No politics, please! HK finance professionals impose self-censorship after security law - The Guardian | Canada News Media
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No politics, please! HK finance professionals impose self-censorship after security law – The Guardian

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By Sumeet Chatterjee and Scott Murdoch

HONG KONG (Reuters) – A year ago, growing anti-government demonstrations in Hong Kong were a hot topic in conversations among bankers, lawyers and other investment professionals in one of the world’s biggest and freest financial hubs.

On Thursday, two days after China imposed a controversial new security law on the city, you could almost hear a pin drop. Bankers were tight lipped, shunning any mention of the legislation over the phone or messaging apps in a sign of how much disquiet it has triggered.

More than half a dozen people Reuters spoke to said they chose not to talk about the impact of the law on their businesses with their colleagues and external contacts, though there had been no such official instruction from their respective organizations.

The sweeping legislation pushed the semi-autonomous city, which is the regional home for a large number of global financial companies, on to a more authoritarian path.

The law punishes crimes of secession, subversion, terrorism and collusion with foreign forces with up to life in prison.

While it doesn’t directly impact the financial sector, its provisions including giving a special police unit extra powers of search, electronic surveillance and asset seizure that have stoked concerns among some professionals.

‘IT COULD CHANGE THE WAY WE COMMUNICATE’

Both Hong Kong and Chinese government officials have said the law is vital to plug gaping holes in national security defences exposed by months of sometimes violent protests against the local government and Beijing over the last year.

But critics fear it will crush freedoms and an independent legal system that are seen as key to Hong Kong’s success as a financial centre and a gateway between China and the world.

“I was on a call with Singapore colleagues this morning when one of them asked me about the law and its impact on Hong Kong,” said an executive at a regional insurance company, who like his peers declined to be identified citing the sensitivity of the matter.

“I had just started when my boss tapped me on the shoulder and asked me to move on to business matters. Later, all our team members in Hong Kong were told to strictly refrain from sharing opinion on this on calls and social media.”

While most financial professionals in Hong Kong have long been aware of being tracked by the world’s most sophisticated electronic surveillance system when they travel to China, they said they have had no such concerns or need for precautions in Hong Kong.

A corporate lawyer with an international law firm said that could change the way in which people in the former British colony “communicate and correspond” from now on.

“I think some people could become very careful in what they write on Whatsapp and Wechat … as a firm we are not writing anything in any correspondence like that (related to the law) but it could become an issue for some.”

Some of the professionals said that they were also reviewing their previous posts on social media related to the pro-democracy protests and the security law, and deleting ones they thought would be viewed as sensitive.

A senior Hong Kong-based wealth manager with an European bank said that he had been advised by his manager to minimize his conversations over messaging apps with his local clients about any political impact on markets and investments.

One financial analyst who was arranging a meeting in a café said it might need to be held somewhere more private if the conversation included the new security law.

“Walls have ears now,” he said.

(Reporting by Sumeet Chatterjee and Scott Murdoch in Hong Kong; additional reporting by Jennifer Hughes; Editing by Kim Coghill)

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A look at Susan Holt, Liberal premier-designate of New Brunswick

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FREDERICTON – A look at Susan Holt, premier-designate and leader of the New Brunswick Liberal party.

Born: April 22, 1977.

Early years: Raised in Fredericton, she attended Queen’s University in Kingston, Ont., and then spent a year in Toronto before moving abroad for three years, spending time in Australia and India.

Education: Earned a bachelor of arts in economics and a bachelor of science in chemistry from Queen’s University.

Family: Lives in Fredericton with her husband, Jon Holt, and three young daughters.

Hobbies: Running, visiting the farmers market in Fredericton with her family every Saturday.

Before politics: CEO of the Fredericton Chamber of Commerce, CEO of the New Brunswick Business Council, civil servant, business lobbyist, advocate, consultant and executive with an IT service company that trains and employs Indigenous people.

Politics: Worked as an adviser to former Liberal premier Brian Gallant. Won the leadership of the provincial Liberal party in August 2022 and was elected to the legislature in an April 2023 byelection.

Quote: “We don’t take it lightly that you have put your trust in myself and my team, and you have hope for a brighter future. But that hope I know is short-lived and it will be on us to deliver authentically, on the ground, and openly and transparently.” — Susan Holt, in her speech to supporters in Fredericton after the Liberals won a majority government on Oct. 21, 2024.

This report by The Canadian Press was first published Oct. 21, 2024.

The Canadian Press. All rights reserved.

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New Brunswick Liberals win majority, Susan Holt first woman to lead province

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FREDERICTON – New Brunswick voters have elected a Liberal majority government, tossing out the incumbent Progressive Conservatives after six years in power and handing the reins to the first woman ever to lead the province.

Liberal Leader Susan Holt is a relative newcomer to the province’s political scene, having won a byelection last year, eight months after she became the first woman to win the leadership of the party.

The Liberals appeared poised to take 31 of 49 seats to the Conservatives’ 16 and the Greens two.

Holt, 47, led the Liberals to victory after a 33-day campaign, thwarting Blaine Higgs’s bid to secure a third term as Tory premier.

The Liberal win marks a strong repudiation of Higgs’s pronounced shift to more socially conservative policies.

Higgs, meanwhile, lost in his riding of Quispamsis. In a speech to supporters in the riding, he confirmed that he would begin a leadership transition process.

As the Liberals secured their majority, Green Party Leader David Coon thanked his supporters and pledged to continue building the party, but he then turned his sights on the premier. “One thing is for sure,” he told a crowd gathered at Dolan’s Pub in Fredericton, “we know that Blaine Higgs is no longer the premier of this province.”

The election race was largely focused on health care and affordability but was notable for the remarkably dissimilar campaign styles of Holt and Higgs. Holt repeatedly promised to bring a balanced approach to governing, pledging a sharp contrast to Higgs’s “one-man show taking New Brunswick to the far right.”

“We need a government that acts as a partner and not as a dictator from one office in Fredericton,” she said in a recent interview with The Canadian Press.

Higgs focused on the high cost of living, promising to lower the provincial harmonized sales tax by two percentage points to 13 per cent — a pledge that will cost the province about $450 million annually.

Holt spent much of the campaign rolling out proposed fixes for a health-care system racked by a doctor shortage, overcrowded emergency rooms and long wait-times. A former business advocate and public servant, she promised to open 30 community health clinics across the province by 2028; remove the provincial sales tax from electricity bills; overhaul mental health services; and impose a three per cent cap on rent increases by 2025.

The 70-year-old Tory leader, a mechanical engineer and former Irving Oil executive, led a low-key campaign, during which he didn’t have any scheduled public events on at least 10 days — and was absent from the second leaders debate on Oct. 9.

Holt missed only two days of campaigning and submitted a 30-page platform with 100 promises, a far heftier document than the Tories’ two-page platform that includes 11 pledges.

When the election was called on Sept. 19, the Conservatives held 25 seats in the 49-seat legislature. The Liberals held 16 seats, the Green Party had three, there was one Independent and four vacancies. At least 25 seats are needed for a majority.

Higgs was hoping to become the first New Brunswick premier to win three consecutive elections since Liberal Frank McKenna won his third straight majority in 1995. But it was clear from the start that Higgs would have to overcome some big obstacles.

On the first day of the campaign, a national survey showed he had the lowest approval rating of any premier in the country. That same morning, Higgs openly mused about how he was perceived by the public, suggesting people had the wrong idea about who he really is.

“I really wish that people could know me outside of politics,” he said, adding that a sunnier disposition might increase his popularity. “I don’t know whether I’ve got to do comedy hour or I’ve got to smile more.”

Still, Higgs had plenty to boast about, including six consecutive balanced budgets, a significant reduction in the province’s debt, income tax cuts and a booming population.

Higgs’s party was elected to govern in 2018, when the Tories formed the province’s first minority government in almost 100 years. In 2020, he called a snap election — marking the first province to go to the polls during the COVID-19 pandemic — and won a slim majority.

Since then, 14 Tory caucus members have stepped down after clashing with the premier, some of them citing what they described as an authoritarian leadership style and a focus on conservative policies that represented a hard shift to the right.

A caucus revolt erupted last year after Higgs announced changes to the gender identity policy in schools. When several Tory lawmakers voted for an external review of the change, Higgs dropped dissenters from cabinet. A bid by some party members to trigger a leadership review went nowhere.

Higgs has also said a Tory government would reject all new applications for supervised drug-consumption sites, renew a legal challenge against the federal carbon pricing scheme and force people into drug treatment if authorities deem they “pose a threat to themselves or others.”

This report by The Canadian Press was first published Oct. 21, 2024.

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National revenue minister to leave federal politics, run for Sherbrooke mayor

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SHERBROOKE, Que. – National Revenue Minister Marie-Claude Bibeau will run for mayor of Sherbrooke, Que., in the municipal elections slated for next fall.

The Liberal MP for the Quebec riding of Compton-Stanstead confirmed Monday morning that she will complete her current term in Ottawa, but will not seek re-election.

Bibeau, who has been national revenue minister since July 2023, was first elected in 2015 and has since spent time as minister of agriculture, international development and la Francophonie.

Bibeau said her campaign has not officially begun and she will continue to focus on her work as an MP, but she plans to run as an independent candidate to replace outgoing Mayor Évelyne Beaudin, who has already confirmed she will not seek re-election.

Quebec’s municipal elections are scheduled for Nov. 2, 2025, while the next federal election must take place no later than Oct. 20, though the minority Liberal government could fall before then.

Prime Minister Justin Trudeau is expected to shuffle his cabinet soon to replace Bibeau and three other ministers who have informed him they don’t plan to run in the next election.

Bibeau’s spouse, Bernard Sévigny, was mayor of Sherbrooke from 2009 to 2017.

This report by The Canadian Press was first published Oct. 21, 2024.

The Canadian Press. All rights reserved.

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