Latest news with #Yau
RTHK
28-05-2025
- Business
- RTHK
Elderly 'key to taking economy to next level'
Elderly 'key to taking economy to next level' Algernon Yau says it is crucial to attract the silver-haired population to spend locally. File photo: RTHK. Secretary for Commerce and Economic Development Algernon Yau said on Wednesday it is crucial to make it appealing for the silver-haired population to spend locally. Yau made the remarks a day after the government announced 30 measures to further develop Hong Kong's silver economy, such as having restaurants roll out dishes that suit the needs of the elderly and offering them exclusive discounts at expos. Speaking on an RTHK radio programme, he said the SAR has to actively tackle the challenges brought about by its ageing population in ways that will also lead to opportunities. With Hong Kong facing a need to restructure its economy, Yau said this demographic offers new stimulus capable of boosting overall economic development. "We hope that industries will develop more products for the silver market, so elderly people can have a comfortable living environment in Hong Kong," he said. "So when they go out, the places they go to will have the products they want and the food they may want to eat" Yau added that as caretakers and families of the elderly will also have certain requirements, he hopes further developments of the silver economy will also get them to spend more. For his part, Simon Wong, president of the Hong Kong Federation of Restaurants and Related Trades, said many eateries have already offered discounts to the elderly even before the latest attempt take development of the silver economy to the next level. He believes more than 100 eateries will join the government's "Friends & Flavours" campaign, which will see restaurants offering meal options suitable for the elderly. This is because these options have been made available in recent months and become very popular among older consumers, Wong added.
RTHK
25-05-2025
- Business
- RTHK
Hong Kong hoping for RCEP breakthrough this year
Hong Kong hoping for RCEP breakthrough this year Algernon Yau hopes the admission procedures for Hong Kong to join RCEP will be completed in September. File photo: RTHK Secretary for Commerce and Economic Development Algernon Yau on Sunday said he expects procedures for Hong Kong to join the Regional Comprehensive Economic Partnership (RCEP) to be completed this year. On a TVB programme, Yau said various countries, including New Zealand and Japan, expressed support for Hong Kong joining RCEP when he met counterparts at a recent Apec trade ministers gathering in Korea. "I hope that in September this year, RCEP will complete the accession procedures," he said. "We hope that we can join the working group and implement the accession work as soon as possible. It will take time and the estimates might not be that accurate. But it is now underway, and it's quite positive." The government submitted the accession request three years ago. On a separate note, Yau said he believes increased US tariffs on various countries provide opportunities for Hong Kong and he expects an increase in trade with the SAR. Yau said a recent Hong Kong delegation to Kuwait and Qatar secured even better results than expected, with scores of collaboration agreements signed, and Central Europe and Central Asia will become a future focus for cooperation.
HKFP
22-05-2025
- Business
- HKFP
Hong Kong liquor imports increase 15% since tax cut, commerce minister says
Liquor imports have increased by more than 15 per cent since the government slashed liquor tax last year, Hong Kong's commerce minister has said. In the six and a half months since liquor duty was reduced last year, the volume of liquor imports in litres rose by more than 15 per cent, compared with the preceding six and a half months, Secretary for Commerce and Economic Development Algernon Yau told lawmakers on Wednesday. Meanwhile, trade volume went up by nearly 60 per cent, 'reflecting that the two-tier system introduced by the government is effective in boosting high-end liquor trading,' Yau said in a written response to lawmaker Jimmy Ng. At his Policy Address in October, Chief Executive John Lee announced a tax cut on liquor with an import price of over HK$200 – from 100 per cent to 10 per cent – for the portion above that price threshold. The cut applies to alcoholic beverages with an alcoholic strength of more than 30 per cent. Other 'high-value' sectors Citing official data, Yau said there were around 2,130 establishments in the alcoholic beverages industry as of the end of 2024, representing an increase of 110 from the previous year, and 6,720 people in the industry last year, marking a decrease of 270 from 2023. The industry also capitalised on the tax cut by organising wine and spirits fairs, during which the proportion of liquor on sale increased, Yau said. Some traders also lowered the prices of liquor, he added. Echoing Lee's speech last year, Yau said that the purpose of the tax cut was to encourage trading in high-end liquor, 'thereby giving impetus to the development of other high value-added sectors such as logistics and storage, tourism, as well as high-end food and beverage consumption.' 'At the same time, we are also mindful of the need to avoid increasing liquor consumption among the public as a result of reducing liquor duty, thereby leading to other problems,' Yau added. Prior to Lee's policy announcement last year, industry associations reported that most bar owners experienced 20 to 30 per cent drops in revenue compared with pre-pandemic levels. The Hong Kong Bar & Club Association attributed the slowdown to Hongkongers heading to mainland China during holidays and the migration of wealthy residents.
HKFP
16-05-2025
- HKFP
Hong Kong police arrest 5 over phone scams totalling HK$480,000
Hong Kong police have arrested five people, including two teenagers, on suspicion of obtaining property by deception through phone scams, involving a total loss of HK$480,000. Three of the suspects allegedly involved in 'guess who I am' scams targeting elderly residents were arrested on Thursday, said Wong Hon-wai, chief inspector of the West Kowloon crime unit, on Friday. In the 'guess who I am' ploy, scammers ask their targets to guess who they are and assume whatever identity the target guesses. Two 14-year-old boys and a 28-year-old man surnamed Sit were arrested on Thursday after they were intercepted while meeting with a 90-year-old woman, one of their scam victims. The police confiscated HK$50,000 from the suspects. A fourth alleged member of the scam ring, aged 32, was arrested earlier, Wong said. The 90-year-old woman suffered no monetary loss, but the other victims, aged 72 to 97, were scammed out of HK$480,000. The four suspects are in detention pending investigation. Impersonating mainland Chinese official Separately, a 28-year-old woman surnamed Yau was arrested on Thursday on suspicion of impersonating a mainland Chinese government official, said Senior Inspector Luk Chi-ho of the Yau Tsim Mong police district crime unit. She was arrested after a 45-year-old woman filed a police report, saying that a scammer told her on Tuesday that she was involved in financial crimes, had to comply with a 'confidential investigation,' and needed to meet with an 'agent' in Yau Ma Tei on Thursday to sign a gag order. Police officers intercepted Yau on Thursday evening when she met with and presented her intended victim a forged warrant and confidentiality order, as well as a stamp pad for the would-be victim's signature and fingerprints. Yau is in detention pending investigation and will appear at the West Kowloon Magistrates' Courts on Saturday. Hong Kong has seen a spike in fraud-related cases in recent years, with the number nearly tripling between 2020 and 2024. In 2024, fraud cases rose by 11.7 per cent compared with the previous year, according to official figures, driving a 5 per cent surge in overall crime. Police recorded more than 44,400 fraud cases in 2024, which accounted for 47 per cent of overall crime that year. Earlier this year, two local universities reported nearly 100 students – most of them from mainland China – had lost HK$75 million to scams.
RTHK
09-05-2025
- Business
- RTHK
Congee chain axings hard to swallow for staff
Congee chain axings hard to swallow for staff The Eating Establishment Employees General Union organised a consultation meeting on Friday to give the axed Ocean Empire Food Shop workers clarity on their rights and offer assistance. Photo; RTHK Axed employees of Ocean Empire Food Shop are urging its owners to show up and address the issues of unpaid wages, pension and severance payments after the local congee restaurant chain closed all its outlets and ceased operations after 33 years in business earlier this week in one fell swoop. The Eating Establishment Employees General Union organised a consultation meeting on Friday afternoon to clarify any questions that the sacked staff may have about their rights and offer assistance. Among the ex-staff in attendance was Yau, who oversaw the restaurant chain's production line. She said the line had lost half its staff over the past three years. She said the company had been doing badly for quite some time, with suppliers visiting the office weeks before the closure asking for payments. 'Why are the owners doing this to workers who gave everything to Ocean Empire?' she spoke with raw feelings 'Many of us worked here for over 30 years and were not even given a few months of pension," Yau said amid complaints by some staff who said the company had deducted mandatory provident fund (MPF) contributions from salaries but had not paid them to the workers' schemes. "We have spent decades, the best years of our lives, serving the company, but the owners just disappeared irresponsibly.' Another former employee, Li, said her last month's salary and MPF payments are overdue. She said she was disappointed with Hong Kong's employment protections after coming from Guangdong to work here for just one year. The union's chief secretary, Wong Pit-man, said the union will work closely with the Labour Department on follow-up actions. Senior manager Jackie Lee from the Mandatory Provident Fund Schemes Authority also attended the meeting, and pledged to help workers recover the unpaid MPF contributions. He noted that the company has about HK$570,000 in overdue MPF contributions for all its staff between January and March. Also among those attending was Anthony Yau, vice-chairman of the Federation of Trade Unions, who said affected workers can also use the party's employment centre to find new jobs.
