For Ukraine, the worst is yet to come
Ukraine, Russia trade blows amid diplomatic non-starters
James Davis analyzes the sharp escalation in the Russia-Ukraine war as Kiev intensifies drone attacks on Russian territory, trying to provoke a retaliatory response that could reignite Western support amid mounting battlefield losses and dwindling manpower.
Thyssenkrupp's breakup in the shadow of Europe's militarization
Diego Faßnacht examines Thyssenkrupp's transformation into a 'lean financial holding' as a stark emblem of Germany's evolving industrial landscape, one marked by the fragmentation of its industrial core and a growing subordination to geopolitical and military imperatives.
ASEAN, China, GCC summit shifts the strategic balance
Scott Foster sees the recent ASEAN-China-GCC summit in Malaysia as a watershed moment demonstrating how the parties involved are forging a new axis of influence centered on economic connectivity, multipolar diplomacy, and strategic autonomy from the West.
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South China Morning Post
8 minutes ago
- South China Morning Post
Shareholders of mainland Chinese firms look to Hong Kong for family offices: asset manager
Shareholders of mainland Chinese companies are showing increasing interest in setting up family offices in Hong Kong after their initial public offerings amid a swelling pipeline of new listings in the city, according to an asset manager overseeing up to US$2 billion in wealth. 'This week alone, I have met two clients inquiring about family office services and tonight I am meeting another – lots of overtime,' said Wang Fengyu, founder and chairman of Hong Kong-based Oakwise Capital, in an interview on Wednesday. With a US$100 million minimum threshold of entry for its multifamily office services, the firm – established in 2021 – served 10 clients, managing a total of US$1.5 billion to US$2 billion. Around 70 per cent of these clients were shareholders of Hong Kong-listed companies with market capitalisations of HK$5 billion (US$637 million) to HK$50 billion. Wang noted a rise in demand from such clients over the past year, a trend he expected to continue with a growing number of mainland companies lining up for share sales. The city's bourse has hosted 50 listings, raising a total of US$15.8 billion as of July 16. Of those, 44 firms hailed from the mainland, accounting for most of the funds raised, according to data provided by the London Stock Exchange Group. View of West Kowloon in Hong Kong. Photo: Jonathan Wong
South China Morning Post
an hour ago
- South China Morning Post
New solutions to Hong Kong's old traffic problems are much needed
Traffic congestion in Hong Kong is not as bad as in many other cities. However, the slow movement of people and goods has been bad enough to steadily 'erode the environment, sustainability, quality of life and competitiveness', according to a 2014 government study. More than two decades of work to expand infrastructure and reduce the number of private cars have not tamed Hong Kong's traffic troubles, so it is good that authorities and lawmakers are searching for new solutions. Advertisement Progressive fees and a cap on how long vehicles can occupy metered parking spaces are among the ideas being put forward. The suggestions followed a slew of recent government proposals to adjust traffic-related charges, including doubling rates at car parks. Officials have also suggested raising tolls at the Aberdeen Tunnel and Shing Mun Tunnels, changes to the licence fee structure and amounts for electric private cars, adjustments to fixed penalties for traffic offences and doubling parking meter charges. Hong Kong had around 20,000 metered parking spaces citywide as of the end of 2024. Abuse of the devices is persistent. Some drivers occupy spots for extended periods – sometimes for days – by continuously feeding meters. Others circle around searching for the relatively cheap metered spots, worsening traffic congestion. If meter fees increase, it would be from HK$2 (25 US cents) to HK$4 per 15 minutes. Lawmakers have suggested restricting the number of hours a car can park in the same spot or a progressive system, so longer stays incur higher fees. Others have called for registering licence plates or even implementing congestion charges or electronic road pricing. Since the 1980s, there have been several trials of such fees on motorists in central areas during rush hour. Advertisement Approaches so far have been piecemeal and lacked resolve. Parking fee increases are long overdue and would be the first since 1994. Additional revenue could be timely support for the city as it struggles with a budget deficit and to reinvigorate the economy.
South China Morning Post
2 hours ago
- South China Morning Post
Sean Stein on why US businesses are walking a tightrope to stay in China
Sean Stein is president of the US-China Business Council (USCBC), a Washington-based non-profit organisation that promotes trade between the world's two largest economies. The council represents more than 270 American companies doing business in China. He most recently served as board chair of the American Chamber of Commerce in China and is chair emeritus of the American Chamber of Commerce in Shanghai. Before that, he served for nearly three decades as a diplomat, including as US Consul General in Shenyang and Shanghai. This interview first appeared in SCMP Plus . For other interviews in the Open Questions series, click here It has been broadly assumed the US and China will extend the 90-day pause on tariff increases they agreed to after talks in Geneva by another 90 days. What trade deals could we see by November? What do American companies with business in China expect? How will their voices be heard in Washington? That is correct – it is almost inevitable that the 90-day pause gets extended, particularly since the two sides have announced that there is a framework deal. The alternative is unthinkable. It would mean going back to pre-Geneva, triple-digit tariffs, something neither side wants. Looking at the potential for a broader deal, now that China has added two fentanyl precursors to its list of restricted chemicals, there is some expectation that the US may lower the 20 per cent tariff it put in place due to fentanyl. When that happens, China is expected to lower some of its retaliatory tariffs. This could be a path back toward a more normal trade relationship, but so far, we have not seen the US take steps to reciprocate China's gesture. What the business community is worried about is that virtually all the discussion between the countries has been about tariffs.
