Commentary: Hong Kong’s economy struggles to get back on its feet

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HONG KONG: Following COVID-19 at the start of 2023, Hong Kong was one of the last states in the world to resume. The ensuing financial treatment was softer and short-lived than anticipated. The city may not regain its pre-pandemic luster due to a combination of fundamental and cyclical factors, such as geopolitical unrest and global monetary policy.

Hong Kong’s personal use increased throughout the year, but imports and exports remained subpar. Tourism and investment investments have also been underwhelming. Visitor visitors were only 65 % of their 2018 level nine months after the opening. The commodity markets in Hong Kong are in similar challenging situations.

Personal property prices briefly increased at the start of the year but quickly lost momentum and fell in the second half, falling by about 5 % from year to date. Even as the S&amp, P 500 in the United States increased by about 25 % the same year, the Hang Seng Index fell by more than 15 % in 2023 and appears to be decoupled from the global market.

In the first quarter of 2023, Hong Kong stocks reached a four-year small with an average business of just US$ 14 billion. Problems that Hong Kong has lost its luster as an global economic center were raised when money raised from initial public offerings cratered to a 20-year low during the same time period.

In light of this, the government reduced its most recent quarterly GDP forecast from over 4.5 percent to just 3.2 %.

STRUCTURAL AND CYCLICAL FACTORS

Both seasonal and structural factors contributed to Hong Kong’s underwhelming post-pandemic economic performance. On the continuous side, rising regional interest rates as a result of US Federal Reserve rate increases made real estate an undesirable investment. Due to Hong Kong’s robust local currency, locals prefer to shop abroad while visitors find the city to be expensive.

Hong Kong is a victim of political tensions between the United States and China on the fundamental front. Trade relations between the two markets have decreased as a result of trade restrictions and tech restrictions, and more goods are now being rerouted around Hong Kong through next nations like Vietnam and Mexico.

Geopolitical unrest might have wider effects than just business. As a gate to and from island China, Hong Kong enjoyed long-term success. Hong Kong’s reputation as an East-meets-West hub has been fueled by financial services, buying and logistics, hospitality, and specialized services. Any departure from this agreement could pose a city-wide existential threat.

The significant wage and price difference between Hong Kong and the nearby city of Shenzhen is a significant structural component. For a fraction of the cost, Hong Kong residents can then access roughly comparable service nearby.

Residents of Hong Kong will continue to benefit from cheaper services and goods near as their economy more tightly integrates with the area, despite government initiatives to revitalize local businesses like the Night Vibes Hawaii campaign.

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Commentary: Heed the warning of Japan New Year’s Day earthquake

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One of many adjustments to the building code that have been made since World War II as the country learned how to adapt to its numerous catastrophe, that structure was constructed in 1972, a century before an reform of Japan’s national andnbsp, building standards. One of the reasons I still support Japan’s unreserved method to demolishing ancient structures and replacing them with new ones is because of these same standards.

Storm defenses likewise held up; reviewers love to criticize Japan’s preference for using concrete to solve problems, but presumably scenery-damaging nbsp, tetrapods, and seawalls occasionally prove their worth. &nbsp,

GETTING READY FOR CALAMITIES THAT WE CAN’TAVOID

However, the message being conveyed here is not that the nation is impervious to harm. An earthquake with a magnitude of 7.6 sounds ( and is ) large. However, the range is nonlinear, meaning that the 2011 earthquake of magnitude 9 temblor&nbsp released more than 125 times as much energy as the New Year’s aftershock.

Building seawalls wo n’t be able to stop all the damage caused by such a tsunami; instead, we must take lessons from the past and gradually move away from these coasts.

That Japan was n’t serendipitous, hit harder on New Year’s Day. However, it is almost certain that it will receive a more significant blow quickly.

According to government estimates, a long-awaited follow of the 1923 earthquake that struck immediately beneath Tokyo could result in up to 23, 000 fatalities from fires and fell buildings. Even replacing the stock of pre-1981 buildings wo n’t completely eliminate the risk of fire, despite the nation’s best efforts.

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Live like the crazy rich Asians of yore in Heeren Mansion, located in Melaka, Malaysia

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Melaka again called Heeren Street Millionaire’s Row, a winding road with enduring historical significance that is now known as Jalan Tun Cheng Lock. Due to the Dutch’s primary building in the 17th century, the structural vocabulary along this street combines Dutch, Peranakan, and Chinese affects with a strong emphasis on Dutch appearance.

Contrary to historical tax policies that based levies on building height rather than full area, the small exteriors conceal the expansive interiors inside. Some homes have up to 100 meters in length and are decorated with beautiful details like beautiful tiles, intricate metal spiral staircases, and personal courtyards.

Interior custom and antiques expert Jennifer Ker has always wanted to own one of these historic homes. Melaka was a regular destination for quick trips, whether for family vacations or antique shopping, despite the fact that she and her husband are from the local Muar and have settled in Kuala Lumpur.

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Japan Airlines collision: Transcripts show coast guard plane was not cleared for take-off

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TOKYO: According to transcripts of conversations with the control tower, a passenger jet that collided with an ocean guard turboprop on Wednesday ( Jan 3 ) was given permission to land, but the smaller plane was not authorized for takeoff.

Following Tuesday’s collision with a De Havilland Dash-8 coast guard turboprop shortly after landing at Haneda airport, the Japan Airlines ( JAL ) Airbus A350 miraculously managed to escape all 379 passengers.

The captain, who managed to escape the wreckage, was seriously hurt, but five of the six coast guard staff members who were scheduled to leave on a journey in response to an important disaster on the east coast perished.

Officials have just recently started their inquiries, and there is still a lot of mystery surrounding the incident, including how the two aircraft ended up on the same airport.

However, transcripts of traffic handle orders made public by authorities seemed to indicate that while the coast guard aircraft had been instructed to vehicle to a holding area close to the runway, the Japan Airlines plane had received permission to land.

There was no sign in those records that the coast guard aircraft had been given permission to take off, according to a representative from Japan’s civil aircraft commission.

While acknowledging that there was no sign in the records that he had been given permission to enter the airport, the commander of the beach protect aircraft claimed to have done so after receiving agreement.

According to Transport Minister Tetsuo Saito,” the transport department is submitting goal material and may totally cooperate with the… analysis to assure we work up to take all possible safety measures to prevent a recurrence.”

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