eChina.news

Business

Hong Kong secures US$3.5 billion to fund Northern Metropolis and green projects

Global investors pile into city’s latest bond sale, with orders 8.6 times oversubscribed, backing its green finance ambitions Hong Kong has raised HK$27.6 billion (US$3.5 billion) through a green and infrastructure bond sale to finance the Northern Metropolis and low-carbon transformation projects. The offering drew investors from more than 30 markets across Asia, Europe, the Middle East and the Americas, signalling global institutional investors’ confidence in Hong Kong’s development, the Hong Kong Monetary Authority said in a statement on Friday. Orders totalled about HK$239 billion, 8.6 times the offer size. The issuance “raises capital for key infrastructure projects, including the Northern Metropolis, thereby easing early project completion for the good of the economy and people’s livelihood,” said Financial Secretary Paul Chan Mo-po in the statement.

May 8, 2026

Business

SCMP takes home 3 honours from Global Media Awards, including win for infographic

International News Media Association’s awards event gave SCMP graphic on deadly Tai Po fire first place for best use of visual journalism The South China Morning Post has taken home three honours at the International News Media Association’s 2026 Global Media Awards, with its infographic on Hong Kong’s deadly Tai Po fire winning first place for the best use of visual journalism. The awards were announced and presented in Berlin on Thursday, with the SCMP being the only Hong Kong media outlet recognised at the prestigious annual competition. This year’s awards event, which had 20 categories, drew a record 960 entries from 274 media outlets in 46 countries. It illustrated how the fire broke out last November and explained why it spread with such unusual speed, killing 168 people and displacing nearly 5,000 residents. The SCMP’s special print supplement in the aftermath of the Tai Po fire, “From Ashes, Strength”, received an honourable mention in the “Best Use of Print” category for national brands. The publication mourned the victims who lost their lives in the fire while showcasing the extraordinary stories of the ordinary heroes in the tragedy.

May 8, 2026

Business

Asean to step up push for South China Sea code, energy security

Philippine President Ferdinand Marcos Jnr says the code of conduct is key to unlocking deeper China-Asean economic cooperation “We cannot institutionalise any of those things until the code of conduct is finalised,” he told a press conference on Friday at the close of the 48th Asean summit in Cebu, when asked about aspects that held the most potential in relations between the bloc and Beijing. He stressed that the move was difficult because Asean member states had different approaches when it came to Beijing. “We have to incorporate all of that into one single document, which is the code of conduct, so once we have that, then all those questions will be answered,” he said.

May 8, 2026

Business

US adds 115,000 jobs in April, but experts warn of hidden weakness in economy

The gains mainly came in the healthcare, transport and warehousing and retail trade sectors US employment rose more than expected in April, while the unemployment rate remained steady, government data showed, with the world’s largest economy firming recent labour market gains but analysts warning of underlying weakness. “Total nonfarm payroll employment edged up by 115,000 in April, and the unemployment rate was unchanged at 4.3 per cent,” the US Bureau of Labour Statistics (BLS) said. The gains mainly came in the healthcare, transport and warehousing and retail trade sectors. US job growth has been see-sawing between expansion and contraction for the last year, sparking concerns about the health of the labour market and economic growth more generally. Nonetheless, the figure is likely to reassure Federal Reserve officials that they can hold interest rates steady for now, as surging energy costs due to the Iran war fan inflation fears. Friday’s data beat analyst expectations, with economists polled by Dow Jones Newswires and The Wall Street Journal expecting growth of 55,000.

May 8, 2026

Business

CUHK hospital to repay HK$4 billion public loan early, drawing on growing reserves

University’s council chairman says Health Bureau informed of early repayment proposal for 2016 loan to non-profit-making private teaching hospital The Chinese University of Hong Kong (CUHK) will dip into its reserves to repay a HK$4 billion (US$510.9 million) government loan owed by its debt-ridden private hospital, the institution’s council chairman has said. The finances of CUHK Medical Centre were on the agenda of Friday’s Legislative Council health panel meeting, but the discussion was rescheduled because the time was used up for other matters. Speaking to media after the meeting, council chairman John Chai Yat-chiu said his institution raised the early loan repayment proposal with the Health Bureau last month. “The extension of the repayment period approved last year has granted us the necessary breathing room to optimise our governance and operations, and I’m pleased to report that we have seen a turnaround,” he said. “At the same time, the returns from the university reserve fund have performed well over the past two years and led to an increase in our reserves.

May 8, 2026

Business

Can India’s rice farmers reap from US$30 million Amazon carbon credit deal?

The pact promises green farming and methane emission cuts, but raises questions over payouts and corporate climate accountability The organisation, primarily backed by Bayer and in collaboration with GenZero and Shell, is designed to transform emissions-heavy rice cultivation in India through scientific advances. It helps thousands of smallholder farmers adopt climate-smart growing techniques that reduce water use and methane emissions from the vast rice crop. Studies have shown that improved water management and better nutrient practices can cut methane emissions from rice fields by 30 to 50 percent. With around 42 to 44 million hectares (108 million acres) under cultivation, India is the world’s top rice exporter and a major contributor to agricultural methane. The agreement is expected to secure around 685,000 tonnes of carbon dioxide equivalent, according to local media.

May 8, 2026

Business

Cathay Pacific to lower fuel surcharges for passenger flights by up to 14%

Decrease to take effect on May 16 and comes after airline raised surcharges due to higher fuel prices as Middle East war disrupted supplies Hong Kong flag carrier Cathay Pacific Airways will lower its fuel surcharge fees for passenger flights by as much as about 14 per cent from May 16, after a series of increases that began in March. For long-haul flights, the surcharge will fall from HK$1,560 (US$199) to HK$1,362 per leg of the trip. For shorter journeys, such as those between Hong Kong and South Asia, the rate will drop to HK$633, down from HK$725. For flights from mainland China to Hong Kong, the surcharge will remain at HK$135, while those going in the opposite direction will also stay at HK$165. In a statement on Friday, Cathay said: “To enable a more agile response to the volatile jet fuel prices due to the Middle East situation, we continue to review the fuel surcharge every two weeks to better capture jet fuel price movements in either upwards or downward direction. “This increased frequency is intended as a temporary measure and will be revisited when the Middle East situation stabilises.

May 8, 2026

Business

Are China and Russia flexing their maritime muscle near Japan?

Tokyo’s recent tracking of three PLA Navy warships transiting Tsushima Strait comes amid heightened regional tensions The ministry said the Japanese force’s JS Ootaka conducted “alert surveillance and intelligence gathering” on the Chinese formation. The transit marked the return of part of a PLAN task group that had earlier entered the Sea of Japan, which in South Korea is known as the East Sea, via the Tsushima Strait at the end of last month. The Type 055 destroyer, designated “Renhai-class” by Nato, is a cruiser-sized vessel with robust air-defence, anti-submarine and surface-warfare capabilities. The Type 052D was designed to match the US Navy’s Arleigh Burke-class destroyers. It is equipped with advanced radars and electronics comparable to the US Aegis system, as well as a 64-cell vertical-missile launcher.

May 8, 2026

Business

Why is a Chinese research ship the latest flashpoint with Philippines in South China Sea?

Beijing and Manila trade accusations after incident near Iroquois Reef in the Spratly Islands this week In a statement issued on Thursday night, China Coast Guard (CCG) spokesman Jiang Lue said a Philippine Coast Guard Islander aircraft had “deliberately approached and harassed” China’s Xiang Yang Hong 33 scientific research vessel on Wednesday while the ship was conducting a “legitimate marine ecological survey” near Iroquois Reef. China slams Japan’s first overseas missile launch in 80 years Jiang said the Chinese side tracked and monitored the Philippine aircraft and handled the situation “in accordance with laws and regulations”, with manoeuvres that were “professional and standardised throughout the whole process”. “We sternly warn the Philippine side to immediately stop illegal harassment, smearing and inflammatory propaganda,” he said. Jiang’s comment came hours after his Philippine counterpart Jay Tarriela issued a release on social media, stating that on Wednesday the Philippines had sent an Islander 4177 surveillance aircraft for a routine maritime domain awareness mission – designed to detect, track and identify vessels and activities at sea – “specifically” challenging China’s Xiang Yang Hong 33.

May 8, 2026

Business

How China’s sharper tech edge forces South Korea to rethink decades of industrial ties

Scholars urge a pivot to shared AI and EV standards and cooperation, while an upgraded China-South Korea free-trade pact is deemed vital China’s rapid technological gains and aggressive pricing are making it increasingly difficult for South Korean firms to find profitable areas of industrial synergy with their Chinese counterparts, according to experts. Speakers at a recent forum in Beijing urged firms from both countries to pivot towards building more interdependent ecosystems in high-growth sectors such as batteries and artificial intelligence, while also calling for the advancement of negotiations towards an upgraded free-trade agreement. “Industries in each country must re-evaluate their core strengths to build a synergistic, interdependent global supply chain,” Seo Bong-kyo, head of Samsung Global Research China, said on Thursday during a seminar co-hosted by Renmin University and the South Korean embassy. Seo argued that both nations should look beyond conventional rivalry, according to an event summary published by the Chinese organiser. “China’s push to expand domestic demand offers a new opening for South Korean firms to enter high-value markets,” he was quoted as saying.

May 8, 2026

Business

China ‘full-time children’ re-enter job market, believe experience will ease future challenges

Mainland youngsters reflect on ‘paid’ time spent caring for and keeping company with their parents, say it is not a panacea for tough job market Three years after some Chinese youngsters chose to become “full-time children”, some said it was not a cure-all for their plight in China’s tense job market. The title “full-time children” went viral in 2023 in China, when some young people became a “full-time employee” of their parents. They received monthly salaries from their parents, ranging from 1,000 yuan (US$150) to over 5,000 yuan, depending on their parents’ pensions. In exchange, they kept their parents’ company and helped them manage difficult tasks such as operating mobile apps. Some likened full-time children to “NEETs”, which means “Not in Education, Employment or Training”.

May 8, 2026

Business

Defiant Starmer digs in after UK Labour’s local election drubbing

Nigel Farage, whose Reform UK gained more seats, said the results so ‌far ‌represented a ‘truly historic shift in British politics’ Prime Minister ⁠Keir Starmer vowed on Friday to fight on to deliver on his promise to bring “change” to Britain after his Labour Party suffered heavy losses in local election that deepened doubts over his ability to govern. Just under two years after winning a landslide national election, Starmer saw voters punish his Labour government, dealing it a blow in some of its traditional strongholds in former industrial regions in central and northern England. The main beneficiary was the populist Reform UK party of Brexit campaigner Nigel Farage, which gained more than 350 council seats in England, and could ‌form the main opposition in Scotland and Wales to the pro-independence Scottish National Party and Plaid Cymru in results later on Friday. The early results confirmed the fracturing of Britain’s traditional two-party system into a multiparty democracy, in what analysts say represents one of the biggest transformations in British politics in the last century.

May 8, 2026