Business

UK expands visa route to young Hong Kongers

Published

6 months ago

August 4, 2022

Britain announces an expanded visa route that will allow teenage Hong Kongers born after the 1997 Handover to live, work and stay in the UK

Hong Kong teenagers born after 1997, with one parent who holds a British National (Overseas) Passport will be able to apply to live, work and stay in he UK.

The announcement was made by Home Secretary Priti Patel – who says the visa changes will come into effect in Autumn.

“The further changes I have announced, which will come into effect this autumn, will continue to deliver on our historic and moral commitment to the people of Hong Kong.”
PRITI PATEL, UK HOME SECRETARY

It’s an expansion to the already-existing arrangement that was announced in 2021 following the implementation of the Beijing-inspired National Security Law in the former British colony.

The UK las labelled the law as a clampdown on dissent and democracy in Hong Kong, and accused China of breaking the Sino-British joint agreement that guaranteed Hong Kong could keep its autonomy, freedoms and capitalist way of life for fifty years following its 1997 handover to China.

China in return said that it would no longer recognise BN(O) passports.

THE BRITISH NATIONAL (OVERSEAS) PASSPORT

Almost three million Hong Kongers were eligible for the new UK visa route from January 2021.

So far, fewer than 150,000 people have applied.

The latest announcement will allow almost 12,000 more Hong Kongers to be eligible for the scheme if they so choose.

HONG KONG WAS A BRITISH COLONY UNTIL IT WAS HANDED BACK TO CHINA IN 1997

The British National (Overseas) passport – or BN(O) was issued to Hong Kongers when Hong Kong was still a British colony.

It allows holders of the passport to visit the the UK for an extended period, but does not offer them citizenship rights.

Business

Companies to pay extra for verified Twitter accounts

Published

1 hour ago

February 6, 2023

ticker NEWS

Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

Business

BMW to invest €800 million in Mexico

Published

2 hours ago

February 6, 2023

ticker NEWS

BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

Business

A British digital currency “later this decade”

Published

1 day ago

February 5, 2023

ticker NEWS

The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.