Political pressure is mounting over a plan by a Hong Kong conglomerate to sell its Panama ports to BlackRock, the American investor, raising questions about the future of the $19 billion deal, the New York Times reported.
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Hong Kong
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Anti-Suit Injunction granted to restrain a Hong Kong party from continuing Beijing court proceedings
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Hong Kong plans to lower taxes and further cut levies on property transactions, as part of efforts to get economic activity humming again amid an increasingly fraught trade environment, the Wall Street Journal reported. In the annual presentation of the budget for the next fiscal year, the Asian financial hub will reduce salaries tax and businesses’ profit tax by 100%, subject to a ceiling of 1,500 Hong Kong dollars, equivalent to around US$193, said Hong Kong Financial Secretary Paul Chan on Wednesday.
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Hong Kong will file a complaint against the U.S.’s additional 10% tariff with the World Trade Organization, claiming the levies violate WTO rules, the Wall Street Journal reported. In a statement released Friday, a spokesman for the Hong Kong Special Administrative Region (HKSAR) Government described the tariffs as “unreasonable measures” and “grossly inconsistent with the relevant WTO rules.” The U.S. measures “ignore our status as a separate customs territory as stipulated in Article 116 of the Basic Law,” and recognized by the WTO, the spokesman said.
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