Sinkhole in China swallows cars, injuring 3 people
A sinkhole opened suddenly on a road in Hebei province, swallowing two vehicles and injuring three people.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
6 hours ago
- South China Morning Post
Hong Kong needs route for taxis, ride-hailing firms to co-exist: lawmakers
Hong Kong should find a way to allow the taxi trade and ride-hailing services to compete and complement each other, even though cab owners blame competition from unregulated platforms for lowering the value of their licences, lawmakers have said. Debate on the way forward for the trade followed calls from some industry leaders for the government to buy back their taxi licences for HK$5 million (US$637,100) each, an idea Chief Executive John Lee Ka-chiu ruled out on Tuesday Owners argue that their licences have consistently depreciated because of the rise of online ride-hailing platforms such as Uber. The number of taxi licences has remained constant at 18,138 since the government stopped issuing them in 1994. However, licences can be transferred and traded, leading some drivers and investors to use them as a form of speculative asset. The price of a licence and a taxi dropped from a record high of HK$7.66 million in 2009 to HK$2.02 million this month, resulting in significant potential financial losses for owners. The value also fell sharply in 2019 as social unrest rocked the city, dropping from HK$6.02 million to HK$4.96 million.
South China Morning Post
15 hours ago
- South China Morning Post
Hong Kong leader rejects taxi licence buy-back amid ‘irreversible' ride-hailing trend
Hong Kong's leader has rejected a proposal from the taxi industry for the government to repurchase licences that have depreciated in recent years due to competition from online ride-hailing services, claiming that the licences had always given cabbies exclusive rights. Advertisement Chief Executive John Lee Ka-chiu on Tuesday also said online ride-hailing was an 'irreversible trend', as he pledged to provide a regulatory framework for such platforms as soon as possible while urging taxi drivers to improve their services amid public criticism. Some leaders within the taxi trade had recently called on the government to repurchase licences for HK$5 million (US$637,100) each. They contended that its value had consistently depreciated with the rise of online ride-hailing platforms like Uber. The value of a licence has plummeted from a historic high of HK$7 million to below HK$3 million in recent months, resulting in significant financial losses for owners. 'We must be very cautious when it comes to using public funds,' Lee said when asked if he would consider the suggestion. Advertisement Lee argued that the licenses had given the sector an 'exclusive privilege' to operate the vehicles, such as using the taxi ranks, picking up passengers in designated restricted areas and getting customers from the street. 'These usages of the taxis, which are granted for a long time under the exclusive privileges of the license, have led to a direct profit on these licenses. It has also allowed taxis to gain profits under this form of operation for a long time,' he said.
South China Morning Post
2 days ago
- South China Morning Post
China's Geely to stop building new car plants amid severe global overcapacity: Li Shufu
Geely Auto , the mainland's second-largest carmaker, will not build new plants amid excess capacity worldwide, a move that is likely to ripple across the sector as most Chinese companies are finding it difficult to make profits. Chairman Li Shufu told the Chongqing Auto Show over the weekend that the company would avoid building excess capacity and instead focus on improving its technological capabilities to become a key player in the future of mobility. 'The global automotive industry is mired in severe overcapacity woes, [so] we have decided to stop building new car plants,' he said in a video clip posted online. His comments came as carmakers were mired in a brutal price war on the mainland. Leading players such as BYD , Geely and start-up Leapmotor slashed prices of 70 models by as much as 20 per cent in the last week of May to retain market share, according to the 21st Century Business Herald newspaper. Geely Auto chairman Li Shufu told the Chongqing Auto Show over the weekend that the company will stop building new car plants. Photo: Handout Chinese carmakers' discounts more than doubled to a record 16.8 per cent in April from 8.3 per cent in 2024, according to a JPMorgan Chase report in May.
