China's Scorching Heat Poses Summer Test for Electricity Grid
That'll pile pressure on electricity supplies as people crank up their air conditioners, demand for which has nearly doubled in the past decade.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
How your MP voted in Wales on Keir Starmer's cut to winter fuel allowance for pensioners
MPs have today voted on controversial cuts to the winter fuel allowance. Under the plans, the winter fuel allowance for pensioners will be limited to only those claiming pension credit or other means-tested benefits. It is expected to cut the number of people receiving the payment of up to £300 from 11.4 million to 1.5 million. The Labour administration says it will save about £1.4 billion this year. Ahead of the vote, Cabinet minister Jonathan Reynolds said the UK Government had "no choice" but to make the change. He rejected suggestions that the Government's decision to strip all but the country's poorest pensioners of the allowance could see some die of cold this winter. Asked whether ministers accepted this was a possibility, he told BBC Radio 4's Today programme: "No. We are making sure that we can reassure people by saying the state pension is higher than last winter and energy bills are lower than last winter." READ MORE: Woman dies after family of four's car collides with two lorries in horror crash READ MORE: 'Grotesque' man secretly filmed woman performing sex act then showed people Pressed on why the Government was pursuing the policy, he told Sky News: "We have no choice." The Tories accused Labour of having failed to "properly examine" the implications of the policy. For the latest politics news in Wales sign up to our newsletter here. "This has been completely rushed. There's no need to do this as quickly as the Government has done, other than for purely political reasons," shadow work and pensions secretary and Conservative leadership candidate Mel Stride told Times Radio. "And it means that the implications of this, of course, have not been properly examined in the normal way that they would be, and which is why even trade unions such as Unite has described this as picking the pockets of pensioners." MPs voted on a bid to block the government's cut to winter fuel allowance in the House of Commons today. 23 Labour MPs supported the cut by voting against the amendment Four Labour MPs did not vote All four Plaid MPs tried to block the change Wales' sole Lib Dem MP also tried to block the cut Opposition MPs have failed to block government plans with 348 MPs backing the government and 228 supporting the opposition motion. Wales has 32 MPs with 27 representing Labour, four for Plaid Cymru and one Lib Dem. Stephen Kinnock - Labour Against Mark Tami - Labour Against Claire Hughes - Labour Against Nick Smith - Labour Against David Chadwick - Liberal Democrat For Chris Elmore - Labour Against Chris Evans - Labour Against Jo Stevens - Labour Against Anna McMorrin - Labour Did not vote (teller) Stephen Doughty - Labour Did not vote Alex Barros-Curtis - Labour Against Ann Davies - Plaid Cymru For Ben Lake - Plaid Cymru For Becky Gittins - Labour Against Gill German - Labour Against Liz Savile Roberts - Plaid Cymru For Tonia Antoniazzi - Labour Did not vote Nia Griffith - Labour Against Gerald Jones - Labour Against Catherine Fookes - Labour Against Steve Witherden - Labour Against Carolyn Harris - Labour Against Jessica Morden - Labour Against Ruth Jones - Labour Against Henry Tufnell - Labour Against Alex Davies-Jones - Labour Against Chris Bryant - Labour Against Torsten Bell - Labour Against Nick Thomas-Symonds: Labour Did not vote Kanishka Narayan - Labour Against Andrew Ranger - Labour Against Llinos Medi - Plaid Cymru For
Associated Press
39 minutes ago
- Associated Press
Hong Kong banks showed moderate balance sheet growth amid global uncertainty in 2024, KPMG report finds
Disciplined cost management, risk vigilance, and digital innovation underpin sector resilience HONG KONG SAR - Media OutReach Newswire - 2 July 2025 – Hong Kong's banking sector demonstrated steady growth and operational resilience in 2024, despite ongoing global economic headwinds. This is according to the newly launched KPMG Hong Kong Banking Report, which provides an in-depth analysis of the city's banking performance in 2024 and explores the major trends shaping its future, ranging from geopolitical and credit risk to digital asset innovation and AI transformation. The report reveals that the total assets of all surveyed licensed banks in Hong Kong rose by 4.5% to HK$24 trillion in 2024. Operating profit before impairment charges increased 7.8% to HK$318 billion, as banks continued to prioritise cost discipline and operational efficiency in the face of subdued loan demand and stable, but slightly compressed, net interest margins. Paul McSheaffrey, Senior Banking Partner, Hong Kong SAR, KPMG China, commented: 'Despite the challenging macroeconomic environment and the impact of US-China trade tensions, Hong Kong's banks have remained resilient. The sector's long-standing focus on prudent risk management, capital discipline, and ongoing investment in digital transformation has helped it adapt to volatility and maintain international competitiveness.' While total loans and advances reduced by 2.3% in 2024, total customer deposits increased by 4.1%. Asset quality came under pressure, with the sector's impaired loan ratio rising from 1.65% to 2.15%, reflecting the ongoing challenges in commercial real estate and the broader property sector. However, most banks have continued to exercise proactive risk management, including portfolio diversification and the adoption of digital tools to strengthen early risk detection. In line with KPMG's prediction in its 2024 Hong Kong Banking Report, the banking sector continued to navigate a challenging environment shaped by US monetary policy uncertainty, geopolitical tensions and economic strains in the Chinese Mainland. Terence Fong, Head of Chinese Banks, Hong Kong SAR, KPMG China, says, 'While Hong Kong's economy showed resilience in 2024, recent developments highlight the importance of continued vigilance. The escalation of reciprocal tariffs between the US and China since April 2025 has heightened downside risks for Hong Kong's trade-oriented economy and clouded the economic outlook. Continued vigilance will be crucial as banks navigate ongoing geopolitical uncertainty and macroeconomic challenges. Prudent capital management, agile pricing, and a renewed focus on emerging opportunities in Asia will be key to supporting sustainable growth.' The report also highlights the sector's progress in digital innovation. The Hong Kong Monetary Authority (HKMA) has been at the forefront of applications of blockchain technology for banks, with Project Ensemble serving as a landmark initiative exploring the use of wholesale CBDC (wCBDC) to facilitate the settlement of tokenised assets. On the retail side, the e-HKD initiative is progressing into its second phase, with the HKMA testing real-world applications of a retail CBDC. The HKMA has also finalised a regulatory framework for stablecoins which will provide better protection for the general public and investors. Banks in Hong Kong are also accelerating the adoption of artificial intelligence, particularly agentic AI, to enhance efficiency, risk management, and compliance. Angel Mok, Partner, Financial Services Technology Consulting, Hong Kong SAR, KPMG China, says, 'Agentic AI solutions have evolved faster than expected. While banks in Hong Kong remain cautious about potential risks, they are generally enthusiastic about Agentic AI and are adopting it at an increasing pace. Banks that take a strategic, data-driven approach to implementation will be well-positioned to lead in an increasingly competitive landscape.' Jia Ning Song, Head of Banking and Capital Markets, Hong Kong SAR, KPMG China, says, 'AI is already delivering tangible value for Hong Kong banks with quantifiable benefits. However, it is imperative that banks adequately address concerns around governance, risk, and trust. Building trusted AI systems is now essential for maintaining public confidence and ensuring the long-term sustainability of Hong Kong's banking system. Institutions further along in their digital journeys may be better positioned, while others may need to address foundational gaps first before scaling their AI initiatives.' Hashtag: #KPMG The issuer is solely responsible for the content of this announcement. About KPMG KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi'an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the 'Big Four' in the Chinese Mainland to convert from a joint venture to a special general partnership. KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited ('KPMG International') operate and provide professional services. 'KPMG' is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively. KPMG firms operate in 142 countries and territories with more than 275,000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities. Celebrating 80 years in Hong Kong In 2025, KPMG marks '80 Years of Trust' in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we've woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world's leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: '80 Years of Trust'.
Associated Press
39 minutes ago
- Associated Press
Best Employer of Record companies for 2025 revealed by Employ Borderless
07/02/2025, Singapore, Singapore // PRODIGY: Feature Story // The 2025 rankings highlight category specialists who perform well in distinct markets and business report arrives as the global EOR market value is projected to grow from USD 5.23 billion in 2024 to USD 9.17 billion by 2033, according to Business Research Insights. Companies are increasingly selecting EOR providers based on specific regional expertise and business model alignment rather than generic solutions. Employ Borderless announces its annual assessment of the top Employer of Record services, identifying seven industry leaders after evaluating 25+ global employment platforms. The 2025 rankings highlight category specialists who perform well in distinct markets and business requirements. This report arrives as the global EOR market value is projected to grow from USD 5.23 billion in 2024 to USD 9.17 billion by 2033, according to Business Research Insights. Companies are increasingly selecting EOR providers based on specific regional expertise and business model alignment rather than generic solutions. 'The EOR market has changed significantly with providers now specializing in distinct niches rather than offering one-size-fits-all solutions,' said Robbin Schuchmann, Co-founder of Employ Borderless. 'This year's analysis reveals clear category leaders who perform well in specific regions, company sizes, and operational requirements.' Following months of platform analysis, pricing comparisons, and user experience testing, Employ Borderless identifies the category-leading Employer of Record services for 2025. Paul Jansen, Co-founder of Employ Borderless, noted the industry's movement toward specialization. 'The most successful EOR providers in 2025 have stopped trying to be everything to everyone. Instead, they've focused on specific strengths, whether that's regional compliance expertise, particular company sizes, or unique service offerings.' Research highlights from the 2025 evaluation include the following findings. Rippling secured the EU operations category by establishing its European headquarters in Dublin and developing a platform that integrates HR, IT, and finance functions. Companies report improved operational efficiency when using a single system rather than managing separate platforms. Remote earned recognition in IP protection through SOC 2 certification and its Remote IP Guard technology. Organizations handling sensitive information prefer Remote's direct entity ownership model over third-party partnerships. Multiplier captured the Asia-Pacific category with focused expertise in Singapore, Australia, and Japan markets. The platform's same-day onboarding capability has attracted companies requiring rapid international expansion. Remofirst claimed the startup category by simplifying international hiring processes. Small businesses favor the platform's five-day setup timeline and absence of hidden fees during onboarding. Deel achieved worldwide coverage leadership through local entities in 120 countries. Companies frequently cite the contractor-to-employee conversion feature as a key differentiator for workforce flexibility. JustWorks captured the US operations category with its integrated approach combining EOR and domestic PEO services. Small businesses favor the platform's ability to manage both international and domestic employees from a single system, with many citing the streamlined onboarding process as a key advantage. Oyster won the transparency category through clear pricing structures and user interface design. Companies value the predictable fee model and recent addition of global payroll capabilities for existing international operations. 'These providers represent the new reality of EOR services,' concluded Robbin Schuchmann. 'Success now depends on deep specialization rather than broad mediocrity. Companies that match their specific needs with the right category leader will see significantly better outcomes than those selecting based on name recognition alone.' The shift toward specialized EOR providers reflects broader changes in how companies approach international expansion. Rather than one-size-fits-all solutions, businesses increasingly value providers who understand their particular challenges, whether regulatory, operational, or financial. For complete analysis methodology and detailed provider comparisons, including specific use cases for each category winner, visit the Employ Borderless website. About Employ Borderless Employ Borderless conducts independent research on global employment solutions, providing fact-based evaluations to help businesses make informed decisions about international workforce expansion. The organization maintains editorial independence and accepts no compensation from reviewed providers. Contact information Media inquiries and research questions. Robbin Schuchmann at [email protected]. This content was first published by KISS PR Brand Story. Read here >> Best Employer of Record companies for 2025 revealed by Employ Borderless
