Hong Kong Enters recession as protests erupt again in flames

Agencies
October 29, 2019

Hong Kong, Oct 29: Hong Kong has fallen into recession, hit by five months of pro-democracy protests that erupted in flames over the weekend, and is unlikely to achieve any growth this year, the city’s Financial Secretary said.

“The blow (from the protests) to our economy is comprehensive,” Financial Secretary Paul Chan said in a blog post, adding that a preliminary estimate for third-quarter GDP on Oct. 31 would show two successive quarters of contraction—the technical definition of a recession.

He said it would be “extremely difficult” to achieve the government’s pre-protest forecast of 0–1 percent annual economic growth.

The rallying cry of the Oct. 27 protests was to fight perceived police brutality and defend Muslims and journalists. Police last weekend fired water cannon at a group of people standing outside a mosque and journalists have been wounded in clashes.

The programming staff union of public broadcaster RTHK said on Oct. 28 that it had called on police to identify officers who “attacked and ripped the face mask” off one of its journalists on Oct. 27. It said she was wearing a reflective vest clearly identifying herself as a journalist.

Pictures circulating online suggested she was wearing a gas mask to protect against tear gas and pepper spray. Ordinary face masks were banned this month under a resurrected colonial-era emergency law.

Hong Kong Free Press, an online news service, called for the release of a freelance photographer arrested on Oct. 27 after she had asked to see a police officer’s warrant card.

The city’s Foreign Correspondents’ Club condemned the arrest in a statement calling for an independent investigation into “police violence against journalists and interference with the media’s right to cover the protests under Hong Kong law.”

The police, who denied using excessive force, told reporters they had repeatedly asked journalists to keep their distance so the police could do their job.

They said an officer had removed a journalist’s mask, which had seemed an “undesirable” incident, but they said they didn’t know the full context. They said the Hong Kong Free Press reporter was arrested for failing to show ID and being uncooperative and obstructing police.

Protesters are angry about what they view as increasing interference by Beijing in Hong Kong, which returned to Chinese rule in 1997 under a “one country, two systems” formula intended to guarantee freedoms not seen on the mainland.

Tourists numbers have plummeted, with visitor numbers down nearly 50 percent in October, a decline Chan called an “emergency.”

Retail operators, from prime shopping malls to family-run businesses, have been forced to close for multiple days over the past few months.

While authorities have announced measures to support local small and medium seized enterprises, Chan said the measures could only “slightly reduce the pressure.”

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News Network
November 5,2024

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Washington: The race between Democratic leader Kamala Harris and her Republican rival Donald Trump for the White House has been truly unprecedented as it saw drama, tragedy, political comebacks, fierce rhetoric and a historically razor-tight contest.

As the fight reaches its crescendo with the big election day just a few hours away, many political observers billed the unpredictable race for the 47th President of the US as the most consequential one in decades while appearing to project a grim picture for the country’s future under a Trump presidency.

In her final days of campaign, Vice President Harris focused on a message of hope, unity, optimism and women rights whereas Trump remained fiercely combative in targeting his Democratic rival and even suggested that he may not accept the election outcome in case of a defeat.

Overall, it has been a roller-coaster ride for both 60-year-old Harris and 78-year-old Trump.

Trump received his party’s nomination in March and formally at the Republican National Convention (RNC) in July — in a historic comeback after remaining in political wilderness for months following several court cases.

In effect, he became the first former president to get the nomination for the top office on the planet after being convicted of a felony.

“Trump has made one of the biggest political comebacks since Richard Nixon’s in terms of the political struggles that he has had in the last four years,” Communication Strategist Anang Mittal said.

Just days ahead of the RNC, Trump was shot at during a rally in Pennsylvania. He suffered an upper ear injury. Minutes later, a bleeding Trump raised his fist in defiance, images that drew a lot of emotional support from his die-hard supporters.

For Harris too, it has been a dramatic ride after Biden ended his re-election campaign in July, nearly weeks after he came under severe scrutiny following his incoherent performance at a televised debate with Trump.

While dropping out from the race, Biden, 81, endorsed Harris to succeed him as the Democratic candidate.

Finally in August, the Democratic National Convention formally nominated Harris as the party’s candidate for the presidential election.

The presidential election will be a chance to “move past the bitterness, cynicism and divisive battles of the past”, she said in a powerful speech at the Convention.

If Harris wins, she will become the first woman, first Black woman and first person of South Asian descent to become the US President.

In the overall campaign, Harris has been projecting the election as the one to protect the country’s fundamental freedoms, safeguard constitutional values and ensure women’s rights.

On his part, Trump has maintained his signature aggressive rhetoric and promising to rebuild the economy and rid the US from illegal immigrants.

However, there has been strong criticism of the Republican leader’s roadmap to repair the economy.

"Donald Trump is offering a vision of crony rentier capitalism that has enticed many captains of industry and finance,” said Joseph E Stiglitz, a Nobel laureate economist, in a column in Project Syndicate.

"In catering to their wishes for more tax cuts and less regulation, he would make most Americans’ lives poorer, harder, and shorter,” he said.

With election day just a few hours away, there is no clarity on who has a better chance of winning the race.

"The elections are very close. They (the outcome) may change on the basis of a few thousands votes here or there. I think the big issue will be voter turnout tomorrow. That will determine the outcome in certain swing states,” said Executive Director of the US chapter of Observer Research Foundation Dhruva Jaishankar.

Kapil Sharma, a non-resident senior fellow at Atlantic Council’s Middle East Programmes, also echoed similar views.

“This election is probably one of the closest elections that I can remember. I have been working in Washington for over 30 years and I don’t recall an election being this tight,” he said.

More than 78 million Americans have already cast their votes as of Sunday, according to the University of Florida’s Election Lab that tracks early and mail-in voting across the US.

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News Network
November 6,2024

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On the verge of a landslide win in the U.S. election, Republican presidential candidate Donald Trump delivered a powerful victory speech, calling it a "magnificent victory for the American people." Reflecting on the July 13 assassination attempt, Trump said, "God spared my life for a reason," underscoring his belief that his leadership has a higher purpose.

The 78-year-old is currently projected to secure 267 electoral votes, just three shy of the pivotal 270. His opponent, Vice President Kamala Harris, trails with 224 votes. Trump hailed his campaign as the "greatest political movement of all time," vowing, "We are going to help our country heal, fix our borders, and made history for a reason tonight. I will fight for you and your family with every breath in my body."

The Democrats face a formidable Republican lead, with Trump’s team predicting an ultimate tally of 315 electoral votes. A pivotal element in Trump's success was a sweeping takeover in key battleground states. From a Democratic lead of 6-1 in these areas during the 2020 elections, the scales shifted to a 7-0 advantage for Trump, with decisive wins in Georgia, Pennsylvania, and North Carolina and leads in Arizona, Wisconsin, Michigan, and Nevada.

The significance of this Republican victory deepens as the party also takes control of the Senate and holds a commanding lead in the House of Representatives race.

Trump expressed deep gratitude to his supporters, his running mate JD Vance, wife Melanie, and his children for standing by him throughout the challenging campaign. He also extended a special thanks to Tesla CEO and tech mogul Elon Musk, a prominent Trump supporter.

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News Network
November 7,2024

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In his victory speech, President-elect Donald Trump showered praise on Elon Musk, calling him an "amazing guy" and "super genius." The SpaceX CEO’s satellite internet project, Starlink, received special attention for its role in providing critical connectivity after Hurricane Helene. With Starlink’s success making waves, speculation grows: will Musk bring his revolutionary tech to India’s vast, underserved areas?

In India, Musk’s increasing proximity to Trump and the President-elect’s endorsement has sparked curiosity and anticipation. Although regulatory barriers have delayed Starlink’s entry since 2021, recent policy shifts by India’s Communications Ministry could turn the tide. Minister Jyotiraditya Scindia recently announced plans to allocate satellite spectrum administratively, a move welcomed by Musk, who pledged to "serve the people of India" through Starlink.

What Makes Starlink Unique?
Unlike traditional broadband reliant on cables, Starlink uses thousands of low-earth orbit satellites to provide high-speed internet. This innovative approach bypasses the need for miles of overhead or underground wiring, making it ideal for remote and rural areas. Launched in 2019, Starlink now serves over 4 million users globally, and its entry into India could be transformative in bridging the digital divide.

Starlink’s India Journey So Far
Musk’s ambitions for India began in 2021 with pre-order invitations, but the government halted progress, citing licensing requirements. However, with Scindia’s recent announcement, Starlink may soon navigate the regulatory landscape, potentially setting the stage for a significant market entry.

Showdown with India’s Telecom Titans
If Starlink is allowed in, it could mean intense competition for Indian telecom leaders Mukesh Ambani’s Jio and Sunil Bharti Mittal’s Airtel. Both companies argue that satellite spectrum should be auctioned to maintain a level playing field, especially if Starlink expands to urban areas, challenging their established services.

While Starlink advocates for affordable, widespread access, Indian telecom giants claim global players often leverage rural connectivity narratives for favorable conditions, potentially overshadowing local providers in urban markets. As the government’s decisions unfold, a tech-driven tug-of-war could reshape India’s telecom landscape, with Musk’s Starlink poised as a powerful new player.

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