Skip to main content

1.8% inflation in October

Overall consumer prices rose 1.8% in October year-on-year, smaller than the 4.4% increase in September, the Census & Statistics Department announced today.   Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was 1.7%, slightly less than September's 1.8%.   Compared with October last year, price increases were recorded for electricity, gas and water; clothing and footwear; meals out and takeaway food; basic food; alcoholic drinks and tobacco; transport; miscellaneous services, miscellaneous goods and housing.   On the other hand, a year-on-year decrease in price was recorded for durable goods.    The Government said that underlying consumer price inflation remained moderate in October.   The year-on-year increase in food prices showed some moderation, though remained relatively fast. Prices of clothing and footwear continued to record a visible increase, while those of energy-related items rose sharply. Price pressur

HK, Mainland boost legal ties

Secretary for Justice Teresa Cheng and Vice-president of the Supreme People's Court (SPC) Yang Wanming signed the record of meeting concerning mutual recognition of and assistance to insolvency proceedings between the courts of the Mainland and the Hong Kong Special Administrative Region in Shenzhen today.   The arrangement highlights the unique role enjoyed by the Hong Kong SAR under “one country, two systems”, fostering further legal co-operation in civil and commercial matters.   Ms Cheng said that the record of meeting signified the consensus on the mutual recognition of and assistance to insolvency proceedings between the two places.   Liquidators from Hong Kong may apply to Mainland courts for recognition of insolvency proceedings in Hong Kong. Likewise, bankruptcy administrators from the Mainland may apply to the High Court in Hong Kong for recognition of bankruptcy proceedings in the Mainland.   The framework facilitates the rescue of financially troubled businesses, and provides better protection of the assets of the debtor company as well as the interests of the creditors, and is conducive to the promotion of an orderly and efficient insolvency regime.   The new co-operative framework covers bankruptcy compromise and reorganisation in the Mainland as well as debt restructuring in Hong Kong, encouraging the use of restructuring of debts to revive businesses with a view to reaching consensus among creditors from both places and abroad.   This may open up more opportunities for the debtor company to look for a successful rescue. In the long run, the framework will give additional assurance to investors and further improve the business environment in the Mainland and Hong Kong.   One of the key features of the record of meeting will see the SPC designating several pilot areas where relevant Intermediate People's Courts and Hong Kong SAR courts will commence work on mutual recognition of and assistance in insolvency proceedings in accordance with the laws.   A set of opinion and a practical guide will be issued by the SPC and the Hong Kong SAR Government in respect of their work on the matter. Both sides will continue to maintain close communication for sustained improvement to the mechanism and to gradually extend it beyond the pilot areas.   The SPC has initially designated Shanghai, Xiamen and Shenzhen as pilot cities given their close trade ties with Hong Kong. The three cities are also the popular choices for investments from Hong Kong.   The Shenzhen Intermediate People's Court will hold a forum on legal and practical issues concerning cross-boundary insolvency co-operation between the Mainland and Hong Kong this afternoon. The Department of Justice is the supporting organisation.   Speakers including judges, academics and legal professionals from the Mainland and Hong Kong will take part in discussions covering the scope and the specific procedures for legal assistance in cross-boundary insolvency as well as the key mechanism on legal assistance in cross-boundary insolvency in the Guangdong-Hong Kong-Macao Greater Bay Area.   This will give the audience a better understanding that the co-operative framework helps fully implement the Basic Law and consolidate legal assistance between the two places.
http://dlvr.it/RzcvlQ

Popular posts from this blog

Download Ricepon App on iPhone and Android

I found a very good dining app in Hong Kong. You can use QR Code to order food in restaurant, order takeaway at home and enjoy coupon. iPhone Download : https://tinyurl.com/wywn5lc Android Download : https://tinyurl.com/tnvlug8 Ricepon App Official Website : http://www.gingersoft.com.hk/ricepon-app/

124 COVID-19 cases reported

The Centre for Health Protection today said it is investigating 124 additional COVID-19 cases. More cases were detected in Kwai Chung Estate. There are also more than 70 preliminary positive cases.   Among the newly reported cases, 33 are related to Kwai Chung Estate, bringing the total number of positive and preliminary positive cases in the estate to 276.   One more positive case was found after an earlier confirmed case occurred at Glory Court, Tsuen Wan Garden, both of them live in units 5 but on two different floors. The centre has co-ordinated with related government departments and conducted an inspection today.    It was preliminarily considered that vertical transmission of virus via pipes is involved.   The centre will issue quarantine orders to residents of unit 5 on all floors of the building who resided there during the incubation period of the relevant cases and transfer them to a quarantine facility.   As it is possible that virus might be ejected from the open