Hong Kong enters recession as protests show no sign of relenting
October 28, 2019, 11:01 am

Hong Kong enters recession as protests show no sign of relenting

An aerial shot of Hong Kong. (File photo AFP)

Hong Kong has fallen into recession, hit by more than five months of anti-government protests that show no signs of relenting, and is unlikely to achieve annual economic growth this year, the city’s Financial Secretary said.

“The blow to our economy is comprehensive,” Paul Chan said in a blog post on Sunday, adding that a preliminary estimate for third-quarter GDP on Thursday would show two successive quarters of contraction - the technical definition of a recession.

He also said it would be “extremely difficult” to achieve the government’s pre-protest forecast of 0-1 percent annual economic growth.

Protests in the former British colony have reached their 21st week. On Sunday, black-clad and masked demonstrators set fire to shops and hurled petrol bombs at police who responded with tear gas, water cannon and rubber bullets.

Protesters have routinely torched store fronts and businesses including banks, particularly those owned by mainland Chinese companies and vandalized the city’s metro system MTR Corp as they view it as acting at the government’s behest to curtail protests.

The MTR has shut services early for the past few weeks and said it will close around two hours earlier than normal on Monday by 11 p.m. to repair damaged facilities.

Tourists numbers have plummeted, a decline Chan called an “emergency” with the drop in visitor numbers worsening in October, down nearly 50 percent.

Retail operators, from prime shopping malls to mom and pop businesses, have been forced to shutter for multiple days over the past few months.

While authorities have announced measures to support local small and medium seized enterprises, Chan said the measures could only “slightly reduce the pressure”.

“Let citizens return to normal life, let industry and commerce to operate normally, and create more space for rational dialogue,” he wrote.

Protesters are angry about what they view as increasing interference by Beijing in Hong Kong, which returned to Chinese rule in 1997 under a “one country, two systems” formula intended to guarantee freedoms not seen on the mainland.

China denies meddling. It has accused foreign governments, including the US and Britain, of stirring up trouble.

source:Reuters

Brazil, United Arab Emirates sign deal to deepen trade ties Saudi Arabia praises US efforts in neutralizing ISIS leader

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”