Hong Kong set to record first budget deficit in 15 years

13 Sept 19:12 Key points summarised by AI

Hong Kong anticipates its first budget deficit in 15 years, with the city's finance chief warning of a 1.3% economic contraction in 2019.
The deficit is attributed to decreased tax revenues, a slowdown in land sales, and economic sweeteners, exacerbated by the US-China trade war and ongoing democracy protests.
Protests have severely impacted retail and tourism, leading to a record 24% drop in October retail sales and a 46% decline in mainland visitors during 'Golden Week'.
The economic downturn has created significant challenges for businesses, exemplified by Hong Kong Airlines facing potential license suspension due to plummeting visitor numbers.

Speculation growing over merger between Bhumjaithai and Kla Tham parties

Yesterday 16:46 Key points summarised by AI

A dinner between Bhumjaithai and Kla Tham party leaders sparked rumors of a potential merger, though Bhumjaithai's leader, Anutin, downplayed it as a casual meal.
The meeting is widely interpreted as a strategic message from Bhumjaithai to the Pheu Thai party, signaling alternative support ahead of an upcoming no-confidence debate.
Thailand's Constitution (Section 99) currently prohibits direct mergers of parties with sitting MPs during the House's term, a rule designed to prevent the 'buying and selling' of MPs.
While direct mergers are restricted, MPs can still switch parties if dismissed by a three-fourths party vote or if their party dissolves, allowing for indirect political realignments.
Kla Tham's voting behavior in the censure debate will demonstrate its loyalty to the government, potentially influencing future political dynamics despite current merger restrictions.