HK News: Restrictions on language proficiency hinder Hong Kong companies from attracting international talent
Hong Kong has been easing immigration rules left and right to attract more foreign workers into the city.
However, one problem — as pointed out by Mathew Gollop, managing director of Connected Group — is that some firms still fail to hire talent from overseas due to limiting factors such as language requirements.
“A candidate of mine took on a new role. His role is to look at talent as part of their diversity program and his first conversation with the talent function was to say, ‘Why do so many of our job descriptions have ‘must speak Cantonese?’ The response was: ‘We don’t know, that’s just what it says on the job description,’” Gollop told Hong Kong Business.
“Of course, many jobs in the local market will require Cantonese as a language but that’s a huge limiting factor when we know that the local talent market is decreasing. If we’re looking outside of that, then we’re going to have to be more flexible on some of these language requirements,” he said.
HK News: Hong Kong population projections for 2022-2046 released
The Census and Statistics Department (C&SD) has announced the release of an updated set of population projections on August 15th.
These projections, compiled by the C&SD, cover the period from 2022 to 2046, with the mid-2021 population serving as the base. In addition to the baseline population projections, the C&SD has also included high and low population projections for reference. While the baseline projection scenario is based on assumptions regarding fertility, mortality, and movement that are considered the most likely to occur at the time of compilation, the two additional projection scenarios explore potential outcomes under more aggressive or conservative assumptions.
According to the data, under the baseline population projections, the Hong Kong Resident Population is expected to reach 8.19 million by mid-2046. However, the high and low population projections indicate potential figures of 8.96 million and 7.76 million, respectively.
The coronavirus crisis has proved a catalyst for digital transformation through financial technology - or fintech. As Hong Kong recovers from the Covid 19 pandemic, the city's tech sector is boosting confidence in the economy's "new normal" and helping businesses and individuals embrace new ways of doing business.
HK News: An Open Letter to the HKSAR Government: COVID-19 Regulations
In light of recent developments in the COVID-19 situation in Hong Kong, the Government has made sudden changes to quarantine requirements for residents flying into Hong Kong. As The European Chamber of Commerce in Hong Kong, we felt it is our obligation to express our opinions in an open letter to the Hong Kong Government. Please find the enclosed letter that was sent to the Chief Executive, the Secretary for Food and Health, the Secretary for Commerce and Economic Development, and the Financial Secretary of the Hong Kong Government to express the international community’s concerns towards sudden changes on quarantine regulations for several European countries and beyond.
Hong Kong's Mandatory Provident Fund (MPF) pension scheme turns 20
In the 1990s, as financial security in old age became an ever-greater problem due to the increasing number of older people, a falling birth rate and the disintegration of extended families into nuclear families, the British government planned a mandatory pension scheme from 1993.
This was finally introduced on December 1, 2000, and since then has been the only compulsory social insurance in Hong Kong.
In mid-2020 a total of HKD 1 trillion (approx. 107 billion euros) in assets was managed for Hong Kong citizens.
Hong Kong News: Measures to support individuals and businesses affected by COVID-19
The Hong Kong government has put together a massive aid package to cushion the impact of the crisis on businesses and individuals. A core element is the support of salary payments from companies to retain jobs.
In Hong Kong, as in many other parts of the region, the COVID-19 pandemic is slowing down. This provides the opportunity to address the economic consequences .
Due to the economic impact of the global shutdown, the Hong Kong government has taken measures to stabilize the economic situation and established a Pandemic Response Fund to mitigate the negative effects of the corona crisis.
Hong Kong News: The Key Facilitator for US and European Firms Venturing into the Greater Bay Area
A poll of 55 US and European companies with operations in Hong Kong indicated that optimism is rising with regard to the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) development, despite the escalating trade dispute between the US and mainland China.
Hong Kong News: ASEAN-Hong Kong Free Trade Agreement enters into force
The ASEAN – Hong Kong Free Trade Agreement (AHKFTA) entered into force on 11 June 2019 for Hong Kong and five ASEAN Member States, namely, Lao PDR, Myanmar, Singapore, Thailand and Viet Nam. Under the AHKFTA, Hong Kong and Singapore will grant tariff free access and will bind their customs duties at zero upon entry into force of the agreement. B… » read more
Hong Kong News: Hong Kong plans to house 1 million people on artificial islands
Year after year, Hong Kong SAR has topped the rankings for the world’s least affordable housing markets. The city’s sky-high property prices have pushed residents into tiny living spaces, including the notorious subdivided apartments known as “coffin homes”.
The Census & Statistics Department announced that the overall consumer prices rose 1.7% year-on-year in December. Netting out the effects of the Government's one-off relief measures, the underlying inflation rate was also 1.7%, slightly higher than the 1.6% rise in November. Year-on-year price increases were recorded for meals bought away from… » read more
Hong Kong News: New SME Initiative - Technology Voucher Programme
In an effort to strengthen the competitiveness of Hong Kong businesses the Hong Kong Government launched a 500 million Dollar Pilot "Technology Voucher Programme" (TVP) under the Innovation & Technology Fund. This programme aims to subsidise SME’s use of technological services and solutions to improve productivity and upgrade business processes.
Hong Kong News: Stable job market makes employees evaluating opportunities
Hong Kong’s unemployment rate stays extraordinary low. Last figures show the rate at 3.4% for the third quarter 2016 with a seasonal adjustment with a voluntary fluctuation of about 15%. From an employer’s view, the stable job market brings challenges in keeping employees with the company as many opportunities for demanded talent are inviting. The… » read more
Hong Kong News: New guidelines shall aim to ease the opening of bank accounts for foreign companies and investors in Hong Kong
The Hong Kong Monetary Authority (HKMA) plans to release new guidelines to simplify the opening process of bank accounts. Several banks made the account opening for start-ups and foreign SMEs very difficult. The HKMA urges all banks to strike a balance between compliance requirements and the providing of basic services for the public. The… » read more
