"But it continues to transfer benefits to big, powerful conglomerates with handsome profits.". Meanwhile, Henderson Land Development was paid HK$50 million through its property-related subsidiaries, and property agency Jones Lang LaSalle got HK$173 million. Unemployment in retail, accommodation and food services has more than doubled in the past year, climbing to 10.8 per cent in July. The IEA calculated that fossil fuels received about US$260 billion in 2016 and the United Nations Framework Convention on Climate Change (UNFCCC) has criticised these subsidies for hampering progress on reducing emissions. Email us at btuserfeedback@sph.com.sg. CK Asset and New World were named by the Hong Kong Retailer Management Association as two of the five most uncooperative landlords in providing rental concessions to struggling tenants in April during the second coronavirus outbreak. White-collar jobs have largely stayed intact during the crisis, with the brunt of the city's recession falling heavily on low-skilled and low-paid workers in the construction, retail and food industries. The most direct financial assistance Hong Kong workers have received during the pandemic was a one-time HK$10,000 cash handout to all residents 18 and above. Do renewable energy technologies need government subsidies? Various Ernst & Young entities received more than HK$79 million, according to Bloomberg calculations. [BENGALURU] Australia shares closed weaker for a fourth straight session on Tuesday as concerns about fresh pandemic... [SEOUL] South Korean shares dropped 2.4 per cent on Tuesday, logging the sharpest decline in a month, as investors... [STOCKHOLM] Something was clearly missing from Stockholm Fashion Week's virtual catwalk Aug 25 and it wasn't just a... [FRANKFURT] TUI said it's making progress on plans to cut overhead costs by 30 per cent as the world's largest tour... [LONDON] British Prime Minister Boris Johnson will on Tuesday tell people to work from home and will impose new... © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. This is cheaper than the average cost of generating electricity from gas, and well below the price of long-term contracts for new nuclear power, which is £92.50/MWh. Tel: +44 (0)20 7107 5027, Wind Farm in motion at Sunset in the Solway Firth.

VERIFICATION EMAIL. Revenue from Hong Kong property sales at CK Asset plunged by more than 60 per cent. New World Development said it hadn't applied for the programme, but its affiliated companies had done so based on their own operational needs and all subsidies were directed to employees, particularly front-line staff, construction workers and bus drivers. "The Employment Support Scheme has enabled us to ensure that our staff across the business, including professional, business support and trainees, are protected." SINGAPORE Telecommunications' (Singtel) share price on Tuesday fell to its lowest in 12 years as heavy volumes... PROPERTY tech platform SRX has launched a tool on its mobile app which creates digital communities for its members'... [FRANKFURT] Buyout group Permira has agreed to buy German pharma group Neuraxpharm as it seeks to benefit from an... [LONDON] Aviva's new boss Amanda Blanc is not wasting any time. Sign up to our newsletters and get the latest analysis, research, commentary and details of upcoming events. Here are some highlights of just a few companies that are very high on the list, along with the amounts of their subsidies in recent years, courtesy of Subsidy Tracker: 1. Recent analysis backed the UK government’s view that further subsidies should be time-bound and removed once the relevant obstacles and market failures have been overcome.

Apart from the no-means-test approach, the subsidy programme has drawn criticism as employees don't necessarily get all the benefits. The application for the next tranche opened last week. Please confirm for access to all your SPH accounts.

Wharf Real Estate Investment Co's retail rental income slumped by almost a third in the first half of the year, leading to a loss and a HK$7.4 billion hit to its portfolio. Subsidies to renewables have been credited with increasing innovation, lowering costs and expanding the energy mix – roles also played by early subsidies to fossil fuels, which were greater than those made to renewables at the same stage of development. Revenue from Hong Kong property sales at CK Asset plunged by more than 60 per cent. Hong Kong-based Bank of East Asia, which got HK$114.8 million, said it applied for the subsidies to support the government's initiative to protect jobs and "to contribute positively toward the recovery of the Hong Kong economy". Both companies said they used the money to pay wages. The union has received 216 complaints from workers for reasons including being fired or ordered to take unpaid leave despite their employers getting the aid. [HONG KONG] Hong Kong's property tycoons and global firms including Ernst & Young and Jones Lang LaSalle (JLL) have received tens of millions of dollars in government-funded wage subsidies meant to protect jobs that would have otherwise been lost during the coronavirus pandemic. Among companies receiving subsidies in the first tranche of the HK$80 billion (S$14.09 billion) programme were Victor Li's CK Asset Holdings, which got at least HK$22 million, and the billionaire Cheng family's New World Development Co, which received HK$56 million via its property arms to cover salaries between June and August, according to government data compiled by Bloomberg. 198402668E. Applications for the Resurgence Wage Subsidy closed on 3 September 2020. The construction industry has the highest proportion of workers - 11.3 per cent - out of a job. There have been cases where employers - many of them large restaurant chains - have cut wages or given staff fewer hours even after obtaining the subsidy, according to Mr Mung. Most of the developer subsidiaries that applied for subsidies don't specifically employ construction workers, except one entity owned by New World. Notably absent from the list of firms receiving subsidies were the major Wall Street and European banks. [HONG KONG] Hong Kong's property tycoons and global firms including Ernst & Young and Jones Lang LaSalle (JLL) have received tens of millions of dollars in government-funded wage subsidies meant to protect jobs that would have otherwise been lost during the coronavirus pandemic. 198402668E. In response to the backlash, the government has vowed to boost deterrence against companies from significantly laying off employees in the second tranche of the programme. Even so, seven of Hong Kong's real estate tycoons sit atop a combined fortune of US$120 billion, according to the Bloomberg Billionaires Index. There are currently no wage subsidies to apply for.