Hong Kong’s fiscal deficit this year is expected to exceed HK$100 billion ($12.74 billion), almost double the HK$56.3 billion estimated in the budget, financial secretary Paul Chan Mo-po said in his blog on Sunday.

THE Cabinet has approved the transfer of Somchai Sajjapongse, the Finance Ministry permanent secretary, to the post of secretary-general at the National Economic and Social Development Board (NESDB) to take charge of the country’s 20-year strategic development blueprint.