The message from US President Joe Biden sent shudders through Wall Street and then financial markets around the world – “Beware of Hong Kong.”
Thousands of American companies have looked to Hong Kong as a footstep into the Chinese market. Even CNN has its main Asia/Pacific operations there.
Over recent years, media companies, including Australia’s ABC and Nine newspapers have found their journalists in trouble for stepping foot in China.
THE FUTURE OF HONG KONG
Now, in executive offices across Manhattan, the reality is starting to bite. The question is – how much longer will Hong Kong be a safe place for western companies to do business?
And for the people of Hong Kong – what happens next?
As China tightens its grip on the territory’s legal and financial systems, what will that mean for their long-held ambitions for expanding in the world’s second-largest economy and its market of 1.4 billion people?
Antigovernment protesters, Hong Kong, August 2019
A NEW WAY OF LIFE
Banks are now used to the shifting landscape in Hong Kong. While Hong Kong has felt like an extension of London or New York, tensions have flared between Beijing as western countries. The 50 year deal signed between the UK and China during the landmark handover has almost been thrown out.
For banks, the city isn’t just a staging area to China, but also a valuable market in itself.
Joe Biden’s warning was less about the new reality for Hong Kong, but more about the ongoing battle between China and the US for global supremacy. In this race, it seems, there can only be one winner.
For many companies in western countries, the China conundrum focuses on theyr reliance on trade, tourism and local customs. But for others, their presence in Hong Kong is no longer a safe bet. Many companies are looking to Seoul or Singapore as a potential new Asian headquarters.
An aerial view shows buildings from the Mid-Levels district of Hong Kong on May 25, 2021. (Photo by Peter PARKS / AFP)
HING KONG RESPONDS
Hong Kong has hit out at the US President.
Biden’s advisory is “totally ridiculous and unfounded fear-mongering,” a spokesman for the territory said in a statement. “The main victims of this latest fallout will sadly be those U.S. businesses and U.S. citizens who have taken Hong Kong as their home.”
The United States imposed sanctions on seven Chinese officials over Beijing’s crackdown on democracy in Hong Kong, Washington’s latest effort to hold China accountable for what it calls an erosion of rule of law in the former British colony.
A spokesperson for the Commissioner of China’s Ministry of Foreign Affairs in Hong Kong in a statement late on Friday strongly condemned the U.S. actions, saying they were blatant interference in Hong Kong and China’s internal affairs.
“(U.S.) worries about Hong Kong’s business environment is fake; its attempt to destroy Hong Kong’s prosperity and stability, endanger China’s national security, and hamper China’s development is real,” he said in the statement.
A Hong Kong government spokesman says Washington has repeatedly attempted to slander the legislation over the last year.
Trump confirms U.S. strikes on Iran as Israel targets top Iranian leaders
Trump confirms U.S. strike on Iran’s nuclear sites amid rising tensions; Israel intensifies operations, Iran vows to continue enrichment, and Houthi militants threaten U.S. shipping.
Trump confirms U.S. strike on Iran’s nuclear sites amid rising tensions; Israel intensifies operations, Iran vows to continue enrichment, and Houthi militants threaten U.S. shipping.
President Trump has confirmed that U.S. forces successfully struck three nuclear facilities in Iran – Fordow, Natanz, and Esfahan – with all aircraft safely exiting Iranian airspace. The mission, involving B-2 stealth bombers, comes amid rising tensions over Iran’s nuclear ambitions.
Meanwhile, Israel has intensified its military operations, killing three top Iranian military leaders and striking a major nuclear facility in Isfahan. The Israeli chief of staff warned the operation may lead to a prolonged and complex war.
Iran responded by vowing to continue uranium enrichment and said talks with the U.S. are off the table unless Israel halts its attacks. In a parallel move, Houthi militants threatened U.S. and commercial ships in the Red Sea if American strikes continue in support of Israel.
Adding to the volatility, an Iranian drone hit northern Israel, with the IDF confirming the incident—though no casualties were reported. The U.S. State Department is now organising flights to evacuate Americans from Israel.
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Trump announces successful U.S. strikes on Iran’s nuclear sites, while Israel intensifies its military campaign against Iranian leadership.
In Short:
President Trump announced U.S. strikes on three nuclear sites in Iran, confirming all aircraft left Iranian airspace after the operation. Meanwhile, Israel ramped up its military actions against Iran, leading to warnings from Iranian officials and Houthi militants regarding potential escalations.
President Trump announced on Saturday that the United States had successfully completed strikes on three nuclear sites in Iran: Fordow, Natanz, and Esfahan.
This military action was preceded by the deployment of stealth B-2 bombers from Missouri, capable of carrying the GBU-57 bunker buster, a powerful weapon considered effective against the Fordow uranium-enrichment facility.
Trump had earlier indicated to senior aides that he approved attack plans for Iran, awaiting Tehran’s decision on its nuclear program.
Meanwhile, Israel’s military intensified its operations against Iranian military leaders and nuclear sites, announcing the elimination of three senior Iranian figures and strikes on the Isfahan facility. Israel’s military chief warned of a potentially prolonged conflict, describing it as the nation’s most complex military undertaking.
In response, Iranian officials stated their refusal to halt uranium enrichment and indicated that negotiations with the U.S. would only occur if Israel ceased its attacks.
Additionally, the U.S. State Department announced the initiation of flights to facilitate the return of American citizens from Israel.
Houthi militants also issued a warning to target U.S. and commercial vessels in the Red Sea should American attacks in support of Israel commence.
Amidst this, an Iranian drone attack recently damaged a building in northern Israel, marking an acknowledged drone strike by the Israeli military during the ongoing conflict. No casualties were reported from the incident.