Hong Kong – HKMA’s Response to US Fed’s Interest Rate Decision

Mar 21, 2024 | International

HKMA’s Response to US Fed’s Interest Rate Decision

**************************************************


The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Federal Open Market Committee of the United States Federal Reserve (the Fed) announced early today (Hong Kong time) after its two-day meeting that it had decided to keep the target range for the federal funds rate unchanged at 5.25-5.5 per cent.

     The Fed’s future interest rate decisions will be dependent on incoming data, the evolving outlook and the balance of risks.  The dot plot released after the meeting indicated that the Fed might cut rates three times for a total of 75 basis points this year, but the actual timing and the interest rate path thereafter remain uncertain and the high interest rate environment may last for some time.

     The financial and monetary markets of Hong Kong continue to operate in a smooth and orderly manner. The Hong Kong dollar exchange rate remains stable, and the Hong Kong dollar interbank rates might remain high for some time. The public should carefully assess and manage the relevant risks when making property purchase, mortgage or other borrowing decisions. The HKMA will continue to closely monitor market developments and maintain monetary and financial stability.

Hong Kong – TLB’s response to media enquiries on suspected delay to Three-Runway System project

Feb 3, 2024 | International

TLB’s response to media enquiries on suspected delay to Three-Runway System project

***********************************************************************************


     ​In response to media enquiries on an overseas media’s report today (February 2) alleging that there are delays to the Three-Runway System project (3RS), a spokesman for the Transport and Logistics Bureau said that the Airport Authority Hong Kong (AAHK) is taking forward the 3RS at full steam according to schedule. It is a clear target of AAHK to complete all the building and infrastructure works of the 3RS and put all three runways into operation within 2024. The AAHK will open relevant passenger facilities progressively in the light of passenger traffic demand.

     The spokesman stresses that there is absolutely no question of delay of the 3RS project and that any such allegation is groundless.

Response by Schiphol to Labour Authority decision

Feb 2, 2024 | Business

WEBWIRE –

Good working conditions and a healthy workplace have been prioritised in the new course Amsterdam Airport Schiphol has charted. Many improvements have been made over the years, but things have to be done quicker and better. As we said following previous Labour Authority reports on the decision: it is unfortunate that we and the sector have not been sufficiently successful in solving this ourselves and that the Labour Inspectorate has to get involved. Schiphol and partners are currently making progress when it comes to taking measures, conducting research and implementing innovations.

Measures to reduce emissions

Schiphol is working to reduce emissions and exposure of employees to these emissions. Collaboration is of the essence to make improvements in the airport. The airport is doing so in consultation with the aviation sector, national government and knowledge institutions. This means Schiphol is working on a comprehensive package of measures together with other employers. This is a complex challenge, as some of the required solutions − technological or otherwise − arent always available yet.

At Schiphol we are working on:

  • Measures on the apron to remove the source of emissions, such as the more stringent rules on taxiing using fewer engines and on auxiliary engine use, which are in place as of this year.
  • Measures to increase the distance between the source of emissions and employees, such as adjusting departure procedures (effective at the first two gates as of this year). In the course of 2024, the aviation sector will submit a joint action plan to adjust the departure procedures at Schiphol in the years ahead.
  • Experimental research into filtering and cleaning the air on and close to the apron, thereby improving air quality. Last autumn, for example, Schiphol conducted its first air filtration pilot at the fire station. In February, a follow-up pilot on outdoor use of the filtration system will start on the Pier D apron.

Read more at: Schiphol.nl/ultrafijnstof

We are taking the new insights from the report published by the Labour Authority today very seriously and will study them. Regardless of this, Schiphol will do its utmost to minimise exposure to kerosine engine emissions.

Background information

In May 2023, the Netherlands Labour Authority published a draft decision with proposed requirements regarding kerosene engine emissions and the improvement of working conditions at Schiphol. Schiphol, other parties in the aviation sector and stakeholders were asked to submit their views on this. The Dutch Labour Authority has now taken a final decision, which Schiphol will study.

Hong Kong – DEVB’s response to media enquiries

Jul 22, 2023 | International

DEVB’s response to media enquiries

**********************************


     In response to media enquiries on the Hong Kong Golf Club’s application for judicial review in respect of the decision on the Environmental Impact Assessment Report on the Technical Study on Partial Development of Fanling Golf Course Site – Feasibility Study, a spokesperson for the Development Bureau today (July 21) gave the following reply:
      
     The Hong Kong Golf Club’s application for judicial review on the matter will not affect the Government taking back the 32 hectares of land east of Fan Kam Road in Fanling Golf Course on September 1, 2023, upon the expiry of the relevant short term tenancy. Nor will it affect the Town Planning Board proceeding with the statutory planning procedures.
      
     We reiterate that the Government’s intention to construct public housing at the 9.5-hectare (ha) site at the northernmost of the 32 ha of land remains unchanged. The remaining site not for housing development (about 22 ha) will be used for conservation and passive recreational use for public enjoyment. Separately, as the Government previously stated, in case the Hong Kong Golf Club needs to temporarily use land in the 32 ha for supporting the organisation of major events in future, the relevant departments would be happy to consider lending the site according to actual circumstances and needs.

Hong Kong – Response of HKSAR Government on release of final report by International Atomic Energy Agency regarding discharge plan of Fukushima nuclear power station

Jul 5, 2023 | International

Response of HKSAR Government on release of final report by International Atomic Energy Agency regarding discharge plan of Fukushima nuclear power station

******************************************************************************************


     The Hong Kong Special Administrative Region (HKSAR) Government noted that the International Atomic Energy Agency (IAEA) released its final report for its review on the safety of Japan’s wastewater discharge plan (the final report) today (July 4). The HKSAR Government’s inter-departmental taskforce, which was formed in response to Japan’s wastewater discharge plan, is reviewing the final report and will make further risk assessment regarding the discharge plan. The HKSAR Government will seek to obtain more information and relevant scientific evidence from Japan regarding how safety of the discharge can be guaranteed and follow up with the Japanese authorities on relevant matters. The HKSAR Government will take all necessary measures to safeguard food safety and public health of citizens in Hong Kong.
 
     Since the Japanese Government’s announcement of the discharge plan in 2021, the HKSAR Government has repeatedly expressed grave concern about the impact of the discharge plan on food safety, and has indicated clearly to the Japanese authorities that they should not discharge the wastewater from the Fukushima nuclear power station into the ocean unilaterally without the consensus of the international community so as to avoid bringing about irreversible impacts on the environment. As the discharge plan is expected to last for 30 years, it is a real issue that worries the public as to how the Japanese authorities will ensure the effective operation of the treatment facility continuously, and how they will ensure that the discharge plan will not pose any potential risks to food safety and the marine ecosystem. The HKSAR Government has repeatedly indicated to the Japanese authorities that once Japan commences the discharge, the HKSAR Government will immediately take control measures, including imposing import control on aquatic products from high risk prefectures of Japan to prevent the potentially affected Japanese food products from entering Hong Kong, so as to ensure food safety and public health of citizens in Hong Kong.
 
     Food safety is of an issue of paramount importance affecting public health. The Government is responsible for ensuring that food sold in Hong Kong is safe and fit for consumption. The HKSAR Government has formed an inter-departmental taskforce with the relevant government departments in response to Japan’s wastewater discharge plan. The taskforce comprises the Environment and Ecology Bureau, the Centre for Food Safety of the Food and Environmental Hygiene Department, the Agriculture, Fisheries and Conservation Department, the Hong Kong Observatory, the Department of Health and the Government Laboratory. The HKSAR Government will formulate and announce the import control measures on relevant food from Japan based on scientific and risk-based principles after taking into full consideration of the final report of the IAEA, the opinion of Mainland China’s expert, risk assessments and relevant information, etc.