Hong Kong’s iconic floating restaurant sinks in South China Sea | Business and Economy

Famed vacationer attraction capsizes close to the Paracel Islands after encountering “adversarial situations”.

Jumbo floating restaurant, a as soon as famed however financially struggling Hong Kong vacationer attraction, sank within the South China Sea after being towed away from the town, its mum or dad firm stated.

It capsized on Sunday close to the Paracel Islands after it “encountered adversarial situations” and commenced to tackle water, Aberdeen Restaurant Enterprises introduced in an announcement on Monday.

“The water depth on the scene is over 1,000 meters, making it extraordinarily troublesome to hold out salvage works,” it added.

The corporate stated it was “very saddened by the incident” however that no crew members had been injured.

It stated marine engineers had been employed to examine the floating restaurant and set up hoardings on the vessel earlier than the journey, and that “all related approvals” had been obtained.

The restaurant closed in March 2020, citing the COVID-19 pandemic as the ultimate straw after virtually a decade of economic woes.

Operator Melco Worldwide Improvement stated final month the enterprise had not been worthwhile since 2013, and cumulative losses had exceeded 100 million Hong Kong {dollars} ($12.7m).

It was nonetheless costing hundreds of thousands in upkeep charges yearly, and a couple of dozen companies and organisations had declined an invite to take it over at no cost, Melco added.

It introduced final month that, forward of its licence expiration in June, Jumbo would go away Hong Kong and await a brand new operator at an undisclosed location.

The restaurant set off shortly earlier than midday final Tuesday from the southern Hong Kong Island storm shelter the place it had sat for practically half a century.

Opened in 1976 by the late on line casino tycoon Stanley Ho, it embodied the peak of luxurious in its glory days, reportedly costing greater than 30 million Hong Kong {dollars} ($3.8m) to construct.

Designed like a Chinese language imperial palace and as soon as thought-about a must-see landmark, the restaurant drew guests from Queen Elizabeth II to Tom Cruise.

It additionally featured in a number of movies — together with Steven Soderbergh’s “Contagion”, a couple of lethal international pandemic.

Jumbo’s departure from Hong Kong was met with remorse and nostalgia from many Hong Kong residents.

Some on-line commentators described photos of the floating palace crusing throughout a charcoal gray ocean in direction of the horizon as a metaphor for Hong Kong’s future.

The town has seen harsh pandemic restrictions put its standing as a global hub in danger, whereas a nationwide safety legislation imposed by Beijing has stifled dissent, remoulding Hong Kong in China’s authoritarian picture.

South Korea passes $49.5bn extra budget ahead of local elections | Business and Economy

Supplementary funds will fund assist for small companies and self-employed folks impacted by pandemic restrictions.

South Korea’s Nationwide Meeting permitted a 62 trillion received ($49.5bn) supplementary funds on Sunday aimed toward supporting companies hit by pandemic-related restrictions.

The quantity permitted was 2.6 trillion received ($2bn) greater than the 59.4 trillion received introduced final month and can principally be used for money handouts for small companies and self-employed folks to make up for losses incurred as a consequence of COVID-19 restrictions, the finance ministry mentioned.

The extra spending comes after South Korean President Yoon Suk-yeol pledged to compensate 5.5 million homeowners of small companies for pandemic losses shortly earlier than taking workplace on Might 10.

The additional funds additionally comes because the nation is because of maintain native elections on June 1, when South Koreans will vote for mayors and provincial governors.

The ministry mentioned in a press release that it will not situation any bonds to fund the funds however as a substitute would use tax income from present spending plans.

South Korea in April lifted virtually all pandemic restrictions, together with a curfew for bars eating places and cafes, as a part of the nation’s transfer in the direction of residing with the coronavirus.

Biden and Yoon hold their first summit in South Korea | News

North Korea’s nuclear and missile programme on the high of the agenda as Yoon hosts Biden for his or her first in-person talks in Seoul.

Seoul, South Korea – South Korea’s President Yoon Suk-yeol and his US counterpart, Joe Biden, are holding their first summit within the South Korean capital, Seoul, with their talks set to give attention to boosting ties amid concern over North Korean provocations, together with warnings of an imminent nuclear or missile check.

Saturday’s summit on the Folks’s Home in Seoul comes a day after Biden arrived in South Korea, the primary leg of an Asian tour that additionally features a cease in neighbouring Japan.

The go to – Biden’s first as president – is aimed toward reassuring allies of the USA’s dedication to the area and countering China’s rising affect at a time when the world’s focus has turned to the Russian invasion of Ukraine.

A senior US official instructed reporters that Biden and Yoon’s discussions will contact on a variety of subjects, together with North Korea, the Russia-Ukraine struggle, commerce, expertise, local weather change and the COVID-19 pandemic.

Chatting with reporters forward of the summit, the official stated the 2 leaders are anticipated to announce their intent to strengthen the South Korea-US alliance and also will reaffirm their dedication to the denuclearisation of the Korean peninsula.

They’ll talk about methods to handle North Korea’s ongoing nuclear and missile programme, amid concern over a report 16 weapons launches carried out by Pyongyang this 12 months. US and South Korean officers additionally say the North is making ready to check its seventh nuclear weapon, and will maybe accomplish that throughout Biden’s Asia tour.

That is regardless of the North’s first confirmed COVID-19 outbreak, which has has contaminated greater than 2 million folks and killed 66.

Each the US and and South Korea have provided assist, however the North has shunned the gives to this point.

“We’re very involved concerning the COVID scenario”, the US official stated. “We’re very delicate to the truth that they seem like going through a fairly critical scenario, and I believe you’ve seen we stand able to work with others within the worldwide group as wanted to offer help.”

However he added, “we additionally wish to clarify that the worldwide group stands united of their opposition to their violations of UN Safety Council violations and their destabilising and threatening behaviour”.

The talks between Yoon and Biden will final about two hours and the leaders are anticipated to carry a joint press convention after 15:30 native time (06:30 GMT).

Yoon, who was elected in a hotly contested election in March, had pledged to strengthen his nation’s alliance with the US, describing it as a “linchpin” of regional peace and prosperity.

He has additionally promised a harder stance on North Korea, together with launching a preemptive strike in case of indicators of an imminent assault and in search of the redeployment of US nuclear bombers and submarines on the Korean peninsula.