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South China Morning Post
26 minutes ago
- South China Morning Post
Japan wins US$6 billion deal to give Australia ‘a more lethal navy'
Australia would be upgrading its navy with 11 Mogami-class frigates built by Japan 's Mitsubishi Heavy Industries, Defence Minister Richard Marles said on Tuesday. Advertisement Australia is in the midst of a major military restructuring announced in 2023, turning towards long-range strike capabilities to better respond to China 's naval might. It is striving to expand its fleet of major warships from 11 to 26 over the next 10 years. 'This is clearly the biggest defence-industry agreement that has ever been struck between Japan and Australia,' Marles said, touting the A$10 billion (US$6 billion) deal. Mitsubishi Heavy Industries was awarded the tender over Germany's ThyssenKrupp Marine Systems. 'This decision was made based on what was the best capability for Australia,' Marles said. 'We do have a very close strategic alignment with Japan.' Mogami-class warships are advanced stealth frigates equipped with a potent array of weapons. Marles said they would replace Australia's ageing fleet of Anzac-class vessels, with the first Mogami-class ship to be in service by 2030. Advertisement 'The Mogami-class frigate is the best frigate for Australia,' he said. 'It is a next-generation vessel. It is stealthy. It has 32 vertical launch cells capable of launching long-range missiles.'
South China Morning Post
an hour ago
- South China Morning Post
DFI to cut Wellcome's prices to compete with Shenzhen for Hongkongers' grocery trolleys
For the boss of Hong Kong's largest retail chain – which operates Wellcome, Mannings and 7-Eleven – the key to retaining customers is simple: ensure stores match prices in Shenzhen. Advertisement DFI Retail Group, formerly known as Dairy Farm, has increased the number of countries it imports from to 54 from 26 over the last year, helping to bring prices down by 20 per cent, according to group chief executive Scott Price. A tie-up six weeks ago with mainland Chinese fresh food platform Dingdong (Cayman) has resulted in 280 Wellcome branches in the city stocking fresh produce from the mainland for as low as HK$5 (63 US cents) for 200 grams. A HK$5 pack of leafy greens has now become the bestseller at the city's oldest supermarket chain, boosting sales of assorted vegetables by as much as 40 per cent, according to DFI. The 80-year-old Wellcome is the oldest supermarket chain in Hong Kong. Photo: Eugene Lee 'The strategy is working well because we are seeing our sales volume at Wellcome going up,' Price said in a recent interview with the Post. 'People who go north during the weekends or for day trips are no longer bringing groceries back. We are on a journey to bring down the cost of living in Hong Kong. We are going to continue to do that to make Hong Kong a more affordable place to shop for your basic weekly and monthly groceries.'
South China Morning Post
2 hours ago
- South China Morning Post
Hong Kong trade promoter to form ‘strategic alliance' with Bank of China: Frederick Ma
The Hong Kong Trade Development Council (HKTDC) will form a 'strategic alliance' with the Bank of China (BOC) to get mainland Chinese companies to rely on the city as a 'superconnector' as they venture overseas, its new chairman, Frederick Ma Si-hang, has said. The council's new task would be part of an expansion of its role in response to continuing geopolitical tensions, he told the Post in an exclusive interview last week. As Ma outlined his vision to realign the statutory body's global network of 51 offices to support businesses as they navigated the ongoing trade war initiated by Washington, he stressed that threats from American lawmakers to close the Hong Kong government's trade offices would only prompt the HKTDC to intensify its own promotion efforts in the United States. Ma, 73, brings his extensive government and business experience to the city's major trade promotion body at a time when Hong Kong and mainland companies face mounting challenges caused by supply chain disruptions that may be exacerbated by the latest round of US tariffs targeting dozens of countries. Ma, now two months into his tenure, said that during a meeting with BOC chairman Ge Haijiao in Beijing on July 23, the pair discussed forging an alliance that leveraged their respective strengths, referring to the bank's financial reach spanning more than 60 countries and the HKTDC's global trade network. 'What we decided is that we should cooperate. We should form a strategic alliance to bring their clients to overseas markets … We have excellent contacts in the overseas market, and we can also promote Hong Kong to its clients,' he said.
