Hong Kong extradition protests

Hong Kong political turbulence hits Swatch

Woman wears Swatches

Swatch, the Swiss watchmaker, says that interim sales in Hong Kong have dropped by double-digits because of "political turbulence" in the region because of protests over a proposed extradition bill which would allow people to be sent to China for trial.

Hong Kong is the world's largest export market for Swiss watches and Swatch, which also owns the Omega and Longines brands, describes it as "an important sales market with attractive margins".

Sales in the US, Japan and Mainland China were positive over the first half of the financial year.

However, total sales for the period dropped 4.4% to SwFr4bn (£3.2bn) and profits fell 11.3% to SwFr414m.

Hong Kong protests: The 'new norm' as more take to the streets
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Hong Kong extradition bill "is dead": Carrie Lam

This picture taken on June 13, 2019 shows a general view shows of the Hong Kong skyline.
Getty Images

Hong Kong leader Carrie Lam has said the controversial bill that would have allowed extradition to the Chinese mainland "is dead".

In a press conference this morning, Ms Lam said the government's work on the bill had been a "total failure".

But she stopped short of saying it had been withdrawn completely, as protesters have been demanding.

At the height of the recent protests against the extradition bill, many worried it would hurt Hong Kong's status as a global financial centre.

Hong Kong extradition protests: Police and protesters clash
BBC China correspondent Robin Brant reports from Hong Kong amid another day of protests.