
Hong Kong's business, political elite turn out for funeral of property tycoon Lee Shau-kee
Lee, who died at age 97 on March 17, was once ranked as the richest man in Asia. In Forbes' February ranking, he was listed as the city's second-richest person with $29.2 billion in assets.

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Winnipeg Free Press
24 minutes ago
- Winnipeg Free Press
Turkey and Britain sign preliminary deal for Eurofighter Typhoon jets
ANKARA, Turkey (AP) — Turkey and Britain on Wednesday signed a preliminary agreement for the sale of Eurofighter Typhoon fighter jets to Turkey, a significant step in Ankara's efforts to modernize its air fleet. Turkish Defense Minister Yasar Guler and his British counterpart, John Healey, inked a memorandum of understanding during a defense industry fair in Istanbul, Turkey's Ministry of National Defense said. NATO member Turkey has long aimed to buy 40 Eurofighter jets, which are built by a consortium of British, German and Italian companies. Germany reportedly initially opposed the sale but later reversed its position. Britain led negotiations on behalf of the consortium. A Turkish defense ministry statement said the memorandum takes the two countries 'one step closer to a full agreement on the Typhoon.' 'Both Ministers welcome signature as a positive step towards bringing Turkey into the Typhoon club and share a mutual ambition to conclude the necessary arrangements as soon as possible,' it added. Turkish officials have said that they are still negotiating over pricing and technical terms, saying that they have received an initial offer and expect to submit a counter-proposal. Monday Mornings The latest local business news and a lookahead to the coming week. Turkey is also seeking to return to the U.S.-led F-35 fighter jet program, from which the country was ousted in 2019, following its purchase of Russian-made S-400 missile defense systems. The U.S. said the systems posed a risk to the F-35s. Turkey is also developing a domestic fifth-generation fighter jet, the KAAN, which is slated to be operational in 2028.


National Observer
an hour ago
- National Observer
Pakistan's solar revolution is bringing power to the people
This story was originally published by Yale Environment 360 and appears here as part of the Climate Desk collaboration Solar power is booming in Pakistan. Its share of electricity generation more than tripled in just three years, climbing from four percent in 2021 to 14 percent in 2024 — one of the highest percentages in Asia, according to a Reuters analysis of data from the British research group Ember. And panel imports doubled in a single year, Ember reports, making Pakistan, with the world's fifth-largest population, one of the biggest solar markets in the world. A confluence of forces has driven this growth. Pakistanis had long lived with overpriced and unreliable power delivered by a creaking grid. When Russia's 2022 invasion of Ukraine caused gas and coal prices to spike, Pakistanis' bills jumped even higher — and then higher again when the government removed subsidies that had cushioned consumers from the worst of those hikes. At the same time, a glut of cheap Chinese solar panels gave many Pakistanis an alternative to grid power for the first time. Renewables First, an energy and environment think tank in Islamabad, has not only been tracking Pakistan's solar revolution, it is also pressing for policy changes that would make its transition faster and smoother. In an interview with Yale Environment 360, program director Muhammad Mustafa Amjad says reforms that increase grid flexibility and better match supply with demand would make cheap, clean energy available to more people while preventing further price hikes for those still reliant on centrally provided power. If officials begin to better coordinate its transition, Amjad believes, Pakistan's experience can be a model for other developing nations. 'Global South countries don't have to be the laggards,' he says. 'They can actually be the leaders of the energy transition.' Yale Environment 360: Can you give me a sense of how big and how fast the recent growth in Pakistanis' solar power use has been? Muhammad Mustafa Amjad: It's quite unprecedented in terms of speed and scale. Pakistan has imported almost 45 gigawatts worth of solar panels over the last five or six years, which is equal to the total capacity of its electricity grid. Almost 34 gigawatts have come in only in the last couple of years. The world's fifth-largest population is adopting solar technology at scale — a shift being driven primarily by affordability. "It's a very bottom-up revolution," says one expert. "Renewables are out-competing the traditional sources of energy." It's a very bottom-up revolution. This is not government deciding this is the route to take. And it's not being driven by climate concerns, it's all about the economics. Renewables are out-competing the traditional sources of energy. So all of a sudden, it makes financial sense to adopt renewables, to double down on renewables. Energy transitions in the Global South were always seen as being very top-down, with financial institutions and banks and the International Monetary Fund coming in and piloting projects, pushing governments for policies to encourage clean energy. Now, all of a sudden it's the people and markets that have decided solar is the solution. e360: How did this massive adoption of solar come about? Amjad: A lot of factors came together to create a perfect storm of conditions. At the core, it's because electricity from the grid was so expensive. The price went up almost 155 percent over the last few years. People were paying more for electricity than they were for rent. At the same time, China was producing a glut of solar panels, and Chinese companies were competing for new markets. Pakistan was lucrative for them because of our large [251 million] population. And the Pakistani government helped by not taxing Chinese solar panels. So people were looking for cheaper alternatives and they found one in solar. It's becoming a part of a nice dance now. Any new construction includes a solar power system. I was talking to a politician the other day from a remote area, and she said, 'Previously, constituents always asked us for sewing machines' they could use to earn money. 'Now they ask for a solar panel.' It's no longer a luxury item. It's become a necessity. In some parts of the country, it's customary for a family to give a dowry when their daughter gets married. Now, along with a TV and a washing machine, solar panels are part and parcel of this. e360: In 2022, 40 million Pakistanis still didn't have access to electricity. And the grid is unreliable even for those who are connected. What has it been like to live with those problems, and how did they help drive people toward solar? Amjad: We call it load shedding, it's essentially rolling blackouts. The power could be shut off for an hour, for four hours, six hours. There were certain rural areas where load shedding was in excess of 12 to 14 hours per day. And we have lots of areas where grid access isn't really available at all. So people were depending on diesel generators. They were on the lookout for something cleaner and cheaper. e360: Who's buying solar panels, and where? Amjad: This is across the spectrum. In the cities, whoever owns a home, they've already solarized or are intending to solarize or are saving for solar. It's expected for the cities and the rich to lead the way. But the people who benefit the most from it are the ones who were not connected to the grid or had less reliable service. That's where the sun has impacted lots of lived realities. A couple of case studies done in some villages in lower Punjab and upper Sindh found almost 50 percent of the households there have already solarized. These are massive numbers. There was one story where people put a solar system on the back of a tractor and it was being shared between three different households that [used] it to charge their fans and stuff. Another case study, people were using a panel during the day for field work, education work, and then at the end of the day the farmer would take it back to his house. That kind of mixed use, and sharing mechanisms — that's the true revolution that has happened. But a lot more needs to be done to improve access. The government could play a role by providing subsidized systems or loans for poorer households. e360: What are people doing with the power they're now able to generate? Amjad: Our farmers depend on irrigation systems. There are almost 2 million tube wells across Pakistan, and some estimates suggest almost half have already been solarized. Primarily because the wells are usually community owned — so a tube well for a whole village or for six to seven fields. People can club money together, or [the system is] owned by wealthy landlords who have enough spare capital. And the shift is often from a diesel generator to solar, so it makes more sense than going from the grid to solar. Another big area is cooling. Pakistan is a very climate-vulnerable country, and with the extreme temperatures we are experiencing, people want air conditioning and inverters, which are an energy-efficient type of fan. So a lot of lifestyles have been improved. It's also important to understand the battery revolution that's happening. Pakistan has imported almost $95 million worth of batteries in the last three months. So this solar rush is going to be followed by a battery rush, and together they'll create a whole parallel system where people will have a lot more control over their electricity. And after the battery revolution, very soon we'll be talking about an electric vehicle revolution. Pakistan is a huge market for three-wheelers and two-wheelers, it's ripe for electrification. e360: Why has the price of grid power been so high in Pakistan? Amjad: In the 2010s, Pakistan got a lot of private operators to set up thermal power plants, mainly coal and gas, and we offered them quite lucrative deals. These are long-term contracts — 20 or 25 years [in which the government must pay even when the plants' power is not needed]. Then when the Russia-Ukraine crisis began, fuel prices shot up for both gas and coal. And because of fiscal troubles, the government agreed to an IMF loan package that required removal of electricity subsidies for consumers, which had shielded them from some of the expense. So all the costs had to be passed on. e360: With more people generating their own power, there is concern that Pakistan's utilities are losing operating revenue. What would the implications of that be? Amjad: Over the past year we've seen a 4 to 5 percent decrease in grid demand. As more people defect from the grid, the total costs are shared by a smaller number of consumers. So grid electricity gets more expensive, and more consumers leave. This creates what's called a utility death spiral. And we don't want those left on the grid to have to pay for this. So we need massive reform. In developed countries with a high percentage of renewables in some regions, government agencies have had to modernize themselves and put the right infrastructure in place. In Pakistan, it's been very unregulated, unstructured. That needs to change within the next two years — otherwise all the inefficiencies, and the mismanagement and lack of planning are going to cause that spiral, and those who still rely on the grid will bear the cost. We need a lot of action by the government and utilities to prevent that. It's still not too late for the grid to adapt. Utilities have always believed energy is best provided by big power plants, a lot of firm capacity and base load. Now it's more about flexible supply to meet flexible demand. It's a very different equation. A lot of unlearning has to happen. The grid has to reinvent itself and start providing the support required for distributed [decentralized] generation — balancing and demand-supply management and all of those flexibility options, even utility-level batteries. It's quite ambitious, but there is no other option for Pakistan. e360: Will solar power displace energy from fossil fuels, or is it additive? Amjad: Fossil fuels are already being displaced. The coal power plants have become stranded assets — they're being utilized at rates under 20 percent. We have gas-fired power plants where utilization is as low as 15 percent. e360: What can other Global South countries learn from Pakistan's experience? Amjad: Pakistan wasn't expecting to do this for at least 10 or 20 years. It was always supposed to be the U.S. and China and Europe first. But Global South countries can actually be the leaders of the energy transition. Pakistan is proving just that. We've positioned ourselves as early adopters. It's an excellent model because a lot of the conditions we've seen here — like the supply glut from China — exist for other developing economies, too. I think what they can do is plan for it accordingly, with certain safeguards, certain mechanisms. Government can proactively play a role. This is a revolution to celebrate. There's a lot that could be improved on, a lot that can be learned from our experience. I hope we'll be able to talk about Pakistan as a good example, not as 'things to avoid, or things not to do.' But that depends on how we go about our work in the next few years.


Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Flurry of trade deals offers relief for some Asian countries, while others wait
BANGKOK (AP) — U.S. President Donald Trump has announced trade deals with Japan and a handful of other Asian countries that will relieve some pressure on companies and consumers from sharply higher tariffs on their exports to the United States. A deal with China is under negotiation, with U.S. Treasury Secretary Scott Bessent saying an Aug. 12 deadline might be postponed again to allow more time for talks. Steep tariffs on U.S. imports of steel and aluminum remain, however, and many other countries, including South Korea and Thailand, have yet to clinch agreements. Overall, economists say the tariffs inevitably will dent growth in Asia and the world. The deals reached so far, ahead of Trump's Aug. 1 deadline Trump and Japanese Prime Minister Shigeru Ishiba announced a deal Wednesday that will impose 15% tariffs on U.S. imports from Japan, down from Trump's proposed 25% 'reciprocal' tariffs. It was a huge relief for automakers like Toyota Motor Corp. and Honda, whose shares jumped by double digits in Tokyo. Trump also announced trade deals with the Philippines and Indonesia. After meeting with Philippine President Ferdinand Marcos, Jr., Trump said the import tax on products from his country would be subject to a 19% tariff, down just 1% from the earlier threat of a 20% tariff. Indonesia also will face a 19% tariff, down from the 32% rate Trump had recently said would apply, and it committed to eliminating nearly all of its trade barriers for imports of American goods. Earlier, Trump announced that Vietnam's exports would face a 20% tariff, with double that rate for goods transshipped from China, though there has been no formal announcement. Talks with China may be extended Negotiations with China are subject to an Aug. 12 deadline, but it's likely to be extended, Bessent told Fox Business on Tuesday. He said the two sides were due to hold another round of talks, this time in Sweden, early next week. Meanwhile, Trump said a trip to China may happen soon, hinting at efforts to stabilize U.S.-China trade relations. A preliminary agreement announced in June paved the way for China to lift some restrictions on its exports of rare earths, minerals critical for high technology and other manufacturing. In May, the U.S. agreed to drop Trump's 145% tariff rate on Chinese goods to 30% for 90 days, while China agreed to lower its 125% rate on U.S. goods to 10%. The reprieve allowed companies more time to rush to try to beat the potentially higher tariffs, giving a boost to Chinese exports and alleviating some of the pressure on its manufacturing sector. But prolonged uncertainty over what Trump might do has left companies wary about committing to further investment in China. No deals yet for South Korea and other Asian countries Pressure is mounting on some countries in Asia and elsewhere as the Aug. 1 deadline for striking deals approaches. Trump sent letters, posted on Truth Social, outlining higher tariffs some countries will face if they fail to reach agreements. He said they'd face even higher tariffs if they retaliate by raising their own import duties. South Korea's is set at 25%. Imports from Myanmar and Laos would be taxed at 40%, Cambodia and Thailand at 36%, Serbia and Bangladesh at 35%, South Africa and Bosnia and Herzegovina at 30% and Kazakhstan, Malaysia and Tunisia at 25%. The status of talks with India remains unclear but progress appears to hinge on the country's heavily protected farm sector. It faces a 26% tariff. Nearly every country has faced a minimum 10% levy on goods entering the U.S. since April, on top of other sectoral levies. Economists expect tariffs to sap growth even with trade deals Even after Trump has pulled back from the harshest of his threatened tariffs, the onslaught of uncertainty and higher costs for both manufacturers and consumers has raised risks for the regional and global economy. Economists have been downgrading their estimates for growth in 2025 and beyond. Monday Mornings The latest local business news and a lookahead to the coming week. The Asian Development Bank said Wednesday it had cut its growth estimate for economies in developing Asia and the Pacific to 4.7% in 2025 and 4.6% in 2026, down 0.2 percentage points and 0.1 percentage points. The outlook for the region could be further dimmed by an escalation of tariffs and trade friction, it said. 'Other risks include conflicts and geopolitical tensions that could disrupt global supply chains and raise energy prices,' as well as a deterioration in China's ailing property market. Economists at AMRO were less optimistic, expecting growth for Southeast Asia and other major economies in Asia at 3.8% in 2025 and 3.6% next year. While countries in the region have moved to protect their economies from Trump's trade shock, they face significant uncertainties, said AMRO's chief economist, Dong He. 'Uneven progress in tariff negotiations and the potential expansion of tariffs to additional products could further disrupt trade activities and weigh on growth for the region,' he said.