Category: MIL-OSI

SFST made positive progress with signing of CDTA with Norway during his visit  
     To unlock new opportunities in the area of maritime finance, Mr Hui met with the Chief Customer Officer, Ms Line Dahle, and Vice President and Head of Analytics, Mr Sigvald Fossum, of Norwegian marine and energy insurance provider Gard, which has a strong presence in Hong Kong’s marine insurance market and provides services to manage maritime risk for clients. He also met with the Vice-President and Director of Group Government and Public Affairs of DNV, Mr Lars Almklov. The global assurance and risk management company DNV has been recognised by the Hong Kong Monetary Authority as an approved external reviewer for the Green and Sustainable Finance Grant Scheme.
 
     Mr Hui told management members of the two companies that Hong Kong and Norway possess complementary strengths that can create a compelling case for financial co-operation. While Norway’s maritime industry is the cornerstone of its economy, Hong Kong’s maritime services industry is also a valued brand in the international arena. Joint ventures in maritime insurance could combine Norway’s expertise in marine risk management with Hong Kong’s accessibility, creating comprehensive solutions for the sector and addressing the new demands arising from geopolitical and climatic challenges. He highlighted that Hong Kong has a sophisticated ecosystem for ship financing and leasing, supported by tax incentives and its strategic location along global trade routes.
 
On June 12 (Oslo time), Mr Hui paid a courtesy call to the Chinese Ambassador Extraordinary and Plenipotentiary to the Kingdom of Norway, Ms Hou Yue.
 
He also had a meeting with the Director of Politics and Society of Finance Norway, Mr Jan Erik Fane, and other management staff. Finance Norway is the industry organisation for the financial sector in Norway, representing banks, insurance companies and other financial institutions on regulatory, policy and industry developments.
 
     Mr Hui noted that the Norwegian sovereign fund is one of the largest funds in the world and is positioned as a pioneer in responsible investing with a strong emphasis on Environmental, Social and Governance principles. He said that the shared focus of Hong Kong and Norway on sustainability creates significant opportunities for collaboration.
     At a dinner reception co-organised by the Hong Kong Economic and Trade Office, London, and the Norway-Hong Kong Chamber of Commerce on June 11 (Oslo time), Mr Hui said that even though there is a geographical distance of around 8 600 kilometres between Norway and Hong Kong, the two places share more commonalities in the financial market than perceived.
 
     The first one is the commitment to green and sustainable developments. Hong Kong is striving to achieve carbon neutrality before 2050, and the Government launched a roadmap last December to require publicly accountable entities (PAEs) to adopt the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) and to provide a well-defined pathway for large PAEs to fully adopt the ISSB Standards no later than 2028.
 
     Just last week, Hong Kong issued a new round of Government green bonds and infrastructure bonds to channel market capital to support green projects and promote sustainable developments in Hong Kong. This round of bonds amounts to a total of around US$3.5 billion, denominated in Hong Kong dollars, Renminbi, US dollars and euros. The offering attracted participation from a wide spectrum of investors from more than 30 markets across Asia, Europe, Middle East, and the Americas, with total orders amounting to an equivalent of around US$30 billion, representing a subscription ratio of almost nine times.
 
     The other commonality is expertise in wealth management. Mr Hui noted that Norway’s expertise in long-term asset management driven by its sovereign fund aligns seamlessly with Hong Kong’s position as Asia’s premier wealth management centre. Capitalising on Hong Kong’s advantages of having a solid financial infrastructure and an extensive international client base, abundant co-investment opportunities are available for Norwegian capital in the Asian markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
 
     More commonalities lie in fintech and digital finance. Norway is a highly digitalised economy that has fostered advancements in mobile payment systems, blockchain technology, and digital asset management. At the same time, Hong Kong is home to around 1 100 fintech companies and start-ups. The Government endeavours to boost fintech developments through measures such as enhancing fintech infrastructures, nurturing talent, establishing regulatory regimes for digital assets such as the stablecoin regulatory regime to be enacted on August 1. The second edition of a policy statement on digital assets will also be promulgated soon. By combining Norway’s technological innovation with Hong Kong’s access to Asian markets, the partnership could drive cutting-edge solutions that redefine digital finance on a global scale.
 
    Mr Hui has returned to Hong Kong in the evening of June 13.
Issued at HKT 18:33

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LegCo to consider Employment (Amendment) Bill 2025Issued at HKT 15:20

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

The Legislative Council (LegCo) will hold a meeting next Wednesday (June 18) at 11am in the Chamber of the LegCo Complex. During the meeting, the Second Reading debate on the Employment (Amendment) Bill 2025 will resume. If the Bill is supported by Members and receives its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.

On Members’ motions, Mr Sunny Tan will move a motion on “Stimulating the vigorous development of Hong Kong’s small and medium enterprises with new quality productive forces and actively dovetailing with the country’s high-quality ‘going global’ strategy”. The motion is set out in Appendix 1. Mr Erik Yim will move an amendment to Mr Tan’s motion.

Mr Adrian Ho will move a motion on “Boosting the local consumption market to inject impetus into economic development”. The motion is set out in Appendix 2.

Ms Elizabeth Quat will move a proposed resolution under section 34(4) of the Interpretation and General Clauses Ordinance to extend the period for amending subsidiary legislation. The proposed resolution is set out in Appendix 3.

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). Members of the public can watch or listen to the meeting via the “Webcast” system on the LegCo Website. To observe the proceedings of the meeting at the LegCo Complex, members of the public may call 3919 3399 during office hours to reserve seats.

Import of poultry meat and products from Kirklees District of West Yorkshire County in UK suspendedIssued at HKT 18:12

​The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (June 13) that in view of a notification from the World Organisation for Animal Health (WOAH) about an outbreak of highly pathogenic H5N1 avian influenza in the Kirklees District of West Yorkshire County in the United Kingdom (UK), the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the area with immediate effect to protect public health in Hong Kong.

A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 210 tonnes of chilled and frozen poultry meat, and about 440 000 poultry eggs from the UK in the first three months of this year.

“The CFS has contacted the British authority over the issue and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreak. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

Hong Kong Customs seizes suspected counterfeit mobile phones worth about $1.4 million

Hong Kong Customs on May 28 seized 690 suspected counterfeit mobile phones with an estimated market value of about $1.4 million at the Hong Kong-Zhuhai-Macao Bridge (HZMB) Hong Kong Port. Through risk assessment, Customs on that day intercepted an incoming lorry at the HZMB Hong Kong Port. After inspection, Customs officers found the batch of suspected counterfeit mobile phones inside the cargo compartment of the lorry. A 24- year-old male lorry driver was subsequently arrested. An initial investigation revealed that the batch of suspected counterfeit mobile phones would have been transhipped to overseas regions. The investigation is ongoing, and the arrested man has been released on bail pending further investigation. Customs will continue to take stringent enforcement action against counterfeit goods and smuggling activities through risk assessment and intelligence analysis. Under the Trade Descriptions Ordinance, any person who imports or exports any goods to which a forged trademark is applied commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years. Members of the public may report any suspected counterfeiting activities to Customs’ 24-hour hotline 182 8080 or its 13/06/2025, 11:37 Hong Kong Customs seizes suspected counterfeit mobile phones worth about $1.4 million (with photo) https://www.info.gov.hk/gia/general/202506/13/P2025061300433p.htm 1/2 dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002). Ends/Friday, June 13, 2025 Issued at HKT 12:25 NNNN

Senior Police Call AGM cum Luncheon held  
Speaking at the luncheon, the Commissioner of Police, Mr Chow Yat-ming, said the SPC has been established for over ten years, aiming at promoting safety, health and community participation of the elderly. The Government adopted measures to promote the silver economy last month to enhance the quality of life for the elderly. In line with the policy direction, the SPC has launched a wide range of activities and training programmes to help its members achieve physical, mental and spiritual health.
 
In order to enhance the anti-deception awareness among senior citizens and to tackle the various and emerging deception tactics, the SPC launched the “IT Captain” training programme in May this year. This includes the education on the use of the one-stop scam and pitfall search engine “Scameter+”. Together with the “SPC Wealth Management and Anti-Investment Scam Ambassador” programme, the elderly get familiarised with the latest scam tactics and cyber traps, and are encouraged to spread the message of fraud prevention in the community. Trained “IT Captains” will guide elderly and citizens in the community to use the commonly-used mobile apps of the Government, assisting them to integrate into digital life.
 
An increase of 28 per cent was recorded in the number of deception cases involving elderly victims, reaching 6 345 cases in 2024 compared to 4 929 cases in 2023. There was also an increase of approximately 20 per cent in related fraud cases from January to April this year compared to the same period last year, to over 1 700 cases. Of these, more than half were classified as online frauds, while around 40 per cent were related to telephone scams.
 
At the AGM today, 44 SPC members were presented with the “Best SPC Captain” and “Most Active SPC Member” awards in recognition of their enthusiastic participation over the past year.
 
The newly launched “PALS@SPC” initiative this year represents four key themes of the SPC’s activities, with “P” standing for “Participate”, “A” for “Alert”, “L” for “Learn” and “S” for “Safeguard”. The SPC will continue to collaborate with various organisations to roll out a broader range of programmes, encouraging more senior citizens to become SPC members, and to enhance themselves through recreation and sports activities as well as courses and seminars. Being crime-fighting partners of the Police, SPC members join hands to serve the community and achieve the SPC sprit – “Helping Oneself and Others”.

Issued at HKT 18:11

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27 landlords of subdivided units under regulated tenancies convicted of contravening relevant statutory requirements 
     The offences of these 27 landlords include (1) failing to submit a Notice of Tenancy (Form AR2) to the Commissioner of Rating and Valuation within 60 days after the term of the regulated tenancy commenced; and (2) requesting the tenant to pay money other than the types permitted under the Ordinance (i.e. requiring the tenant to pay an amount of rent for the second-term tenancy exceeding the maximum amount of rent permitted under the Ordinance). One of the landlords committed 16 offences under (1) and (2) and was fined $13,000.

     The RVD earlier discovered that the landlords failed to comply with the relevant requirements under the Ordinance. Upon an in-depth investigation and evidence collection, the RVD prosecuted the landlords.
 
     A spokesman for the RVD reiterated that SDU landlords must comply with the relevant requirements under the Ordinance, including prohibiting landlords from doing any act calculated to interfere with the peace or comfort of members of the tenant’s household, with the intention of causing the tenant to give up occupation of the SDU; or requiring the tenant to pay an amount of rent for the second-term tenancy exceeding the maximum amount of rent permitted under the Ordinance, and also reminded tenants of their rights under the Ordinance, including a four-year (i.e. two years plus two years) security of tenure. He also stressed that the RVD will continue to take resolute enforcement action against any contraventions of the Ordinance. Apart from following up on reported cases, the RVD has been adopting a multipronged approach to proactively identify, investigate and follow up on cases concerning landlords who are suspected of contravening the Ordinance. In particular, the RVD has been requiring landlords of regulated tenancies to provide information and reference documents of their tenancies for checking whether they have complied with the requirements of the Ordinance. If a landlord, without reasonable excuse, refuses to provide the relevant information or neglects the RVD’s request, the landlord commits an offence and is liable to a maximum fine at level 3 ($10,000) and to imprisonment for three months. Depending on the actual circumstances, and having regard to the information and evidence collected, the RVD will take appropriate actions on individual cases, including instigating prosecution against suspected contraventions of the Ordinance. In addition, the RVD has started a new round of publicity and education work to enhance public awareness about the key offences and penalties, emphasising that the RVD proactively checks whether landlords have committed the offences under the Ordinance.  
     The RVD reminds that pursuant to the Ordinance, a regulated cycle of regulated tenancies is to comprise two consecutive regulated tenancies (i.e. the first-term tenancy and second-term tenancy) for an SDU, and the term of each regulated tenancy is two years. A tenant of a first-term tenancy for an SDU is entitled to be granted a second-term tenancy of the regulated cycle, thus enjoying a total of four years of security of tenure. The RVD has been issuing letters enclosing relevant information to the landlords and tenants concerned of regulated tenancies in batches, according to the expiry time of their first-term tenancies, to assist them in understanding the important matters pertaining to the second-term tenancy, and to remind them about the procedures that need to be followed about two months prior to the commencement of the purported second-term tenancy as well as their respective obligations and rights under the Ordinance. These landlords and tenants may also visit the dedicated page for the second-term tenancy on the RVD’s website (www.rvd.gov.hk/en/tenancy_matters/second_term_tenancy.html 
     For enquiries related to regulated tenancies, please call the telephone hotline (2150 8303) or visit the RVD’s webpage (www.rvd.gov.hk/en/our_services/part_iva.htmlIssued at HKT 15:48

Record of discussion of meeting of Exchange Fund Advisory Committee Currency Board Sub-Committee held on April 30 
Report on Currency Board Operations (25 December, 2024 – 16 April, 2025)
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The Currency Board Sub-Committee (Sub-Committee) noted that the Hong Kong dollar (HKD) traded within a range of 7.7555 – 7.7927 against the US dollar (USD) during the review period. The HKD exchange rate moderated in early January 2025 as liquidity tightness subsided at the end of 2024 and global markets reacted to US tariff announcements, but strengthened in mid-February 2025, supported by strong performance of the local stock market amid Mainland China’s recent advancements in artificial intelligence and net inflows from the Southbound Stock Connect. In early April, in response to further US tariffs, the HKD strengthened further as long USD carry trades unwound amid a risk-off sentiment and southbound inflows continued. HKD interbank rates (HIBORs) continued to track the USD rates while shorter-tenor rates were also being affected by local supply and demand. Short-term HIBORs tightened briefly near the year-end but softened thereafter as funding demand faded. The Convertibility Undertakings were not triggered during the review period and the Aggregate Balance was stable at around HK$45 billion. No abnormality was noted in the usage of the Discount Window. Overall, the HKD exchange and interbank markets continued to trade in a smooth and orderly manner.
 
The Sub-Committee noted that the Monetary Base increased to HK$1,980.99 billion at the end of the review period. In accordance with the Currency Board principles, all changes in the Monetary Base had been fully matched by changes in foreign reserves.
 
The Report on Currency Board Operations for the review period is at Annex.
 
Monitoring of Risks and Vulnerabilities
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The Sub-Committee noted that downside growth risks to the global economy had intensified following the US announcement of imposing reciprocal tariffs that exceeded market expectations. In response, global financial markets had gyrated, although they continued to operate smoothly with no sign of widespread funding stress. While the postponement of reciprocal tariffs had offered some reprieve for export-reliant Asian economies which generally faced higher rates, the prospect of tariffs being implemented further down the road still posed significant growth headwinds.
 
The Sub-Committee noted that in Mainland China, the economy entered 2025 amid some green shoots and improved equity market sentiment. In particular, at the “two sessions” in March, the authorities sent strong pro-growth signals, including prioritising consumption and strengthening fiscal support. From April onwards, the Mainland economic outlook faced stiffer external headwinds due to the US reciprocal tariffs. It was expected that Mainland China would place increasing emphasis on supporting consumption.
 
The Sub-Committee noted that in Hong Kong, downside risks to the growth outlook heightened following the imposition of the US reciprocal tariffs. Yet, several factors might help alleviate some of the impact, including the Mainland’s pro-growth policies and its advancement in artificial intelligence, the prospective US rate cuts expected by the markets, and the ongoing recovery of inbound tourism. Meanwhile, housing market transactions gained momentum in March following the Government’s adjustment in stamp duties for lower-value properties, although market sentiment turned conservative in early April amid the global financial market volatility. The commercial real estate markets remained subdued, especially in the office segment.
 
A Study on “Discount Window Stigma”
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The Sub-Committee noted a paper that examined the usage of the Hong Kong Monetary Authority’s (HKMA) Discount Window and the associated “stigma effect” by banks over time. The results showed that the Discount Window was tapped more frequently and the associated stigma diminished in the current period of tight liquidity, compared with the previous period of tight liquidity in 2018 – 2020. This trend coincided with the HKMA’s proactive communication efforts with banks to alleviate concerns about the “stigma effect” during recent periods.
Issued at HKT 16:36

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