Author Archives: hksar gov

     The Producer Responsibility Scheme on Waste Electrical and Electronic Equipment (WPRS), covering air-conditioners, refrigerators, washing machines, televisions, computers, printers, scanners and monitors (collectively referred to as regulated electrical equipment, or REE), will come into effect on August 1 (next Wednesday) this year.
      
     The Secretary for the Environment, Mr Wong Kam-sing, today (July 27) met with representatives of relevant trade associations to review the preparation work by the trade, the Environmental Protection Department (EPD) and the operator of WEEE‧PARK for the implementation of the WPRS.
      
     Mr Wong said, “To prepare for the implementation of the WPRS, the EPD has been maintaining close collaboration with the trade over the past few years and has its support. The Scheme will facilitate the collection of waste electrical and electronic equipment generated locally for proper recycling and turning the items into resources.”
      
     Starting August 1 this year, sellers are required to arrange free statutory removal service for customers when they purchase a new item of REE. Sellers are also required to provide a receipt containing the prescribed wording on the recycling levies, and a recycling label. Mr Wong reminded members of the public that they can request the seller to arrange the delivery of a new item and the removal of an item of waste equipment to be done on the same day without additional charge.
      
     In addition to viewing Announcements in the Public Interest on television and posters, members of the public can also visit the thematic website weee.gov.hk to obtain more details about the WPRS. If members of the public have any questions on the implementation arrangement of the WPRS when they purchase a new item of REE, they can contact the relevant seller or call the EPD hotline 2310 0223 for enquiries. A set of frequently asked questions and answers has been set out in the Annex.
      
     Regarding the implementation arrangements of the WPRS, Mr Wong said, “During the early stage of implementation, it may take time for members of the public and the trade to get accustomed to the new arrangements and operational flow. To facilitate the smooth implementation of the scheme, the EPD has asked the operator of WEEE‧PARK to gear up for the possible substantial increase in demand for collection services during the initial period. The operator has collaborated with its logistics partners to arrange additional vehicles and manpower to strive to meet the service demands and its performance pledge to deliver the removal service from the fourth working day at the earliest after receiving a service request. We will closely monitor its operation and maintain close liaison with relevant trade organisations.”
      
     He added, “At today’s meeting, the trade representatives expressed their support for the scheme. We also agreed to maintain close communication to review the implementation of the WPRS at a suitable juncture.”
       
     In the past few months, the EPD conducted 17 briefings for members of the trade, shop visits, and about 20 one-stop-application sessions to facilitate the submission of registration and endorsement applications by the trade. As at July 26 this year, the EPD had received 2 085 applications for endorsement of removal service plans by REE sellers, of which 1 383 had been approved. At the same time, 182 applications had been received for registration as suppliers, of which 149 had been approved. Most of the outstanding applications were received in the past week and the department will process these applications as soon as possible. Sellers and suppliers who have yet to submit applications should take immediate action to file applications.
      
     In addition, in order to enable retailers to better understand the legal requirements, the EPD has sent staff to visit shops selling REE in various districts over the past few months to remind their responsible persons and front-line staff to observe the new legislation. When the legislation comes into force, the EPD will conduct investigations through multiple channels and take enforcement actions against shops which are suspected of breaching the law.
      
     Under the Promotion of Recycling and Proper Disposal (Electrical Equipment and Electronic Equipment) Ordinance, starting August 1 this year, a seller of REE must have a removal service plan (RSP) endorsed by the EPD for selling REE, and must notify consumers in writing of the arrangements of the statutory removal service and the relevant terms of service before entering into a sales contract. A seller should ensure the relevant arrangements have been clearly explained to the customer during the sales process, so that the consumer can make a choice according to his or her own needs. A seller who does not arrange free removal service according to the endorsed RSP commits an offence and is liable to a maximum fine of $100,000 on the first conviction, while a seller who has not notified the consumer according to the legislation is liable to a maximum fine of $5,000 on the first conviction.
      
     REE sellers must also provide consumers with the corresponding recycling label alongside the sold REE and a receipt showing the prescribed wording on the recycling levies for identifying the REE distributed under the WPRS.
      
     In addition, starting August 1 this year, a supplier of REE must register with the EPD before distributing REE. Offenders are liable to a maximum fine of $100,000 on conviction.

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The following is issued on behalf of the Hospital Authority:      The 50th issue of "HA Risk Alert" is published today (July 27) by the Hospital Authority (HA) as a risk management and communication initiative to furthe… read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) today (July 27) published the unaudited financial position of the Exchange Fund at end-June 2018.
 
     The Exchange Fund recorded an investment income of HK$27.3 billion in the first half of 2018. The main components were:
 

• gains on bonds of HK$19.5 billion;
• losses on Hong Kong equities of HK$3.4 billion;
• losses on other equities of HK$2.7 billion;
• positive currency translation effect on non-Hong Kong dollar assets of HK$5 billion (Note 1); and
• gains on other investments of HK$8.9 billion (Note 2).

 
     Fees on placements by the Fiscal Reserves and placements by HKSAR government funds and statutory bodies were HK$22.2 billion (Note 3) and HK$6.9 billion respectively in the first half of 2018 (the rate of fee payment is 4.6 per cent for 2018). After deducting all expenses and fees, the Accumulated Surplus of the Exchange Fund recorded a decrease of HK$36.2 billion (Annexes 1 and 2).
 
     Total assets of the Exchange Fund stood at HK$4,100.7 billion at end-June 2018, an increase of HK$85.4 billion from the end of 2017.
 
     The global financial markets were very volatile during the first half of the year. At the beginning of the year, the markets were concerned that the US Federal Reserve might quicken the pace of rate hikes on the back of rising inflationary pressures in the US. As a result, yields on the US Treasuries surged, and the global equity markets experienced sharp corrections after reaching new highs at end-January. In particular, the US Dow Jones Industrial Average Index lost 1 175 points in one day, its worst single-day point decline in history. Subsequently, trade tensions between the US and its major trading partners (including China) weighed on market sentiments and added to the global equity market volatility. The US dollar strengthened in the second quarter and asset prices in some emerging markets dropped substantially.
 
     The Chief Executive of the HKMA, Mr Norman Chan, said, “As we have warned at the beginning of the year, asset prices in the global financial markets were in general at their historical highs and the markets might have underpriced some risk factors, including the pace of US interest rate normalisation and the US government’s trade policy. These factors could easily trigger significant corrections and volatilities in asset markets.”
 
     He added, “Looking ahead, the global investment environment will become even more complex and challenging in the second half of the year. As trade conflicts between the US and China continue to escalate, trade tensions between the US and other countries are also intensifying. It is hard to predict what will happen next. There are no winners but only losers in trade wars. If the trade wars continue to heat up, the global economy and financial markets will be taking a hit. At the same time, the US Federal Reserve might step up the pace and the magnitude of its monetary policy tightening amid rising inflation, leading to volatility in financial markets. In the face of such an environment, the HKMA will continue to strengthen the Exchange Fund’s resilience to market fluctuations through defensive measures and investment diversification.”
 
Note 1: This is primarily the effect of translating foreign currency assets into Hong Kong dollar after deducting the portion for currency hedging.
Note 2: This is the valuation change of investments held by investment holding subsidiaries of the Exchange Fund. This figure represents valuation changes up to the end of March 2018. Valuations of these investments from April to June are not yet available.
Note 3: This does not include the 2018 fee payment to the Future Fund because such amount will only be disclosed when the composite rate for 2018 is available. read more

     The prize presentation ceremony of the Hang Seng Bank – Help the Police Fight Youth Crime Competition 2018 was held today (July 27). Twenty-four winners received certificates and scholarships from the Commissioner of… read more

     The director of Talent Way Development Limited was prosecuted by the Labour Department (LD) for failing to pay employees’ wages and defaulting on the sums awarded by the Labour Tribunal (LT) as required by the Employment Ordinance (EO). The director pleaded guilty at Eastern Magistrates’ Courts today (July 27) and was fined a total of $50,000. The director was also ordered to pay a sum of about $320,000 via the court to the five employees. 
      
     The company failed to pay five employees wages within seven days after the termination of employment. The company also failed to pay them the awarded sum of about $320,000 in total within 14 days after the date set out by the terms of the LT award in accordance with the EO. The director concerned was convicted for his consent, connivance or neglect in the above offences.
      
     “The ruling helps disseminate a strong message to all employers and responsible officers of companies that they have to pay wages to employees within the time limit stipulated in the EO and the awarded sums according to the terms of the awards of the LT or Minor Employment Claims Adjudication Board. The LD will not tolerate these offences and will continue to make dedicated efforts in enforcing the EO and safeguarding employees’ statutory rights,” a spokesman of the LD said. read more