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Arab News
29 minutes ago
- Business
- Arab News
Pakistan among dozens of countries joins China's new global mediation group
ISLAMABAD: Dozens of countries, including Pakistan, on Friday joined China in establishing a global mediation-based dispute resolution group, with Pakistani Deputy Prime Minister Ishaq Dar hoping to play an 'active' role in the mission. Dar was among representatives of more than 30 countries, from Indonesia to Belarus to Cuba, who signed the Convention on the Establishment of the International Organization for Mediation (IOMed) in Hong Kong to become founding members of the global organization. Beijing has touted the organization as the world's first intergovernmental legal body for resolving disputes through mediation, saying it will be an important mechanism in safeguarding the principles of the United Nations charter. It also positioned Hong Kong as an international legal and dispute resolution services center in Asia. Speaking at the signing ceremony, Dar said Pakistan values China's steadfast support for multilateral efforts, which aim to bridge East and West, and North and South, bringing together developed and developing countries to foster a global community with a shared future. 'Pakistan and China have always shared the view that multilateralism is the centerpiece for international peace, stability, and development,' he said. 'The creation of IOMed today reaffirms this ideal, offering new opportunities and fresh hopes to build a more inclusive, more just and more equitable world. Pakistan will continue to be an active voice in this noble mission.' The new body, headquartered in Hong Kong, aims to help promote the amicable resolution of international disputes and build more harmonious global relations. The support of developing countries signaled Beijing's rising influence in the global south amid heightened geopolitical tensions, partly exacerbated by US President Donald Trump's trade tariffs. Wang said China has long advocated for handling differences with a spirit of mutual understanding and consensus-building through dialogue, while aiming to provide 'Chinese wisdom' for resolving conflicts between nations. 'The establishment of the International Organization for Mediation helps to move beyond the zero-sum mindset of 'you lose and I win,'' he said. Hong Kong leader John Lee said the organization could begin its work as early as the end of this year. The ceremony was attended by representatives from some 50 other countries and about 20 organizations, including the United Nations. Yueming Yan, a law professor at the Chinese University of Hong Kong, said the new organization is a complementary mechanism to existing institutions such as the International Court of Justice and the Permanent Court of Arbitration in the Hague. 'While the ICJ and PCA focus on adjudication and arbitration, IOMed introduces a structured, institutionalized form of alternative dispute resolution — namely, mediation — on a global scale,' she said. Although many details about the new body are yet to be clarified, it could open the door for greater synergy between formal litigation or arbitration and more flexible methods like mediation, she said. Shahla Ali, a law professor at the University of Hong Kong, said the International Organization for Mediation would have the capacity to mediate disputes between states, between a state and a national of another state, or in international commercial disputes. 'Conventions can provide opportunities to experiment with new approaches,' she said, noting rising interest in mediation globally as a means to resolve investor-state disputes. Dar said peace and security as well as global prosperity can be promoted and preserved through strict adherence to the principles of the UN Charter, faithful implementation of UN Security Council resolutions as well as international law. 'Pakistan has established an International Mediation and Arbitration Center (IMAC) to promote commercial and investment dispute resolution and judicial efficiency. We look forward to collaborating with the Secretariat of IOMed and IMAC of Pakistan,' he added.
Bloomberg
41 minutes ago
- Business
- Bloomberg
Hedge Funds Tout Japanese Tires, Hungarian Drugs at Sohn HK
Hedge funds pitched investment ideas ranging from a Japanese tiremaker to a Hungarian pharmaceutical company at the Sohn Hong Kong Investment Leaders Conference on Friday. Chinese e-commerce firm PDD Holdings Inc. was another pick at the annual gathering, which is taking place in the city in support of the Karen Leung Foundation.
South China Morning Post
an hour ago
- General
- South China Morning Post
79.7% of pupils get Hong Kong schools in their top 3 picks via allocation system
About 80 per cent of children set to enter Hong Kong's public primary schools in September were assigned one of their top three choices under the city's central allocation system, down from around 84 per cent last year. The figure from the Education Bureau on Friday was the third highest over the past 17 years. This year also saw the second-lowest number of pupils since 1997 join the central allocation system. In Hong Kong, Primary One places at public schools are allocated using a two-stage process. The results of the first stage, known as the discretionary admission phase, for the 2025-26 academic year were announced in November, while those for the second part, the central allocation system, will be shared with parents on Wednesday of next week. The bureau announced on Friday that 15,538 out of 19,489 children, or 79.7 per cent, were allocated a spot at one of their top three choices under the second stage. Pupils submitted their preferences in January. The latest allocation rate marked a drop from last year's 83.7 per cent.
Wall Street Journal
an hour ago
- Business
- Wall Street Journal
Chinese Tech Stocks Fall Amid Renewed Pessimism About U.S.-China Trade Deal
Chinese tech shares fell Friday amid renewed pessimism about the prospects for a trade deal between Beijing and Washington. Shares of technology companies listed in Hong Kong were broadly lower, led by major players like Alibaba Group, which shed 4.2%. BYD dropped 3.8% and Baidu fell 3.9%, while the Nasdaq-like Hang Seng Tech Index dropped 2.7%.
Bloomberg
an hour ago
- Business
- Bloomberg
New World Gets More Bank Commitments for Loan Refinancing
Embattled Hong Kong property developer New World Development Co. has landed more vows from banks to help with a HK$87.5 billion ($11.2 billion) loan refinancing deal, bringing commitments to about 40% of that total. The company now has commitments of more than HK$35 billion for the refinancing, according to people familiar with the matter. More banks are slated to follow in the coming days or weeks, the people said, asking not to be identified discussing private matters.
