Hong Kong reports record 26026 daily COVID-19 cases - CNA

Some experts predict the city of 7.4 million will have up to 180,000 cases daily next month.

The most vulnerable are particularly at risk, with 67 of the 83 deaths reported on Sunday at nursing homes. Vaccination rates among the elderly have been relatively low and many suffer from chronic illnesses.

Hong Kong is hiring 1,000 temporary workers from mainland China to care for elderly COVID-19 patients at its isolation and treatment facilities, said Law Chi-kwong, secretary for labour and welfare.

Officials have said the mainland would help provide testing, treatment and quarantine capacity. Last week city leader Carrie Lam used emergency powers granted under British colonial-era laws to exempt mainland Chinese staff and projects from any licensing or other legal requirements.

On Saturday, authorities said they would adjust COVID-19 testing procedures to allow some people to test from home to ease long queues at designated testing centres, as the city's outbreak proves increasingly hard to control.

Health secretary Sophia Chan said about 1.3 million rapid testing kits would be handed out to those in higher risk areas and jobs, and people testing positive would have to register their results online.

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2022-02-27 08:58:00Z
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Poland refuse to play Russia in 2022 World Cup playoff game - ESPN

5:59 PM GMT

Poland are refusing to play their World Cup qualifier against Russia in response to Russia's invasion of Ukraine, the Polish soccer federation president Cezary Kulesza said on Saturday.

Russia are set to face Poland on March 24 and the winner of that match plays whoever triumphs between Sweden and Czech Republic in a playoff on March 29 in the Path B final to qualify for the 2022 World Cup in Qatar. Sweden said on Saturday that they won't play Russia in a possible playoff "regardless of where the match is played."

But Kulesza made the announcement on Twitter, citing Russia's assault, and indicated Poland was in talks with other federations to present a unified position to FIFA.

"No more words, time to act!" Kulesza wrote, saying the move was prompted by the "escalation of the aggression."

Poland striker Robert Lewandowski added: "It is the right decision! I can't imagine playing a match with the Russian National Team in a situation when armed aggression in Ukraine continues. Russian footballers and fans are not responsible for this, but we can't pretend that nothing is happening."

Previously, Poland had only said they didn't want to play the qualifying playoff semifinal in Moscow on March 24.

Earlier this week, the Football Associations of Poland, Sweden and Czech Republic released a statement urging FIFA to stage any World Cup playoff against Russia outside of the country following its attack on Ukraine.

In a letter addressed to the FIFA General Secretary Fatma Samoura, the three associations wrote: "Based on the current alarming development in the conflict between Russia and Ukraine, including the security situation the Football Associations of Poland (PZPN), Sweden (SvFF) and Czech Republic (FACR) express their firm position that the playoff matches to qualify for the 2022 World Cup in Qatar, scheduled for March 24 and 29, 2022, should not be played in the territory of the Russian Federation.

"The signatories to this appeal do not consider travelling to Russia and playing football matches there. The military escalation that we are observing entails serious consequences and considerably lower safety for our national football teams and official delegations.

"Therefore, we expect FIFA and UEFA to react immediately and to present alternative solutions regarding places where these approaching playoff matches could be played."

On Thursday, FIFA said in a statement that the "hope for rapid cessation of hostilities and peace in Ukraine."

"Violence is never a solution and FIFA calls on all parties to restore peace through constructive dialogue. FIFA also continues to express its solidarity to the people affected by this conflict," FIFA said. "Regarding football matters in both Ukraine and Russia, FIFA will continue to monitor the situation and updates in relation to the upcoming FIFA World Cup Qatar 202 qualifiers will be communicated in due course."

Information from AP was used in this report

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2022-02-26 10:33:16Z
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Oil prices break US$100, S'pore stocks sink as Russia launches military attack on Ukraine - The Straits Times

SINGAPORE - Global stocks dived and oil soared on Thursday (Feb 24) as investors fled to safety after Russian President Vladimir Putin launched an invasion of Ukraine.

Futures for the S&P 500 and Nasdaq both slid more than 2 per cent, putting the tech-heavy Nasdaq at risk of a bear market. European markets plummeted, with the Stoxx 600 Europe index down 3.6 per cent.

“The markets are pricing in a full-scale war now that Putin has finally launched attacks on Ukraine,” KGI analyst Joel Ng told The Straits Times.

In Singapore earlier, shares moved sharply lower immediately after news of the latest developments, with the Straits Times Index (STI) closing 3.5 per cent lower.

The last time the STI had a steeper one-day drop was on March 30, 2020, when it fell 4.5 per cent after relief from global fiscal support measures faded with uncertainty over the length of the Covid-19 pandemic.

Compared with its regional peers, shares in Singapore were the most affected in Asia. Major indexes in Japan, Hong Kong, South Korea and Australia closed between 1.8 per cent and 3.2 per cent lower.

“The STI has fallen the most among Asian bourses since it was also the index that rose the most year to date,” said Mr Justin Tang, head of research at United First Partners.

“Investors may be seeing the opportunity to take profit, as many of the component stocks on the STI are dividend-yielding stocks. With oil prices rising, many may also be offloading Reits (real estate investment trusts) in anticipation of higher interest rates to come,” he added.

Dragging down the STI were bank stocks OCBC, UOB and DBS, which have a combined 45 per cent weighting in the index, after OCBC posted underwhelming fourth-quarter earnings due to higher expenses and lower trading income.

OCBC and DBS each lost more than 4 per cent, while UOB shed more than 5 per cent. 

Singapore Airlines tumbled more than 6.2 per cent, while in-flight caterer and ground handler Sats lost more than 5 per cent, due to concerns that “higher oil prices may be passed on in the form of higher air fares, which could dampen demand for travel", Mr Ng said.

But against the sea of red, oil and gas plays RH Petrogas and Rex International chalked up gains of nearly 12 per cent and 4.8 per cent respectively. 

The run-up in gold prices also rubbed off on gold producer CNMC Goldmine Holdings, which jumped 4.6 per cent on Thursday.

Brent crude futures soared past US$100 a barrel for the first time since 2014 amid fears of a disruption to the region’s critical energy exports.

Natural gas in Europe rose as much as 41 per cent, while prices of metals like gold, aluminium and nickel, and grains like wheat and soya bean spiked, piling on inflationary pressures.

Russia is a key seller of multiple commodities to global customers, with Europe relying on the nation for about a quarter of its oil and a third of its gas.

The increase in the prices of key commodities is contributing to a surge in inflation already at its highest level in decades. This is posing a cost-of-living crisis for millions around the world and may force central banks to raise interest rates.

Both inflation and higher rates may derail the global economy's rebound from the pandemic.

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2022-02-24 02:12:20Z
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Hong Kong Budget targets COVID-19 relief with tax breaks, handouts - CNA

Bars, gyms, beauty parlours and 12 other types of venues are closed, while restaurants cannot operate beyond 6.00 pm. Apart from grocery stores, most shops are deserted as residents are back working from home. The border is virtually shut with the finance sector complaining this has caused an exodus of talent and made operating a regional hub out of Hong Kong difficult.

The restrictions will last until at least Apr 20.

TAX CUTS

The Budget measures announced on Wednesday include a 100 per cent reduction in salaries tax, capped at HK$10,000, handouts of HK$10,000 consumption vouchers, financial aid for the unemployed, and subsidies for directly impacted businesses.

Residents will also be given tax deductions related to their rent payments, as well as subsidies for transport and utilities.

A 100 per cent reduction in profits tax capped at HK$10,000 is expected to benefit 151,000 firms, Chan said. In addition, the government will help small firms with loan guarantees, export financing, and debt repayment holidays.

New legislation will be introduced to prevent landlords from terminating rental contracts of struggling small firms for up to six months.

Funds worth HK$1.26 billion will be given to firms in the tourism industry, reeling from two years of inactivity with no near-term prospects of recovery.

The "anti-epidemic" measures include HK$22 billion to boost COVID-19 testing capacity, HK$6 billion to procure more vaccines, and HK$12 billion for the construction of more health facilities, among others.

Hong Kong's economy is expected to grow 2 per cent to 3.5 per cent this year after expanding 6.4 per cent in 2021, Chan said, adding the forecast takes into account a recovery in the second part of the year once the epidemic is brought under control.

"The successful control of the epidemic is the key to safeguarding our economy and people's livelihood," Chan said.

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2022-02-23 06:28:14Z
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Covid-19 may cut sperm count and sex drive: HK study - The Straits Times

HONG KONG (CAIXIN GLOBAL) - Covid-19 infection could reduce male sperm count and lower sex drive, a new study from the University of Hong Kong (HKU) showed, while suggesting that vaccination can prevent such damage.

The findings are based on a study of testicular and hormonal changes in hamsters infected with the coronavirus and conducted by the university's microbiology researchers.

The study found that the hamsters suffered from acute decrease in sperm count and serum testosterone after four to seven days of infection. They also developed testicular atrophy with reduced testicular size and weight.

Previously, international studies found that male Covid-19 patients experienced testicular pain and lower sperm motility and lower sperm counts after recovery.

Autopsy results of some male Covid-19 victims showed that they had suffered from symptoms of orchitis, the inflammation of one or both testicles.

Professor Yuen Kwok-yung, chairman of infectious disease at the HKU's Department of Microbiology who led the research, said: "In managing convalescent Covid-19 males, it is important to be aware of possible hypogonadism (low sex drive) and subfertility."

Prof Yuen added that Covid-19 vaccination can prevent this complication.

Similar testicular changes were also found in hamsters infected with Omicron or Delta, two highly transmissible variants of Covid-19, the study said, noting that vaccination can prevent this testicular damage.

Researchers found hamsters who received two inactivated vaccine doses after three days of infection with the virus did not suffer from testicular injury while achieving immune protection.

They also found hamsters infected with a type of influenza virus showed no testicular infection or damage.

The hamsters in the tests developed "light pneumonia" from which they can recover without treatment, the study said.

The study has been accepted for publication in the peer-reviewed journal Clinical Infectious Diseases.

This story was originally published by Caixin Global.

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2022-02-23 03:51:19Z
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Asian stock markets sink, oil hits 7-year high as Ukraine crisis escalates - The Straits Times

SINGAPORE - Stock markets across Asia were a sea of red, while oil prices hit seven-year highs amid the threat of a full-scale invasion of Ukraine by Russia.

The repercussions from likely sanctions from the West, even higher energy and commodity prices and more hawkish monetary policy measures could disrupt the global economic recovery from the Covid-19 pandemic.

The Straits Times Index (STI) lost 35.78 points, or 1.04 per cent, to close at 3,400.58 on Tuesday on a sell-off in US futures. 

This came after Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent, ordered forces into the area, and likely torpedoed a last-minute bid for a summit with US President Joe Biden.

Mr Biden was set to order retaliatory sanctions on the separatist regions of Ukraine, with the European Union vowing to take additional measures.

Brent crude futures jumped to a high of US$97.40 a barrel - their highest since September 2014. Natural gas was up nearly 7 per cent to US$4.74 per million British thermal units.

“There’s fear in the local market but not panic selling. Even though some took profit, optimism over local banks’ earnings helped offset some of the geopolitical risk,” CIMB Private Banking economist Song Seng Wun said.

DBS Bank, OCBC Bank and UOB, which maintain a combined 45 per cent weight in the STI, have averaged 16 per cent gains so far this year, on recent expectations of five to seven interest rate hikes by the US Federal Reserve this year. This compared with the trio averaging 25 per cent total returns in 2021, according to a Singapore Exchange market update on Monday. 

So far this year, Singapore stocks have drawn $1.9 billion in net institutional inflow, with DBS, OCBC and UOB accounting for a combined $1.4 billion of that amount, the update said.

Mr Song added: “While we are worried about supply disruptions because of the Ukraine crisis, oil prices haven’t breached US$100 a barrel yet because of the possibility that international talks could lead to a lifting of sanctions on Teheran, which could put more Iranian oil in the market.” 

But some analysts say oil prices are likely to remain volatile in the near term because Iranian crude is unlikely to return until later this year.

Meanwhile, the worst performers yesterday included Singapore Airlines and Dairy Farm, which shed 2.4 per cent each, and Yangzijiang Shipbuilding, which lost 2.86 per cent.

“These stocks, which are a proxy for economic recovery, did poorly as the prospects of an invasion and higher energy prices can threaten the global recovery,” said Mr Colin Low, assistant manager, research and portfolio management, FSMOne.com.
 

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2022-02-22 14:05:42Z
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Asia stock markets sink, oil hits 7-year high as Russia-Ukraine crisis escalates - The Straits Times

SINGAPORE - Stock markets across Asia were in a sea of red, while oil prices hit seven-year highs amid the threat of a full-scale invasion of Ukraine by Russia.

The repercussions from likely sanctions from the West, even higher energy and commodity prices and more hawkish monetary policy measures could disrupt the global economic recovery from the Covid-19 pandemic.

By the midday break, the Straits Times Index was down 0.83 per cent, or 28.62 points, to 3,407.74, after having fallen as much as 0.97 per cent minutes after trading started.

This came after Russian President Vladimir Putin recognised two breakaway regions in eastern Ukraine as independent, ordering forces into the area, likely torpedoing a last-minute bid for a summit with US President Joe Biden. Mr Biden was set to order retaliatory sanctions on the separatist regions of Ukraine, with the European Union vowing to take additional measures.

Brent crude futures jumped to a high of US$97.40 a barrel - their highest since September 2014 - on worries Russia’s energy exports could be disrupted. Natural gas was up nearly 7 per cent to US$4.74 per million British thermal units.

Safe-haven assets like gold rose. Spot gold added 0.2 per cent to US$1,909.10, having earlier hit a new six-month top of US$1,911.56.

With Asia stocks whiplashed by the Ukraine crisis, Hong Kong was the biggest casualty with a nearly 3 per cent fall. This was due to fears of a new wave of regulatory scrutiny by Beijing after a report that Chinese authorities told banks and state firms to report their financial exposure and links to Jack Ma’s Ant Group. 

Shanghai stocks were down 1.4 per cent, while Shenzhen dropped 1.6 per cent. Japan lost 2.1 per cent, Taiwan and South Korea each shed 1.7 per cent.

“The pull-back in Asian stocks isn’t as bad as it seems because markets aren’t pricing in a full-blown war despite the latest developments. A bigger worry is the fallout from sanctions on Russia, which supplies one-third of gas to Europe. That will have a big impact on crude oil and gas prices, which could mean higher petrol and electricity prices for us,” KGI analyst Joel Ng said.

US and European markets were also bracing for sharp losses when they open later, with the S&P 500 futures down 1.8 per cent and Nasdaq futures off 2.5 per cent.

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2022-02-22 06:15:56Z
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