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Hong Kong in first recession for a decade amid protests

Hong Kong in first recession for a decade amid protests

World
Hong Kong has entered its first recession in a decade as the territory continues to be gripped by protests.Its economy shrank 3.2% in the July-to-September period compared with the prior quarter, figures showed, confirming earlier preliminary data.It means the economy has contracted for two quarters in a row, which is the usual definition of a recession.Tourists are staying away and shops are suffering amid battles between anti-government protesters and police.Compared with a year ago, Hong Kong's economy was 2.9% smaller in the third quarter of the year. Hong Kong's protests started in June after the government planned to pass a bill that would allow suspects to be extradited to mainland China.Many feared this bill would undermi...
‘Demonstrators are the people’s enemy’ – Hong Kong leader Carrie Lam

‘Demonstrators are the people’s enemy’ – Hong Kong leader Carrie Lam

World
Hong Kong's embattled leader has said the violence has far exceeded the call for democracy and that demonstrators are now the "people's enemy".Speaking on Monday, Carrie Lam said "rioters" were "relentlessly destroying society", adding that the former British colony had been put under strain because of extensive violence. She said she wanted to tell protesters they "will not succeed in securing their demands", and appealed to everyone in the city to "stay calm" and refrain from taking part in any illegal activities as protesters took to the streets on Monday in an unusual week-day rally. Image: Hong Kong chief executive Carrie Lam speaks during a press conference She spoke hours after a protester was shot by police and a man was set o...
Hong Kong protests: Two ‘critical’ after day of chaos

Hong Kong protests: Two ‘critical’ after day of chaos

World
Media playback is unsupported on your device Two people are in critical condition after another day of violent demonstrations in Hong Kong.The first person - a protester - was injured on Monday morning, when he was shot by a police officer.He is the third person shot by police since rallies began 24 weeks ago.Later, a pro-Beijing supporter was doused in flammable liquid and set alight after arguing with protesters, who are demanding greater democracy and police accountability.There were a number of other flashpoints during the day, with police firing rubber bullets and tear gas in others parts of Hong Kong. At one point, tear gas was fired in the central business district - a rare occurrence during working hours on a weekday.Monday's violence followed a we...
Hong Kong protests haven’t hurt our profitability, say bank CEOs

Hong Kong protests haven’t hurt our profitability, say bank CEOs

Finance
Pro-democracy protests have hurt the Hong Kong economy, but the chief executives of two major banks said their businesses in the city have not been affected in a big way.Singaporean bank DBS said on Monday that net profit for its Hong Kong business jumped 14% year-on-year in the July-to-September quarter. That performance came on the back of a 15% year-on-year rise in overall profit for the quarter to 1.63 billion Singapore dollars ($ 1.2 billion), which beat analyst estimates compiled by Refinitiv.Hong Kong contributed around 334 million Singapore dollars, or 20%, of DBS' overall profits in the third quarter this year.Piyush Gupta, CEO of DBS, told CNBC's Tanvir Gill that he doesn't anticipate a "serious problem" with the bank's loan book in Hong Kong. But the bank has set aside some mone...
Politician’s ear ‘bitten off’ after knife fight breaks out in Hong Kong

Politician’s ear ‘bitten off’ after knife fight breaks out in Hong Kong

World
A Hong Kong politician is believed to have had his ear bitten off after a knife fight broke out over "political differences".Footage seen by Sky News seems to show a large part of Dr Andrew Chiu's left ear on the ground. The video shows volunteer first aiders tending to his injuries, and what appears to be his severed ear being handed to him in a plastic bag.Local reports have claimed that the pro-democracy district councillor's ear was bitten off. Advertisement Police said a fight broke out over "political differences" between a man and a family who had just finished dinner outside the Cityplaza shopping centre in Hong Kong's Taikoo Shing district on Sunday evening. More from Hong Kong The...