Number of multi-millionaires in Hong Kong reaches new high

by Argus News

Hong Kong, April 9: A survey released by Citibank Hong Kong showed that the number of multi-millionaires in Hong Kong has reached 515,000, up 2.18 per cent compared with the previous survey released in September last year.

A multi-millionaire is defined as a person with a total net worth of 10 million HK dollars (about $1.28 million) or more and at least 1 million HK dollars in current assets, according to the bank, Xinhua news agency reported on Thursday.

The bank randomly interviewed over 4,000 Hong Kong residents aged between 21 and 79 via phone and calculated the number. The results showed that the net assets of the multi-millionaires mainly distributed in properties, accounting for 71 per cent.

The number of multi-millionaires who were optimistic about the property market in the next 12 months was significantly higher than that in the last survey, rising from 7 per cent to 15 per cent, the survey said.

The survey also showed that under the Covid-19 epidemic, 25 per cent of the multi-millionaires reported an increase in their liquid assets compared with the end of 2019, with a median increase of 1 million HK dollars. Among them, 65 per cent said that the increase in liquid assets was mainly due to investment returns, with the majority of the increase gained from stocks.

Josephine Lee, head of retail banking for Citibank Hong Kong, said that some of the respondents' liquid assets increased despite the economic impact caused by the epidemic, which reflected the operational effect of diversified investment.

Lee said that the increase also reflected the appreciation of related financial assets driven by measures taken by major countries to save the economy and stabilize the financial sector in response to the epidemic.
(IANS)

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Uttarakhand: All 41 Trapped Workers Rescued From Silkyara Tunnel

by Hemanta Pande

Uttarkashi, Nov 28: All the 41 workers trapped inside the Silkyara tunnel in Uttarakhand since November 12, have been successfully rescued, offficials said on Tuesday evening.

Meanwhile, Chief Minister Pushkar Singh Dhami met the workers who have been rescued along with Union Minister of State General (Retd) VK Singh.

A portion of the tunnel caved in on November 12, the debris falling in the 60-metre stretch on the Silkyara side of the tunnel, trapping 41 labourers inside the under-construction structure.

"The exact time of breakthrough was 7:05 pm. Uttarakhand CM, Minister of State for Road Transport and Highways and Civil Aviation Gen VK Singh are present there," says Harpal Singh, Project Head, Zoji-la Tunnel.

CM Dhami highly appreciated the morale and courage of the workers and personnel engaged in the rescue operation.
Meanwhile, NDRF and SDRF personnel entered the tunnel for rescue to rescue the workers.

Earlier today, Uttarakhand CM and other officials reached the Silkyara tunnel rescue site.

Read: National News

A portion of the tunnel caved in on November 12, the debris falling in the 60-metre stretch on the Silkyara side of the tunnel, trapping 41 labourers inside the under-construction structure. (ANI)

Uttarkashi: First Worker Evacuated From Silkyara Tunnel; Rescue Operation Underway

by Hemanta Pande

Uttarkashi, Nov 28: After 17 days of the marathon operation, the first worker out of 41 workers has been evacuated from the Silkyara tunnel and efforts to bring out the remaining trapped workers are underway.

As the rescue operations enter the final stage, Uttarakhand Chief Minister Pushkar Singh Dhami said that the work of pipe pushing inside the Silkyara tunnel where the efforts to bring out 41 trapped workers has been done across the debris.

"There has been a great success in the ongoing rescue operation in the Silkyara Tunnel, the work of pipe pushing has been done across the debris. Now preparations have been started to evacuate the workers safely," Uttarakhand CM posted on X (formerly Twitter).

As the pipe has reached the place where the workers are trapped, the lights are being installed inside the pipeline so that the workers do not face any problems in the rescue operation. The rescue operation of workers may start soon.

Meanwhile, NDRF and SDRF personnel enter inside the tunnel for rescue, the operation to rescue the workers is about to start in a few minutes.

A worker involved in the rescue operation says, "The situation is good. Four to five people from NDRF have gone inside. The process of rescuing the workers has already begun. We are taking stretchers inside to bring the trapped workers outside..."

"The rescue work has been completed and the trapped workers will start coming out in the next 15-20 minutes. NDRF teams will pull out the workers now. It will take around half an hour to rescue all the 41 trapped workers. There are no hurdles now," a worker involved in the rescue operation.

Read: National News

Earlier today, Uttarakhand CM and other officials reached the Silkyara tunnel rescue site.

A portion of the tunnel caved in on November 12, the debris falling in the 60-metre stretch on the Silkyara side of the tunnel, trapping 41 labourers inside the under-construction structure. (ANI)

Chamber Of Trade And Industry Advocates Caste Census For Taxpayers In Letter To PM Modi

by Hemanta Pande

New Delhi, Nov 28: The Chamber of Trade and Industry (CTI) in Delhi has called for a comprehensive caste census of taxpayers, emphasising the need for transparency and accountability in economic contributions.

CTI Chairman Brijesh Goyal has penned a letter to Prime Minister Narendra Modi, urging the government to conduct a caste survey to shed light on the economic dynamics influenced by different sections of society.

Goyal said, "Along with the caste survey, data should also be collected as to how much tax people of which caste pay to the government. In the letter written to Prime Minister Narendra Modi, it has been said that people should know which caste people play an important role in running the economy. Who pays the most taxes and does the government make any policy keeping their interests in mind?"

Read: Karnataka Govt Has No Authority To Conduct Caste Census: Union Minister

Goyal emphasised the importance of understanding the tax contributions from various castes, asserting that such data would unveil the role different communities play in driving the economy.

The letter argues that releasing a caste-wise breakdown of taxpayers would enable citizens to comprehend which caste groups contribute significantly to the national exchequer.

This, in turn, could inform government policies tailored to address the interests of high-contributing castes.

Acknowledging the government's possession of extensive data related to income tax and GST, the CTI suggests that unveiling the list of taxpayers based on caste would provide insights into the financial contributions of different communities.

The CTI proposal encourages the government to formulate policies, insurance schemes, pensions, and medical facilities based on the revenue generated by each caste.

Goyal stated, "Being a business organisation, we are making such a demand. There is a discussion going on in the trading community. Thousands of traders have agreed to this demand of CTI".

Brijesh Goyal clarified that the CTI's demand stems from its role as a business organisation, reflecting ongoing discussions within the trading community.

Read: National News

Thousands of traders have expressed support for the CTI's proposal, highlighting a growing consensus within the business sector regarding the need for a caste-wise breakdown of taxpayer data.