The relevant provisions of the Mercury Control Ordinance prohibiting the supply and sale of regulated mercury-added products will come into effect on December 1 this year to protect public health and the environment from anthropogenic emissions of mercury and mercury compounds.
      
     The Ordinance came into effect on December 1, 2021, to fully implement the Minamata Convention on Mercury in Hong Kong. It regulates the import, export, keeping and use of mercury, mercury mixtures and mercury compounds, as well as the import, export and manufacture of mercury-added products. Provisions prohibiting the supply or sale of regulated mercury-added products will take effect on December 1 this year to facilitate the industry's gradual transition to the use and supply of mercury-free alternatives.
      
     A spokesman for the Environmental Protection Department (EPD) said that starting from December 1, 2024, no person shall supply (including selling or providing for free) regulated mercury-added products. However, the use of regulated mercury-added products does not constitute an offence. Regulated mercury-added products include batteries, switches and relays, compact fluorescent lamps, linear fluorescent lamps, high-pressure mercury vapour lamps, cold cathode fluorescent lamps and external electrode fluorescent lamps for electronic display, cosmetics, biocides and topical antiseptics, and non-electronic measuring devices (mercury thermometers and mercury sphygmomanometers).
      
     The spokesman said, "Currently, most regulated mercury-added products are no longer available on the market. There are ample mercury-free alternatives available, and there are no local manufacturers that require the use of mercury or mercury compounds in their manufacturing processes. It is believed that this control will have a very low impact on the public and the industry."
      
     In order to help the industry understand and comply with the provisions of the Ordinance, the EPD has sent letters to inform stakeholders, including suppliers, sellers, and chambers of commerce, about the details of the prohibition on the supply of regulated mercury-added products. This information has also been disseminated to their members through chambers of commerce. From September to October this year, EPD officers visited about 1 000 merchants that may still sell regulated mercury-added products (such as mercury thermometers and mercury sphygmomanometers), distributing promotional materials and explaining relevant regulatory content to them.
      
     In addition, the EPD will provide free collection and disposal services to merchants who still have stocks of regulated mercury-added products. Merchants in need can apply to the EPD from December 2, 2024, to January 17, 2025. Enquiries regarding the details can be made by calling 3107 8421 or emailing mercurycontrol@epd.gov.hk.
      
     For information on regulated mercury-added products, please visit the EPD webpage:
     www.epd.gov.hk/epd/english/international_conventions/mercury/mco.html. â€‹

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, met with Swiss financial officials and top management of the International Institute for Management Development (IMD) in Bern and Lausanne, respectively, on the last day of his visit to Switzerland (November 7, Bern time).

     In the morning, Mr Hui met with the State Secretary for International Finance at the Federal Department of Finance, Switzerland, Ms Daniela Stoffel. Mr Hui noted that Hong Kong has set out its strategic development as an international financial centre (IFC) on all fronts, including fintech, sustainable finance and the connect programmes facilitating the two-way flow of capital between China and the world. Both sides discussed opportunities for bilateral co-operation, given that Hong Kong is a leading IFC with its financial sector contributing nearly one-fourth of its Gross Domestic Product, while Switzerland has a well-developed service sector led by financial services.

     Mr Hui participated in the IMD's luncheon, during which he met with the Director of the IMD World Competitiveness Center, Professor Arturo Bris. Mr Hui also met separately with the IMD's President, Mr David Bach. Mr Hui shared with Mr Bach Hong Kong's latest policy initiatives aimed at enhancing the asset and wealth management industry as well as green and sustainable finance. The two parties will maintain communication and explore more bilateral co-operation opportunities between Hong Kong and Switzerland.

     The IMD's World Competitiveness Yearbook 2024, published earlier this year, continued to recognise Hong Kong as one of the most competitive economies in the world. Hong Kong's ranking rose two places to fifth globally in the Yearbook, with its ranking in "Business efficiency" placing within the top 10 globally. In terms of sub-factors, Hong Kong ranked among the global top five in "Tax policy", "International investment" and "Finance".   

     On the same day, Mr Hui paid a courtesy call to the charge d'affaires of the Chinese Embassy in Switzerland, Mr Mao Jun, in Bern.

     Concluding his visit to Switzerland, Mr Hui said, "The Chief Executive clearly states in his 2024 Policy Address the principle that anything essential but lacking in the system must be established; and any areas in need of consolidation must be reinforced and improved. He also noted the need to continue to actively expand and deepen overseas networks. My visit to Switzerland is a step towards putting these ideas into practice.

     "Switzerland has traditionally been a centre for asset and wealth management and risk management, and Hong Kong has also been developing these two areas in recent years. The Policy Address proposed several key measures to further strengthen Hong Kong's status as international asset and wealth management and risk management centres. Switzerland and Hong Kong offer financial services across different time zones. Through meetings with top figures from international organisations, the financial sector and the business community, all parties share the view that there is ample room for co-operation between the two places. In addition, Switzerland and Hong Kong, as well as the international community, attach great importance to sustainable disclosure. Hong Kong must capitalise on the momentum of this development and strive to be among the first jurisdictions to align the local sustainability disclosure requirements with the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards), in order to consolidate our position as an international green and sustainable finance hub and attract more overseas enterprises to leverage our strengths for development in Hong Kong."

     Mr Hui will return to Hong Kong today (November 8).

        

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Federal Open Market Committee of the United States Federal Reserve (the Fed) just announced its decision to cut the target range for the federal funds rate by 25 basis points, to 4.5-4.75 per cent. The HKMA has reduced the Base Rate to 5 per cent according to the established mechanism with immediate effect.
      
     The Fed further cut interest rates as expected by the market to implement less restrictive monetary policy. However, the pace of future rate cuts remains uncertain as it is subject to US economic data, which will be influenced by fiscal, economic and trade policies. Furthermore, monetary policies across the major economies are not entirely in sync. The risk of global financial market volatility should continue to be closely monitored.
      
     Our financial and monetary markets have continued to operate in a smooth and orderly manner. Market liquidity condition has remained stable, and the Hong Kong dollar exchange rate stays steady. Under the Linked Exchange Rate System, Hong Kong dollar interbank rates generally track the US dollar counterparts, while shorter-tenor interbank rates tend to be also influenced by the supply and demand of Hong Kong dollar funding in the local market such as seasonal effects and capital market activities.
      
     With regard to deposit and lending rates, banks will normally take into account factors such as funding supply and demand in the interbank market, the level of interbank rates and their own funding cost structures to access the merit and extent of adjustments, if any. The rate-cut cycle in the US is still at its initial stage. Interest rates might still remain at relatively high levels for some time. The public should carefully assess and continue to manage the interest rate risk when making property purchase, mortgage or other borrowing decisions. 
      
     The rate-cut decision in the US will not affect our financial and monetary stability. The HKMA will closely monitor market developments including trends of interest rates and movements of funds around the global markets to ensure financial and monetary stability.

     â€‹Hongkong Post announced today (November 8) that selected philatelic products issued by China Post, Macao Post and Telecommunications and the postal administrations of Australia, Isle of Man, Japan, Liechtenstein, New Zealand and the United Kingdom will be available for sale from November 12 (Tuesday).
      
     China Post issued "The Investitures of the Gods (I)" and "Mogao Caves (II)" stamps. "The Investitures of the Gods (I)" stamps are crafted with Chinese traditional Gongbi painting and heavy colours, inheriting the aesthetics of Song dynasty paintings. With fine brushstrokes and precise composition, the stamps create a realm of fantasy that is mysterious, ancient, and magnificent. "Mogao Caves (II)" stamps exhibit the texture and shape of the statues, which are austere and elegant, highlighting the rich historical and cultural essence of Mogao Caves. Meanwhile, Macao Post and Telecommunications released two sets of philatelic products, namely the "40th Anniversary of Television Broadcast in Macao" stamp sheetlet that commemorates the 40 years of television broadcasting service to the population of Macao, and the "Trails in Macao" stamps that feature four popular trails located in Macao, Taipa, Coloane and the landscape along the trails.
      
      As for other philatelic products, Australia Post issued a set of stamps themed "Koalas in Danger", raising the awareness about the endangered koalas. Japan Post released a set of stamps on "Autumn Greetings 2024" to depict leisurely scenes of life and a variety of flora and fauna in Autumn colours, showing the sense of the season. Liechtensteinische Post AG issued a stamp sheetlet to mark the 100 years of the Swiss Franc as the national currency of the Principality of Liechtenstein. In addition, Royal Mail launched a set of stamps themed "Tower of London" to showcase many of this iconic landmark's fascinating features and time-honoured traditions.
      
      The selected philatelic products will be available for sale at the Hongkong Post online shopping mall ShopThruPost (shopthrupost.hongkongpost.hk) starting from 9 am on November 12, while stocks last. These products will also be available at the PostShop of the General Post Office, Tsim Sha Tsui Post Office and Sha Tin Central Post Office on the same day. Details of each product, the prices and sales quotas are set out in the Appendix. For further information, members of the public may visit the Hongkong Post Stamps website (stamps.hongkongpost.hk) or call the Hongkong Post Philatelic Bureau hotline at 2785 5711.

                        

     The Government announced today (November 8) that a site, Tsing Yi Town Lot No. 202 at the junction of Tsing Hung Road and Tsing Yi Road, Tsing Yi, New Territories, will be disposed of by public tender for logistics services and public vehicle park purposes. The tender invitation will close on February 21, 2025.

     The Transport and Logistics Bureau promulgated eight major strategies in the Action Plan on Modern Logistics Development in October 2023 to lead the future development of the logistics industry in Hong Kong, which included actively identifying suitable sites for supporting modern logistics development. The Government has identified logistics sites with development potential around the Kwai Tsing Container Terminals and plans to release a total of four logistics sites, on a regular basis between 2024 and 2027. Tsing Yi Town Lot No. 202 is one of them.

     Tsing Yi Town Lot No. 202 has a site area of about 44 318 square metres and is designated for logistics services and public vehicle park purposes, with the maximum gross floor area that may be attained being 227 836 sq m for developing multi-storey modern logistics facilities and a public vehicle park, thereby achieving multiple uses on one site.

     A spokesperson for the Transport and Logistics Bureau said, "The logistics industry is one of the important pillars of the Hong Kong economy. With a view to promoting modern logistics development and consolidating Hong Kong's role as an international logistics hub, the Government will continue to increase the supply of quality logistics sites, thereby meeting the short and medium term demand for logistics land from the industry. The Government will closely monitor the market situation to release the remaining three relevant logistics sites in a timely manner and in accordance with the plan set out in the Action Plan." 

     Land sale documents, including the Form of Tender, the Tender Notice, the Conditions of Sale and the sale plan of the lot, are now available for downloading from the Lands Department (LandsD) website (www.landsd.gov.hk), while the sale plan is available for inspection by the public from today until the close of the tender. The sale plan in hard copy may also be purchased at the Survey and Mapping Office of the LandsD, 6/F, North Point Government Offices, 333 Java Road, North Point, Hong Kong, from today until the close of the tender. The particulars of the tender were gazetted today.