Stories from Hong Kong

The Wong Fu Yuen Fire Independent Commission is continuing its hearings in Hong Kong. The decline exceeded 300 points during morning trading, with over 1,100 stocks falling. More than 1,100 stocks fell during a mid-week trading session in Hong Kong. The decline has reached over 1,100 falling stocks during a half-day session, following the US Federal Reserve's decision to hold interest rates steady for a third time. Analysts suggest market opinions are divided regarding potential interest rate cuts, which may not occur as quickly as expected. OCBC Bank Hong Kong economist Jiang Jing noted that Middle East tensions are creating high uncertainty and impacting global energy prices. Financial Secretary Paul Chan Mo-po stated that building a strong nation requires financial support and a powerful international financial center.

LiveGolf plans to inform staff and players that the Saudi Public Investment Fund will no longer bankroll the circuit beyond this summer. Founded in 2022, the league spent billions of dollars to attract top players, including two-time major winner Bryson DeChambeau. LiveGolf is reportedly evaluating strategic alternatives to continue operating following the funding withdrawal. A collapse of the league could jeopardize the careers and earnings of its star players. LiveGolf has not yet commented on the reports. The league has hosted tournaments in Hong Kong since 2024, with a fourth event planned for February next year in Fanling. The withdrawal could have repercussions for Hong Kong. The league, founded in 2022, will inform staff and players of the decision to end funding by the end of 2020 according to US media reports.

The Water Supplies Department has completed the installation of additional safety equipment at the Wan Er Reservoir to prevent tourists from approaching dangerous areas near viewing platforms. Overall management and activities of tourist groups are reported to be good. Police will continue to monitor the situation and liaise with industry and law enforcement agencies to ensure orderly and smooth activities and minimize community impact. An easterly airflow affecting Guangdong is being replaced by a southerly airflow, while a trough of low pressure is moving across South China. A low-pressure area in central China is expected to develop into a cold front by Saturday morning and move around Guangdong by Saturday afternoon. Expect windy conditions with scattered showers. Saturday morning temperatures around 25 degrees Celsius with brief sunshine.

Shooting practice is scheduled to take place in the Tsing Yi area from 8:00 AM to 9:00 PM.

A new antiviral molecular framework has demonstrated effectiveness against Respiratory Syncytial Virus (RSV) and Hepatitis B. Researchers noted the framework is not applicable to all viruses.

The Hong Kong Transport Minister stated that officials plan to expand the daily quota of Guangdong vehicles traveling to Hong Kong in an orderly and gradual manner. Lawmaker Aaron Bock of the Business and Professionals Alliance urged the government to expand the quota.

The Hong Kong special administrative government launched a subsidy program starting at midnight. Professor Yuen suggested considering employer-provided compensation models, such as using online doctors to screen patients. Hong Kong may introduce a diesel subsidy of 5 cents per liter by the end of next month. The Hong Kong government plans to provide a diesel subsidy of 0.05 per liter for taxis, minibuses, and school service vehicles. Petroleum Distribution Company Deputy General Manager Lo Hoi-yin stated the subsidy will target laundry factories, transport fleets, local ferries, and fishing boats. The Hong Kong Automobile Transport Workers' Union stated that weekly government reporting requirements, including ensuring diesel is used locally and not resold, have increased the administrative workload.

A singer revealed during the first concert of their tour that cancer cells have returned despite a previously successful surgery. The performer shared this health update directly with the audience.

Hong Kong has risen to the position of the world's fifth-largest economy in terms of commodity trade. The Youth Affairs Bureau announced it agrees with Audit Commission recommendations to strengthen controls over the procurement of furniture and equipment for youth hostels. The diesel subsidy for commercial vehicles will run for two months, ending at 11:59 PM on June 29. Hong Kong launched a diesel subsidy of 3 HKD per liter starting at 12:00 AM today. Affected entities must submit weekly reports to authorities regarding fuel sources, sales volumes, and prices. These subsidies target taxis, public minibuses, and school private minibuses, according to Lu Haien, Deputy General Manager of an oil distribution company. Secretary for Transport and Logistics Mabel Chan stated the decision is expected to benefit approximately 16,900 taxis, 3,500 minibuses, and over 170 school buses.

Property management firm Hopon Management estimates repair works at Wong Chi House will cost more than $30 million. The building is the only block in the Tai Po estate not damaged by the fire. Repairs are expected to take at least nine months to complete.