Author: Hong Kong Wire

Stablecoin transaction volumes witnessed an unprecedented surge in 2025, skyrocketing by 72% to reach a staggering US$33 trillion. This monumental growth unequivocally signals a rapidly increasing institutional adoption of these digital assets, particularly for facilitating real-time settlement across diverse financial ecosystems. The vision is clear: stablecoins are poised to become the indispensable backbone of a truly 24/7 global trade environment, offering unparalleled speed and efficiency in cross-border transactions that traditional systems often struggle to match. This transformation promises to redefine how international commerce operates, moving beyond conventional banking hours and geographical limitations. A significant portion of this burgeoning stablecoin activity…

Taiwanese prosecutors have officially indicted ten individuals, including both former and active military personnel, on Tuesday for allegedly engaging in espionage activities on behalf of Beijing. This significant development underscores the ongoing and escalating covert war between self-ruled Taiwan and China, which claims the island as its own territory. The accused are alleged to have compromised Taiwan’s national security by providing classified military information to a “hostile foreign group” linked to China’s Communist Party (CCP). The indictments come at a time when China has significantly ramped up its military and political pressure on Taiwan, making the threat of infiltration even…

Hong Kong-based carriers Cathay Pacific and its budget subsidiary HK Express are set to significantly reduce their flight schedules from mid-May through June. This decision stems from what the airlines describe as “huge cost pressure” directly linked to the surging global jet fuel prices, exacerbated by the ongoing conflict in the Middle East. Cathay Pacific will see approximately 2 per cent of its flights cancelled between May 16 and June 30, primarily affecting regional routes, along with some services to Australia, South Asia, and South Africa. HK Express, meanwhile, will implement a larger reduction, axing around 6 per cent of…

Citigroup delivered a robust performance in the first quarter of 2026, significantly beating Wall Street expectations on both the top and bottom lines. The financial giant reported its best quarterly revenue in a decade, soaring 14% year-over-year to an impressive $24.63 billion. Net income climbed to $5.8 billion, or $3.06 per share, marking a substantial 56% increase in earnings per share compared to the previous year’s $4.1 billion, or $1.96 per share. This strong showing was further highlighted by a return on tangible common equity (ROTCE) of 13.1%, the highest since 2021 and comfortably above the firm’s own target range…

John Woo’s iconic 1992 Hong Kong cop-thriller, “Hard Boiled,” is back in UK and Irish cinemas, offering a new generation the chance to experience its pure, outrageous action mayhem. Known for his pioneering mastery of the Pointless Action Explosion (PAE) and the tension-filled Mexican standoff, Woo solidified his reputation as a genre maestro with this film. “Hard Boiled” is a relentless spectacle that perfectly encapsulates the high-octane, visually stunning style that became synonymous with Hong Kong action cinema. Its return promises a nostalgic trip for long-time fans and a thrilling discovery for newcomers. The film famously unites two of Hong…

John Woo’s 1989 Hong Kong thriller, *The Killer*, continues to captivate audiences as a seminal work in action cinema, showcasing the director’s unparalleled ability to fuse intense, maximalist violence with profound, almost surreal sentimentality. This enduring touchstone is a potent reminder of Woo’s signature style: orchestrating breathtaking mayhem while anchoring it with a deep streak of earnest emotionalism, a combination that has made his films remarkably addictive. Widely considered a blood-soaked classic, *The Killer* redefined the genre, leaving an indelible mark on filmmakers worldwide and cementing its legacy as more than just an action flick, but a powerful, poignant melodrama…

Hong Kong’s national security law has been amended, granting police extensive new powers to demand mobile phone and computer passwords from individuals suspected of breaching the legislation. Refusal to comply could result in up to a year in jail and a HK$100,000 fine, while providing false or misleading information carries a potential three-year prison sentence and a HK$500,000 fine. These sweeping changes also empower customs officers to seize items deemed to have “seditious intention,” even without an arrest related to national security. The amendments, published by the city government, leverage existing powers to bypass the local legislature, raising significant concerns…

Hungary witnessed a seismic political shift this Sunday, as Prime Minister Viktor Orban’s 16-year tenure concluded with a stunning election defeat. The centre-right Tisza Party, spearheaded by Peter Magyar, secured a landslide parliamentary victory, paving the way for Magyar to become Hungary’s next prime minister. Projections indicate his party will achieve a formidable two-thirds supermajority in the 199-seat Hungarian parliament, marking a decisive turning point in the nation’s political landscape. Orban’s Fidesz Party saw its support collapse, plummeting to just 55 seats from its previous 135, signaling a clear mandate for change from the Hungarian electorate. Beijing, however, is reportedly…

Hong Kong police have reportedly arrested a bookstore owner and three staff members for allegedly selling publications deemed “seditious,” including a biography of jailed pro-democracy activist and publisher Jimmy Lai. The owner of Book Punch, Pong Yat-ming, and three employees were accused by broadcaster TVB of selling copies of “The Troublemaker,” a biography of Lai penned by his former business director, Mark Clifford. The bookstore displayed a notice citing an “emergency” for its temporary closure, and Reuters could not immediately confirm charges. This incident marks a significant escalation in the city’s ongoing crackdown on dissent, targeting not just media outlets…

Around 380 households from the fire-damaged Wang Fuk Court in Tai Po, Hong Kong, have expressed a preliminary interest in a second opportunity to revisit their homes and collect belongings. This request comes ahead of the first round of scheduled visits, which are set to commence from April 20 and run until May 4. Deputy Chief Secretary Warner Cheuk Wing-hing revealed this development on Sunday, emphasizing the ongoing efforts by authorities to facilitate the retrieval process for residents affected by the recent blaze. Social workers have been actively engaging with over 1,730 families across seven of the eight towers at…