Business — 429 insights
10 injured in truck-bus crash outside Hong Kong shopping centre
Business

10 injured in truck-bus crash outside Hong Kong shopping centre

Eight passengers and two drivers hurt after truck collided with KMB double-decker bus, police say Ten people have been injured in a crash involving a truck and a bus outside a shopping centre in Hong Kong’s Kwun Tong. Police said they received a report of the crash in Sau Mau Ping at about 6.20am on Tuesday, where a truck collided with a KMB double-decker bus, leaving eight passengers and the two drivers with mild injuries. The collision occurred outside Po Tat Shopping Centre on Po Lam Road, the force said. Part of Po Lam Road towards Sau Mau Ping Road was closed but reopened at 8.18am. Photos from the scene show a white box truck overturned in the middle of the road, with a double-decker bus nearby. The bus’ front windscreen was shattered and its front door was pressed out of shape. Police said glass shards were found at the scene and a cleaning crew was called in.

May 12, 2026
‘Are you still hiring?’: K-pop king G-Dragon gifts flats to long-serving staff, sparks online buzz
Business

‘Are you still hiring?’: K-pop king G-Dragon gifts flats to long-serving staff, sparks online buzz

Known for his exceptional loyalty, the pop icon has developed a strong bond with his long-term team K-pop superstar G-Dragon’s decision to gift his long-serving staff members flats worth a combined total of hundreds of millions of won (around several hundred thousand USD) has sparked a frenzy among netizens, with some asking, “Are you still hiring?” Dubbed the “King of K-pop,” the 38-year-old singer Kwon Ji-yong, better known as G-Dragon in the entertainment industry, is one of the most popular stars in South Korea and across Asia. He is the leader of BigBang, one of the world’s bestselling boy bands. In late April, it was revealed that G-Dragon had gifted some “core members” of his Team GD flats valued at hundreds of millions of won. It is unclear how many employees received these gifts, but they reportedly include “the managers and core staffers” who have accompanied G-Dragon for 20 years, since his early days in the industry, according to the news portal 163.com. “My philosophy is: my treatment comes second – my people’s homes come first,” the K-pop icon once stated to the media. G-Dragon earned more than 65 billion won (US$44 million) from his agency, Galaxy Corporation, last year, the report indicated.

May 12, 2026
Acclaimed biologist Xu Xianzhong returns to China after arrests in his US lab
Business

Acclaimed biologist Xu Xianzhong returns to China after arrests in his US lab

Multiple investigations into Chinese researchers at the University of Michigan in recent months involved members of Xu’s laboratory Xu, a fellow of the prestigious American Association for the Advancement of Science – has joined the Shenzhen Medical Academy of Research and Translation (SMART) as a senior investigator with its Institute of Bio-Architecture and Bio-Interactions. Three researchers from Xu’s lab were arrested late last year, charged with conspiracy to smuggle biological materials into the US, with one additionally accused of making false statements to customs and border protection officers, according to the US Justice Department. In a statement in November, then attorney general Pamela Bondi said the researchers were “apparently part of a long and alarming pattern of criminal activities committed by Chinese nationals under the cover of the University of Michigan”. According to the criminal complaint, two of the researchers received multiple shipments containing “concealed biological materials related to roundworms” from China, while a third was charged with making false statements to federal agents.

May 12, 2026
How many ride-hailing permits should Hong Kong allow? That depends on who you ask
Business

How many ride-hailing permits should Hong Kong allow? That depends on who you ask

Both taxi industry leaders and Uber sound alarm over government’s latest step towards regulating service, even before final quota is decided Hong Kong taxi trade leaders and Uber have both expressed concerns over a looming quota for ride-hailing vehicles, despite transport authorities vowing to consult stakeholders before setting the final figure. It pledged to include the quota in the final gazetted document, pending lawmakers’ approval before their summer recess in mid-July. Platforms Uber, Tada, Amap, Didi Chuxing have been operating in a regulatory vacuum, a situation cabbies decry as unfair. Amap is operated by Alibaba Group Holding, which also owns the South China Morning Post. Three major taxi groups told the South China Morning Post that the quota would have far-reaching effects on the market.

May 12, 2026
Japan’s new spy agency receives FBI backing with eyes on China and Russia
Business

Japan’s new spy agency receives FBI backing with eyes on China and Russia

Japan has not had a centralised intelligence service since World War II. Sanae Takaichi wants to change that The plan, recently endorsed by the US Federal Bureau of Investigation, would transform the Cabinet Intelligence and Research Office (CIRO) into a central hub, drawing in analysts, technologists and operatives from across the government and private sector. It could be operational as early as July, pending final approval by the House of Councillors, and is expected to begin with around 700 staff, although the government anticipates that number will grow swiftly. Late last week, Kazuya Hara, head of the CIRO, travelled to Washington for talks with FBI director Kash Patel, briefing him on the agency’s planned structure and scope. Patel was effusive about the plans on social media, writing that the new body would “greatly enhance our shared partnership” and help “centralise fragmented intelligence” that had long been scattered across Japanese ministries. He further signalled Washington’s intent to support Tokyo “on cybersecurity, counter-intelligence, espionage and counterterrorism” measures.

May 12, 2026
Southern California mayor will plead guilty to acting as agent for Chinese government
Business

Southern California mayor will plead guilty to acting as agent for Chinese government

Eileen Wang, the mayor of Arcadia, was charged in April with one count of acting in the US as an illegal agent of a foreign government A Southern California mayor has agreed to plead guilty to acting as an illegal agent for the Chinese government, and has resigned from her city position, officials said on Monday. Eileen Wang, the mayor of Arcadia, was charged in April with one count of acting in the United States as an illegal agent of a foreign government. She was accused of doing the bidding of Chinese officials, such as sharing articles favourable to Beijing, without prior notification to the US government as required by law. The 58-year-old was elected in November 2022 to a five-person city council, from which the mayor is selected on a rotating basis. City manager Dominic Lazzaretto said in a news release that no city finances or staff were involved. “We want to be clear: this investigation concerns individual conduct, and the charges are for conduct that ceased after Ms. Wang was sworn into office in December 2022,” he said. Federal officials said she has agreed to plead guilty to the charge, which comes with a maximum sentence of 10 years in prison.

May 11, 2026
Netflix sued by Texas for allegedly spying on children, addicting users
Business

Netflix sued by Texas for allegedly spying on children, addicting users

‘When you watch Netflix, Netflix watches you,’ reads the opening page of the lawsuit filed by Republican Attorney General Ken Paxton Netflix was sued on Monday by Texas Attorney General Ken Paxton, who accused the streaming company of spying on children and other consumers by collecting their data ‌without consent and designing its platform to be addictive. The Los Gatos, California-based company was also accused of quietly using “dark patterns” to ⁠keep users watching, including an autoplay feature that starts a new show when a different show ends. A Netflix ‌spokesperson said the company plans to address the allegations in court. “Respectfully to the great state of Texas and Attorney General Paxton, this lawsuit lacks merit and ‌is based on inaccurate and distorted information,” the spokesperson said in a statement. “Netflix takes our members’ ⁠privacy seriously and complies ⁠with privacy and data protection laws everywhere we operate.” Many companies, including social media and other businesses with strong online presences, are targets ‌of lawsuits accusing them of quietly tracking users and selling the resulting data to third parties, who use the data for advertising.

May 11, 2026
US trial hears witness claims of harassment over Chinese ‘secret police station’
Business

US trial hears witness claims of harassment over Chinese ‘secret police station’

Witness testifies he was harassed after holding a protest against the establishment of alleged Fuzhou-controlled facility in New York Lu has pleaded not guilty, and his lawyers maintain that the police station was simply a service centre where overseas Chinese could renew their drivers’ licenses as a convenience during the pandemic. Testifying on behalf of the government, dissident Xu Jie said he travelled from his home in Pomona, California, to New York after the police station was set up, and he live-streamed a demonstration against it on YouTube, after which he was harassed. Asked whether he understood what the term “dissident” meant, Xu responded: “I’m very much familiar with dissident. I am one of them. In China, I understand it to be a group of people who criticise the Chinese government.” US federal agents arrest 2 men for running Chinese ‘secret police station’ in New York

May 11, 2026
‘Art of the deal’: UK telecoms exit fits Li family’s trademark timing for selling at top
Business

‘Art of the deal’: UK telecoms exit fits Li family’s trademark timing for selling at top

Disposal of VodafoneThree adds to Li family’s record of cycle-savvy moves, with investors weighing where war chest will flow next CK Hutchison Holdings’ shares climbed to their highest level since 2020 after the conglomerate announced plans to exit the UK mobile market, signalling that investors believe the Li family may once again have timed an industry peak before the broader market. Shares rose about 12 per cent to HK$73.30 on Monday from the May 5 close, after the company said it would sell its 49 per cent stake in VodafoneThree for US$5.8 billion. CK Hutchison said the disposal was expected to generate a gain of about HK$4.7 billion (US$600 million). Investors appear to be betting the conglomerate is exiting a mature industry at the right time, as concerns grow over the long-term outlook for traditional telecoms businesses. “The group actively manages its portfolio and strategically seeks value-enhancing opportunities … this will allow for potential capital redeployment towards debt reduction or future investments,” said Aras Poon, associate director at S&P Global Ratings.

May 11, 2026
China’s AI ascent leaves Trump a stark choice: escalate or relax chip controls?
Business

China’s AI ascent leaves Trump a stark choice: escalate or relax chip controls?

US President Donald Trump’s landmark visit to China comes as the US-Iran war disrupts global energy supplies, fuels economic uncertainty and adds fresh strain to Washington-Beijing ties. In this story, part of a series examining how rivalry, interdependence and geopolitical crises are reshaping the relationship between the two powers, we examine how artificial intelligence (AI), chip controls and competing technology ecosystems are redefining US-China rivalry. Nvidia CEO Jensen Huang was the...

May 11, 2026
US Treasury Department tells banks to flag suspected Iranian money-laundering networks
Business

US Treasury Department tells banks to flag suspected Iranian money-laundering networks

Banks are asked to look out for oil labelled ‘Malaysian blend’ to disguise its Iranian origin and missing or falsified shipping documents The Treasury Department wants US banks and other financial institutions to monitor for suspected Iranian money-laundering networks that use their funds to smuggle sanctioned oil through shell companies and cryptocurrency networks. The move, which effectively deputises the global financial system to help disrupt Iran’s sanctions-evasion infrastructure, comes as the US and Iran reached another impasse over how to end their war while their ceasefire has grown increasingly shaky. US President Donald Trump on Monday said the Iran ceasefire is on “life support” after he rejected Tehran’s latest proposal to end the war. The Trump administration is calling on banks to flag certain customers who may launder funds for Iran’s Revolutionary Guard - including newly formed companies moving unusually large amounts of money, firms that route payments through multiple intermediaries or transactions connected to Iranian cryptocurrency firms, among other indicators.

May 11, 2026
Trump heads to China with Musk, Cook and top CEOs for Xi talks
Business

Trump heads to China with Musk, Cook and top CEOs for Xi talks

US President Donald Trump is expected to be accompanied by more than a dozen business leaders, including Tesla Chief Executive Elon Musk and Tim Cook of Apple, during his trip to China this week. The White House on Monday released the list of executives set to travel to China alongside Musk and Cook, including Larry Fink of BlackRock, Kelly Ortberg of Boeing, Dina Powell McCormick of Meta and Ryan McInerney of Visa. The delegation spans key industries, including aviation, technology, banking and...

May 11, 2026