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Is it time to say “Goodnight Hong Kong”?

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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
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.

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Ford’s all-electric plan for Europe proves too challenging to achieve by 2030

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Ford has revised its plan to go fully electric in Europe by 2030, admitting it was too ambitious.

Originally aiming to transition entirely to electric vehicles, the automaker now plans to continue producing some internal combustion engine vehicles alongside electric ones.

Mike Costello from Cox Automotive joins for the latest. #featured

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Democrats scramble to rally behind Harris as Trump allies launch next phase of campaign

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Biden Withdraws: President Joe Biden Ends Reelection Bid, Endorses Kamala Harris.

 

After weeks of battling to salvage his political career – claiming he wouldn’t be stepping down after a disastrous debate performance – the president’s sudden change of course was not announced through an Oval Office address or a campaign speech. Instead, it was revealed in a letter posted to social media while he was recovering from Covid-19 at his beach house in Delaware.

“And while it has been my intention to seek reelection, I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden wrote in a letter posted to X.

Harris expressed her gratitude for Biden’s endorsement, stating she is “honoured” and committed to “earning and winning” the nomination. Should she secure the nomination, Harris would make history as the first Black woman and first Asian American to lead the ticket of a major political party. To facilitate her candidacy, the Biden-Harris campaign has updated its filings with the Federal Election Commission, renaming its principal committee to reflect Harris’s new status as a presidential candidate.

Despite Biden’s support, the path forward remains uncertain. It is unclear whether Harris will automatically become the nominee or what alternative processes the Democratic Party might consider. Additionally, sources suggest that Senator Joe Manchin, an independent from West Virginia, is contemplating re-registering as a Democrat to enter the presidential race.

In response to Biden’s withdrawal, former President Donald Trump criticised Biden as “the worst president by far in the history of our country” during a call with CNN. Trump has also launched a fundraising appeal to rally his supporters.

 

 

 

 

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Trump allies launch campaign against Kamala Harris as he boasts an easier victory

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Donald Trump has said he thinks Kamala Harris will be easier to beat than Joe Biden.

With Biden out, Trump’s campaign will now adjust its strategy, focusing on attacking Harris and any other possible Democratic candidates. They aim to convince voters that Harris would be just as ineffective as Biden.

Biden faced growing doubts about his ability to win re-election, especially after a weak debate performance against Trump. Some Democrats also lost confidence in his leadership, leading him to step down.

Donald Trump said he thinks Kamala Harris will be easier to defeat than Biden. Trump and his team quickly began attacking both Biden and Harris online, claiming that Biden was not fit to be president and that Harris would be just as bad.

Allies of former President Donald Trump quickly launched their campaign against Vice President Kamala Harris on Sunday afternoon, preparing a series of anti-Harris ads and planning their strategies for attacking her.

“I call her laughing Kamala,” Trump told the crowd, during his nearly two-hour appearance. “You can tell a lot by a laugh. She’s crazy. She’s nuts.”

 

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