Royal News

Tag: Hong Kong

  • Emirates Cargo Plane Crashes into Sea at Hong Kong Airport

    Emirates Cargo Plane Crashes into Sea at Hong Kong Airport

    Tragedy struck early Monday at Hong Kong International Airport when an Emirates cargo plane, flight EK9788, skidded off the runway and plunged into the sea, killing two ground staff members.

    The Boeing 747, arriving from Dubai, veered off course at around 3:50 a.m. local time (7:50 p.m. GMT) while taxiing on the wet runway. The aircraft collided with a patrol vehicle before falling into waters beyond the tarmac.

    Airport authorities confirmed that the two occupants of the patrol vehicle, both ground operations staff, died instantly from the impact. Emergency responders rescued the four crew members aboard the plane, all of whom sustained only minor injuries.

    The Civil Aviation Department of Hong Kong has launched a full investigation into the incident. Preliminary reports indicate that adverse weather and potential mechanical failure may have contributed to the crash.

    Airport Chief Executive, Raymond Chiu, described the incident as “one of the most harrowing aviation events in Hong Kong’s recent history,” extending condolences to the families of the deceased.

    Operations on Runway 07R/25L were temporarily suspended to allow recovery and inspection, leading to flight delays and diversions.

    Emirates Airlines confirmed the incident in a statement, pledging full cooperation with authorities during the ongoing investigation.

     

  • Hong Kong welcomes IMF report reaffirming its position as global financial hub

    Hong Kong welcomes IMF report reaffirming its position as global financial hub


    The government of China’s Hong Kong Special Administrative Region (HKSAR) on Wednesday welcomed a report of the International Monetary Fund (IMF) that reaffirmed its position as an international financial center with a resilient financial system, sound macroeconomic, prudential policies, robust regulatory and supervisory frameworks.

    According to the report released on Wednesday, the IMF pointed out that rigorous stress tests showed that Hong Kong’s financial system remains resilient in extreme stress scenarios.

    The report says that Hong Kong’s macroeconomic and prudential policies have provided it with important buffers to cope with the current economic slowdown and future shocks, its Linked Exchange Rate System has continued to support financial stability.

    Robust regulatory and supervisory policy frameworks are also in place to support the development of the financial sector, the institutional framework for systemic risk monitoring and oversight is well established.

    The IMF acknowledged that Hong Kong is a major international financial center with one of the largest financial sectors in the world.

    The report cited assets in Hong Kong’s banking system equivalent to around 9.5 times its Gross Domestic Product (GDP), wealth under management amounting to 10 times its GDP in 2019, one of the world’s largest stock exchanges, a life insurance sector also amongst the world’s largest and the largest foreign exchange swap market in Asia.

    Financial Secretary of the HKSAR government Paul Chan said that the government welcomes the IMF report.

    “The positive appraisal of our financial system is a clear recognition of the government’s long-standing efforts to safeguard financial stability,” he said.

    Chan vowed to continue its efforts to reinforce Hong Kong’s core strengths, give full play to its unique advantages and identify new areas of growth to ensure the long-term competitiveness and prosperity of Hong Kong.

    The IMF Mission visited Hong Kong in September 2019 and conducted a virtual mission in February and March 2021 for discussions with government authorities, financial regulators and market players, the report was considered and adopted by the IMF Executive Board on May 21 this year.

  • Court convicts 7 in Hong Kong over unauthorised protest

    Court convicts 7 in Hong Kong over unauthorised protest

    Seven Hong Kong pro-democracy figures were convicted, on Thursday, for taking part in an unauthorised protest in 2019.

    Prominent pro-democracy activist, Martin Lee, and media mogul, Jimmy Lai, were among those found guilty in a Hong Kong court.

    It was not clear when the group would be sentenced.

    The court decision was the latest blow for Hong Kong’s pro-democracy movement, which Beijing has been cracking down on with a heavy hand.

    In the last few months, especially since the introduction of the controversial national security law in June, numerous well-known activists have been handed lengthy prison sentences for relatively minor offences.

    A number of Hong Kong activists fled to other countries in fear of prosecution.

    On Tuesday, China approved an electoral reform which means voters would have less say in the make-up of Hong Kong’s legislative bodies.

    It effectively reduces the influence of the pro-democracy camp in the legislature.

    Beijing has stated that it wants only what it calls patriots to govern in Hong Kong, namely politicians who support the central Chinese Communist government.

    Hong Kong was handed over to China by Britain in 1997.

    Under the agreements required for the transfer, the Chinese government allowed Hong Kong and its residents to retain many of the freedoms they had enjoyed as a British colony, including freedom of speech and a separate judiciary, until 2047.