Author Archives: hksar gov

The following is issued on behalf of the Legislative Council Secretariat:

     The Legislative Council (LegCo) will hold a meeting on Wednesday (November 21) at 11am in the Chamber of the LegCo Complex. During the meeting, Members will debate a motion on studying the formulation of policies for homosexual couples to enter into a union.

     The motion, moved by Mr Chan Chi-chuen, states: “That this Council urges the Government to study the formulation of policies for homosexual couples to enter into a union so that they can enjoy equal rights as heterosexual couples.”

     Dr Priscilla Leung, Mr Au Nok-hin and Mr Gary Fan will move separate amendments to Mr Chan Chi-chuen’s motion.

     Mr Michael Tien will move a motion on restructuring the governance of MTR Corporation Limited. The motion states: “That the MTR Corporation Limited (MTRCL) has built and operates 11 railways in Hong Kong, and in the future, seven new railway projects will most likely be assigned to MTRCL; the people of Hong Kong heavily rely on the railway system as a mode of transport, but in recent years, there have been strong views in society on the service quality, corporate governance and supervision of works of MTRCL; the Hong Kong Special Administrative Region (SAR) Government as the majority shareholder of MTRCL has a major responsibility of monitoring MTRCL in providing to the public the safest railway services and infrastructure of the best quality; in this connection, this Council urges the SAR Government to adopt the following measures to restructure the governance of MTRCL to restore public confidence in MTRCL:

(1) setting up an independent railway development department – given that at present, a railway from planning to construction involves various government departments, including the Electrical and Mechanical Services Department, the Civil Engineering and Development Department, the Buildings Department and the Highways Department, resulting in fragmentation of responsibilities and inefficiency; besides, responsible for all the works of roads, tunnels, bridges, etc. in Hong Kong, the Highways Department can hardly attend to everything at the same time, thus giving rise to problems in the regulation of railways; hence, the SAR Government should set up an independent railway development department dedicated to railway works and directly responsible to the Secretary for Transport and Housing;

(2) planning new development areas in tandem with their ancillary railway facilities – in planning some of the new development areas in the past, since the SAR Government did not concurrently consider ancillary transport facilities, serious traffic problems arose in such areas, and the SAR Government then constructed railways in a rush, thus causing the works quality to fall; hence, new development areas and ancillary railway facilities should be planned in tandem in order to prevent the quality of railway projects from being affected by very tight work schedules;

(3) urging MTRCL to regularly review its investment strategy of updating the signalling system – in the past, repeated serious disruptions of MTR train services were caused by the ageing signalling system; hence, MTRCL should regularly upgrade the signalling system to the latest version, rather than refusing to upgrade the signalling system on the ground of the cost being the prime factor of consideration, so as to ensure provision of stable and reliable public transport services to passengers;

(4) rationalising the appointment of the Chairman and the Chief Executive Officer of MTRCL – to cope with the foreseeable railway projects, either of the Chairman and the Chief Executive Officer of MTRCL, being the two highest persons-in-charge, should have an engineering background to facilitate monitoring of the works progress at the highest level;

(5) supervising MTRCL in reviewing the criteria of its internal tendering system – when drawing up the criteria of its internal tendering system, MTRCL should study following the criteria of the tendering system of the SAR Government which draw greater reference from the past performance, cooperative attitude, accountability performance of tenderers, etc., rather than overstressing the principle of ‘the lowest bid wins’ and the number of times the tenderers were awarded railway projects in the past as priority considerations, so as to avoid monopolisation;

(6) requiring MTRCL to strengthen the project management notification system – MTRCL should draw up specific and transparent notification criteria and make improvements on two levels: on the first level, requiring frontline site staff to report to the management in higher ranks the site conditions, including but not limited to issuing to contractors non-conformance notices/reports for any work that does not comply with plans and works requirements, and on the second level, reporting to the Government all construction problems in respect of repeated mistakes without rectification, delays in resolving such problems and suspected violations of statutory requirements; and

(7) raising MTRCL’s requirements for supervision of the works of contractors – MTRCL should draw reference from the requirements of the SAR Government in supervising public works, including considering the introduction of the Contractor Management Handbook for public works to conduct regular assessments on the quality, progress and safety of works, environmental protection, management and attitude of the persons-in-charge of projects, subcontracting of works, performance of procurement, etc., and requiring resident site staff to conduct thorough on-site supervision, thereby effecting more stringent supervision of railway projects.”

     Mr Luk Chung-hung, Mr Chan Han-pan, Dr Kwok Ka-ki and Mr Lam Cheuk-ting will move separate amendments to Mr Tien’s motion.

     Meanwhile, Mr Chan Chun-ying will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending the Financial Institutions (Resolution) (Loss-absorbing Capacity Requirements-Banking Sector) Rules laid on the table of the Council on October 24, 2018 to the meeting of December 12, 2018.

     Mr Christopher Cheung will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending the Securities and Futures (Financial Resources) (Amendment) Rules 2018 laid on the table of the Council on October 24, 2018 to the meeting of December 12, 2018.

     Mr Frankie Yick will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending the Closed Area (Hong Kong-Zhuhai-Macao Bridge Hong Kong Port and Hong Kong Link Road) Order (Commencement) Notice, the Cross-boundary Movement of Physical Currency and Bearer Negotiable Instruments Ordinance (Amendment of Schedule 1) (No. 3) Notice 2018, the Hong Kong-Zhuhai-Macao Bridge Hong Kong Port and Hong Kong Link Road Closed Area (Permission to Enter) Notice (Commencement) Notice, the Immigration (Places of Detention) (Amendment) Order 2017 (Commencement) Notice and the Immigration Service (Designated Places) (Amendment) Order 2017 (Commencement) Notice laid on the table of the Council on October 24, 2018 to the meeting of December 12, 2018.

     Mr Abraham Shek will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending the Land (Miscellaneous Provisions) (Amendment) Regulation 2018 laid on the table of the Council on October 31, 2018 to the meeting of January 9, 2019.

     Mr Dennis Kwok will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending the Foreign Lawyers Practice (Amendment) Rules 2018 (Commencement) Notice, the Solicitors’ Practice (Amendment) Rules 2018 (Commencement) Notice and the Summary Disposal of Complaints (Solicitors) (Amendment) Rules 2018 (Commencement) Notice laid on the table of the Council on October 31, 2018 to the meeting of January 9, 2019.

     On Government motions, the Chief Secretary for Administration will move two proposed resolutions under the Legal Aid Ordinance to amend the Legal Aid Ordinance as set out in Appendix 1 and Appendix 2.

     During the meeting, Members will also ask the Government 22 questions on various policy areas, six of which require oral replies.

     The agenda of the above meeting can be obtained via the LegCo Website (www.legco.gov.hk). Please note that the agenda is subject to change, and the latest information about the agenda could be found on the LegCo Website.

     Members of the public are welcome to observe the proceedings of the meeting from the public galleries of the Chamber of the LegCo Complex. They may reserve seats by calling 3919 3399 during office hours. Members of the public can also watch or listen to the meeting via the “Webcast” system on the LegCo Website. read more

     The Centre for Health Protection (CHP) of the Department of Health is today (November 19) investigating a case of invasive meningococcal infection, a communicable disease transmitted by direct contact with droplets from carriers or infected persons.

     The case involves a 51-year-old man with underlying illnesses, who has presented with fever and chills since November 13. He sought medical treatment from the Accident and Emergency Department (A&ED) of Prince of Wales Hospital and passed away at the A&ED on the same day.

     His blood sample tested positive for Neisseria meningitidis upon laboratory testing.
 
     Initial enquiries revealed that the patient travelled to Shenzhen alone during the incubation period. His home contact remains asymptomatic so far.
 
     The CHP’s investigation is continuing. The case was also referred to the Coroner for investigation.

     “Meningococcal infection is caused by a bacterium known as meningococcus. It is mainly transmitted by direct contact through respiratory secretions, including droplets from the nose and throat, from infected persons. The incubation period varies from two to 10 days, and is commonly three or four days,” a spokesman for the CHP said.

     The clinical picture may vary. Severe illness may result when the bacteria invade the bloodstream (meningococcaemia) or the membranes that envelop the brain and spinal cord (meningococcal meningitis).

     Meningococcaemia is characterised by sudden onset of fever, intense headache, purpura, shock and even death in severe cases. Meningococcal meningitis is characterised by high fever, severe headache and stiff neck followed by drowsiness, vomiting, fear of bright light, or a rash. It can cause brain damage or even death. The brain damage may lead to intellectual impairment, mental retardation, hearing loss and electrolyte imbalance. Invasive meningococcal infections can be complicated by arthritis, inflammation of the heart muscle, inflammation of the posterior chamber of the eye or chest infection.

     Meningococcal infection is a serious illness. Patients should be treated promptly with antibiotics.

     To prevent meningococcal infection, members of the public are advised to take heed of the following measures:
 

• Wash hands with liquid soap and water properly, especially when they are dirtied by respiratory secretions, e.g. after sneezing, and clean hands with alcohol-based handrub when they are not visibly soiled;
• Cover the nose and mouth while sneezing or coughing, hold the spit with tissue, dispose of nasal and mouth discharge in a lidded rubbish bin, and wash hands immediately;
• Avoid crowded places;
• Avoid close contact with patients who have fever or severe headache;
• Travellers to high-risk areas may consult doctors for meningococcal vaccination; and
• Travellers returning from high-risk areas should seek medical advice if they become ill and should discuss their recent travel history with their doctor.

     The public may visit the CHP’s website for more information on meningococcal infection. read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA), as representative of the Hong Kong Special Administrative Region Government (HKSAR Government), announces today (November 19) that a tender of 5-year Government Bonds (Bonds) through the re-opening of existing 10-year Government Bond issue 10GB2301 under the Institutional Bond Issuance Programme will be held on November 28 (Wednesday), for settlement on November 29 (Thursday).
 
     An additional amount of HK$2.5 billion of the outstanding 10-year Bonds (issue no. 10GB2301) will be on offer. The Bonds will mature on January 17, 2023 and will carry interest at the rate of 1.10 per cent per annum payable semi-annually in arrears. The Bonds Fixings on November 19, 2018 is 95.76 with an annualised yield of 2.183 per cent.
 
     Under the Institutional Bond Issuance Programme, tender is open only to Recognised Dealers which are appointed as Primary Dealers. Anyone wishing to apply for the Bonds on offer can do so through any of the Primary Dealers on the current published list, which can be obtained from the Government Bond Programme’s website at www.hkgb.gov.hk; Each tender must be for an amount of HK$50,000 or integral multiples thereof.
 
     Tender results will be published on the HKMA’s website, the Government Bond Programme’s website, the Reuters screen (HKGBINDEX), and Bloomberg (GBHK <GO>) not later than 3pm on the tender day.
 

HKSAR Government Institutional Bond Issuance Programme Tender Information
——————————————————————————————–

     Tender information of re-opening of 10-year Government Bonds under the Institutional Bond Issuance Programme:
 

Issue Number	:	10GB2301 (Re-open)
Stock code	:	4215 (HKGB 1.10 2301)
Tender Date and Time	:	November 28, 2018 (Wednesday)  9.30am to 10.30am
Issue and Settlement Date for tender amount	:	November 29, 2018 (Thursday)
Amount on Offer	:	HK$2.5 billion
Maturity	:	10 years
Remaining Maturity	:	Approximately 4.14 years
Maturity Date	:	January 17, 2023
Interest Rate	:	1.10 per cent p.a. payable semi-annually in arrears
Interest Payment Dates	:	January 17, 2019 July 17, 2019 January 17, 2020 July 17, 2020 January 18, 2021 July 19, 2021 January 17, 2022 July 18, 2022 January 17, 2023
Method of Tender	:	Competitive tender
Tender Amount	:	Each competitive tender must be for an amount of HK$50,000 or integral multiples thereof. Any tender applications for the Bonds must be submitted through a Primary Dealer on the current published list.   The accrued interest to be paid by successful bidders on the issue date (November 29, 2018) for the tender amount is HK$203.42 per minimum denomination of HK$50,000.   (The accrued interest to be paid for tender amount exceeding HK$50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of HK$50,000 due to rounding).
Other details	:	Please see Information Memorandum available on the Government Bond Programme’s website at www.hkgb.gov.hk or approach Primary Dealers.
Expected commencement date of dealing on the Stock Exchange of Hong Kong Limited	:	The tender amount is fully fungible with the existing 10GB2301 (Stock code: 4215) listed on the Stock Exchange of Hong Kong.

 
Price/Yield Table of the re-opening Government Bonds at tender for reference* only:
 

Yield-to-Maturity	Price	Yield-to-Maturity	Price
1.183	99.68	2.183	95.79
1.233	99.48	2.233	95.60
1.283	99.28	2.283	95.41
1.333	99.08	2.333	95.22
1.383	98.89	2.383	95.03
1.433	98.69	2.433	94.85
1.483	98.49	2.483	94.66
1.533	98.30	2.533	94.47
1.583	98.10	2.583	94.29
1.633	97.91	2.633	94.10
1.683	97.71	2.683	93.92
1.733	97.52	2.733	93.73
1.783	97.32	2.783	93.55
1.833	97.13	2.833	93.36
1.883	96.94	2.883	93.18
1.933	96.74	2.933	93.00
1.983	96.55	2.983	92.81
2.033	96.36	3.033	92.63
2.083	96.17	3.083	92.45
2.133	95.98	3.133	92.27
2.183	95.79	3.183	92.09

 
* Disclaimer
 
The information provided here is for reference only. Although extreme care has been taken to ensure that the information provided is accurate and up-to-date, the HKMA does not warrant that all, or any part of, the information provided is accurate in all respects. You are encouraged to conduct your own enquiries to verify any particular piece of information provided on it. The HKMA shall not be liable for any loss or damage suffered as a result of any use or reliance on any of the information provided here. read more

     The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) co-hosted three business seminars in Italy from November 14 to 16, as part of continuing efforts to reach out to Italian entrepreneurs and promote Hong Kong as an ideal business location and the gateway to Mainland China and the Belt and Road region including the Guangdong-Hong Kong-Macao Greater Bay Area.
      
     The seminars were held in two regions in the south of Italy, with events in Salerno in the region of Campania, and in Bari and Alberobello in the region of Puglia.
      
     The business seminar in Salerno on November 14 was organised by HKETO, Brussels in co-operation with Confindustria Salerno, while the events in Bari on November 15 and Alberobello on November 16 were organised in co-operation with the Italy Oriental Chamber of Commerce in Bari. All three business seminars were also supported by Invest Hong Kong and the Hong Kong Trade Development Council.
      
     The Deputy Representative of HKETO, Brussels, Miss Fiona Chau, told guests of the business seminars that underpinning Hong Kong’s long-term success are its fundamental strengths and the unique advantages under “one country, two systems”. These include the rule of law, free flow of capital and information, a business-friendly environment, a diverse and international talent pool, and a low and simple tax regime. Hong Kong has been named consistently as the world’s freest economy as well as the easiest place to do business.
      
     Miss Chau also outlined the active and important role played by Hong Kong in the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area development. Miss Chau emphasised that Hong Kong is the most trusted and resourceful partner for foreign companies to venture into the vast markets covered under the Belt and Road and the Greater Bay Area, and to grasp the bountiful new opportunities brought about by these new developments.
      
     The seminars also provided an occasion to promote Hong Kong’s Talent List and the career opportunities the city offers to professionals.

read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     In accordance with the Government’s policy objectives to further alleviate the financing burden of local enterprises and assist enterprises to obtain financing from lending institutions, the HKMC Insurance Limited earlier announced its proposal to adopt enhancement measures under the 80 per cent Guarantee Product of the SME Financing Guarantee Scheme (SFGS). These measures come into effect today (November 19), and will be valid until June 30 next year. Details of the measures are as follows:
 

1. further reducing the existing annual guarantee fee rates by 50 per cent;
2. increasing the maximum loan amount from HK$12 million to HK$15 million; and
3. lengthening the maximum loan guarantee period from five years to seven years.

 
     For public enquiries, please call the hotline of the SFGS (Tel: 2536 0392) or contact the participating lenders under the SFGS (www.hkmc.com.hk/eng/sfgs/participatinglenders). read more