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Hong Kong protests spread to subway as bank warns of economic fallout

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Reuters- A major bank warned on Wednesday that weeks of protests in Hong Kong could hit the economies of the Chinese-ruled city and mainland China itself as demonstrators prepared a sit-in at a subway and site of a mid-summer mob attack.

Hong Kong-based Bank of East Asia Ltd (BEA) posted a 75% slump in first-half net profit after it wrote down loans in China because of a downturn in commercial property markets outside China’s top cities.

It also warned that social unrest in Hong Kong and a trade dispute between China and the United States could affect the economies of China and the former British colony.

“The tense atmosphere (in Hong Kong) is likely to weigh on consumer and business confidence, and on in-bound tourism, if there is no resolution soon,” it said in a statement.

Some Hong Kong companies have been dragged into controversy after 11 weeks of sometimes violent clashes between police and pro-democracy protesters, angered by a perceived erosion of freedoms.

Pilots and cabin crew at Cathay Pacific Airways described a “white terror” of political denunciations, sackings and phone searches by Chinese aviation officials.

“The recent situation in Hong Kong causes signs of concerns for the local SMEs (small and medium-sized enterprises),” bank co-chief executive Adrian Li told reporters. “It is because you see that if the current condition continues, (it) shall affect tourism, retail trade as well as investors’ confidence. Nevertheless, our Hong Kong asset quality remains very healthy.”

Protesters were preparing to gather on Wednesday at the suburban Yuen Long mass-transit rail station, one of a series of running demonstrations over 11 weeks that have sometimes turned violent, including the storming of the legislature and havoc at the airport.

On the night of July 21, about 100 white-shirted men stormed the station hours after protesters marched through central Hong Kong and defaced China’s Liaison Office – the main symbol of Beijing’s authority over the city.

The men attacked black-clad protesters returning from Hong Kong island, passers-by, journalists and lawmakers with pipes and clubs, wounding 45 people.

Anger erupted in June over a now-suspended bill that would allow criminal suspects in Hong Kong to be extradited to mainland China for trial. Hong Kong leader Carrie Lam said again on Tuesday the legislation was dead.

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24 Hours Across Africa

Tottenham appoint Mourinho as New Coach

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Tottenham Hotspur had experienced a woeful start in their domestic league, the club board of directors has terminated Mauricio Pochettino four years deal.

Jose Mourinho signed a three-year contract until the end of the 2022/23 season.

Tottenham sit 14th in England’s top flight after picking up just three wins from their opening 12 games and were eliminated from the League Cup in September by fourth-tier Colchester United.

Speaking on his appointment, Mourinho said: “I am excited to be joining a club with such a great heritage and such passionate supporters. The quality in both the squad and the academy excites me. Working with these players is what has attracted me.”

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24 Hours Across Africa

Brazil win U17 World cup after beating Mexico

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Brazil bags another remarkable win to tally its Under-17 World Cup trophy by beating Mexico.

The host team, Brazil leaves it late to triumphed a 2-1 win at the Bezerrao stadium.

thanks to Lazaro Vinicius Marques’ 93rd-minute goal to made the difference.

Mexico – winners of the showpiece tournament in 2005 and 2011 – looked on track to add a third title to their collection when Bryan Alonso Gonzalez Olivan headed home the opener in the 66th minute.

But Brazil, playing in front of legends Ronaldo and Cafu, rallied courtesy of Kaio Jorge’s questionable penalty with six minutes of regulation time remaining.

Brazil then completed the comeback deep into stoppage time when Lazaro volleyed home a last-gasp winner.

The victory added to Brazil’s successes in 1997, 1999 and 2003 as they moved within one of Nigeria’s record of five championships.

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