China Says Hong Kong Border to Start Reopening from Sunday

(FILE PHOTO) A general view of village houses at Hong Kong border facing the skyscrapers in Shenzhen, in Hong Kong, China. (REUTERS/Tyrone Siu/File Photo)
(FILE PHOTO) A general view of village houses at Hong Kong border facing the skyscrapers in Shenzhen, in Hong Kong, China. (REUTERS/Tyrone Siu/File Photo)
TT
20

China Says Hong Kong Border to Start Reopening from Sunday

(FILE PHOTO) A general view of village houses at Hong Kong border facing the skyscrapers in Shenzhen, in Hong Kong, China. (REUTERS/Tyrone Siu/File Photo)
(FILE PHOTO) A general view of village houses at Hong Kong border facing the skyscrapers in Shenzhen, in Hong Kong, China. (REUTERS/Tyrone Siu/File Photo)

China will begin normalizing travel between the mainland and Hong Kong from Sunday, Beijing announced Thursday, easing painful pandemic restrictions that have kept the border mostly sealed for almost three years.

All but three of Hong Kong's 12 crossings with the mainland have been closed since the start of the coronavirus pandemic in early 2020, AFP said.

Both Hong Kong and China stuck to zero-Covid policies in which strict travel curbs and mandatory quarantine rules caused arrivals to plummet.

The measures kept families separated, cut-off tourism and severed most business travel, with Hong Kong hit especially hard and ending 2022 in a deep recession.

China U-turned on its zero-Covid strategy last month, abruptly lifting restrictions that had torpedoed the economy and sparked nationwide protests.

On Thursday China's Hong Kong and Macau Affairs Office announced that travel will "gradually and orderly resume" from Sunday -- the same day China scraps mandatory quarantine for overseas arrivals.

However the measures are not a return to a full reopening.

People travelling to the mainland from Hong Kong will still be required to present a negative nucleic acid test result taken 48 hours before departure -- a requirement Beijing has criticized other countries for adopting this week as the mainland's infections have surged.

Immigration authorities will start resuming visas for mainlanders to travel to Hong Kong and Macau "according to the epidemic situation and service capacities" in the two locales, the announcement said.

The statement did not say how many checkpoints would be reopened, or whether there would be a daily quota on border crossings.

Hong Kong's government will hold a press conference later on Thursday.

Local Hong Kong media have reported in recent days that the first phase of the border reopening will see a daily quota of 50,000-100,000 at border crossings.



Norway Sovereign Wealth Fund to Exclude Six Israeli Companies Linked to West Bank, Gaza 

A Norwegian flag flutters over a building in Oslo, Norway May 31, 2017. (Reuters)
A Norwegian flag flutters over a building in Oslo, Norway May 31, 2017. (Reuters)
TT
20

Norway Sovereign Wealth Fund to Exclude Six Israeli Companies Linked to West Bank, Gaza 

A Norwegian flag flutters over a building in Oslo, Norway May 31, 2017. (Reuters)
A Norwegian flag flutters over a building in Oslo, Norway May 31, 2017. (Reuters)

Norway's sovereign wealth fund, the world's largest, said on Monday it had decided to exclude another six companies with connections to the West Bank and Gaza from its portfolio, following an ethics review of its Israeli investments. 

The $2 trillion wealth fund did not name the companies it had decided to exclude but said these would be made public, along with specific reasons for each company, once the divestments were completed. 

One possibility could be that among them are Israel's five largest banks, which have been under review by the fund's ethical watchdog. 

The latest exclusions bring to 23 the number of Israeli companies the fund has been divesting from since June 30. That number may rise. 

"More companies could be excluded," Finance Minister Jens Stoltenberg told reporters. 

Currently the fund holds stakes in 38 Israeli companies, totaling 19 billion crowns ($1.9 billion) in investments, down from 61 companies totaling 23 billion crowns, as of June 30, the fund's operator, Norges Bank Investment Management, said in a letter dated Monday. 

REVIEW 

The latest announcement follows an urgent review launched this month after reports that the fund had built a stake in an Israeli jet engine group that provides services to Israel's armed forces, including the maintenance of fighter jets. 

The reports spurred a fresh debate about the fund's investments in Israel and the occupied Palestinian territories ahead of elections on Sept. 8, with some parties calling for the fund to divest from all Israeli companies, a step the government has ruled out. 

Norway's parliament in June rejected a proposal for the fund to divest from all companies with activities in the occupied Palestinian territories. 

"This debate helps sharpen our practices," said Stoltenberg. 

Critics say only a complete withdrawal from investing in Israeli companies would protect the fund against possible ethical breaches. 

Stoltenberg said that, from now on, the ethics watchdog and NBIM would have more frequent and faster exchanges of information between them to identify problematic companies quicker. 

Ethical exclusions from the fund are based on recommendations from the fund's watchdog, though NBIM can also divest from companies if it assesses that a company can pose too much of a risk to the fund, whether the risk is ethical or not. 

"With more exchanges of information between the Council on Ethics and Norges Bank, it is possible that there could be more divestments of that kind in future," said Stoltenberg. 

Last Monday, the fund announced it was terminating contracts with all three of its external asset managers who handled some of its Israeli investments.