Hong Kong
National security law for Hong Kong risks turning city into police state
China’s national security law for Hong Kong will put everybody in the city at risk of arbitrary detention and unfair trial unless underpinned by measures to guarantee protection of human rights, Amnesty International said today
China’s national security law for Hong Kong will put everybody in the city at risk of arbitrary detention and unfair trial unless underpinned by measures to guarantee protection of human rights, Amnesty International said today as Beijing lawmakers prepare to adopt the dangerous legislation.
Chinese authorities are expected to vote through the law at the upcoming National People’s Congress Standing Committee (NPCSC) extraordinary session – which runs from today until Tuesday 30 June – despite having not yet publicly disclosed its full details.
“Hong Kong stands at the cliff-edge of an uncertain and unsettling future, its freedoms threatened by national security legislation that could override the laws currently protecting the city’s inhabitants from the worst excesses of state-sponsored repression.”
Joshua Rosenzweig, head of Amnesty International’s China Team.
“The Chinese government must abandon plans to pass a national security law for Hong Kong unless it can provide water-tight guarantees that the legislation conforms with human rights in all aspects.”
Security agencies pave way for police state Under the national security law, all individuals, institutions and organizations in Hong Kong would be prohibited from “engaging in activities that endanger national security”. The NPCSC looks set to adopt it in its current session, without public consultation.
Amnesty International has a range of human rights concerns about the proposed law. Not least that it would authorize the Beijing central government and the Hong Kong government to set up a national security office in the city.
Business
News Update: China’s Stimulus Falls Short; Sensex and Nifty Decline; Bitcoin Surges Over $82,000
Asian markets showed mixed trends amid China’s stimulus measures and disappointing inflation data. Meanwhile, Indian equities remained stable, with mutual fund inflows rising. Bitcoin surged following Trump’s presidential win.
Business Hook Daily News Podcast
Good evening! Welcome to Business Hook’s daily news podcast. I’m Avni Raja, and today is November 11, 2024. Let’s dive into the day’s top business stories.
Market Reactions and Economic Data
Asian markets experienced a mixed session as investors digested new economic data and stimulus measures from China. The Chinese government announced a $1.4 trillion package targeting local government debt, although analysts deemed it underwhelming. October’s inflation rate of 0.3% fell short of estimates and declined for the second month in a row. As a result, the CSI 300 saw a slight gain, while Hong Kong’s Hang Seng dropped over 1.5%. In India, the Sensex closed below 74,500, and the Nifty ended above 24,100, with a majority of Nifty stocks declining.
Mutual Fund Inflows and Upcoming IPOs
There’s encouraging news in the mutual fund sector, with October seeing net inflows of 2.4 lakh crore rupees, reversing the previous month’s outflows. Record equity inflows have risen to nearly 42,000 crore rupees, reflecting robust domestic investor confidence. In the IPO space, LG Electronics prepares to raise $1.5 billion by listing its Indian arm, with banks like Axis Capital involved in the process, potentially leading to an IPO as early as 2025.
Cryptocurrency Surge
In cryptocurrency news, Bitcoin has achieved new highs, surpassing $82,000. This surge is attributed to Donald Trump’s recent presidential victory, which has favored cryptocurrencies compared to more cautious Democratic approaches. Experts speculate that Bitcoin could surpass $90,000 soon. That’s all for today’s wrap-up. Join us again tomorrow, and check out the Business Hook YouTube channel for more updates.
Source : News Wrap | China Stimulus Disappoints; Sensex & Nifty Slip; Bitcoin Soars Past $82,000
Business
Henry Keswick: The Jardine Scion Who Transformed China’s Business Landscape
Henry Keswick, 86, a key figure in Jardine Matheson, passed away as the U.S. awaited election results, amid heightened tensions in U.S.-China relations during Trump’s presidency.
Henry Keswick’s Legacy
HONG KONG — The world turned its attention to the U.S. presidential election as news broke of Henry Keswick’s passing at the age of 86. A fourth-generation member of the British conglomerate Jardine Matheson, Keswick had a profound influence on the company, which has deep roots in Asia.
Navigating Challenges
Keswick’s leadership spanned significant challenges, including a strained relationship between the U.S. and China, particularly as Donald Trump prepared for his return to the White House. Under his stewardship, Jardine Matheson navigated a complex landscape in retail and real estate that dovetailed with geopolitical shifts.
A Lasting Impact
His contributions to Jardine Matheson and the broader business community have left an indelible mark. As companies reposition themselves amidst evolving international dynamics, Keswick’s legacy will undoubtedly continue to shape the future of the conglomerate he led.
Source : Henry Keswick, the Jardines scion who razed then restored China business
Business
CITIC to Divest Stake in McDonald’s Operations in China and Hong Kong for $430.3 Million
CITIC Ltd is selling its 19.23% stake in Fast Food Holdings, which manages McDonald’s in China and Hong Kong, to Trustar Fast Food for $430.3 million.
CITIC Ltd Sells Stake in Fast Food Holdings
China’s CITIC Ltd, a prominent state-owned enterprise, has made a significant business decision. The company has agreed to divest its 19.23% stake in Fast Food Holdings, which oversees McDonald’s operations in China and Hong Kong.
Deal Details and Financial Implications
The transaction is valued at approximately $430.3 million. This move indicates a strategic shift for CITIC, as it steps back from its involvement in one of the leading fast-food chains in the region.
Reporting and Editing Notes
The deal has garnered attention in the financial community, emphasizing the ongoing changes within the fast-food industry in China. The information was reported by Roshan Thomas from Bengaluru, with editing provided by Arun Koyyur.
Source : CITIC to sell stake in McDonald’s China, Hong Kong business for $430.3 million
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