Thi-Thao-Phuong Hoang, Lili Ju, Wei Leng and Zhu Wang
Math. Comp. 89 (2020), 1807-1842.
Abstract, references and article information

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

Cédric Arhancet
Proc. Amer. Math. Soc. 148 (2020), 2551-2563.
Abstract, references and article information

Tonie Fares and Pascal Lefèvre
Proc. Amer. Math. Soc. 148 (2020), 2487-2496.
Abstract, references and article information

Michiya Mori
Proc. Amer. Math. Soc. 148 (2020), 2477-2485.
Abstract, references and article information

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.

To reduce social contact in light of the COVID-19 epidemic, the Primary One Central Allocation results will be posted to parents.

Announcing the move today, the Education Bureau said it will deliver door-to-door the Primary One Registration Form with Central Allocation results to parents from June 3 to 4 through Hongkong Post’s Local CourierPost service.

If no one is present to receive the item at the time of delivery, a mail collection notification card will be left for parents to collect it from the designated post office from the afternoon of the following working day.

If parents have not received the Primary One Registration Form or the notification card by June 5, they can collect the registration form at the designated Collection Centre from June 6 to 7.

The Education Bureau will send letters to parents tomorrow to notify them of the arrangements.

Parents can get updates on the latest arrangements for the release of Central Allocation results and registration through the bureau’s press releases and messages posted on its website.

Call 2891 0088 for information on Primary One admission. For further enquiries, contact the bureau's School Places Allocation Section (Primary One Admission) on 2832 7700 or 2832 7740.

Here is some insight into the first ever blockchain advert

The transcription factor forkhead box P3 (FOXP3) is a biomarker for regulatory T cells and can also be expressed in cancer cells, but its function in cancer appears to be divergent. The role of hepatocyte-expressed FOXP3 in hepatocellular carcinoma (HCC) is unknown. Here, we collected tumor samples and clinical information from 115 HCC patients and used five human cancer cell lines. We examined FOXP3 mRNA sequences for mutations, used a luciferase assay to assess promoter activities of FOXP3's target genes, and employed mouse tumor models to confirm in vitro results. We detected mutations in the FKH domain of FOXP3 mRNAs in 33% of the HCC tumor tissues, but in none of the adjacent nontumor tissues. None of the mutations occurred at high frequency, indicating that they occurred randomly. Notably, the mutations were not detected in the corresponding regions of FOXP3 genomic DNA, and many of them resulted in amino acid substitutions in the FKH region, altering FOXP3's subcellular localization. FOXP3 delocalization from the nucleus to the cytoplasm caused loss of transcriptional regulation of its target genes, inactivated its tumor-inhibitory capability, and changed cellular responses to histone deacetylase (HDAC) inhibitors. More complex FKH mutations appeared to be associated with worse prognosis in HCC patients. We conclude that mutations in the FKH domain of FOXP3 mRNA frequently occur in HCC and that these mutations are caused by errors in transcription and are not derived from genomic DNA mutations. Our results suggest that transcriptional mutagenesis of FOXP3 plays a role in HCC.

The Mycobacterium tuberculosis virulence factor EsxA and its chaperone EsxB are secreted as a heterodimer (EsxA:B) and are crucial for mycobacterial escape from phagosomes and cytosolic translocation. Current findings support the idea that for EsxA to interact with host membranes, EsxA must dissociate from EsxB at low pH. However, the molecular mechanism by which the EsxA:B heterodimer separates is not clear. In the present study, using liposome-leakage and cytotoxicity assays, LC-MS/MS–based proteomics, and CCF-4 FRET analysis, we obtained evidence that the Nα-acetylation of the Thr-2 residue on EsxA, a post-translational modification that is present in mycobacteria but absent in Escherichia coli, is required for the EsxA:B separation. Substitutions at Thr-2 that precluded Nα-acetylation inhibited the heterodimer separation and hence prevented EsxA from interacting with the host membrane, resulting in attenuated mycobacterial cytosolic translocation and virulence. Molecular dynamics simulations revealed that at low pH, the Nα-acetylated Thr-2 makes direct and frequent “bind-and-release” contacts with EsxB, which generates a force that pulls EsxB away from EsxA. In summary, our findings provide evidence that the Nα-acetylation at Thr-2 of EsxA facilitates dissociation of the EsxA:B heterodimer required for EsxA membrane permeabilization and mycobacterial cytosolic translocation and virulence.

The formation of translationally inactive 70S dimers (called 100S ribosomes) by hibernation-promoting factor is a widespread survival strategy among bacteria. Ribosome dimerization is thought to be reversible, with the dissociation of the 100S complexes enabling ribosome recycling for participation in new rounds of translation. The precise pathway of 100S ribosome recycling has been unclear. We previously found that the heat-shock GTPase HflX in the human pathogen Staphylococcus aureus is a minor disassembly factor. Cells lacking hflX do not accumulate 100S ribosomes unless they are subjected to heat exposure, suggesting the existence of an alternative pathway during nonstressed conditions. Here, we provide biochemical and genetic evidence that two essential translation factors, ribosome-recycling factor (RRF) and GTPase elongation factor G (EF-G), synergistically split 100S ribosomes in a GTP-dependent but tRNA translocation-independent manner. We found that although HflX and the RRF/EF-G pair are functionally interchangeable, HflX is expressed at low levels and is dispensable under normal growth conditions. The bacterial RRF/EF-G pair was previously known to target only the post-termination 70S complexes; our results reveal a new role in the reversal of ribosome hibernation that is intimately linked to bacterial pathogenesis, persister formation, stress responses, and ribosome integrity.

The rapid emergence and dissemination of methicillin-resistant Staphylococcus aureus (MRSA) strains poses a major threat to public health. MRSA possesses an arsenal of secreted host-damaging virulence factors that mediate pathogenicity and blunt immune defenses. Panton–Valentine leukocidin (PVL) and α-toxin are exotoxins that create lytic pores in the host cell membrane. They are recognized as being important for the development of invasive MRSA infections and are thus potential targets for antivirulence therapies. Here, we report the high-resolution X-ray crystal structures of both PVL and α-toxin in their soluble, monomeric, and oligomeric membrane-inserted pore states in complex with n-tetradecylphosphocholine (C14PC). The structures revealed two evolutionarily conserved phosphatidylcholine-binding mechanisms and their roles in modulating host cell attachment, oligomer assembly, and membrane perforation. Moreover, we demonstrate that the soluble C14PC compound protects primary human immune cells in vitro against cytolysis by PVL and α-toxin and hence may serve as the basis for the development of an antivirulence agent for managing MRSA infections.

Residents may have seen a distinctive white car, fitted with advanced imaging and sensory gadgetry, on its journey to create the next generation of Hong Kong maps.

As it travels up and down the city’s streets, it records the three-dimensional shapes of buildings ranging from the iconic Convention & Exhibition Centre to the Customs Headquarters Building, and even primary school campuses.

The vehicle, dubbed the Mobile Mapping System, is one of the latest technologies used by the Lands Department to survey the city.

Five pieces of equipment work in concert to collect detailed information for the 3D City Map - a core component of the digital infrastructure underpinning Hong Kong’s smart city development.

A high-resolution camera on top of the vehicle captures 360-degree images and a 3D laser scanner collects spatial measurements. An inertial navigation system and a global navigation satellite system receiver provide precise positioning.

Lands Department Assistant Land Surveyor Charlie Hung said one of the biggest advantages of this system is its ability to quickly and efficiently acquire data, which can be used to enrich 3D models and enhance existing maps.

“We can enhance the attributed information of our basic map. For example, the lamppost number, the building name or the street number.”

Drones are also used to map the city, she added. However, air surveying may not be suitable for collecting data from ground level. This is where the Mobile Mapping System vehicle comes into play.

Better data

The 3D City Map is part of the 3D Digital Map Development, which aims to contribute to an innovative, sustainable and smart Hong Kong.

Compared with traditional maps, the 3D City Map can provide more accurate and abundantly better spatial data.

The map will cover the entire city by 2023, serving as a handy tool for analysis and planning, according to Lands Department Land Surveyor Ben Fan.

He said: “Based on the 3D digital map, we can develop various kinds of applications such as land administration, environmental assessment, town planning and also transport and engineering studies.”

The latest transport infrastructures such as the Hong Kong-Zhuhai-Macao Bridge, the Central-Wan Chai Bypass and the Heung Yuen Wai Highway have also been scanned.

In the next stage of the 3D Digital Map Development, the department will create the 3D Indoor Map. As a start, data from 150 buildings in Kowloon East will be collected first before extending to other buildings in the city.

The last stage 3D models of objects such as trees and lampposts for city modelling will be produced.

(Florida Museum of Natural History) Florida and Georgia archaeologists have discovered the location of Fort San Antón de Carlos, home of one of the first Jesuit missions in North America. The Spanish fort was built in 1566 in the capital of the Calusa, the most powerful Native American tribe in the region, on present-day Mound Key in the center of Estero Bay on Florida's Gulf Coast.

(University of Tsukuba) Researchers from the University of Tsukuba have revealed that pectin, a carbohydrate found in plant cell walls, plays a vital part in the development of female reproductive tissues of rice plants. It was found that the presence of a gene involved in pectin modification increased plant fertility relative to a modified plant with the gene removed. These findings could have major implications in crop variety development and genetic modification.

The streets of Chicago may be largely empty as residents hunker down from coronavirus but some of the city's most deprived neighborhoods are still echoing to the sound of deadly gunfire and raucous partying. While significant falls in crime have been one of the few positive side effects of lockdowns in much of the United States and elsewhere, they have barely made a dent in the homicide rate in Chicago, a city that has long recorded the most murders in the country. Chicago police say 56 murders were committed in April despite statewide stay-at-home orders -- only a fraction lower than the 61 for the same month in 2019 -- while last weekend, the first of the new month, four people were killed and 46 others shot and wounded.

Gregory McMichael and his son, Travis, were charged with murder and aggravated assault in relation to the shooting death of Ahmaud Arbery in February.

(École de technologie supérieure) The first ever standard for real-time calculation of pollutant emissions allocated to the use of information and communication technologies (ICT) was recently introduced, thanks to the work of the IEEE ICT Emissions Working Group Committe, chaired by Mohamed Cheriet, a Professor in the Systems Engineering Department at École de technologie supérieure. Under the auspices of the IEEE Standards Association, the Working Group Committee is made up of researchers from diverse backgrounds and many different countries.

(American Geriatrics Society) The COVID-19 pandemic has placed unprecedented pressure on societies worldwide, given the pandemic's rapid, often deadly spread. In health care, the pandemic has raised the pressing question of how society should allocate scarce resources during a crisis. This is the question experts addressed today in a new position statement published by the American Geriatrics Society (AGS) in the Journal of the American Geriatrics Society (DOI: 10.1111/jgs.16537).