Tag Archives: China

     The director of Rich China Industries Holdings Limited was prosecuted by the Labour Department (LD) for defaulting on the sums awarded by the Labour Tribunal (LT) as required by the Employment Ordinance (EO). The director pleaded guilty earlier at Kwun Tong Magistrates’ Courts and also paid the awarded sums totalling $3.6 million to six employees. The director was sentenced today (June 26) to 60 hours’ community service order. 

     The company failed to pay six employees the Labour Tribunal awarded sums of about $3.6 million in total within 14 days after the dates set out by the terms of the LT awards in accordance with the EO. The director concerned was prosecuted and convicted for his consent, connivance or neglect in the above offences.

     “The ruling helps disseminate a strong message to all directors and responsible officers of bodies corporate that they have personal liability to ensure payment of the awarded sums according to the terms of the awards of the LT or the Minor Employment Claims Adjudication Board. The LD will not tolerate these offences and will continue to make dedicated efforts in enforcing the EO and safeguarding employees’ statutory rights,” a LD spokesman said. read more

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

     The Hong Kong Academy of Finance (AoF) was formally established today (June 26). The Inauguration Ceremony was officiated by the Financial Secretary and the Honorary President of the AoF, Mr Paul Chan, and the Chief Executive of the Hong Kong Monetary Authority and the Chairman of the AoF Mr Norman Chan. 

     The Inauguration Ceremony was immediately followed by the first Fellowship Conferment of the Academy. The AoF conferred Fellowship on 10 distinguished leaders in the field of finance who have made outstanding contributions to Hong Kong. More information about AoF’s Fellowship and the 10 Fellows can be found in the attachment and the AoF’s official website (aof.org.hk/about-aof/fellows).

     The mission of the AoF is to serve as a centre of excellence for developing financial leadership and a repository of knowledge in monetary and financial research, including applied research. On the leadership development front, the AoF will develop and run a Leadership Development Programme for senior management and promising talents from financial institutions, regulators, professional firms and academia in the field of finance. The AoF will invite top financial leaders from around the world to speak and share their insights through seminar series, workshops and small group discussions. On the research front, the Hong Kong Institute for Monetary and Financial Research (HKIMR), as a subsidiary of the AoF, has expanded its scope of work to cover Applied Finance Research and Thought Leadership in addition to its work in Monetary and Financial Economic Research.

     In his opening remarks at the Inauguration Ceremony, Mr Paul Chan said, “The Academy is a smart complement to a host of other financial initiatives, all designed to consolidate our strengths and create new competitive advantages for the economy, and the future of Hong Kong.”

     In his welcome remarks at the Inauguration Ceremony, Mr Norman Chan said, “I strongly believe that the most crucial factor that differentiates an international financial centre (IFC) from the other aspiring financial centres is its superior ‘soft infrastructure’ or ‘soft power’. The quality and professionalism of the people in the financial services industry are the building blocks for the ‘soft infrastructure’ that determines the competitiveness of an IFC. The establishment of the AoF will help enhance the ‘soft power’ of Hong Kong as an IFC.”

     In her message to the Inauguration of the AoF, the Managing Director of the International Monetary Fund, Ms Christine Lagarde, said, “By fostering transformative thinking and systemic awareness, the new Academy can help ensure that Hong Kong SAR’s financial system will come out even taller and stronger. This, in turn, will be a vital contribution to sustainable and inclusive growth here in Hong Kong SAR and across the Asia Pacific region.”

     More information about the AoF’s work can be found on the AoF’s official website (www.aof.org.hk). read more

     The Centre for Health Protection (CHP) of the Department of Health is today (June 26) investigating an influenza B outbreak at a primary school in Yau Ma Tei, and reminded members of the public who have not yet received seasonal influenza vaccination in the 2018-19 season that they can still receive it for personal protection against seasonal influenza.

     The outbreak involves 13 boys and 11 girls aged 6 to 8 who developed fever, cough and sore throat since June 15. Among them, 21 sought medical attention. One required hospitalisation and has been discharged upon treatment. All are in a stable condition. The respiratory specimens of four children tested positive for influenza B upon laboratory testing.

     Officers of the CHP have conducted a site visit and advised the school to adopt infection control measures against respiratory tract infections. The school has been placed under medical surveillance.

     A spokesman for the CHP said, “To prevent outbreaks of influenza and other respiratory infections, it is of prime importance that students with fever, regardless of the presence of respiratory symptoms, should not be allowed to attend school. They should seek medical advice and avoid school till 48 hours after the fever has subsided. Schools should also measure and record students’ body temperature properly.”

     Schools are reminded to follow the Guidelines on Prevention of Communicable Diseases on preventive and control measures as well as management of outbreaks, which should be reported to the CHP for prompt follow-up.

     “The latest surveillance data showed that the local seasonal influenza activity in the past few weeks was higher than that in early May. Members of the public aged 6 months or above (except those with known contraindications) who have not yet received seasonal influenza vaccination in the 2018-19 season can still receive it for personal protection against seasonal influenza,” the spokesman said.

     “Meanwhile, the public should continue to adopt strict personal, hand and environmental hygiene practices against respiratory illnesses and other infectious diseases,” the spokesman added.

     The public may visit the CHP’s influenza page and weekly Flu Express for more information. read more

     The Smart Government Innovation Lab (Smart LAB) under the Office of the Government Chief Information Officer (OGCIO) held its first technology forum today (June 26), under the theme “Smart City Infrastructure”. The forum, organised in collaboration with Cyberport and the Hong Kong Science Park, attracted over 230 participants from government departments and the IT sector.
      
     To be conducted at quarterly intervals, these technology forums aim to connect the service needs of individual departments with quality solutions from the IT sector. A total of 14 companies focusing on networking technology and biometric technology joined today’s forum at Cyberport and presented their solutions and products – in an exhibition and on stage – to help government departments grasp the latest trends. A representative from the Architectural Services Department shared details of the department’s experience in adopting innovative information technologies for service improvement and their way forward in engaging technology in services. The OGCIO also briefed the audience on the Government’s pro-innovation procurement policy to enlighten the industry on the operational procedures of government departments.
      
     The Under Secretary for Innovation and Technology, Dr David Chung, said in his opening address that the new government procurement policy gives quality solutions with innovative suggestions a better chance of success. In alignment with this new policy, the Smart LAB was established to actively connect government departments with the IT sector, so as to foster close partnerships and inspire more novel innovation and technology (I&T) ideas which are conducive to building a strong and vibrant I&T ecosystem in Hong Kong.
      
     The next forum is themed “Intelligent Transport System and Traffic Management” and will be held on September 25 at the Hong Kong Science Park.

    

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Academy of Finance Inauguration Ceremony cum Fellowship Conferment today (June 26):
 
Norman (Chief Executive of the Hong Kong Monetary Authority and Chairman of the Academy of Finance, Mr Norman Chan), distinguished guests, ladies and gentlemen,
 
     Good afternoon. I’m pleased to be here today for the inauguration ceremony of the Hong Kong Academy of Finance.
 
     It’s always gratifying to take an idea inspired by a compelling need in our economy, develop it, run with it and bring it to formal life in good time, as we are all doing this eventful day.
 
     It was in the 2018-19 Budget that I announced the plan for an academy of finance to be set up by the Hong Kong Monetary Authority (HKMA). The HKMA has completed the task admirably, with full collaboration from the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. In addition, they turned to, and will continue to count on, the prodigious strengths of Hong Kong’s financial services sector and our tertiary institutions and professional bodies.
 
     From the beginning, the Academy’s goals have been clear and clearly ambitious – to nurture financial leadership, while encouraging monetary and financial research, particularly applied, cross-sectoral research.  
 
     More than goals, they are indeed critical requirements, if Hong Kong is to maintain its standing as one of the world’s most competitive financial centres.
 
     The Academy is a smart complement to a host of other financial initiatives, all designed to consolidate our strengths and create new competitive advantages for the economy, and the future of Hong Kong.
 
     They include financial technology and green finance. The inaugural Green Bond under the Government Green Bond Programme was launched just more than a month ago. Packaged with an issuance size of US$1 billion and a tenor of five years, it was very well received by the market and global investors.
 
     It has been a memorable year too, thanks to the issuing of eight virtual bank licences over the past three months. They will help drive fintech and promote financial inclusion in Hong Kong. And, let me add, the Faster Payment System and Common QR Code Standard for Retail Payments launched last September have also received a very encouraging response to date.
 
     These, and many other financial sector initiatives, demand the sustainable development of talent.
 
     And that’s where the Academy of Finance comes in.
 
     From now on, the existing Hong Kong Institute for Monetary Research has become a subsidiary of the Academy, with a mandate expanded to conduct applied research. The Institute will reach out to academics and researchers. Together, they will analyse strategic issues affecting monetary and financial developments in Hong Kong and throughout Asia.
 
     In doing so, I’m confident they will also help our financial services sector realise the far-reaching opportunities generated by the Greater Bay Area development plan and the Belt and Road Initiative.
 
     The Academy’s other goal, ensuring sustainable sectoral talent, will be driven by its Centre for Financial Leadership Development. The Academy will target mostly senior executives from a broad cross-section of the financial industry – banking, insurance, securities, law, accounting, academia and more. Membership is by invitation only, to be nominated by the Academy’s Membership Committee.
 
     They will hear from, learn from and find inspiration from internationally recognised financial leaders. Indeed, next month Stephen Schwarzman, Chairman, CEO and co-founder of Blackstone, is scheduled to be the Academy’s first overseas speaker.
 
     In short, there is much to look forward to, thanks to the Hong Kong Academy of Finance. Thanks, in particular, to the Academy’s International Council of Advisers, as well as the Council of Advisers for Research.
 
     Let me add that 10 outstanding financial sector leaders from Hong Kong have been selected as Academy Fellows.
 
     Their experience and expertise will ensure that the Hong Kong Academy of Finance enjoys a bright future, and the Academy’s success will go a long way to ensuring a flourishing Hong Kong for us all.
 
     I wish the Hong Kong Academy of Finance a rewarding year, and indeed year after year. Thank you.