Latest news with #ChiefExecutive
South China Morning Post
2 days ago
- Business
- South China Morning Post
Yes, Hong Kong's retail sector is struggling but people will have to adapt: John Lee
Hong Kong's leader has conceded that the city has a problem with its sluggish retail scene amid a trend of locals spending their holidays across the border, but warned against using it as the sole yardstick in assessing the economy. Chief Executive John Lee Ka-chiu also called on businesses to 'work harder' in light of the market changes and to reform to retain if not grow their slice of the cake. Hong Kong's retail sales dropped for a 14th consecutive month in April, falling by 2.3 per cent, year on year, to HK$28.9 billion (US$3.7 billion). For the first four months, retail sales were down by 5.6 per cent over the same period last year, as witnessed in a string of chain closures. 'We do have a problem with retail, and that is to do with the changing of the market,' Lee told the Post in an exclusive interview, referring to the trend of Hongkongers spending their weekends and holidays in neighbouring mainland Chinese cities. 'It is a negative change of market phenomena. People will have to adapt to it, and we have to refocus on what we should do.' 'The cake is still getting bigger. But, of course, [businesses will have] to work harder to ensure that this slice continues to grow,' city leader John Lee has said. Photo: Dickson Lee He also argued that while shops had closed during the transitional period, new stores were also opening.
South China Morning Post
2 days ago
- Business
- South China Morning Post
Go for a second term? ‘I'm focused on the now': Hong Kong's John Lee
Chief Executive John Lee Ka-chiu has said he will focus on the now and 'grasp the moment' in preparing Hong Kong for an unpredictable world as he addressed speculation on whether he will be seeking a second term as the city's leader. 'I think for anybody in the government, focus on what you're doing now, as the world can be very unpredictable. Nobody predicted, when I was in my first year, that I would have this tariff war that affects everybody in this world,' Lee said in an interview with the Post to review the past three years of his five-year term as Hong Kong's leader. 'Grasp the moment. Do your best; maximise the value, I think, the chief executive has been creating for society. That is my mission. That is always my goal,' he said, declining to say if he was considering another five-year term. Lee, a career police officer and security official, rose to Hong Kong's top post in July 2022, two years after Beijing imposed the national security law in the city following the months-long anti-government protests in 2019. The next chief executive election is expected to take place in 2027. 22:27 Why Hong Kong will remain a free port regardless of Donald Trump's tariffs Why Hong Kong will remain a free port regardless of Donald Trump's tariffs During the interview with the Post, he highlighted his administration's achievements in restoring stability and security, particularly through the enactment of a domestic national security law, a constitutional requirement enshrined in Article 23 of the Basic Law, the city's mini-constitution.
South China Morning Post
26-05-2025
- Business
- South China Morning Post
How Hong Kong can reassert its global edge in an uncertain world
In the wake of Chief Executive John Lee Ka-chiu's successful visits to Qatar and Kuwait , Hong Kong's efforts to deepen connections with emerging markets are gaining strong momentum. The signing of 59 memorandums of understanding and agreements has laid the groundwork for advancing the city's economic and cultural links with the Middle East. The visit underscores Hong Kong's strategic role as a gateway connecting the Chinese mainland and the world and reflects the city's strategy to diversify global economic partnerships amid a rapidly evolving landscape. In today's interconnected world, a single disruption can trigger sweeping impacts and unprecedented volatility. With this volatility comes growing uncertainty. The dismantling of the post-Cold-War consensus on globalisation has given way to fragmented markets and arbitrary trade practices, compounding the complexity of deeply intertwined international relationships. This complexity, coupled with rapid technological breakthroughs , has created a climate of ambiguity in which a new global consensus has yet to emerge and the long-term implications of technological change remain unclear. In this evolving landscape that can be defined by the VUCA concept – which focuses on navigating environments characterised by volatility, uncertainty, complexity and ambiguity – Hong Kong's relevance is not diminished but amplified.
South China Morning Post
23-05-2025
- South China Morning Post
Fire breaks out at Hong Kong government headquarters, 30 evacuated
A fire broke out at the Hong Kong government headquarters on Friday, prompting the evacuation of 30 workers, according to police. Insiders told the Post that the fire, which took place at the Chief Executive's Policy Unit office in the west wing of the compound, had been extinguished. 'It is suspected that a cable caught fire,' police said, noting that about 30 people were evacuated. The fire did not cause any injuries or fatalities, the force added. The smoke report at Tamar in Admiralty was sent to police at around 12.15pm. Fire extinguishers were deployed to the scene.
Yahoo
29-04-2025
- Business
- Yahoo
Texas named best state for business 21 years running in Chief Executive magazine ranking
Texas is still the top state for business, at least to some of the nation's CEOs. Chief Executive magazine has ranked Texas as the best state for business for the 21st year in a row. The ranking is determined from an annual survey of the nation's leading CEOs. Florida and Tennessee followed Texas respectively, with California ranking last. 'Texas is where entrepreneurs can cast a vision and know they can achieve it," Gov. Greg Abbott said in a Monday announcement. "The successful CEOs I meet with credit our business-friendly climate, highly skilled and diverse workforce and exceptional quality of life across every region of our great state as Texas' top advantages. We will continue to cut red tape and partner with job-creating businesses and innovators to build a stronger, more prosperous Texas for decades to come." Along with topping business ranking lists, Texas has also been leading the nation in job growth over the past several months. In March, Texas saw a new high with the largest labor force in the state's history at 15,778,500, according to data from the U.S. Bureau of Labor Statistics and the Texas Workforce Commission. Texas' economy also outpaced the nation in the fourth quarter of 2024. Texas' real gross domestic product (GDP) grew at an annual rate of 3.5% in the fourth quarter of 2024, compared to the U.S. average of 2.4%. GDP represents the total value of all goods and services produced within the state over a specific period. Last week, Abbott signed Senate Bill 14, known as Texas DOGE, into law. The bill created the Texas Regulatory Efficiency Office, building on recommendations from the Governor's Small Business Freedom Council to cut regulations and make stricter standards on new regulations. This article originally appeared on Austin American-Statesman: Texas once again ranked best for business by Chief Executive magazine
