The Labour Department launched a prosecution against Kong Kee Engineering Limited, the employer, and Man Kit Construction Company Limited, the principal contractor, for failing to make periodical payments in accordance with requirements of the Employees' Compensation Ordinance (ECO). Both the employer and the principal contractor pleaded guilty at Kowloon City Magistrates' Courts today (June 20) and were each fined $39,000, making a total of $78,000.
      
     A bar bender sustained an injury during a work accident on June 19, 2017. The employer and the principal contractor failed to make periodical payments to the employee on the normal paydays or within seven days thereafter as required by the ECO.
      
     Section 10(10) of the ECO stipulates that during a period of temporary incapacity, the employer shall pay the injured employee periodical payments at a rate of four-fifths of the difference between the employee's monthly earnings at the time of the accident and his or her monthly earnings during the period of temporary incapacity.  Section 24 of the ECO provides that when an employee of a sub-contractor is injured at work, the principal contractor shall be liable for any claim of compensation made by the injured employee under the ECO.
      
     The periodical payments are payable on the injured employee's normal paydays. Employers or principal contractors who, without reasonable excuse, fail to pay within seven days after the due day, have committed an offence and are liable to a fine of $100,000 on conviction.

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The United States Federal Reserve's Federal Open Market Committee (US Fed FOMC) decided last night to maintain the target range of the fed funds rate at 2.25 per cent to 2.50 per cent .
      
     Although the FOMC has kept the fed funds rate unchanged, the Hong Kong Monetary Authority (HKMA) note its comments on increased uncertainties in the US economic outlook, and an obvious split in Members' views on interest rate path.  While half of members preferred the interest rate to remain unchanged this year, the other half considered one or two reductions necessary.

     The Chief Executive of the HKMA, Mr Norman Chan, said, "In Hong Kong, the Hong Kong dollar (HKD) interbank interest rates will continue to be influenced by US dollar (USD) interest rates and other factors such as changes in the market supply of and demand for HKD funding.  The HKD interbank rates have gradually increased over the past year as interest rate normalisation progressed, with increased volatility due to seasonal factors including half-year-end effect.  Recently one-month HIBOR once rose to 2.6 per cent.  As HIBOR increased, carry trade activities reduced and the HKD exchange rate strengthened once to 7.8170 level.  Notwithstanding this, transactions in the HKD FX and interbank markets have remained smooth.  Movements of HKD interbank and exchange rates are also consistent with the operation of the Linked Exchange Rate System."
      
     "Future direction of fund flows has become more uncertain in view of the increased uncertainties in the Fed's monetary policy direction.  The public should stay vigilant in managing the potential risks arising from market volatilities," added Mr Chan.

     The operator of a vehicle repair garage in Wong Tai Sin was convicted at Kwun Tong Magistrates' Courts today (June 20) for contravening the Waste Disposal (Chemical Waste) (General) Regulation by illegally handling spent lubricating oil. The operator was fined a total of $10,000 for five offences under the Regulation.

     During a blitz inspection of Wan Fung Street in Wong Tai Sin and its adjacent area in November last year, the Environmental Protection Department (EPD) found that Choi Kee Motor Services, a vehicle repair garage, not only arbitrarily placed spent lubricating oil, which is classified as chemical waste, inside the garage after replacing a taxi's lubricating oil, but also did not label the container as spent lubricating oil, as well as not properly storing the chemical waste in accordance with the law. In addition, there was no warning sign inside the garage indicating the storage of chemical waste. It was also confirmed that the garage was not registered as a chemical waste producer. After gathering evidence and collecting samples at the scene for analysis, the EPD initiated five prosecutions against the operator of the garage, Raytech Engineering Limited, under the Waste Disposal (Chemical Waste) (General) Regulation.

     An EPD spokesman explained that spent lubricating oil generated from vehicle repairs in garages is classified as chemical waste, which contains various toxic chemicals. If not handled properly, spent lubricating oil will leak into nearby watercourses or soil, polluting the environment and causing harm to public health.

     The spokesman reminded all operators of vehicle repair garages and members of the vehicle repair business that they should register as chemical waste producers with the EPD in accordance with the Waste Disposal (Chemical Waste) (General) Regulation. Chemical waste generated from vehicle repairs must be properly packaged, labelled and stored, and has to be collected by licensed chemical waste collectors for delivery to licensed chemical waste disposal facilities for treatment. Moreover, for replacement of lubricating oil, vehicle owners should engage the services of vehicle repair garages or companies that have been registered with the EPD.

     Anyone engaged in the illegal handling, collection, storage and disposal of chemical waste will be prosecuted. First-time offenders are liable to a maximum fine of $200,000 and six months' imprisonment.

     Members of the public may visit the EPD's website for more information about the control of chemical waste: www.epd.gov.hk/epd/english/environmentinhk/waste/guide_ref/guide_cwc.html.

     The effective exchange rate index for the Hong Kong dollar on Thursday, June 20, 2019 is 104.9 (down 0.5 against yesterday's index).

     The Government announced today (June 20) the appointment of Mr Denis Yip Shing-fai as the Commissioner for Belt and Road following an open recruitment exercise. Mr Yip will assume office on June 24, 2019.
 
     On Mr Yip's appointment, the Secretary for the Civil Service, Mr Joshua Law, said, "Mr Yip possesses extensive business management experience and international exposure. I am confident that he will lead the Belt and Road Office and promote connections with relevant sectors in taking forward Hong Kong's full participation in the Belt and Road Initiative."
 
     Brief biographical notes of Mr Yip are set out below:
 
Mr Denis Yip Shing-fai
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     Mr Yip has worked in Hong Kong, Beijing, Guangzhou, San Francisco, Shanghai and Tokyo, and served in senior positions in a number of large enterprises.
 
     Mr Yip started his career in IBM in 1991. He was the Global Senior Vice-president and President, Greater China of EMC from 2006 to 2017, and participated in formulating and setting strategic promotion plans whilst leading the team in developing the Greater China market. From 2017 to early 2019, he served as President and Director of the Digital China Holdings Company and the Fujian Start Group respectively. He steered the development of the enterprises and established their business footholds.