Johnson’s visit comes after relations between Britain and Hong Kong have been increasingly strained since 2020 when Beijing imposed a national security law in the former colony.
Investment
British investment minister visits Hong Kong, first official visit in 5 years
Johnson also wrote in an opinion piece in the South China Morning Post on Tuesday that Britain would engage with China and Hong Kong where interests converge but would stand up for its values “and be clear about our right to act when Beijing breaks its international commitments or abuses human rights.”
Britain will not look the other way on Hong Kong he said, adding that the country would not duck its historic responsibilities.
“As a co-signatory to the Joint Declaration, we will continue to stand up for the people of Hong Kong, to call out the violation of their freedoms, and to hold China to their international obligations.”
Photos on Johnson’s Twitter account published on Monday showed him meeting with Christopher Hui, Hong Kong’s secretary for Financial Services and the Treasury “to discuss our ongoing work to remove market barriers and increase UK-Hong Kong trade.”
He also met with CK Hutchison Chairman Victor Li and co-managing director Canning Fok to discuss the company’s investment plans in Britain.
Johnson visited the city’s Cyberport area on Monday, which authorities have been trying to develop as a start up area, according to photos he posted on his feed.
“It’s just some countries because of their political interests make certain moves to jeopardize the relationships,” Lee said without directly referring to Britain.
“We should all focus on economic development for mutual benefit…we should be pragmatic and promote favorable policies.”
Hong Kong’s government did not respond to a request for comment on Johnson’s trip nor did the British consulate provide any details. Johnson’s meetings have all been closed door and not available for media.
Western governments including Britain’s have criticized the security law as a tool to crush dissent.
Chinese and Hong Kong authorities say the law, which punishes subversion, collusion with foreign forces and terrorism with up to life in prison, has brought stability after the 2019 protests.
Britain’s Foreign Secretary James Cleverly said last week he had “made plain” Britain’s views on Hong Kong, Xinjiang and Taiwan in a meeting with Chinese Vice President Han Zheng during the latter’s visit to London for King Charles’ coronation.
London has restricted Chinese investment over national security worries and expressed concern at Beijing’s increasingly military and economic assertiveness.
(Reporting by Farah Master and Jessie Pang; Editing by Lincoln Feast and Michael Perry)
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Investment
Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.
The stock is now showing a 16.1% gain for the year after rising the past two days.
The Canadian Press. All rights reserved.
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.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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