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Hong Kong Bourse to Keep Trading Through Severe Weather

Hong Kong's stock exchange will implement new rules in September to continue trading through inclement weather. Peter PARKS / AFP
Hong Kong's stock exchange will implement new rules in September to continue trading through inclement weather. Peter PARKS / AFP
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Hong Kong Bourse to Keep Trading Through Severe Weather

Hong Kong's stock exchange will implement new rules in September to continue trading through inclement weather. Peter PARKS / AFP
Hong Kong's stock exchange will implement new rules in September to continue trading through inclement weather. Peter PARKS / AFP

Hong Kong's stock exchange will continue trading through typhoons and heavy storms from September, the city's leader announced Tuesday.
The bourse in the international finance hub typically suspends trading when a strong typhoon signal or "black rainstorm warning" is hoisted, meaning several days are lost each year, said AFP.
Southern China is accustomed to seeing seasonal typhoons in the latter half of the year, but climate change has made tropical storms more unpredictable while increasing their intensity.
On Tuesday, John Lee said that from September 23 investors can trade as usual "when the typhoon signal number eight or above is hoisted in Hong Kong, or even during a black rainstorm warning".
"Shenzhen and Shanghai are now trading in bad weather. There is no reason why Hong Kong, as an international financial center, should not follow suit," he added.
"Non-stop trading in inclement weather can strengthen the competitiveness of the Hong Kong Exchange," he said, adding that the September timeframe would give the industry time to prepare.
Katerine Kou, chair of Hong Kong Securities Association, said discussion on the move had been ongoing for a year given the city's role as "a super connector between the Chinese market and the global market".
"I think Hong Kong as a whole, including the exchange, have been trying to score more points, and to enhance its global competitiveness," Kou told AFP. "This is definitely a score-winning move."
Last year, the city raised its highest T10 warning -- for Typhoon Saola -- for only the 16th time since World War II.
A week after Saola, Hong Kong was flooded by the heaviest rainfall in nearly 140 years, leaving its streets inundated and subway stations waterlogged.
According to a consultation paper from the city's bourse proposing trading continue through bad weather, the exchange was impacted by severe weather four times in 2023, "including three full-day market suspensions".
"During such trading suspensions, investors are unable to manage their portfolios and are exposed to potential market risks, especially in scenarios where the markets of their underlying positions are open," it said.

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Saudi Arabia, IFAD Partner to Fight Hunger

Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)
Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)
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Saudi Arabia, IFAD Partner to Fight Hunger

Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)
Maize planting and harvest season in one of Saudi Arabia’s provinces (File photo courtesy of SPA)

Amid a widening global food gap and the mounting impacts of climate change, the International Fund for Agricultural Development (IFAD) has underscored the vital importance of boosting support for agricultural and food-related activities to drive sustainable development in rural areas.

 

The UN agency praised its strong and multifaceted cooperation with Saudi Arabia, highlighting key areas of focus that include food security, rural development, and strengthening resilience to environmental changes.

 

IFAD is also ramping up efforts to promote the “blue economy” as part of its broader strategy to support sustainable development, particularly in rural and coastal communities, a senior official told Asharq Al-Awsat.

 

Naoufel Telahigue, IFAD’s Regional Director for the Near East, North Africa and Europe, said the Rome-based UN agency is working to scale up sustainable use of oceans, seas, and water resources to drive economic growth, improve livelihoods, and safeguard marine ecosystems.

 

“The blue economy is an emerging development approach that recognizes the economic potential of our marine and aquatic resources—when used sustainably,” he said.

 

According to Telahigue, IFAD has implemented more than 100 projects across 35 countries over the past four decades, with total investments exceeding $3.4 billion, of which the Fund contributed $1.5 billion.

 

These projects have reached over 80 million beneficiaries, including fishers, aquaculture farmers, seafood processors, traders, as well as women, youth, Indigenous peoples and persons with disabilities.

 

Currently, over 75 active IFAD-supported projects target fisheries, aquaculture, and livelihoods in coastal zones.

 

The blue economy spans a range of sectors, including sustainable fishing, aquaculture, coastal tourism, marine renewable energy, maritime transport, and waste management. Telahigue said IFAD is focused on helping rural populations reduce poverty, boost food security, improve nutrition, and build resilience to environmental shocks.

 

Since its establishment in 1978, IFAD has provided more than $25 billion in low-interest loans and grants to fund development projects in low- and middle-income countries.

 

Telahigue pointed to a set of challenges hampering IFAD’s mission, including limited funding amid rising global crises, the growing impact of climate change on livelihoods, and poor infrastructure in targeted regions. He also highlighted political instability and armed conflict as key obstacles to project implementation and sustainability.

 

“The lack of inclusivity and equal access to resources remains a major concern,” he added.

 

To address these issues, Telahigue called for strengthening partnerships, adopting innovative financing solutions, and developing flexible, community-based interventions. He stressed the importance of improving monitoring and evaluation systems to ensure long-term sustainability and maximize impact.

 

Saudi Arabia continues to provide robust and diversified support to the International Fund for Agricultural Development (IFAD), with a focus on rural development, food security and climate change adaptation, a senior official at the UN agency said.

 

As a founding member of IFAD, the Kingdom has contributed more than $485 million since 1977, reflecting its long-standing commitment to poverty reduction and strengthening food systems in developing countries, said Telahigue.

 

He described the opening of IFAD’s liaison office in Riyadh in 2019 as a pivotal step toward deepening partnerships with Gulf Cooperation Council (GCC) countries, facilitating knowledge exchange, and rolling out innovative initiatives.

 

Among them is the “reimbursable technical assistance” program, which supports smallholder farmers in Saudi Arabia’s Jazan region with climate-smart production models for crops such as coffee and mango.

 

In 2021, IFAD signed a cooperation agreement with the King Salman Humanitarian Aid and Relief Center to combat hunger and malnutrition in the world’s most vulnerable countries by improving sustainable access to food.

 

Telahigue said IFAD’s goals align closely with Saudi Arabia’s flagship environmental initiatives, including the Saudi Green Initiative and the Middle East Green Initiative, which aim to restore ecosystems and promote environmental sustainability—both on land and across marine and coastal zones.