The real reason stock markets are still flying high despite grave risks
Sat Apr 25 4:30 am
Financial markets, stock markets especially, appear able to defy gravity despite the global geopolitical and economic situation. A plethora of institutional and individual explanations have been offered as to why, but most seem to miss the point.
Which is, at least in part, that we have created a kind of monster in the asset management industry, which channels a glut of global savings into a limited number of investment areas and which, by virtue of these captive inflows, is able to maintain...
Hong Kong police bust motorcycle theft syndicate, arrest 5 over 14 cases
Sat Apr 25 4:20 am
Police have dismantled a motorcycle theft syndicate and arrested five people, believed to be linked to 14 cases across Hong Kong, amid a rise in such crimes in the first quarter of the year.
Senior Inspector Fu Ho-shing of the Kowloon West regional crime unit said on Saturday that the group primarily targeted motorcycles parked in back alleys or secluded areas in West Kowloon and Tsuen Wan, where surveillance coverage was limited.
They also targeted delivery workers who left their vehicles...
SCMP scoops 74 awards, led by Hong Kong fencing infographic in design competition
Sat Apr 25 4:14 am
The South China Morning Post has won 74 awards at the 47th Best of News Design Creative Competition, including three silver and 11 bronze medals.
An infographic on Hong Kong’s fencing boom was a stand-out winner in results announced by the Society for News Design (SND) on Friday, earning three silver and one bronze medal.
“It’s a great honour to receive these awards that are often called the Oscars of visual journalism. This global recognition reflects the hard work and innovation happening in...
US uses unusual routes to send jet fuel to Japan, Philippine bases amid Hormuz closure
Sat Apr 25 3:40 am
An unusual series of cargoes of military-grade fuel that is due to sail from the US across the Pacific Ocean illustrates how far the war in Iran has disrupted the global oil supply chain.
A request for offers to ship 235,000 barrels of jet fuel from Cherry Point in Blaine, Washington, where BP has a refinery, to Subic Bay in the Philippines, a strategic access point and logistics hub for US naval operations, was issued on Thursday, according to a document seen by Bloomberg. The cargo is...
Could hair or cosmetics be make-or-break factors for China’s would-be civil servants?
Sat Apr 25 3:35 am
China’s official media has released a series of guidelines for would-be civil servants, warning them to dress modestly.
Candidates were told they should wear “light and elegant” suits, and men were advised to get a haircut. Women were told to have clean nails, avoid jewellery, complicated make-up and make sure their hair did not cover their ears or eyes.
Competition for civil service jobs – traditionally seen as an “iron rice bowl” because of the security they offer – has intensified in recent...
Iran war is tearing the polyester fabric of fast fashion – and shoes could be next
Sat Apr 25 3:18 am
A surge in fossil fuel prices since the Iran war is squeezing polyester suppliers and garment makers across India and Bangladesh, threatening to raise costs for fast-fashion retailers like Zara and H&M.
Filatex, one of India’s biggest polyester yarn producers, is paying nearly 30 per cent more for the petroleum-derived feedstocks – purified terephthalic acid (PTA) and monoethylene glycol (MEG) – that it needs to make yarn, as Chinese suppliers raise prices and Middle East supply is disrupted,...
India-Germany defence road map ‘good template’ for wider EU cooperation
Sat Apr 25 3:00 am
India and Germany’s new defence road map could give New Delhi fresh momentum in its long-running push to modernise its undersea fleet, while helping Europe expand its security role in the Indo-Pacific, experts say.
The two countries signed a Defence Industrial Cooperation Road Map in Berlin on Wednesday, with Indian Defence Minister Rajnath Singh and his German counterpart, Boris Pistorius, agreeing to deepen collaboration in development, production and niche technologies.
The agreement was...
Flood of small parcels from China pushes Belgian airport’s capacity to limit
Sat Apr 25 3:00 am
More than 4 million small parcels from China have arrived at the freight airport in Liege, Belgium, every day since the beginning of the year. On the receiving end, the Belgian customs inspection team at the airport has only 80 members.
Belgium’s top customs official, Kristian Vanderwaeren, said the airport, close to the Netherlands, Germany and France, was built, in part, to cater to e-commerce platforms such as Amazon, Shein, Temu and Alibaba.
But the “explosion” in the number of small parcels...
‘Toughest stance’: Hong Kong launches 18 operations against illegal fuel stations
Sat Apr 25 2:17 am
Hong Kong authorities launched 18 joint operations against illicit refuelling stations this year amid a global surge in energy prices, with the customs chief noting that the practice has become increasingly common in urban areas.
But Commissioner for Customs and Excise Chan Tsz-tat said on Saturday that despite the upwards trend, illegal refuelling was not widespread locally.
“The cost of owning a private vehicle in Hong Kong is very high, and petrol prices here are undoubtedly among the highest...
7,000-year history of China stilted houses celebrates human ingenuity, offers insights
Sat Apr 25 2:00 am
With sturdy wooden columns supporting a wide walkway that leads into a living space, stilted houses – known as ganlan in Chinese – represent a quintessential element of East Asian architectural heritage, boasting a remarkable history that spans 7,000 years.
A day trip to Tai O, a historic fishing village on Lantau Island in Hong Kong, fully immerses visitors in the enchanting aesthetics of ganlan, making the village a premier destination for both locals and tourists.
“In most Chinese regions...
Malaysia gets new anti-corruption chief as protests mount against outgoing head
Sat Apr 25 1:51 am
Malaysia on Saturday appointed a former judge as its new anti-corruption chief in an unprecedented move, as the government seeks to calm months of political turbulence over alleged misconduct linked to the watchdog’s outgoing head.
Allies and opponents have hit out against Prime Minister Anwar Ibrahim since February following reports claiming that Malaysian Anti-Corruption Commission (MACC) boss Azam Baki was involved in a share ownership scandal and the agency’s officers were allegedly working...
The Middle East’s new power brokers? Pakistan, Turkey, Saudi Arabia, Egypt unite
Sat Apr 25 1:30 am
Amid the rubble of the US-Israel war on Iran, a new Middle East appears to be taking shape as a constellation of regional powers jockey for a seat at the table.
Led by Turkey and Saudi Arabia, the grouping stretches from the Gulf across the Caucasus to Central and South Asia, binding together countries with overlapping interests, interlocking partnerships and a shared conviction: that the post-war order should not be dictated exclusively by the US-Israel alliance or Iran and its battered but...
