China shoppers swap boutiques for bargains, fuelling US$30 billion luxury resale boom At a shopping centre in Shenzhen’s coastal business district, a store’s entrance feels more like a security checkpoint than a retail gateway. Customers check their bags, don white silk gloves, and pass through a gate. Beyond the checkpoint, which also seems incongruent with the outer facade resembling a typical multi-brand fashion shop, lies a 2,000-square-metre (21,527-sq-ft) showroom. Inside, luxury handbags are not displayed under artful lighting. Instead, they are tightly arranged in... image
South China Morning Post
From taboo to trendy: China’s second-hand luxury market cashes in on resale boom
Driven by an uneven recovery and property crisis, value-conscious shoppers are powering a second-hand boom as platforms use tech to verify authenti...
Singapore cracks down on scammers with mandatory caning as fraud cases surge Singapore’s government said on Friday that scammers will face mandatory caning of up to 24 strokes from December 30, under changes to criminal law to deter surging fraud cases. The changes, passed by parliament last month, strengthen penalties that already include imprisonment and fines. The Home Affairs Ministry said the enhanced punishment “ensure that our criminal laws remain effective, fair, and responsive to emerging challenges”. Under the changes, scammers, including recruiters and members... image
South China Morning Post
Singapore cracks down on scammers with mandatory caning
The new law with tougher penalties for fraud syndicates and money mules to fight rising cybercrime takes effect December 30.
Bank of Japan raises rates to levels unseen since 1995 The Bank of Japan (BOJ) raised interest rates on Friday to levels unseen in three decades and signalled its readiness for further hikes, taking another landmark step in ending decades of huge monetary support and near-zero borrowing costs. It also removed language that growth and inflation will stagnate due to the impact of higher US tariffs, underscoring the central bank’s conviction that Japan was on course to stably hit its 2 per cent inflation target backed by wage gains, and ready for a... image
South China Morning Post
Bank of Japan’s historic rate increase signals new era for economy
Bank of Japan lifts rates to 0.75 per cent – a 30-year high – ending zero-interest era, paving the way for further increases amid rising inflat...
Trump’s Venezuela ‘blockade’ raises legal questions as US masses forces US President Donald Trump’s “blockade” of sanctioned oil tankers off Venezuela’s coast was raising new questions about the legality of his military campaign in Latin America, while fuelling concerns that the US could be edging closer to war. The Trump administration says its blockade is narrowly tailored and not targeting civilians, which would be an illegal act of war. But some experts say seizing sanctioned oil tied to leader Nicolas Maduro could provoke a military response from Venezuela,... image
South China Morning Post
Trump’s Venezuela ‘blockade’ raises legal questions as US masses forces
With an unusually large US military presence near Venezuela, observers warn of tactics that stretch the bounds of international law.
Hong Kong customs arrests 2 party room operators over suspected pirated songs Hong Kong customs has arrested two party room operators on suspicion of providing pirated karaoke songs to customers after raiding eight properties across the city. The Customs and Excise Department said on Friday that officers launched an operation between December 3 and 10 after analysing intelligence, with the help of copyright owners, and identifying party rooms suspected of possessing and providing infringing karaoke songs during their business operations. Officers raided eight party rooms... image
South China Morning Post
Hong Kong customs arrests 2 party room operators over suspected pirated songs
Customs says officers raided eight properties across city, seizing HK$240,000 worth of karaoke equipment in copyright crackdown.
China cuts US Treasury holdings to lowest level since 2008 amid debt ceiling fears China reduced its US Treasury holdings in October to its lowest level in 17 years, as mounting concerns over US debt sustainability and the Federal Reserve’s independence further eroded confidence in dollar-backed assets. The country’s stockpile fell to US$688.7 billion in October, down from US$700.5 billion in September, according to US Treasury Department data released on Thursday. October’s figure was the lowest level reported since November 2008, and marked a plunge of more than 47 per cent... image
South China Morning Post
China cuts US Treasury holdings to lowest level since 2008
The stockpile has now fallen to nearly half its November 2013 peak, financial data shows, as long-term sell-off continues.
Myanmar hospital air strikes heighten election turmoil amid global inaction The Myanmar junta’s recent air strikes on a hospital just days before a general election this month are aimed at securing more territory and “intimidating” voters while major powers look the other way due to their own economic and strategic interests, according to analysts. The country’s junta said last Wednesday’s air strikes on a hospital in Mrauk-U in the western state of Rakhine were part of a counterterrorism operation targeting armed groups using the facility as a base for their... image
South China Morning Post
Are Myanmar hospital air strikes a bid to ‘intimidate’ voters ahead of poll?
The junta has been emboldened to strike as China, Russia and the US are looking the other way to serve their own interests, analysts say.
China’s heat pump tech, Tokyo clarifies Taiwan stance to Beijing: SCMP’s 7 highlights We have selected seven stories from this week’s news across Hong Kong, mainland China, the wider Asia region and beyond that resonated with our readers and shed light on topical issues. If you would like to see more of our reporting, please consider subscribing. 1. China’s ultra-hot heat pump breakthrough paves way for melting ore with sunlight For over a century, the dream of efficiently concentrating low-grade heat into high-temperature industrial energy has been constrained by a stubborn... image
South China Morning Post
China’s heat pump tech, Tokyo clarifies Taiwan stance: SCMP’s 7 highlights
From Hong Kong Jimmy Lai’s trial verdict to China’s high-altitude tank threat, here are highlights from SCMP’s recent reporting.
Hong Kong taxi driver, 62, arrested after fatally knocking down pedestrian Hong Kong police have arrested a 62-year-old taxi driver after he allegedly knocked down a woman in Central, who later succumbed to her injuries. The taxi was travelling along Caine Road when it hit a 68-year-old female pedestrian near Elgin Street at 8.55pm on Thursday, according to the force. The woman, who sustained multiple injuries, was rushed to Ruttonjee Hospital in Wan Chai in an unconscious state and was declared dead at 10.05pm. The cabby was subsequently arrested for dangerous driving... image
South China Morning Post
Hong Kong taxi driver, 62, arrested over fatally knocking down pedestrian
Police say taxi was travelling along Caine Road when it hit 68-year-old woman, who sustained multiple injuries and later died in hospital.
Japan city launches edible-looking boot souvenirs inspired by Taiwan braised pork rice A city government in Japan has unveiled a bizarre yet impressively realistic pair of fully wearable boots modelled after Taiwan’s beloved dish, braised pork rice. The creation has sparked a lively discussion on social media and left netizens in Taiwan both amused and in disbelief. Lu rou fan, or braised pork rice, is one of Taiwan’s most iconic dishes. It features tender pork simmered in a sweet and savoury soy sauce. The dish is served over white rice with vegetables and a boiled egg and is... image
South China Morning Post
Japan city launches edible-looking boot souvenirs just like Taiwan braised pork rice
‘Mysterious’ footwear fashion item crafted to look identical to iconic dish takes culinary craftsmanship to a new level; includes ‘soft-boile...