Greater Bay Airlines received its license from the Air Transport Licensing Authority on 21 February, clearing the way for the start-up airline to operate scheduled air services between Hong Kong and 104 routes covering Mainland China, Taiwan, Japan, South Korea and destinations in the Asia-Pacific region.
HK$170 billion
The total budget for the relief package announced by Paul Chan FCPA, Hong Kong’s Financial Secretary, on 23 February as part of this year’s budget. The figure, which is more than double the amount seen in 2021, will go towards funding public health measures, helping struggling businesses, and provide consumption vouchers, tax breaks and rental relief amid the city’s current COVID-19 outbreak.
Accounting Considerations for a Special Purpose Acquisition Company
The title of the new publication by the Hong Kong Institute of CPAs, which highlights certain key accounting considerations relevant to a typical special purpose acquisition company throughout its lifecycle. It can be found on the Institute’s website.
Proposed technology-related revisions to the Code
The title of the exposure draft issued by the International Ethics Standards Board for Accountants on 18 February. The exposure draft seeks to expand the International Code of Ethics for Professional Accountants’ relevance in an environment being reshaped by rapid technological advancements. Comments are requested by 20 June.
US$548,000
The amount a Chinese university student lost after selling his non-fungible token (NFT) through a scam link. Fraud cases involving NFTs are seeing a sharp increase due to a current lack of regulation in Mainland China surrounding the buying and selling of NFTs.
12,790
The number of mergers and acquisitions recorded in Mainland China in 2021. The number is a 21 percent increase from the previous year, according to PwC’s China M&A 2021 Review and 2022 Outlook.
“The IRSG believes that regulation of ESG ratings is now desirable, to provide more transparency around the basis for ESG ratings and mitigate against potential conduct risk.”
– The International Regulatory Strategy Group (IRSG) said in a report released on 21 February. The IRSG, a regulatory research body, said that Britain should regulate sustainability ratings on companies to improve transparency, reduce the risk of greenwashing and protect investors.
3.9%
Hong Kong’s unemployment rate for the three months ending in January. The figure, which is the same as the previous rolling three-month period running from October to December according to the Census and Statistics Department, is the lowest since February 2020, which saw a peak of 7.5 percent.
Mazars USA LLP
The firm that cut ties with former United States president Donald Trump this month, noting that it could no longer stand behind a decade of annual financial statements it prepared for the Trump Organization, according to court documents. It comes amid new evidence that Trump and his company used “fraudulent or misleading” valuations of its golf clubs, skyscrapers and other properties to receive loans and tax benefits.
