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The toll of Beijing's security law on Hong Kong's activists

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The toll of Beijing's security law on Hong Kong's activists

HONG KONG (AP) — Activist Chan Po-ying is permitted only 15-minute daily visits to see her husband, Leung Kwok-hung, separated by a plexiglass barrier in a highly guarded Hong Kong jail.

Leung, 68, is one of 47 activists who were prosecuted in the largest national security law case to date in the former British colony. Most of them have been separated from their loved ones for years, uncertain when they might reunite. On Thursday, 16 activists who pleaded not guilty — including Leung — will begin hearing their verdict.

The government had warned there might be legal consequences, but Chan didn’t stop former pro-democracy legislator Leung from participating in an unofficial 2020 primary election that would lead to his prosecution under a national security law that Beijing imposed on the semi-autonomous city.

“Maybe we were too naive,” Chan, 68, said with a laugh.

Charged with conspiracy to commit subversion, Leung and other defendants are accused of attempting to paralyze Hong Kong’s government and topple the city’s leader by securing the legislative majority necessary to veto budgets. The charge carries a maximum sentence of life imprisonment. Those who pleaded guilty have a better chance at shorter prison terms and will be sentenced at a later date.

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“I guess almost none can be acquitted,” said Chan, who chairs the League of Social Democrats, one of the city’s few remaining pro-democracy parties. “I am not optimistic. But I also hope someone can get away from it.”

ACTIVISM IN HONG KONG

Chan was part of a wave of youth activism spreading through Hong Kong when she met Leung in a Marxist group around 1975, when the city was still under British rule.

At first, Chan viewed Leung as a “troublesome guy,” being adamant about winning every debate. Despite this, they fell in love, and their bond transcended mere romance, Chan said; they are “comrades-in-arms.”

A 2005 protest solidified their bond. The two were some of the only Hong Kongers who stayed steadfast with the overseas demonstrators, even after police deployed tear gas and threatened arrest.

“Among those who stood with us in our youth, only the two of us stayed at the site,” she said.

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Activism in Hong Kong reached a peak in 2014 with the so-called Umbrella Movement, in which demonstrators used umbrellas to fend off police pepper spray in a nearly 80-day face-off. When Beijing didn’t budge, some young activists began advocating for Hong Kong’s independence.

Suppression was swift. Several pro-independence activists were blocked from joining elections, and in 2018, Hong Kong authorities banned a small pro-independence party.

Ventus Lau was among those caught in the crackdown. He was barred from running in an election in 2018, even though he renounced his pro-independence stance. But that didn’t deter him from becoming more politically active, helping organize protests in 2019 that saw generations of Hong Kongers rallying against a now-withdrawn bill that would have allowed people in the city to be extradited to mainland China.

The largest protest drew an estimated 2 million people — more than a quarter of the city’s population.

Lau, now 30, is one of the defendants who decided to plead guilty in the subversion case related to the 2020 primary. Emilia Wong, a 29-year-old feminist influencer and longtime girlfriend of Lau, supported his activism.

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In those years after the Umbrella Movement was stifled, Wong remembered feeling hopeful for a more democratic Hong Kong, despite the somber mood in the city.

“2019 represented a peak of such hopes,” she said. But the high hopes were short-lived.

THE PRIMARY VOTE AND THE CLAMPDOWN

As protests waned due to mass arrests and COVID-19 restrictions, Beijing intensified its control. On June 30, 2020, the sweeping national security law was imposed. Both the Chinese and Hong Kong governments deemed it necessary to restore the city’s stability. Several political groups dissolved on the same day.

Just a week later, a city official warned that the pro-democracy primaries might violate the security law. They held the vote anyway, resulting in an unexpectedly high turnout of 610,000.

The poll, organized within the pro-democracy camp, was meant to shortlist candidates who would then run in the official election for the legislature, typically dominated by the pro-Beijing camp. They hoped that, with a legislative majority, the government would listen to their demands.

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But things didn’t go as planned.

After the primary, Beijing said the vote challenged the security law that critics argue has been broadly applied to anything the government claims could threaten stability.

When police officers arrived at Wong’s home in January 2021 to arrest Lau for participating in the election, she recalled, “It felt so absurd that I had to laugh.”

That month, over 50 former lawmakers and democracy proponents were arrested under the national security law. Authorities accused them of planning to get enough people into office to indiscriminately veto budgets, grinding governmental functions to a halt, and to force the city leader to step down.

Of those arrested, 47 were charged and brought to court for days of bail hearings, during which time some were hospitalized due to fatigue and others weren’t able to shower for days. Most of the defendants were denied bail.

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LIVES UPENDED

After Lau was taken into custody, Wong devoted her time to arranging food and book deliveries for him, handling media interviews about the case, organizing visits from his friends, and assisting him with his application to restart university studies while detained.

Each day left Wong feeling utterly drained as she also grappled with the shock of Lau’s prosecution. One day, upon receiving clothes worn by Lau during his detention that still carried his scent, she burst into tears.

“It was a blow to me, specifically to my personal vision of Hong Kong,” she said.

Even for veteran activists like Chan, the situation was painful. To her, 2021 was suffocating. After Leung was denied bail, Chan would find herself crying without any particular reason during her commutes.

Months after the 47 activists were prosecuted, arrests of top management at Apple Daily and Stand News — prominent media outlets known for their critical reports on the government — forced them to shut down. Dozens of civil society groups disbanded. Some of Chan’s League of Social Democrats members were also jailed.

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That year, Chan wondered daily what would happen next. “I felt lonely, but I had to handle so many things,” she said.

LIFE IN DETENTION

To maintain their relationship between the limited visits, Lau has been writing Wong a letter every day since 2021, sometimes penning Canto-pop song lyrics to express his love. In return, Wong dedicated a love song to Lau on the radio for his birthday.

To Wong, staying with Lau is a natural choice. Lau signed an agreement granting her control over his affairs — a document she described as more powerful than a marriage certificate. She said she would do her best to support him.

Even behind bars, Wong said, Lau drives her to become a better person — when he picked up his reading pace, Wong followed suit. In turn, Wong offered critiques of Lau’s lyrics. Lau pursued his translation degree and Wong became a regular at the gym.

“I’m not just standing still waiting; I’ve been running all along, and so has he,” she said.

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Chan said life in detention has left Leung visibly thinner and downhearted. Despite their fiery temperaments, Leung sometimes avoids arguments during their brief visits.

“He cherishes our 15 minutes together,” Chan said. “But I also feel very upset because this isn’t the real him.”

In the most optimistic scenario, it might take three to four more years to see Leung free again, Chan said. In the meantime, she continues to organize small-scale street demonstrations, despite the threat of the new national security law that critics fear will further constrict civil liberties.

Chan knows her actions might not make a significant impact, but she says persistence in their respective roles is still meaningful.

“It’s not like nothing has been achieved,” she said.

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Global futures reopen after exchange operator CME suffers multi-hour disruption

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Global futures reopen after exchange operator CME suffers multi-hour disruption
  • US, Nikkei stock futures, West Texas Crude futures affected
  • Cooling issue at CyrusOne data centre in Chicago caused outage
  • Traders flying blind without prices, expect market volatility
  • Some FX trading resumes on EBS

SINGAPORE/LONDON, Nov 28 (Reuters) – Global futures markets were disrupted for several hours on Friday after CME Group, the world’s largest exchange operator, suffered one of its longest outages in years, halting trading across stocks, bonds, commodities and currencies.

By 1335 GMT, trading in foreign exchange, stock and bond futures , , as well as other products had resumed, after having been knocked out for over 11 hours, according to LSEG data.

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CME blamed the outage on a cooling failure at data centres run by CyrusOne, which said its Chicago-area facility had affected services for customers including CME (CME.O), opens new tab.

The disruption stopped trading in major currency pairs on CME’s EBS platform, as well as benchmark futures for West Texas Intermediate crude , Nasdaq 100 , Nikkei , palm oil and gold , according to LSEG data.

‘A BLACK EYE’

Trading volumes have been thinned out this week by the U.S. Thanksgiving holiday and with dealers looking to close positions for the end of the month, the outage posed a risk of spurring volatility, market participants said.

“It’s a black eye to the CME and probably an overdue reminder of the importance of market structure and how interconnected all these are,” Ben Laidler, head of equity strategy at Bradesco BBI, said.

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“We complacently take for granted much of the timing is frankly not great. It’s month end, a lot of things get rebalanced.”

Still, the timing of Friday’s outage, during a shortened U.S. equity trading session with thinner volumes, helped limit its market impact.

“If there was to be a glitch day, today’s probably a good day to have it,” Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey, said.

Futures are a mainstay of financial markets and are used by dealers, speculators and businesses wishing to hedge or hold positions in a wide range of underlying assets. Without these and other instruments, brokers were left flying blind and many were reluctant to trade contracts with no live prices for hours on end.

“Beyond the immediate risk of traders being unable to close positions – and the potential costs that follow – the incident raises broader concerns about reliability,” said Axel Rudolph, senior technical analyst at trading platform IG.

A few European brokerages said earlier in the day they had been unable to offer trading in some products on certain futures contracts.

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“My anticipation is that life goes on but everybody will have yet another look at their data centre arrangements and invest more in ensuring reliable supply because the importance of data center uptime is higher and higher,” Mikhail Zverev, Portfolio Manager at Amati Global Investors in London.

Regulators are tracking the situation, with both the Commodity Futures Trading Commission and Securities and Exchange Commission confirming they are aware of the issue and conducting ongoing surveillance.

BIGGEST EXCHANGE OPERATOR

CME is the biggest exchange operator by market value and says it offers the widest range of benchmark products, spanning rates, equities, metals, energy, cryptocurrencies and agriculture.

Average daily derivatives volume was 26.3 million contracts in October, CME said earlier this month.

The CME outage on Friday comes more than a decade after the operator had to shut electronic trade for some agricultural contracts in April 2014 due to technical problems, which at the time sent traders back onto the floor.

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More recently in 2024 outages at LSEG and Switzerland’s exchange operator briefly interrupted markets.

CME’s own shares were up 0.4% in premarket trading.

Reporting by Saqib Iqbal Ahmed and Laura Matthews in New York, Chris Prentice in Washington, Ankur Banerjee, Tom Westbrook, Rae Wee and Florence Tan in Singapore, Amanda Cooper, Lucy Raitano, Vidya Ranganathan and Alun John in London; Toby Sterling in Amsterdam and Pranav Kashyap in Bangalore; Editing by Alison Williams, Elaine Hardcastle and Alistair Bell

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Ukrainian official Yermak resigns as corruption probe encircles Zelenskyy

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Ukrainian official Yermak resigns as corruption probe encircles Zelenskyy

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Ukrainian President Volodymyr Zelenskyy announced that head of the office of the president of Ukraine, Andriy Yermak, had written a letter of resignation.

“I am grateful to Andriy for always presenting the Ukrainian position in the negotiation track exactly as it should be. It has always been a patriotic position,” Zelenskyy noted, according to a translation of his comments in a video.

ZELENSKYY’S TOP AIDE ANDRIY YERMAK FACES CRITICISM AND SOME PRAISE AS WAR WITH RUSSIA DRAGS ON

Head of the Office of the President of Ukraine Andriy Yermak talks to the press at the U.S. Mission to International Organizations in Geneva, Switzerland, Sunday, Nov. 23, 2025.  (Martial Trezzini/Keystone via AP)

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“But I want there to be no rumors and speculation. As for the new head of the office, tomorrow I will hold consultations with those who can head this institution,” the foreign leader noted.

Yermak’s home had been raided by anti-corruption investigators.

MOMENTUM BUILDS IN UKRAINE PEACE PUSH, BUT EXPERTS FEAR PUTIN WON’T BUDGE

President of Ukraine Volodymyr Zelenskyy participates in a briefing at the Office of the President following a staff meeting in Kyiv, Ukraine, on Nov. 7, 2025. (Pavlo Bahmut/Ukrinform/NurPhoto via Getty Images)

“Today, NABU and SAPO are indeed conducting procedural actions at my home. The investigators have no obstacles. They were given full access to the apartment, my lawyers are on site, interacting with law enforcement officers. From my side, I have full cooperation,” Yermak noted the Ukrainian-language post on Friday.

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‘GOLDEN TOILET’ SCANDAL: ZELENSKYY FACES DEEPEST CRISIS YET AS ALLIES ACCUSED IN $100M WARTIME SCHEME

Ukrainian President Volodymyr Zelenskyy meets with President Donald Trump in Washington D.C., on Aug. 19, 2025.  ( Ukrainian Presidency / Handout/Anadolu via Getty Images)

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President Donald Trump’s administration has been aiming to help broker peace between Russia and Ukraine.

Fox News’ Yulia Wallenfang contributed to this report.

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Which EU countries have the biggest gender investment gap?

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Which EU countries have the biggest gender investment gap?

Only about one in five tech companies across Europe created between 2020 and 2025 included at least one woman founder, according to the European Commission’s The Gender Investment Gap report.

Even when adjusting for this disparity, companies with female founders also received less investment than firms with male founders.

The highest levels of gender diversity were found in Latvia, at 27%, Italy, at 25.9 %, and Portugal, at 25.2%. These rates represent the proportion of companies with at least one female founder.

In contrast, countries such as the Czech Republic (9%) and Hungary (14.4%) remain well below the European average (19.3%).

Equal participation by women entrepreneurs could increase EU GDP by approximately €600 billion, with countries like Poland seeing growth of 1.6% and the Netherlands up to 5.5% by 2040, according to the 2025 Frontier Economics study.

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The gender investment gap refers to systematic disparities between women and men in accessing venture capital and participating in investment decision-making.

Among European small and medium-sized enterprises applying for bank loans, female-owned firms report loan-approval rates about five percentage points lower than male-owned firms. That’s even after controlling for age, size, and sector, according to the European Investment Bank.

Gender disparities also extend to capital ownership and investment behaviour, as data shows women are investing less in retail assets.

Female retail investors currently control about €5.7 trillion in Europe, a figure projected to rise to €9.8 trillion by 2030. If women invested on a parity basis with men, Europe could mobilise an additional €2 to €3 trillion in private investable assets.

“These findings point to an EU-wide economic shortfall well into the hundreds of billions of euros annually – capital that could otherwise be fuelling innovation, employment, green – and digital transitions,” the EC report stated.

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What is behind this gender gap?

The gender investment gap has been put down to differences in risk appetite between men and women, as well as societal expectations and financial education.

Historically, entrepreneurship and venture finance have been male-coded domains associated with risk-taking, assertiveness, and individualism.

Decision-making bodies in venture capital and private equity remain male-dominated, reinforcing existing investment patterns.

Societal expectations around women’s caregiving roles and work-life balance continue to influence their access to entrepreneurial networks and capital.

According to the European Commission’s report, even in societies perceived as egalitarian, such as Nordic countries, the assumption that gender equality has already been achieved “can itself act as a barrier – masking ongoing structural biases”.

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Across Europe, women also face a “double exclusion” of gender and geography.

European venture capital is mainly based in hubs in London, Paris, Berlin, and Stockholm, which leaves founders in Central, Eastern, and Southern Europe structurally disadvantaged.

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