Business
AI-powered health and wellness tools: Personalising medical care at your fingertips
- 2024-05-11
- Society
- The Young Reporter
- By: Jemima BadajosEdited by: Ming Min AW YONG
- 2024-05-11
With an iPad’s front camera, artificial intelligence and sitting still for just 30 seconds, Vitals, an AI-powered app, can tell your vital signs by simply scanning the colour changes in your face. Vitals was developed by Panoptic.AI, a Hong Kong-based healthtech company founded in August 2022. The health and wellness monitoring app can identify up to 15 health indicators, including your breathing rate, blood pressure and oxygen saturation, which can help track current lifestyle conditions and detect any potential health risks down the line. As the colours in your face are affected by blood flow, signals that only show these changes are tracked, which can also filter out “blind spots” such as beards and tattoos. Next, the signals are sent to the company through the cloud, while any personal identifiable information is kept back on the user’s device. Kyle Wong, CEO and co-founder of the start-up, says the product’s idea stems from their previous projects involving temperature screening and thermal imaging technology in large-scale areas, such as border control points and government facilities. During the COVID-19 pandemic, the company’s team realised that it was challenging to identify asymptomatic patients who did not show signs of fever or had taken medication that lowers their temperature, said Wong. “We were doing a lot of research about using a camera, trying to find what other features we can measure from the person,” Wong said. “That led to the idea of what we have now, which is by using a regular camera, and we're talking about the camera of your smartphone, your everyday, off-the-shelf device, we're able to measure these biomarkers,” he said. Artificial intelligence is developing in Hong Kong’s health technology industry as it transforms health and well-being services into a personalised and self-manageable tool. The rise of artificial intelligence in digital wellness …
Hong Kong retail sales edge up amid changes in consumer spending patterns
- 2024-04-04
- Society
- By: Subin JOEdited by: Runqing LI
- 2024-04-04
Hong Kong's retail sales saw a modest year-on-year increase in the first two months of 2024 despite shifting consumer spending patterns and the evolving retail sector landscape, according to official data, The government’s provisional figures showed on Wednesday that the total retail sales value was provisionally estimated at HK$33.8 billion in February, marking a 1.9% increase from the same period last year. Revised estimated data for January showed a year-on-year increase of 0.9%. Retail sales value increased by 1.4% in the first two months of 2024 compared to the same period last year, while online retail sales decreased by 15.9% in the same period in 2023. Kevin Kim, 28, a research analyst at Hong Kong Shanghai Banking Corporation, explained that the decrease in online retail sales could be attributed to several factors. “One possibility is that consumers have begun to prefer shopping at traditional retail stores, which could be a rebound from the increased online shopping activities during the pandemic. Additionally, intensified competition in certain online marketplaces may have also played a role,” he said. After adjusting for price changes, the volume of total retail sales in February recorded a year-on-year increase of 0.5%. Nonetheless, when January and February 2024 were considered together, a decrease of 0.4% in volume was observed, indicating a nuanced recovery in retail sector performance. “It should be noted that retail sales tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year,” the government said in the press release. “... It is more appropriate to analyse the retail sales figures for January and February taken together in making a year-on-year comparison.” For significant types of retail outlets, the first two months of 2024 saw 8.8% increases in sales of jewellery, watches, clocks, and valuable …
“Art March 2024”: tourists welcome new ovoid installations with full bookings in the opening week
- 2024-03-25
- Culture & Leisure
- By: Chi On LIUEdited by: Ji Youn Lee
- 2024-03-25
teamLab:Continuous, an outdoor art project featuring hundreds of colourful illuminated egg-shaped installations at Tamar Park & Central and Western District Promenade, was fully booked by tourists on its opening week as part of the government’s new campaign. Around 200 ovoid installations changed colours with interactive sound effects with audiences. The installation is part of the government’s “Art March 2024” campaign, a program which aims to welcome tourists and locals to take part in various artistic events and “take the city’s vibrant cultural landscape to the next level”. In the opening ceremony, Tam Mei-yee, Deputy Director of Leisure and Cultural Services, said they were pleased with the public’s reaction to the exhibit. “The 100,000 reservations for the first week were sold out within 2 hours, showing the audience’s enthusiasm for this event,” said Tam. However, some visitors were disappointed in the amount of tickets and available amenities. Gao Xiaoqian, 28, a visitor from mainland China who has been to other teamLabs projects in Japan, said he had to walk more than 100 metres from the exhibit to the nearest vending machine for drinks and snacks. “I think the government can do better in this event, Gao said. “More tickets and valuable souvenirs related to Hong Kong may make this event more friendly.” To accommodate for high demand, Tam said the Leisure and Cultural Services Department would increase the number of booking quotes and would work with the travel industry to arrange group bookings. According to Klook’s official listing for the event, all tickets are fully booked until Apr.7. Richard Kim, 25, a local resident, said: “If an event has reservations to limit the people coming to the exhibition, I can’t see how it can attract more people to go out and more tourists to come.” The installations will be …
Small companies find ESG compliance easier said than done
- 2024-03-23
- Health & Environment
- The Young Reporter
- By: XIA Fan、ZHAO RuntongEdited by: Junzhe JIANG、Ji Youn Lee
- 2024-03-23
Two years ago, Edmund Chan started a small company called Meat The Next which offers plant protein products. He came up with the idea soon after his child was born because he wanted to protect the environment for the next generation through sustainable development. “Sustainable development has the highest priority in our business,” Chan said. “We want to provide a solution to our customers and give them the platform to protect the environment.” Chan’s company develops their leading products in an environmental, social and corporate governance or ESG philosophy. That means they are mindful of the company's sustainability, including its effects on the environment and the broader society. According to the company’s website, the carbon emission in producing one kilogram of tiger nut milk is less than 0.9 kg, far lower than the 3.2 kg in producing the same amount of cow’s milk. “Our society is becoming more concerned about our environment compared with the previous decade, and companies are embracing the idea of ESG as consumers are calling for more sustainable development,” said Davis Bookhart, Director of the Sustainability Office at the Hong Kong University of Science and Technology, A Hong Kong Consumer Council survey in 2023 found that 87% of consumers said they would be willing to pay an additional 5% or more for products or services that are environmentally friendly or sustainably produced. However, developing ESG is easier said than done for small to medium enterprises. “The lack of talent is a major challenge for SMEs,” said Keith Chan, assistant professor of HKUST. “It will affect their ability to make their ideas financially feasible.” Edmund Chan said his company has cooperated with experts from different fields, such as product development, test and retailing. “If small businesses do things individually, it is like trying to speak up but …
Investors bullish about Tencent’s stock after annual results released
- 2024-03-21
- Business
- By: Runqing LIEdited by: Subin JO
- 2024-03-21
Chinese technology giant Tencent announced its annual report yesterday with revenues increased and a plan to double share buybacks, driving the stock’s price up. The listed company reported a 7% rise in revenue for the three months ended Dec. 31, 2023, to 155.2 billion yuan (about HK$ 142.9 billion) from a year earlier and its annual revenue surged 10% to 609 billion yuan (about HK$ 560.6 billion)from 2022. However, the net income during the three-month period ended Dec. 31, 2023, dropped 75% from the same period in 2022 because there’s a high base from gains from the disposal of Meituan shares last year. Besides, the annual net income in 2023 declined 39% from 2022, according to the company’s report. The company decided to increase the dividend by 42% to HK$ 3.4 per share at the year-end, with its increased shares repurchasing scheme to over HK$ 100 billion this year. The stock’s opening price edged up by 2.2% to HK$ 295.2 per share from yesterday’s close, and it closed at HK$ 290 per share, which is up 0.4%. During 2023, four major segments, including value-added service (VAS), Online Advertising, FinTech and Business Services, and others, all achieved growth in revenue. For value-added services, which increased by 4%year-on-year to 298 billion yuan, international online gaming increased 14%to 53 billion yuan, and domestic online gaming increased by 2%to 126 billion yuan. “Several of our recent releases have performed well in terms of DAU(Daily Active User), and now are converting the DAU success to monetisation,” said Martin Lau, the president of Tencent, in the live streaming of the annual report. “We will contribute to long-term stability and growth of our game portfolio; having a large portfolio of major hits illustrates our ability to continuously develop new major hits and operate multiple highly popular games …
Hong Kong hope to strengthen its position as the world’s leading air cargo hub
- 2024-03-14
- Business
- The Young Reporter
- By: YANG Haicen、WANG LudanEdited by: Juncong SHUAI
- 2024-03-14
Hong Kong is likely to regain the world's busiest cargo airport, and passenger traffic at the airport is expected to fully recover to pre-pandemic levels this year, the Financial Secretary said on Tuesday at World Cargo Symposium. Three-runway system to be completed by the end of this year, will be able to handle 120 million passenger trips and more than 10 million tonnes of cargo annually in 2035, Paul Chan Mo-po said during the opening remarks of the World Cargo Symposium at the AsiaWorld-Expo. "Hong Kong is also cooperating with other cities in the Greater Bay Area to enable Hong Kong International Airport to fulfil its role as the logistics gateway of the Greater Bay Area and the world premier air cargo hub," he added. Later on Tuesday, Cathay Cargo and Hong Kong Air Cargo Terminals were awarded the full environmental assessment certification at the symposium, becoming the first two air cargo terminals to receive the certification in Asia. The International Air Transport Association certification, is a comprehensive evaluation of companies' environmental sustainability management systems and their plans for continual performance improvement. “Having IATA environment certified facilities at Hong Kong International Airport strengthens Hong Kong’s position as the world’s leading air cargo hub and is reflective of the strong sustainability culture and vision of Hong Kong,” said Mark Watts in a press release, Cathay Cargo Terminal’s Chief Operating Officer. "Before the outbreak, the Hong Kong International Airport had more than 1,100 daily flights connecting to over 220 destinations,” Chan said. “At the end of last year, passenger throughput was back to 80 percent of pre-outbreak levels. According to the data, Guangzhou Baiyun Airport's total passenger throughput in 2023 reached 2 million tonnes, significantly ahead of Hong Kong's because of its fast recovery of domestic flights. "We have started to build …
Budget 2024: Stamp duty scrapped to stimulate sluggish property market
- 2024-02-28
- Business
- The Young Reporter
- By: XIA Fan、ZHAO RuntongEdited by: Junzhe JIANG、Ji Youn Lee
- 2024-02-28
All “spicy measures” for housing will be cancelled, said Financial Secretary Paul Chan Mo-po in his latest budget speech on Wednesday, referring to stamp duties paid on property purchases. Known as “laat ziu” in Cantonese, spicy measures meant locals buying a second property, non-local residents and companies had to pay up to 7.5% of the original property prices, which was cut from 15% in October 2023. Additionally, people who wished to resell their property in two years had to pay up to 7.5% of the resale price. “These stamp duties are unnecessary for the current economic and market situation,” said Chan. Leung Ka-ki, 37, a salesman at Festival Walk, is happy to see the stamp duties gone as it helps him save money to buy a property as soon as he can. “People didn’t buy properties because they had to pay the stamp duty previously,” said Kelvin Leung, senior property consultant of Midland Realty, “The cancelled cooling measures will greatly attract investors from home and around the world to buy properties in Hong Kong.” Property sales increased slightly after the government halved the stamp duty in October, though sales have not yet reached the high earlier in 2023. Chong Tai-leung, executive director of Lau Chor Tak Institute of Global Economics and Finance, also predicts an increase in property sales. “The immediate impact of the cancellation will be the increased volume of property transactions,” Chong said. However, buyers will still compare the return of depositing the same amount in the bank, Chong said. Chong said the effectiveness in boosting the property market in the long term may not be that effective, as the main force driving the market down is the interest rate, which the government cannot control. Andre Wong, 45, who owns an apartment in Kowloon Tong, said he would …
Budget 2024 Key Takeaways: Careful balance of revenue and deficit to continue
- 2024-02-28
- Society
- The Young Reporter
- By: AU YEUNG Jim、AO Wei Ying VinciEdited by: Juncong SHUAI
- 2024-02-28
Hong Kong’s Financial Secretary Paul Chan Mo-po delivered the 2024-2025 Budget speech on Wednesday, announcing policies to strive for high-quality development while sustaining a solid economy. Top the list is the cancellations of property cooling measures, with Special Stamp Duty, Buyers’ Stamp Duty and New Residential Stamp Duty scrapped with immediate effect. For the coming fiscal year, the total government expenditure will increase by about 6.7% to HK$776.9 billion, while the total government revenue is estimated to be HK$633 billion. Chan expects that there will be a deficit of HK$48.1 billion for the year, and fiscal reserves will decrease to HK$685.1 billion. Here are the key takeaways of this year’s budget plan.
Budget 2024: People want more supplies towards new births and families with babies
- 2024-02-28
- Business
- By: Subin JOEdited by: Chi On LIU
- 2024-02-28
People are disappointed by the lack of new policies for new births and families with babies in the latest budget speech with the problems of low birth rates and high costs in the city. Shin Yoon Jung, 37, a housewife who anticipates the birth of her child this April, expressed disappointment over this budget proposal. "I am really disappointed that the proposal has no real benefit for a pregnant woman. I think one of the factors behind Hong Kong's low fertility rate is economic factors," Shin said. Although Hong Kong provides a subsidy for those who give birth, the financial support needs to be more adequate even for the costs of diapers and formula under the city's high cost, Shin explained. The Hong Kong SAR government announced in the last policy address that it would provide a one-time cash bonus of HK$20,000 for each baby born after Oct. 25, 2023, with parents who are Hong Kong permanent residents. Bosco Yuen, 21, a single woman, said:“ I think the economic and housing issues most affect Hong Kong people’s fertility.” “It costs more than HKD 20,000 to raise a baby. Buying baby supplies already costs a lot of money.” Yuen added As Shin's child is coming up this April, she was concerned about raising a child in Hong Kong, particularly regarding the economic aspect. Her primary worry revolves around "financial problems." "I am concerned about living with the baby in our current apartment,” Shin said. “My husband and I are looking into expanding our living space, but the thought of paying over a million dollars for a small additional room is quite burdensome." According to World Bank statistics, as of 2020, Hong Kong's total fertility rate was 0.87 births per woman, making it the second lowest among 52 Asian countries. Korea ranked …
Technology for Change Asia : new initiatives to make Hong Kong a “smarter city”
- 2024-02-28
- Society
- The Young Reporter
- By: ZHAO Runtong、LIU YutongEdited by: Juncong SHUAI
- 2024-02-28
An artificial intelligence Supercomputing Centre and a Digital Policy Office will be established in Hong Kong in phases starting this year, along with more than 100 digital government initiatives to be launched. These initiatives were highlighted by the Secretary for Innovation, Technology and Industry, Dong Sun, in his opening speech of the 4th annual Technology for Change Asia event held yesterday, which hosted 300 solution-oriented leaders from across the world. According to Sun, AI technology is “ charting the way” in the process of technological revolution and industry transformation in a new era for Hong Kong. “The AI Supercomputing Centre will help build a resilient digital economy and a Hong Kong that is more welcoming to international investors, which will bring huge economic benefits and allow us to have a ‘Smart City’,” Sun said. “The future is all about AI” “‘Smart City’ means that it can decide which specific problems can be solved by specific technologies,” said Atsuko Okuda, regional director of International Telecommunication Union. “The use of AI technology could contribute to productivity and help improve market efficiency,”said Tom Standage, deputy editor for The Economist. One of the examples is KUDO, the international sponsor for the event, which provides real-time translation. “What we do is enable attendees to watch full text of speeches and panel discussions content in their mother language,” said Nick Blake, head of sales at KUDO Asia-Pacific district. “Thanks to AI, we can translate more than 200 languages for meetings, training and many other situations in Hong Kong from now on.” However, using AI as an ancillary tool for “Smart City” faces potential risks, according to Jimmy Wales, founder of Wikipedia . “AI can convey biased or deceptive information," said Wales. "If Hong Kong wants to build a ‘Smart City’ with the help of AI, it …