News related to
work

By K Raveendran Donald Trump now possesses one of the most formidable economic weapons available to an American president against countries sustaining Russia’s energy revenues. Yet, the decision on how aggressively to wield it is complicated by a contradiction that Washington cannot easily escape: squeezing Russian oil out of the international market could also push […]

The article Sanctions Against Russian Oil Collide With Economics Of Affordable Oil appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Chief Executive John Lee’s 2026 Policy Address and the city’s first Five-Year Plan for Economic and Social Development set out measures covering finance, trade, shipping, aviation, innovation and technology, alongside efforts to attract capital, companies and skilled workers. The government said the programme is designed to reinforce Hong Kong’s international competitiveness and support longer-term economic development.

Gold will serve as the entry point for a broader commodity trading ecosystem. Hong Kong plans to formally launch its central clearing and settlement system for gold in the first quarter of 2027, following trial operations that began in July. The system is intended to support trading that meets international standards and strengthen links among clearing, settlement, storage and physical delivery.

Hong Kong Exchanges and Clearing will announce details this year of new renminbi-denominated, physically settled gold futures contracts. The government also plans to explore tax concessions for qualifying activities across the gold and commodity trading chain, with proposals expected to be put to the Legislative Council for consultation next year.

The Hong Kong Monetary Authority is studying whether the Exchange Fund should moderately increase its gold holdings and participate in local spot and futures markets. Existing physical gold inventories could gradually be transferred to designated vaults appointed by the Hong Kong Precious Metals Central Clearing Company.

Authorities also plan to expand storage and related infrastructure. Since the London Metal Exchange added Hong Kong to its global warehousing network in 2025, approved storage space has exceeded 60,000 square metres and inventories have risen above 20,000 tonnes of metal. More LME-approved warehouses are planned for the Northern Metropolis.

A half-rate tax concession for physical commodity trading is also being pursued to encourage traders to establish or enlarge operations in the city. A joint working group led by the Secretary for Financial Services and the Treasury will examine market opportunities and possible collaboration between exchanges.

The wider financial strategy seeks to strengthen Hong Kong’s role as an offshore renminbi business hub and an international centre for asset management and risk management. The government plans to deepen green and digital finance, widen financing channels for technology companies and strengthen trade finance, supply-chain finance, clearing, settlement and risk-management services.

A proposed Innovation and Technology Industry-Oriented Fund will receive HK$10 billion in government funding and is expected to reach at least HK$40 billion when market capital is included. Priority areas include life and health technology, artificial intelligence and robotics, semiconductors and smart devices, digitalisation, and sustainable development.

The five-year plan also calls for greater emphasis on high-value maritime services rather than relying mainly on traditional port logistics. Measures include reforms to ship registration, support for ship financing and marine insurance, and further development of maritime arbitration and other professional services.

Hong Kong also intends to build a broader aviation industry ecosystem. Plans include developing aircraft-parts processing and trading, participating in research and certification connected with domestically developed aircraft, and expanding sustainable aviation fuel supply chains across the Greater Bay Area. Authorities aim for sustainable aviation fuel to account for 1% to 3% of fuel used by departing flights at Hong Kong International Airport in 2030.

Trade policy will focus on digitalisation, diversification and higher-value supply-chain services. The government wants more companies to use Hong Kong for international orders, foreign-exchange transactions, treasury operations, trade finance and supply-chain management, while attracting regional and international headquarters.

The plan places innovation alongside the traditional pillars, with support directed towards artificial intelligence, robotics, life sciences, microelectronics and advanced manufacturing. It also identifies aerospace technology, marine technology, quantum technology and embodied intelligence as fields for longer-term development.

Under Hong Kong’s First Five-Year Plan, Hong Kong will focus on strengthening the four centres, developing the hub for high-calibre talent, consolidating and enhancing its competitive edge as an international city.

Hong Kong’s status as world-renowned international financial, maritime and trade centres as well as an international aviation hub underpin the city’s high-quality development and provide a firm foundation for the city’s long-term stability and prosperity.

“We will consolidate and enhance Hong Kong’s status as an international financial centre, and stay committed to our global positioning,” Mr Lee said. “Hong Kong will deepen the development of its global offshore Renminbi business and capital market, develop an international asset and wealth management centre and international risk management centre, enhance the securities market and expand fixed income and commodity trading.”

Hong Kong has become the world’s largest cross‑boundary wealth management centre this year, and the HKSAR Government will continue to develop a more attractive asset and wealth management ecosystem, Mr Lee said.

Hong Kong will develop a commodity trading ecosystem with gold as an entry point by driving the development of the clearing system, storage, supply, and infrastructure related to gold trading. The city’s central clearing and settlement system for gold will be officially launched in the first quarter of 2027.

“The significance of the First Five-Year Plan for Hong Kong lies in a mindset shift; we must plan Hong Kong’s financial development with a longer-term vision and broader perspective to adapt with flexibility and diversity,” said Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury. “Each of our initiatives centres around one objective, which is to elevate Hong Kong from a ‘corridor of capital’ to a ‘destination of choice’.”

Hong Kong was ranked the world’s fifth‑largest entity in merchandise trade in 2025. The HKSAR Government announced plans to consolidate and enhance Hong Kong’s status as an international trade centre, playing a greater role in the high‑level opening up of the Chinese Mainland.

Since the Task Force on Supporting Mainland Enterprises in Going Global was established last October, it has provided assistance, including listing and raising capital in Hong Kong, aligning with overseas standards, acquiring industry certifications and fulfilling compliance requirements for more than 340 Mainland enterprises.

The Task Force will strengthen collaboration with professional organisations to train talent for the GoGlobal initiative and enhance professional services, among other areas.

“In alignment with the National 15th Five-Year Plan’s call to advocate and practise true multilateralism, the First Five-Year Plan proposes to continue expanding international economic and trade network,” said Algernon Yau, Hong Kong’s Secretary for Commerce and Economic Development.

“We will actively forge free trade agreements and investment agreements with economies that are of development potential or strategic locations. Meanwhile, we will expand our network of overseas offices, and leverage the combined networks of our overseas Economic and Trade Offices, InvestHK, and the Hong Kong Trade Development Council offices globally to deepen overseas ties and step up trade and investment promotion.”

As an international maritime centre, Hong Kong has ranked fourth globally in maritime comprehensive strength for seven consecutive years. The Five-Year Plan will drive a “volume to value” transformation of the Hong Kong Port, capitalising on its strengths in high value‑added maritime services, to develop Hong Kong into a “Global Maritime Capital”.

To promote high value-added services, the industry will develop “Finance + Shipping”.

Taking advantage of the city’s well‑established maritime finance, insurance and maritime arbitration under common law, Hong Kong will build an integrated ecosystem under which Hong Kong‑invested enterprises adopt Hong Kong law, take out Hong Kong insurance and choose for arbitration to be seated in Hong Kong.

Regarding aviation, Hong Kong’s passenger throughput recorded a year‑on‑year increase of 15% last year, to 61 million, with flights to over 220 destinations. The city’s air cargo throughput reached 5.07 million tonnes, making its airport the world’s busiest cargo airport for the 15th year since 2010.

To strengthen development as international aviation hub, Hong Kong will expand its aviation network, and diversify business opportunities.

The HKSAR Government will continue to take the initiative to visit South America, Africa, Central Asia, the Middle East and the Caucasus to expedite the conclusion of new air services agreements and the expansion of traffic rights, thereby assisting the industry in exploring new passenger and cargo sources.

As for building Hong Kong as an international innovation and technology centre, the HKSAR Government will step up its efforts to promote artificial intelligence (AI) applications across various trades, and continue to strike a balance between encouraging innovation and protecting security, thereby enhancing Hong Kong’s international competitiveness in AI development.

In alignment with the national strategic technology areas, Hong Kong will focus on core technologies such as life and health, AI and robotics, microelectronics, new energy, advanced manufacturing and new materials. It will also continue to raise the ratio of Total Domestic Expenditure on Innovation Activities to Gross Domestic Product, striving to reach 3% after 2030.

Hashtag: #HongKong#PolicyAddress#First5YearPlan#FourCentres

https://www.brandhk.gov.hk/
https://www.linkedin.com/company/brand-hong-kong/
https://x.com/Brand_HK/
https://www.facebook.com/brandhk.isd
https://www.instagram.com/brandhongkong

The issuer is solely responsible for the content of this announcement.

The company said an initial fleet of all-electric Jaguar I-PACE vehicles will arrive in Singapore over the coming months, with preparations beginning before a phased testing programme in 2027. Trained autonomous specialists will initially drive the vehicles manually while Waymo maps roads and adapts its self-driving system to local conditions.

The programme will expose the Waymo Driver to Singapore’s road geometry, dense traffic environment and monsoon weather patterns before the company seeks to move towards autonomous operation. Commercial rides are scheduled to be offered through the Waymo app in 2028, subject to regulatory approvals.

Initial operations are expected to focus on western Singapore, including the Labrador and HarbourFront area, before any broader passenger rollout is considered locally.

Singapore’s Land Transport Authority said Waymo would become the country’s newest autonomous vehicle operator, joining ComfortDelGro and Grab. The authority said it would work closely with the company to ensure deployments meet safety and regulatory requirements and help build public confidence in autonomous vehicles.

Waymo is entering a market where autonomous transport is already moving from trials towards limited passenger services. Public rides on autonomous shuttle services began in Punggol in April, while operators including Grab, WeRide, ComfortDelGro and Pony. ai are expanding deployments and testing additional routes.

Waymo’s arrival therefore adds a major US developer to a field that already includes regional and China-based autonomous driving companies. Singapore has sought to attract multiple operators as it develops a competitive autonomous mobility sector and evaluates how driverless vehicles could supplement existing public transport.

Transport Minister Jeffrey Siow said Waymo would bring technology and operational expertise while supporting Singapore’s goal of creating additional transport options. Authorities have also stressed that autonomous vehicle deployment will not be allowed to move faster than measures to retrain and support drivers whose jobs could be affected.

The government announced a manpower transition package in July aimed at helping drivers acquire new skills and, where appropriate, move into jobs created by the autonomous vehicle sector. The issue has become more prominent as testing expands from controlled trials towards services carrying members of the public.

Singapore’s regulatory framework requires autonomous vehicles to clear technical and operational assessments before carrying passengers and progressing towards driverless operation. The Land Transport Authority assesses performance on authorised routes, including whether vehicles can cover sufficient distance without intervention and handle a range of traffic situations within their approved operating areas.

The Ministry of Transport also opened a public consultation this year on a broader legislative framework covering autonomous vehicles, including responsibility, licensing, insurance, liability and enforcement. Existing rules already require authorisation for autonomous vehicle trials and use on public roads.

Waymo said its Singapore expansion would follow the phased approach it has used elsewhere. The company has completed more than 20 million fully autonomous passenger rides and more than 300 million autonomous kilometres, according to company figures, giving it one of the largest operating datasets among commercial robotaxi developers.

Its overseas push is gathering pace. Waymo is preparing for commercial autonomous services in Tokyo and has also announced plans involving London and Munich, as it seeks to extend technology developed largely on US roads to markets with different driving environments, regulations and weather conditions.

Singapore offers a compact but demanding testing ground. Heavy rainfall, complex urban traffic, motorcycles, cyclists and dense interactions around public transport infrastructure create operating conditions that differ from many of Waymo’s established US service areas.

The company says its vehicles use lidar, radar and cameras to maintain a 360-degree view of their surroundings. The Singapore fleet will initially use Jaguar I-PACE sport utility vehicles, although Waymo has not disclosed how many vehicles will be deployed at launch or the eventual size of its commercial fleet.

Tourism Minister P. C. Vishnunadh visited the Kerala pavilion at the Dubai World Trade Centre and met UAE Minister of Economy and Tourism Abdulla bin Touq Al Marri as the state sought to deepen engagement with one of its most important overseas visitor markets. He was accompanied by Tourism Secretary Biju K.

Vishnunadh said the Middle East remained significant for Kerala because of the state’s longstanding links with the UAE and the region’s importance to its tourism economy. He said Arabian Travel Market provided an opportunity for tourism businesses to understand changing demand, identify emerging opportunities and present packages designed for Gulf travellers.

Kerala Tourism said 26,255 visitors from the UAE travelled to the state in 2025, underlining the market’s value as it looks to expand international arrivals and strengthen demand beyond peak seasons.

The state’s 69-square-metre pavilion, carrying the theme “Green Peace – Yalla Kerala”, used imagery of hill stations and green landscapes alongside displays promoting established and emerging tourism products. The presentation placed emphasis on Kerala as a year-round destination, with Ayurveda and wellness, beaches, backwaters, cultural experiences and adventure travel forming key parts of the pitch.

Vishnunadh also met Sudhir Sreedharan, senior vice-president of flydubai, and officials of the Dubai Police Authority during his visit. The meetings came as Kerala Tourism used the event not only for destination promotion but also for business networking with airlines, tour operators and travel-sector partners.

Six tourism businesses from Kerala joined the pavilion as co-exhibitors: Kairali – The Ayurvedic Healing Village in Palakkad, The Elephant Court in Thekkady, Somatheeram Ayurveda Group, Intersight Tours and Travels, Santamonica Tours and Travels, and Gateway Malabar Holidays. Their participation gave buyers access to accommodation, wellness and tour products directly from operators.

Arabian Travel Market 2026, held from September 14 to 17, brought together tourism authorities, airlines, hospitality companies, tour operators and other travel businesses from the Middle East and overseas markets. Organisers positioned the 33rd edition as a platform for commercial partnerships, destination marketing and discussion of travel trends.

The UAE used ATM to launch “Visit UAE”, its first unified federal tourism identity, bringing the seven emirates under a single national tourism platform. Abdulla bin Touq said the initiative was intended to present the country as an integrated destination and support stronger cooperation across tourism.

Kerala’s Gulf-focused campaign extended beyond the exhibition floor. At a Kerala travel meet in Dubai built around the same “Green Peace – Yalla Kerala” theme, officials and private-sector participants held business-to-business meetings with UAE-based buyers.

Tourism Secretary Biju K presented Kerala’s destination portfolio and invited travel-industry representatives to Kerala Travel Mart 2026, while the state highlighted its appeal across leisure, wellness, culture and nature-based travel. The engagement was designed to convert destination visibility into business links with tour operators and distributors serving Gulf customers.

Kerala has been placing greater emphasis on the Arab market because demand from the region often overlaps with the state’s monsoon and shoulder seasons, when Ayurveda, wellness and nature-based travel can help spread visitor flows more evenly through the year.

That approach also reflects growing competition among destinations for Gulf travellers, who have access to extensive direct and one-stop air connectivity through Dubai, Abu Dhabi, Doha and other regional hubs. Kerala’s strategy at the fair focused on product differentiation rather than a single tourism segment, combining established attractions with experiential offerings.

The Maldives also maintained a presence at the Dubai event, with 165 industry representatives from 74 tourism companies participating alongside official tourism bodies. Its delegation used the fair to pursue airline partnerships and destination marketing agreements aimed at improving connectivity and widening market reach.

Quizzed on various aspects of the HKSAR Government’s new blueprint for economic and social development, Mr Lee said the inaugural Five-Year Plan set out five main objectives for Hong Kong: better livelihoods for all; breakthroughs in economic development; expanding global competitiveness and influence; faster development of the Northern Metropolis; and to better serve the country.

On expanding global competitiveness, Mr Lee said the Government would make good use of its international networks.

“The strength of Hong Kong is its international status, and we have been emphasising on how we ensure the internationalism or the ‘internationalness’ of Hong Kong. We are expanding to cover every part of the world where we can reach,” Mr Lee said, noting that the Government had offices, including Economic and Trade Offices, and the offices of Invest Hong Kong and the Hong Kong Trade Development Council, in countries around the world. “I’m very serious about expanding our network.”

Since taking office four years ago, Mr Lee has led delegation visits to regions, including ASEAN Member States, the Middle East, and recently Central Asia. “And my colleagues really go more often to different parts of the world, so for South Africa, and also Kenya and these are the very popular African places that my colleagues go to visit,” he added.

To boost Hong Kong’s influence in overseas markets, Mr Lee highlighted the example of the International Organization for Mediation (IOMed).

“We are very proud to have the headquarters of IOMed set up in Hong Kong, because this is an organisation which is of United Nations status,” Mr Lee said. He added that an international office would be set up in Hong Kong under the global network of corruption prevention authorities. “Hong Kong is an international city, which not just is very good at doing business, but is exercising its responsibility as a global participator, and also, we really can contribute.”

“And this is also very important, because it just means how, in different areas, Hong Kong is doing very well, and also very connected to the world. And not just being a member, but being a contributor, being really a driver, and we want to share our good experiences, and also learn from other experiences.”

The First Five-Year Plan and the 2026 Policy Address placed strong focus on speeding up the development of the Northern Metropolis (NM) project, so as to boost long-term economic development, improve people’s livelihoods and help the city to further integrate into overall national development.

“The Northern Metropolis represents about one third of our geographical area. So it is a big piece of land that gives us new opportunities. An opportunity to upgrade ourselves, both from the accommodation angle as well as development angle,” Mr Lee said.

Beyond the city’s core economic strengths such as finance, shipping and trade, Mr Lee said the NM would provide room for diversifying local industries, creating new jobs and a brighter future as more development opportunities emerge from different kinds of industries as well as closer alignment with national development.

“The NM is actually mentioned in our country’s 15th Five-Year Plan. That means it is not just a Hong Kong development, it has been elevated as a state-driven project. And with the elevation of position, we will have to work hard. And I am sure that the Central Government will also help us to ensure that this will be a success story.

“And so, doing the Five-Year Plan has this advantage. We will capitalise on all the opportunities that the state can give us. At the same time, we will remain very fully connected to the international world. So we have the beauty of both worlds.”

Asked about Hong Kong’s approach to adopting artificial intelligence (AI), Mr Lee stressed the need to take advantage of the opportunities brought by AI, while also protecting against the risks of AI, in areas such as crime, fraud, sexual abuse and potential negative impacts on younger people.

“Last year, we talk very much about how we should benefit from the application of AI, how it will do things faster, and how it will also do things more correctly,” Mr Lee said.

“So while we develop and ensure people understand and use it, we also need to tell everybody the potential risks that it will bring.”

Mr Lee said the Government would create a post of Commissioner for AI, with a mandate that he is “the chief for the whole government, in terms of AI. It means setting the policy. It means coordinating resources, identify problems for them, setting the best practices, issuing guidelines. And also, very importantly, is developing AI for the whole of government with a view to, after we have developed our experience, let the world also learn from these experiences.”

Hashtag: #HongKong #PolicyAddress #First5YearPlan #IOMed #NorthernMetropolis

https://www.brandhk.gov.hk/
https://www.linkedin.com/company/brand-hong-kong/
https://x.com/Brand_HK/
https://www.facebook.com/brandhk.isd
https://www.instagram.com/brandhongkong

The issuer is solely responsible for the content of this announcement.

By T N Ashok The passage by the US Congress of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 has confronted India with a problem that is simultaneously diplomatic, economic and strategic. The immediate headline is stark: the legislation creates a statutory pathway allowing President Donald Trump to impose tariffs of up […]

The article India’s Graham Act Dilemma: Energy Security Meets US Tariff Weapon appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).