TOP STORIES
Hang Seng Index sinks to decade low as Fed hikes rate
- 2022-09-22
- Business
- The Young Reporter
- By: Rex CheukEdited by: Kylie Wong
- 2022-09-22
Hong Kong stocks tumbled after the Federal Reserve’s 75 basis points rate hike. Ongoing rate hikes by the U.S central bank alongside concerns about a global economic slowdown has been posing pressure to global markets. The Hang Seng index slumped by 1.61% to 18,147.95, from this morning's 18,080.93. The index dropped to 17,965 points during the trading day, reaching a historic low since 2011. Bank stocks contracted in general. HSBC plunged more than 3% while Hang Seng and Standard Chartered dipped more than 1%. Real estate stocks closed in red, with New World Development recording a more than 3% slip. “It’s not time to buy yet as Hong Kong’s stock gauges fall to new lows, with aggressive US interest-rate hikes adding to pessimism around Covid Zero and the ongoing property crisis in China,” Manish Bhargava, fund manager at Singapore’s Straits Investment Holdings told the Standard. Following the Fed’s third consecutive hike, both HSBC and Bank of China raised their prime rate by 12.5 percentage points to 5.125%. Standard Chartered also upped interest rate to 5.375% from its previous 5.25%. Hong Kong Monetary Authority, the de facto central bank of the city, also announced an upwards 3.5% Base Rate adjustment. The three major U.S stock indexes slid by around 1.7% after the hike. Most Asian markets sank, with Japan’s Nikkei Index dropping 0.58%. “We have got to get inflation behind us,” Jerome H. Powell, the Fed chair, said at a news conference on Wednesday. “I wish there were a painless way to do that; there isn’t.” The several rounds of raised interest rates have led to the devaluation of at least one-tenth of the world's 36 currencies. “The Fed has raised interest rates sharply for many rounds, and the U.S. dollar has appreciated rapidly…” Zhao Lijian, the spokesman of the Chinese …
Calls in Brisbane to abolish the monarchy on Australia’s National Day of Mourning
- 2022-09-22
- Society
- The Young Reporter
- By: Angela HuangEdited by: Hamish CHAN
- 2022-09-22
Hundreds of people marched in the Brisbane’s Central Business District to oppose the British monarchy on the National Day of Mourning for Queen Elizabeth II. The organisers, the Warriors of the Aboriginal Resistance (WAR) said they were “against racist colonial imperialism”. "This is a stance against the continued crimes committed against marginalised First Nations, black, brown and Asian communities," the group posted on Facebook last Tuesday. Queen Elizabeth II died at the age of 96 at Balmoral Castle in Scotland on Sept. 8. Steve Miles, 25, joined the protest even though he is not an indigenous Australian. “The bloodshed… the English monarchy has crossed the world and they're talking about respecting the dead,” said Miles. “I think it's more important to respect all of our own ancestors who brutally had their lives changed irreversibly by this brutal regime.” For more than a century, the Australian government has been criticised for its treatment of indigenous Australians. A few streets away at King George Square, dozens of people assembled to watch a live stream of the memorial service for Queen Elizabeth II held in the Great Hall at Parliament House in Canberra. Becky Wlloyd, 39, said she was here to pay respects to the Queen. “I guess I wouldn't really call myself a royalist person, but I do think it's an important moment in history,’ said Wlloyd. “Although there has sometimes been controversy around what royalist or monarchy means, I think that there had been some really positive things and so I'm paying my respect to her and to what she has contributed to.” The bells at Brisbane City Hall chimed 70 times at 12:00 pm, in memory of the Queen’s reign. Between 1905 to 1967, children of Australian Aboriginal and Torres Strait Islander descent were forcibly removed from their families and …
New iPhone 14 goes on sale in Hong Kong
- 2022-09-16
- Society
- The Young Reporter
- By: Yixin GaoEdited by: REN Ziyi David
- 2022-09-16
The new iPhone 14 series went on sale in Hong Kong today. Potential customers pack into Apple Stores around the city to check out the new functions on the device. Lucy Lang, 21, who owns an iPhone 13 was at the Festival Walk store this afternoon. She liked the iPhone 14 pro in purple and would buy one when she has enough money. “The photographic functions and the appearance of the phone are all I care about, and the iPhone 14 pro can satisfy me well,” Lang said. One of the new functions on the iPhone 14 pro is the “Dynamic Island”. It is an interactive display on the top of the screen where the notch used to be in previous models. The status bar shows information such as currently playing music, and call notification, estimated arrival of rides without disrupting users’ activities on the main screen. Harry Han has been following the development of iPhones for years. He said the “Dynamic Island” was brilliant but unnecessary. “I don’t intend to buy it right now, My iPhone 12 is enough for me,” he said. Three days before the pre-sale of the iPhone 14 series, Huawei, one of the most popular Chinese smartphone manufacturers, launched the pre-sale of the Mate 50 series. But the new model. does not support 5G functions. Enkito Chen, 20, a Huawei user, said that she liked the Airdrop function of iPhone products but it was not sufficient for her to choose iPhone because its signal is quite weak. In Hong Kong, the cheapest device in the iPhone 14 series was HK$6899. Apple raised the price of the new series in key markets such as the UK, Japan, and Germany versus the iPhone 13, while it remained the same in the local market and in China. CC …
Hongkongers pay tribute to Queen Elizabeth II
- 2022-09-09
- Society
- The Young Reporter
- By: Noah TsangEdited by: Lokman Yuen
- 2022-09-09
Around 40 people left flowers at the British Consulate-General in Hong Kong to offer condolences to Queen Elizabeth II, who died yesterday at 96. Local resident Wong Hong-ken, 70, who grew up under British colonial rule, said he was heartbroken over Queen Elizabeth’s death. "The British colonial government headed by the Queen built a great social atmosphere, spreading values like democracy," said Wong. "To this day, there is still an emotional bond between Hong Kong and the Queen.” Hong Kong was a British colony from 1842 to 1997, when it returned to Chinese rule. The Royal Family announced the Queen’s death yesterday at 6:30 pm UK time [local time 1:30 am today] on Twitter. “The death of her majesty's queen is a huge shock to the nation, and the world,” UK Prime Minister Liz Truss said in a statement. “The death of my beloved mother, Her Majesty The Queen, is a moment of the greatest sadness for me and all members of my family,” King Charles III, the Queen’s eldest son, said in a statement. Queen Elizabeth II was born on April 21,1926 in London, England. She was crowned as Queen on June 2, 1953. King Charles III will be crowned at St James’s Palace on Saturday.
Hong Kong comics started a new page with uncertainty
- 2022-08-18
- Culture & Leisure
- The Young Reporter
- By: Lokman YuenEdited by: Jenny Lam
- 2022-08-18
http://youtu.be/o0DEGvl82GQ Hong Kong comics had its glory days in the 1970s to 90s, its popularity has declined since then. But some local comic writers are still drawing new pages, Jerry Cho Chi-ho is one of them. HK Comics Support Programme, a first-year government subsidised programme aimed at helping artists to publish new long comics encouraged Cho to draw again.
Sunset traditional culture: Hong Kong’s last homemade “Yuk Bing Siu” liquor store, Kwong Yu Yee Winery
- 2022-07-27
- Society
- The Young Reporter
- By: Nicholas ShuEdited by: Editor
- 2022-07-27
Tucked away in a tenement building on Pei Ho Street in the Sham Shui Po District is a time-honoured winery store, Kwong Yu Yee. While the simple façade looks no different from the other stores in the neighbourhood, the intoxicating aroma of rice wine from within draws visitors to stop by every time. The winery moved from Guangzhou to Hong Kong more than 70 years ago. The old shopfront originally had two stories. After being demolished in the 1960s, it was rebuilt into a six-story tenement building on the original site. The golden lacquer signboard which reads “New Kwong Yu Yee” and the wooden beamed ceiling, together with the paint-peeled floor have been well-retained. 65-year-old Wong, who claims to be very low-key and would not give away his full name to anyone, is the second generation of the shop owner. “My father was the owner and I started to run it more than 40 years ago when it was in its golden age,” he said. Wong recalled during that time, there were four restaurants nearby and his shop wholesaled wine to them. “Back then, they had to register to buy our wine,” Wong said, “And let’s say if you tie your shoelaces in front of our door, the whole street would be blocked by our customers soon.” “There’s no restaurant now,” he said, “It’s really hard for us to do business now.” Wong said that nearly 60% of the shop's business nowadays comes from neighbourhoods. “Our regular customers contribute to our business most now, but the epidemic situation is putting us in a tricky situation since every customer is being more sensitive and concerning more about the price," Wong said, "But it seems to be better now." In addition to the foreign wine wholesale business, the winery also sells the …
Online fitness in China soars
- 2022-07-27
- Health & Environment
- By: Kate ZhangEdited by: Kate Zhang
- 2022-07-27
"Goodbye fat, hello muscles! Say it out loud with me!" Liu Genghong gives instructions to Li Yuxi, a 25-year-old bank clerk in Shanghai, as she does aerobics to the beat of the music on her phone. Every day, Li opens Douyin, a Chinese short video platform, to follow Liu, her star personal trainer, to exercise at home. Liu is a Taiwanese singer, actor and personal fitness trainer, but his experience in show business has not made him famous. Now, he has attracted viewers from all over the country with his live broadcasts on social media. After Shanghai was locked down due to Covid in March, Liu, 49, and his wife Vivi Wang, Miss Universe Taiwan in 1999, live-streamed fitness five times a week for a 90-minute session each time. The couple taught the audience to do aerobics to the fast-paced tunes of pop star Jay Chou, and one of his most-watched fitness routines were set to Herbalist Manual from Chou's album. Most of the movements are simple, including Liu’s signature shuttlecock movement, which mimics the action of kicking a shuttlecock, a traditional Chinese folk game called jianzi. Liu's fitness classes have been so popular that they have broken Douyin's live streaming record so far in 2022, according to data analytics platform Chanmama. His live broadcast has accumulated over 100 million viewers within 30 days, with a maximum of 44.76 million viewers for a single live broadcast. Liu's Douyin account grew by more than 50 million followers in April. By July 19, he had amassed 73.2 million followers and got more than 120 million likes. "I worked out every day with Coach Liu, and after a few weeks of dancing, I saw the changes in my body," Li said. "I lost three kilograms of weight, while I became very relaxed after …
Consumer Council finds many cooking oils contain cancer causing substances
- 2022-07-19
- Health & Environment
- The Young Reporter
- By: Lokman YuenEdited by: Jenny Lam
- 2022-07-19
Some 60% of commonly used cooking oils in Hong Kong contain chemicals which may pose cancer risk to humans, according to tests conducted by the Consumer Council from Nov. 2021 to Jan. 2022. The results are published in the latest edition of Choice Magazine yesterday (July 18). They show that 47 out of 50 types of oil tested contain at least one type of harmful contaminant, and 29 of them contain carcinogens. They also found that 30 out of 50 samples contain 3-MCPD, and 35 of them contain phthalates. For the 29 that contain carcinogens, two exceeded European Food Safety Authority (EFSA) standard. Of those, SuperFoodLab Coconut Cooking Oil made in Thailand exceeded the standard by 10 percent, and Yu Ping King Pure Peanut Oil manufactured in China contained twice the amount of carcinogen allowed. Two types of oil from mainland brand, Yuwanjia were found to contain harmful chemicals benzo[a]pyrene, which may cause cancer risk when cooked in high heat.Yuwanjia 100% Pure Corn Oil and Yuwanjia 100% Pure Peanut Oil, exceeded EFSA standard by 2.0μg/kg and 0.1μg/kg respectively. Of the 35 types of oil that contained phthalates, only Gallo My first olive oil Extra Virgin Olive Oil was worse than Centre for Food Safety and EFSA standards. “There is no recommended tolerant level (for carcinogens), the advise is: the less you absorb it is better for your health,” Gilly Wong Fung-han, Cheif Executive of Consumer Council said. She added everyone should be mindful of these pollutants as they may cause cancer.
Hongkongers’ Book Fair goes online after last-minute cancellation
- 2022-07-15
- Politics
- The Young Reporter
- By: Lokman YuenEdited by: Jenny Lam
- 2022-07-15
A private book fair was forced to go online after the owner of the venue where it was to be held threateend to take legal action against the organiser. Raymond Yeung Tsz-chun, organiser of the Hongkongers’ Book Fair, received a notice of from Mall Plus in Wan Chai on July 12. The venue owner, Permanent Investment Company Limited issued a lawyer's letter through Man Hing Hong Properties Company Limited the following day, accusing Yeung of “sub-letting” and “causing nuisance, annoyance or danger to occupants or visitors” and would no longer rent out the premises. As a result, the online version of “Hongkongers’ Book Fair” can only showcase products from Yeung’s bookstore, Hillway Culture. Publications from seven other publishers and at least six commercial outlets which originally participated in the book fair are not in the online event. “I believe that anything related to the name “HongKongers’ Book Fair” is considered politically sensitive now,” said Yeung. Yeung organised the private book fair after the Hong Kong Trade Development Council being rejected his application to take part in the Hong Kong Book Fair by on May 16. Yeung claimed he then invested more than HK$500,000 to run his own fair instead. He said he contacted Man Hing Hong Properties after receiving the notice and scheduled a meeting with the property agent on July 12 at 10:30 a.m., but the agent did not show up. He did not have the contact number of Permanent Investment, the venue owner. TYR tried to contact Man Hing Hong Properties Company Limited and Permanent Investment Company Limited through email. They did not respond to our inquiries. “We made sure we followed all laws and regulations. We believed we can hold an independent book fair under the Rule of Law in Hong Kong,” Yeung said. “But it seems …
Hong Kong virtual social platform offers escape from reality
- 2022-07-13
- Society
- The Young Reporter
- By: Lokman YuenEdited by: Jenny Lam
- 2022-07-13
Buying train tickets, karaoke with friends, feeding ducks by a lake, or visiting art exhibitions. Those are some of the activities that “Siubak” and “Winter” enjoy with each other, not in reality, but in a virtual world. Both of them are young men in real life. They are administrators of LIHKG VR (連登VR群), a Hong Kong VRChat Telegram group. They organize online activities regularly through instant messaging. Members log in to the virtual world to hang out with each other’s avatars and chat on the audio channels. But there are no regulations on how users portray themselves in the virtual world. A middle-aged man can appear as a young girl, or a teenager can become a superhero. The origin of VRChat and virtual social platform The first avatar-based social platform was launched in 2003 by the San Francisco based online multimedia platform, Second Life. Similar products have since appeared, such as Roblox and Mole Manor in the US and China respectively. Created by Graham Gaylor and Jesse Joudrey in Texas in the US, VRChat started in 2017 as early access. Similar to Facebook and Instagram, avatar based social networks like VRChat enables users to build social connections online through a video game platform “steam”. In 2020, Siubak rallied for people from LIHKG to join VRChat in a telegram group . Since last year, he has been administrating a chat with 1700 users. Today, LIHKG VRChat has an average of 200 daily users. The identity crisis Siubak and Winter manipulate an avatar of a white-haired Japanese anime girl. A male character with purple hair speaks in Cantonese, asking the girl to make cute poses. In the virtual world, users can be anybody they can imagine. Clinical psychologist Adrian Wong believed some users gain self-esteem in virtual reality when they fail …