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  • Dollar holds near three-week high before CPI data; Bitcoin hovers above $120,000

    Dollar holds near three-week high before CPI data; Bitcoin hovers above $120,000

    By Kevin Buckland

    TOKYO (Reuters) -The dollar hovered near a three-week high versus major peers on Tuesday as traders awaited the release of U.S. inflation data later in the day that could provide clues on the path for monetary policy.

    The U.S. currency was also buoyed by elevated Treasury yields, with investors weighing a potential exit of Jerome Powell from the Federal Reserve as President Donald Trump continued his criticism of the central bank chairman.

    The Aussie dollar dipped from last week’s eight-month peak ahead of a report on gross domestic product in China, Australia’s top trading partner.

    Bitcoin changed hands at $120,067, after pushing to an all-time high $123,153.22 on Monday as investors bet on long-sought legislative policy wins for the cryptocurrency industry this week.

    The dollar was little changed at 147.75 yen early in Asia’s day, trading just below Monday’s high since June 23 at 147.78.

    The dollar index, which tracks the currency against the yen and five other major rivals, stood at 98.104, just below the overnight peak of 98.136, the highest since June 25.

    The euro was steady at $1.1662 after slipping to $1.1650 on Monday for the first time since June 25.

    Fed Chair Jerome Powell has said that he expects inflation to increase this summer as a result of tariffs, which is seen keeping the U.S. central bank on hold until later in the year.

    Economists polled by Reuters expect headline inflation to increase to 2.7% on an annual basis, up from 2.4% the prior month. Core inflation is expected to rise to 3.0%, from 2.8%.

    “Should inflation fail to materialise or remain steady, questions may arise regarding the Fed’s recent decision not to cut rates, potentially intensifying calls for monetary easing,” James Kniveton, senior corporate FX dealer at Convera, wrote in a client note.

    “Calls from the White House for leadership changes at the Fed may increase.”

    Trump on Monday renewed his attacks on Powell, saying interest rates should be at 1% or lower, rather than the 4.25% to 4.50% range the Fed has kept the key rate at so far this year.

    Fed funds futures traders have been pricing in 50 basis points of interest rate cuts by year-end, with the first reduction expected in September.

    Meanwhile, China’s economy is likely to have cooled in the second quarter after a solid start to the year, as trade tensions and a prolonged property downturn drag on demand, raising pressure on policymakers to roll out additional stimulus to underpin growth.

    Data due on Tuesday is expected to show GDP grew 5.1% year-on-year in April–June, slowing from 5.4% in the first quarter, according to a Reuters poll.

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  • Childhood vaccination rates lag in Europe – fueling further resurgence of measles and whooping cough – ReliefWeb

    1. Childhood vaccination rates lag in Europe – fueling further resurgence of measles and whooping cough  ReliefWeb
    2. The diseases that could return as vaccination rates decline — and why you should care  CNN
    3. UN says 14 million children did not receive a single vaccine in 2024  The Washington Post
    4. 2024 GLOBAL IMMUNISATION COVERAGE ESTIMATES: Understanding the picture in lower-income countries  Fresh Angle
    5. Measles, rubella and polio: The return of preventable diseases  NewsNation

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  • New cell therapy enhances immune system in cats with FIP

    New cell therapy enhances immune system in cats with FIP

    Feline infectious peritonitis, or FIP, is a serious and historically fatal disease in cats caused by a coronavirus. It behaves in many ways like severe coronavirus infections in humans, causing widespread inflammation, T cell exhaustion and chronic immune dysfunction. Scientists at the University of California, Davis, have found that mesenchymal stromal cells, or MSC therapy, in combination with antiviral drugs, helped cats’ immune systems recover and reduced systemic inflammation. The study was published in STEM CELLS Translational Medicine.

    “Our findings support the idea that FIP in cats is a useful model for studying long-term immune problems after a viral infection — something that also happens in some people after illnesses like COVID-19,” said corresponding author Amir Kol, associate professor in the Department of Pathology, Microbiology and Immunology at the UC Davis School of Veterinary Medicine. “It shows that MSC therapy might not only reduce short-term inflammation but help bring the immune system back into lasting balance.”

    FIP in cats

    Feline coronavirus usually infects the cells lining a cat’s intestines and causes only mild stomach issues. In some cats, a mix of genetic and environmental factors can alter the virus’ behavior, allowing it to infect immune cells and spread throughout the body. The virus can develop into either wet FIP, where fluid builds up in the chest or belly, or dry FIP, where fluid doesn’t build up but inflammation still affects organs. Both types of FIP cause fever, widespread inflammation, problems in multiple organs and a drop in important immune cells. It’s estimated to affect around 2% of cats, most commonly young cats in shelters or catteries.

    Until recently, most cases of FIP were fatal. In 2018, UC Davis researchers first reported that an antiviral agent called GS-441524 successfully cured cats with FIP.  But the patent holder at the time never applied for approval to sell it. Only within the last year has a U.S. veterinary compounding pharmacy made the drug available in the country.

    Long-term FIP

    As a result, few studies have tracked cats long-term after they recover from FIP. But Kol said some of these cats still have enlarged lymph nodes, which happens when part of the immune system stays active. This suggests that even after the cats appear to recover, their immune systems may still be working overtime — similar to how some people experience long COVID after recovering from COVID-19. This ongoing immune stimulation may signify a “long-FIP”-like syndrome in cats.

    “Even if you treat the infection with antivirals, your immune system, oftentimes, still won’t go back to normal or where it was before infection,” said Kol. “This might have long-lasting effects on your health and this study shows that MSC may help.”

    Clinical trial with antivirals and MSC

    Researchers wanted to see whether cellular therapy could enhance immune recovery in the cats with enlarged lymph nodes. For this clinical trial, one group of cats with FIP received antiviral drugs along with infusions of MSCs, and the other received an antiviral drug and placebo infusions.

    “As expected, all cats survived because the antiviral treatment is effective in getting rid of the virus,” said Kol. “But we definitely saw evidence of immune recovery in those cats that were treated with MSC compared to the ones that weren’t.”

    Researchers found that the treated cats had fewer overly active T and B cells (which can cause immune overdrive), and more regulatory T cells (which help calm the immune system). Other tests confirmed that this therapy helped exhausted immune cells recover and possibly form long-term “memory” cells that protect the body in the future.

    Scientist found the treatment safe with no serious side effects.

    These findings not only matter for helping cats with FIP and their owners, but they could also help scientists better understand similar viruses in humans, like COVID-19.

    “It’s important to understand that many pets suffer from diseases that are similar to human diseases,” said Kol. “Veterinary medicine is a wonderful platform to conduct translational science that helps both pets and humans.”

    Other authors of the study include Brian Murphy, Patrawin Wanakumjorn, Kazuto Kimura, Diego Castillo, Rachel Formaker, Rachel Qiao, Terza Brostoff, Ehren McLarty, Katherine Farrell, Raneesh Ramarapu, Jully Pires, Tamar Cohen-Davidyan, Jennifer Cassano and Krystle Reagan of UC Davis.

    The research was supported by the National Institutes of Health and the Center for Companion Animal Health at UC Davis.

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  • 5 Foods to Avoid After 5 P.M. If You Struggle with Constipation

    5 Foods to Avoid After 5 P.M. If You Struggle with Constipation

    1. Choosing the right foods to eat before bedtime can help prevent constipation.

    2. Avoid foods high in fat and low in fiber to improve digestion, especially at night.

    3. Establishing a consistent night routine can help improve bowel regularity.

    If you’re already dealing with constipation, the last thing you need is a nighttime snack that makes things worse. What you eat before bed can have a surprising impact on your digestion, and in some cases, it might be the reason you wake up feeling even more backed up.

    Nearly 16% of adults in the U.S. suffer from constipation, and that number doubles after the age of 60. While fiber and hydration are key for keeping things moving, certain foods—especially when eaten right before sleep—can slow digestion even more. We spoke with digestive experts to learn which foods are the worst to eat before bed if you have constipation, plus what to choose instead. 

    1. High-Fat Foods

    “If you’re prone to constipation, it’s best to steer clear of high-fat foods before bed—think cheese, processed snacks or heavy takeout,” says Samantha DeVito, M.S., RD, CDN. “These types of meals can slow digestion and may make things worse overnight when your gut naturally slows down.”

    Even large servings of nut butters before bed can be problematic, according to Kerry Conlon, M.S., RD, a dietitian specializing in digestive diseases. “Although they are healthy fats, eating too much nut butter before bed can slow down gastric emptying, which means food moves through your digestive system slowly, which can lead to constipation,” she explains. 

    Your digestive system follows a circadian rhythm, or 24-hour clock, meaning it’s more active during the day and winds down at night. Eating foods that are high in fat too close to bedtime can delay stomach emptying and reduce the natural morning urge to go. Instead, choose lighter, high-fiber meals in the evening to support regularity and work with your body’s natural rhythm—not against it. 

    2. Alcohol

    If you’re used to having a nightcap or a glass of wine before bed, you may want to rethink it if you’re not as regular as you’d like to be. 

    Alcohol acts as a diuretic by lowering levels of vasopressin—a hormone that helps your kidneys hold on to water. When vasopressin is suppressed, your body loses more fluid through frequent urination, which can lead to mild dehydration. Dehydration can cause harder, drier stools that are more difficult to pass. 

    Drinking alcohol can also disrupt your sleep, says Mikhail Yakubov, M.D., a board-certified gastroenterologist at Manhattan Gastroenterology. “Sleep and digestion are closely linked through your body’s circadian rhythm,” says Yakubov. “Poor sleep quality or insufficient rest can slow gut motility, making it harder to have a morning bowel movement.”

    3. Refined Grains

    Refined grains like white bread, white pasta, white rice and desserts may be a comforting nighttime snack, but they can make things worse if you’re feeling backed up. These foods are stripped of most of their fiber during processing, which means they lack the bulk that helps move stool through the digestive tract. “Fiber acts as a broom sweeping through to help keep us regular and remove waste products,” says Rhyan Geiger, RDN. 

    “Highly processed foods that are low in fiber may contribute to slower digestion and movement through the system, causing constipation,” Conlon adds. Instead, opt for high-fiber fruits like kiwi or dates or high-fiber grains such as oats.

    4. Protein-Boosted Snacks

    Protein is an essential nutrient that everyone needs, but not all proteins are created equal—especially when it comes to digestion. “Many of the high-protein snacks on the market—such as protein bars, cookies, pretzels and chips—contain protein isolates and sugar substitutes that can contribute to uncomfortable bloating and gas in people with sluggish digestion,” says Conlon. 

    While these foods are a convenient way to increase your protein intake, they may cause constipation in some people. Conlon recommends chia pudding as a high-protein, high-fiber snack to enjoy before bed. 

    5. Dairy Products

    “Dairy-based snacks like yogurt, milk and cheese might contribute to constipation if you’re sensitive to lactose or have a tendency toward sluggish digestion,” says DeVito. These foods contain protein and fat that take longer to break down in your digestive system. While slower digestion can help keep you feeling full longer for some people, it can be challenging if you already struggle with regular bowel movements. 

    If you notice that dairy products tend to leave you feeling backed up, especially in the evening, it’s a good idea to limit how much you consume before bed. Choosing lactose-free alternatives or plant-based options can be easier on your digestive system and may help support smoother digestion overnight.

    Other Things to Do Before Bed to Help Reduce Constipation

    • Eat a light snack rich in fiber and fluids. DeVito recommends berries with probiotic-rich kefir or a small bowl of oatmeal with chia seeds.
    • Establish a nighttime routine for good sleep. “A consistent sleep schedule helps. Your gut thrives on routine just like the rest of your body,” says DeVito. Go to bed and wake up at the same time every day to help maintain bowel regularity.
    • Practice gentle movement. Conlon recommends some form of light movement after dinner to encourage digestion, such as walking. Studies show that higher levels of activity are associated with a lower risk of constipation.
    • Eat consistent meals and snacks. “The timing of your meals matters when it comes to bowel regularity,” says Conlon. Avoid eating too close to bedtime and aim to spread meals and snacks evenly throughout the day.

    Constipation-Relieving Recipes to Try

    Our Expert Take

    Just as there are things that can relieve constipation, there are some things that could be making it worse, particularly things you consume before bed. Much like your sleep, your digestion operates on a circadian rhythm, with things naturally slowing down at nighttime. Eating foods that slow digestion or drinking alcohol before bed can worsen constipation and leave you feeling even more backed up in the morning. Since everyone responds differently, some trial and error may be needed to find which foods are best to avoid before bed.

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  • Despite tariffs, it's still America first for Asia's legacy automakers – Reuters

    1. Despite tariffs, it’s still America first for Asia’s legacy automakers  Reuters
    2. Hyundai Motor Group Bets on Market Share Over Price Hikes Amid U.S. Tariff Pressures  Koreabizwire
    3. Analysis-Despite tariffs, it’s still America first for Asia’s legacy automakers  MSN
    4. Tariff Talk: Hyundai Holds The Line On No Price Increases  CarPro dealership
    5. Hyundai and Kia haven’t raised their U.S. prices yet. Can that last?  Korea JoongAng Daily

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  • StandingTall: Revolutionise Falls Prevention Nationwide with Proven, Scalable Health Tech

    StandingTall: Revolutionise Falls Prevention Nationwide with Proven, Scalable Health Tech

    SYDNEY, July 15, 2025 /PRNewswire/ — Miroma Project Factory (MPF), a leader in digital innovation for health and wellbeing, is proud to announce the expanded commercial release of StandingTall, the revolutionary home-based balance training program developed in collaboration with Professor Kim Delbaere, showcasing her life’s work in falls prevention.

    StandingTall, a proven app solution to improve balance, boost confidence, and prevent falls in aging adults.

    StandingTall is a clinically validated, easy-to-use, and engaging exercise app designed to improve balance, boost confidence, and prevent falls among older adults. Now positioned for widespread adoption, StandingTall offers a proven, scalable solution that supports healthy aging and reduces the substantial burden falls place on individuals and healthcare systems alike.

    “StandingTall combines science, innovation and simplicity to deliver life-changing results. It’s a proven solution ready to reduce falls, save healthcare costs and improve lives across Australia. It was co-developed with older Australians to ensure it’s effective, accessible, and tailored to real needs. StandingTall integrates exercises seamlessly into daily routines, helping users build habits that protect their independence and confidence over time.

    Whether you’re in urban, regional, or remote areas, StandingTall empowers users to regain control of their lives, reduce fear of falling, and enhance their independence” said Professor Kim Delbaere, Senior Principal Research Scientist at NeuRA and CEO of StandingTall.

    Built with a clear mission because every brain and body deserves better decisions, faster care, and a healthier future – StandingTall has already demonstrated its impact through extensive clinical trials. Among 2,000+ participants, StandingTall achieved a 19% reduction in falls and a 20% reduction in fall-related injuries.

    “We have worked hand in hand with Kim for over seven years, bringing to life her deeply rich research in falls prevention. Fall-related injuries in Australia’s residential aged care could be costing the health system $325 million annually. Clinical trials show StandingTall reduces falls and injuries from falls by 20%, making it the only fall prevention app with such robust evidence behind it. As an aging nation, we need to adopt new strategies to actively reduce the burden on our amazing yet overstretched health system.

    For those who have already fallen, StandingTall is not just effective but cheaper than our current programs. It saves on emergency care, hospital admissions and rehabilitation costs. I am so immensely proud to help bring this product to life, contributing positivity to our aging community.” stated Kat Robinson, Global CEO MPF

    StandingTall offers a personalised, progressive exercise experience, adaptable to each user’s ability level, ensuring engagement and measurable results over time, including:

    • Adaptive balance and mobility exercises with personalised algorithms visually move with your personal avatar, animated over 800+ Mocap suit-designed animations.
    • Easy-to-use interface designed specifically for older adults, and accessibility at the forefront
    • Home-based, low cost, self-paced programs requiring only a tablet
    • Progress tracking to motivate sustained improvement that can be used in conjunction with your physician
    • Offline capability for users in remote or rural areas

    StandingTall has already been successfully embedded into home aged care services across Australia and the UK, aligning with national aged care quality standards and digital health strategies. It has been highlighted in aged care innovation reports and government strategies for its measurable health outcomes, scalability, and impact.

    “The first meeting with the MPF team immediately illustrated their depth of knowledge and expertise in the area of health applications. They kept our older users at the forefront when making every decision around service design and usability. MPF impressed us at every step, and we are excited to move StandingTall into a new phase of growth and impact.” said Professor Delbaere.

    Looking forward, StandingTall is set to become a foundation for broader digital health strategies in fall prevention, rehabilitation, and healthy aging. Plans are underway for expansion into new markets, integrations with wearable technology, and partnerships with government bodies to scale StandingTall across Australia and internationally.

    Availability: StandingTall is now available on iPad and Android tablets for individual users, home care services, and healthcare providers. Learn more at www.standingtall.net.au.

    About Miroma Project Factory

    Miroma Project Factory (MPF) is a multi-award-winning digital production and development studio, specialising in delivering ground-breaking interactive digital products across web, mobile, social media, and gaming platforms. As a female-led business recognised by Women Love Tech for creating an amazing workplace, MPF’s reputation is built on producing transformative solutions in health, broadcast, and entertainment, with a specialisation in gamification for behaviour change. Visit www.theprojectfactory.com to learn more. https://theprojectfactory.com/projects/st-rebrand

    References: The cost of falls in Australia 

    For media inquiries, interviews, or partnership opportunities, please contact:

    Miroma Project Factory
    [email protected] 

    Kim Delbaere
    Chief Executive Officer
    Standing Tall
    [email protected]

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  • Alt.vfx named new platinum sponsor as BADC Awards 2025 launches call for entries – Campaign Brief

    Alt.vfx named new platinum sponsor as BADC Awards 2025 launches call for entries – Campaign Brief

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    Multi-award winning visual effects studio Alt.vfx has been announced as the new platinum sponsor of the 2025 BADC Awards as entries open for Queensland’s most prestigious creative awards, celebrating 51 years of excellence in advertising and design.

     

    Since its establishment in 2011 by Colin Renshaw and Takeshi Takada, Alt.vfx  has quickly become one of the most respected visual effects studios in Australia, winning Cannes Lions in their very first year of business, along with CLIOs, D&AD awards, LIA recognition, and Mobius awards across their Brisbane, Sydney, Melbourne, Los Angeles and Tokyo operations. The studio has achieved over 92 medals and finalist placings at BADC since 2013, demonstrating their consistent excellence and deep connection to the Queensland creative community.

    “The BADC Awards have always been a cornerstone of recognising authentic Queensland creativity,” says Renshaw and Takada. “Our commitment to supporting the industry runs deep – with over 92 BADC medals and finalist placings since 2013, we understand firsthand the importance of celebrating excellence. We’re proud to step up as Platinum Sponsor and support this year’s focus on resilience and craft, which perfectly captures what our industry represents – the ability to create extraordinary work regardless of the challenges we face.”

    Key Entry Information

    Creative professionals can access the full Entry Kit and begin submissions at badc.com.au.

    Categories available include:
    • Film
    • Print
    • Digital
    • Design
    • Film Craft
    • Creative Effectiveness
    • Creative Strategy (NEW)
    • Long Term Brand Content (NEW)

    Early Bird Deadline: July 23, 2025, 5PM AEST (Save 30%)
    Final Deadline: July 31, 2025, 11:59PM AEST
    Finalists Announced: November 14, 2025
    Awards Night: November 22, 2025, at the Star Casino

    Full-service creative and post-production house, 3P Studio continues as gold sponsor after its successful two-year tenure as platinum sponsor (2023-2024).

    Says Stu Myerscough, Acting BADC President: “After 51 years of celebrating Queensland’s creative excellence, we know the importance of recognising and honouring the extraordinary work our industry produces.

    “Despite the challenges this year has brought, Queensland’s creative community continues to push boundaries and deliver exceptional work. The BADC Awards remain the definitive platform to showcase this talent – we encourage every creative professional to submit their best work and be part of this prestigious celebration. There has never been a better way to reach the advertising and design industry of Queensland than sponsoring BADC, and sponsorship packages are still available for organisations looking to connect with the creative community.”

    While acknowledging this has been a tough year for many in the industry, the 2025 BADC Awards focus on celebrating the creativity and craft that continues to emerge from Queensland’s advertising and design community. This year’s theme, “It’s All Swings & Roundabouts”, perfectly captures the dynamic nature of the industry – the highs, the lows, and the resilience that keeps the creative spirit alive.

    For entry enquiries, contact: Katrine Bowman, BADC Producer Mobile: 0418 885 648 Email: producer@badc.com.au

    Pictured (L-R): Takeshi Takada, Stu Myerscough, Colin Renshaw

     

    Want to leave a comment? Share your thoughts in the comments box below, making sure to include your full name and email address. 

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  • Hong Kong Court of Appeal confirms legality of the SFC’s Restriction Notice (Public Interest) Regime

    Hong Kong Court of Appeal confirms legality of the SFC’s Restriction Notice (Public Interest) Regime

    Our trainee solicitor Sharon Chung assisted with this article.

    Overview

    In early July 2025, the Hong Kong Court of Appeal (CA) dismissed an appeal by Chen Wencan and Su Jiaqi (Applicants) against an order of the Court of First Instance refusing leave to judicial review against the decisions of the Securities and Futures Commission (SFC) to issue restriction notices (RNs) (i.e. notices to impose a prohibition and/or requirement on a licensed corporation’s transactions and dealing of properties), on the basis they were desirable in the interest of the investing public or in the public interest (RN (Public Interest) Regime) (Chen Wencan & Su Jiaqi v Secretary for Justice & The Securities and Futures Commission [2025] HKCA 595; [2023] HKCFI 796).

    The Applicants argued that the RN (Public Interest) Regime is an unlawful interference with their constitutional right to use property under the Basic Law.

    The challenge is not the first of its kind. In 2022, the Honourable Mr Justice Coleman (who also made the first instance decision of the current case (CFI Decision)) refused leave to judicial review of this Regime in Tam Sze Leung v Secretary for Justice [2022] HKCFI 2330 (Tam Sze Leung (RN)). Citing Tam Sze Leung (RN) with approval, the CA affirmed the CFI Decision and dismissed the appeal.

    Background

    The Applicants claimed to be seasoned investors in securities. They hold trading accounts in Enlighten Securities Limited (Enlighten) and Futu Securities International (Hong Kong) Limited (Futu), which are both licensed corporations under the Securities and Futures Ordinance (Cap. 571) (SFO). The SFC’s investigations revealed that the Applicants were allegedly involved in large-scale “ramp-and-dump” schemes in respect of shares of two listed companies.

    The Applicants’ combined offloading of shares in the “ramp-and-dump” schemes generated proceeds of approximately HK$249 million in total, and the SFC received complaints from a number of individual shareholders, claiming that they suffered financial losses ranging from HK$18,000 to HK$1.5 million.

    Suspecting the commission of market misconduct offences, the SFC issued two RNs to Enlighten and Futu under sections 204(1) (regarding notice to restrict entering into transactions) and 205(1) (regarding notice to restrict dealing with properties), on the basis of section 207(e) of the SFO[1], namely where desirable in the interest of the investing public and in the public interest. The Applicants’ assets in the trading accounts were effectively frozen. Under the RNs, Enlighten and Futu were, among other things:

    • prohibited from disposing of or dealing with assets in the accounts; and
    • required to notify the SFC immediately upon receipt of any instructions to dispose of or deal with any assets in the accounts.

    The Applicants sought leave for judicial review.  Applying Tam Sze Leung (RN), in which issues were materially the same as those as the current case, Coleman J refused leave.

    By the time the CA heard the appeal, 4 years had passed since the initial issuance of the RNs but the SFC had not laid any charges against the Applicants.

    CA’s decision

    The Applicants appealed on the grounds that the RN (Public Interest) Regime does not satisfy two requirements, namely (1) the “prescribed by law” requirement and (2) the “proportionality” requirement.

    The CA is in general agreement with Tam Sze Leung (RN), and held that the Applicants failed to succeed in both grounds. Accordingly the CA dismissed the appeal.

    Ground 1: Prescribed by law

    The CA considered that the RN (Public Interest) Regime is adequately accessible and has reasonable certainty.  This is so despite “public interest” is a broad concept, and the RN (Public Interest) Regime does not have any temporal limit on the duration of the freeze, nor upper limit as to the assets that can be frozen.

    In particular, the SFC’s powers to issue RNs are circumscribed by the fact that they can only be exercised for the purpose of the SFC’s statutory functions in furtherance of the statutory objectives (including protection of investors, creditors of the licensed corporation and the public interest), and RNs can only be imposed on licensed corporations.

    Whether the SFC’s exercise of power to issue an RN is justified is not determined purely by the SFC’s subjective thinking; the SFC must provide some proper objective basis to justify that its decision is in the interest of the public.

    In addition, the CA considered that the following safeguards, when viewed collectively, offer a system of reasonable protection against the abuse of power by the SFC:

    • The SFC’s powers to impose, as well as withdraw, substitute or vary RNs are ‘non-delegable’, i.e. such powers can only be exercised by the SFC’s board of directors, the majority of which are non-executive directors independent of the SFC.
    • The SFC has an internal periodic review system to consider the progress of the investigations and whether the RNs should be maintained or withdrawn.
    • The SFC has to give reasons for their decision to impose, withdraw, substitute or vary an RN.
    • RN decisions must be published in the Gazette.
    • Any person affected by an RN may apply to the SFC to withdraw, substitute or vary the RN under section 208(1). The SFC must give reasons for refusal to change its decision.
    • There is no statutory limit to the number of applications which a person may make for the withdrawal, substitution or variation of a prohibition or requirement.
    • Any person aggrieved by the decision of the SFC refusing to withdraw, substitute or vary a prohibition or requirement may apply to the Securities and Futures Appeals Tribunal (SFAT) for a review of the decision.
    • Any person dissatisfied with the SFAT’s decision may appeal to the CA.
    • SFC’s exercise of powers may be challenged by way of judicial review.

    Ground 2: Proportionality

    The CA also held that the extent of interference with a person’s right to use property under the RN (Public Interest) Regime is proportionate to the legitimate aims of protecting investors, creditors of the licensed corporation and the public interest.

    Of note:

    • The right to use property under Articles 6 and 105 of the Basic Law does not concern fundamental rights, nor do they impact on core values such as race or gender as defined under the Hong Kong Bill of Rights. The issuance of RNs is meant to operate as a temporary measure only.
    • In light of this, when determining whether the RN (Public Interest) Regime is “no more than necessary” to achieve the above legitimate aims, the CA applied a less stringent standard and specifically considered whether the measure to issue the RNs was manifestly without reasonable foundation (rather than whether the measure was strictly necessary). The CA agreed the RN (Public Interest) Regime is no more than necessary to achieve the legitimate aims, even though there are alternatives which may achieve the legitimate aims (such as the SFC’s right to apply to the Court for interim injunctions under section 213).
    • The CA did not consider that the SFC’s powers to issue RNs operated on particular individuals with such oppressive unfairness that it cannot be regarded as a proportionate means of achieving the legitimate aims.

    Key takeaways

    This is the first time that the CA considered the legality of the RN (Public Interest) Regime. In recent years, the SFC has taken various enforcement actions to combat “ramp-and-dump” schemes and actively alerted the public of the increasing exploitation of social media platforms to deceive investors. The CA’s judgment has further affirmed the position that the SFC has the powers under the SFO to issue RNs which control or restrict the dealing of assets (including securities or funds) held in accounts maintained with licensed corporations – which has a similar effect to freezing such assets.  The judgment has also made it clear that the SFC’s powers to issue RNs and apply for interim injunction orders supplement each other, with the SFC being able to choose which route is more appropriate under the particular circumstances of a case.

    For individuals and entities whose assets kept with licensed corporations have been frozen for a significant period of time (especially where the SFC has not laid charges), they should consider applying to the SFC for variation of the RNs at suitable junctures (for example, where circumstances have changed since the initial issuance of the RNs, or where there is evidence which suggest the SFC’s original suspicion may well be incorrect).  Further, the clarification which the Court of First Instance made in Tam Sze Leung (RN) – that the SFC cannot maintain an RN for as long as it wishes, and that the SFC needs to bear in mind the intrusion and prejudice that may be caused to the relevant parties by maintaining an RN for a long period of time – still applies. 

    To the extent necessary and where good reasons can be shown, affected individuals and entities should consider bringing an appeal to the SFAT (or even a challenge through judiciary review) against a refusal by the SFC to vary or lift an RN.

     

    [1] Other references to sections are to sections in the SFO.

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  • Trump news at a glance: president threatens 100% tariff on Russia and says he is keeping Club World Cup trophy | Trump administration

    Trump news at a glance: president threatens 100% tariff on Russia and says he is keeping Club World Cup trophy | Trump administration

    Donald Trump has said he sealed an agreement with Nato allies that will deliver Patriot missiles and other key arms to Ukraine – and warned Russia it would face severe sanctions if the war did not end within 50 days.

    Unveiling the military assistance deal, the US president expressed increased frustration with Vladimir Putin, whom he accused of giving the impression of pursuing peace while intensifying attacks on Ukrainian cities. He gave the Russian president a new deadline of 50 days to make peace or face 100% tariffs on Russian goods, and more importantly, sweeping “secondary tariffs”, suggesting trade sanctions would be imposed on countries that continue to pay for Russian oil and other commodities.

    Here is more on this and other key Trump stories of the day:


    Trump hails US-Nato deal to arm Ukraine

    After a meeting with the Nato secretary general, Mark Rutte, Trump said they had agreed “a very big deal” in which “billions of dollars’ worth of military equipment is going to be bought from the United States, going to Nato … And that’s going to be quickly distributed to the battlefield”.

    Speaking in the White House alongside a clearly delighted Rutte, the US president said the arms deliveries would be comprehensive and would include the Patriot missile batteries that Ukraine desperately needs for its air defences against the daily Russian aerial onslaught.

    Read the full story


    Epstein files plunge Trump’s Maga base into turmoil

    The Department of Justice’s announcement that it did not have a list of Jeffrey Epstein’s alleged clients, and that the convicted sex offender was not murdered, has plunged the rightwing world into turmoil.

    Conservative commentators and media figures, some of whom spent years pushing conspiracy theories about Epstein’s death, have accused the government of covering up the hedge fund manager’s crimes, with calls growing for Pam Bondi, the attorney general, to resign. The FBI deputy director, Dan Bongino, is reportedly considering quitting over the controversy.

    The saga has pitted Trump – who was friends with Epstein for many years before later disowning the financier – against his base, with the president pleading over the weekend for his supporters to “not waste time and energy on Jeffrey Epstein”.

    Here is how we got here


    Trump keeps Club World Cup trophy

    The president has claimed that the Club World Cup trophy that has featured prominently in the Oval Office will stay there, and that Fifa made a copy of the trophy that was awarded to Chelsea after their win in the tournament’s final on Sunday.

    Trump attended the final along with numerous members of his cabinet and Fifa president Gianni Infantino. The pair of presidents jointly presented the trophy to Chelsea captain Reece James, with Trump staying front-and-center despite the apparent confusion of Chelsea players and the pleading of Infantino.

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    Supreme court allows Trump to gut education department

    The US supreme court on Monday cleared the way for Donald Trump’s administration to resume dismantling the Department of Education as part of his bid to shrink the federal government’s role in education in favor of more control by the states.

    In the latest high court win for the president, the justices lifted a federal judge’s order that had reinstated nearly 1,400 workers affected by mass layoffs at the department and blocked the administration from transferring key functions to other federal agencies. A legal challenge is continuing to play out in lower courts.

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    US dairy industry to remove synthetic dyes from ice-cream, RFK Jr says

    In what Trump administration officials dubbed a “major announcement”, health and agriculture department leaders said the US dairy industry agreed to voluntarily remove synthetic dyes from ice-cream.

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    Catching up? Here’s what happened 13 July.

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  • Australia looks to scrap surcharges on most card payments – Reuters

    1. Australia looks to scrap surcharges on most card payments  Reuters
    2. RBA wants to end card surcharges and save users $1.2b a year  Australian Broadcasting Corporation
    3. Huge change to payments proposed in Australia: What it means for you  MSN
    4. Fresh push to ban sneaky fee for Aussies  News.com.au
    5. ‘Unhappy’ Trump gives Putin new deadline, backpacker’s remarkable reveal after 12 days in outback, Albanese set for Xi meeting  Yahoo

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