Author: OMN AI

US officials signal a tougher stance on China as efforts to change Beijing’s economic model lose support. The United States is moving further away from long-standing efforts to persuade China to change its economic model, signaling a major shift in trade policy and economic strategy. Senior U.S. Trade Representative Jamieson Greer said recent decades of engagement with Beijing have failed to produce the changes American policymakers hoped to achieve. His comments reflect a growing belief among some officials that the United States should focus on protecting its own economy rather than trying to influence China’s domestic economic structure. For many…

China has promised to provide more fiscal support as its economy loses speed. The move comes as officials seek to protect growth and increase spending at home. Vice Finance Minister Liao Min said on Friday that China would bring in more fiscal measures when needed. He said policy would remain stable and that the government would plan its use of public money over a longer period. The message shows that Beijing is ready to act if economic growth weakens further. Officials are also trying to make better use of money already set aside in the budget. The new approach is…

A Hong Kong court has found two former leaders of a group that held annual Tiananmen vigils guilty of inciting subversion. The ruling came on Friday, August 21, in a case that has drawn close attention in Hong Kong and abroad. Lee Cheuk-yan, 69, and Chow Hang-tung, 41, were convicted under Hong Kong’s national security law. Both were leaders of the now disbanded Hong Kong Alliance in Support of Patriotic Democratic Movements of China. The group held large candlelight vigils each year to remember those killed in the 1989 Tiananmen crackdown. The court said the group’s political work went beyond…

China has called on the United States to remove new tariffs on drones and related parts. Beijing says the measures unfairly target Chinese products and could hurt companies in the sector. The demand was made on Thursday, August 20, during a regular press briefing by China’s commerce ministry. A ministry spokesman said the US tariffs were discriminatory. He said they could harm Chinese companies and disrupt the global drone supply chain. China said it strongly opposes the measures. The dispute adds another point of tension between the world’s two largest economies. The new US tariffs are based on Section 232…

Hui Ka Yan, the founder of China Evergrande Group, has been sentenced to life in prison after a Chinese court found him guilty of several financial crimes. The Shenzhen Intermediate People’s Court gave the ruling on Thursday, August 20. The court also ordered the former property tycoon to give up all of his personal assets. He was also stripped of his political rights for life. The case marks a major moment in the long fall of Evergrande. The company was once one of China’s biggest property firms. It later became a symbol of the country’s deep housing crisis. Hui faced…

Prudential Hong Kong is expanding its headquarters in the city through a new office lease with Swire Properties. The insurer will take a total of 83,000 square feet across One Taikoo Place and One Island East. The move will increase its office space and keep its main base in the Taikoo Place area. Swire Properties announced the agreement on Wednesday. The company said the deal shows Prudential Hong Kong’s long-term commitment to the city and to Taikoo Place. The new office plan will bring more of Prudential Hong Kong’s staff and work areas together. Swire Properties said the move will…

Hong Kong customs officers have raided a corporate office in Sheung Wan as part of a probe into a local beauty chain linked to UK brand Opatra London. The raid took place on Tuesday at the Wing On Centre on Connaught Road Central. Officers from the Customs and Excise Department seized documents from the office. The office is listed as the registered main place of business for the beauty chain. But there was no sign of the brand at the site. Instead, the office had signs for Ascentium, a corporate services firm. No beauty staff or business activity linked to…

A Macau developer has put a North Point redevelopment site up for sale for HK$1.2 billion, or about US$153 million. The move shows the hard task of urban renewal in Hong Kong. The site at 77-87 Marble Road covers about 7,680 square feet. It can be used for homes, shops, a hotel or student housing. Cushman & Wakefield is handling the sale. Buyers can submit their interest by September 28. The site is owned by a group led by Excellent Group, based on Land Registry records. Companies Registry records name Lo Shing-chung as a director. He is also the founder…

A deadly typhoon struck the coastal waters of Hong Kong on August 17, 1971, causing massive destruction across the territory.The severe storm capsized the Hong Kong to Macao passenger ferry SS Fatshan off Lantau Island.Eighty-eight crew members lost their lives in the disaster, making it one of the worst maritime tragedies in local history. The vessel was attempting to shelter near Stonecutters Island as hurricane winds swept through the region.Powerful ocean waves snapped the ship anchor, leaving the ferry adrift in dangerous open waters.Violent wind gusts pushed the drifting ship toward Lantau Island, where it collided with other loose vessels…

Hongkong Post will stop offering permanent civil service jobs to new workers as part of a major plan to cut operational spending. The self-financing postal service faces a growing financial crisis caused by shrinking global mail volumes. This sudden decision has created strong worries among local public workers. Many employees fear that other government agencies might soon adopt similar contract rules to save money. Department leaders confirmed that new workers finishing probation in or after September will receive two-year renewable contracts instead of permanent positions. These staff members will still receive standard public service pay and benefits during their contract…