The infamous South Stands -- no children allowed!
Post-tourney street party
Tuesday, March 29, 2011
Hong Kong Sevens
A cocktail and costume party masquerading as a rugby tournament
The infamous South Stands -- no children allowed!
Post-tourney street party
The infamous South Stands -- no children allowed!
Post-tourney street party
Tuesday, March 8, 2011
"Lunch Is For Wimps"
Or at least that was Gordon Gekko's view in the film Wall Street.
In Hong Kong, however, there is no such sentiment; going out for lunch is a sacred ritual. Stockbrokers here are accustomed to a long and leisurely two hour lunch starting at the magic moment of 12:30.
All that changed yesterday. Under new rules designed to bring the Hong Kong bourse more in line with trading hours of the global economy, lunch will start at 12 noon and end at 1:30. Next March it will be reduced to one hour.
Not everyone is happy with the changes. As one broker was quoted: "Chinese people take meals very seriously. While the Westerners can have sandwiches every day, we want soup and several cooked dishes to share. Shorter lunches aren't good for the health of staff and customers."
In Hong Kong, however, there is no such sentiment; going out for lunch is a sacred ritual. Stockbrokers here are accustomed to a long and leisurely two hour lunch starting at the magic moment of 12:30.
All that changed yesterday. Under new rules designed to bring the Hong Kong bourse more in line with trading hours of the global economy, lunch will start at 12 noon and end at 1:30. Next March it will be reduced to one hour.
Not everyone is happy with the changes. As one broker was quoted: "Chinese people take meals very seriously. While the Westerners can have sandwiches every day, we want soup and several cooked dishes to share. Shorter lunches aren't good for the health of staff and customers."
Sunday, March 6, 2011
Surplus Illegitimacy
We all know how budget deficits can generate social conflict. Well, in Hong Kong the government has managed to create mass political discontent over a budget surplus. In Hong Kong, the original projection of a budget deficit was slightly off the mark. Instead, Hong Kong is sitting on a massive budget surplus (largely due to the sale of inflated property) of $71.3 billion Hong Kong dollars (US$ 9.15 billion).
Rather than formulate some long-term policies to address the many social problems facing Hong Kong( inequality, housing, education) the government decided to just hand out one-time cash transfers for various purposes, and hold the bulk for a "rainy day". This satisfied no one.
One "scheme" (this is the term they use instead of "plan" making people from the US very suspicious)involved placing HK$6000 into each pension account. The population responded to this with a collective middle-finger. How will this benefit us now and why are we providing a windfall to investment managers? This scheme was so unpopular that the Budget secretary, who is now vilified, did an about face and said he would simply give every HK resident HK$6000 cash directly. Rather than appease the population, this just made people more angry and disgusted with the lack of vision and planning and transparent attempt to buy off discontent.
This all culminated in a mass protest today. Pictures below.
Several other groups were also engaging in political action in proximity to the larger rally. This group was protesting against the bear bile industry that extracts bile from Asiatic black bears for Chinese medicinal purposes. The bears are held in small cages and it is regarded as a form of animal cruelty.
The large population of migrant domestic workers, primarily Filipino, and the compensation levels and immigration rules, is also a significant social issue in Hong Kong.
One of the great things about participating in protest marches in Hong Kong - you can always pop into a Gucci store to pick up an item or two.
Rather than formulate some long-term policies to address the many social problems facing Hong Kong( inequality, housing, education) the government decided to just hand out one-time cash transfers for various purposes, and hold the bulk for a "rainy day". This satisfied no one.
One "scheme" (this is the term they use instead of "plan" making people from the US very suspicious)involved placing HK$6000 into each pension account. The population responded to this with a collective middle-finger. How will this benefit us now and why are we providing a windfall to investment managers? This scheme was so unpopular that the Budget secretary, who is now vilified, did an about face and said he would simply give every HK resident HK$6000 cash directly. Rather than appease the population, this just made people more angry and disgusted with the lack of vision and planning and transparent attempt to buy off discontent.
This all culminated in a mass protest today. Pictures below.
Several other groups were also engaging in political action in proximity to the larger rally. This group was protesting against the bear bile industry that extracts bile from Asiatic black bears for Chinese medicinal purposes. The bears are held in small cages and it is regarded as a form of animal cruelty.
The large population of migrant domestic workers, primarily Filipino, and the compensation levels and immigration rules, is also a significant social issue in Hong Kong.
One of the great things about participating in protest marches in Hong Kong - you can always pop into a Gucci store to pick up an item or two.
Saturday, March 5, 2011
One Country or Two Systems?
As far as I know, there is no place in the world where a country has jurisdiction over two diametrically opposed political economic systems. The "one country, two systems" model that accommodates the Special Administrative Region (SAR)of Hong Kong post-1997 handover from the UK, is unique and fascinating. Not surprisingly, Beijing emphasizes "one country" and Hong Kong emphasizes "two systems". The latter permits HK to allow largely unrestricted political and economic freedom for its SAR citizens, while in mainland China there is one party rule and sharp restrictions on political freedom and expression.
It seems that Beijing is becoming concerned with the relative autonomy of Hong Kong and the perceived allegiance of the population, particularly the younger generation.
The Chinese Vice President told SAR officials that they should not put "two systems" before "one country". And another party official said "I would particularly raise the issue of national education for Hong Kong youth. This matter is very serious and very urgent now."
The arrangement that China made with Britain to allow HK to retain its separate system, expires in 2047. What will happen then?
It seems that Beijing is becoming concerned with the relative autonomy of Hong Kong and the perceived allegiance of the population, particularly the younger generation.
The Chinese Vice President told SAR officials that they should not put "two systems" before "one country". And another party official said "I would particularly raise the issue of national education for Hong Kong youth. This matter is very serious and very urgent now."
The arrangement that China made with Britain to allow HK to retain its separate system, expires in 2047. What will happen then?
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