchmark Hang Seng index was up 1.3% at 28,543.52 points, its highest since July 2019. The ... Read More »

Hong Kong recession to continue as protests hit economy

Multiple protests are planned for New Year’s Eve and New Year’s Day, which are designed to disrupt festivities and shopping in the City. Events dubbed “Suck the Eve” and “Shop With You” are set for New Year’s Eve on Tuesday in areas including the party district of Lan Kwai Fong, the picturesque Victoria Harbour, and popular shopping malls, according to ... Read More »

Room rates as low as US$12 a night bring no joy to Hong Kong

The outlook for Hong Kong’s hotel sector looked bleak as occupancy continued to fall on the run-up to Christmas despite room rates dropping to as low as US$12 a night. Hotel rates for Christmas hit a low of HK$93 (US$12) at the Winland 800 Hotel in Tsing Yi, which is offering the rate through the Trip.com website. The hotel did ... Read More »

Hong Kong drug seizures surge 74 per cent

Hong Kong customs and police seized nearly HK$1.9 billion in drugs in the first 11 months of 2019, a 74 per cent jump over the same period last year, with syndicates thought to be becoming more brazen as they assume the ongoing protests have undermined law enforcement. As the anti-government demonstrations rolled into their seventh month, officials uncovered two record ... Read More »

Hong Kong shares pull back as trade deal details awaited

HONG KONG (Nikkei Markets) — Hong Kong shares fell for the first time in three days on Thursday, with some traders saying the benchmark gauge had rallied too much too soon after the U.S. and China agreed to a preliminary trade deal that was thin on detail. Read More »

Hong Kong customs seizes HK$13.8 million haul of fake medicine

Hong Kong customs has made the largest seizure of counterfeit Chinese herbal and Western medicine in a decade with seven people arrested in raids across the city, according to an official. The haul of 2.4 million tablets, including ones to treat impotence, and 470 litres of bogus liquefied medicine could have been sold for HK$13.8 million (US$1.8 million), Superintendent Guy ... Read More »

Hong Kong business sentiment detaches from mainland China

Hong Kong’s economy has always been tied to that of mainland China. Those ties seem to have loosened a little. After six months of violent anti-government protests, business activity in the Asian financial hub has fallen even deeper into contraction — despite signs of a recovery on the mainland. Nowhere is the divergence clearer than in the respective purchasing managers’ ... Read More »

Uncertainty clouds Hong Kong’s business future

The unrest in Hong Kong has already caused at least one Canadian company to change its decision to set up operations in the Chinese special administration region – and other Canadian businesses may be wise to steer clear also. That is the view of one senior-level consultant with PwC Canada who has spent 12 years in China’s investment sector. Ken ... Read More »

Hong Kong Airlines bosses given five days to save company, leaving 3,500 employees at risk just weeks before Christmas

Hong Kong Airlines bosses have been given five days to save the company, putting 3,500 jobs at risk just weeks before Christmas. The government said on Monday the airline needed to find new cash or last-minute investors, or face having its operating licence suspended or even revoked. In the most serious action taken by the government since the carrier’s financial ... Read More »

Hong Kong unrest leaves gaping hole in business plans

GUANGZHOU/HONG KONG — A wide swath of businesses in Hong Kong are suffering blows to earnings from pro-democracy protests, forcing some to change strategies in the face of no clear end to the unrest. Drugstore operator Sa Sa International Holdings made a surprise announcement to analysts on Nov. 21 that it would close 30 locations across Hong Kong, about a ... Read More »

Hong Kong customs seizes HK$50 million worth of smuggled

A cross-border syndicate smuggling frozen meat from Hong Kong to mainland China was dealt a heavy blow when customs officers seized 540 tonnes of produce worth HK$50 million, the city’s largest bust of its kind in a decade. Criminals sought to evade mainland taxes, including tariffs imposed during the US-China trade war, by transporting illicit beef and offal from the ... Read More »

PRHK Viewpoints: Against a backdrop of protests, business goes on for Hong Kong PR

A question often asked at PR industry meetings is: “How is business holding up in the face of the protests?” The usual reply is that business is down, but we have to plough on and deal with it, hoping for the best. However, while pockets of the market seem to be holding up well, others have been more drastically affected. ... Read More »

DESPITE TENSIONS, HONG KONG’S BIZAV TRAFFIC IS UNCHANGED

Even with the protests in Hong Kong that have garnered headlines since June, business aviation travel there has not been drastically affected, according to the Hong Kong Business Aviation Centre (HKBAC), the lone FBO on the field, which has seen only minimal erosion. “Surprisingly, our movements haven’t changed much, and I can say it’s business as usual,” said Minnie Kan, ... Read More »

Joint Hong Kong-Macau-mainland customs operation launched to stamp out fakes

​Hong Kong Customs has conducted a two-week joint operation with the mainland and Macao Customs to combat cross-boundary counterfeit goods activities. The operation ran from October 14 to 27, focusing on goods destined for overseas countries. Hong Kong Customs seized about 37,000 items of suspected counterfeit goods with an estimated market value of about HK$4.9 million. The suspected counterfeit goods ... Read More »

Higher customs scrutiny delays China-Hong Kong shipments

Chinese customs officials are giving a closer look to some goods being shipped from China into Hong Kong amid ongoing anti-government protests, causing delays in freight arrival. Read More »

Hong Kong government considers moving trade terminal to make way for new town

Hong Kong’s government is looking at relocating the city’s 65-hectare River Trade Terminal to make way for a major new town in the northwest of the city, the development minister has said. As one of the land-boosting measures announced in the policy address last Wednesday, a study will be carried out early next year into the development potential of 440 ... Read More »

Hong Kong’s port is failing to ready itself for LNG

The world’s shipping industry is starting to switch to liquid natural gas (LNG) powered vessels in an effort to eliminate sulphur and cut greenhouse gas emissions. Creating the infrastructure needed to handle LNG fuel for commercial ships could become a decisive factor in determining which of the world’s ports remain relevant in the future. Singapore, the world’s largest bunkering (fuelling) ... Read More »