Jockey Club presumably offloading US$1b in major divestiture from American assets
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South China Morning Post
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- South China Morning Post
How China's ‘big winner' BYD conquered Sri Lanka's high-tariff car market
Aggressive pricing, shrewd tax engineering and a trusted local partner have propelled China's BYD to a commanding position in Sri Lanka 's electric vehicle and hybrid market, disrupting a sector long constrained by import restrictions and setting the stage for dramatic expansion. Sri Lanka's car market, starved of new imports for nearly five years under a sweeping ban imposed in the lead up to the economic crisis of 2022 to stabilise foreign reserves, reopened in February as the government lifted restrictions. But a new tariff regime – with excise duties reaching 300 per cent, 18 per cent value-added tax, and luxury taxes of up to 100 per cent – has sent car prices soaring. Crucially, import duties on EVs are calculated based on motor power and year of manufacture, with steep tax increases for vehicles exceeding the 100-kilowatt threshold. Industry analysts say BYD has configured models such as the Atto 3 just below that limit, qualifying for significantly lower duties. In most other markets, the same model features a 150kW motor, making the Sri Lankan variant better value for money. Visitors examine a BYD Atto 3 EV at an auto expo in Bangkok in 2023. Photo: EPA-EFE BYD's aggressive pricing strategy brought affordability back to the market and positioned the company as a disrupter, Sheran Fernando, former chairman of the Ceylon Motor Traders Association, told This Week in Asia.
South China Morning Post
2 hours ago
- South China Morning Post
China calls for global AI centre to reverse ‘fragmented trend' as US tech rivalry deepens
Chinese Premier Li Qiang has called for the establishment of an international centre to better coordinate global cooperation on artificial intelligence (AI) and address the current 'fragmented trend'. The move comes as China looks to expand its influence in the new but rapidly evolving sector amid a bitter tech competition with the United States. Opening the annual World Artificial Intelligence Conference in Shanghai on Saturday, Li said: 'Currently, global AI governance is showing a fragmented trend overall, particularly with significant differences among nations in regulatory approaches, institutional frameworks and rules. 'We should enhance coordination and alignment to establish a widely accepted global governance framework for AI at an early date.' Top AI scholars as well as industrial representatives from China and around the world are attending the three-day event in the Chinese financial and commercial capital. Li's proposal comes days after the US announced its own blueprint on AI development. The White House policy framework released on Wednesday aims to bolster American AI dominance through deregulation, infrastructure investment and expanding AI exports to allies in the technological arms race with China, described by President Donald Trump as a fight that will define the 21st century.
South China Morning Post
2 hours ago
- South China Morning Post
50 workers seek HK$600,000 in unpaid wages as another restaurant set to close in Hong Kong
'Due to lease expiration, we plan to close our business on August 1, 2025,' says notice posted at Star Seafood and Roasted Goose Restaurant's Chuk Yuen Plaza branch About 50 workers are chasing at least HK$600,000 (US$76,437) in unpaid wages as another Chinese restaurant prepares to shut down next month, amid a string of closures in the Hong Kong catering sector. A notice announcing the imminent closure was posted at Star Seafood and Roasted Goose Restaurant branch at Chuk Yuen Plaza in Wong Tai Sin. 'Due to lease expiration, we plan to close our business on August 1, 2025,' Star Seafood Restaurant Group said. The restaurant has five operating branches, including the one set to shut down. The branches are under Star Seafood Restaurant Group, which was established in 2000, and also operates other brands in Hong Kong, such as Star Seafood Restaurant, Golden Star Restaurant and Star Palace. Lawmaker Lam Chun-sing of the Federation of Hong Kong and Kowloon Labour Unions said on Saturday the closure affected the restaurant's 40 to 50 employees. He said workers had complained that the restaurant only paid half of their wages for June, and that they had not received their salaries for this month. Newsletter Every Saturday Hong Kong Update By submitting, you consent to receiving marketing emails from SCMP. If you don't want these, tick here {{message}} Thanks for signing up for our newsletter! Please check your email to confirm your subscription. Follow us on Facebook to get our latest news. Some of the staff quit their jobs earlier in mid-July because of the delayed salary payment, while some would be transferred to other restaurant branches under the group, he said. Lam estimated that the overall amount of the unpaid wages involved reached at least HK$600,000. He added that about 10 workers had sought help from the Labour Department. 'We hope that the restaurant will pay the wages for July as well as the amount not paid for June according to the law,' he said. 'If there are vacancies in other branches, can they first recruit the affected employees?' Lam called on the workers who would be transferred to other restaurants to pay attention to the details of their new contracts, such as wages and the calculation of their service years, to protect their rights. He also urged the government to limit the number of imported workers in the catering industry to safeguard job opportunities for local workers amid the sector's high unemployment rate. The Labour Department said it had contacted the employer and reminded it to comply with the Employment Ordinance and the terms of contracts, adding that it would offer help to workers in need. Additionally, Jin Man Lou, an eatery in Prince Edward, will also close permanently after its last day on July 31. 'As the company's lease is about to expire, and the landlord's rent increase was too high, the company failed to reach a consensus with the landlord on the new rent arrangement. After careful consideration, the company has decided that Jin Man Lou's last operating day will be July 31, 2025,' a notice said. It remained uncertain how many of its workers would be affected. The closures occur as a string of businesses in the city's catering sector shut down permanently. Earlier this month, 36-year-old Super Star Seafood Restaurant abruptly shut down its last remaining branch and left about 50 employees in limbo as they sought to recover about HK$6 million in unpaid wages and dismissal compensation. Bakery chain Taipan Bread & Cakes, which invented 'snow skin' mooncakes, closed all of its branches after 41 years in business last month. In May, 33-year-old congee restaurant chain Ocean Empire Food Shop also shut all its outlets.
