Hong Kong to build $79 billion artificial island
Hong Kong plans to build one of the world’s largest artificial islands with an eye-watering $79 billion price tag, city officials announced Tuesday.
The government’s HK$624 billion proposal to reclaim 1,000 hectares (2,471 acres) of land around the territory’s largest island, Lantau, has been touted as a solution to the pressing housing shortage in the city, which is notorious as one of the least affordable markets on the planet.
Authorities said they hope to start work on reclaiming land in 2025, with an eye on allowing residents to move to the island in 2032.
The artificial island — the city’s most expensive infrastructure project to date — would be four times the cost of building Hong Kong International Airport, which opened on Lantau in 1998, and far outstrip Dubai’s famous palm-tree shaped Palm Jumeirah, which reportedly cost $12 billion to build.
The man-made island would be nearly three times the size of New York’s Central Park and provide up to 260,000 flats, more than 70 percent of which would be used for public housing, the government has said.
But critics say the vast reclamation project is too costly and could damage the environment, especially marine life, with many also expressing frustration over the lack of a public say in the plans.
“When all aspects of Hong Kong’s public services and facilities are on the brink of collapse, will the (Lantau project) — as the government’s panacea — solve problems or create a bigger crisis?” pro-democracy lawmaker Eddie Chu said on his Facebook page.
He estimated the cost of the project could balloon to more than $112 billion by 2025, when reclamation work is expected to start.
Authorities are also planning to build another 700-hectare artificial island around Lantau, but have not released any further details about that project or its cost.
Lantau island is also home to a new mega bridge launched last year — billed as the world’s longest sea bridge — connecting Hong Kong to neighbouring Macau and mainland China at a time when Beijing is seeking to tighten its grip on its semi-autonomous territories.
Thousands of people have taken to the streets to protest the plans for the artificial island.
Campaigners have also warned that the dwindling number of much-loved pink dolphins in waters surrounding Lantau may disappear altogether due to large-scale infrastructure projects.
Breaking News: Silicon Valley Bank’s Collapse Sends Shockwaves Through Financial World – Is India’s Banking System Next to Crumble?
Are Indian Banks Ready to Face the Heat of Rising Interest Rates?
As Silicon Valley Bank (SVB) faces the heat of collapsing amidst rising domestic interest rates, Indian banks are left wondering if they are next in line. With the Indian economy still recovering from the COVID-19 pandemic, the prospect of rising interest rates could lead to a devastating blow to the country’s banking sector. Will Indian banks be able to weather the storm or will they collapse like SVB?
Indian banks have already faced a tumultuous few years with multiple frauds and defaults taking place, leaving many questioning their resilience. With the Reserve Bank of India (RBI) indicating that it may hike interest rates in the near future, the pressure on Indian banks is set to increase. The question remains – are Indian banks prepared to face the heat of rising interest rates or will they buckle under the pressure? Only time will tell.
Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G
From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.
“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.
Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year
Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.
These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.
Healthcare products orders
Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.
56 lakh packets of noodles ordered
According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.
60 lakh eggs ordered
The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.
Demand for dairy products
There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.
Ordering fruits and vegetables
Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.
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