Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Hong Kong Protests Continue - Penn Worried About Financial Services

As the protests involving clashes between activists and police in Hong Kong continue, with no immediate sign of ceasing, Leader of the Opposition, Hon. Marlon Penn is concerned about how these protests are affecting the BVI’s financial services industry. The Opposition Leader is concerned because Hong Kong is the gateway to the BVI’s Asia market, where approximately 40 percent of the Territory’s financial services revenue come from.

The BVI’s interest in Hong Kong is physically demonstrated the Territory's financial services arm, BVI House Asia in that jurisdiction.

In recognition of the financial services ties, Hon. Penn raised the matter and the possible implications to the BVI’s bread and butter industry during the September 2 sitting of the House of Assembly.

The Opposition Leader told his colleagues, “There’s been a series of events that’s been happening in Hong Kong that’s creating some concerns for me. I think that’s one of the bigger hurricanes that’s brewing for us in the Virgin Islands. It’s the issues surrounding the protests that are happening in Hong Kong and the level of unrest that seems to be happening in the financial district and all around the Hong Kong area.”

Hon. Penn said that he is concerned because there is a connection in terms of the effects of the protests on BVI’s financial services sector.

“Considering Mr. Speaker that Hong Kong represents a significant portion or the Asian Pacific region, particularly Hong Kong and China represent a large portion or percentage of our financial services business,” he stated.

“Close to over 40 percent is estimated [last time I saw] of our business is conducted in that region. The slightest instability, the slightest concern of takeover or anything of that sort could send shock waves through the industry, and spell a serious concern for us in this Territory in terms of our revenues from that industry,” the Opposition Leader stated.

In calling on the Premier to pay keen attention to the situation, Hon. Penn said, “I think it is something that Premier we need to monitor closely, and I know we have our team in Hong Kong. I’m sure they’ve been giving you regular updates, but I think that it is important for us to communicate to the public what is happening there, how it is impacting what is critical to us – our financial services industry – our daily lives.”

“These issues are bigger than all of us and the time for politics and doing the things that are important for all of us. Important to the livelihood of not just us in this House, but the people of this Territory. If we don’t have this industry...,” he added.

The Hong Kong Protests

Over the last few months, Hong Kong, which is a former British Colony, has been marred by protests which commenced in June and continued up to this week.

Hong Kong has enjoyed a level of autonomy from China under a "one country, two systems" deal. The series of incidents were sparked by a Bill that was geared towards allowing extradition to mainland China. The proposal outraged citizens of Hong Kong because they felt that it would weaken the city's judicial freedom and endanger dissidents.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×