Hong Kong

Unemployment rate rises to 5.4% from February to April

The total number of unemployed people stands at 206,100.   The unemployment rate rose by 0.4 percentage points to 5.4%  from February to April, when compared to the January to March period.    Based on the data from the Census & Statistics Department (C&SD), the total number of unemployed people from February to April was 206,100, an increase of 17,600 from the preceding three-month period.   Meanwhile, the number of unemployed rose by around 25,000 to 142,000, translating to a rate of 3.8%.   With the increase in the number of jobless and underemployed individuals, total employment dropped to 3,559,200, whilst the labour force fell to 3,765,300.   The deterioration of Hong Kong’s labour market however should see an improvement in the coming months, according to Secretary for Labour & Welfare, Dr Law Chi-kwong.   The receding local epidemic situation and progressive relaxation of social distancing measures, the new round of Consumption Voucher Scheme, and Other relief measures including the 2022 Employment Support Scheme should help drive improvement in the employment sentiment, said the C&SD.  
2 days ago

Unemployment rate rises to 5.4% from February to April

The total number of unemployed people stands at 206,100.   The unemployment rate rose by 0.4 percentage points to 5.4%  from February to April, when compared to the January to March period.    Based on the data from the Census & Statistics Department (C&SD), the total number of unemployed people from February to April was 206,100, an increase of 17,600 from the preceding three-month period.   Meanwhile, the number of unemployed rose by around 25,000 to 142,000, translating to a rate of 3.8%.   With the increase in the number of jobless and underemployed individuals, total employment dropped to 3,559,200, whilst the labour force fell to 3,765,300.   The deterioration of Hong Kong’s labour market however should see an improvement in the coming months, according to Secretary for Labour & Welfare, Dr Law Chi-kwong.   The receding local epidemic situation and progressive relaxation of social distancing measures, the new round of Consumption Voucher Scheme, and Other relief measures including the 2022 Employment Support Scheme should help drive improvement in the employment sentiment, said the C&SD.  
2 days ago

Grade A office vacancy rate remains flat at 9.4% in April

The unchanged rate was on the back of the completion of the new supply.
3 days ago

GDP shrinks by 4% YoY in Q1

This is a reversal from the growth in the previous four quarters.
6 days ago

DBS, CNTIC ink $122m green bridge loan deal to fund wind farm project

The project will be in Tomislavgrad and Livno in Bosnia and Herzegovina.
6 days ago

Citi appoints new Hong Kong insurance head

She was formerly the Chief Partnership Distribution Officer at Prudential.

AXA Hong Kong launches green rebate program for business clients

This is activated if clients fully utilise their eClaim services.

Investors abandon HK's office sector in Q122: report

Office has been overtaken by other core sectors in terms of investment volume.

Lifting of flight ban boosts Cathay Pacific’s passenger total by 82.2% 

This is, however, still 98.7% lower than April 2019 figures.

Barratt Developments appoints JLL as its sales and marketing agent in HK

JLL will be tasked to promote the developer's UK homes to HK investors.

Retail sales drop 13.8% YoY in March

The local epidemic situation dampened consumption confidence.

Businesses lost over $1.18b due to hidden exchange rate markups

There were hidden exchange rate markups when sending cash overseas.

Beyond survival: SMBs can ramp up business by harnessing the power of innovation

The fifth COVID wave in Hong Kong has brought unprecedented challenges to small-and-medium-sized businesses (SMBs) but signs of recovery are already starting to emerge. A recent survey conducted by CPA Australia found that 57% of SMB respondents expect their revenue to stay at a normal level or even grow in the next three months.

Material costs main obstruction in construction activity in HK: survey

About 78% of those surveyed said they are also having access issues to materials.

Hong Kong GDP to shrink by 4.0% YoY in Q122: estimates

This will mark the first contraction since Q4 2020.

Fifth wave delays recovery of HK’s commercial property market

Amongst the hardest hit was retail, recording a 6.8% QoQ drop in high street shop rents.   It may take a longer time before things get better for the commercial property market, as the fifth wave slowed down its path to recovery.