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The last Hong Kong pro-democracy party that held street protests disbands

The last Hong Kong pro-democracy party that held street protests disbands

Los Angeles Times19 hours ago

HONG KONG — Hong Kong pro-democracy political party the League of Social Democrats announced Sunday that it had disbanded due to immense political pressure, the latest casualty in a years-long crackdown that has quieted the city's once-potent opposition.
After massive anti-government protests in 2019, many leading activists were prosecuted and often jailed under a 2020 national security law imposed by Beijing. Dozens of civil society groups dissolved. Media outlets critical of the government closed.
The League of Social Democrats was the only pro-democracy party that still staged small street protests from time to time, and it held street booth activities to carry on its advocacy despite the risks.
Its chairperson, Chan Po-ying, said the disbandment decision was made after careful deliberation, especially taking into account the consequences to its members and allies. Chan refused to elaborate on the pressure but said she was proud to say that the party had contributed to the city's pro-democracy movement in these few years.
'We have stayed true to our original aspirations and haven't let down ... the trust placed in us by those who went to prison,' she said. 'While we are now forced to disband and feel an ache in our conscience, we have no other choice.'
Hong Kong, a former British colony, will mark the 28th anniversary of its return to Chinese rule on Tuesday. The city used to hold annual pro-democracy protests that day and other demonstrations demanding policy changes.
But those ceased after most organizing groups were disbanded and the leading activists were jailed. Critics say the drastic political changes under the security law reflect that the freedoms Beijing promised to keep intact in 1997 are shrinking.
The Beijing and Hong Kong governments insist the law is necessary for the city's stability. A Chinese official overseeing Hong Kong affairs in 2023 said protests are not the only way for people to express their views, signaling Beijing's stance toward demonstrations in the city.
In April, Hong Kong's biggest pro-democracy party, the Democratic Party, also voted to give its leadership the mandate to move toward a potential disbandment. Party veterans told the Associated Press that some members were warned of consequences if the party didn't shut down. A final vote is expected at a later date.
Chan said she believed the 'one country, two systems' principle, which Beijing uses to govern Hong Kong, has already ended, pointing to the Chinese government's imposition of the security law and introduction of the concept of 'soft resistance,' a term officials use to refer to underlying security risks.
'One country, two systems has already [become] one country, one system,' she said.
Founded in 2006, the League of Social Democrats was a left-wing political party that opposed what it called collusion between government and business, upheld the principle that people have a say and was firmly committed to the interests of underprivileged residents.
It was widely known for its more aggressive tactics when fighting for change. Its members have thrown bananas, eggs and lunch meat at officials or pro-Beijing lawmakers as a protest gesture. Its party platform said the group advocated nonviolent resistance but would not avoid physical confrontations — a stance that set it apart from older, traditional pro-democracy groups.
It once had three lawmakers in office. Its longest-serving lawmaker, Leung Kwok-hung — Chan's husband — was disqualified from the legislature due to his manner of taking his oath in office in 2017.
On the streets, the group's activism led to the arrests and jailing of its members.
Last year, Leung and prominent LGBTQ+ activist Jimmy Sham, a former party leader, were sentenced to nearly seven years and more than four years, respectively, over their roles in an unofficial primary election under the sweeping security law. Sham was freed from prison last month.
In recent years, the party has had limited political influence, no longer holding any seats in the legislature or local district councils. Even a bank ceased to provide account services to the group.
But it continued to stage occasional small protests, despite those activities sometimes leading to arrests. On June 12, Chan and other members were fined after being found guilty over their street booth activities.
Undeterred by their convictions, they kept pressing on and protested against the ruling outside the court.
Chan wiped away tears during Sunday's news conference and chanted slogans with other members at the end.
She said she doesn't believe that democracy will come in the near future.
'Moving forward is not at all easy,' she said. 'I hope everyone can become like an ember, a flying spark — still carrying light, keeping that light alive, no matter how small it may be.'
Leung writes for the Associated Press.

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Stock market today: S&P 500, Nasdaq jump to fresh records, capping stunning second-quarter comeback
Stock market today: S&P 500, Nasdaq jump to fresh records, capping stunning second-quarter comeback

Yahoo

time25 minutes ago

  • Yahoo

Stock market today: S&P 500, Nasdaq jump to fresh records, capping stunning second-quarter comeback

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From President Trump's crypto-friendly stance and his appointment of a new SEC chair to the first couple's own controversial coins, momentum in the industry returned, helping boost bitcoin to record highs near $112,000. Yahoo Finance's Ines Ferré reports: Read more here. Morgan Stanley (MS) analysts wrote in a note to clients Sunday that they are bullish on Nvidia (NVDA) stock and "looking through" concerns over bottlenecks in its supply chain that could lead the chipmaker to produce GPUs faster than its suppliers can build them into server racks. After meeting with industry contacts in Taiwan and Beijing, analyst Joseph Moore wrote that Nvidia's supply chain is "strong near term" but "mixed longer term." "Near-term data points from several supply chain participants suggest strength in AI, but significant skepticism about 2026 remains," Moore wrote. 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The DOJ sued HPE — one of the largest makers of wireless networking systems — in January to block the company's proposed $14 billion acquisition of another company in the industry, Juniper Networks (JNPR). Juniper Networks shares were up 8% early Monday. The settlement "paves the way to close HPE's acquisition of Juniper Networks," HPE CEO Antonio Neri said in a statement Saturday. Juniper has a "strong position" in the artificial intelligence space, Bank of America's Wamsi Mohan wrote in a note to clients Monday. With the acquisition of Juniper, HPE is "positioned to offer an end-to-end networking and AI infrastructure stack that can better compete in AI-enabled datacenter and cloud-edge environment," boosting the company's earnings over the long term. Stocks moved higher at the market open Monday to start a holiday-shortened week, set to notch fresh records amid rising hopes for US trade deals ahead of the July 9 deadline. The Dow Jones Industrial Average (^DJI) rose roughly 0.5%. The S&P 500 (^GSPC) moved up about 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) jumped about 0.4%. Oracle stock soared more than 7% and was set to start the trading session at a new intraday high after the software giant disclosed in a filing to the Securities and Exchange Commission that it had signed new cloud services agreements. 'Oracle is off to a strong start in FY26," CEO Safra Catz will tell other Oracle colleagues later today, according to the filing. "Our MultiCloud database revenue continues to grow at over 100%, and we signed multiple large cloud services agreements including one that is expected to contribute more than $30 billion in annual revenue starting in FY28." In its fiscal year 2025, which ended May 31, Oracle's revenue was $57.4 billion. The company partnered with OpenAI ( and SoftBank (SFTBY) to launch the highly publicized $500 billion Stargate project, building AI data centers earlier this year, but the project has stalled. Solar stocks fluctuated in premarket trading Monday after it emerged that the Senate's draft version of the tax and spending bill, which slashes wind and solar tax credits, also now contains a tax on wind and solar projects completed after 2027 that use components from China. The tax on renewable projects came as a surprise to the industry, which largely relies on China to source components from batteries to solar panels. A statement from the American Clean Power Association said the effect would be to "strand hundreds of billions of dollars in current investments." The latest provision comes after solar stocks were hit two weeks ago when lawmakers moved to phase out tax breaks for the industry sooner than expected. Shares of NextEra Energy (NEE) dropped 4% while Enphase Energy (ENPH) stock fell 2.6%. The Invesco Solar ETF (TAN) declined 1.5%. However, there were some bright spots for certain renewable stocks. US-based First Solar (FSLR) rose 7%, while GE Vernova (GEV), which offers wind technologies, added 1.1%. And Sunrun (RUN) gained 7% while SolarEdge Technologies (SEDG) advanced 0.5% due to a short-term extension of residential solar tax credits. Read more here. Several altcoins are faltering this year as bitcoin's share of the crypto market has climbed to 64%, the highest level since January 2021. Bloomberg reports: Read more here. INmune Bio stock (INMB) tanked 60% in premarket trading on Monday after the company said its experimental drug, XPro, failed to improve cognitive functions in patients with early stages of Alzheimer's in a mid-stage study. The drug is designed to target and inhibit inflammatory signals associated with a type of protein called tumor necrosis factor without suppressing the immune system, Reuters reported. Read more here. Disney stock (DIS) rose about 2% in premarket trading Monday after Jefferies analyst James Heaney upgraded the stock. Heaney sees Disney's cruise business, content slate, and parks business fueling a rally in shares over the summer. Yahoo Finance's Brian Sozzi writes: Read more here. Yahoo Finance's Allie Canal reports: Read more here. Earnings: No notable earnings releases. Economic data: MNI Chicago PMI (June); Dallas Fed manufacturing activity Here are some of the biggest stories you may have missed over the weekend and early this morning: Warring GOP puts Trump tax bill to marathon Senate vote today Canada scraps digital services tax that Trump slammed Disney's stock has bagged a Jeffries upgrade — here's why Week ahead: Crucial jobs report looms with stocks at records Trump: TikTok buyer group found, needs China's OK Nvidia insiders cash out $1bn worth of shares Bitcoin soars, altcoins fade in $300 billion crypto shakeout China's economy shows surprising signs of strength Yahoo Finance's Josh Schafer lays out what investors should know about the week ahead: Read more here. Here are some top stocks trending on Yahoo Finance in premarket trading: Hewlett Packard Enterprise Company (HPE) stock rose 6% in premarket trading on Monday following the news that HPE and Juniper Networks have reached an agreement with the US Department of Justice that it will not challenge HPE's acquisition of Juniper. Palantir (PLTR) stock rose 5% before the bell and are trading at an all-time high, up 90% this year. Yahoo Finance Anchor Julie Hyman recently broke down the stock's history on a episode of Market Domination Overtime: Juniper Networks, Inc. (JNPR) stock rose 8% premarket after the DOJ said it would not pursue an investigation into HPE's acquisition of Juniper. As earning season approaches, Goldman Sachs (GS) said on Monday that US profit margins will be tested as investors await to see how President Trump's war has hurt companies. Goldman's David Kostin said Q2 earnings will show the immediate impact of tariffs, which have risen about 10% this year. Most costs will be passed on to consumers, but margins will suffer if firms absorb more than expected. Early results are mixed: General Mills (GIS) stock fell 5% last week due to a weak forecast and tariff warning, while Nike (NKE) rose 15% after announcing it will offset higher duties. Bloomberg News reports: Read more here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Taxing remittances is a big risk for very little reward
Taxing remittances is a big risk for very little reward

Los Angeles Times

time42 minutes ago

  • Los Angeles Times

Taxing remittances is a big risk for very little reward

A proposal to tax remittances sent by individuals without Social Security numbers has passed the House and is now before the Senate. At 3.5%, the levy was initially expected to raise $26 billion over the next decade. Changes made by the Senate on Saturday greatly narrowed the scope, so the tax would be 1%, and the yield only $10 billion over the next decade. However, the goals have remained the same: deter undocumented migration and recoup funds from those working outside legal status who send money to their families back home. It might seem like easy money to tax migrants, but that doesn't make it smart policy. The proposed tax risks undermining both financial transparency and national security. The policy would push billions of dollars into unregulated channels such as cryptocurrency exchanges, make law enforcement's job harder and ultimately hurt the very communities the United States seeks to stabilize abroad for geopolitical reasons. The U.S. is the world's largest source of remittances, and Mexico has the highest dependency on them; 97% of the money Mexican expats send back home comes from the States ($64.75 billion in 2024). A 1% tax on remittances to Mexico alone could take much-needed funds away from migrants and their families and divert it to the state. While this might sound like a straightforward revenue win, the real-world impacts are more complicated and the slippery slope of allowing for remittance tax can have unintended negative consequences for everyone. First, Mexican President Claudia Sheinbaum has already condemned the measure and said the government will 'mobilize' against it. Other countries across Latin America and Southeast Asia, where remittances account for as much as 25% of GDP, are sounding alarms. The U.S. has long relied on economic diplomacy to build goodwill, and taxing remittances could erode that, making it harder to partner on border security, anti-trafficking efforts and the war on drugs. Next, taxing formal transfers doesn't stop people from sending money home, it just changes how they send it. And often, the next-best option is far worse. In states like Oklahoma, even modest fees led to a surge in informal money transfers. Similarly, the proposed federal tax, which some lawmakers have said should be up to 15%, is going to push migrants to remit through alternative systems including Chinese- or Russian-owned fintech companies, crypto platforms and cash-based means that operate outside the formal financial system. These underground methods are notoriously difficult to monitor and are exploited for money laundering, organized crime and terrorism financing. While most migrants are simply trying to support their families, moving funds through black market systems exposes them to the risk of being unknowingly entangled in illicit activity. Federal agencies and academic experts have long cautioned that informal remittance systems complicate efforts to track illicit financial flows. When remittances are pushed out of the formal system, it becomes significantly harder to enforce safeguards designed to prevent money from being diverted to criminal or extremist actors. A federal remittance tax risks accelerating this shift underground, weakening oversight and inadvertently expanding a shadow market where the lines between legitimate and illegitimate transfers are increasingly blurred. Meanwhile, enforcing such a policy brings its own set of problems. To begin, it outsources immigration enforcement to banks and wire services. A clerk at Western Union could soon be legislated to ask whether a sender has a Social Security number, flag suspicious transfers and carry out new compliance systems. These are all new responsibilities that might lead to an increase of transfer fees, which in the U.S. are already around 6%, increasing the burden on senders. Thus, the tax is a costly and complex undertaking — one that will affect legal residents and U.S. citizens, who even though not subject to the federal tax would still be paying the higher fees to subsidize companies' compliance. None of this excuses illegal migration. The U.S. has a right and responsibility to enforce its laws and protect its borders. But not every enforcement tool is effective, and they all deserve scrutiny. Take the hypothetical example of a grandmother living in Arroyo Seco, Mexico, where one in four households receives U.S. remittances and remittance flows supersede the annual municipal budget. Her son, an undocumented migrant in the U.S., sends $400 a month to help with rent, medication and her grandchildren's basic needs. An almost 10% levy (combining the proposed tax and transfer fees) would claw back $40 monthly, enough to force her to skip medication for herself or meals for the children. Multiply this story by millions, and you begin to see that this kind of economic destabilization doesn't just erode household resilience but also weakens entire communities, fuels migration pressures and creates openings for criminal networks and authoritarian states to exploit financial desperation. Taxing remittances won't reduce undocumented migration but could fuel more. And it will drive flows underground, forcing families to rely on riskier and less accountable financial channels — such as unlicensed money transmitters operating through apps like WeChat Pay, which lack consumer protections and operate under opaque governance frameworks tied to foreign state interests. It will also burden and disincentivize the very institutions that make lawful transactions possible. While the remittance tax might score political points, the long-term risk as well as geopolitical and institutional damages might not be worth the $10 billion. Yvonne Su is the director of the Centre for Refugee Studies and an assistant professor of equity studies at York University in Toronto.

Ex-Hochul, Cuomo aide accused of being Chinese spy stays free as feds push new charges in $8M PPE kickback scheme
Ex-Hochul, Cuomo aide accused of being Chinese spy stays free as feds push new charges in $8M PPE kickback scheme

New York Post

timean hour ago

  • New York Post

Ex-Hochul, Cuomo aide accused of being Chinese spy stays free as feds push new charges in $8M PPE kickback scheme

There's something new under the sun. Linda Sun, the embattled ex-aide to Govs. Kathy Hochul and Andrew Cuomo accused of being a Chinese spy, will stay free on bail after facing a federal judge Monday on fresh bribery charges. Sun her husband Chris Hu both pleaded not guilty during a four-minute proceeding in Brooklyn that set the stage for a potentially sprawling trial focused on accusations she served as a foreign agent for the People's Republic of China and Chinese Community Party while working at the highest level of New York's government. A federal grand jury last week returned a superseding indictment that added more charges against Sun and Hu after the feds said they reaped $8 million in a COVID-era personal protective equipment kickback scheme. Advertisement 3 Linda Sun and Christopher Hu pleaded not guilty to new charges Monday in Manhattan federal court. Gregory P. Mango 'Not only did Sun allegedly use Chinese money and her influence in New York State to benefit the Chinese government, it is further alleged that she used her position to steer multi-million-dollar contracts to companies controlled by family members and friends,' said Harry T. Chavis, Jr., special agent in charge for the Internal Revenue Service's criminal investigation office in New York. The two Chinese-based PPE vendors that Sun steered contracts toward were respectively run by her second cousin and Hu and his business partner, the feds alleged. Advertisement Sun allegedly even altered an email to claim one company had been recommended by a China-based chamber of commerce, when it actually was run by her second cousin, prosecutors said. The cousin had allegedly given $2.3 million in kickbacks to Sun and Hu, the feds contended. 3 Sun's trial is scheduled to begin a day before her former boss Andrew Cuomo is on the ballot for New York's mayoral election. Luiz C. Ribeiro for New York Post 3 Gov. Kathy Hochus office fired Sun in 2023. Gabriella Bass Advertisement A judge kept Sun's and Hu's respective $1.5 million and $500,000 bonds — which they posted after they were first charged in September with acting as foreign agents for China — intact, meaning they'll remain out of federal jail until trial. Sun, 41, who wore a blue dress, entered a not guilty plea alongside Hu, 40, during the latest arraignment. Their trial is scheduled to begin Nov. 3 — a day before New York City's mayoral election in which Sun's former boss Andrew Cuomo remains on the ballot as an independent, despite being drubbed by socialist Zohran Mamdani in the Democratic primary. Advertisement Sun also worked for the governor's office under Kathy Hochul until 2023, when she was fired after misconduct accusations surfaced. 'This individual was hired by the Executive Chamber more than 10 years ago. Her employment was terminated in March 2023 after discovering evidence of misconduct, her actions were immediately reported to law enforcement and we have assisted law enforcement throughout this process,' a spokesperson for Hochul said in a statement.

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