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U.S. Senate Readies Quick Vote on Trade Status: Hong Kong Update -

U.S. Senate Readies Quick Vote on Trade Status: Hong Kong Update(Bloomberg) -- China’s President Xi Jinping said “continuing radical violent crimes” in Hong Kong have “seriously trampled on the rule of law” and that “stopping the violence and restoring order” is the city’s “most urgent task” at present.Separately, the U.S. Senate moved to expedite passage of legislation that would support pro-Democracy protestors in Hong Kong by putting the city’s special trading status under U.S. law under annual review.Earlier, a 70-year-old man who suffered a head injury in scuffles was reported to have died, according to Ming Pao.Xi’s latest comments came after Hong Kong’s government dismissed speculation it would impose a weekend curfew. China’s state-owned Global Times newspaper had deleted a tweet that reported the city’s authorities were gearing up to announce widespread restrictions.The initial tweet and ensuing deletion came after the government said all schools would be suspended through Sunday amid a fourth straight day of chaos. The city’s subway operator has partially suspended service and protesters continue to block roads, as residents wonder what could come next.The financial hub has been paralyzed since Monday morning, when a demonstrator was shot during protests, igniting city-wide rallies and violent clashes. The situation has worsened in the days since, with most major universities canceling classes and companies telling employees to work from home.The protests, which have been raging for five months in pursuit of greater democracy in the former British colony, first intensified Friday after a student died of injuries sustained near a protest. Chief Executive Carrie Lam held a late-night session with her advisers and government ministers last night, according to reports, and may be considering further measures. She has previously vowed not to give in to violent demonstrations.Key developments:U.S. Senate vows quick vote on Hong Kong legislationXi says “crimes” have “trampled” on rule of lawHong Kong’s government dismisses curfew speculationMTR Corp. announced some rail line closures on Thursday morningLam reportedly met with senior officials Wednesday nightSome roads remain blocked by protesters70-year-old man dies after scuffles; 15-year-old in critical conditionLocal stocks fell, with the benchmark Hang Seng index closing down 0.9%Here’s the latest (all times local):U.S. Senate Prepares to Vote on Trade Status Bill (12:41 a.m.)The Senate is preparing for quick passage of legislation that would support pro-democracy protesters by placing Hong Kong’s special trading status with the U.S. under annual review.The Senate will run the “hotline” on the bill, which is an expedited process to check for last-minute opposition to bringing legislation immediately to the floor for a vote, according to a statement Thursday from Republican Senator Marco Rubio.The current Senate legislation is different than a version passed earlier by the House of Representatives. That means the two bills would have to be reconciled and passed by both chambers before going to President Donald Trump to be signed into law.Man dies after suffering head injury (11:45 p.m.)A 70-year-old man who suffered a head injury Wednesday has died, Ming Pao reported, citing the hospital. The case will be investigated by the coroner. He was hit by what appeared to be a brick thrown by protesters, according to the government and police.Separately, a 15-year-old boy underwent brain surgery after sustaining a head injury from what may have been a tear gas canister, local news organization RTHK reported.Xi says ‘crimes’ have ‘trampled’ on rule of law (10:25 p.m.)China’s President Xi, currently on a visit to Brazil, said “continuing radical violent crimes in Hong Kong have seriously trampled on the rule of law and social order, seriously undermined Hong Kong’s prosperity and stability, and seriously challenged the bottom line of the ‘One Country, Two Systems’ principle,” state-run broadcaster CCTV reported in a Weibo post. “Stopping the violence and restoring order is Hong Kong’s most urgent task at present.”Xi reiterated China’s support for Hong Kong’s Chief Executive Lam. “We will continue to firmly support the Chief Executive to lead the government of the Hong Kong Special Administrative Region in accordance with the law, firmly support the Hong Kong Police in law enforcement, and firmly support the Hong Kong Judiciary in punishing violent criminals.”Government dismisses curfew rumors (7:55 p.m.)“Rumors” that authorities were planning to implement a curfew over the weekend are “totally unfounded,” Hong Kong’s government said in a statement, following rising speculation after Lam’s late-night meeting with top officials on Wednesday.No curfews at current stage, HK01 says (6:16 p.m.)Hong Kong won’t impose curfews at the current stage or cancel District Council elections scheduled for Nov. 24, local news site HK01 reported, citing an unidentified person close to the government.“No one can guarantee what will happen in the long run. If Hong Kong’s situation worsens to a civil war, then anything can happen. But at this moment, the government has no plans to impose curfews or cancel the District Council elections,” the report quoted the person as saying.Global Times editor explains deletion (5 p.m.)The editor-in-chief of the Global Times, Hu Xijin, said on Twitter that he checked how one of his reporters obtained information about the impending curfew, and decided to delete the tweet. “My conclusion is that the information is not sufficient to support this exclusive news,” said Hu, who is closely followed on Twitter for pronouncements that have accurately predicted Chinese government policies and sometimes move markets.Global Times deletes curfew tweet (4:03 p.m.)China’s state-owned Global Times newspaper deleted a tweet in which it had said Hong Kong’s government was expected to announce a curfew this weekend.Global Times warns of curfew (3:30 p.m.)The Global Times tweeted that Hong Kong’s government was expected to announce a curfew this weekend, citing unnamed sources.Protesters gather in Central (1:45 p.m.)A large group of demonstrators gathered in the Central financial district for the fourth-straight day, while other protesters amassed at a rally in Tai Koo, on the eastern side of Hong Kong Island.Many people in Central were holding up their hands with five fingers outstretched, a way to signify support for the protesters’ five demands that include an independent inquiry and universal suffrage. They also blocked some traffic in the area.Schools suspended again (11:50 a.m.)Hong Kong’s Education Bureau said the suspension of all schools would continue Friday to Sunday, citing safety reasons. Schools were also suspended Thursday.Cheung says meeting had no specific purpose (11:13 a.m.)A gathering held by Lam late Wednesday with senior officials was a regular meeting and didn’t have a specific purpose, Radio Television Hong Kong reported, citing the city’s No. 2 official, Chief Secretary Matthew Cheung, as saying in response to a question from a lawmaker at the city’s legislature.Local media has speculated that the government discussed new contingency measures during the meeting, amid the escalating violence.Hong Kong boosts police force (10:45 a.m.)Cheung said it has supplemented its police force with about 100 officers from the Hong Kong Correctional Services Department to serve as “special police” on a voluntary basis. The move will help relieve the burden on Hong Kong’s regular force, which has been dealing with mass protests and intense clashes with protesters for more than five months, Cheung said in a Legislative Council meeting.U.S. agency slams Hong Kong authorities (10:30 a.m.)The U.S. Congressional-Executive Commission on China, which reports to both Congress and the president on Chinese human rights issues, said it condemns the Hong Kong authorities for “excessive force” and that threats to delay upcoming local elections “will only enhance grievances.”In a series of Twitter posts, the body said it’s also concerned about Beijing’s plan to exert more control over Hong Kong and suggested China may be allowing the growing turmoil in the city as part of a broader strategy.“The escalating violence in HongKong is extremely concerning and the premeditated attack on university campuses, where over 1k rounds of teargas were used, raises disturbing questions as to whether the Chinese govt’s strategy is to create more chaos & new protests,” it said.Protesters use bows and arrows (10 a.m.)Protesters used bows to fire arrows at police officers early Thursday, prompting a volley of tear gas in reply, according to a police statement. Demonstrators fired arrows starting around 6:40 a.m. and also threw flower pots, the police said, adding that no officers were injured.Dozens injured in clashes (9 a.m.)Nineteen people were admitted to the hospital with injuries overnight and this morning as of 7:30 a.m., a Hospital Authority spokesman said. On Wednesday, the spokesman added, 67 people were admitted to the hospital as a result of clashes, with the youngest being a 10-month-old baby and the oldest aged 81. The Hospital Authority confirmed earlier reports that a 15-year-old and a 70-year-old remained in critical condition.Tear gas fired (8:45 a.m.)Police fired tear gas during the morning commute on Thursday at demonstrators gathered on the Hong Kong Polytechnic University campus in Kowloon, not far from the entrance to the cross-harbor tunnel that connects the peninsula to Hong Kong Island.MTR suspends some service (8 a.m.)The city’s subway operator MTR Corp. has suspended parts of some lines, including the East Rail Line, West Rail Line and the Tung Chung Line. It has also closed the Mong Kok, Sai Wan Ho and Tseung Kwan O stations, according to the company. The Airport Authority Hong Kong is also aware of attempts to disrupt the Airport Express on Nov. 14, and urged passengers to pay attention to traffic updates and check with their airlines.Man seriously injured (2 a.m.)An elderly man remained in critical condition after sustaining serious injuries when he was hit in the head by a hard object thrown by “masked riotors,” the local government said in a statement last night. Police received information around noon Wednesday that the 70-year-old man was allegedly hit by a brick in Sheung Shui, in Hong Kong’s New Territories, according to a police statement. No one has been arrested and police are seeking information from witnesses.\--With assistance from Erin Roman.To contact the reporters on this story: Iain Marlow in Hong Kong at imarlow1@bloomberg.net;Dominic Lau in Hong Kong at dlau92@bloomberg.net;Natalie Lung in Hong Kong at flung6@bloomberg.net;Daniel Flatley in Washington at dflatley1@bloomberg.netTo contact the editors responsible for this story: Daniel Ten Kate at dtenkate@bloomberg.net, Chris Kay, Colin KeatingeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Thu, 14 Nov 2019 11:46:46 -0500

Billionaire Hedge Fund Founder Bets Pound Has Potential to Rally More -

Billionaire Hedge Fund Founder Bets Pound Has Potential to Rally More(Bloomberg) -- Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.A prominent money manager who oversees $1 billion in assets is betting on a stronger pound.Ben Melkman, who quit Brevan Howard Investment to start Light Sky Macro LP, favors buying sterling via options on conviction that the currency has the potential to climb up to $1.35, a 5% advance from current levels.While the U.K. currency surged the most since the financial crisis in October, analysts reckon it has the potential to strengthen more should next month’s election in Britain pave the way for the nation’s exit from the European Union.Melkman’s strategy of betting via options offers a glimpse into how hedge funds are sidestepping the spot market for currencies in favor of more cost-effective methods. Using such derivatives to position for exchange-rate moves can cost much less than buying or selling currencies outright, since the option premiums are limited and losses are capped.The pound was around $1.2850 on Thursday. It strengthened 5.3% against the dollar in October, the most for a month since May 2009.In a presentation to clients, Melkman says that “...the latent uncertainty related to the election outcome provides an opportunity to position for the final leg higher” in the pound. Attempts to reach Melkman didn’t immediately yield a response.Instead of buying a vanilla call option on the pound, Melkman suggests using a double knock-out structure since it would mean lower option premiums. The nature of the structure would mean that the options would expire worthless if sterling touches either of those strikes.Melkman’s fund returned almost 16% this year, compared with 7.8% for its peer group.\--With assistance from Ven Ram.To contact the reporter on this story: Nishant Kumar in London at nkumar173@bloomberg.netTo contact the editors responsible for this story: Paul Dobson at pdobson2@bloomberg.net, Anil Varma, William ShawFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Thu, 14 Nov 2019 11:38:03 -0500

Farage Rejects Tory Calls to Clear Path for Johnson: U.K. Votes -

Farage Rejects Tory Calls to Clear Path for Johnson: U.K. Votes(Bloomberg) -- Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast.Nigel Farage said he will fight all Labour-held seats, despite calls to stand his Brexit Party candidates down and clear the path for Prime Minister Boris Johnson to win a majority and deliver Brexit.The pound earlier gained on speculation Farage could pull out of more seats -- but fell after he confirmed he would not. His decision makes it more difficult for Johnson to win the seats he needs to take from Labour if he is to secure a majority in Parliament for the Conservatives.On Monday, Farage announced he would not contest seats that the Tories won at the last election in 2017. But Conservatives and pro-Brexit campaigners said this did not go far enough and urged him to stand aside in the seats the Tories are targeting.Johnson is trying to win a clutch of key districts that Labour currently holds but which also voted for Brexit in the referendum in 2016. Johnson now faces competition from Farage’s team for the support of these crucial pro-Brexit voters.Key Developments:Farage says he won’t give Johnson any more help and will compete with Tories to win Labour-held seatsSecurity minister Brandon Lewis pledges to publish report on Russia meddling after electionPolling expert John Curtice says Tories might need a bigger lead to get a majority, while Labour almost certainly won’t get a majorityNominations for candidates closed at 4 p.m.Must read: Black Ice and Blue Lips: U.K. Braces for Rare Winter ElectionNominations Close With A Brexit Withdrawal (4 p.m.)Nominations closed for candidates to stand in the Dec. 12 election, one minute after the Brexit Party candidate in ultra-marginal Dudley North announced he would not be standing.Rupert Lowe, who was due to contest the seat, which Labour won by just 22 votes in 2017, said he feared he would split the vote and help Jeremy Corbyn to win power.The Green Party, which reached a deal with the Liberal Democrats and Plaid Cymru not hinder each other’s chances in 60 seats, said it will be fielding 500 candidates in the election.Labour Slams Record Hospital Waiting Times (12.45 p.m.)The main opposition Labour Party attacked Boris Johnson’s Conservatives over the latest National Health Service data, which shows record waiting times for accident and emergency patients and missed cancer treatment targets.“Any decent health secretary worth their salt would today apologize to patients for the worst A and E waits on record,” Labour’s health spokesman, Jon Ashworth, said on Twitter. “Today proves we need the 40 billion pound cash rescue plan Labour has for the NHS.”Ashworth’s comments come after Health Secretary Matt Hancock tried to argue the poor figures illustrate the dangers of handing responsibility for the state-run health service to a Labour government. “The last thing our NHS can afford is Labour’s plans for a four-day week and uncontrolled and unlimited immigration,” he said.Proper funding and protection of the U.K.’s National Health Service is always a key battleground in British politics, and is expected to be especially important in the run up to the Dec. 12 election. Chris Hopson, CEO of NHS Providers, said he was “worried that the NHS is under this degree of pressure at this point, well before the full onset of winter.”Polls Suggest Tories Should Win, Curtice Says (12:10 p.m.)“With a ten-point lead the Tories ought to win an overall majority -- but that’s not a prediction,” John Curtice, professor of politics at Strathclyde University, told reporters in London.Curtice is one of the most respected election experts in the country and masterminded the official exit polls, which accurately predicted the last two surprise results on election night.“But because the Brexit Party are standing down in Conservative-held seats it could simply be a case of the Tories piling up more votes in the seats they are going to win anyway and therefore the lead the Tories may need in the polls in order to get an overall majority could be greater than the six or seven points that we currently anticipate.”The Tories have been hovering around 39% in the polls to Labour’s 29% in the first fortnight of campaigning.Curtice told another event in London that Corbyn would almost certainly not win a majority. “The chances of Labour winning a majority are as close to zero as it is possible to be,” he said.Farage Won’t Stand Down in Labour Seats (11:43 a.m.)Brexit Party leader Nigel Farage indicated he won’t stand down his candidates in key Labour-held seats the Conservatives are targeting. “We’re going to stand up and fight Labour in every seat in this country, be in no doubt” he said at a campaign event in Hull.He attacked Corbyn’s Labour for being out of touch with its traditional Labour heartlands in the north of England. “The Labour party is more about Hoxton” in a fashionable district of London, than it is Hull, he said. “They have been taking over by the north London intellectuals.”Farage said his candidates “are now coming under relentless phone calls, emails and abuse and being told they should stand down.” He added: “That’s a complete and utter disgrace.”Brexit Party Candidates Say They Won’t Quit (11:20 a.m.)The highly anticipated Brexit Party event in Hull today has so far proved relatively uneventful. They’ve announced Michelle Dewberry, a previous winner of the U.K. version of TV show “The Apprentice,”, as their candidate for Kingston Upon Hull West.“Standing in this election was a tough choice for me to make,” she said. “But ultimately, I believe passionately that there are many people in Hull West and Hessle who have been let down by Labour. As for the Tories, they have shown, year after year, that they do not care about the north.”Despite speculation, there has been no sign that Farage will stand down candidates in key Conservative target seats, with Dewberry urging the crowd to “not fall for all this nonsense about tactical voting.” Farage and party chairman Richard Tice are due to speak soon.EU Mulls Reaction to U.K. Commissioner Snub (10:45 a.m.)The legal services of EU institutions are assessing the implications of the U.K’s refusal (see earlier) to nominate a candidate for the bloc’s executive arm, three diplomats said in Brussels. While European law dictates that the new EU Commission can’t be confirmed and sworn in until it has 28 members, European Parliament lawyers are of the opinion that a single member state can’t bloc the functioning of institutions, one of the officials said.The second official said that at this stage, there are no concerns about complications in the functioning of the Commission, adding that the U.K. letter was expected. “The Council now has to reflect on this,” the third official said, after reminding that the U.K. is in breach of its commitment -- under the Brexit extension deal -- to nominate a commissioner.A spokesman for the bloc’s executive arm declined to comment further than reiterating that the U.K. had committed to both nominating a commissioner and to not disrupting the functioning of EU institutions.Hogan: Standards Key to EU-U.K. Trade Deal (10 a.m.)Incoming European Union trade commissioner Phil Hogan said an agreement on regulations and standards will be central to EU-U.K. talks on a free trade deal, and that the bloc is “ready to go” on negotiations once the withdrawal agreement is ratified.“I think the British public will demand and expect that their govt will sign on to EU standards, because we have the highest standards in the world,” Hogan said in an RTE radio interview.Lewis: Tories Committed to Cutting Migration (8:30 a.m.)Home Office minister Brandon Lewis said a Conservative government would be committed to reducing net migration using a points-based visa system -- though he declined to say by how much -- and said his party’s estimate that Labour’s policy would allow more than 800,000 migrants every year is an underestimate.“We want to target net migration so that people can see that we’ve got control,” Lewis told BBC Radio 4. He also tried to shift the blame to the Liberal Democrats -- the Conservative Party’s coalition partners from 2010 to 2015 -- for the government’s failure to control immigration in those years.Lewis also said the government will publish Parliament’s long-awaited report into Russian influence on U.K. democracy after the election. He was answering a question on Russian links to the Conservative Party; former U.S. presidential candidate Hillary Clinton said this week she was “dumbfounded” the government would wait until after voters have already cast their ballots before releasing the report.Labour Not Split on Immigration: Pidcock (7:30 a.m.)It’s a “false flag” to say Labour is split over its immigration policy, the party’s employment spokeswoman Laura Pidcock said, emphasizing that stricter regulations would answer the concerns of workers that their pay and conditions are being undercut by immigrants.Len McCluskey, leader of Unite, Labour’s biggest labor union backer, said on Wednesday that the Labour conference vote to retain free movement of people in the EU was not “a sensible approach” and that he would argue against it appearing in the party’s manifesto.McCluskey “is the leader of the trade union that I am a member of, he talked very clearly about there not being an environment where national terms and conditions can be undermined by exploitative bosses,” Pidcock said. “The issue is not about migrant labor, the issue is about what kind of legislative environment we have for workers, and we will create one where all workers are protected.”Brexit Party Will Help Tories: Farage (Earlier)Nigel Farage said his Brexit Party’s role is to hold Boris Johnson to his promises and not soften his line on leaving the EU.Johnson “has made a promise, the job of the Brexit Party is to hold him to account,” Farage said in an interview with the BBC. “If we trusted the Conservative Party we’d never have had a referendum,” he said. “All the change that’s happened in the Conservative Party” has been down to the Brexit Party and its predecessors, he said.Farage said his party will continue to aggressively target Labour seats and he will be campaigning in the West Midlands and north of England in the coming days.“This election will be decided by tactical voting decisions across the country,” Farage said. “In 2015 the effect of the UKIP vote helped the Conservatives,” he added. “We took more Conservative votes in the south and south east and more Labour votes in the north.”Liberal Democrats Won’t Help Gauke (Earlier)The Liberal Democrats won’t stand aside for former Conservative Cabinet minister David Gauke, who is standing as an independent, because he wants a “soft Brexit,” Luciana Berger told BBC radio.Berger appeared not to be aware that Gauke, who asked on Wednesday for the Liberal Democrat candidate to stand down in his district, has shifted his position to favoring a second referendum and pledged to campaign for Remain.Gauke repeated his pledge after Berger spoke: “Let me reiterate what I said yesterday about Brexit. My preference was for the country to come together behind a soft Brexit. But that’s not going to happen -- it’s no longer an option,” Gauke wrote on Twitter. “The best option now is a confirmatory referendum on the PM’s deal. I would campaign to remain.”The Liberal Democrats also won’t step down to help any candidates who “want to get Jeremy Corbyn into Downing Street,” said Berger, who quit the Labour Party over Corbyn’s leadership. The deadline for nominations is 4 p.m. on Thursday.U.K. Refuses to Nominate EU Commissioner (Earlier)The U.K. formally told the European Union it won’t nominate anyone for the bloc’s executive arm, in what Brussels may see as a clear breach of the terms under which the Brexit extension was granted. Adding insult to injury, the U.K. only responded after EU Commission president-elect sent two letters to Boris Johnson, reminding him of the U.K’s legal obligations as a member state.The development puts the EU in an awkward legal situation. The new EU Commission can’t be confirmed and sworn in unless it has 28 members, one from each state. Under the bloc’s treaty, a unanimous decision by member states is required to alter this clause, and the U.K signaled it won’t object.Altering the composition of the Commission could land the EU in a difficult legal situation if the Tories don’t win the election, and the U.K doesn’t leave the EU at the end of January after it has been stripped of its commissioner. “It’s uncharted waters,” a senior official in Brussels said.Earlier:Voting in the Dark: U.K. Politicians Fight Rare Winter ElectionElection Adds to Woes for Sluggish U.K. Property MarketImmigration Row Reopens Old Brexit Scars: U.K. Campaign Trail\--With assistance from Stuart Biggs, Nikos Chrysoloras, Peter Flanagan and Thomas Penny.To contact the reporters on this story: Greg Ritchie in London at gritchie10@bloomberg.net;Kitty Donaldson in London at kdonaldson1@bloomberg.netTo contact the editors responsible for this story: Tim Ross at tross54@bloomberg.net, Stuart BiggsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.


Thu, 14 Nov 2019 11:21:41 -0500

Syrian troops begin deploying along border with Turkey -

Syrian troops begin deploying along border with TurkeySyrian government forces started deploying Thursday in areas close to the Turkish border in the country’s northeast as part of an agreement reached between Russia and Turkey, state media reported. News agency SANA said troops were deploying between the towns of Jawadiyeh and Malkiyeh, also known as Derik, while state-run TV said Syrian border guards will be positioned at six points near to the frontier. Since the agreement was reached, Russia and Turkey began joint patrols along a narrower strip directly on the Turkish-Syrian border.


Thu, 14 Nov 2019 10:18:15 -0500

Asylum-seekers storm UN refugee office in S.Africa -

Asylum-seekers storm UN refugee office in S.AfricaHundreds of asylum-seekers who have staged a sit-in protest outside the UN refugee agency in Pretoria for five weeks on Thursday barged into the premises, the agency said. Several hundreds scaled the perimeter wall of the offices of the United Nations High Commissioner for Refugees (UNHCR) in an upmarket suburb of the capital, an AFP photographer said. The UNHCR said around 150 foreign nationals "have forced their way into the compound this morning" and that its staff were "safely evacuated out of the building".


Thu, 14 Nov 2019 09:53:45 -0500


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