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Corporate and government seek more ESG practices in small businesses

  • By: Nga Ying LAU、Yuchen LIEdited by: Bella Ding、Rex Cheuk、Yuhe WANG
  • 2023-07-26

Dehtlet, a Hong Kong-based small and medium-sized enterprise specialising in innovative eco-toilet systems, has received international and Hong Kong awards for improving the environment. The eco-toilet system has undergone more than seven generations of modification. The use of fabric glass in producing the eco-toilets at first was later found to contaminate the environment and so low-density polyethene, a material that poses less harm to the environment was adopted instead. “We are still searching for technologies in making reclaimed rubber as suitable construction materials to replace low-density polyethene, which would still create pollutants during the manufacturing process,” said Lian Chan Lai-yan, the co-founder and managing director of Dehlet. By deploying wind power, thermal power and gravity to conduct aerobic decomposition, the eco-system separates faeces and urine through aerobic decomposition. The separation process does not require the use of water, which avoids the effluent problems associated with water treatment, and the solid could eventually return to nature while the liquid can be used for handwashing. Chan said that reported by the United Nations, the sanitation coverage in rural areas of mainland China was even 2% lower than that of Kenya, shocking her husband and her to hop on the train of a sustainable business. Citizens getting infected through bathroom drain pipes during the severe acute respiratory syndrome (SARS) outbreak in 2003 also inspired her to improve the toilet system amid the ongoing gloom of COVID-19. In line with the career they wish to contribute to, recent years have witnessed the growing awareness of the Environment, Social and Governance concepts within corporates, ranking higher in the business agenda. “The ESG standards become more demanding as most of our customers are listed and multinational corporations,” said Chan. A Deutsche Bank research found out that more companies are adopting ESG as it could improve the …

Business

High inflation and anti-strike laws ignite London train workers, but people complain about their strikes

  • By: REN Ziyi DavidEdited by: REN Ziyi David
  • 2023-07-26

About one and a half months ago, Gyrd Hanks planned to watch the Eurovision Song Contest Final in person, which is about three hours of public transport from his home at London Zone 5. However, on May 13th, when the final contest began, he was sitting on the couch, drinking beers, and watching the show live on TV, all because of the RMT strike that disrupted the Avanti West Coast line operation. The Avanti West Coast Line was not alone. A total of 19 rail operators were affected due to the strike that took place on May 12th and 13th, led by RMT and ASLEF unions, as their salary increase proposals got declined amid the sky-high inflation rate in the UK and the new anti-strike law. Although the strike gained support from the public, some have raised complaints. Hanks said he understood the frustration and dissatisfaction of the train workers. Still, being a fan of the Eurovision Contest, he was rather unhappy about not being able to attend the show in person. “The inflation and ascending living costs are something we all need to face. Sometimes I feel like the unions are too greedy,” he said. According to National Rail, the strike covered “large areas of the national network.” National Rail also warned about late start and disruption of the network on the day following the striking day. “I have four kids, plus my wife. That makes it difficult for us to go on a private vehicle for any trips together,” said Hanks. He said that the family heavily relies on the rail or buses to travel. The RMT and ASLEF union strikes forced him to cancel the Eurovision Contest family trip. The long-term salary dispute between the RMT union members and the company triggered the strike once again. The …

Culture & Leisure

Going green could be expensive but worthwhile in the UK

  • By: Bella Ding、Zimo ZHONG、Le Ha NGUYENEdited by: Bella Ding
  • 2023-07-21

Paprika is a spice made from dried, ground peppers used in Spanish and English cuisines, and among different flavours, smoked paprika won great popularity with BBC listing 261 recipes in total using this ingredient under its food column. The ordinary smoked paprika sold at grocery stores costs around £1.69 for 75g while the same product tagged environment-friendly costs £1.3 for just 10g, or nearly five times more expensive, in Re: Store, a zero waste shop located in Hackney, London. Established in 2019 by founder Megan Adams, Re: Store encourages zero waste-conscious shopping to help protect the planet from harmful degradation. Consumers could bring their own containers for products or utilise paper bags provided by the shop to reduce the use of plastic for packaging. “Our customers want to shop locally and shop sustainably to reduce their environmental impacts,” said Shaniah Bond, assistant manager at Re: Store, “A lot of them like the process of bringing their own jars, filling them and taking them home.” Food waste situation in the UK According to the true cost accounting published by Sustainable Food Trust, people in the UK spend £120 billion annually on food, and an additional £116 billion in environmental and health costs caused by the food and farming industries, which are instead passed onto the public through taxes and expenses related to climate change and environmental damage. Sustainable food reduces the negative environmental impact during their production process, which no longer depends on businesses and systems based on extraction and growth but towards approaches based on the principles of regeneration, sustainability and the circular economy. According to Statista, UK households are estimated to throw away nearly 100 billion pieces of plastic packaging per year, or 66 items per household per week on average. In 2021, the waste reached a staggering number …

From personal financial planning to institutional investing, AI pushes Hong Kong’s WealthTech to new heights

  • 2023-06-30
  • By: Man TSE、Yuchen LIEdited by: Bella Ding、Le Ha NGUYEN、Kin Hou POON
  • 2023-06-30

By indicating one’s daily expenses to a chatbot called SuiGor, one will be able to automatically receive a budget calendar to keep track of spending for better financial control. SuiGor (水哥), available on Whatsapp and Facebook Messenger, is a Cantonese intelligent wealth management program. It is designed to provide several functions, including bill bookkeeping, spending analysis and personal expenditure recommendations to help users align with their financial objectives. “I started this program because I hope to improve personal finance education for the public in this way,” said Sherman Lee, founder of SuiGor. “ People could form a habit of recording their daily consumption as well.” With over 500 free users and 100 paid subscribers now, SuiGor is one of the latest WealthTech applications empowered by Artificial Intelligence in Hong Kong. As a convergence of technologies, such as AI, big data and financial assets, which includes savings and investment, WealthTech provides digital solutions to individuals and companies to automate and facilitate the efficiency of the processes associated with wealth management and investments. Cyberport, one of Hong Kong’s business parks, housed around 60 WealthTech startups, including SuiGor, as of 2022. “WealthTech can lower the cost of wealth management services and enhance the efficiency of product development and operation, in turn lowering the threshold for customers to enjoy personalised investment products and wealth management advice,” said Eric Chan, the Chief Public Mission Officer of Cyberport, in the press release. Launched by Microsoft-Backed OpenAI in November 2022, the viral chatbot ChatGPT has been utilised worldwide to create content, generate cost-effective business proposals and streamline code development, creating a dynamic transformation for various business sectors, including Wealth Tech. “Our team use the most up-to-date Application Programming Interface (API) of OpenAI, which provides the interface for us to use OpenAI’s data and functionality, empowering SuiGor GPT …

Business

ChatGPT-type AI stocks grow with volatility amid investment hype

  • By: Yuhe WANG、Mei Ching LEEEdited by: Bella Ding、Zimo ZHONG、Nga Ying LAU
  • 2023-06-30

The Microsoft-backed OpenAI, the developer of the ChatGPT, announced the launch of the latest artificial intelligence model named GPT-4 with stronger functions on Mar. 14. It can simultaneously process information in images and respond to a 25,000-word request now. ChatGPT sprints to one million users in only five days, creating the fastest-growing consumer application in history compared with technology powerhouses such as Netflix and Twitter, according to Statista. The popularity of the newest version of ChatGPT reached a full score in the evaluation of Google Trends only six days after its debut. AI stands for Artificial Intelligence, which is the development of intelligence in machines that are programmed to think like humans, which includes virtual assistants. "AI stocks" refers to stocks of companies focused on developing and applying artificial intelligence technology. The largest players in AI stocks currently are Google and Microsoft, while small companies are usually working on the application of AI rather than invention. Rex Tsang Kai-bong, the founder of AO Summit, an online platform using AI to analyse the flow of stocks, used the example of the application of Google Maps in Gogovan, an app-based logistic platform originated in Hong Kong. “GogoVan can be successful without a need to build another map system because the founders took the chance of applying for Google Maps, so as AI,” said Tsang. However, Tsang was not optimistic about the development of small companies which introduce specific use of AI as he considered small companies with limited revenue and fund for continuous research and development would feel hard to compete with tech giants to introduce specific AI utilization. Microsoft was making a “multiyear, multibillion-dollar” investment in OpenAI, according to the company statement on Jan 23. During the same period, the mean capital expenditures for the Software (System & Application) industry were …

Society

Hong Kong’s silver-haired job market yet to open up

  • By: Nola YipEdited by: Jenny Lam
  • 2023-06-28

Dong Si-choi, 67, turns on the radio when he arrives at work. Then, he takes out trays of dough from the freezer, and makes small cuts on each piece. Next, sausages are placed on the dough and sauces are squeezed on top. Within a minute, trays of typical Hong Kong style sausage buns are ready for the oven. Every move is precise, speedy and smooth. Having worked in small cafes and big companies, Dong has been a baker for more than 40 years. In the old days, he used to start work at midnight to prepare the dough. But with advancements in technology and bread-making, the dough nowadays is prepared by machines and stored in freezers, so that Dong can go to work at 5:30 am instead. Even though he is past the retirement age, Dong's baking career has not yet come to an end. “It’s all for a living,” he said. “When I see my children grow up day by day, I’m happy.” Hong Kong’s ageing population has doubled in three decades, according to the Census and Statistics Department. The proportion of elderly people aged 65 and above exceeded 20% in 2021, meaning one in five people in the city is elderly. In the first quarter of 2023, 13.8% of elderly people were in the labour force. Maggie Chan Chiu-mui, a project officer at the Hong Kong Jockey Club Community Project Grant: Elder-Friendly Employment Practice organised by the Hong Kong Society for Aged, said the most significant drive for elderly people to work is their basic financial needs. “Most elderly people you see working on the streets are doing it only to survive, be it cleaners, security guards, or even cardboard scavengers,” she said. More than half of the working elderly are employed in low-end physical jobs with an …

Society

Australians volunteer to conserve endangered species

  • By: Jayde Cheung、Tracy LeungEdited by: Jenny Lam
  • 2023-06-08

Native Australian animals are increasingly under threat as natural disasters fueled by a changing climate ravage their habitats. The Australian Koala Foundation estimates that there are less than 57,920 koalas left in the wild in 2022, possibly as few as 32,065. Koalas in the southern part of Australia face a threat of habitat loss because the woods and woodlands there are being destroyed for urban development and agriculture. Koalas are also killed in domestic dog attacks, bushfires and road accidents.  As a continent prone to a range of devastating natural hazards including bushfires, flooding and tropical cyclones, the government has committed to spend AU$2,300,000,000 (HK$11,740,000,000) on environmental preservation in the latest budget,  Up to AU$100,000,000 is specifically allocated to biodiversity preservation. People from all walks of life work together, some volunteer to be firefighters or animal rescuers, all with the aim of saving the country’s natural environment before it is too late.  In June 2019, a deadly fire swept across New South Wales and demolished 6.2% of the wildlife natural habitat. The country set aside AU$200,000,000 (HK$1,020,000,000) to restore the habitats, according to the Australian government’s website.  Jane Willcock is the senior registrar and museum operations coordinator at the University of Queensland.  “The koalas are too afraid in their place, and they are very picky about what they eat, so they are very difficult to accommodate,” Willcock explained. Financial and physical support since the woods were ignited in July 2019 put an end to the fatal bushfire that impacted three billion animals between 2019 and 2020, either killing them or reducing their homes to ashes, according to the data from World Wildlife Fund.  “My school had posters about koala-saving techniques all over the campus,” said Chong Yan, a veterinary student at the University of Sydney. The veterinary society she joined …

Society

The "bun" is back!

  • By: Nola YipEdited by: Wisha LIMBU
  • 2023-06-06

The 2023 Cheung Chau Bun Festival resumed last Friday after three years of COVID-19 restrictions. As one of the highlights of the yearly Jiao Festival, thousands of tourists visited the island to watch 12 competitors who entered the final of the Bun Scrambling Competition compete for the champion and a special prize called “Full Pockets of Lucky Buns”.

Society

Hong Kong elderly struggle to age with the extreme heat

  • By: Yi Yin CHOW、Runqing LI、Jemima BadajosEdited by: Nola Yip、Ming Min AW YONG
  • 2023-05-09

Chan Yin-chi, 77, lives alone in Kwai Hing. Every Tuesday, he visits the local community centre to dance with other elderly people. She is health conscious and brews her red dates tea every morning. The hot summer nights in Hong Kong though make it hard to sleep without an air conditioner, yet the damp cold air is a problem for Chan. “The cold wind from the air conditioning during the night makes my muscles and bones ache,” she said. “From here to here, there is pain in the whole body,” she said, pointing at her shoulders and legs.  Over the past two decades, the number of days when the temperature in Hong Kong was more than  33°C in a year has increased by 50%, according to the Hong Kong Observatory. Depending on how serious the greenhouse gas emissions are, the annual mean temperature of the city is expected to rise by as high as 1.7°C from 2041 to 2060. Joey Ho Wai-yan, a registered Chinese medicine practitioner in Hong Kong, explained that elderly folks are particularly vulnerable to the effects of high temperatures. Her clinic is often packed with people who suffered from heat stroke after staying outdoors for a long time .“Elderly people are physically weaker, have lower energy, poorer perspiration and they have difficulty adjusting to air conditioning, which affects the balance of their body temperature,” said Ho. “Even after seeking medical advice and taking antipyretic medication, the fever may still recur.”  Heat stroke is caused when the body temperature reaches 41°C or higher. Symptoms include dizziness, headache, nausea, shortness of breath and mental confusion, according to the Centre for Health Protection. Ho explained that climate change is making  Hong Kong becoming hotter and more humid from mid-spring to the end of summer. This makes it harder for …

Society

The Lamma 500 International Dragon Boat Festival returns after three years

  • By: Jemima BadajosEdited by: Mollie Hib、Wisha LIMBU
  • 2023-05-04

Best known for its 500m international standard course, the annual event had to be postponed due to COVID-19 restrictions.