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Tag: Hong Kong government

  • A Hong Kong court convicts 2 journalists in a landmark sedition case

    A Hong Kong court convicts 2 journalists in a landmark sedition case

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    HONG KONG (AP) — A Hong Kong court on Thursday convicted two former editors of a shuttered news outlet in a sedition case widely seen as a barometer for the future of media freedoms in a city once hailed as a bastion of free press in Asia.

    The trial of Stand News former editor-in-chief Chung Pui-kuen and former acting editor-in-chief Patrick Lam was Hong Kong’s first involving the media since the former British colony returned to Chinese rule in 1997.

    Stand News, which closed in December 2021, had been one of the city’s last media outlets that openly criticized the government as it waged a crackdown on dissent following massive pro-democracy protests in 2019.

    It was shut down just months after the pro-democracy Apple Daily newspaper, whose jailed founder Jimmy Lai is fighting collusion charges under a sweeping national security law enacted in 2020.

    Chung and Lam had pleaded not guilty to conspiracy to publish and reproduce seditious publications — charges that were brought under a colonial-era sedition law used increasingly to crush dissidents. They face up to two years in prison and a fine of 5,000 Hong Kong dollars (about $640) for a first offense.

    Best Pencil (Hong Kong) Ltd., the outlet’s holding company, was convicted on the same charge. It had no representatives during the trial, which began in October 2022.

    Judge Kwok Wai-kin said in his written judgment that Stand News became a tool for smearing the Beijing and Hong Kong governments during the 2019 protests.

    He said a conviction is deemed proportional “when speech, in the relevant context, is deemed to have caused potential damage to national security and intends to seriously undermine the authority of the Chinese central government or the Hong Kong government, and that it must be stopped.”

    The case was centered on 17 articles Stand News had published. Prosecutors said some promoted “illegal ideologies,” or smeared the security law and law enforcement officers. Judge Kwok ruled that 11 carried seditious intent, including commentaries written by activist Nathan Law and esteemed journalists Allan Au and Chan Pui-man. Chan is also Chung’s wife.

    The judge found that the other six did not carry seditious intent, including in interviews with pro-democracy ex-lawmakers Law and Ted Hui, who are among overseas-based activists targeted by Hong Kong police bounties.

    Chung appeared calm after the verdict while Lam did not appear in court due to health reasons. They were given bail pending sentencing on Sept. 26.

    Defense lawyer Audrey Eu read out a mitigation statement from Lam, who said Stand News reporters sought to run a news outlet with fully independent editorial standards. “The only way for journalists to defend press freedom is reporting,” Eu quoted Lam as saying.

    Eu did not read out Chung’s mitigation letter in court. But local media outlets quoted his letter, in which he wrote that many Hong Kongers who are not journalists have held to their beliefs, and some have lost their own freedom because they care about everyone’s freedom in the community.

    “Accurately recording and reporting their stories and thoughts is an inescapable responsibility of journalists,” he wrote in that letter.

    After the verdict, former Stand News journalist Ronson Chan said nobody had told reporters that they might be arrested if they did any interviews or write anything.

    The delivery of the verdict was delayed several times for various reasons, including awaiting the appeal outcome of another landmark sedition case. Dozens of residents and reporters lined up to secure a seat for the hearing.

    Resident Kevin Ng, who was among the first in the line, said he used to be a reader of Stand News and has been following the trial. Ng, 28, said he read less news after its shutdown, feeling the city has lost some critical voices.

    “They reported the truth, they defended press freedom,” Ng, who works in risk management industry, said of the editors.

    Stand News shut down following a police raid at its office and the arrests of its leaders. Armed with a warrant to seize relevant journalistic materials, more than 200 officers participated in the operation.

    Days after Stand News shut down, independent news outlet Citizen News also announced it would cease operations, citing the deteriorating media environment and the potential risks to its staff.

    Hong Kong was ranked 135 out of 180 territories in Reporters Without Borders’ latest World Press Freedom Index, down from 80 in 2021. Self-censorship has also become more prominent during the political crackdown on dissent. In March, the city government enacted another new security law that raised concerns it could further curtail press freedom.

    Francis Lee, journalism and communication professor at the Chinese University of Hong Kong, said the ruling on which articles were seditious appears to be drawing lines. Whenever an article is about a one-sided political stance, highly critical or viewed as lacking factual basis, then that could be considered as smearing, Lee said.

    Some of the court’s logic differs from how journalists typically think, he said. Journalists “may have to be more cautious from now on.”

    Eric Lai, a research fellow at Georgetown Center for Asian Law, said the ruling is in line with “the anti-free-speech trend” of rulings since the 2020 security law took effect, criminalizing journalists carrying out their professional duties.

    Foreign governments criticized the convictions. U.S. State Department spokesperson Matthew Miller wrote on X that it was a “direct attack on media freedom.”

    However, Eric Chan, Hong Kong’s Chief Secretary for Administration, insisted that when journalists conduct their reporting based on facts, there would not be any restrictions on such freedom.

    Steve Li, chief superintendent of the police national security department, told reporters the ruling showed their enforcement three years ago — criticized by some as a suppression of free press — was necessary.

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  • British judge on Hong Kong’s top court, facing criticism, quits media freedom group’s advisory panel

    British judge on Hong Kong’s top court, facing criticism, quits media freedom group’s advisory panel

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    HONG KONG (AP) — A British judge who was part of a Hong Kong court panel that unanimously dismissed an appeal from imprisoned prominent publisher Jimmy Lai and six former pro-democracy lawmakers has quit his position on an advisory board to an international media freedom group because of concerns over his role on the city’s top court.

    David Neuberger, a non-permanent overseas judge on Hong Kong’s highest court, announced his decision to step down as chair of the High Level Panel of Legal Experts on Media Freedom in a statement dated Wednesday. The panel advises the Media Freedom Coalition, a partnership of countries that advocates for media freedom.

    Neuberger, also a former president of the Supreme Court in the U.K., said he had raised the possibility of leaving the advisory panel some months ago because he had been in the post for nearly five years and there were concerns raised about his role in Hong Kong.

    “I have now concluded that I should go now, because it is undesirable that focus on my position as a non-permanent Judge in Hong Kong should take away, or distract, from the critical and impactful work of the High Level Panel,” he said.

    He did not specify what the concerns were in his statement.

    Hong Kong, a former British colony, is a common law jurisdiction, unlike mainland China. Since it returned to Chinese rule in 1997, non-permanent overseas judges have continued to serve on the city’s top court.

    Neuberger’s announcement came days after he and four other judges at the court ruled against an appeal brought by Lai and the six former pro-democracy lawmakers over their convictions linked to their roles in one of the biggest anti-government protests in 2019.

    That ruling has drawn criticism of Neuberger from activists and Hong Kong’s last British governor, Chris Patten. The British media outlet The Independent also ran two critical articles about the judge and the ruling.

    In a statement on Tuesday, Neuberger insisted his role as a judge in Hong Kong is to decide cases that come before him according to the law.

    The Hong Kong government also condemned Patten’s “wanton personal vilifications” of Neuberger a day later.

    On Thursday, the media advocacy group Reporters Without Borders said Neuberger’s resignation was necessary to protect the independence and integrity of the High Level Panel.

    Its director of campaigns, Rebecca Vincent, said it has been disappointed by Neuberger’s continued involvement with the Hong Kong courts during an unprecedented decline in media freedom and rule of law in the city. Vincent is also a member of the consultative committee to the High Level Panel.

    After Beijing imposed a national security law on the territory in 2020, Hong Kong’s media landscape underwent drastic changes. Apple Daily and Stand News, media outlets known for critical reporting about the government, were forced to close in 2021 following the arrests of their top management.

    The Hong Kong government insists that the security law brought back stability to the city and that its people still enjoy press freedoms.

    In June, two other British non-permanent judges resigned from the top court. One of the judges, Jonathan Sumption, said he stepped down because rule of law in the city is in “grave danger” and judges operate in an “impossible political environment created by China.”

    The other, Lawrence Collins, said his resignation was “because of the political situation in Hong Kong.” But he said he continues “to have the fullest confidence in the court and the total independence of its members.”

    Hong Kong currently has seven non-permanent overseas judges.

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  • Fortune REIT CEO discusses Hong Kong’s property measures

    Fortune REIT CEO discusses Hong Kong’s property measures

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    Justina Chiu, CEO of Fortune REIT, discusses Hong Kong’s property measures, saying the company is excited to see an effort to “foster the growth of the REIT market in Hong Kong.”

    02:48

    Tue, Mar 5 202411:42 PM EST

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  • Hong Kong's property market won't see a strong 'V-shaped' rebound, analyst says

    Hong Kong's property market won't see a strong 'V-shaped' rebound, analyst says

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    Marcos Chan, head of research at CBRE Hong Kong, says demand for residential property will nevertheless pick up, and a “couple of percentage points up” in prices is possible.

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  • Hong Kong’s property prices won’t pop any time soon. Here’s why

    Hong Kong’s property prices won’t pop any time soon. Here’s why

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    Residential buildings in Hong Kong, China on October 23, 2023.

    Vernon Yuen | Nurphoto | Getty Images

    Hong Kong’s leader John Lee this week eased the city’s decade-old residential property cooling measures — but questions remain on whether it’s enough to boost market sentiment and low transaction volumes for the private housing sector.

    “Although relaxation of property restrictions was highly anticipated, the BSD [buyers’ stamp duty] cut from 15.0% to 7.5% surprised us; the other relaxations were in-line,” Citi’s Ken Yeung wrote in a note.

    He doesn’t expect the move to reverse downward trend in Hong Kong’s property prices as interest rates remain high.

    According to data from real estate agency Midland Realty, the second-hand property market average turnover ratio between 2017 and 2023 stands at 3.7%. That’s compared with 8.7% before the cooling measures took effect in 2010.

    Buggle Lau, chief analyst at Midland Realty told CNBC the average turnover ratio in 2022 to 2023 are at historic lows, as property prices have corrected down by nearly 20% since their peak in August 2021.

    He expects the policy address will give property prices “a chance to stabilize” and for volumes to pick up.

    For the market to fully recover, both in terms of price and volume, interest rates will have to come down next year, the property analyst said.

    He expects a further 5% downside on prices in the first half of next year should there be a rate cut. 

    Homeowners’ struggles

    Hong Kong homeowner KC Mok has been trying to sell his apartment before his family immigrates at the end of the year — a popular reason for people selling their property in recent years.

    The 41-year-old told CNBC that his 707 sq. ft. 3-bedroom apartment is currently listing at $9.5 million Hong Kong dollars ($1.21million), 20% lower than his purchase price in 2019.

    He said many people have been viewing his place, but the only offer he received so far is a mismatch.

    “Now when we come to selling the apartment, we found that the value of the apartment [is] already like $2 million dollars less, so a little bit depressed but we have to leave so it’s the timing maybe,” Mok said, acknowledging that the latest cooling measures “will help a little bit” for his situation.

    Meanwhile, 33-year-old Kitty Yiu considers herself “lucky” as she sold her apartment and started renting in February, just before property prices fell and interest rates rose.

    Yiu gave birth to her firstborn earlier this year and needed a bigger home to accommodate her growing family.

    “To be honest, we are still in a struggle to see whether we should buy a new flat, like to buy a flat again,” she said.

    “I think the price at this moment is still high, even if it’s having a downward trend, but for me I think it’s still overpriced,” said Yiu who doesn’t think the latest policy relief would increase her appetite to purchase a house.

    Unlike Mok and Yiu, Eugene Law faces the struggle of rising mortgage rates as a new homeowner.

    Together with his mother, Law, who is 30, purchased a flat at pre-construction in 2021 and moved in last year. His mortgage rate started at 1.9% and is currently at 3.375%. That means he needs to pay an additional HKD $6,000 ($767.09) per month for the interest, which he says makes him feel “so bad.”

    We don't have more plans to move beyond real estate, says Hong Kong property developer

    “[It was] unexpected … because I expected the HIBOR may rise but I didn’t expect the prime rate will also rise, and also in a very high percentage.”

    Prospective homebuyers in Hong Kong can choose to peg their mortgage rate with HIBOR or prime rate – known as the “H Plan” and “P Plan.” HIBOR refers to the interest rate for interbank borrowing, while prime rate is determined by individual banks.

    In a low interest rate environment, the prime rate is usually the more popular choice as it is considered more stable, and easier for the mortgagor to make financial plans.

    Despite regretting the timing of his purchase, Law said the latest easing of policy would not have affected the decision. 

    Risks for Hong Kong property

    A recent report from UBS showed Hong Kong is the 6th overvalued city on their Global Real Estate Bubble Index. Zurich, Tokyo and Miami are the top three.

    “Biggest risk [to Hong Kong’s property market] will be [a] pro-longed high-rate environment, and hence further mortgage cost increase. Longer run will be geopolitical risk,” said UBS’s china property market Mark Leung in an email to CNBC.

    While describing the current sentiment as “a bit weak,” he expects the policy address would release sizable purchasing power from non-local expats who are waiting to become permanent residents.

    With the second-hand market bid-ask spread remaining high and many homeowners not willing to sell their properties at a discount, Leung said he expects little room for property prices to reverse the downward trend.

    For the primary market, he expects developers will now be more willing to cut prices in order to boost sales and “recycle cash, given higher interest rate environment.”

    “Price-wise should be muted, as we think developers may be aggressive in price setting, hence cap the price rebound potential,” he added.

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  • ‘We want to explore regionally’ if MOU with HSBC is successful: WeLab CEO

    ‘We want to explore regionally’ if MOU with HSBC is successful: WeLab CEO

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  • Asian shares mixed after tech-led decline on Wall Street

    Asian shares mixed after tech-led decline on Wall Street

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    BANGKOK — Shares were mixed in Asia on Wednesday after a post-holiday retreat on Wall Street, as markets count down to the end of a painful year for investors.

    Shares fell in Tokyo, Shanghai and Seoul but rose in Hong Kong as the Chinese government took further steps to reopen to foreign travel after relaxing its stringent “zero-COVID” policies.

    Oil prices rose and U.S. futures inched higher.

    The Chinese government announced it will start issuing new passports in another major step away from anti-virus travel barriers. That sets up a potential flood of tourists out of China for next month’s Lunar New Year holiday, taking free-spending Chinese visitors to Asia, Europe and other destinations during what usually is the country’s busiest travel season.

    But governments in India and Japan have said they will impose extra precautions on those arriving from China due to widespread virus outbreaks there. U.S. officials also expressed concern and said they were considering taking similar steps.

    Hong Kong’s Hang Seng jumped 2% to 20,011.99. The Shanghai Composite index gave up early gains, losing 0.2% to 3,000.23.

    Tokyo’s Nikkei 225 lost 0.6% to 26,301.69 after the government reported that Japan’s industrial production fell for a third straight month in November and said it was likely to fall further in December. The Kospi in Seoul declined 2.2% to 2,282.26.

    In Australia, the S&P/ASX 200 dropped 0.3% to 7,086.50.

    On Wall Street, the S&P 500 fell 0.4% to 3,829.25 and the Dow Jones Industrial Average eked out a 0.1% gain, closing at 33,241.56. The Nasdaq dropped 1.4% to 10,353.23.

    The Russell 2000 index dropped 0.7% to 1,749.52.

    Technology and communication services companies accounted for a big share of the decliners in the S&P 500. Apple fell 1.4% and Netflix lost 3.7%.

    Airlines stocks fell broadly. A massive winter storm caused widespread delays and forced several carriers to cancel flights over the weekend. Delta Air Lines closed 0.8% lower, American Airlines dropped 1.4% and JetBlue slid 1.1%.

    Southwest Airlines slid 6% after the company had to cancel roughly two-thirds of its flights over the last couple of days, which it blamed on problems related to staffing and weather. The federal government said it would investigate why the company lagged so far behind other carriers.

    Tesla fell 11.4% for the biggest decline among S&P 500 stocks. The electric vehicle maker temporarily suspended production at a factory in Shanghai, according to published reports.

    Treasury yields mostly rose as the U.S. bond market reopened from Christmas holidays. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.85% from 3.75% late Friday.

    Trading on Wall Street is expected to be relatively light this holiday-shortened week as investors look ahead to 2023 after a dismal year for stocks.

    Uncertainty about how far the Federal Reserve and other central banks would go to fight the highest inflation in decades has kept investors on edge. The Fed raised its key interest rate seven times this year and has signaled more hikes to come in 2023, even though the pace of price increases has been easing.

    The high rates, which weigh heavily on prices for stocks and other investments, have fueled concerns that the economy could slow too much and slip into a recession next year.

    The benchmark S&P 500 index set an all-time high at the beginning of January, but is now down nearly 20% for the year. The tech-heavy Nasdaq is down nearly 34%.

    In other trading Wednesday, U.S. benchmark crude oil added 5 cents to $79.58 per barrel in electronic trading on the New York Mercantile Exchange. It lost 3 cents on Tuesday to $79.53 per barrel.

    Brent crude, the pricing basis for international trading, gained 14 cents to $84.82 per barrel.

    The U.S. dollar rose to 134.09 Japanese yen from 133.43 yen. The euro was trading at $1.0643, up from $1.0640.

    ———

    AP Business Writer Alex Veiga contributed.

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  • World shares mostly lower after tech-led fall on Wall Street

    World shares mostly lower after tech-led fall on Wall Street

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    BANGKOK — Shares were mostly lower in Europe and Asia on Wednesday as markets were counting down to the end of a painful year for investors, with no end in sight to uncertainties stemming from the pandemic and the war in Ukraine.

    Shares fell in Frankfurt, Paris, Tokyo, Shanghai and Seoul but rose in London and Hong Kong as the Chinese government took further steps to reopen to foreign travel after relaxing its stringent “zero-COVID” policies.

    Oil prices fell back and U.S. futures inched higher.

    Not all world markets have ended the year on low notes. Britain’s FTSE 100 is at about the level it started 2022. Early Wednesday it was up 0.7% at 7,525.42.

    But most other markets have suffered as interest rate increases, waves of coronavirus infections, the war, supply chain disruptions and surging inflation took a toll on businesses and investments.

    Germany’s DAX lost 0.3% to 13,952.83. It’s down about 13% from the start of the year. The CAC 40 in Paris, which is about 9% below where it began the year, edged 0.1% lower, to 6,541.50.

    The future for the S&P 500 was barely changed, down 1 point. The future for the Dow Jones Industrial Average edged 0.1% higher.

    On Tuesday, the S&P 500 fell 0.4% and the Dow industrials eked out a 0.1% gain. The Nasdaq dropped 1.4%, while the Russell 2000 index dropped 0.7%.

    The benchmark S&P 500 index set an all-time high at the beginning of January, but is now down nearly 20% for the year. The tech-heavy Nasdaq is down nearly 34%.

    The Chinese government announced late Tuesday that it will start issuing new passports, a major step away from anti-virus travel barriers that likely will bring a flood of tourists out of China for next month’s Lunar New Year holiday.

    The return of free-spending Chinese visitors to Asia, Europe and other destinations during what usually is the country’s busiest travel season will be a welcome relief for countries like Thailand that depend heavily on tourism.

    But some governments have said they will impose extra precautions on people arriving from China given the widespread virus outbreaks there. U.S. officials, speaking on condition of anonymity to convey internal discussions, also expressed concern and said they were considering taking similar steps.

    With China in the midst of its most severe COVID wave so far, disruptions to manufacturing and transport will likely linger until the worst is past.

    “Investors are enthusiastic about China re-opening its economy. However, there are plenty of reports which suggest that COVID cases are on the rise in China, which really threatens the supply chain,” Naeem Aslam of Avatrade.com said in a commentary.

    In Asian trading, Hong Kong’s Hang Seng climbed 1.6% to 19,898.91 while the Shanghai Composite index dropped 0.3% to 3,087.40. Hong Kong’s benchmark is down 14% for the year, while Shanghai’s has lost slightly more so far, at 14.2%.

    Tokyo’s Nikkei 225, which has given up 8.6% this year, fell 0.4% to 26,340.50 after the government reported that Japan’s industrial production fell for a third straight month in November and was likely to fall further in December.

    The Kospi in Seoul declined 2.2% to 2,280.45, while Australia’s S&P/ASX 200 dropped 0.3% to 7,086.40. Bangkok’s SET gained 0.3%.

    Trading on Wall Street is expected to be relatively light this holiday-shortened week as investors look ahead to 2023 after a dismal year for stocks.

    Uncertainty about how far the Federal Reserve and other central banks would go to fight the highest inflation in decades has kept investors on edge, even as price increases have eased. The Fed raised its key interest rate seven times this year and has signaled more hikes to come in 2023.

    The high rates weigh heavily on prices for stocks and other investments and have raised worries they might slow the economy too much, tipping it into a recession.

    In other trading, U.S. benchmark crude oil shed 54 cents to $78.99 per barrel in electronic trading on the New York Mercantile Exchange. It lost 3 cents on Tuesday to $79.53 per barrel.

    Brent crude, the pricing basis for international trading, declined 39 cents to $84.29 per barrel.

    The U.S. dollar rose to 134.01 Japanese yen from 133.43 yen. The euro was unchanged at $1.0641.

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  • WTO rejects US ‘Made in China’ labeling on Hong Kong goods

    WTO rejects US ‘Made in China’ labeling on Hong Kong goods

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    GENEVA — World Trade Organization arbitrators concluded Wednesday that the United States was out of line in requiring that products from Hong Kong be labeled as “Made in China,” a move that was part of Washington’s response to a crackdown on pro-democracy protests there in 2019-2020.

    A WTO dispute panel found the U.S. violated its obligations under the trade body’s rules and rejected Washington’s argument that U.S. “essential security interests” allowed for such labeling. The panel said the situation did not pose an “emergency” that would justify such an exemption under the trade body’s rules.

    The United States or Hong Kong could appeal the ruling to the WTO’s appeals court. However, the Appellate Body is currently inactive because the U.S. has almost single-handedly held up appointments of new members to the court amid concerns it had exceeded its mandate. So any such appeal would go into an arbitration void and remain unsettled.

    The United States Trade Representative’s office indicated it would ignore Wednesday’s ruling anyway.

    “The United States does not intend to remove the marking requirement as a result of this report, and we will not cede our judgment or decision-making over essential security matters to the WTO,” USTR spokesperson Adam Hodge said in a statement.

    Hong Kong, a former British colony, is one of China’s special administrative regions and is considered a separate trading entity from China.

    At a press briefing Thursday, Hong Kong’s commerce minister Algernon Yau said he had written to the USTR urging the U.S. to drop the label requirement.

    The U.S. market only accounts for about 0.1% of Hong Kong’s exports, but the requirement has caused “unnecessary concern” for manufacturers, he said.

    “Even though the financial implication is minimal, it caused a lot of confusion to the customers regarding ‘Made in Hong Kong’ or ‘Made in China,’” he said.

    Three decades ago, the U.S. Congress passed a law allowing products from Hong Kong to benefit from a trading status different from China’s, and potentially lower tariffs, if it remained sufficiently autonomous. By marking products as “Made in China,” the U.S. can ratchet up the tariffs it levies on goods from Hong Kong.

    Mass protests persisted for months in Hong Kong in 2019-2020. They abated after Beijing imposed a National Security Law, using it to silence or jail many pro-democracy activists.

    In July 2020, then-U.S. President Donald Trump issued an executive order saying that Hong Kong was “no longer sufficiently autonomous to justify differential treatment in relation to the People’s Republic of China.”

    ———

    Associated Press writer Kanis Leung in Hong Kong contributed to this report.

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  • Hong Kong publisher’s security trial further delayed

    Hong Kong publisher’s security trial further delayed

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    HONG KONG — The national security trial of a Hong Kong pro-democracy publisher was further postponed Tuesday to next September as the city awaits Beijing’s ruling that could effectively block him from hiring a British defense lawyer.

    Jimmy Lai, who was arrested in August 2020 during a crackdown on the city’s pro-democracy movement, is fighting charges of endangering national security. The 75-year-old founder of the now-defunct pro-democracy newspaper Apple Daily faces up to life in prison if convicted under a sweeping National Security Law imposed by Beijing.

    His high-profile trial, which was originally scheduled to begin on Dec. 1, was already delayed earlier this month after Hong Kong leader John Lee asked China’s top legislative body to decide whether foreign lawyers who don’t normally practice in Hong Kong could be involved in national security cases.

    Lee made the request hours after the city’s highest court approved Lai’s plan to employ Timothy Owen, a veteran human rights lawyer.

    If Beijing intervenes, that would mark the sixth time the Communist-ruled government has stepped in despite its promise to respect Hong Kong’s judicial independence and civil liberties for at least 50 years after China took over from Britain in 1997.

    Members of China’s top lawmaking body are expected to meet in late December. But the law’s interpretation was not part of the meeting’s agendas reported by China’s official Xinhua News Agency last Friday. Hong Kong’s sole delegate to the body said Monday that in some previous events, new agendas were only being added during the meeting. But Tam Yiu-chung could not tell how the committee would handle Lee’s request.

    Judge Esther Toh scheduled the trial to begin Sept. 25, 2023, in light of the latest development and taking the schedules of the court and lawyers into account. It is expected to end Nov. 21.

    Owen left Hong Kong after the immigration department denied his visa extension while the authorities were still waiting on Beijing’s decision, Lai’s lawyer said.

    Lai is accused of conspiring with others in hostile activities against Hong Kong or China, such as calling for sanctions. He also faces a charge of collusion with foreign forces to endanger national security, and a separate sedition charge under a colonial-era law that is increasingly used to crush dissent.

    He was sentenced Saturday to five years and nine months in jail over fraud, after completing a 20-month jail term for his role in unauthorized assemblies.

    The U.S. Department of State spokesperson Ned Price condemned the latest sentencing Sunday on Twitter, calling on China’s authorities to respect Hong Kong’s freedom of expression, including for the press.

    In response, the Hong Kong government said the statement was political interference in the city’s judicial system, adding the fraud case had nothing to do with press or speech freedoms.

    Meanwhile, former Stand News editor-in-chief Chung Pui-kuen, who was accused of conspiring to publish seditious materials, secured bail Tuesday in a separate court hearing after being held in custody for almost a year. The now-shuttered Stand News was one of the city’s last news media that openly criticized the government after the closure of Apple Daily.

    Chung and his former colleague Patrick Lam were charged under a colonial-era sedition law that has been used increasingly to silence critical voices in the city. Lam was granted bail last month.

    Hong Kong fell more than 60 places to 148th place in Reporters Without Borders’ World Press Freedom Index released in May. The global media watchdog cited the closure of the two outlets in its rating.

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  • Asian shares slip after tech stock slump on Wall St

    Asian shares slip after tech stock slump on Wall St

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    BANGKOK — Shares were mostly lower in Asia on Thursday after Wall Street sagged under weakness in tech stocks.

    U.S. futures turned higher and oil prices rebounded more than $1 a barrel.

    Japan revised upward its GDP data to show the economy contracted less than earlier reported in July-September, in a sign the country weathered its latest big COVID wave with less damage than had been thought.

    The Cabinet Office reported Thursday that the economy shrank at a 0.8% annual rate in July-September. That was better than minus 1.2% annual growth reported earlier.

    In quarterly terms, the world’s third-largest economy contracted 0.2% instead of 0.3%.

    Shares rose in Hong Kong as investors assessed the potential impact of a rollback of many pandemic restrictions on the Chinese mainland.

    On Wednesday, rules on isolating people with COVID-19 were eased and virus test requirements were dropped for some public places in a dramatic change to a strategy that had confined millions of people to their homes and sparked protests and demands for President Xi Jinping to resign.

    Experts warned, however, that the “zero-COVID” restrictions can’t be lifted completely until at least mid-2023 because millions of elderly people still must be vaccinated and the health care system strengthened.

    “Specifically, there are three reasons to be restrained, if not circumspect, on China cheer. First, the simple point that the unwind of entrenched zero-COVID policies will take time and perhaps be a bumpy process rather than a linear path to instant gratification,” Mizuho Bank said in a commentary.

    Hong Kong’s Hang Seng gained 3.5% to 19,475.45, while the Shanghai Composite lost 0.1% to 3,197.35.

    Australia’s S&P/ASX 200 sank 0.8% to 7,175.50 and South Korea’s Kospi dropped 0.5% to 2,371.08. Shares also fell in Bangkok, Mumbai and Taiwan.

    Wall Street ended a wobbly day of trading with more losses Wednesday, with the S&P 500 down 0.2% in its fifth straight loss. It closed at 3,933.92.

    Technology and communication services stocks were the biggest weights on the benchmark index. Apple fell 1.4% and Google parent Alphabet dropped 2.1%.

    The Nasdaq composite, which is heavily weighted with tech stocks, fell 0.5% to 10,958.55 and the Dow Jones Industrial Average managed a 1.58 point gain, essentially flat, at 33,597.92.

    The Russell 2000 index fell 0.3% to 1,806.90.

    Treasury yields fell significantly. The yield on the 10-year Treasury, which influences mortgage rates, slid to 3.42% from 3.53% late Tuesday. The two-year Treasury yield, which tends to track market expectations of future action by the Federal Reserve, fell to 4.27% from 4.36%.

    Investors have been dealing with a relative lack of news ahead of updates on inflation and consumer sentiment later this week, and the Federal Reserve’s meeting next week. Inflation, the Fed’s aggressive interest rate increases and recession worries remain the big concerns for Wall Street.

    Investors are watching for data that may yield more insights into inflation’s path ahead and how the Fed will continue fighting high prices.

    The U.S. will release data on weekly unemployment claims on Thursday. The jobs market has been a strong area of the otherwise slowing economy and that has made it more difficult for the Fed to tame inflation.

    The government will release a report on wholesale prices Friday that will provide more details on how inflation is affecting businesses. The University of Michigan will release a December survey on consumer sentiment on Friday.

    Inflation has been easing and economists expect the upcoming data on wholesale and consumer prices to reflect that trend.

    The central bank is expected to raise interest rates by a half-percentage point at its meeting next week. It has raised its benchmark rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. Wall Street expects the benchmark rate to reach a peak range of 5% to 5.25% by the middle of 2023.

    A growing number of analysts expect the U.S. economy to slip into a recession in 2023, but are unsure of its potential severity and duration.

    In other trading, U.S. crude oil prices rose $1.18 to $73.19 per barrel in electronic trading on the New York Mercantile Exchange. On Wednesday, it fell 3%, settling at $72.01 per gallon, the lowest price this year.

    Brent crude oil gained $1.12 to $78.29 per barrel.

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  • Asian shares slip after tech stock slump on Wall St

    Asian shares slip after tech stock slump on Wall St

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    BANGKOK (AP) — Shares are mostly lower in Asia after Wall Street sagged under weakness in tech stocks.

    U.S. futures edged lower while oil prices rebounded.

    Japan revised upward its GDP data to show the economy contracted less than earlier reported in July-September, in a sign the country weathered its latest big COVID wave with less damage than had been thought.

    The Cabinet Office reported Thursday that the economy shrank at a 0.8% annual rate in July-September. That was better than minus 1.2% annual growth reported earlier.

    In quarterly terms, the world’s third-largest economy contracted 0.2% instead of 0.3%.

    Shares rose in Hong Kong as investors studied the potential impact of a rollback of many pandemic restrictions on the Chinese mainland.

    On Wednesday, rules on isolating people with COVID-19 were eased and virus test requirements were dropped for some public places in a dramatic change to a strategy that had confined millions of people to their homes and sparked protests and demands for President Xi Jinping to resign.

    Experts warned, however, that the “zero-COVID” restrictions can’t be lifted completely until at least mid-2023 because millions of elderly people still must be vaccinated and the health care system strengthened.

    “Specifically, there are three reasons to be restrained, if not circumspect, on China cheer. First, the simple point that the unwind of entrenched zero-COVID policies will take time and perhaps be a bumpy process rather than a linear path to instant gratification,” Mizuho Bank said in a commentary.

    Hong Kong’s Hang Seng gained 2.4% to 19,267.52, while the Shanghai Composite lost 0.2% to 3,193.14.

    Australia’s S&P/ASX 200 sank 0.6% to 7,183.00 and South Korea’s Kospi dropped 1% to 2,360.24. Shares also fell in Bangkok, Mumbai and Taiwan.

    Wall Street ended a wobbly day of trading with more losses Wednesday, with the S&P 500 down 0.2% in its fifth straight loss. It closed at 3,933.92.

    Technology and communication services stocks were the biggest weights on the benchmark index. Apple fell 1.4% and Google parent Alphabet dropped 2.1%.

    The Nasdaq composite, which is heavily weighted with tech stocks, fell 0.5% to 10,958.55 and the Dow Jones Industrial Average managed a 1.58 point gain, essentially flat, at 33,597.92.

    The Russell 2000 index fell 0.3% to 1,806.90.

    Treasury yields fell significantly. The yield on the 10-year Treasury, which influences mortgage rates, slid to 3.42% from 3.53% late Tuesday. The two-year Treasury yield, which tends to track market expectations of future action by the Federal Reserve, fell to 4.27% from 4.36%.

    Investors have been dealing with a relative lack of news ahead of updates on inflation and consumer sentiment later this week, and the Federal Reserve’s meeting next week. Inflation, the Fed’s aggressive interest rate increases and recession worries remain the big concerns for Wall Street.

    U.S. crude oil prices fell 3%, settling at $72.01 per gallon, the lowest price this year. Early Thursday, it was up 67 cents at $72.68 per barrel in electronic trading on the New York Mercantile Exchange.

    Brent crude oil gained 64 cents to $77.81 per barrel.

    Investors are watching for data that may yield more insights into inflation’s path ahead and how the Fed will continue fighting high prices.

    The U.S. will release data on weekly unemployment claims on Thursday. The jobs market has been a strong area of the otherwise slowing economy and that has made it more difficult for the Fed to tame inflation.

    The government will release a report on wholesale prices Friday that will provide more details on how inflation is affecting businesses. The University of Michigan will release a December survey on consumer sentiment on Friday.

    Inflation has been easing and economists expect the upcoming data on wholesale and consumer prices to reflect that trend.

    The central bank is expected to raise interest rates by a half-percentage point at its meeting next week. It has raised its benchmark rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. Wall Street expects the benchmark rate to reach a peak range of 5% to 5.25% by the middle of 2023.

    A growing number of analysts expect the U.S. economy to slip into a recession in 2023, but are unsure of its potential severity and duration.

    ___

    AP Business writers Damian J. Troise and Alex Veiga contributed.

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