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Can Hong Kong retail recover without tourists?

Can Hong Kong retail recover without tourists?
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Many Hongkongers want mainland visitor numbers curbed

HONG KONG – On a recent, rainy weekday, the owner of a jade shop in Causeway Bay sat alone in her store.
HONG KONG – On a recent, rainy weekday, the owner of a jade shop in Causeway Bay sat alone in her store. While business was brisk at Bowrington Road wet market next door, few shoppers gave a second glance to the jewellery in her shop window on Tin Lok Lane.
“It has been quiet these two months. There are fewer mainland tourists visiting,” the woman says. “The tourists buy more than locals. Businesses need them. We pay the government taxes and rates. If the government stops tourists from coming, is it going to pay us?” ....

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Chart of the Day: Hong Kong's Shopping Culture Battered by Covid-19

Chart of the Day: Hong Kong’s Shopping Culture Battered by Covid-19
Hong Kong posted its steepest decline in retail sales since records began in 1981 as visitor numbers to the city collapsed and local residents tightened their belts amid the coronavirus pandemic, dealing another blow to the city’s already struggling economy.
Total retail sales in 2020 fell 25.5% in volume terms, marking the sharpest decline since the government began compiling the data 40 years ago, Hong Kong’s Census and Statistics Department
said on Tuesday. By value, sales fell 24.3% to HK$326.5 billion ($42.1 billion) after an 11.1% drop in 2019.
In December, retail sales fell 13.2% to HK$31.4 billion from a year earlier, more than triple the pace of the 4.1% decrease in November. The acceleration of the decline was due partly to social distancing measures put in place to contain the fourth wave of Covid-19 infections in the city, the statistics department said. ....

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Golden State Welcomes Wealth Manager, John Pak of Vector3 Wealth Management in Santa Cruz, CA

Golden State Welcomes Wealth Manager, John Pak of Vector3 Wealth Management in Santa Cruz, CA
Golden State Welcomes Wealth Manager, John Pak of Vector3 Wealth Management in Santa Cruz, CA
South Coast Metro, Calif., Dec. 15, 2020 Golden State, a registered investment adviser, is pleased to announce that John Pak of Vector3 Wealth Management has joined the team. With the intent to transition over $90 million in client assets, John will use this as a launching pad to continue to grow his business. He comes to the firm from Edge Wealth Management where he served as Senior Financial Advisor since 2009. Prior to that John was CEO at Black Pearl Asset Management, Senior Portfolio Manager and Securities Analyst at Turner Investment Partners where he co-managed three highly rated mutual funds as well as portfolios for Taft Hartley and ERISA Defined Benefit plans. Prior to Turner Investment Partners, John was head of Trade Desk at Tuttle, the largest independent hedger of interest ....

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Advantech Year-in-Review: 2020 Highlights

Advantech Year-in-Review: 2020 Highlights
Advantech Year-in-Review: 2020 Highlights
Advantech, a global leader of advanced IoT intelligence systems and embedded platforms, marked a successful 2020despite the years global pandemic challengeswith prestigious honors and recognitions, as well as new solutions to help organizations around the world combat COVID.
As a member of the Intel Network Builders program, Advantech helps drive digital innovations that simplify and accelerate network transformation. By demonstrating its outstanding innovations and business acumen in alignment with Intel Network Builders mission, Advantech was honored as one of
Intels 2020 Winners Circle Members. Additionally, Advantechs MIC-730AI Edge AI inference System was a recipient of a ....

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