Ex-World Bank official warns of need to diversify away from US markets: people will suffer

Ian Goldin, former vice-president of the World Bank, speaks at the Sina Finance Global Capital Summit in Hong Kong on Thursday. Photo: May Tse

A coordinated push towards global market diversification is urgently needed to shield savers from a potentially dangerous valuation correction in highly concentrated US equities, a former World Bank official has warned.

Speaking at an event in Hong Kong on Thursday, Ian Goldin , the former World Bank vice-president, now a professor of globalisation and development at Oxford University, said the growing concentration of

Senior Hong Kong policeman convicted for molesting clerk 3 times at headquarters

Senior Superintendent Ian Chow leaves Eastern Court earlier this year. Photo: Brian Wong

A senior Hong Kong police officer has been convicted of indecently assaulting a subordinate on three occasions at the force’s headquarters in Wan Chai, with one of the incidents taking place at a work party in full view of several colleagues.

Senior Superintendent Ian Chow Ngai-kong, 51, was found guilty by West Kowloon Magistrate Vivian Ho Wai-han on Thursday


China is building early warning system to spot Earth-smashing asteroids

China is developing an early warning system to spot asteroids that might smash into the Earth, according to the scientist leading the national mission.

China planned to deploy multiple telescopes on the ground, alongside a constellation of satellites in orbit, state-run Science and Technology Daily quoted Li Mingtao, chief scientist at the asteroid monitoring and early-warning research centre under the China National Space Administration, as saying.

None of the asteroids that had been discovered so far were thought to be on a clear collision course with Earth, Li


Malaysia’s US$47 million investment in Indonesian start-up revealed as fraud

The finance ministry said pension fund KWAP lost the money to eFishery despite rigorous due diligence

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eFishery deploys feeders to fish and shrimp farmers in Indonesia. Photo: eFishery

The Retirement Fund Incorporated’s (KWAP) US$47.7 million investment in Indonesian agritech start-up eFishery was the victim of an orchestrated fraud, Malaysia ’s finance ministry has confirmed.

In a parliamentary written reply dated July 15, the ministry explained that KWAP’s July 2023


Hongkonger dies in New Zealand car crash, third fatality this year

New Zealand police says crash involving car and bus occurred along road near Cardrona, a township home to ski resort

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The Crown Range Road lies between Queenstown and Wanaka and is the highest main road in New Zealand. Photo: Getty Images

A Hongkonger has died in a traffic accident in New Zealand, marking at least the second fatal crash involving city residents in the country this year.

The Chinese consulate in Christchurch said on Thursday that the resident died in a


Health Matters

NEW SCMP Hong Kong Series

Health sits at the core of our lives. In the Health Matters series, the South China Morning Post explores major health concerns and emerging wellness trends, explaining why they matter.

Updated: 16 Jul, 2026

An elderly man hangs upside down on a horizontal bar during his morning exercise in Fanling, Hong Kong. Photo: Eugene Lee

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Confronting cancer in Hong Kong

As cancer is the leading cause of death in Hong Kong, the South China Morning Post’s Health Matters wellness series explores how well the city has tackled the disease while offering residents practical advice on prevention, detection and management

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Hong Kong set to invite ride-hailing firms to apply for licences in August

An Uber cab passes a taxi stand in Tsim Sha Tsui. Photo: Jelly Tse
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Cafe de Coral, in 1986, becomes first Hong Kong food chain to go public – SCMP archive

This article was first published on July 17, 1986.

Cafe de Coral the live wire in quiet market

by John Mulcahy

Fast-food counter Cafe de Coral hit the boards yesterday (July 16, 1986), trading up to $1.35 and recording the biggest volume of the day.

Although 16.6 million Cafe de Coral shares traded, at a total value of $22.08 million, this was about all the excitement the market could


China’s lab monkey prices hit Covid-era highs on new drug R&D demand

Long macaque breeding cycles and fully pre-booked colonies have forced some researchers to halt their critical studies

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Crab-eating macaques comprise the vast majority of non-human primates used in laboratory experiments. Photo: Shutterstock

A boom in China’s new drug research and development is driving laboratory monkey prices back to coronavirus pandemic -era highs, forcing some researchers to halt their studies.
According to Guo Xiangyu, a scientist at Jinan University in Guangzhou whose research focuses on developing non-human primate models for major brain diseases,
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‘Great Chinese women’: tourists praised for preventing serious accident in South Korea

A group of Chinese tourists seamlessly cooperated to halt the runaway coach before administering CPR to the unconscious driver. Photo: Douyin

A group of Chinese travellers in South Korea successfully brought a runaway coach under control after the driver lost consciousness while driving, triggering heated discussions online.

On Chinese social media, several passengers shared what they experienced on the limousine to Incheon International Airport in the afternoon of July 11.

As the coach with 10 to 20 passengers headed towards the expressway close to Terminal 1, it suddenly bumped into the roadbed.

A Chinese woman, surnamed