Market turbulence to stay: FS

Total credit-card receivables declined 4.8% to $95.6 billion in the first quarter, the Monetary Authority announces, adding the decrease was due to the receding effect of festive spending around the year end and the use of credit cards to pay salaries tax.

Secretary for Commerce & Economic Development Gregory So has continued his Japan visit in Tokyo, promoting Hong Kong as a tourist destination for great food.

The Banking Ordinance (Amendment of Seventh Schedule) Notice 2012, which seeks to update market entry criteria for Hong Kong's banking sector, will be gazetted on May 5.

The Government has extended the scope of Innovation & Technology Fund funding to help new products meet requirement levels through the fund, instead of varying the Government procurement system, Acting Secretary for Financial Services & the Treasury Julia Leung tells the Legislative Council.

Financial Secretary John Tsang said the Government closely monitors the global financial market and would implement new real-estate market measures when necessary.

The Monetary Authority and Trade Development Council have held a seminar in Tokyo promoting Hong Kong’s renminbi business.

Financial Secretary John Tsang has opened the Hong Kong Economic, Trade & Cultural Office in Taipei, saying Taiwanese travellers will soon be able to apply online to visit Hong Kong.

The volume of Hong Kong's goods re-exports dropped 6.7% in the first quarter when compared with the same period last year, while that of domestic exports fell 26.9%, the Census & Statistics Department reports.

Secretary for Commerce & Economic Development Gregory So has opened the Hong Kong + Japan: Crossing Partnership in Creativity cultural project in Tokyo, to enhance bilateral exchange.

Hong Kong will erect its largest ever pavilion at this year's Cannes Film Festival to promote the city's movie productions.

Financial Secretary John Tsang is leading a delegation to Taipei to officiate at the opening of the Hong Kong Economic, Trade & Cultural Office.

Secretary for Commerce & Economic Development Gregory So has continued his Japanese visit in Sendai by inspecting repair works to damage caused by last year's earthquake and tsunami.

The foreign assets of the Exchange Fund decreased by $5.5 billion to $2.2396 trillion in April, the Monetary Authority announces.

The capital duty currently levied on Hong Kong companies under the Companies Ordinance will be abolished from June 1, Registrar of Companies Ada Chung says.

Secretary for Commerce & Economic Development Gregory So will visit Japan for five days to promote Hong Kong's co-operation with the country in bilateral trade, tourism and creative industries, and to see the recovery progress following the 2011 earthquake and tsunami.

Gross Domestic Product grew 0.4% year-on-year in the first quarter, after a 3% expansion in the fourth quarter, Government Economist Helen Chan announces.

Financial Secretary John Tsang will lead a delegation to visit Taipei from May 14 to 16 to officiate at the opening of the Hong Kong Economic, Trade & Cultural Office.

A proposal to form a mechanism for the automatic suspension and resumption of the levy for the Mandatory Provident Fund Schemes Compensation Fund will be tabled at the Legislative Council on May 30.

The Securities & Futures Commission has launched a two-month consultation on enhancing the regulatory regime of sponsors, to make them civilly and criminally liable for untrue statements and material omissions in a prospectus.