Tag: Hong Kong

  • Death toll in Hong Kong high-rise fire hits 36

    Death toll in Hong Kong high-rise fire hits 36

    279 reported missing

    Hong Kong’s deadliest fire in years blazed late into the night yesterday as the city’s leader confirmed at least 36 people, including a firefighter, had died and another 279 people were reported missing.

    Hundreds of residents were evacuated as the blaze spread across seven high-rise apartment buildings in a housing complex in Tai Po district, a suburb in the New Territories. At least 29 others remained hospitalized.

    “Police and the Fire Services Department have already set up a dedicated investigation team to investigate the cause of the fire,” John Lee, Hong Kong’s chief executive, said.

    He said the fire was “coming under control” shortly past midnight.

    Chinese leader Xi Jinping on Wednesday expressed condolences to the firefighter who died and extended sympathies to the families of the victims, according to state broadcaster CCTV. He also urged efforts to minimise casualties and losses.

    The housing complex consisted of eight buildings with almost 2,000 apartments housing about 4,800 residents, including many elderly people. The housing complex was built in the 1980s and has recently been undergoing a major renovation.

    Fire chiefs said high temperatures at the scene made it difficult for crews to mount rescue operations. It was not immediately known how the fire started, but officials said the fire started at the external scaffolding of one of the buildings, a 32-storey tower, and later spread to inside the building and then to nearby buildings, likely aided by windy conditions.

    A column of flames and thick smoke rose as the blaze spread quickly on bamboo scaffolding and construction netting that had been set up around the exterior of the buildings. About 900 people were evacuated to temporary shelters.

    Multiple buildings close to each other were set ablaze, with bright flames and smoke shooting out of windows as night fell. Authorities said that hundreds of firefighters, police officers and paramedics were deployed. Firefighters aimed water at the intense flames from high up on ladder trucks.

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    The blaze, which started mid-afternoon, was upgraded a level 5 alarm — the highest level of severity — as night fell. Authorities said that conditions remained very challenging for firefighters.

    “Debris and scaffolding of the affected buildings (is) falling down,” said Derek Armstrong Chan, deputy director of Fire Service operations. “The temperature inside the buildings concerned is very high. It’s difficult for us to enter the building and go upstairs to conduct firefighting and rescue operations.”

    The fire department said that it received “numerous” calls requesting assistance. It said some residents remained trapped as of Wednesday night. Firefighters deployed more than 140 fire trucks and more than 60 ambulances to the scene.

    The dead included a 37-year-old firefighter, while another received treatment for heat exhaustion, Director of Fire Services Andy Yeung said.

    District officials in Tai Po have opened temporary shelters for people left homeless by the fire.

    “I’ve given up thinking about my property,” a resident who only provided her surname, Wu, told local TV station TVB. “Watching it burn like that was really frustrating.”

  • Hong Kong SFC to Conduct Compliance Checks on Crypto Firms After Licence Deadline

    Hong Kong SFC to Conduct Compliance Checks on Crypto Firms After Licence Deadline

    The Hong Kong Securities and Futures Commission (SFC) is taking decisive steps to ensure the integrity of its financial markets.

    Overview

    Following the recent deadline for cryptocurrency firms to obtain licences, the SFC will conduct rigorous compliance checks on these entities. This move is part of a broader effort to enhance regulatory oversight and protect investors in the rapidly evolving digital asset sector. On May 28 2024, the SFC reminded crypto companies about their requirement to get licensed before June. After the deadline, all local crypto trading platforms must obtain a licence or be authorised by the SFC. Applicants considered “deemed to be licensed” will be subject to a temporary framework tailored for crypto firms already active in the region before the new licensing regulations.

    As of June 1 2024, running an unlicensed Virtual Asset Trading Platform (VATP) in Hong Kong will be a criminal act, and the SFC will actively pursue these companies, potentially with direct enforcement actions. The FSC said, “In the coming months, whilst the deemed-to-be-licensed VATP applicants pursue their applications, the SFC will conduct on-site inspections to ascertain their compliance with the SFC’s regulatory requirements.” investors were urged by the SFC to trade crypto on SFC-licensed platforms. The FSC added, “It would have a particular focus on how the firms are safeguarding client assets and undertaking Know Your Customer (KYC) processes.”

    Strengthening Regulatory Oversight

    In recent years, Hong Kong has emerged as a significant hub for crypto activity, attracting numerous firms due to its favourable business environment and strategic location. However, the rapid growth of the crypto industry has also brought about challenges, particularly in ensuring that firms operate within a legal and ethical framework. To address these issues, the SFC introduced a mandatory licensing regime for crypto exchanges and related businesses. The deadline for obtaining these licences was recently reached, marking a new phase in the regulatory landscape.

    The licensing regime requires crypto firms to adhere to strict standards regarding capital requirements, cybersecurity measures, and anti-money laundering (AML) protocols. By enforcing these standards, the SFC aims to mitigate risks associated with crypto trading, such as fraud, market manipulation, and illicit financial activities. The compliance checks are designed to verify that licensed firms adhere to these requirements and identify potential non-compliance areas.

    Ensuring Investor Protection

    Investor protection is a central objective of the SFC’s regulatory framework. With the increasing popularity of cryptocurrencies, retail investors are becoming more involved in this market, often without fully understanding the associated risks. The SFC’s compliance checks will ensure that crypto firms provide their clients with clear and accurate information, maintain proper asset custody, and implement robust internal controls. One key area of scrutiny will be the way firms handle customer funds.

    The SFC will examine whether companies segregate client assets from their funds, reducing the risk of misappropriation. Additionally, the SFC will assess the adequacy of firms’ cybersecurity defences to protect against hacking and other cyber threats. Given the high-profile breaches that have occurred in the crypto sector, ensuring the security of digital assets is a top priority. Moreover, the SFC will evaluate AML measures to prevent using cryptocurrencies for illegal activities. This includes verifying that firms have adequate procedures for customer due diligence, transaction monitoring, and reporting suspicious activities. By enforcing these measures, the SFC aims to create a safer investment environment and bolster confidence in the crypto market.

    The Future of Crypto Regulation in Hong Kong

    The SFC’s compliance checks represent a significant step in the ongoing development of Hong Kong’s crypto regulatory framework. As the digital asset market evolves, the SFC will likely introduce further measures to address emerging risks and challenges. This proactive approach underscores Hong Kong’s commitment to maintaining its reputation as a leading financial centre while embracing innovation. The SFC may consider additional regulatory initiatives, such as introducing new guidelines for emerging areas like decentralised finance (DeFi) and non-fungible tokens (NFTs). Due to their decentralised nature and rapid growth, these sectors present unique regulatory challenges. By staying ahead of these trends, the SFC can ensure that Hong Kong remains at the forefront of the global financial landscape. Collaboration between the SFC and other regulatory bodies, locally and internationally, will also be crucial.

    As cryptocurrencies operate globally, coordinated efforts are necessary to address cross-border issues and enhance the overall effectiveness of regulatory measures.

    The SFC’s actions may serve as a model for other jurisdictions seeking to regulate the crypto market. Experts at Bitcoin Nova mentioned that the number of crypto exchanges seeking operational licences in Hong Kong has steadily decreased since the start of this month. A total of 11 crypto firms and exchanges, including OKX and the local branch of Huobi, retracted their applications before the deadline. Meanwhile, 18 applications are still awaiting approval. Gate.HK, a crypto exchange, stopped bringing in new users and marketing efforts, halted existing users from depositing funds, and initiated the removal of specific tokens on May 23. The intention is to revamp the platform to align with Hong Kong’s regulatory standards before reintroducing its services.

    The Hong Kong SFC’s decision to conduct compliance checks on cryptocurrency firms following the licensing deadline is pivotal in strengthening regulatory oversight and protecting investors. By ensuring that firms adhere to high standards of conduct and transparency, the SFC fosters a more secure and trustworthy environment for digital asset trading. As the cryptocurrency market grows and evolves, ongoing regulatory efforts will be essential in maintaining stability and promoting sustainable development in this dynamic sector.

  • Hong Kong customs seize record haul of contraband from Nigeria

    A massive consignment of endangered wildlife animal parts allegedly smuggled from Nigeria has been intercepted in Hong Kong.

    The consignment is estimated at $7.90million, Hong Kong customs officials said yesterday.

    The officials labeled the seizure a record.

    It was bound for Vietnam.

    Found in the container were pangolin scales and more than 1,000 ivory tusks.

    It is estimated that 500 elephants and up to 13,000 pangolins may have been killed to amass the contraband.

    The Vietnam News Agency also reported yesterday that authorities in the port city of Hai Phong had discovered another 1.4 tonnes of pangolin scales in a shipping container from Nigeria.

    Pangolins, also known as scaly anteaters, are critically endangered. They are coveted for their meat — considered a delicacy — and their scales, which are used in traditional Chinese medicine to treat aliments from cancer to arthritis.

    “It is clearly impossible that the pangolin species can withstand such high rates of poaching, trafficking and trade. Eight tonnes is outrageous,” said Alex Hofford, campaign manager for conservation group WildAid in Hong Kong.

    WildAid estimates 100,000 pangolins are poached from the wild each year, with all eight  species of pangolin in Africa, and especially Asia, now under threat.

    Ex-Tanzanian president leads Commonwealth observers for presidential poll

    The Commonwealth has deployed a 20-member Observer Group, led by former President Jakaya Kikwete of Tanzania, for the February 16 presidential election in Nigeria.

  • Hong Kong: Proposed trading suspension could increase tension

    A proposal by bourse operator Hong Kong Exchanges and Clearing that listed companies suspend share trading immediately if auditors refuse to give their financial statements a clean bill of health could lead to an increase in tensions between firms and auditors, and even punish retail investors, according to analysts.

    HKEX said the rule change has been proposed with the intention of improving the quality and reputation of the Hong Kong market. The proposal is in a two-month consultation until November 30.

    Hong Kong stock exchange operator posts record first-half earnings, as blockbuster IPOs help it reclaim No 1 fundraising ranking

    “We are seeking to afford better investor protection by safeguarding the quality and reliability of financial information published by listed issuers. We also want to encourage issuers to resolve audit issues promptly with their auditors,” said David Graham, HKEX’s head of listing.

    About 40 listed companies are currently trading even after their auditors have expressed reservations about some issues with their financial statements, according to exchange data. And the bourse is now proposing that companies that cannot obtain a clean bill of health for their financial statements suspend trading immediately, starting in 2019.

    “If trading is suspended until the auditors are satisfied, this could take three to six months, or even longer,” said Gary Cheung, chairman of the Hong Kong Securities Association.

    “If trading of a listed company is suspended, the biggest victim is the retail investor, as they cannot sell their shares. The exchange proposal aims at enhancing investor protection, but it may hurt their trading rights. It is penalising them.“

  • Woman raises alarm over number of Nigerians in Hong Kong prisons

    …1000 languishing in prison for minor offences

     

    A Hong Kong citizen and wife of a Nigerian prisoner in Hong Kong, Mrs. Kaffi Okechukwu has raised the alarm over the inhumane treatment melted out on Nigerian prisoners in the Asian country.

    Kaffi in a telephone interview disclosed that over 1000 Nigerians are languishing in various Hong Kong prisons over minor offences.

    She expressed disappointment that the Nigeria Consulate in Hong Kong and the Ministry of External Affair could not fulfil the bilateral agreement reached between Nigeria Government and the Hong Kong on the release of the prisoners.

    According to her, “my country government, Hong Kong entered into an agreement earlier before September 11, 2017 to release Nigerians her prison custody but I am surprised that up till this time, the Nigeria government has not honoured the said agreement and her citizens are still held in the prisons languishing for minor offences”.

    She continued that “it is expected of Nigeria government to provide logistics for the movement of these prisoners which will enable them to travel back home but the Nigeria government is lagging behind to execute this little demand”.

    Mrs. Okechukwu wept throughout the interview, however appealed to President MUhammadu Buhari to “come to the aid of Nigerian citizens by fulfilling the pact to enable the prisoners regain their freedom”.

  • North Korea set to part ways with Norwegian coach

    North Korea will part ways with its men’s national football team head coach Jorn Andersen after spending nearly two years with the Norwegian, according to foreign media reports Friday.

    Norway’s TV2 reported that Andersen recently met with Hong Kong Football Association officials to discuss his coaching job.

    This happened after North Korea beat Hong Kong 2-0 in the 2019 Asian Football Confederation (AFC) Asian Cup qualifying match in Pyongyang.

    Andersen’s contract with North Korea ends at the end of March.

    According to TV 2, Andersen who is a former German Bundesliga top goal scorer decided not to renew his contract with North Korea.

    He is said to be close to leading the Hong Kong national football team.

    Andersen took the helm of the North Korean men’s national football team in May 2016.

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    He was the second foreigner to manage North Korea after Hungarian Pal Csernai in 1991.

    The 55-year-old collected six wins, one draw and one loss in his first year with North Korea.

    He led the communist nation to qualify for the East Asian Football Federation E-1 Football Championship.

    Andersen also helped North Koreans to play in Europe, such as Han Kwang-song at Italian side Cagliari and Jong Il-kwan at Swiss outfit Luzern.

    Andersen renewed his contract with North Korea last December and focused on North Korea qualifying for the 2019 Asian Cup.

    North Korea finished second in Group B behind Lebanon in the Asian Cup qualifying campaign and earned their sport at the AFC event in the United Arab Emirates (UAE).

    North Korea are ranked No. 119 in the latest FIFA rankings.

    NAN

  • EU ambassador urges China to release Hong Kong bookseller

    EU ambassador urges China to release Hong Kong bookseller

    The European Union’s ambassador to China on Wednesday joined the Swedish Foreign Ministry in calling on Beijing to release a Hong Kong-based bookseller of Swedish citizenship who was arrested by Chinese authorities at the weekend.

    Amb. Hans-Dietmar Schweisgut has told the EU expects Chinese authorities to immediately release Gui Minhai from detention and to allow him to reunite with his family.

    “Gui should also consulate support and medical support in line with his rights, because he is a Swedish citizen and also a citizen of the EU,’’ Schweisgut noted.

    A Chinese Foreign Ministry spokeswoman replied that the ministry had no “new information” about the situation and that it is “unreasonable” for Sweden and the EU to call for Gui’s release.

    “Any foreign country should respect Chinese authorities’ handling of cases of foreign citizens in China according to the law,’’ spokeswoman Hua Chunying said.

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    Hua added that Beijing provides assistance to foreign embassy officials to perform their duties according to international law and that other countries should “educate” their citizens in advance to respect China’s domestic laws.

    Angela Gui said a naturalised Swedish citizen, was arrested on Saturday while en route to Beijing, where he had been due to undergo medical tests, his daughter.

    Gui was detained on a train by plain-clothes police in the presence of two Swedish diplomats.

    According to Swedish Foreign Minister Margot Wallstrom, Sweden takes Gui’s detention very seriously and expects his immediate release.

    Gui is one of five previously detained Hong Kong publishers with links to a publishing house specialising in books banned in mainland China.

    NAN

  • Shell sells LPG marketing business in Hong Kong

    Shell sells LPG marketing business in Hong Kong

    Shell has completed the sale of the first phase of its Hong Kong and Macau liquefied petroleum gas (LPG) marketing business to DCC LPG on 31st December 2017.

    The company, in a statement, said it  continues to operate the LPG plant in Hong Kong, which is part of the second phase of the transaction and that the issue is subject to conditions, including regulatory approvals.

    The sale of Shell’s entire LPG business in Hong Kong and Macau was announced on 5 April 2017 for an agreed total transaction value of approximately US$ 150 million. As part of the sale, Shell branded LPG products will continue to be available in Hong Kong and Macau via a long-term brand license agreement with DCC LPG.

    The sale does not impact any of Shell’s other businesses and Shell remains committed to helping meet growing energy demand in Hong Kong and Macau.

    Similarly, the oil giant said the agreement it signed with Dansk Olieselskab AS (DO) in September 2016 regarding the sale of A/S Dansk Shell, which consists of the Fredericia refinery and local trading and supply activities, has terminated and the sale will not complete.

    A/S Dansk Shell, including the refinery and local trading and supply activities, will remain under Shell’s ownership and continue business as usual.

    Shell Group’s $30 billion divestment programme remains on track to complete in 2018, with deals worth $23 billion completed, $2 billion announced and $5 billion in advanced progress.

     

  • Chad rejects U.S. bribery allegations against President Deby

    Chad rejects U.S. bribery allegations against President Deby

    Chad on Thursday rejected allegations made in the U.S. that President Idriss Deby was paid a two million dollars bribe in exchange for providing a Chinese energy company with oil rights without international competition.

    The U.S. announced charges on Monday against former Hong Kong Home Secretary Chi Ping Patrick Ho and former Senegalese Foreign Minister Cheikh Gadio for allegedly funnelling bribes to high-level officials in Chad and Uganda.

    “The government is indignant and questions this fierce attack against our head of state,” Chad’s government said in a statement late on Wednesday, adding that Deby had always sought transparency in the country’s natural resources sectors.

    The U.S. Justice Department alleged that Gadio received 400,000 dollars from Ho via wire transfers through New York to act as a go-between for bribes to Deby on behalf of an unnamed energy firm headquartered in Shanghai.

    Neither Ho nor Gadio, who were both arrested on Nov. 16, have commented publicly on the allegations against them.

    Landlocked Chad pumps about 130,000 barrels of oil per day.

    It ranks third-from-bottom on the UN Human Development Index and 159th out of 176 countries on Transparency International’s Corruption Perceptions Index.

    NAN

  • Basketball: Rule change allows players to wear religious headgear

    Basketball: Rule change allows players to wear religious headgear

    Basketball players will be allowed to wear headgear for religious reasons after world governing body FIBA on Thursday approved a new rule to come into effect from October 1.

    “The new rule comes as a result of the fact that traditional dress codes in some countries, which called for the head and/or entire body being covered, were incompatible with FIBA’s previous headgear rule,’’ FIBA said in a statement.

    Qatar’s women’s team withdrew from the 2014 Asian Games in South Korea after being denied permission to wear the hijab on court.

    The decision, which overturns a 20-year ban on religious head coverings that was originally imposed for safety reasons, was ratified by Swiss-based FIBA’s Mid-Term Congress in Hong Kong.

    FIBA began a two-year revision and testing period in September 2014, granting exceptions at national level.

    Its central board approved a modification to the rule after receiving a report in January.

    The Mid-Term Congress singled out as an historical moment, a test game in Iran on April 13 that featured women wearing hijabs and “marked the first time men witnessed a women’s sports event in person’’.

    FIBA said the new rule, which would also allow turbans and yarmulkes, would minimise the risk of injury while ensuring uniform was of a consistent color.

    The headgear must be black or white, or of the same dominant colour as that of the uniform, and the same colour for all players on a team.

    It must not cover any part of the player’s face entirely or partially, can have no opening or closing elements around the face and neck or pose a danger to any player.

    Other sports, including soccer, already allow players to wear headgear during matches.