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The Young Reporter

Business

Hong Kong stocks fall three trading days in a row

Hong Kong stocks continued to drop as technology stocks shrank and the market was concerned about upcoming tighter monetary policy in the U.S., in light of inflation. The Heng Seng Index closed at 24112.78, showing a 0.43% decrease. Though the market grew 0.69% to today’s peak, 24385.05, from its previous close in the morning trading session, the growth was erased by the drop at noon. The lowest of the day was 24009.71. The market was dragged down by losses in the technology sector. Tencent recorded a decreased 2.75% reduction to HK$HKD 452.8 from yesterday’s HK$HKD 465.6. This was followed by Meituan and Alibaba, declining 0.375% to HK$HKD 215.8 and 1.63%to HK$126.4 respectively. Several financial media reported that Morgan Stanley cut the target price of Tencent from HK$650 to HK$600 as the broker predicted that Tencent’s revenue will report a slower growth of 6% for the last quarter in 2021. This is due to delays in revenue recognition of new games. Regulatory policies regarding games and advertisements also came into play. Country garden from the property industry is the best performing blue chip of the day. It displayed a 4.94% growth, reaching HK$ 6.16. The company announced on Monday that it has repurchased US$ 10 million senior note (HK$ 389 million) from the market. HSCE fell 0.18%. The SSE Composite Index and CSI 300 Index inched up 0.80% and 0.97% respectively.

Society

Two Jabs Required To Enter HKU

Students and staff from the University of Hong Kong are required to have two jabs in order to access campus starting from Monday.  According to an internal email sent to students and staff, anyone who wishes to enter the campus will need either to be fully vaccinated or to take weekly self-tests. The same measure will also be applicable to HKU School of Professional and Continuing Education (SPACE) premises throughout Hong Kong. No exemption is available. All HKU staff and students need to register their COVID-19 status via HKU portal or the HKU COVID-19 Control App. They will be allowed into campus after presenting their HKU ID cards to card readers installed at the entrances of HKU.  People who choose to self-test will need to upload their records on a weekly basis. Presentation of original copies, photocopies, or screenshots of vaccination records and self-test records to security guards are also acceptable.  Visitors will need to scan the QR code at the entrance to show that they have complied with the COVID-19 control measures before being granted access to the campus. Tam Siu-yee, a Year 3 HKU Science student majoring in Speech and Hearing Science said that the new measure does not really affect her since she has already been fully vaccinated. “I have been out in the clinic being in contact with patients since last semester so I have been vaccinated for a while,” Tam said.  Although the measure does not affect her, she disagrees with the implementation. She thinks the new measure does not respect students’ personal wishes and the right to be on campus. Tam doubted the effectiveness of the two available vaccines in Hong Kong on combating Omicron and “doesn’t see the point for mandatory vaccination for COVID-19 control on campus.” Eight universities in Hong Kong have …

Society

COVID-19 quarantine and travel restrictions challenge Hong Kong’s domestic helpers

Ybañez’s 68-year old mother, living in Cebu City in the Philippines, was hospitalized for high blood pressure and diabetes for two months before her death. Ybañez, 40, who has been working in Hong Kong for almost three years, would have to quarantine in both the Philippines and upon return in Hong Kong for five weeks in total.  Employers of foreign domestic helpers in Hong Kong are required to pay for one trip home for each helper every two years. In response to the pandemic, the Immigration Department mandates that prospective employers sign the undertaking of the employer document agreeing to pay for their employees’ Covid tests and all quarantine expenses upon entry to Hong Kong.  “My employer couldn't afford it," said Ybañez. "Even if I had gone, they could only wait for one week before burial and I had to do two weeks of quarantine in the Philippines, so it was impossible to see her.” Low availability of flights and quarantine hotel rooms, travel bans and vaccination requirements have made travel in and out of the city challenging for foreign domestic helpers.  In April, Hong Kong banned flights from the Philippines, and in June this year another flight ban extended to Indonesia, significantly impacting the wait time for inbound employees. Both these bans were lifted in August.  In September, the government opened Penny’s Bay Quarantine Centre on Lantau Island to helpers who are fully vaccinated with non-Hong Kong available vaccinations for 21 days quarantine, allocating nearly 800 rooms with a price capped at HK$500 per night. Helpers vaccinated with either Pfizer/BioNTech or Sinovac can also quarantine in hotels upon their arrival.  The pandemic has doubled the number of foreign domestic helpers in Hong Kong seeking help from local NGO Mission For Migrant Workers this year, the NGO said. More than …

A Font for Hong Kong

  • 2021-12-31

By Nicole Ko

Gender inequality under the pandemic

  • 2021-12-30

By ZHANG Zhiping

Culture Endangered

  • 2021-12-30

By Hans Xu

Society

Tai Hang Sai Estate: elderly’s struggle under redevelopment

Today, Pun Git-fong, 90, doesn't take a nap with the TV on like usual. Instead, on this cloudy afternoon, she puts on her old blouse, closes the door and starts an arduous five-minute journey down the stairs from the fifth floor to the ground floor. Her neighbours are waiting for her. They are about to rally. More than 30 residents of Tai Hang Sai Estate, Hong Kong's last private housing estate for low-income families, are protesting a redevelopment plan that has been in the works for more than six years. The residents, many of whom have lived here for decades, say both the developer and the government are ignoring their needs and failing to communicate transparently.  Residents want to be given a place to live during the redevelopment, which is expected to last five years. Currently, they’ve been told they need to find their own housing. The crowd, mostly seniors, chants: "One house for one house; relocation needs common agreement. We only want to enjoy the old age; we don't want to drift from place to place." "Don't toss about the elderly; government helps placement,” they shouted. Established in 1965, Tai Hang Sai Estate offered shelter to tenants who lost their homes during the 1953 Christmas day fire in  Shek Kip Mei. The fire, which destroyed the entire estate and caused 3 deaths and 51 injured, brought the issue of safe public housing policy to light.  However, Tai Hang Sai Estate is not qualified as one. The British Hong Kong government offered a discount to developer Hong Kong Housing Corporation Limited (HKHCL) to buy the land for estate construction in 1961, which classified the site into private property.  "Either Hong Kong Housing Authority or any other Hong Kong authorities could manage the estate," says 64-year-old Tam Kwok-kiu, the former District …