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February 21 – The Hong Kong Special Administrative Region (HKSAR) government held a press conference today (February 21) on the long-term housing arrangements for Hung Fook Court. Deputy Financial Secretary Michael Wong stated that the HKSAR government plans to acquire the property rights of Hung Fook Court owners through cash or a property swap, which is the fastest possible solution. The average price per square foot offered by the HKSAR government for the acquisition is HK$8,000 (before land premium payment) and HK$10,500 (after land premium payment), with a total acquisition cost of approximately HK$6.8 billion. After the acquisition, the HKSAR government plans to demolish the seven damaged buildings in Hung Fook Court and redevelop them into parks and other facilities.February 21st - According to data from Maoyan Professional Edition, the total box office (including pre-sales) for the 2026 Spring Festival film season has exceeded 4.2 billion yuan, with "Pegasus 3", "Silent Assassination", and "Boonie Bears: The Big Adventure" ranking in the top three.February 21st - John Weyey, Head of Commercial Hedging at Walsh Trading, stated that golds price action following the Supreme Court tariff ruling indicates that while gold appears to have lost a bullish factor, it still possesses ample upward momentum. Gold initially fell sharply after the news, but the prevailing bullish sentiment quickly regained control. Gold is continuing to rise on its own momentum, and many market participants will maintain this strategy until the market provides a reason to be bearish. Over the past six months, market participants have bought gold for a simple reason: its rising. This is an unprecedented rally, and I believe the market will continue to buy. Even though the tariff ruling has eliminated some uncertainty, gold will continue to rise as other risks remain.February 21 - According to the China Development Bank (CDB), in 2025, CDB issued 786.3 billion yuan in loans to the urban renewal sector, focusing on supporting the renovation and upgrading of old urban residential areas, old streets, old factories, and urban villages, as well as the construction and renovation of urban infrastructure, the restoration of urban ecosystems, and the protection and inheritance of urban historical and cultural heritage. These efforts aim to optimize urban structure, improve functions, preserve cultural heritage, and enhance quality.February 21st - According to the Shanghai Municipal Public Security Bureau, during the Spring Festival, Shanghai police, in conjunction with emergency management, fire and rescue departments, and volunteer groups, implemented multiple measures including strengthened patrols and controls, crackdowns on illegal activities, and widespread public awareness campaigns to strictly enforce safety management requirements for fireworks and firecrackers, ensuring a safe and peaceful holiday for citizens. While strengthening control, Shanghai police also cracked down on illegal transportation, storage, and sale of fireworks and firecrackers. Since the start of the Spring Festival holiday, over 130 related cases have been investigated citywide, with over 150 boxes of fireworks and firecrackers seized, and over 110 people punished according to law for violating regulations.

Oil Rises on Projected Russian Shipments, Balances U.S. Storm Damage

Haiden Holmes

Dec 23, 2022 11:56

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Oil prices increased on Friday on predictions of decreased Russian crude shipments from the Baltic area in December, balancing concerns that a potential Arctic storm across the United States will stifle growth in holiday season transport fuel demand.


Brent crude increased 88 cents, or 1.1%, to $81.86 a barrel at 01:48 GMT, while U.S. West Texas Intermediate crude rose 92 cents, or 1.2%, to $78.41 per barrel.


After the European Union and G7 nations put sanctions and a price ceiling on Russian petroleum on December 5, according to estimations by traders and Reuters, Russia's Baltic oil shipments might decrease by 20 percent compared to the previous month.


"As energy markets focus on Moscow's response to the price ceiling placed on Russian oil, crude prices are on the rise," said Edward Moya, an analyst with OANDA.


Due to the winter storm, more than 4,400 U.S. flights were canceled during a two-day period, coinciding with a Christmas travel season that some estimate would be the busiest ever.


Oil prices on both sides of the Atlantic fell down on Thursday after flights were canceled. The snowstorm might also disrupt holiday travel plans, resulting in a decrease in petroleum use.


Extreme weather is anticipated to produce power disruptions, which might increase the demand for heating oil.


"This Arctic storm may leave many travelers dissatisfied, but it demonstrates that we are moving closer to typical travel practices," Moya added.


Brent and WTI are poised for a second consecutive weekly rise, underpinned by hopes of a resurgence in oil demand from the world's second-largest consumer, China.


However, rising COVID-19 cases on the mainland, fears about more rate rises internationally, and a decrease in gasoline use due to the recession restrained oil price gains.


"China is the largest wild card in the oil market, and there's still confidence that the reopening will continue and eventually increase demand," Moya added.

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