Hong Kong apartment fires: hearings to begin into Wang Fuk blaze that killed 168 people Public hearings in Hong Kong are set to begin on Thursday to examine the circumstances surrounding the deadliest residential building fire in the city’s history, which claimed the lives of 168 people. The investigation will focus on whether fire safety standards were insufficient, if construction practices played a role in the disaster, and if government officials or contractors failed in their duties. The blaze, which occurred on 26 November at Wang Fuk Court—a high-rise apartment complex in the Tai Po district—was the worst residential fire globally since 1980. The fire engulfed seven of the eight residential towers in the complex, which were undergoing renovations. The structure was covered in bamboo scaffolding, protective netting, and foam boards, materials that may have accelerated the fire’s spread. The incident has prompted an independent committee led by a judge to investigate systemic issues, including potential conflicts of interest, corruption, or irregularities in the tendering process for the renovation work. The committee’s inquiry will also assess whether there were broader failures in oversight or accountability. Yip Ka-kui, a former resident who lost his wife and home in the fire, expressed his desire for justice and transparency. Speaking to Agence France-Presse, he emphasized the need for the commission to thoroughly examine the roles of all parties involved. “They should take responsibility if they are at fault,” he said, calling for clarity on the responsibilities of those implicated. The hearings will feature testimony from government officials, former residents, directors of construction firms, and members of the Wang Fuk Court management committee.#hong_kong #agence_france_presse #wang_fuk_court #tai_po_district #independent_commission_against_corruption
Hong Kong stocks extend winning streak amid stabilising oil prices despite Iran conflict Hong Kong stocks rose for a third consecutive day on Wednesday, driven by investor confidence in overnight gains on Wall Street and the stabilization of oil prices, even as geopolitical tensions in the Middle East persisted. The Hang Seng Index climbed 0.6 percent to 26,025.42 at the close of trading, marking its longest winning streak since January 29. The Hang Seng Tech Index remained largely unchanged, while mainland Chinese indices also saw modest gains, with the CSI 300 Index rising 0.5 percent and the Shanghai Composite Index gaining 0.3 percent. Several key stocks outperformed, including Alibaba Group Holding, which surged 2.3 percent to HK$137.70, and Baidu, which climbed 2.2 percent to HK$121.80. Pop Mart International, a blind-box toymaker, advanced 3 percent to HK$221.80, while food-delivery giant Meituan rose 0.4 percent to HK$80.30. However, some companies faced declines, such as Tencent Music Entertainment Group, which dropped 22 percent to HK$44.72 after its fourth-quarter results missed expectations. Electric-vehicle makers BYD and Li Auto also saw declines, with BYD falling 2.2 percent to HK$102.20 and Li Auto slipping 6.2 percent to HK$66.85. The rally in Hong Kong markets followed a rebound in U.S. stock indices, where the S&P 500 and Nasdaq 100 posted gains, extending their upward trends. Meanwhile, oil prices stabilized after a slight drop, with Brent crude falling about 1 percent to trade below US$102 a barrel. The decline came after Iran confirmed the death of a senior security official, which raised concerns about regional stability.#hong_kong #hang_seng_index #alibaba_group_holding #baidu #pop_mart_international
Hong Kong stocks edge higher as oil steadies, tracking Wall Street gains Hong Kong stocks rose for a second consecutive day on Tuesday, following gains on Wall Street, as oil prices stabilized after a sharp overnight drop. The recovery in energy markets eased concerns over inflation and geopolitical tensions, providing a boost to local equities. The Hang Seng Index closed up 0.1 percent at 25,868.54, having earlier surged as much as 1.6 percent during the session. The Hang Seng Tech Index, however, fell 0.1 percent. On the mainland, the CSI 300 Index declined 0.7 percent, while the Shanghai Composite Index dropped 0.9 percent. E-commerce giant Alibaba Group Holding gained 0.5 percent to HK$134.60 after announcing the launch of an artificial intelligence platform for businesses. Smartphone and electric vehicle maker Xiaomi rose 0.5 percent to HK$35.36, while carmaker Geely surged 4.6 percent to HK$18.84. Blind-box toymaker Pop Mart climbed 3.2 percent to HK$215.40. Some stocks faced pressure, with search-engine operator Baidu falling 3 percent to HK$119.20 and EV battery maker Contemporary Amperex Technology Ltd declining 3.3 percent to HK$648. Bright Smart Securities & Commodities Group, Hong Kong’s largest retail stock brokerage, soared 47 percent to HK$13.60 after confirming that an Ant Group-led takeover had received regulatory approval from Chinese authorities. The deal is set to conclude by March 30. In the U.S., major stock indices climbed on optimism that more oil tankers would navigate the Strait of Hormuz safely. The S&P 500 Index gained 1 percent, the Nasdaq rose 1.2 percent, and the Dow Jones Industrial Average added 0.8 percent. Brent Crude prices stabilized at around US$102 per barrel on Tuesday morning, having dropped 2.9 percent the previous day.#hong_kong #wall_street #hang_seng_index #csi_300_index #shanghai_composite_index
Asian Stocks Drop Amid Oil Price Surge Asian stock markets opened sharply lower on Monday, driven by a sharp rise in oil prices and concerns over economies reliant on Middle Eastern energy imports. South Korea’s Kospi index fell over 7.8% or 437 points to 5,147, while Japan’s Nikkei 225 dropped 6.6% or 3,683 points to 51,937. Hong Kong’s Hang Seng Index also declined, losing 2.4% or 626 points to 25,131. The sell-off followed a surge in global energy prices, with Brent crude oil surpassing $118 per barrel and US West Texas Intermediate (WTI) rising 30% from Friday’s close of $90.90. The spike in oil prices, now at its highest level in 14 years, has raised fears of economic strain, particularly for nations dependent on energy imports. The last time oil prices exceeded $100 was in 2022, shortly after Russia’s invasion of Ukraine. Analysts attribute the recent surge to worries that Middle East tensions could disrupt oil exports from the Persian Gulf, a critical hub for global energy supplies. The rise in energy costs is intensifying pressure on economies already grappling with inflation and trade barriers, including higher tariffs on exports to the United States under former President Donald Trump. The impact of sustained oil prices above $100 per barrel is expected to be severe. Investors are concerned about the combined effects of slowing economic growth and high inflation, which limit the Federal Reserve’s ability to address both challenges simultaneously. Wall Street showed signs of unease ahead of the week, with the S&P 500 declining 1.3% on Friday after data revealed a rise in U.S. job cuts. The Dow Jones Industrial Average fell as much as 945 points before closing down 453 points, or 0.9%, while the Nasdaq composite dropped 1.6%. The U.S.#japan #south_korea #hong_kong #brent_crude_oil #us_west_texas_intermediate
China Took His City. And Now His Father Sebastien Lai, the son of Jimmy Lai, discusses his father’s arrest and sentencing for his role in the 2019 Hong Kong protests. Jimmy Lai, a prominent journalist and publisher, was sentenced to 20 years in prison this month for his involvement in the demonstrations, which were marked by widespread civil unrest and a crackdown by Chinese authorities. The protests, which began in June 2019, were fueled by demands for greater autonomy and democratic reforms in Hong Kong, a semi-autonomous territory under Chinese sovereignty. Jimmy Lai, who founded the pro-democracy newspaper Apple Daily, became a symbol of resistance during the protests. His arrest in 2019, along with hundreds of other activists, was part of a broader campaign by the Chinese government to suppress dissent. Sebastien Lai, in an interview, recounted his father’s early life, which shaped his political awakening. Born in mainland China during the communist era, Jimmy Lai experienced extreme poverty and famine as a child. He later worked as a laborer, transporting goods for wealthy individuals traveling between mainland China and Hong Kong. A moment of luxury—a piece of chocolate given to him by a stranger—left a lasting impression, prompting him to flee to Hong Kong in search of a better life. In Hong Kong, Jimmy Lai found a sense of freedom and opportunity, though he often reflected on the hardships of his past. He described his first visit to the city’s markets as overwhelming, filled with abundance that contrasted sharply with his experiences in mainland China. These stories, passed down to Sebastien, were initially framed through a lens of hope and resilience. However, as he grew older, Sebastien began to grasp the deeper struggles his father faced during those formative years.#hong_kong #jimmy_lai #apple_daily #sebastien_lai #2019_hong_kong_protests
Jimmy Lai to Forgo Appeal Against 20-Year Jail Term for National Security Charges Hong Kong media mogul Jimmy Lai has decided not to challenge his 20-year prison sentence for collusion with foreign forces and sedition, according to his legal team. The announcement, made by his domestic lawyer on Friday, marks the conclusion of a protracted legal battle that has drawn global scrutiny. Lai, 78, the founder of the defunct pro-democracy newspaper Apple Daily, was one of the most prominent critics of China’s Communist Party leadership. His case, which spanned nearly five years, culminated in a February sentencing after he was convicted in December on two counts of conspiring to collude with foreign entities and one count of publishing seditious material. The decision not to appeal was confirmed by a member of Lai’s legal team, who spoke to Reuters under anonymity. The lawyer stated that Lai’s instructions are clear and definitive, with no intention to contest the conviction or the sentence. The ruling has faced criticism from countries including the United Kingdom and the United States, which have condemned the verdict as politically motivated. Separately, Fung Wai-kong, the former editor-in-chief of Apple Daily’s English edition, filed an appeal against his 10-year prison term in the same national security case. Lai’s family has raised concerns about his deteriorating health, citing years of solitary confinement and pre-existing conditions such as diabetes, heart palpitations, and hypertension. They have warned that his prolonged incarceration could lead to severe health complications. Human rights organizations and democratic nations have consistently called for Lai’s release, with U.S. President Donald Trump addressing the issue during recent talks with Chinese President Xi Jinping.#hong_kong #jimmy_lai #apple_daily #feng_wai_kong #national_security_law
