Social media has become a battleground in Hong Kong’s protests

Using social media as a tool to galvanize support during a political movement isn’t new — the image of a yellow umbrella was widely shared on Facebook to show support to Hong Kong’s pro-democracy movement in 2014. Hong Kong demonstrators have remained largely anonymous, using social media to avoid being identified and arrested by police authorities. Social media has changed the way people document history, said Tracy Loh, senior lecturer of communication management at Singapore Management Univer


Using social media as a tool to galvanize support during a political movement isn’t new — the image of a yellow umbrella was widely shared on Facebook to show support to Hong Kong’s pro-democracy movement in 2014. Hong Kong demonstrators have remained largely anonymous, using social media to avoid being identified and arrested by police authorities. Social media has changed the way people document history, said Tracy Loh, senior lecturer of communication management at Singapore Management Univer
Social media has become a battleground in Hong Kong’s protests Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: grace shao
Keywords: news, cnbc, companies, using, hong, loh, used, protesters, movement, media, protests, battleground, demonstrators, videos, social, brutality, kongs


Social media has become a battleground in Hong Kong's protests

Using social media as a tool to galvanize support during a political movement isn’t new — the image of a yellow umbrella was widely shared on Facebook to show support to Hong Kong’s pro-democracy movement in 2014. But this time around, the protesters are using social media in a way demonstrating a heightened awareness of cybersecurity and an increased understanding of how to effectively communicate with the medium.

Hong Kong demonstrators have remained largely anonymous, using social media to avoid being identified and arrested by police authorities. Media experts said such tech has played a significant role in the documentation, organization, and assembly of the large-scale demonstrations.

Social media has changed the way people document history, said Tracy Loh, senior lecturer of communication management at Singapore Management University. She told CNBC that social media has played a “more apparent” role in the 2019 protests than ever before.

Just as in the 2014 “Umbrella Movement,” social media is being used by protesters to conceal identities, spread information, mobilize demonstrators and avoid detainment — but it’s now gone beyond that, according to Loh

“I think that what has changed now is that social media is used to win the hearts and minds of the people. Both sides are using images of police brutality and/or protester brutality to further their own agendas,” she said.

The ongoing demonstrations in Hong Kong — a former British colony that was returned to Chinese rule in 1997 — started as peaceful rallies against a single proposed law. They’ve since snowballed into a wider pro-democracy movement, with some even demanding full autonomy from Beijing and occasional outbreaks of violence and disruptions to the city’s operations.

Protesters have circulated images of a female protester that was injured in the eye by members of the police force, and videos of police brutality have been spread to galvanize demonstrators, explained Loh. But, in the meantime, Chinese authorities have also utilized the power of social media, pushing out videos of military vehicles on standby in the neighboring city of Shenzhen and circulating videos of protesters disrupting public transit operations.

Social media has been used “as a tool in the battle for public opinion,” said Loh. She added that it has become more and more difficult for users and consumers of online content because they have to “deal with misinformation and fake news and the associated damages that (such content) can cause.”


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: grace shao
Keywords: news, cnbc, companies, using, hong, loh, used, protesters, movement, media, protests, battleground, demonstrators, videos, social, brutality, kongs


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Hong Kong’s tycoons ‘are the problem’ underlying recent unrest, economist says


Hong Kong’s tycoons ‘are the problem’ underlying recent unrest, economist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15
Keywords: news, cnbc, companies, unrest, kongs, hong, economist, tycoons, problem, recent, underlying



Company: cnbc, Activity: cnbc, Date: 2019-08-15
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China accuses Pelosi and McConnell of inciting ‘chaos’ in Hong Kong

Months of protests, violence and large-scale disruptions in Hong Kong have thrust the city into the global spotlight. “The U.S. denied on many occasions its involvement in the ongoing violent incidents in Hong Kong. A host of public statements show it’s accurate to say American officials have been commenting about Hong Kong — which has seen increasing violence between pro-democracy protesters, counter-protesters, and police. U.S. President Donald Trump said in a Tuesday Twitter post that he “can


Months of protests, violence and large-scale disruptions in Hong Kong have thrust the city into the global spotlight. “The U.S. denied on many occasions its involvement in the ongoing violent incidents in Hong Kong. A host of public statements show it’s accurate to say American officials have been commenting about Hong Kong — which has seen increasing violence between pro-democracy protesters, counter-protesters, and police. U.S. President Donald Trump said in a Tuesday Twitter post that he “can
China accuses Pelosi and McConnell of inciting ‘chaos’ in Hong Kong Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: everett rosenfeld
Keywords: news, cnbc, companies, inciting, country, pelosi, kongs, protests, chaos, chinas, mcconnell, kong, china, accuses, foreign, hong, violent, autonomy, hua


China accuses Pelosi and McConnell of inciting 'chaos' in Hong Kong

Months of protests, violence and large-scale disruptions in Hong Kong have thrust the city into the global spotlight. According to China, there’s “powerful evidence” that the United States has been involved.

A spokeswoman for China’s Foreign Ministry claimed Tuesday that recent comments from American lawmakers — including House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Mitch McConnell, R-Ky. — demonstrate that Washington’s real goal is to incite chaos in the city.

“The U.S. denied on many occasions its involvement in the ongoing violent incidents in Hong Kong. However, the comments from those members of the U.S. Congress have provided the world with new and powerful evidence on the country’s involvement,” Foreign Ministry Spokesperson Hua Chunying said, according to an official translation of her remarks.

A host of public statements show it’s accurate to say American officials have been commenting about Hong Kong — which has seen increasing violence between pro-democracy protesters, counter-protesters, and police. Still, Hua accused U.S. politicians of intentionally distorting their assessments and spurring clashes.

“By neglecting and distorting the truth, they whitewashed violent crimes as a struggle for human rights and freedom, and deliberately misinterpreted the work of Hong Kong police as violent repression when the police were only enforcing the law, fighting crimes and upholding social order,” she said.

“They even incited the Hong Kong residents to engage in confrontation with the (special administrative region) government and the central government,” Hua added. “How anxious are they to instigate and see chaos!”

U.S. President Donald Trump said in a Tuesday Twitter post that he “can’t imagine why” anyone would blame the United States for “the problems” in Hong Kong.

The ongoing protests can be traced back to March when thousands marched against a proposed bill that would allow Hong Kong to extradite people to mainland China. Although the former British colony has been part of the country since 1997, it’s designated as a Chinese “special administrative region” and has been allowed a degree of autonomy in legal and financial matters. That arrangement has been known as “one country, two systems” and it guides Hong Kong’s constitutionally enshrined mandate that the city will maintain its “previous capitalist system” for 50 years after it officially rejoined China.

Given that background, many in Hong Kong said the proposed extradition law would erode their city’s autonomy. Hong Kong’s leader, Carrie Lam, eventually announced the government would indefinitely halt the bill, but protests continued as demonstrators called for it to be officially withdrawn and for an investigation into police actions. As hundreds of thousands, by some counts, have continued to take to the streets, the messages have increasingly become about democracy, autonomy and even independence.

That’s been a red line for China’s leadership, and Beijing mouthpieces and officials have repeatedly emphasized that Hong Kong’s relationship with the rest of the country is not up for discussion. And that’s the topic now inducing the Foreign Ministry’s criticisms of U.S. officials.

“We solemnly remind you this plain truth: Hong Kong affairs are entirely China’s internal affairs, and you are neither entitled nor qualified to wantonly comment on them,” Hua said Tuesday. “Mind your own business and stay out of Hong Kong affairs.”


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: everett rosenfeld
Keywords: news, cnbc, companies, inciting, country, pelosi, kongs, protests, chaos, chinas, mcconnell, kong, china, accuses, foreign, hong, violent, autonomy, hua


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Global firms are sounding the alarm as escalating Hong Kong protests deal a ‘serious blow’ to the city’s outlook

Protesters walk on a highway near Hong Kong’s international airport following a protest on August 12, 2019. The territory’s chief executive, Carrie Lam, added the violence was pushing Hong Kong “down a path of no return.” Traders have punished the city’s stocks in turn, sending Hong Kong’s stock market to a seven-month low on Tuesday. The iShares MSCI Hong Kong ETF — which closely tracks Hong Kong shares — has plunged 10% over the past six months. Hong Kong officials, meanwhile, have cautioned t


Protesters walk on a highway near Hong Kong’s international airport following a protest on August 12, 2019. The territory’s chief executive, Carrie Lam, added the violence was pushing Hong Kong “down a path of no return.” Traders have punished the city’s stocks in turn, sending Hong Kong’s stock market to a seven-month low on Tuesday. The iShares MSCI Hong Kong ETF — which closely tracks Hong Kong shares — has plunged 10% over the past six months. Hong Kong officials, meanwhile, have cautioned t
Global firms are sounding the alarm as escalating Hong Kong protests deal a ‘serious blow’ to the city’s outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jr reed
Keywords: news, cnbc, companies, outlook, kongs, sounding, protests, global, chinese, hong, china, earnings, deal, kong, week, escalating, market, quarter, serious, firms


Global firms are sounding the alarm as escalating Hong Kong protests deal a 'serious blow' to the city's outlook

Protesters walk on a highway near Hong Kong’s international airport following a protest on August 12, 2019. Vivek Prakash | AFP | Getty Images

Two months of protests in Hong Kong are starting to take a toll on some of the largest global companies, adding to a host of geopolitical concerns as the U.S.-China trade war drags on. During the past few weeks, management teams at a range of multinational firms have taken to earnings calls to warn of dire consequences if the clashes escalate — including lost revenue and deterred business investment. Many of these companies are already feeling the strains of higher tariffs and a weakened Chinese currency. Ten weeks of increasingly violent protests have plunged the Asian financial center into its most serious crisis in decades. The growing unrest, sparked by a controversial extradition bill, also represents one of the most formidable popular challenges to Chinese president Xi Jinping since he came to power in 2012.

This week, demonstrations at Hong Kong’s International airport suspended check-ins for two straight days, causing hundreds of flight cancellations. Scuffles broke out as thousands of protesters barricaded passageways in the main terminal building, and riot police fired pepper spray to disperse crowds. On Wednesday, flights out of the financial hub resumed as the airport obtained a court order intended to restrict the protests. But, companies are still wary of further disruptions. Chinese officials condemned the latest rounds of demonstrations, calling them “the first signs of terrorism” in an indication of escalating rhetoric. The territory’s chief executive, Carrie Lam, added the violence was pushing Hong Kong “down a path of no return.” President Trump, citing U.S. intelligence, said Tuesday the Chinese government was moving troops to its shared border with Hong Kong, raising concerns that a possible intervention could be on the horizon. Traders have punished the city’s stocks in turn, sending Hong Kong’s stock market to a seven-month low on Tuesday. The iShares MSCI Hong Kong ETF — which closely tracks Hong Kong shares — has plunged 10% over the past six months. The fund now sits 16% below its recent highs in early April. By contract, the iShares MSCI World ETF (URTH) — which tracks shares across the world, including the U.S. — is down only fractionally since then. Hong Kong officials, meanwhile, have cautioned that protracted tensions could also inflict lasting damage to the local economy. The city — home to seven Fortune 500 global companies including tech giant Lenovo — grew at its weakest pace since 2009 in the first quarter. Hong Kong’s economy bounced back in the second quarter, but still fell short of analyst expectations, growing at just 0.6%. Warning signs are flashing in specific sectors, including retail, where sales plunged 7% in June versus the prior year. Double-digit declines are expected for July and August. “If a further escalation triggers capital flight … the city’s property market would be hit hard, resulting in a deep recession,” Julian Evans-Pritchard, Senior China Economist at Capital Economics, said in a note to clients Wednesday.

‘A bad cocktail’ for global retailers

Earlier this summer, Hong Kong-based cosmetics maker Bonjour Holdings cut its full-year profit forecast, citing the political unrest. In their most recent earnings calls, global luxury brands Prada, Hugo Boss, Gucci parent company Kering and Cartier parent Richemont, all said the protests weighed on sales in Hong Kong due to store closures and decreased tourist traffic, even as demand in mainland China grew. Other luxury retailers, like L’Occitane, have suffered even steeper setbacks in Hong Kong. Sales in the city, the company’s fourth-biggest market, plummeted 19% last quarter. “Hong Kong has been challenging,” L’Occitane Vice-Chairman Andre Hoffmann said on the firm’s most recent earnings call. “We lost several trading days in the quarter due to the protests. Chinese tourists spending in our shops has declined — all these are a bad cocktail for our business.” With the second-quarter earnings season entering its final laps, companies beyond retail – from financial juggernaut HSBC to media giant Disney – have also pointed to the political turmoil in Hong Kong as a negative headwind during conference calls with investors.

Airlines could stand the most to lose from heightened tensions. Hong Kong’s airport, the world’s eighth busiest, hosted over 400,000 flights and 75 million passengers in 2018. Government officials say the transit hub alone contributes 5% to the city’s GDP. Just last week, Cathay Pacific, Hong Kong’s flagship carrier, reported better-than-expected earnings. However, the company flagged that the protests hampered passenger numbers in July and would adversely impact future bookings. Since Friday, the company has fired two airport employees and suspended a pilot for his involvement in the demonstrations. China’s civil aviation authority has also ordered Cathay Pacific to bar employees who participated in the protests from flying to the mainland. Shares of the carrier have tumbled more than 7% in just the past two trading days, touching their lowest level since June 2009.

Hotel operators feel the pinch

Concerns are mounting for other segments of the tourism industry. Several major hotel operators have detailed to investors how the continued unrest is impacting their bottom lines. Tourism to Hong Kong, especially from mainland China, has fallen sharply over the past two months, denting hotel revenues. Occupancy rates dropped 20% in June from a year earlier and are projected to decline 40% in July. And, on Wednesday, the U.S. State Department issued a new travel advisory for the city, urging increased caution due to the unrest. Hilton Worldwide, Hyatt, and InterContinental Hotels Group all flagged the negative impact of the protests on their most recent earnings calls. IHG, the world’s third largest hotel group, outperformed its industry peers in Greater China. But in Hong Kong specifically, revenue per average room — a key industry metric — dropped 0.4% in the first half of the year, in part due to the ongoing political uncertainty. That compares to a 5% gain in Macau, another Chinese territory across the river from Hong Kong. IHG CFO Paul Edgecliffe-Johnson said last week the company is closely watching the situation, noting Hong Kong accounts for 15% of the company’s total business in China. Marriott International President and CEO Arne Sorenson, meanwhile, said that the Hong Kong market performed fairly well last quarter but was not as sanguine looking toward the second half of the year. “Obviously, what’s happening on the streets … is not a positive sign for travel into that market,” Sorenson said on August 6. “I suspect that we’ll see that Hong Kong weakens [in the current quarter].” CFO Kathleen Oberg added that Marriott expects revenue per available room for the Asia-Pacific region to come in below forecasts in the second half of the year, citing “cautious corporate demand in China and continued political demonstrations in Hong Kong.” Hyatt executives have echoed those sentiments. CEO Mark Hoplamazian said on the company’s earnings call on August 1 that they, too, expect to see a drop in hotel occupancies this quarter, owning to softened demand for Chinese leisure travel. With more rounds of demonstrations slated for the rest of the month, other business leaders are bracing for further fallout from the violent clashes. Disney, for instance, said visits to its Hong Kong park could suffer. Members of its Cast Members Union went on strike last week, disrupting rides. “[These protests] are significant…and, while the impact isn’t reflected in the results we just announced, you can expect that we will feel it in the quarter that we’re currently in,” Disney CEO Bob Iger said on the company’s earnings call last week. “We’ll see how long the protests go on, but there’s definitely been a disruption. That has impacted our visitation there.”

‘Serious blow’ to foreign investment


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: jr reed
Keywords: news, cnbc, companies, outlook, kongs, sounding, protests, global, chinese, hong, china, earnings, deal, kong, week, escalating, market, quarter, serious, firms


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Hong Kong protesters offer apologies, China doubles down after airport clash

Pro-democracy protestors block the entrance to the airport terminals after a scuffle with police at Hong Kong’s international airport late on August 13, 2019. China said on Wednesday Hong Kong’s protest movement had reached “near terrorism” and more street clashes followed ugly scenes the previous day when protesters set upon men they suspected of being government sympathizers. Ten weeks of increasingly violent confrontation between police and protesters have plunged Hong Kong into its worst cri


Pro-democracy protestors block the entrance to the airport terminals after a scuffle with police at Hong Kong’s international airport late on August 13, 2019. China said on Wednesday Hong Kong’s protest movement had reached “near terrorism” and more street clashes followed ugly scenes the previous day when protesters set upon men they suspected of being government sympathizers. Ten weeks of increasingly violent confrontation between police and protesters have plunged Hong Kong into its worst cri
Hong Kong protesters offer apologies, China doubles down after airport clash Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: everett rosenfeld
Keywords: news, cnbc, companies, kongs, doubles, protesters, scenes, chinese, hong, china, apologies, movement, offer, clash, kong, late, demonstrators, airport


Hong Kong protesters offer apologies, China doubles down after airport clash

Pro-democracy protestors block the entrance to the airport terminals after a scuffle with police at Hong Kong’s international airport late on August 13, 2019.

China said on Wednesday Hong Kong’s protest movement had reached “near terrorism” and more street clashes followed ugly scenes the previous day when protesters set upon men they suspected of being government sympathizers.

The United States said it was deeply concerned at news of Chinese police forces gathering near the border, urged Hong Kong’s government to respect freedom of speech, and issued a travel advisory urging caution when visiting the city.

By nightfall, police and protesters were again facing off on the streets, with riot officers shooting tear gas almost immediately as their response to demonstrators toughens.

Ten weeks of increasingly violent confrontation between police and protesters have plunged Hong Kong into its worst crisis since it reverted from British to Chinese rule in 1997.

Flights resumed on Wednesday amid heightened security at Hong Kong airport, which is one of the world’s busiest, after two days of disruptions sparked by protesters swarming the airport and, late Tuesday, detaining there two men they suspected opposed them.

China’s Hong Kong and Macau Affairs Office in Beijing called the behavior at the airport no different to terrorism and said it must be severely punished.

“We’re deeply sorry about what happened yesterday,” read a banner held up by a group of a few dozen demonstrators in the airport arrivals hall in the morning.

“We were desperate and we made imperfect decisions. Please accept our apologies,” the banner said.

In chaotic scenes that would once have been unthinkable for Hong Kong, a peaceful sit-in at the airport turned violent late on Tuesday as protesters confronted and held a man they believed was an undercover Chinese agent.

Busloads of riot police arrived in response, clashing with furious demonstrators before withdrawing once the man was removed, and leaving the terminal briefly in control of activists who then detained a Chinese reporter for a short time.

It was not clear whether the scenes of violence might have eroded the broad support the movement has so far attracted in Hong Kong, a major financial hub. The protests have also hit the city’s faltering economy.

“We promise to reflect and to improve,” protesters said in one message distributed on social media app Telegram.

“Sorry we were too reckless … we are only afraid of losing your support to the whole movement due to our mistake, and that you give up on fighting.”

They also showed little sign of relenting in their protests, which began in opposition to a now-suspended bill that would have allowed the extradition of suspects for trial in mainland China, but have swelled into wider calls for democracy.

Hundreds attended a demonstration in the residential area of Sham Shui Po, where police arrived and quickly used tear gas after protesters pointed lasers at the police station.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: everett rosenfeld
Keywords: news, cnbc, companies, kongs, doubles, protesters, scenes, chinese, hong, china, apologies, movement, offer, clash, kong, late, demonstrators, airport


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Investor: I’m ‘fairly concerned’ about Hong Kong’s unrest

Investor: I’m ‘fairly concerned’ about Hong Kong’s unrest23 Hours AgoSat Duhra of Janus Henderson Investors says Hong Kong’s protests are becoming a “stronger” concern, but the U.S.-China trade war, Brexit and Fed policy are still “way ahead” in terms of global issues he worries about.


Investor: I’m ‘fairly concerned’ about Hong Kong’s unrest23 Hours AgoSat Duhra of Janus Henderson Investors says Hong Kong’s protests are becoming a “stronger” concern, but the U.S.-China trade war, Brexit and Fed policy are still “way ahead” in terms of global issues he worries about.
Investor: I’m ‘fairly concerned’ about Hong Kong’s unrest Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13
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Investor: I'm 'fairly concerned' about Hong Kong's unrest

Investor: I’m ‘fairly concerned’ about Hong Kong’s unrest

23 Hours Ago

Sat Duhra of Janus Henderson Investors says Hong Kong’s protests are becoming a “stronger” concern, but the U.S.-China trade war, Brexit and Fed policy are still “way ahead” in terms of global issues he worries about.


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Many of the leaders of Hong Kong’s protests are millennials—here’s why they’re taking action

A protester throws an egg at the police headquarters during a demonstrations in Hong Kong, China, on Friday, June 21, 2019. Hong Kong protesters, including student groups, resumed demonstrations in the city center Friday to demand Chief Executive Carrie Lam step down. Young people are at the forefront of Hong Kong’s protest movement. Although Hong Kong’s government suspended the bill in response to the widespread backlash, the protests have continued. Many young residents maintain a strong sense


A protester throws an egg at the police headquarters during a demonstrations in Hong Kong, China, on Friday, June 21, 2019. Hong Kong protesters, including student groups, resumed demonstrations in the city center Friday to demand Chief Executive Carrie Lam step down. Young people are at the forefront of Hong Kong’s protest movement. Although Hong Kong’s government suspended the bill in response to the widespread backlash, the protests have continued. Many young residents maintain a strong sense
Many of the leaders of Hong Kong’s protests are millennials—here’s why they’re taking action Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: carmin chappell
Keywords: news, cnbc, companies, law, future, protesters, china, wong, leaders, kong, protests, theyre, action, bill, hong, taking, kongs, millennialsheres


Many of the leaders of Hong Kong's protests are millennials—here's why they're taking action

A protester throws an egg at the police headquarters during a demonstrations in Hong Kong, China, on Friday, June 21, 2019. Hong Kong protesters, including student groups, resumed demonstrations in the city center Friday to demand Chief Executive Carrie Lam step down. Photographer: Eduardo Leal/Bloomberg via Getty Images

The city of Hong Kong has been roiled by protests this summer. Hundreds of thousands of demonstrators have occupied the city’s streets, government buildings and even the main airport. All departing flights were canceled on Monday, putting travel at a standstill. Young people are at the forefront of Hong Kong’s protest movement. Many of the most prominent opposition leaders are still in their 20s, but they’re demanding big changes that could alter the future of their entire generation. These are the issues they’re calling attention to:

Democracy

Hong Kong’s protests were sparked in June by a proposed bill that would allow extraditions to mainland China. Opponents of the bill feared it was a sign of the Communist Party’s growing influence over Hong Kong, which is designated as a Special Administrative Region of China that operates largely independently. Although Hong Kong’s government suspended the bill in response to the widespread backlash, the protests have continued. Demonstrators have harnessed the momentum to advocate for greater democratic freedoms overall. Joshua Wong and Agnes Chow, both 22, and Nathan Law, 26, are three of the leaders of Demosisto, a pro-democracy youth activist group in Hong Kong that has been on the front lines of the protests. Wong and Law were among several people sentenced to jail in 2017 for their role in the Umbrella Movement, another wave of pro-democracy protests in 2014 led in large part by college students. But they haven’t let their previous run-ins with the law stop them from supporting this summer’s protests. “What kind of young people does Hong Kong produce? Smart, efficient, attentive and freedom-loving,” Wong tweeted after protesters stormed the city’s legislative headquarters. “I am proud of them.”

Economic inequality

Hong Kong is known as one of the world’s major economic hubs, but it’s also home to extreme inequality. The gap between the rich and the poor is staggering: According to the latest census report, the wealthiest 10% of households earn 44 times more than the poorest 10%. Housing prices are also some of the highest in the world, surpassing even New York and London. To save money, many residents have opted to live in cramped, dorm-style rooms with bunk beds and shared bathrooms, known as “coffin homes. ” Half of the protesters identify as middle class, according to a field survey conducted by local universities. But some experts say that the protests will ultimately hurt Hong Kong’s economy overall, if companies decide to relocate due to the unrest.

Hong Kong’s identity

Hong Kong’s transition from a British colony to part of mainland China was seen as a massive step for the future of the city. But many of those protesting today weren’t even born yet when Hong Kong was handed over to China in 1997, and they now worry for the loss of the city’s autonomy at the hands of the Communist Party. “Police and Chinese mob are ruling Hong Kong,” tweeted Law. “When the Chinese mobs are attacking the citizens, no law enforcements are there.” At times during the demonstrations police have fired tear gas and rubber bullets into crowds of protesters. Many young residents maintain a strong sense of identity with Hong Kong over China: 9% of Hong Kong residents ages 18 to 29 say they’re proud to be a Chinese citizen, while 38% of those over 50 feel the same way, according to a survey by Hong Kong University. The actions of Hong Kong’s youth mirror millennials around the world, who are increasingly standing up against the status quo and demanding more radical political change. “If there is just one takeaway for the world: Events in Hong Kong are about so much more than the bill, more than Lam, more even than democracy,” tweeted Wong. “They all matter of course. But in the end it is about the future of Hong Kong beyond 2047, a future that belongs to our generation.” In 2047 the current political arrangement between Hong Kong and China will expire, opening up the possibility for a completely new system to take its place. Like this story? Subscribe to CNBC Make It on YouTube! Don’t miss: Small business confidence drops to a low as U.S.–China trade war rattles Main Street


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: carmin chappell
Keywords: news, cnbc, companies, law, future, protesters, china, wong, leaders, kong, protests, theyre, action, bill, hong, taking, kongs, millennialsheres


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What Hong Kong’s unrest means for Asia’s largest financial hub

How bonds with negative yields work and why it’s bad for the… Imagine paying a highly educated, market-seasoned master of the financial universe to put your hard-earned cash in an investment that is guaranteed to lose. Marketsread more


How bonds with negative yields work and why it’s bad for the… Imagine paying a highly educated, market-seasoned master of the financial universe to put your hard-earned cash in an investment that is guaranteed to lose. Marketsread more
What Hong Kong’s unrest means for Asia’s largest financial hub Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: brian clark jordan smith, brian clark, jordan smith
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What Hong Kong's unrest means for Asia's largest financial hub

How bonds with negative yields work and why it’s bad for the…

Imagine paying a highly educated, market-seasoned master of the financial universe to put your hard-earned cash in an investment that is guaranteed to lose.

Markets

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-07  Authors: brian clark jordan smith, brian clark, jordan smith
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The future of Hong Kong’s property market is looking ‘dim,’ researcher says

“If you look at Hong Kong’s property market, historically, basically when the U.S. economy catches a cold or sneezes, Hong Kong’s property market is going to catch a cold,” Ma told CNBC. The future for Hong Kong’s property market is bleak, according to a commercial real estate services researcher. Residential units are seen clustered tightly together in an apartment complex in the Quarry Bay area of Hong Kong. The real-estate sector is tracked as an indicator of the health of the wider Hong Kong


“If you look at Hong Kong’s property market, historically, basically when the U.S. economy catches a cold or sneezes, Hong Kong’s property market is going to catch a cold,” Ma told CNBC. The future for Hong Kong’s property market is bleak, according to a commercial real estate services researcher. Residential units are seen clustered tightly together in an apartment complex in the Quarry Bay area of Hong Kong. The real-estate sector is tracked as an indicator of the health of the wider Hong Kong
The future of Hong Kong’s property market is looking ‘dim,’ researcher says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: stella soon
Keywords: news, cnbc, companies, researcher, seeing, sector, looking, market, dim, recession, federal, property, economy, hong, future, kong, kongs


The future of Hong Kong's property market is looking 'dim,' researcher says

“If you look at Hong Kong’s property market, historically, basically when the U.S. economy catches a cold or sneezes, Hong Kong’s property market is going to catch a cold,” Ma told CNBC.

That “dim outlook” on the city’s property comes amid a possible U.S. recession and China -U.S. trade tensions, Denis Ma, head of research at Jones Lang LaSalle, said Tuesday.

The future for Hong Kong’s property market is bleak, according to a commercial real estate services researcher.

Residential units are seen clustered tightly together in an apartment complex in the Quarry Bay area of Hong Kong.

Property is regarded as critical to Hong Kong’s financial stability. The real-estate sector is tracked as an indicator of the health of the wider Hong Kong economy and banking sector, according to the Hong Kong Monetary Authority.

The U.S. economy is one factor that could weigh on the Hong Kong property market, said Ma.

Analysts have suggested a looming recession could befall the U.S. in the year ahead. Last week, Morgan Stanley economists said there is a “credible bear case” for a recession, and set their estimates for such a downturn at 20%.

Similarly, the Federal Reserve Bank of New York’s recession probability indicator estimated a 33% chance of a U.S. recession by June 2020.

Despite that, Federal Reserve Chairman Jerome Powell said the Fed’s 25-basis-point rate cut yesterday was not the start of a cutting cycle — as in a recession.

“When you think about rate-cutting cycles, they go on for a long time and the committee’s not seeing that. Not seeing us in that place. You would do that if you saw real economic weakness and you thought that the federal funds rate needed to be cut a lot. That’s not what we’re seeing,” Powell said.


Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: stella soon
Keywords: news, cnbc, companies, researcher, seeing, sector, looking, market, dim, recession, federal, property, economy, hong, future, kong, kongs


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Hong Kong protesters smash windows and try to storm legislature

The controversial law would pave the way for people arrested in Hong Kong to stand trial in mainland China. Meanwhile, a separate group of Hong Kong protesters rallied on Sunday and Monday in support of the local police and Beijing for trying to maintain order. It’s a proposal, or a set of proposals, which strike a terrible blow … against the rule of law, against Hong Kong’s stability and security, against Hong Kong’s position as a great international trading hub. I and the (Hong Kong) governm


The controversial law would pave the way for people arrested in Hong Kong to stand trial in mainland China. Meanwhile, a separate group of Hong Kong protesters rallied on Sunday and Monday in support of the local police and Beijing for trying to maintain order. It’s a proposal, or a set of proposals, which strike a terrible blow … against the rule of law, against Hong Kong’s stability and security, against Hong Kong’s position as a great international trading hub. I and the (Hong Kong) governm
Hong Kong protesters smash windows and try to storm legislature Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: grace shao chery kang, grace shao, chery kang
Keywords: news, cnbc, companies, protesters, bill, china, storm, kongs, legislature, chinese, ceremony, smash, public, hong, try, kong, anniversary, windows


Hong Kong protesters smash windows and try to storm legislature

Protesters smashed the windows of Hong Kong’s legislature on Monday as they attempted to storm the building on the 22nd anniversary of the former British colony’s handover to China. Citizens of Hong Kong — a Special Administrative Region of China — rally on this day each year to demand for democracy. But experts had warned this year’s anniversary might attract more people after recent protests, which started in early une, against the government’s proposed extradition bill. The controversial law would pave the way for people arrested in Hong Kong to stand trial in mainland China. Scenes of chaos were apparent in some protest sites on Monday as thousands of pro-democracy protesters took to the streets to demonstrate against a recent proposed extradition bill. Police, who were on standby as the protests grew increasingly chaotic, said some 1,500 protesters had gathered near the Hong Kong government headquarters on Monday. Reuters reported that more than 100 riot police confronted protesters, beating some with batons and using pepper spray to disperse the crowds gathered to disrupt a planned ceremony to mark the July 1 handover in 1997.

Anti-extradition protesters outside the Legislative Council Complex ahead of the annual flag raising ceremony of 22nd anniversary of the city’s handover from Britain to China on July 1, 2019 in Hong Kong, China. Anthony Kwan | Getty Images

The president of Hong Kong’s Legislative Council, released a statement through a spokesperson saying he “strongly condemns the violent act of charging the Legislative Council building this afternoon,” according to a translation by CNBC. “Protesters pushed a steel cart and used steel bars to severely vandalize multiple parts of the Legislative Council building,” the statement said. Meanwhile, a separate group of Hong Kong protesters rallied on Sunday and Monday in support of the local police and Beijing for trying to maintain order. Police were also hurt, with local media showing that 13 police officers were burned by liquid sprayed by demonstrators.

It’s a proposal, or a set of proposals, which strike a terrible blow … against the rule of law, against Hong Kong’s stability and security, against Hong Kong’s position as a great international trading hub. Chris Patten Hong Kong’s last British governor

The Hong Kong government on suspended the controversial bill on June 15, following days of protests which became one of the city’s largest and most violent rally in decades. Speaking at the flag- raising ceremony marking the 22nd anniversary on Monday, Chief Executive Carrie Lam finally again after being accused for not being seen in public since June 18 — when she made a public apology for stoking anxiety and conflict with the unpopular plan. Public outrage over how she handled the protests, including her issued apologies through the city’s spokespeople, have led to outcries for her resignation. Lam said on Monday: “The incident that happened in recent months has led to controversies and disputes between the public and the government. This has made me fully realize that I, as a politician, have to remind myself all the time of the need to grasp public sentiments accurately.” “After this incident, I will learn the lesson and ensure that the government’s future work will be closer and more responsive to the aspirations, sentiments and opinions of the community,” she added.

‘Volatile’ situation

“This year’s anniversary is shaping up to be quite volatile due to the unresolved nature of the extradition bill,” said Andrew Colfan at Eurasia Group. “While some pro-democracy forces have accepted the ‘compromise’ of only a partial withdrawal of the bill, others continue to fight for the full withdrawal, as well as Carrie Lam’s resignation.” Lam has been criticized for mishandling the police violence against the protesters in Hong Kong and only acting on behalf of the Chinese government. Protesters saw the proposed extradition bill as just another step by Beijing to jeopardize Hong Kong’s autonomy, but the Chinese government has denied any interference. Addressing the public, Lam said on Monday: “Every one of us in Hong Kong, though holding different views and assuming different roles, loves this place and treasures our long-cherished values. I and the (Hong Kong) government will double our efforts to restore people’s confidence and get Hong Kong off to a new start.”

Hong Kong has already lost much of its freedom to Beijing’s encroachment. Andrew Colfan analyst, Eurasia Group

The area around Golden Bauhinia Square, where the flag-raising ceremony took place has been blocked off since Saturday to prevent protesters from gathering to disrupt it. But protesters started setting up barricades across nearby streets as early as 4:30 a.m. local time, leading to a standoff with police blocking access to the square. They began moving toward the police as the ceremony was about to take place at 8 a.m. While officers drove back demonstrators with plastic shields, the retreating protesters pointed open umbrellas to ward off pepper spray.

Business concerns

Hong Kong has been divided between pro-democracy and pro-Beijing groups for years. While the Chinese government has tightened its control over the city but also given the territory access to the world’s largest economy. Businesses have usually steered away from criticizing the Chinese government over any policies regarding the administration of Hong Kong, in fear of losing any economic benefits the territory currently enjoys. Under the the Mainland and Hong Kong Closer Economic Partnership Arrangement — also known as CEPA — Hong Kong enjoys highly liberalized trade in goods and services with China and has since become the gateway to the Chinese market for many international companies.

Skyscrapers in the business district of Central in Hong Kong, China. Xaume Olleros | Bloomberg | Getty Images


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: grace shao chery kang, grace shao, chery kang
Keywords: news, cnbc, companies, protesters, bill, china, storm, kongs, legislature, chinese, ceremony, smash, public, hong, try, kong, anniversary, windows


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