Latest news with #PeterParks
IOL News
31-07-2025
- Sport
- IOL News
Stunning Sarr strike gives Tottenham victory over Arsenal
Arsenal's Declan Rice and Tottenham Hotspurs Rodrigo Bentancur fight for the ball in their friendly exhibition football match at the Kai Tak Stadium in Hong Kong on Thursday. Photo: Peter Parks/AFP Image: Peter Parks/AFP Pape Matar Sarr scored from the halfway line as Tottenham punished a shaky performance by Arsenal goalkeeper David Raya to win the first north London derby staged outside the UK 1-0 on Thursday. Raya, who had already been caught in no-man's land twice as inswinging corners hit the post, was at fault again in the 45th minute when Sarr robbed Myles Lewis-Skelly just inside the Arsenal half. The Spurs midfielder looked up, saw Raya stranded way outside his penalty area and let fly to score in outrageous fashion from 50 yards out. Nominally a pre-season "friendly", there was no love lost on the pitch between the bitter rivals. Get your news on the go, click here to join the IOL News WhatsApp channel. Tackles flew in and tempers frayed in a fiercely contested clash in front of a 49,975 sellout crowd under the roof in Hong Kong's air-conditioned Kai Tak Stadium. Arsenal started the stronger but it was Tottenham who hit the woodwork three times in a frantic first half and deserved their lead at the break. Arsenal laid siege to the Tottenham goal at the start of the second half, but new manager Thomas Frank had his defence well-drilled and the Gunners found it hard to break through. Gabriel Martinelli did manage to find an opening on 58 minutes but shot wastefully over the bar from 14 yards. Arsenal brought on Leandro Trossard and new signing Martin Zubimendi, who almost scored with his first touch when his shot was deflected over the bar. A huge cheer went up when Son Heung-min was introduced by Tottenham in the 75th minute. It was followed by an even bigger ovation when new striker Viktor Gyokeres also came off the bench for his Arsenal debut with 13 minutes to go. The Swedish striker, sporting the number 14 shirt made famous by Arsenal legend Thierry Henry, was signed for $67 million six days ago. He made some darting runs as Arsenal pressed for a late equaliser, but will need time to get up to speed with his new club. Tottenham now fly on to South Korea to face Newcastle United on Sunday, while Arsenal head home after three matches in Singapore and Hong Kong. AFP Get your news on the go, click here to join the IOL News WhatsApp channel.
IOL News
26-07-2025
- Sport
- IOL News
Liverpool stunned 4-2 by AC Milan in Hong Kong pre-season friendly
AC Milan's Strahinja Pavlovic (R) fights for the ball with Liverpool's Mohamed Salah during their friendly exhibition football match at the Kai Tak Stadium in Hong Kong on July 26, 2025. Picture: Peter Parks/AFP Image: Peter Parks/AFP Former Chelsea midfielder Ruben Loftus-Cheek scored as Premier League champions Liverpool were beaten 4-2 by AC Milan on Saturday in a pre-season friendly in Hong Kong. Liverpool, with record signing Florian Wirtz making his first start, dominated possession under the closed roof at Kai Tak Stadium but a shaky defence was punished for all four Milan goals. Rafael Leao opened the scoring for the Italian side on 10 minutes with Dominik Szoboszlai's superb strike equalising 16 minutes later to make it 1-1 at half-time But Loftus-Cheek, six minutes after the break, and two goals from substitute Noah Okafor, either side of Cody Gakpo's late header, gave AC Milan the victory. Liverpool's Hong Kong Fans Dominate Sellout Crowd, Pay Tribute to Diogo Jota Liverpool's Hong Kong fans vastly outnumbered those supporting AC Milan in the 49,704 sellout crowd. They paid a heartfelt tribute to Diogo Jota, who passed away earlier this month in a car crash. Flowers were laid by Liverpool legend Kenny Dalglish in front of fans, who responded by holding up a mosaic spelling out 'DJ20' in honour of Jota's number 20 shirt, which has been retired by the club. Leao, too, remembered his fellow Portuguese player Jota as he offered a silent prayer and formed the number 20 with his fingers after scoring the opener. Wirtz played 45 minutes and looked comfortable directing operations, showing hints of why Bayer Leverkusen were paid a reported British transfer record $150 million for the German playmaker. Liverpool's New Signings and Squad Updates Other new Liverpool signings left-back Milos Kerkez and right-back Jeremie Frimpong both came on as substitutes at half-time. But Striker Hugo Ekitike, who was signed from Entracht Frankfurt for a reported $92 million, was not ready to take part, having only flown in to join his new teammates two days earlier. Liverpool started without a recognised central striker as Darwin Nunez and Luis Diaz, who have both been linked to move away from Anfield, were left out of the matchday squad. Liverpool will now fly to Japan to face Yokohama F-Marinos on Wednesday. Liverpool revealed earlier that full-back Joe Gomez had flown home for treatment on a minor Achilles problem. AFP
The Guardian
04-04-2025
- Entertainment
- The Guardian
Tomb Sweeping Day and breakdancing in Congo: photos of the day
Relatives visit graves at Pok Fu Lam cemetery in Hong Kong, as people honour their ancestors during the annual Tomb Sweeping Day, known locally as Ching Ming or Qingming Photograph: Peter Parks/AFP/Getty Images Photograph: Omar Al-Qattaa/AFP/Getty Images US President Donald Trump waves as he boards Air Force One at Miami international airport. Global stocks fell sharply and the US dollar hit a six-month low after Trump unveiled sweeping tariffs against the US's global trade partners Photograph: Kent Nishimura/Reuters People sleep under mosquito nets on the street in Mandalay following last week's 7.7-magnitude earthquake Photograph: Sai Aung Main/AFP/Getty Images Farmers pick tea leaves in Yuyao for the Qingming festival. They choose the very first tea sprouts, which are considered to be of high quality Photograph: Xinhua/Rex/Shutterstock People fish at Lake Victoria, in Kisumu, where the fishing industry has become an important source of income for residents Photograph: Xinhua/Rex/Shutterstock A breakdancer from the Congo Street collective performs at the Kituku market port in Goma. Drawing inspiration from breakdance and hip-hop, while incorporating their unique style, the collective transforms this space into a vibrant stage, captivating the audience with their energy and mastery of urban dance Photograph: Jospin Mwisha/AFP/Getty Images Germany's Pauline Alexandra Pfeif competes in the women's 10m platform preliminary during the World Aquatics Diving World Cup 2025 at Centre Acuatico Code Metropolitano in Guadalajara Photograph:Artists perform during the Lusail Sky festival as part of the Qatar Eid al-Fitr celebration Photograph: Noushad Thekkayil/NurPhoto/Rex/Shutterstock Photograph:Craftsmen work on diamonds at a processing unit in Surat Photograph: Anushree Fadnavis/Reuters Snails are displayed to be sold on the side of a road in Sousse Photograph: Ons Abid/AP
Yahoo
09-03-2025
- Business
- Yahoo
As stablecoins grow, Hong Kong's US dollar peg seen as advantage despite Web3 challenges
The growing strength of stablecoins as a bridge between Web3 and traditional finance could give an edge to markets like Hong Kong, which has its currency pegged to the US dollar (USD), but the Asian financial hub still faces challenges in attracting major blockchain businesses. The Hong Kong dollar's peg to the US currency is seen as a unique advantage for the city, as the majority of stablecoin trading activity happens through cryptocurrencies backed by the US dollar. This can help smooth out business operations for companies whose main asset holdings are also pegged to the USD, including the largest stablecoins Tether (USDT) and Circle's USD Coin (USDC). "Hong Kong has long been a global financial hub with a deep and liquid foreign exchange market, supported by a regulatory environment that facilitates currency conversion," said David Katz, the Asia-Pacific vice-president of strategy and policy at Circle. "Its peg to the US dollar and strong banking infrastructure make it an attractive location for USD conversions." Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The preference for US dollar-backed stablecoins is so strong that some have seen the technology has further entrenching the dollar's position in global finance, as a one-for-one peg requires a large reserve of the currency - something that is increasingly being enforced by law, including in Hong Kong with its pending stablecoin regulation. "The reality is everybody, everywhere in the world - China and everywhere else included - wants dollars," said Chris Maurice, CEO of the Africa-focused stablecoin exchange Yellow Card. "This is why you have US$200 billion now in market cap in USD stablecoins." Maurice spoke on the sidelines of the Consensus Hong Kong Web3 conference on February 18. He attended the event, organised by the crypto news outlet CoinDesk, in search of new business opportunities coming out of China as the country's ties with Africa grow. He said he had meetings with a number of major Chinese tech firms. Hong Kong Financial Secretary Paul Chan Mo-po speaks at the opening of the Consensus Hong Kong Web3 conference in Hong Kong on February 19, 2025. Photo: Peter Parks alt=Hong Kong Financial Secretary Paul Chan Mo-po speaks at the opening of the Consensus Hong Kong Web3 conference in Hong Kong on February 19, 2025. Photo: Peter Parks> Stablecoins were a major topic last month at Consensus Hong Kong, during which Hong Kong officials and companies touted the city's strengths in traditional finance as a significant reason for how it can capture the next phase of Web3 business. "Globally, the application of Web3 in finance is gaining traction. Blockchain innovations not just reduce transaction costs but also enhance market transparency, and the efficiency and accessibility of financial services," Financial Secretary Paul Chan Mo-po said during his opening remarks at the event. "Hong Kong, with its advanced financial infrastructure and robust regulatory environment, is at the forefront of this transformation." Stablecoins have proven highly attractive in emerging markets, where there are large underbanked populations and needs for use cases such as remittances. This has made them especially appealing in Asia and Africa, where Maurice said Yellow Card operates in "20 of what are by every available metric the hardest countries to do business in". "Given Asia's status as a global trade hub with significant remittance flows, stablecoins will increasingly be used to settle international payments in real time, reducing friction and costs," said Fiona Murray, Asia-Pacific managing director at blockchain firm Ripple. Ripple, best known for starting the cryptocurrency XRP, launched its own US dollar-backed stablecoin in December. It already has a US$120 million market value, according to Murray. "With stablecoins, users can trade and transfer tokenised assets with speed and efficiency - they're available 24/7/365 which is extremely convenient with both traditional and crypto markets," she added. Stablecoin trading volume reached US$27.6 trillion in 2024, according to a report by crypto exchange operator By one estimate from crypto tracker CoinCodex, the value of total cryptocurrency trading last year was US$149.46 trillion, putting stablecoin trading at nearly a fifth of total crypto activity. While Hong Kong continues to make progress in courting some international crypto business, Singapore remains the preferred regional base for many companies operating in the space. Circle and Ripple both have their Asia headquarters in the city state, as does Coinbase, the largest US cryptocurrency exchange and an early backer of Circle and USDC. "USDC provides a more efficient solution compared to traditional USD transfers" for use cases involving a "high volume of small-value transactions", said John O'Loghlen, Asia-Pacific head at Coinbase. "USDC serves this need well by offering lower transaction fees compared to traditional banking channels, while maintaining the stability of USD-pegging," he added. "This is especially valuable in sectors like agricultural finance and small-scale trade, where traditional USD reserve requirements can be burdensome." Yet it is Hong Kong's cryptocurrency reserve requirements that could be seen as burdensome to industry players looking for a way into the market. The virtual-asset trading platform licence requirements - which do not apply to stablecoins, but would apply to Coinbase as a general exchange - require all user assets be stored locally. Under proposed stablecoin regulations, Hong Kong would require issuers of any stablecoin that actively markets to residents to have a licence, while Singapore would only licence company tokens backed by the Singapore dollar or issued in the city state. Both Hong Kong and Singapore require 100 per cent reserves. Hong Kong specifies that the assets be highly liquid and low-risk. Singapore also allows for low-risk assets, which in its current proposal allows for debt securities that mature within three months. Beyond the currency peg, Hong Kong's role as a financial bridge to and from China is also appealing, which is why Maurice attended the Consensus event. He said he was meeting with fintech giants Tencent Holdings and Alibaba Group Holding, owner of the Post, which dominate mobile payments in China and have their own cross-border services. When asked about whether he was worried tech giants could soon encroach on this space, setting up their own payment solutions for African markets, he dismissed it as unlikely. "These are not the type of countries where you're going to have these big companies going in and actually figuring out how to make stuff," he said. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
Yahoo
09-03-2025
- Business
- Yahoo
As stablecoins grow, Hong Kong's US dollar peg seen as advantage despite Web3 challenges
The growing strength of stablecoins as a bridge between Web3 and traditional finance could give an edge to markets like Hong Kong, which has its currency pegged to the US dollar (USD), but the Asian financial hub still faces challenges in attracting major blockchain businesses. The Hong Kong dollar's peg to the US currency is seen as a unique advantage for the city, as the majority of stablecoin trading activity happens through cryptocurrencies backed by the US dollar. This can help smooth out business operations for companies whose main asset holdings are also pegged to the USD, including the largest stablecoins Tether (USDT) and Circle's USD Coin (USDC). "Hong Kong has long been a global financial hub with a deep and liquid foreign exchange market, supported by a regulatory environment that facilitates currency conversion," said David Katz, the Asia-Pacific vice-president of strategy and policy at Circle. "Its peg to the US dollar and strong banking infrastructure make it an attractive location for USD conversions." Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The preference for US dollar-backed stablecoins is so strong that some have seen the technology has further entrenching the dollar's position in global finance, as a one-for-one peg requires a large reserve of the currency - something that is increasingly being enforced by law, including in Hong Kong with its pending stablecoin regulation. "The reality is everybody, everywhere in the world - China and everywhere else included - wants dollars," said Chris Maurice, CEO of the Africa-focused stablecoin exchange Yellow Card. "This is why you have US$200 billion now in market cap in USD stablecoins." Maurice spoke on the sidelines of the Consensus Hong Kong Web3 conference on February 18. He attended the event, organised by the crypto news outlet CoinDesk, in search of new business opportunities coming out of China as the country's ties with Africa grow. He said he had meetings with a number of major Chinese tech firms. Hong Kong Financial Secretary Paul Chan Mo-po speaks at the opening of the Consensus Hong Kong Web3 conference in Hong Kong on February 19, 2025. Photo: Peter Parks alt=Hong Kong Financial Secretary Paul Chan Mo-po speaks at the opening of the Consensus Hong Kong Web3 conference in Hong Kong on February 19, 2025. Photo: Peter Parks> Stablecoins were a major topic last month at Consensus Hong Kong, during which Hong Kong officials and companies touted the city's strengths in traditional finance as a significant reason for how it can capture the next phase of Web3 business. "Globally, the application of Web3 in finance is gaining traction. Blockchain innovations not just reduce transaction costs but also enhance market transparency, and the efficiency and accessibility of financial services," Financial Secretary Paul Chan Mo-po said during his opening remarks at the event. "Hong Kong, with its advanced financial infrastructure and robust regulatory environment, is at the forefront of this transformation." Stablecoins have proven highly attractive in emerging markets, where there are large underbanked populations and needs for use cases such as remittances. This has made them especially appealing in Asia and Africa, where Maurice said Yellow Card operates in "20 of what are by every available metric the hardest countries to do business in". "Given Asia's status as a global trade hub with significant remittance flows, stablecoins will increasingly be used to settle international payments in real time, reducing friction and costs," said Fiona Murray, Asia-Pacific managing director at blockchain firm Ripple. Ripple, best known for starting the cryptocurrency XRP, launched its own US dollar-backed stablecoin in December. It already has a US$120 million market value, according to Murray. "With stablecoins, users can trade and transfer tokenised assets with speed and efficiency - they're available 24/7/365 which is extremely convenient with both traditional and crypto markets," she added. Stablecoin trading volume reached US$27.6 trillion in 2024, according to a report by crypto exchange operator By one estimate from crypto tracker CoinCodex, the value of total cryptocurrency trading last year was US$149.46 trillion, putting stablecoin trading at nearly a fifth of total crypto activity. While Hong Kong continues to make progress in courting some international crypto business, Singapore remains the preferred regional base for many companies operating in the space. Circle and Ripple both have their Asia headquarters in the city state, as does Coinbase, the largest US cryptocurrency exchange and an early backer of Circle and USDC. "USDC provides a more efficient solution compared to traditional USD transfers" for use cases involving a "high volume of small-value transactions", said John O'Loghlen, Asia-Pacific head at Coinbase. "USDC serves this need well by offering lower transaction fees compared to traditional banking channels, while maintaining the stability of USD-pegging," he added. "This is especially valuable in sectors like agricultural finance and small-scale trade, where traditional USD reserve requirements can be burdensome." Yet it is Hong Kong's cryptocurrency reserve requirements that could be seen as burdensome to industry players looking for a way into the market. The virtual-asset trading platform licence requirements - which do not apply to stablecoins, but would apply to Coinbase as a general exchange - require all user assets be stored locally. Under proposed stablecoin regulations, Hong Kong would require issuers of any stablecoin that actively markets to residents to have a licence, while Singapore would only licence company tokens backed by the Singapore dollar or issued in the city state. Both Hong Kong and Singapore require 100 per cent reserves. Hong Kong specifies that the assets be highly liquid and low-risk. Singapore also allows for low-risk assets, which in its current proposal allows for debt securities that mature within three months. Beyond the currency peg, Hong Kong's role as a financial bridge to and from China is also appealing, which is why Maurice attended the Consensus event. He said he was meeting with fintech giants Tencent Holdings and Alibaba Group Holding, owner of the Post, which dominate mobile payments in China and have their own cross-border services. When asked about whether he was worried tech giants could soon encroach on this space, setting up their own payment solutions for African markets, he dismissed it as unlikely. "These are not the type of countries where you're going to have these big companies going in and actually figuring out how to make stuff," he said. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
