April 14 - 19, 2018

Dollar Link

Dollar peg contributes to stable business

The Hong Kong dollar’s peg to the US dollar has contributed to the stability of Hong Kong, making it become an important international center, said Tara Joseph, President of the American Chamber of Commerce in Hong Kong. Her comments came as the HKD reached the weaker end of its trading band, prompting intervention from the Hong Kong Monetary Authority (HKMA). In an interview with financial media CNBC (Apr 12), she expressed confidence in the HKMA’s handling.  

Legislation

Need to have "right environment”

In response to media enquiries on current topics before a regular cabinet meeting (Apr 17), among them the legislation of national security law under the Basic Law, Chief Executive Carrie Lam said that there was no timetable for the legislative work to introduce the law. She reiterated that it was the constitutional duty of Hong Kong to enact local legislation to put in place Basic Law Article 23, and stressed the need for the right environment, with the right conducive conditions in order to proceed. 

Arbitration

International arbitration conference host city

Hong Kong has been chosen to host the International Council for Commercial Arbitration (ICCA) Biennial Congress in 2022, the largest conference dedicated to international arbitration. The successful bid by Hong Kong International Arbitration Center indicated the impact of increasing economic activity involving Asian jurisdictions, and the need for the international community to respond to growing dispute resolution demands. Secretary for Justice Teresa Cheng said it was a vote of confidence in Hong Kong’s position as a legal and dispute resolution hub.  

Innovation & Technology

Nurturing FinTech talent

Hong Kong’s first university-industry collaborated FinTech center has opened at the Hong Kong Polytechnic University (Apr 18). Speaking at the center’s launch, Secretary for Innovation and Technology Nicholas Yang said the government was committed to nurturing local talent to meet the growing needs. These include funding an incubation program to nurture startups, supporting entrepreneurship boot camps, internship and job-placement programs, and sponsoring local students to join FinTech training camps at universities overseas.  The FinTech center was named after ADTM, a financial institution group.

Innovation helps kids improve eyesight

Hong Kong Polytechnic University has beaten 800 other entries at the 46th International Exhibition of Inventions of Geneva (Apr 14) to win the grand prize for its DIMS Spectacle Lens. Designed by Prof. Carly Lam and Prof. Chi-Ho To from the School of Optometry, the spectacle lens offers a non-contact, spectacle lens solution to children with myopia or short-sightedness and slow the progression. It will be launched in summer.

Creative Industry

Score card for Hong Kong cinema

World War II drama “Our Time Will Come” (2017) has been the big winner at the 37th Hong Kong Film Awards (Apr 15), winning five awards including Best Film, Best Supporting Actress (Deanie Ip), and a sixth Best Director award for Ann Hui.  Louis Koo won his first Best Actor award for crime-thriller “Paradox” (2017). “Tomorrow is Another Day” (2017), financed by the Hong Kong Film Development Fund, won the Best Actress and the Best New Performer awards for Teresa Mo and Ling Man-lung, respectively.  

Asian Pop-Up Cinema in Chicago

Ling Man-lung, who has just been named Best New Performer at the Hong Kong Film Awards for his role as an autistic teenager in “Tomorrow Is Another Day”, will attend the film’s US premiere at the Asian Pop-Up Cinema festival in Chicago (May 16), sponsored by HKETONY. The movie is also the directorial debut of Chan Tai-Lee (screenwriter of the “Ip Man” trilogy). Both Ling and Chan will take part in a Q&A session at the screening.

Basic Law

Hong Kong and its Basic Law

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (HKSAR). Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems". 

Q: Do Hong Kong people still enjoy a wide range of personal freedoms?

A: Chapter III of the Basic Law guarantees a wide range of personal freedoms to be enjoyed by Hong Kong people. The provisions of the International Covenant on Civil and Political Rights, the International Covenant on Economic, Social and Cultural Rights, and international labor conventions as applied to Hong Kong continue to remain in force. The extensive personal freedoms of Hong Kong people are borne out by, for instance, the facts that processions and assemblies are a part of every-day life in Hong Kong, and that newspapers regularly comment on or criticize government decisions and policies and people say what they want in Hong Kong's open society. (BL Articles 27-39)

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