Business

Hong Kong police fire tear gas as thousands march against security law

Published

4 years ago

May 24, 2020

Hong Kong police fire tear gas as thousands march against security law

Large-scale unrest returned to the streets of Hong Kong on Sunday for the first time since the coronavirus epidemic disrupted life in the territory earlier this year, as pro-democracy protesters and riot police squared off over a proposed new national security law.

Police fired tear gas in an effort to disperse thousands of demonstrators who blocked roads in one of the city’s busiest shopping districts. “I am here because of the national security law,” said one protester, a 40-year-old woman who asked not to be identified.

“Hong Kong will have no more freedoms” she added. “You will be punished for what you say. I fear that Hong Kong will just become another Chinese city.”

Members of Hong Kong’s pro-democracy camp also worry that the new national security law will erode Hong Kong’s prosperity and undermine its status as one of the world’s leading financial centres.

On Thursday China’s legislature, now meeting for its annual session, will pass a resolution authorising its standing committee to draft the legislation for Hong Kong. The law would prohibit treason, secession, sedition, subversion and the theft of state secrets, while also allowing China’s state security services to maintain a formal presence in the territory.

Jimmy Lai, publisher of the pro-democracy Apple Daily newspaper, warned that the property market could “collapse” if the new law, which will be drafted by China’s parliament and inserted into Hong Kong’s mini-constitution, scares off investors from mainland China.

“Mainlanders come to Hong Kong to buy real estate for our rule of law, freedom and safety,” Mr Lai, who is awaiting trial for participating in a peaceful but unauthorised protest last year, said on Twitter. “Now mainlanders fear the national security law.”

A local fund manager said that the surprise move by Beijing, announced just hours before the National People’s Congress formally convened on May 22, “will definitely threaten Hong Kong’s status as a financial centre”.

“What’s the difference between Hong Kong and the mainland if this national security law is being imposed directly by Beijing,” said the fund manager, who asked not to be identified. “It sends a very strong signal that Beijing can do anything it wants in Hong Kong.”

Hong Kong’s mini-constitution, or Basic Law, requires the city’s government to draft and pass national security legislation to replace similar laws that lapsed when the former UK colony reverted to Chinese sovereignty in 1997. But it has failed to do so, which Chinese officials say has left them with no choice but to impose them directly, especially after large-scale pro-democracy protests erupted last year.

“The interests of foreign investors in Hong Kong will continue to be protected in accordance with the law,” the Chinese foreign ministry’s representative office in the territory said, adding that the “one country, two systems” formula that is supposed to guarantee Hong Kong’s civil freedoms “will remain unchanged”.

“Hong Kong will remain a very free society where freedom of expression, protest and press will stay because these are Hong Kong’s core values and are protected by the Basic Law,” said Hong Kong’s chief executive, Carrie Lam.

Despite such assurances, providers of virtual private network internet services used by people in mainland China to evade the government’s internet censorship regime, or Great Firewall, reported a surge in new purchases by Hong Kong residents.

On Friday, NordVPN said that within 24 hours of the NPC’s decision downloads of its consumer VPNs in Hong Kong were 120 times higher than normal, while interest in its business VPN services tripled. Another VPN provider, Surfshark, said 42,000 Hong Kong residents visited its website over the same timeframe, as it sold a week’s worth of VPN subscriptions in one hour.

“We saw a surge of user growth in Hong Kong directly after the [national security law announcement] was made public,” said Naomi Hodges, a cyber security adviser at Surfshark. “It’s clear that the people in Hong Kong feel their freedom is being directly threatened.”

Any expansion of the Great Firewall to include Hong Kong could disrupt operations for multinationals in China, as many of them route their internet traffic through Hong Kong to circumvent mainland censorship.

Additional reporting by Yuan Yang in Beijing

(Note: This is a Article Automatically Generated Through Syndication, Here is The Original Source

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World

New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

Published

5 hours ago

April 25, 2024

Manoj Nair

New Class-Action Lawsuit Accuses Rivian of Making Materially False and Misleading Statements

Electric vehicle manufacturer Rivian has been slapped with a lawsuit which alleged that the company misled the investors with false claims regarding its business, operations and prospects.

The class-action lawsuit made a number of allegations which included overstating the demand of its Electric vehicles and also not making it clear how it will handle the negative and near-term macroeconomic impacts.

The lawsuit also revealed that Rivian’s business was experiencing reduced demands as well as increased customer cancellations precipitated by inter alia, high interest rates.

The orders had significantly reduced and this has significantly reduced the profits and the manufacturing of vehicles in 2024.

Rivian Faces New Class-Action Lawsuit Alleging Deceptive Statements

The lawsuit also alleged that the Company’s public statements were materially false and misleading at all relevant times.

Rivian’s stock, like all other EV startups, has been tanking and this has angered the investors who saw a major portion of their investments eroded and a number of law firms like Bernstein Liebhard LLP announced this week that it has filed a securities class action lawsuit on investors’ behalf.

The lawsuit stated that the EV manufacturer had violated the Securities Exchange Act of 1934 and has asked investors who had bought shares of Rivian Automotive, Inc. between March 1, 2023, and February 21, 2024, to join its suit.

The company’s stocks have fallen and one of the primary reasons was the high interest rates. Rivian’s products are beyond the reach of an average income household.

Also Read: Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

The Rivian’s Electric vehicles target customers were wealthier clients and the spurt in order cancellations means this class is walking away from Rivian’s product.

The stocks of the company were popular for the investors but the reduced demands caused by higher borrowing cost have hit its stock prices badly.

The price war has also affected the EV sector and the company also with its competitors like Tesla has been uniformly affected.

The EV sector marked value has tanked by more than 57% year-to-date.

The chance of a fall in interest rates is not expected since the Federal Reserve will not lower the benchmark interest rate since it could lead to a bout of hyperinflation.

Also another factor which will discourage the Federal Reserve to lower interest rates is the soaring energy prices caused by the war in Ukraine and the Middle East.

Also Read: Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

World

Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

Published

8 hours ago

April 25, 2024

Manoj Nair

Lawsuit Claims Kennywood Concealed Steel Curtain Closure to Boost Sales

Kennywood’s Steel Curtain roller coaster will not be available this 2024 season, and this has miffed a Kensington man to the extent that he has filed a lawsuit against Kennywood and its parent companies, alleging that the officials had known this fact long before but withheld it to boost season pass sales.

Lawsuit Against Kennywood

The lawsuit, filed in the Allegheny County Common Pleas Court by Joshua Miller and his attorney, John A. Biedrzycki III on Monday, alleges that it was a deliberate attempt to hide the fact to accrue financial benefits by boosting season pass sales.

The lawsuit alleges that Kennywood has created advertising campaigns targeting consumers like Mr. Miller and others to purchase the 2024 season pass under the belief that the benefits included myriad park attractions, including the Steel Curtain.

In the lawsuit, it was revealed that Mr. Miller bought his season pass under the assumption that all rides would be operational.

However, on April 17, three days before the park opened for the season, it was revealed that Steel Curtain would be closed for the season.

The announcement was made by Ricky Spicuzza, the park’s assistant general manager, and the reason for the closure was cited as the coaster undergoing an “extensive modification project.”

Ricky Spicuzza said,

“We understand the frustration many of you have felt not being able to experience the Steel Curtain. On behalf of our entire team, we absolutely share that frustration with you.”

However, the lawsuit contends that the fact was known long before last week that the 220-foot-tall coaster would be out of commission.

The lawsuit states,

“The company withheld this information from season pass purchasers so as not to lose season pass customers, or, alternatively, so as not to offer a discount on season passes due to the unavailability of the Steel Curtain.”

The lawsuit also details numerous violations of the state’s unfair trade practices and consumer protection law. This includes failure to disclose the Steel Curtain’s closure with the full knowledge that the consumer believed that it would be functional for the 2024 season.

The park offered varied passes, which ranged from season passes priced from $109.99 to $239.99.

The lowest endowed pass was the bronze pass, which provided unfettered admission except on certain blackout dates.

The premium range included the platinum pass, which offered year-round admission to Kennywood, Sandcastle, Idlewild, and Palace Entertainment’s Dutch Wonderland in Lancaster.

Additionally, it also offered free parking, discounts on food and retail, and three free guest tickets.

Also Read: Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

World

Prime Hydration Faces Lawsuits Claiming Its Sports Drink, Prime Energy, Contains PFAS and Excessive Caffeine

Published

1 day ago

April 24, 2024

Manoj Nair

Prime Energy, the sports drink from Prime Hydration, has been hit by a number of lawsuits for containing excessive amounts of caffeine and PFAS. Another lawsuit was filed on April 8 in the Southern District of New York, accusing Prime Hydration, the parent company which manufactures the sports drink, of engaging in misleading and deceptive practices.

Prime Hydration was founded by two Logan Paul and KSI in 2022, and the products became very popular thanks to the huge followings of the YouTubers. However, the company is now facing a slew of lawsuits over the ingredients in their energy and sports drinks.

New Lawsuit Against Prime Hydration

The latest lawsuit, filed on April 8, accuses the company’s 12-ounce energy drinks of containing 215-225 milligrams of caffeine, exceeding the permissible limit of 200 milligrams. The lawsuit was filed by Lara Vera, a resident of Poughkeepsie, New York.

The lawsuit details that the plaintiff had purchased Prime’s Blue Raspberry products on numerous occasions in August 2022 for about $3 to $4 each, unaware that the products contained caffeine beyond the permissible limits. The plaintiff is seeking damages of $5 million from the company. Lara Vera’s lawsuit alleges that Prime advertised 200 milligrams of caffeine, which is equal to six Coke cans or two 12-ounce Red Bulls. One Red Bull can could contain 114 milligrams of caffeine.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

The suit also alleges that there are no safe limits of caffeine for children and that caffeine has been indicted for causing tachycardia, headaches, convulsions, tremors, upset digestion, and adversely affecting mental health.

Earlier, Senator Charles Schumer, D-N.Y., had asked the Food and Drug Administration (FDA) to investigate Prime energy drinks in 2023 after reports that the products contained high levels of caffeine. The Senator also accused the company of using vague marketing tactics focused on young people, influencing parents to buy the caffeine-laced drinks for their kids. The lawsuit by Vera also quotes the Senator’s call to the FDA.

Prime is also facing another lawsuit filed on Aug. 2, 2023, in the Northern District of California by the Milberg law firm on behalf of Elizabeth Castillo and others. The lawsuit charges Prime’s products with using flavors containing PFAS, or “forever chemicals.” Forever chemicals are a class of chemicals that are not degraded in the human body or nature and have been indicted as a carcinogenic substance. Independent third-party testing has confirmed that Prime Hydration grape flavor contained PFAS.

Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her