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Facebook chief executive Mark Zuckerberg said the social media giant will re-examine its policies against violent threats and voter suppression after facing intense backlash, particularly from its own employees, over the company’s handling of incendiary posts by US President Donald Trump.In a lengthy Facebook post on Friday, Zuckerberg said he wanted to "acknowledge the real pain expressed by members of our community" over the company’s decision not to take any action on a Trump post that...
Hong Kong’s real estate buyers turned out in droves for the third consecutive weekend, as they shrugged aside the Trump administration’s threat to strip the city of its special trade status amid escalating US-China tension.Sales results were mixed at two developments in different parts of the city.
Over the past week I have spent much time flipping in shock between Fox News and CNN trying to understand what is going on inside the United States. I have been doing the same with China and its decision to introduce a security law in Hong Kong.The experience is surreal. How can intelligent, well-educated people watch the same events, absorb the same information, and yet reach such radically opposite conclusions? How can one man’s crisis of police brutality and racial discrimination be another…
Good morning, this is Melissa Zhu from the SCMP tech desk in Hong Kong rounding up some of our key stories from the week.In the past, contact tracing was done through in-person interviews with medical professionals. Now smartphones have the power to streamline and automate that process, making it a plausible way to help tackle the global coronavirus pandemic that has sickened millions and brought the world economy to its knees.The one problem? Data privacy.Our reporters Josh Ye, Coco Feng and…
When Spencer Fung first unveiled his US$150 million, three-year plan in 2017 to remake the 111-year-old trading company founded by his great-grandfather as a trailblazer in the digital era of online shopping and smart retailing, he was in charge of a HK$30 billion (US$3.9 billion) giant that made its fortunes as the broker between the two largest economies on earth.Since then, a trade war has sullied ties between the United States and China, tearing asunder the intricate global network of...
The US government has abandoned plans for an all-out ban on flights by Chinese carriers into the country but will still heavily restrict incoming services after China eased its own limits on US operators. Under restrictions announced by the Department of Transportation (DOT) on Friday, a total of two round-trip passenger flights operated by Chinese carriers will be allowed weekly to and from the US. Protesting coronavirus-related restrictions implemented by Beijing on international flights,...
It has been a feature of the Chinese government’s annual state-of-the-nation address to the country’s legislature since 2014.But this year when Chinese Premier Li Keqiang delivered his government work report and development plan to the National People’s Congress, there was no mention of the core Chinese military modernisation policy that has alarmed Washington.The military-civil fusion (MCF) policy is a national strategy to enlist the private sector to help modernise the country’s defences and...
ByteDance, parent company of popular short video app TikTok, has closed its artificial intelligence-enabled news aggregator app TopBuzz, which had failed to capture a vast international audience in five years of operation.“We are proud of the work that we accomplished with TopBuzz, but have determined that other areas of the business should be our priority going forward,” a ByteDance representative said on Friday in a statement sent via WeChat. The app’s Japanese version, however, was still on…
Some of the biggest names in finance and business made a fortune on Zoom Video Communications: Hong Kong’s Li Ka-shing, Tiger Global Management’s Chase Coleman and, of course, founder Eric Yuan, whose net worth has surged to US$10.7 billion.And then there’s Samuel Chen, a little-known Taiwanese investor who made his initial wealth through ink trading and started putting money in the videoconferencing juggernaut about a decade ago.Chen’s Digital Mobile Venture, which took part in Zoom’s early...
The global economy is crawling back to its feet, but returning to full health will take longer. Disrupted by Covid-19, it is facing its deepest recession since World War II. The good news is that we are starting to see many economies reopening and can anticipate a two-stage recovery process.We are probably at the start of the first stage of recovery from Covid-19 and getting back to some form of normality. However, to eventually rebound to full strength, we will need a vaccine or at least…
China will take "whatever measures are necessary" to defend the interests of Chinese enterprises in response to Washington’s restrictions on an additional 33 Chinese firms and institutions the Ministry of Commerce said on Friday, the same day the new controls took effect.China "firmly opposes" the move by the United States to add those Chinese companies and government organisations to its "entity list," the ministry said, urging the US "to immediately stop these wrong practices".Inclusion on...
China’s street vendors are officially flavour of the month, and the share prices of related companies reflect their new-found status.A policy U-turn by the Chinese government to support the tiny retailers it now regards as the lifeblood of the economy has sparked a stock market frenzy.
Airline stocks in China and the rest of the Asia-Pacific region have broadly advanced this week, with some recording double-digit gains on signs air traffic is coming back as global economies reopen following worldwide steps to control the coronavirus pandemic.In China, the aviation index tracked by Wind Information gained 7.5 per cent this week.China Southern Airlines has surged the most among the four largest Chinese airlines, shooting up 17.3 per cent this week in Hong Kong and 7 per cent in...
IWG, the world’s largest operator of serviced offices, is to take over the space left behind by rival WeWork at Hysan Place in Causeway Bay, where rents have fallen more than 6 per cent recently.The 32,000 square feet of co-working space on the 31st and 32nd floors of the tower, owned by one of the city’s biggest landlords, Hysan Development, was abandoned by WeWork in April.The American flexible workspace giant has vacated a fifth of its Hong Kong premises recently.
Hong Kong stocks searched for direction in early Friday trading, as investors worried this week’s four-day rally may be coming to an end.The Hang Seng Index seesawed, opening ahead, dipped then gained, and was last showing a teensy decline as of 10:45am local time.Traders are excited about the coming secondary listings of JD.com and NetEase, and generally have been betting on economic recovery in China, the US and around the globe.
The Singapore casino of billionaire Sheldon Adelson’s Las Vegas Sands is being probed by the US Department of Justice over whether anti-money-laundering regulations were breached in the way it handled the accounts of top gamblers.The Justice Department in January issued a grand jury subpoena to a former compliance chief of Marina Bay Sands, seeking an interview or documents on "money laundering facilitation" and any abuse of internal financial controls, according to a copy of the subpoena...
Hong Kong’s monetary authority stepped into the financial market to rein back the local currency, which had been pushed over the top end of its trading band against the US dollar by the influx of so-called hot money ahead of several blockbuster initial public offerings on the local stock exchange.The city’s de facto central bank sold almost HK$1 billion worth of Hong Kong dollars, buying the same amount in the US currency to bring the exchange rate below 7.75000, according to a statement by the...
Chinese gaming giant NetEase looks set to price its Hong Kong secondary listing at HK$123 (US$15.87) a share ahead of its debut in the financial hub on June 11, a person familiar with the deal said on Friday.NetEase amassed enough pledges from investors to cover the offer multiple times, the person added.The price represents a tight 2 per cent discount to the last closing price of NetEase’s depositary receipts of US$405 and a 3.1 per cent discount to the one-day volume-weighted average price of...

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