Alibaba may get 3pc weighting in HSI
The Hang Seng Indexes expects it would give Alibaba (9988) an estimated weighting of 3 percent in the Hang Seng Index if the company joining the HSI, the index company wrote in the blog. On May 18, it was announced that weighted voting right companies and secondary-listed companies coming from Hong Kong, mainland China, Macau and Taiwan will be eligible for inclusion in the HSI, starting from the August 2020 Index Review. The market expects Alibaba, Meituan Dianping (3690) and Xiaomi (1810) to become HSI constituents. According to data from Hong Kong Stock Exchange, the company's market capitalization and average daily turnover in May were about HK$4,200 billion and more than HK$4 billion respectively, making it the largest and most actively-traded stock in Hong Kong. Although WVRs and secondary-listed companies will be eligible for inclusion in the HSI starting from the August Index Review, it is too early to confirm Alibaba's constituency, the company said the blog.
Source:The Standard
May 29, 2020 09:31 UTC
Exchange Fund assets climb to HK$4.09 trillion
Total assets of the Exchange Fund climbed to HK$4.096 trillion as of April 30, up by HK$1.4 billion from the end of March, the Hong Kong Monetary Authority announced. Foreign currency assets increased by HK$67.3 billion while Hong Kong dollar assets dropped by HK$65.9 billion. The rise in foreign currency assets was mainly due to the mark-to-market revaluation on foreign currency investments and purchase of US dollars under the Currency Board arrangements. The decline in Hong Kong dollar assets was mainly due to a decrease in Exchange Fund Bills and Notes issued but not yet settled.
Source:The Standard
May 29, 2020 09:00 UTC
Man who entered wrong house to fulfill client’s role-playing sex fantasy acquitted
Two men in Australia who were hired to carry out someone’s sexual fantasies went inside the wrong house while carrying machetes and left after realizing their mistake. According to the report, Leroy and his companion were hired to engage in role-playing by a man residing in Goolgowi, New South Wales. The report did not specify if carrying a machete was part of the client and Leroy’s team’s agreement. Leroy and his partner arrived at the street of their client’s first address and entered the wrong house. They asked the person living in the house if he was their intended client and the resident said no.
Source:Philippine Daily Inquirer
May 29, 2020 08:48 UTC
In Dutch restaurant, robots shunned for being impersonal
Owners Shu Lei Hu, left, and her husband Shao Song Hu, right, use robots for serving, at the family's Royal Palace restaurant in Renesse, south-western Netherlands, Wednesday, May 27. “They came in just ahead of that time,” said Hu’s daughter Leah, who also works at the restaurant, the Royal Palace. Their duties will include greeting customers, serving drinks and dishes and returning used glasses and crockery. “We will use them to make sure the 1.5 meters we need during the corona crisis sticks,” Leah Hu said. We want to give them a normal name,” said Leah Hu.
Source:The Standard
May 29, 2020 08:48 UTC
Protesters enraged by death of black man in US set police station ablaze
Protesters gather in front of the burning 3rd Precinct building of the Minneapolis Police Department on Thursday, May 28, in Minneapolis. A protester runs in front of the burning 3rd Precinct building of the Minneapolis Police Department, Thursday, May 28, in Minneapolis. But no move was made to put out the 3rd Precinct fire. Assistant Fire Chief Bryan Tyner said fire crews could not safely respond to fires at the precinct station and some surrounding buildings. Much of the Minneapolis violence occurred in the Longfellow neighborhood, where protesters converged on the precinct station of the police who arrested Floyd.
Source:The Standard
May 29, 2020 08:37 UTC
‘Worth it’: Man breaks into bank to use microwave, gets arrested
INQUIRER.net Stock PhotoA man who broke into a bank in California, USA, claimed all he wanted to do was use the microwave and heat up some snacks—and he was caught on CCTV doing just that. As a burglar alarm was triggered, police officers about an hour later arrived at the scene and broke through the bank’s front door, finding the man inside. Upon checking the CCTV footage, authorities found out that the man just used the bank’s microwave inside a break room to heat up Hot Pockets, an American staple snack. As the man was being arrested, he was asked by a reporter if what he did was worth it, to which he replied: “Hell yeah it was worth it.”The man said he was able to eat two hot pockets and revealed that he was homeless, as per ABC-owned KABC-TV yesterday, May 28. Ian Biong /raRELATED STORIES:After almost 8 years, man finally receives package he orderedTire shop trespasser calls police after getting trapped under pile of tiresADVERTISEMENTRead NextEDITORS' PICKMOST READ
Source:Philippine Daily Inquirer
May 29, 2020 08:26 UTC
Fitch predicts 5pc contraction in HK economy
Fitch Ratings expects the Hong Kong economy will shrink by 5 percent this year, dragged down by the coronavirus pandemic, but will grow by 3.5 percent next year, as global economic activities rebound. The credit rating agency said the highly-competitive Hong Kong banks will face more challenges. The operating environment in the future is negative.
Source:The Standard
May 29, 2020 08:15 UTC
EDSA reform plan bared with no budget details
The Department of Transportation’s plan, uploaded on Facebook, involved the reconfiguration of the 23.8-kilometer EDSA to construct bike and bus lanes, pedestrian crossings and bus boarding areas in the highway. “We just have to prioritize and target well the measures for COVID-19,” Budget Undersecretary Laura Pascua said in a Viber message. As it is, the EDSA plan looks massive. Apart from hard infrastructure of bike and bus lanes, cashless payment systems for fares will also be installed, while bus re-routing will also be instituted. But MMDA, at the time, stressed a long-term plan for bike lanes would take some time.
Source:Philippine Star
May 29, 2020 08:03 UTC
China urges IMF to offer debt relief at gathering called by Canada, Jamaica and UN
Simonetta Sommaruga, the President of the Swiss Confederation Kristalina Georgieva, Managing Director of the International Monetary Fund Previous NextChina on Thursday called on multilateral and private creditors to join debt suspension and relief for developing countries. "China will work with all parties to reach early consensus on this issue, so that the IMF will move forward accordingly," it said. "As COVID-19 is spreading across the world, developing countries face increasing challenges on financing for development. China empathizes with their difficulties, and supports the international community in making joint efforts to help developing countries to mobilize resources to combat the pandemic and stabilize their economy," it noted. The fundamental approach to meeting the financing challenges of developing countries, it said, is to strengthen international development cooperation and increase input in development, to provide more resources for developing countries and help them improve self-development capability.
Source:The Standard
May 29, 2020 07:41 UTC
Bayanihan law not used to arrest quarantine violators – PNP
MANILA, Philippines — There is no need to cite provisions of the Bayanihan to Heal as One law in arresting quarantine protocol violators, the Philippine National Police (PNP) said on Friday. During a Senate hearing, PNP chief Gen. Archie Gamboa said police officers still file charges under the Revised Penal Code against offenders during the lockdown. ADVERTISEMENTHe issued the clarification after Senate Minority Leader Franklin Drilon pointed out that the Bayanihan law is being used by law enforcers to conduct warrantless arrests. Drilon had proposed the removal of the penal provision of the Bayanihan law, should it be extended until September. The Bayanihan act was signed by Duterte into law last March 25 and is set to expire this June.
Source:Philippine Daily Inquirer
May 29, 2020 07:40 UTC
Everest survey team back at base camp
Mount Everest survey team leader, Tsenor, left is congratulated after the team completed the mission of remeasuring the height of the peak and safely descended to the base camp, on May 28. Previous NextA Chinese surveying team safely descended to the Everest base camp at an altitude of 5,200 meters at 8:50 p.m. yesterday, after completing the mission of remeasuring the height of the world's highest peak, Xinhua reports. The team of eight reached the summit known ad Mount Qomolangmaat in China, 11:00 a.m. Wednesday and carried out surveys. The team members are in good health, sources at the base camp said.
Source:The Standard
May 29, 2020 07:07 UTC
HK reports double-digit increase in daily virus cases for first time in more than a month
HK reports double-digit increase in daily virus cases for first time in more than a monthThere have been 13 new confirmed coronavirus cases in Hong Kong today – the first time since April 11 that double-digital new daily cases have been reported – bringing the tally to 1,080, which include one probable case. They flew Qatar Airways flight QR818 and arrived in Hong Kong yesterday. The Hospital Authority said no new patients have been discharged in the past 24 hours and 1,035 have recovered so far. Among the 28 confirmed patients hospitalized in seven hospitals, one remained critical and the rest are stable, said Chief Manager of Patient Safety and Risk Management, Dr Sara Ho. Also, 16 new suspected cases have been reported.
Source:The Standard
May 29, 2020 07:07 UTC
Taiwan lawmakers declare support for HK residents, deplore NPC decision
Taiwan Legislative Speaker You Si-kun reads a joint statement by Taiwan's Legislature today, denouncing China's plan to enforce a national security law in Hong Kong. Taiwan's Legislature denounced China's plan to enforce a national security law in Hong Kong and urging the Taiwan government to offer help to Hong Kong residents. Based on the universal values of freedom, democracy and human rights, the Legislative Yuan staunchly supports the Hong Kong people's pursuit of these values, the lawmakers said. The legislative caucuses unanimously support the Hong Kong peoples' pursuit of a genuine vote for chief executive and all Legislative Council members to restore the territory's stability and prosperity and rebuild its communication channels, according to the statement. It also called on Taiwan's administration to offer assistance to Hong Kongers whose security and freedoms are at risk due to political factors.
Source:The Standard
May 29, 2020 07:07 UTC
New Zealand nearly clear of virus menace
New Zealand had all but eradicated the coronavirus from its shores with just one person in the nation of 5 million known to be still infected, but developments elsewhere were generally grim, with India reporting another record increase in cases and Pakistan a record number of deaths. In the U.S., the virus threw more than 2 million people out of work last week despite the gradual reopening of businesses, stoking fears the scourge is doing deep and potentially long-lasting damage to the world's largest economy. In New Zealand, health authorities have not found any new virus cases for a week. Of the 1,504 people who were infected, 22 have died and all but one of the rest have now recovered. The nation's borders remain closed and staying virus-free when they eventually reopen poses a big challenge.-AP
Source:The Standard
May 29, 2020 06:56 UTC
ICBC loan book swells on small business lending
The Industrial and Commercial Bank of China (ICBC), China's biggest commercial lender, said its inclusive loan balance climbed by 50 percent year on year in the first quarter to help smaller businesses tide over difficulties following the coronavirus outbreak, Xinhua reports. More supportive measures included increasing the credit line to a maximum of 10 million yuan, according to the bank. To reduce financing cost for small and micro-sized enterprises, the ICBC offered loans at concessional rates and deferred loan payments for these firms. More than 20,000 small businesses have extended or renewed their loans so far, the bank said. It also ramped up efforts to innovate inclusive financial products, including specific online credit loans to strengthen contactless services, which facilitated smaller firms to restore production amid epidemic containment measures
Source:The Standard
May 29, 2020 06:56 UTC