Business — 445 insights
Hongkongers to pay only HK$240 a year for leukaemia drug after system shake-up
Business

Hongkongers to pay only HK$240 a year for leukaemia drug after system shake-up

Hospital Authority says it began subsidising Dasatinib in April, with patients previously paying up to HK$500,000 annually for treatment More than 400 cancer patients are set to benefit from Hong Kong health authorities’ decision to subsidise a leukaemia drug, reducing annual treatment costs from up to HK$500,000 (US$63,800) to just HK$240. The Hospital Authority said on Wednesday that it began subsidising the medication, Dasatinib, in April, with the government expected to allocate an additional HK$49 million in annual spending to help cover the cost. As part of the move, Dasatinib was reclassified from a “self-financed item” to a “special drug” in the authority’s medication database. This means patients can buy it at a subsidised cost, regardless of their financial status, as long as they meet the relevant clinical criteria. The authority also announced that more Hong Kong residents could now qualify for a drug subsidy fund, following a relaxation of its means-tested criteria based on patients’ salaries and assets. William Chui Chun-ming, the authority’s chief pharmacist, said Dasatinib’s reclassification was a result of the medication’s positioning as a second-line treatment for leukaemia under international guidelines.

What does an improved Hong Kong property outlook mean for land sales?
Business

What does an improved Hong Kong property outlook mean for land sales?

Land tenders may test market discipline due to risk of intense bidding, given Hong Kong’s pronounced property upcycles, S&P says The competition could intensify at tenders for Hong Kong’s residential plots as developers replenish their land banks amid a recovering property market, with the tug of war testing their financial discipline as they bid for parcels at a “noticeable premium”, according to S&P Global Ratings, though some analysts believe that the return of confidence is warranted given robust demand for housing units. The credit-rating agency also forecast a relatively modest residential market recovery, which could potentially limit the pricing strategies of developers as new projects are launched in future. “Rated developers handled Hong Kong’s property downturn deftly by trimming investments and bolstering balance sheets,” S&P said in a report on Wednesday. “Now the question is whether they will throw caution to the wind as demand revives.” The rating agency said that the coming land auctions could test market discipline as “we see a risk of intense bidding because Hong Kong’s property market is known for its pronounced upcycles”. “Any purchases of land at inflated prices could be a long-term risk,” S&P said.

Hong Kong to ban new EVs with only electronic door handles
Business

Hong Kong to ban new EVs with only electronic door handles

Move aligns with mainland China’s decision following concerns that concealed door handles, which are usually electronic, pose safety risks Hong Kong is set to ban electric vehicles (EVs) equipped solely with electronic door handles, as authorities seek to align with mainland China’s decision to mandate physical manual releases on all new cars from 2027 to mitigate safety hazards. Secretary for Transport and Logistics Mable Chan said on Wednesday that the government was closely monitoring the latest technical breakthroughs and regulatory shifts on the mainland and abroad to ensure local road users were protected by up-to-date safeguards. Responding to an inquiry from Ben Chan Hang-pan, chairman of the Legislative Council’s transport panel, the minister highlighted a new mandatory national standard published by the mainland that the city was considering adopting. Mable Chan was referring to the GB 48001-2026 standard titled, “Safety technical requirements for automotive door handle”. “[The standard] requires that mechanical door handles be installed on both the interior and exterior of doors for vehicles sold from 2027 onwards, focusing on addressing issues such as failure in operating door handles after accidents,” she said.

China’s new marine buoy says goodbye to classic Western design used since World War II
Business

China’s new marine buoy says goodbye to classic Western design used since World War II

First-of-its-kind intelligent ocean-observation buoy with disc-shaped side anchor solves ‘tangling nightmare’ of traditional structures It abandons a mooring architecture that has dominated Western marine engineering since World War II. “The world’s first buoy system designed with a disc-shaped single-side anchor structure has broken through the traditional single-point mooring structure at the centre of disc-shaped buoys,” the institute wrote in a statement issued last month. The deployment also carried symbolic significance. As the new intelligent buoy entered operation, technicians simultaneously recovered a much smaller three-metre buoy that had served at the same station for more than 16 years. The project represents a rare attempt to redesign a buoy configuration that has remained largely unchanged for nearly 80 years. Traditional disc-shaped marine buoys – widely used in Western oceanographic systems since World War II – typically rely on a central single-point mooring structure.

Sculpture in middle of ‘Mirror of the Sky’ China lake criticised for disrupting serene beauty
Business

Sculpture in middle of ‘Mirror of the Sky’ China lake criticised for disrupting serene beauty

Pink heart with angel wings installation described as an ‘eyesore’ as criticism mounts over the spoiling of nation’s scenic sites China’s Chaka Salt Lake, a heaven-like tourist attraction hailed as a “mirror of the sky”, has hit the headlines over an “ugly” installation. The lake in northwestern China’s Qinghai province is famous for its mirror-like surface, formed as a result of the water’s high salt content. It was selected by an authoritative Chinese geography magazine as being among the top must-visit sites in China and received around 40,000 visitors daily last year. However, some people have complained that an installation in the lake has ruined its serene beauty. A person posted a video criticising a building-block sculpture featuring a pink heart with angel wings which was erected in the middle of the lake, describing it as a “total eyesore”.

Can Indonesia turn holiday island Bali into a global financial hub?
Business

Can Indonesia turn holiday island Bali into a global financial hub?

Having a financial centre on the island will help boost national economic competitiveness, officials say Indonesian Chief Economic Minister Airlangga Hartarto earlier this week said the government was finalising regulations to establish a financial hub in the Kura Kura Special Economic Zone (SEZ) on Serangan island, 500 metres south of Denpasar, the provincial capital of Bali. “Indonesia is among the countries considered the safest if World War III ever breaks out. Just see how many Russians and Ukrainians are in Bali. We are planning to set up a special financial centre,” Prabowo said on April 8. Haryo Limanseto, a spokesman with the Coordinating Ministry of Economic Affairs, said in a statement on Monday that Bali “could serve as a barometer for the financial sector”. “The international financial centre [IFC] is a strategic step in strengthening national economic competitiveness,” Haryo said.

Europe readies trade war weapon amid China export deluge
Business

Europe readies trade war weapon amid China export deluge

The European Commission is working on a new trade weapon as the continent struggles to contend with a flood of low-cost imports from China. The tool may be presented at a May 29 gathering of the European Union’s executive branch, the South China Morning Post reported on Tuesday. Plans for a China-focused meeting were delayed from last month after the US-Israeli war on Iran prompted a new agenda focused on energy prices. It’s not clear what form the instrument will take. Business groups have been...

EU cyber plan barring Chinese suppliers will cost US$430 billion: report
Business

EU cyber plan barring Chinese suppliers will cost US$430 billion: report

Brussels’ proposed new Cybersecurity Act would require vast amounts of Chinese equipment to be ripped out and replaced in a slew of industries The European Union’s push to bar Chinese suppliers from its critical infrastructure under a proposed new Cybersecurity Act would cost the bloc a jaw-dropping €367.8 billion (US$431.4 billion) over the next five years, a new study has warned. “Given the highly interconnected nature of Europe’s digital value chains … the resulting cost pressures would be borne across the economy, with small and medium-sized enterprises and end users likely to experience higher sensitivity,” said Liu Jiandong, chairman of the CCCEU, in the report released on Wednesday. Annual losses from the policy are projected to reach €39.1 billion in 2026 and peak at €93 billion in 2028, before plateauing at €91 billion for 2029 and €89.6 billion for 2030, according to the study. Beyond direct hardware costs, the report predicts €102.1 billion in social losses, with €88.3 billion of that driven by delayed digitalisation and green transition costs.

Hong Kong retail sales jump 12.8% in March on back of higher car sales
Business

Hong Kong retail sales jump 12.8% in March on back of higher car sales

Retail sales reached HK$33.9 billion as buyers raced to make deals before first registration tax concessions for electric cars ended Hong Kong’s retail sales jumped by 12.8 per cent in March, bringing first-quarter growth to 9.8 per cent, driven by a spurt in sales of electric cars ahead of the withdrawal of tax breaks. Provisional figures released by the Census and Statistics Department on Wednesday showed that retail sales reached HK$33.9 billion (US$4.32 billion) in March. The March increase was largely fuelled by car sales as buyers raced to make deals before the first registration tax concessions for electric cars ended at the close of the month. A government spokesman said retail sales continued to strengthen. “Looking ahead, the near-term outlook for retail sales is broadly positive, underpinned by recovering local demand, sustained growth in inbound tourism, and a favourable macro-financial environment,” he said. “The government will continue to monitor the downside risk arising from the evolving geopolitical tensions, for any potential implications for the consumer spending in the local market.”

How China quietly erased Taiwan from coffee’s world stage
Business

How China quietly erased Taiwan from coffee’s world stage

Support us The Taiwanese winner Bala (center) of the 2026 World Latte Art Championship in San Diego. His nationality was later inexplicably changed from 'Taiwan' to 'Chinese Taipei.' Image: Instagram Screengrab When Bala stepped onto the podium in San Diego in April, holding the trophy for the 2026 World Latte Art Championship, the backdrop behind him said “Luckin Coffee” — the Chinese chain that was an official sponsor of the event. He had just poured a raccoon, a giraffe and red pandas to claim the title with a winning score of 531 points. The official announcement listed him as representing Taiwan. About a week later, however, the Specialty Coffee Association quietly changed “Taiwan” to “Chinese Taipei” in the World Coffee Championships’ records. There was no announcement or explanation for why the change was made. Only a revision — soon followed by reports that the WCC had also stripped past rankings PDFs from its website, hiding the historical record of who had represented whom. The renaming of a barista may seem like a footnote to Beijing’s larger pressure campaign against Taiwan — the warships, the semiconductor controls, the diplomatic isolation.

Australia warns of arrests as 13 people linked to Isis set to return from Syria
Business

Australia warns of arrests as 13 people linked to Isis set to return from Syria

The four women and nine children, who had been living in Roj camp in Syria, are expected to land in Sydney and Melbourne on Thursday Home Affairs Minister Tony Burke said he received an alert on Wednesday morning when the group’s travel booking was made. “The government is not assisting and will not assist these individuals,” he told a news conference. “They made an appalling, disgraceful decision. If any of these individuals find their way back to Australia, if they have committed crimes, they can expect to face the full force of the law, without exception.” Police said they collected evidence in Syria as they investigated whether Australians had committed crimes under Australian law, including travelling to a prohibited area and engaging in slave trade. “Some individuals will be arrested and charged,” Australian Federal Police Commissioner Krissy Barrett said.

Anxious Australia and jittery Japan deepen ‘quasi-alliance’ for an uneasy age
Business

Anxious Australia and jittery Japan deepen ‘quasi-alliance’ for an uneasy age

Shared concerns about trade coercion and energy shocks are driving the two middle powers to ‘institutionalise’ their partnership The centrepiece of her three-day visit was the Australia-Japan Joint Declaration on Economic Security Cooperation, which commits both governments to coordinating responses to economic coercion: a provision analysts say is aimed squarely at Beijing and Washington alike. Under the agreement, Canberra has committed up to A$1.3 billion (US$935.8 million) in support for critical minerals projects with Japanese involvement, potentially supplying resources including nickel, graphite and rare earths to Tokyo. “Australia and Japan are taking action to protect our economies from future economic shocks and uncertainty,” Albanese said in a statement. “By working together, we will achieve more secure and resilient supply chains that will benefit Australian and Japanese businesses and consumers now and into the future.”