Ning Zhang, Jia Wu and Liwei Zhang
Math. Comp. 89 (2020), 1867-1894.
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Côme Huré, Huyên Pham and Xavier Warin
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Many startups in Britain either do not intend to or cannot access the government's Coronavirus Business Interruption and Loan Scheme, and may be forced to respond with furloughs or layoffs, warns a report

The new rule, which will force payments platforms and online retailers to strongly authenticate purchases of £28 or more has been delayed by another six months amidst the COVID-19 pandemic

Jungang Li, Guozhen Lu and Qiaohua Yang
Trans. Amer. Math. Soc. 373 (2020), 3483-3513.
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Mahbub Alam and Anish Ghosh
Trans. Amer. Math. Soc. 373 (2020), 3357-3374.
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Kamen G. Ivanov and Pencho Petrushev
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Hilaf Hasson and Jeffrey Yelton
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St. Petersburg Math. J. 31 (2020), 557-572.
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C. De Filippis and G. Mingione
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Shi-Zhong Du
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Mohamed Jleli, Bessem Samet and Philippe Souplet
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Michiya Mori
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Joseph Reid
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You don't need a backer to start a business. Here's how to start a business from scratch.

To counter our adverse economic conditions, I have unveiled four sets of relief measures since last August. Totalling some $25 billion, the funds are focused on supporting businesses and lightening the burden weighing on the people of Hong Kong.

Meanwhile, we will continue to reach out to the community. Through wide-ranging dialogue communication and the pursuit of policies that address the deep-seated issues at the heart of our divide, I am hopeful that together we will find a path to peace and prosperity.

From an economic perspective, there is reason for optimism. I am heartened by the confidence private equity investors have shown in us. In the third quarter of 2019, some 560 private equity companies here managed US$153 billion.

We have nearly 50 more private equity (PE) firms based here when compared with the previous quarter. Among the world's top 10 PE fund managers, nine have a presence here in Hong Kong. That, ladies and gentlemen, underlines Hong Kong's formidable strengths in the Asian PE market. In that we trail only Mainland.

By channelling capital into corporations and startups in the innovation and technology field, PE and VC (venture capital) funds may well become as important as banks and IPO markets one day.

This Government is determined to help unlock the vast potential of the asset and wealth management business, because we believe you are critical to ensuring Hong Kong's status as one of the world's leading financial centres.

Fund-service centre 

That is why we have been stepping up efforts to sharpen Hong Kong's competitive edge on asset and wealth management through a multi-pronged approach including: (a) diversifying our fund structures and streamlining the licensing process to encourage fund formation; (b) adopting a more user-friendly approach to attract family offices; (c) providing a more facilitative tax environment for funds; and (d) expanding our fund distribution network through deepening our mutual access arrangements with other major financial markets.

On fund structure, the long-awaited, limited-partnership fund regime is close to reality, thanks in part to your favourable feedback. Indeed, we are now developing the necessary legislation. Because of the current filibustering at the Legislative Council, the tabling of the legislation got a little delayed, but it remains our top policy priority for the rest of this year to put this forward.

We are confident that the new regime will attract PE and VC funds, and we count on your support for that. With the new regime in place, we aim to bring in as many offshore funds as possible onshore to Hong Kong. We are well positioned to capture the opportunity arising from what happened on the international front over tax base erosion. This is mutually beneficial to Hong Kong as a fund hub and also the PE industry at large as you search for a new home for the funds you manage.

PE and VC funds, whether onshore or offshore, have enjoyed a profits tax exemption since last April. A tax-exempt fund can invest in local and overseas private companies. Hong Kong, by now, has a tax regime at fund level that is competitive and caters to the needs of the PE industry. I fully understand that resolving the tax issues at fund level is not enough in itself. It is of even greater importance to tackle head-on the tax arrangement for investment managers. This is a hard nut to crack, but one that I am determined to look into and come up with solutions that will strengthen Hong Kong's position as a leading fund hub with one of the most competitive tax arrangements for investment managers in the PE industry.

The significance of the limited partnership fund regime in completing Hong Kong's fund manufacturing infrastructure is underpinned by its precursor - the open-ended fund company regime. Since its operation in July 2018, a number of open-ended fund companies have sprouted. The SFC (Securities & Futures Commission) is also looking into how to make the regime more business-friendly to facilitate the take-up.

In short, the Government and our regulators are committed to developing Hong Kong into a full-fledged fund-service centre.

We are equally intent on expanding our fund-distribution network. We continue to expand our Mutual Recognition of Funds arrangements. Last year, Luxembourg and the Netherlands joined existing partners, the Mainland, Switzerland, France and the United Kingdom. More international partnerships will follow.

Family offices
Hong Kong is also an ideal location for the establishment of family offices, and we are boosting our promotional efforts in this regard.

The Hong Kong Monetary Authority and InvestHK will provide comprehensive services to attract family offices to Hong Kong. The SFC has also recently issued licensing guidance for PE firms and family offices. This will enhance clarity and would help address the industry's concerns.

Without a steady flow of talented professionals, of course, we will not be able to cash in on all the opportunities there for us. That is why the Government's Pilot Programme to Enhance Talent Training for the Asset & Wealth Management Sector has been supporting the industry since 2016.

I encourage you to offer exposure, opportunity and jobs for our youth. To give them a stake in the society through the programme.

Business bridge 

Zooming out a bit, the Government will continue to boost Hong Kong's singular advantage as the business and financial bridge between international markets and investors and their counterparts on the Mainland.

To that end, we continue to emphasise the established channels - our Stock Connects, Bond Connect and the Mutual Recognition of Funds arrangements. We will also strengthen our position as the global offshore Renminbi business hub.

Then there is the Guangdong-Hong Kong-Macao Greater Bay Area Development, and the extraordinary opportunity that it presents to Hong Kong.

With a GDP in excess of US$1.6 trillion and more than 70 million prosperous consumers, the Greater Bay Area presents vast potential for the asset and wealth management sector. For each and every one of you. The establishment of a Greater Bay Area wealth-management connect scheme, which was, as you know, recently announced, will go a long way towards realising that promise.

Our regulators are working out the details with their counterparts on the Mainland, and we will keep you posted and we are determined to push that forward as soon as possible. 

Financial Secretary Paul Chan gave these remarks at the Asia Private Equity Forum 2020 on January 15.

In view of the severe economic repercussions caused by the COVID-19 pandemic globally and locally, the Government announced another package of measures to support the affected individuals and businesses last Wednesday. Two of which are particularly relevant to the legal and dispute resolution sector - the LawTech Fund and the COVID-19 Online Dispute Resolution (ODR) Scheme. The LawTech Fund was briefly introduced in this blog a few days ago. Today, I would like to give an online explanation of the COVID-19 ODR.

In anticipation of an upsurge of disputes arising from or relating to COVID-19, the scheme aims to provide speedy and cost-effective means to resolve such disputes, especially for those involving micro, small and medium-sized enterprises (MSMEs) that may be adversely affected or hard hit by the pandemic. The scheme will engage eBRAM (electronic Business Related Arbitration & Mediation system) to provide ODR services to the general public and businesses, in particular MSMEs, involved in low value disputes.

The scheme plans to cover COVID-19 related disputes with the claim amount for each case to be capped at $500,000. Either one of the parties (claimant or respondent) must be a Hong Kong resident or company and they will only be required to each pay $200 registration fees. Under the scheme, the parties are required to enter into a dispute resolution agreement to record their consent.

The process to be adopted is a multi-tiered dispute resolution mechanism where the parties will first attempt to negotiate their disputes, followed by mediation and if that does not result in settlement, then subsequently to arbitration for a final and binding award. This is in line with the "Mediate First" policy that we have been advocating under our "Mediate First" Pledge Programmes.

The scheme aims to offer a fast and effective means to resolve disputes among parties. Each tier of dispute resolution will be conducted within a limited time. The tiers are devised with a view to avoiding disputes and differences from being entrenched. If the disputes can be resolved successfully and amicably through negotiation or mediation, we hope it will help build and reinforce a harmonious society and enable the parties to preserve their long term business relationship.

We also hope the scheme will have the benefit of job creation and job advancement for mediators and arbitrators (including their pupils). Parties are at liberty to appoint the third party neutral of their choice and if no agreement is reached, there will be a mechanism for appointment. The third party neutrals and the parties or their representatives can still handle cases under the social distancing measures online and indeed to practice on the handling of cases online. We would like the scheme to be launched in June if funding is provided in April.

It is a global trend to develop and use ODR to provide reliable and efficient platform to facilitate alternative dispute resolution. The scheme is in line with the development under Asia-Pacific Economic Cooperation's Collaborative Framework on ODR (APEC Framework), with MSMEs as the major beneficiary. The mechanism of adopting negotiation and mediation in the first stage under the APEC Framework is also to prevent entrenched views on the conflicts, thereby helping to create harmony in society.

Some forms of alternative dispute resolution, such as mediation, are a more cost-effective way to resolve disputes. The costs of mediation are almost always lower than the disputed amounts, making it an economical way to resolve disputes. Mediation can save time too. Some cases may be resolved following just one day of mediation.

LawTech has greatly helped the development of dispute resolution services. The establishment of a safe, reliable and credible platform to provide enterprises with convenient and cost-effective online dispute resolution will become a new trend.

It is one of the major long-term policy objectives of the Department of Justice (DoJ) in recent years to enhance and promote Hong Kong's status as an international legal hub for deal-making and dispute resolution. A further promotion of the use of ODR will help consolidate Hong Kong's position as an international business and financial centre.

The social media accounts of the DoJ's IDAR Office have been introducing the procedure, characteristics and benefits of mediation and arbitration. You may wish to visit the dedicated pages of the IDAR Office to keep abreast of the dispute resolution services.

In addition to the relief measures announced by the Government, the DoJ has also taken the initiative to speed up payment of fees to counsel. Counsel engaged by the DoJ could submit their interim fee notes together with the interim case reports after certain work has been completed. Each case will be considered individually on a case-by-case basis and interim payments could be made. I have enquired and am also glad to learn from the Legal Aid Department and the Duty Lawyer Service that they made similar arrangements.

We are confident that Hong Kong can weather the storm with our fundamental strengths and resilience. We also trust that we would overcome this unprecedented challenge by standing in solidarity.

Secretary for Justice Teresa Cheng wrote this article and posted it on her blog on April 13.

The Leisure & Cultural Services Department launched a one-stop online resources centre today for the public to view or participate in multi-faceted leisure and cultural activities from the comfort of their homes.

The online resources centre offers demonstrations of home exercises as well as videos of exercise demonstrations and Healthy Exercise for All Campaign interactive games.

The information portal carries knowledge on the plants and animals at the Zoological & Botanical Gardens, old and valuable trees at the department's major parks and colourful Hong Kong Flower Show archives.

The Museum of Art and the Heritage Museum are collaborating with the Google Arts & Culture Project to showcase exhibits in a digital format.

There are also virtual exhibitions that explore previous fascinating collections at the History Museum and the Science Museum.

While extensive content from intangible cultural heritage and modern arts integrating into life from Oi! is also included.

The Hong Kong Public Libraries offers vast e-resources allowing people to explore fun reading at home.

On the performing arts front, digital content covers concert archives from the Hong Kong Philharmonic Orchestra, Hong Kong Chinese Orchestra and Hong Kong Sinfonietta.

The deadline for applications under the first round of funding from the Elder Academy Development Foundation in 2020 has been extended to June 30, the Labour & Welfare Bureau announced today.

The decision aims to provide sufficient time for primary and secondary school sponsoring bodies, post-secondary institutions and organisations, which may be affected by the COVID-19 epidemic, to prepare their submissions.

The fund’s committee accepts funding applications all year round and conducts vetting and disburses funding twice a year. The deadlines were generally May 31 and October 31 respectively.

The committee will continue to monitor the situation and announce arrangements for the next round in due course.

To tie in with the Elder Academy Scheme, the fund mainly provides funding for primary and secondary schools as well as post-secondary institutions to set up academies to provide learning opportunities in a school setting for the elderly.

Funding is also provided for activities that encourage elderly learning and inter-generational harmony.

Call 3655 5861 or 3655 5007 for enquiries.

Belinda S. O’Connell
Aug 1, 2001; 14:
Articles

Maggie B. Covington
Aug 1, 2001; 14:
Articles

The Food & Environmental Hygiene Department announced that applications for the Catering Business (Social Distancing) Subsidy Scheme, under the second round of the Anti-epidemic Fund, will start from May 5.

The department said the scheme, which is estimated to benefit 16,000 catering outlets and their employees, will provide financial relief measures to the catering businesses which have been hard hit by the COVID-19 epidemic and social distancing measures.

It will provide subsidies ranging from $250,000 to $2,200,000 to eligible licence holders of general restaurants, light refreshment restaurants, marine restaurants and factory canteens in operation according to the floor area of the premises as specified on the licence.

The primary goal of the scheme is to support the payment of employees' salaries during a six-month period following application approval.

To provide immediate relief to the catering sector, the subsidy will be dished out upfront, in two tranches.

To avoid abuse, applicants should undertake that there will be no redundancy of staff for three months on receipt of the first tranche of subsidy and another three months on receipt of the second tranche.

They should also undertake that not less than 80% of the subsidies for respective months would be used to pay salaries of staff working at the premises.

Applicants should submit within a specified period a certificate issued by a Certified Public Accountant (practising) on its total staff salaries and total number of salaried staff for each of the months covered by the subsidy.

They should also submit a certificate issued by a CPA on its total staff salaries and total number of staff working at the premises for the month of March this year.

To avoid double benefits, applicants should declare that they have not and will not submit any application under the Employment Support Scheme.

Each catering outlet directed to close its licensed premises under the Prevention & Control of Disease (Requirements & Directions) (Business & Premises) Regulation, including karaoke establishments, nightclubs and bars or pubs, is eligible for a further one-off subsidy of $50,000.

Applications should be submitted to the department's District Environmental Hygiene Offices in person or by mail. Food licence holders can also submit their applications through the website.

The deadline for application is June 5.

Upon receipt of the completed application form and supporting documents and after verification, the disbursement of the first tranche of subsidies can generally be made in two to three weeks by crossed cheques to the corresponding licensed food premises.

Secretary for Constitutional & Mainland Affairs Erick Tsang today visited the temporary operation centre for the special scheme for delivering urgently needed prescription medication to Hong Kong people in Guangdong and Fujian.

Under the compulsory quarantine arrangements, many Hong Kong people who are staying in Guangdong and Fujian provinces are unable to attend follow-up consultations in Hong Kong to replenish their prescription medication and return to the Mainland on the same day.

The Government introduced a special scheme on February 24 to deliver medicine to them, with priority given to those who would run out of prescription medication by end-April.

Mr Tsang was pleased to learn that as of April 29, prescription medication deliveries had been made to more than 7,600 Hong Kong residents in need.

He thanked the Hong Kong Federation of Trade Unions for offering voluntary services for the drug delivery scheme with its well-established service networks on the Mainland.

Mr Tsang also thanked the Pharmaceutical Society of Hong Kong and Hong Kong Pharmaceutical Care Foundation for deploying pharmacists to the temporary operation centre to help verify drug records and patients' information.

During his visit, he gave encouragement to participating volunteers and thanked them for their support for the scheme.

Mr Tsang said as the expiry date for the Compulsory Quarantine of Certain Persons Arriving at Hong Kong Regulation has been extended to June 7, the special scheme will be extended and give priority to cases in which prescription drugs will run out on or before that date.

Call 2343 2255 for enquiries about the scheme.

(To watch the full media session with sign language interpretation, click here.)

Chief Executive Carrie Lam today said the prevailing chairwoman of the Legislative Council House Committee should have the responsibility and power to deal with the matters of the committee.

Mrs Lam made the statement ahead of the Executive Council meeting this morning, noting LegCo President Andrew Leung had sought advice from outside senior counsel on how to address the delay in electing the committee’s chairman.

She said the senior counsels have observed that many of the matters raised in the House Committee’s meetings by the presiding member in the past six months have been irrelevant to the purpose of electing the committee’s chairman and vice-chairman.

“The second point that the senior counsels have observed during their very detailed scrutiny of the deliberations is that there was at least one occasion on March 13 in the House Committee meeting that gave people a very clear impression that the delaying of the election by the presiding member of the House Committee was quite deliberate and deliberate for political reasons.

“And the third thing that I observed from the senior counsels’ advice is, having regard to all these circumstances, they are of the firm view - this is the word taken from the senior counsels’ statement - that the prevailing chairwoman of the House Committee should have the responsibility and the power to deal with the business of the House Committee.”

The Chief Executive added that she expects the committee’s prevailing chairwoman Starry Lee to exercise her power.

The coach and rail journey app has launched a new AI voice app for automated disruption alerts