Hong Kong’s pro-Beijing politicians sought to allay worries about the impact of China’s proposed national security legislation on the Asian financial hub’s business environment, saying it would boost investor sentiment.
The legislation aims to tackle secession, subversion, terrorism, and foreign interference and could see mainland intelligence agencies set up bases in Hong Kong, raising fears of direct law enforcement.
U.S. government officials have said the legislation would end the Chinese-ruled city’s autonomy and would be bad for both its and China’s economies. They said it could jeopardise the territory’s special status in U.S. law, which has helped it maintain its position as a global financial centre.
Bankers and headhunters said it could lead to money and talent leaving the city. Hong Kong stocks slumped 5.6% on Friday
Upon her return from Beijing late on Friday, Hong Kong leader Carrie Lam said the stock market “goes up and comes down” and it was in fact the large scale pro-democracy protests in 2019 which destabilised the business environment.
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2:24 Hong Kong could see mainland intelligence bases set up as part of China’s proposed law
Hong Kong could see mainland intelligence bases set up as part of China’s proposed law
“Especially having gone through almost one year of disruptions, violence and uncertainties, anything particularly in safeguarding national security that will help stabilise the environment is indeed very good for local investment sentiment,” she said.
Henry Tang, a member of the Standing Committee of the Chinese People’s Political Consultative Conference, said the legislation was “beneficial” for the business environment as it brings stability and strengthens the rule of law.
Local newspaper Mingpao quoted a Hong Kong General Chamber of Commerce statement saying that while more details and explanations were needed to preserve confidence, the chamber “always wanted to see social stability and peaceful business environment, and not violence”.
Former Hong Kong chief executive Leung Chun-Ying pointed to large U.S. investments in mainland China despite national security laws there.
“Can businessmen tell Hong Kong people, why are there more U.S. companies, U.S. businessmen and U.S. investments in mainland China than Hong Kong?” he wrote in a Facebook post.
(Reporting by Clare Jim; Editing by Muralikumar Anantharaman)
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
