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Business

South Korea Presidential Election 2025: Korean stocks surge more than 2% after the country’s new president announced

South Korea’s benchmark index surged 2.7% to 2770.84 at close on Wednesday (as of 3:30 p.m. local time) after Lee Jaemyung brought the presidential election to an end with his widely-expected victory at midnight. The Korea Stock Exchange KOSPI Index opened with a rise of 1.4% after a one-day recess due to the election holiday on June 3, reaching a closing high of 2770.84 – the highest level in over 10 months. The index has gained 20.8% since April lows triggered by concerns over Trump’s reciprocal tariff policies. Financial stocks saw significant gains today, with Bookook Securities surging more than 22% while Mirae Asset Securities, SKSquares, and Shinyoung Securities rose about 13%, charging the KOSPI higher.  During his campaign, Lee Jae-myung proposed a series of financial policies, such as customised financial services for the underprivileged and debt relief for small business owners. Tech stocks are also leading gains among other component stocks. Chip and appliance maker Samsung Electronics gained 1.8% to 57,800 KRW, with the semiconductor manufacturer SK Hynix surged 4.8%, and aero engine-savvy Hanwha Aerospace gained 1.2%. Lee claimed his presidency and delivered a speech in front of the National Assembly, prioritising the revision of the economy and livelihood to alleviate economic hardship as his second priority in his incoming administration, following the restoration of democracy. “From the moment my victory is confirmed, I will devote every effort to recovering your livelihoods—quickly and decisively,” he said. Lee has also promised to boost the economy by increasing government spending, improving corporate governance, strengthening labour protection, and wrapping up the ongoing tariff talks and exchange rate negotiations with the Donald Trump administration, which may contribute to stabilising market sentiment. The South Korean won strengthened against major currencies on Wednesday, trading at around 1,363 per dollar and 946 per 100 yen as …

Politics

South Korea Presidential Election 2025: Young voters see the economy as one of their major concerns amid economic downturn

  • By: BO ChuxuanEdited by: BO Chuxuan
  • 2025-06-02

Young voters in Seoul consider the economy one of the major concerns heading into the South Korean 21st presidential election, which takes place on June 3, as South Korea’s central bank cut the basic interest rate by 25 basis points days before to counter the current economic downturn. “The current (economic) situation is really bad, everything is becoming more and more expensive,” said Victoria Kim, a psychology student at Yonsei University, who gave up travelling abroad but visited cities inside South Korea instead because of the depreciation of the South Korean won. South Korea's won weakened sharply after ex-president Yoon Suk Yeol declared emergency martial law, causing a democratic crisis in the country on Dec. 3, 2024, and hit a record low in nearly 16 years after Trump’s declaration of a 25 percent tariff against Korea-manufactured goods in April. While the South Korean benchmark stock index, KOSPI, moved higher and broke a 10-month record high at 2,720.64 on May 29, boosted by tech shares, which strengthened the won against the USD, this was mainly triggered by the US trade court’s blockade of Trump’s global tariffs. For Kim, the economic uncertainty extends beyond travel decisions to her everyday expenses. “I like to be a vegetarian and eat lots of veg and fruit at home, and with the recent price rises it’s a burden to buy and eat,” said Kim, working part-time in Seoul apart form college right now. Being eager to enjoy cultural life, Kim must continue working to save money, which makes her feel frustrated and negatively impacts her mental well-being. Jerry (assumed name), a student in the Korea University department of Humanities, sees social welfare for low-income groups as the key issue in his vote, and is looking for substantial and implementable funding policies to support the research and …

Business

New Gold Zone at 2025 International Jewellery Show boosts Hong Kong’s position as trading hub

  • By: Yichun FangEdited by: WANG Ruoshui、XIA Fan、BO Chuxuan
  • 2025-03-04

The 41st Hong Kong International Jewellery Show kicking off on Tuesday, debuts the Gold Jewellery Zone at the Convention and Exhibition Centre, with international gold exhibitors drawn in. The Hong Kong Trade Development Council (HKTDC) describes this new addition as a showcase for novel gold jewellery design, part of efforts to strengthen the city’s position as a global hub for gold jewellery trade. Organised by the HKTDC, the Jewellery Show will run from 4 to 8 March, showcasing new product trends including affordable luxury jewellery, men's and unisex jewellery, sustainable development and jewellery technology.  “Hong Kong is actively accessing both the technical support of mainland China and the international market, so I hold a strong belief that the gold market here will become increasingly prosperous,” said Winston Chow, director & deputy general manager of Chow Sang Sang Holdings International Ltd.  HKTDC said that Hong Kong is leading in the gold product sector. Currently, manufacturers are conducting high value-added processes in Hong Kong, while shifting manufacturing activities to mainland China. Atticus Zhu, the founder of Shenzhen Shangpin Gold Jewellery company exhibiting in the gold jewellery area, said that the consumers of the Hong Kong gold market accept the premium of labor cost on design to a greater extent than mainland Chinese customers, who are relatively more sensitive to the gold price. “Hong Kong is the global hub for gold jewellery trade, providing a springboard to tap into various international markets,” he added. “For example, through Hong Kong, we reached out to the Malaysia market, a country with a 20% overseas Chinese population and has one of the most receptive markets for gold today. ” The gold price rose more than 25% in 2024, the most significant annual gain in 14 years, as regional wars and political changes continued the uncertainty among …

Business

Digital Asset Week Hong Kong 2025 took place as Asia Pacific’s first tokenised retail fund prepares to be launched

  • By: Haoming Zhou、XIA FanEdited by: ZHAO Runtong、XIA Fan、BO Chuxuan
  • 2025-02-27

Digital Asset Week Hong Kong 2025 kicked off with the Leadership Summit on Wednesday, bringing global traditional and digital asset insiders together, amid the launch of the Asia-Pacific’s first tokenised retail fund in the near future. “Digital Asset Week is the best event to connect to the people building the future of the digital asset ecosystem,” said Daniel Coheur, co-founder and chief commercial officer of Tokeny, an on-chain finance operating system developing company headquartered in Luxembourg. Known for inventing the ERC3643, one of the newest token standards for tokenisation of the Real World Asset in the blockchain, Tokeny plans to expand the number of employees in Hong Kong to capitalise on the opportunity. Confident about the industry's future, Thomas Zhu, Head of Digital Assets and Family Office Business of China AMC (HK), who will launch Asia Pacific’s first tokenised retail fund tomorrow, is confident about the future development of digital assets. Supported by Standard Chartered Bank,  the tokenised retail fund will offer investors “opportunities to earn returns in Hong Kong dollars” through blockchain-based instruments.  “We may be able to build another Chinese asset management company on the chain through blockchain technology,” he said. Hong Kong has recently taken action to boost digital assets, including preparing to issue the third tranche of digital bonds through the Hong Kong Monetary Authority, the city’s de facto central bank,  and the hosting of Consensus 2025, the world’s top crypto and Web3 summit. Up to now, 10 virtual asset trading platforms have been operating in Hong Kong in the past five years, with the HKEX Bitcoin Reference Index surging more than 870%. As a response to its increasing development, the Hong Kong Securities and Futures Commission launched the “A-S-P-I-Re” for the regulatory roadmap for Hong Kong’s virtual asset market with 12 significant initiatives. “These movements …

Budget 2025: Government proposes fiscal consolidation measures to cut expenses

  • 2025-02-26
  • The Young Reporter
  • By: NG Natasha Goa Sheng、MAO AnqiEdited by: CHAN Wing Yiu
  • 2025-02-26

The government has proposed to cut 7% of government recurrent expenditure from now to the 2027-2028 fiscal year, Financial Secretary Paul Chan Mo-po said in the budget address this morning. A “reinforced version” of the financial consolidation programme is coming soon, with the purpose of restoring HK$6.2 billion of expenditure over the next five years. “Strictly containing public expenditure is a must, but we should proceed in a steady and prudent manner and be careful to find a balance among the various impacts that may arise in the process,” Chan said. In the 2024-2025 fiscal year, Hong Kong recorded a deficit of HK$87.2 billion, 60% higher than the forecasted deficit of HK$54.4 billion last year, according to the government. In this year’s budget, the total estimated expenditure stands at HK$639.7 billion, an increase of 2% from the previous year. Terence Chong Tai-leung, Professor of economics at the Chinese University of Hong Kong, said Hong Kong’s economic performance is not as bad as widely perceived. “Hong Kong’s financial expenses have always been stable. It is normal to observe deficit fluctuation throughout the business cycle,” he said. To reduce the deficit, Chong suggested the government can work on land sales and budget upper limits. “I suggest further dividing large areas of land into smaller ones, and then selling more of them to small- and medium-sized enterprises and overseas companies, instead of strengthening the local monopoly,” he said. Other proposals to reduce expenditure include increasing the rate of reduction of recurrent government expenditure from 1% to 2% in 2025-2026, under the premise of not affecting Comprehensive Social Security Assistance, Social Security Allowance and other statutory expenditures.   The policy will be extended to 2027-2028 and is expected to save the government around HK$3.9 billion, HK$11.7 billion and HK$19.5 billion in the following three financial …

Business

Taiwan Stock Exchange has no plan for virtual currency ETF

  • By: Junzhe JIANGEdited by: Junzhe JIANG
  • 2024-01-12

Taiwan Stock Exchange doesn’t plan for virtual currency ETFs at the current stage based on the incomplete regulation of virtual currency after the first approval of spot Bitcoin ETFs by the US Securities and Exchange Commission. “Although we are focusing on promoting ETF-related products now, we still need the government to make related regulations about the virtual currency,” said Yang Shin-Yin, Senior associate of corporate planning and Strategy Department from TWSE. The US SEC allowed 11 spot bitcoin ETF products to come into the market on Wednesday. After the statement, the price of Bitcoin rose about 3% to about US$ 47,000 (about HK$ 347,474.6) and recorded US$ 46,354.79 (about HK$ 362,577.9 ) at the close. Taiwan's ETF assets have grown by 12.83 times in the last decade and increased about 60.47% in the past year with Asia's Top 3 ETF market, according to the Taiwan Stock Exchange website. Crypto assets, including Bitcoin, are not considered legal currency in most parts of the world, including Taiwan. The US SEC emphasised that the approval of Bitcoin ETFs does not imply their endorsement of Bitcoin. "While we approved the listing and trading of certain spot bitcoin ETP shares today," said the US SEC in a statement, "we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”

Society

Taiwan Election 2024: Nuclear power becomes the focus of energy policies

  • By: Man TSE、Yuchen LI、Junzhe JIANGEdited by: Junzhe JIANG
  • 2024-01-12

Taipei (TYR) - With conflicting energy policies from three candidates, the Taiwan presidential election will be held on Jan. 13, which has become one of the major focuses among voters in Taiwan. To reduce dependence on fossil fuels, three political parties propose different approaches. While the Kuomintang proposes to extend the use of the existing three nuclear power plants and restart the fourth plant, the Democratic Progressive Party and Taiwan People's Party focus on developing renewable energy, such as hydroelectric power, geothermal energy and ocean energy, to reduce dependence on nuclear power. In the past nearly eight years under Tsai Ing-wen’s government, Taiwan's electricity price has been raised by 23%; the most recent rise was about 11% in April 2023. According to the data from Taiwan Power Company, the latest average price of electricity in November was NT $3.09/ kWh (about HK$ 0.78/ kWh), which is 13.4% and 19.2% higher than the average price in the past two years, respectively. The research from Global Petrol Price.com shows that the world's average electricity price for family use in June 2023 was US$ 0.156/ kWh (about HK$ 1.25/ kWh), which was 76% higher than the average price in Taiwan in the same period. The average electricity price for businesses was US$0.153/ kWh (about HK$ 1.17/ kWh), recorded 39% higher than in the same period in Taiwan. Regarding the changes in electricity prices, residents in Taichung city said the increase in electricity prices is acceptable.  “The prices of everything are rising, not only the electricity price but also the costs of food, transportation and housing. I think the increase in electricity prices is not a major burden,” said Marry Liao, a housewife living in Taichung. Data from the Taiwan Statistics Bureau shows that Taiwan's year-on-year CPI index increased by 2.5% in 2023, recording …

Society

FinTech Week puts spotlight on tokenization and cross-border transactions

  • By: Runqing LIEdited by: Zimo ZHONG
  • 2023-11-04

Hong Kong FinTech Week 2023 came to a close on Friday, attracting over 30,000 participants during the two-day event. This year’s theme was “Fintech Redefined”. The conference focused on policy and regulatory innovation, the shift from web2 to web3 and AI, and leveraging technology for inclusion, ESG, and Green Finance. It has been the eighth year for Hong Kong to hold one of the largest and most influential fintech events in Asia, featuring more than 500 speakers both online and offline. Compared to last year, organisers have doubled the floor space at the Hong Kong Convention and Exhibition Centre to accommodate 540 exhibitors. “No other economy can claim our unique advantage under the ‘one country two systems’ principle, to draw on and create opportunities from both our country and the world at large,” said John Lee, the Chief Executive at the opening on Thursday. After one of the largest financial frauds in Hong Kong history, which involved a loss of HK$1.5 billion in the JPEX cryptocurrency exchange in October, the focus of this year's conference shifted from last year's virtual assets to tokenization and cross-border transactions. On Friday, the government announced a three-pronged strategy for fintech development, two of which involve expanding the use of digital yuan and Web3 technology.  On Thursday, the Securities and Futures Commission issued two circulars on tokenized securities, opening retail access under the condition of prior notification and business plan discussions with the Securities and Futures Commission and with smart contract audits. Alan Ding, 35, a business director of a Hong Kong-based company in Web 3 and cryptocurrency, said that Hong Kong provides a good business environment for Fintech companies. But he still hopes the Hong Kong government can implement more “specific policies”. Ding added that although the Hong Kong government supports Fintech, it is …

Society

Wine & Dine Festival 2023: A Culinary Delight and Cultural Celebration

  • By: KONG Tsz Yuen、Wai Yan MIUEdited by: Rex Cheuk
  • 2023-10-31

Hong Kong Wine and Dine Festival reopened at the Central Harbourfront event space on Oct. 26 after five-year hiatus because of the pandemic and the 2019 social movement. The four-day festival features over 300 booths with food and drinks from 36 nations and regions, ranging from France and Italy vintages to Chinese spirits. In addition to trying out the drinks, visitors can also taste different foods from demonstrations and workshops such as learning how to brew coffee from Coffee Academics. Visitors can also enjoy stage performances from groups including VSing, a gold medal-winning cappella group. The Hong Kong Tourism Board's annual event is part of the government's "Night Vibes Hong Kong" Campaign, designed to revitalise the city's sluggish night economy by showcasing entertainment, culture, and art events. “I can't wait to tell you that Hong Kong people are indeed really true French wine lovers. Despite the pandemic, Hong Kong still imported 13 to 14 million bottles of wine,” said Hong Kong’s finance chief Paul Chan Mo-po at the opening ceremony. Apart from a wide selection of wine from eight main regions , including  France, Spain and Japan, the festival also presented  new lettuce wine from Thailand and Singapore, said Chan. According to the Hong Kong Tourism Board, the wine carnival attracted total 140,000 people during the four-days event. “The festival is much bigger than I expected,”  said Mustang Chau, a local visitor who waited for about 45 minutes at the entrance. Xige Guanlan Group, a Chinese winery, introduced “a series of new products at the festival, including four different flavours of white wine,” said Christelle Chene, International Affairs Director of the group. The Ningxia-based vineyard participated in the festival in a bid to promote and encourage more Hong Kong people to taste Chinese wines. “By using cans for packaging, the …

Business

Policy Address 2023: Hong Kong Chief Executive John Lee hopes to revive flagging stock market with cut on stamp duty

  • By: Chi On LIU、Runqing LI、Yixin GaoEdited by: Yixin Gao
  • 2023-10-25

Hong Kong’s Chief Executive, John Lee, announced his government will ease the stamp duty on stock transfer from 0.13% to 0.10% for the sluggish stock market in today’s policy address.  “A vibrant stock market is vital for upholding Hong Kong's status as an international financial centre and maintaining our competitiveness,” said Lee. Mark Li, 51, an individual stock investor who has invested in the Hong Kong stock market for more than 20 years, said that this policy would attract more short-term investors such as him.  “Relying on this decline, I can always put a huge amount of money to buy the stock at a low price and sell it at a higher price on the same day at a lower cost,” said Li.  Billy Mak Sui-Choi,40, an associate director of the Centre for Corporate Governance and Financial Policy at Hong Kong Baptist University, said that the decrease of stamp duty on stock transfer would increase the stock liquidity but could not ensure all investors trade more frequently as the deduction of stamp duty on stock transfer had less effect on long-term investors. “Even though the stamp duty does not decrease, the long-term investors will be unaware as the 0.13% stamp duty can easily be diluted,” said Mak. “Also, the biggest concern from people is not stamp duty but corporates’ performance.” The Hong Kong Financial Secretary, Paul Chan Mo-Po, also wrote in his weekly blog on Sept. 3 that decreasing the stamp duty on stock transfer was not enough to stimulate the Hong Kong stock market structurally in the long term. “The drop of 0.03% is minimal,” said Chris Wong, 24, a corporate banker. “For example, if you invest HK$ 10,000 on the stock market and only spend three dollars less, it will not affect a lot,” he added.  Wong said …