Global Economic and Security Concerns Escalate

Hong Kong's unemployment rate has risen to 3.7% in the May to July period, the highest in 33 months, despite the city's economic growth. Experts attribute this to geopolitical tensions, cautious hiring, and technological disruption caused by AI. They urge workers to acquire new skills and companies to innovate. The article highlights the struggles of jobseekers like Simon Leung, who has been unemployed for nearly 18 months.

The head of Hong Kong's Government Logistics Department has apologized for the department's failure to detect document fraud in a water procurement scandal. The scandal has raised concerns over the safety of drinking water acquired by the government. The department is taking immediate steps to strengthen its procurement system, with a task force led by Treasury chief Hui Ching-yu reviewing the system and expected to provide a midterm investigation report with suggested measures. The government has terminated all contracts with Xin Ding Xin Trade, a company at the center of the controversy.

New Zealand's government has announced a $1.6 billion military spending package to replace aging aircraft, including the purchase of five MH-60R Seahawk helicopters from the United States. The decision reflects a shift in the country's response to growing global tensions and strategic competition in the Pacific Ocean. The spending package is part of a plan to double defense spending from 1% to 2% of GDP in the next decade. Defense Minister Judith Collins stated that the government will 'move at pace' to procure the helicopters directly through the US foreign military sales program. The purchase is seen as a response to the increasing influence of China in the South Pacific Ocean and a challenge to New Zealand's traditional approach to military spending.