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Facing brain drain, Hong Kong plans $3.8 billion ‘trawl’ for global talent | CNN Business

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Facing brain drain, Hong Kong plans .8 billion ‘trawl’ for global talent | CNN Business


Hong Kong
CNN Enterprise
 — 

Hong Kong needs worldwide companies to understand it means enterprise.

Town’s chief, Chief Govt John Lee, introduced Wednesday that the federal government would earmark 30 billion Hong Kong {dollars} ($3.8 billion) for a brand new fund aimed toward bringing extra companies in.

The fund will search to draw corporations to arrange operations in Hong Kong, in addition to spend money on their companies, he mentioned in a wide-ranging coverage tackle.

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The transfer comes after the town witnessed an enormous exodus amid among the world’s strictest pandemic controls, which had been just lately eased after greater than two years. In August, Hong Kong logged its greatest inhabitants drop since officers started protecting observe of such figures in 1961.

Lee addressed the file decline on Wednesday, noting: “Over the previous two years, the native workforce shrank by about 140,000.”

“Aside from actively nurturing and retaining native abilities, the federal government will proactively trawl the world for abilities,” the chief government added.

Lee additionally introduced Wednesday the launch of an initiative aimed toward attracting extra staff, together with choose excessive earners and graduates from the world’s high 100 universities.

Eligible candidates “will likely be issued a two-year move for exploring alternatives in Hong Kong,” he mentioned.

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That ought to come as welcome aid for companies in Hong Kong, which had lengthy warned of a mind drain.

Earlier than the latest removing of quarantine measures, many staff had expressed frustration over the town’s onerous journey restrictions, which at one level required as much as 21 days of lodge quarantine.

The measures broken the town’s financial system, and led many multinational corporations and expatriates to shift — or take into account transferring — elsewhere.

Hong Kong is the Asian base for a lot of multinational corporations, together with high banks and monetary companies. The previous British colony has historically been seen as a pleasant worldwide gateway to mainland China.

Lately, its status for openness and ease of doing enterprise have fallen, whereas rival hub Singapore raced forward.

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Hong Kong is working to vary that notion, by stepping up efforts to rebuild its standing as a worldwide enterprise and monetary hub.

Subsequent month, the town’s officers will welcome a few of Wall Road’s high executives for a long-awaited monetary summit. Goldman Sachs

(GS) CEO David Solomon, Morgan Stanley

(MS) CEO James Gorman, Normal Chartered

(SCBFF) CEO Invoice Winters, and HSBC

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(HSBC) CEO Noel Quinn are amongst these slated to attend.

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'Price of fentanyl will rise sharply': Elon Musk on Trump’s tariff crackdown – Times of India

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'Price of fentanyl will rise sharply': Elon Musk on Trump’s tariff crackdown – Times of India

US President-elect Donald Trump has pledged to impose significant tariffs on imports from China, Mexico, and Canada as part of a broader crackdown on illegal immigration and drug trafficking.
Trump on Truth Social outlined his plans to implement a 25% tariff on all products from Mexico and Canada and an additional 10% tariff on goods from China.
Reacting to a post that discusses Trump’s latest tariff plan, Tesla CEO Elon Musk took to X and said, “Price of Fentanyl will rise sharply.”

“As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing Crime and Drugs at levels never seen before,” Trump wrote, citing the problem of illegal immigration and illicit drugs.
He said that these tariffs, effective from his first day in office on January 20, would remain in place until Mexico and Canada act to stop the flow of drugs and illegal immigrants.
Trump accused China of breaking its promise to crack down on fentanyl production and trafficking.“Representatives of China told me that they would institute their maximum penalty, that of death, for any drug dealers caught doing this but, unfortunately, they never followed through,” he said.
Until China acts decisively, Trump said, “we will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America.”
Trump’s plans have stirred debate as he prepares for his second term. Critics call the tariffs too harsh, while supporters like Musk praise them as a strong move against the drug crisis.

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US special counsel Jack Smith moves to drop criminal cases against Donald Trump

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US special counsel Jack Smith moves to drop criminal cases against Donald Trump

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The US Department of Justice is seeking to drop two federal criminal cases against Donald Trump, abandoning its historic attempts to prosecute the former president after voters sent him back to the White House for another term.

Special counsel Jack Smith, who was appointed to oversee DoJ investigations involving the former president, said in a court filing in Washington on Monday that a case accusing Trump of interfering with the 2020 election must be dismissed before his inauguration in January. He cited a long-standing DoJ policy against indicting and prosecuting a sitting president.

“That prohibition is categorical and does not turn on the gravity of the crimes charged, the strength of the government’s proof, or the merits of the prosecution, which the government stands fully behind,” Smith wrote.

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Smith’s office cited the same policy in a filing with a US appellate court seeking to end proceedings against Trump in a separate case over the retention of classified documents. That case had already been dismissed by a federal judge, and Smith had appealed against the dismissal.

Trump wrote on X: “These cases, like all of the other cases I have been forced to go through, are empty and lawless, and should never have been brought.”

He added: “It was a political hijacking, and a low point in the History of our Country that such a thing could have happened, and yet, I persevered, against all odds, and WON.”

The filing in the election interference case seeks dismissal “without prejudice”, meaning the case may be refiled at a later stage. 

For now, the requests will sound the death knell for what has been an unprecedented effort to prosecute an ex-president, in two separate cases, for alleged crimes at the core of America’s democratic system of government.

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The DoJ indictment that last year accused Trump of mishandling classified documents made him the first former US president to face federal criminal charges. It was quickly followed by the election interference case, which focused on the events between the 2020 election and January 6 2021, when a mob of Trump supporters stormed the Capitol.

Some Democrats had hoped the legal challenges — which also included two separate criminal cases in state courts — would dent Trump’s popularity leading up to the 2024 polls, but in the end they only galvanised his base.

Trump has pledged to seek retribution from individuals he believes have been wronged, and has called for the prosecution of his political opponents, including current vice-president Kamala Harris.

Since his appointment as special counsel in November 2022, Smith faced a tight timeline to obtain indictments against Trump ahead of the 2024 election. He also became a target of fierce attacks by Trump’s allies, who have accused the DoJ of unleashing a political witch hunt against the former president — claims strenuously denied by the justice department.

Only one of Trump’s criminal cases ultimately made it to trial: a New York state court proceeding over alleged “hush money” payments to a porn actor, in which he was convicted on all 34 counts. Trump’s sentencing was postponed repeatedly, however, and last week a court said the delay would be extended indefinitely as Trump returns to the White House.

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Smith was one of several special counsels appointed by US attorney-general Merrick Garland to oversee politically sensitive investigations. One was named to examine President Joe Biden’s handling of classified documents, while another was tasked with overseeing cases against Biden’s son Hunter. Joe Biden was never prosecuted and Hunter was charged in two cases.

Smith, a career prosecutor whose past jobs have included working at a special court at The Hague hearing Kosovo war crimes cases, acknowledged the unprecedented nature of his work in the filings on Monday.

“The government’s position on the merits of the defendant’s prosecution has not changed. But the circumstances have,” he added, citing Trump’s win in the presidential election.

Smith’s requests cite two DoJ opinions issued in 1973 and 2000, which held that prosecuting a sitting president would “unduly interfere” with the presidency.

While the classified documents appeal would be dropped against Trump, Smith noted that it would continue against two co-defendants, Trump aide Walt Nauta and a property manager at Trump’s Mar-a-Lago estate. Both have pleaded not guilty.

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Prosecutors file motion to dismiss Jan. 6, documents case against Trump

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Prosecutors file motion to dismiss Jan. 6, documents case against Trump

Special counsel Jack Smith led the Jan. 6 case against Donald Trump. That case is now all but dead.

Saul Loeb/AFP via Getty Images


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Saul Loeb/AFP via Getty Images

Federal prosecutors have filed a motion to dismiss the Jan. 6 and Mar-a-Lago documents cases against Donald Trump.

The move was widely expected. Just a day after the election, Smith began to unwind the federal cases against Trump: the first for clinging to power in 2020, events that resulted in the storming of the U.S. Capitol; the second for hoarding classified documents and obstructing FBI efforts to retrieve them.

The “Department’s position is that the Constitution requires that this case be dismissed before the defendant is inaugurated,” special counsel Jack Smith said in the filing related to the Jan. 6 case. “And although the Constitution requires dismissal in this context, consistent with the temporary nature of the immunity afforded a sitting President, it does not require dismissal with prejudice.”

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In a separate filing, Smith also moved to dismiss the documents case against Trump. A Trump-appointed federal judge had previously dismissed the case against finding the prosecutor was unconstitutionally appointed. The Justice Department had appealed that ruling, but that decision now stands.

Smith said, however, the case against Walter de Nauta and Carlos de Oliviera, the two co-defendants, will continue. The federal judge’s order had covered the two men, too.

“The appeal concerning the other two defendants will continue because, unlike defendant Trump, no principle of temporary immunity applies to them,” he said in the filing.

Monday’s filing is in line with longstanding Justice Department policy that says a sitting president cannot be indicted or tried on criminal charges because it would violate the Constitution and interfere with the working of the executive branch.

In a statement, Steven Cheung, Trump’s spokesman, said the Justice Department’s move “ends the unconstitutional federal cases against President Trump, and is a major victory for the rule of law.”

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Over the summer, the U.S. Supreme Court said the Constitution gave the president broad immunity, putting the cases against Trump in peril.

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