US 301 hit list (see footnote *)
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Hong Kong government and industry leaders have expressed concern over the decision by the US to take the first step towards retaliation against China after their latest round of trade talks failed to make progress. The move has seen the publication of a US$3.9 billion (HK$30.4 billion) hit list of Chinese exports liable to tariffs.
HK$35 billion impact on Hong Kong trade
Hong Kong could lose HK$35 billion (US$4.5 billion) in trade if the United States fully implemented threatened punitive tariffs on imports from China, according to a government assessment. Arising from this loss in trade, there would be a loss of around 16,600 jobs and Hong Kong's GDP would drop by about 0.7 per cent.
Government waives fees over BCC HK
Fees of HK$130 million (US$16.66 million) owed to the government by the Bank of Credit and Commerce-Hong Kong will be waived, allowing more of the collapsed bank's assets to be distributed to depositors.
Four Hong Kong Banks to set up branches in China
Four Hong Kong Banks are among nine foreign institutions being allowed to set up branches in China, according to the head of the People's Bank of China's supervision division, Mr. Di Weiping, in a report in the China Daily. Standard Chartered will be permitted to open a branch in Tianjin. Hongkong and Shanghai Bank is looking to Qingdao and Nanyang Commercial Bank and Bank of East Asia will operate in Guangzhou.
HK$4.38b sought for Hutchison Whampoa
Property tycoon, Mr. Li Ka Shing, has launched one of the largest money-raising exercises in the history of the stock market, seeking to raise HK$4.38h (US$561_million) for his international conglomerate, Hutchison Whampoa, through the issue of 300 million new shares. Mr. Li's property investment flagship company, Cheung Kong, is taking up 40 per cent of the issue to ensure his stake in the firm remains unchanged.
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A full brief on the current state of USA trade relations with China affecting hong Kong is available on request.
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