Hong Kong braces for super typhoon

Summary

Marketplace Morning Report: "Hong Kong Braces for Super Typhoon"

Date: September 23, 2025
Host: William Lee Adams (Marketplace, with BBC World Service contributors)

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Episode Overview

This episode delivers a global snapshot of major overnight news affecting business and the economy, with a focus on Hong Kong’s preparations for a powerful super typhoon, disruptions at Northern European airports, the environmental fallout from a historic shipping disaster, and Cyprus’s strategic efforts to lure back its diaspora through competitive tax incentives. Fashion headlines and global markets updates round out the report.

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Key Discussion Points & Insights

1. Super Typhoon Ragasa Threatens Hong Kong

[01:06–02:11]

• Business and travel disruptions:
  • Hong Kong businesses are boarding up as Super Typhoon Ragasa approaches.
  • The Hong Kong International Airport is halting all flights from 6pm local time.
  • Cathay Pacific, the region’s flag carrier, cancels all arrivals and departures.
• Regional impacts:
  • The typhoon already caused significant damage in the northern Philippines, especially the Batanas islands—24,000 people were evacuated.
• Focus shifts to China:
  • Mass evacuations underway in the Pearl River Delta, including Hong Kong and Shenzhen.
• Notable quote:

  "They're expecting to feel the full brunt of it by the late afternoon."
  — Jonathan Head, BBC [01:57]

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2. Northern European Airports Disrupted by Drone Activity

[02:11–02:37]

• Flights at Copenhagen and Oslo airports were halted for several hours due to skilled drone operators, causing significant travel disruptions.
• Police in Copenhagen report that drones left the area unaided; no suspects apprehended.

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3. Automotive Industry News: Electric Vehicle Slowdown and Cyberattack Fallout

[02:37–03:03]

• Porsche shares tumble over 7% after plans to delay its EV transition due to weak demand; Volkswagen stock also drops in tandem.
• Jaguar Land Rover extends production pause through October 1st after a cyberattack; the halt in production results in estimated losses of $160 million for the month.

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4. Sri Lanka’s Worst-Ever Marine Disaster and Legal Fallout

[03:03–03:48]

• Background: The MV Express Pearl, operated by Singapore’s Xpress Feeders, sank in 2021, unleashing toxic chemicals and microplastics.
• The Sri Lankan Supreme Court has ordered the company to pay $1B in damages; Xpress Feeders refuses.
• Environmental impact:

  "If there's oil spill, it's going to be adding onto the plastic pellets and on top of the chemicals and the toxins and the environment, disaster is going to quadruple."
  — Mudita Kathuawala, environmental scientist, Sri Lanka [03:41]

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5. Cyprus’s ‘Brain Gain’—Tax Incentives for Returning Diaspora

[03:48–07:40]

• Background: Cyprus, with a population of ~800,000 and a small EU economy, launches “Minds in Cyprus”—aka the “Brain Gain” initiative.
• What's offered?
  • Up to 25% tax reduction for returnees
  • Maximum tax exemption raised from $10,000 to $30,000 for those abroad over seven years
• Aims: Attract skilled professionals and companies, especially in tech and business sectors.
• Voices from the diaspora:

  "If bigger companies, more higher paid roles are opened up in Cyprus, I think that will definitely make it more attractive for me to return."
  — Nicholas, 28-year-old London-based Cypriot paralegal [05:46]

  • Nicholas expresses openness but says career prospects will dictate his decision.
• Global Context: Similar talent return programs in Croatia (regional) and Portugal (for under-35s), but concerns persist about fairness and effectiveness.
• Criticism:
  • Risks of creating a two-tier tax system, with returnees potentially earning more for equivalent roles.

  "It's not fair for any local."
  — Pavlos Clientes, Cypriot IT entrepreneur [07:07]

• Policy response:

  "The tax incentive is going to be limited only for only seven years. It's not creating an inequality forever."
  — Irene Pickey, Deputy Minister to the President (Cyprus) [07:28]

• Potential Issues:
  • Housing shortages if large numbers return; cost uncertainty if participation surges.

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6. Fashion Note: Milan Fashion Week and Giorgio Armani Tribute

[08:16–08:39]

• Milan Fashion Week will feature the late Giorgio Armani’s final collections at the Pinacoteca di Brera Art Museum, showcasing 150 masterpieces.

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Notable Quotes & Memorable Moments

• On the looming threat in Hong Kong:

  "Hong Kong International Airport is halting flights on Tuesday as the Asian financial hub braces for one of the strongest super typhoons it's seen in years."
  — William Lee Adams [01:11]

• On Sri Lanka’s marine disaster:

  "This is by far the worst marine environmental disaster Sri Lanka has ever seen..."
  — Mudita Kathuawala [03:30]

• On Cyprus’s ambitions:

  "We have been experiencing a very strong growth...We thought it was the right time to bring back our people, our talented."
  — Irene Pickey [04:42, 04:51]

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Timestamps for Important Segments

• [01:06] Hong Kong prepares for Super Typhoon Ragasa
• [01:41] Update on typhoon impacts in the Philippines
• [02:11] Drone disruption at Copenhagen and Oslo airports
• [02:37] Automotive industry: Porsche, VW, Jaguar Land Rover updates
• [03:03] MV Express Pearl disaster in Sri Lanka
• [03:48] Cyprus’s tax incentives for diaspora (Brain Gain initiative)
• [08:16] Milan Fashion Week to honor Giorgio Armani

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Episode Tone

Fast-paced and factual with a global perspective; the host and BBC correspondents deliver essential news in a neutral but urgent style, spotlighting economic impacts and human stories behind the headlines.

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For a complete, efficient update on overnight economic developments—especially for Asia and Europe—this episode quickly provides need-to-know news, global insights, and the voices directly affected by key developments.

Transcript

[Marketplace Host]

You can turn to Marketplace to hear from powerful leaders and everyday people about the economy and their role in it. Now we hope we can turn to you. Marketplace is facing real threats and challenges as we plan for the future. As a public media program, donations from you are an important part of our budget. Here's one action you can take right now that will have a long lasting impact. Start a monthly donation to support our work. Five bucks a month is a great place to start. Head to marketplace.org donate and thank you.

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[William Lee Adams]

Businesses in Hong Kong have boarded up their windows as a super typhoon blows in Live from the uk this is the Marketplace Morning Report from the BBC World Service. I'm William Lee Adams. Good morning. Hong Kong International Airport is halting flights on Tuesday as the Asian financial hub braces for one of the strongest super typhoons it's seen in years. Flag carrier Cathay Pacific Airways said all flights arriving and departing from Hong Kong will be canceled from 6pm local time. Super Typhoon Ragasa caused major damage to islands in the north of the Philippines. Here's the BBC's Jonathan Head.

[Jonathan Head]

There are lots of areas in mountainous Luzon where it has passed the northern tip of that where the heavy rainfall does bring these lethal landslides, but very densely populated there. But the islands of the storm really touched the top of the northern part of the Philippines, the Batanas Islands. Around 24,000 people were evacuated there. The real attention now is on the Pearl River Delta, Hong Kong and Shenzhen in China, where very large numbers of people have been evacuated or being prepared to be evacuated. They're expecting to feel the full brunt of it by the late afternoon.

[William Lee Adams]

Jonathan, head over to Denmark now, which has also seen airport disruption. Police has said that drone flights that caused the closure of the country's main airport in Copenhagen appeared to have been flown by a capable operator. Oslo Airport in Norway was also affected, with flights at both hubs halted for several hours on Monday. Police in Copenhagen said they didn't bring down the drones, and they flew away on their own. Let's do the numbers now. Shares in Porsche tumbled by more than 7% as the automaker said it will slow its shift to electric vehicles amid weak demand. Its parent company Volkswagen also fell by more than 7%. Elsewhere, carmaker Jaguar Land Rover will extend its pause in production until October 1st as it recovers from a cyberattack. JLR hasn't made any cars this month, costing it $160 million in lost profits. A Singapore shipping company, Xpress Feeders, is refusing to pay damages for causing the worst environmental disaster in Sri Lankan history. Its MV Express Pearl sank off Colombo Port in 2021 with a cargo of hazardous goods and tons of microplastic granules that washed as in July. Sri Lanka's Supreme Court ordered the company to pay $1 billion in initial damages. Mudita Kathuawala is an environmental scientist in Sri Lanka.

[Mudita Kathuawala]

This is by far the worst marine environmental disaster Sri Lanka has ever seen because if there's oil spill, it's going to be adding onto the plastic pellets and on top of the chemicals and the toxins and the environment, disaster is going to quadruple.

[William Lee Adams]

Murita Ketuwawala, now would you move back to your Hometown for a 25% tax cut? How about a near tripling of the maximum tax exemption? Well, Cyprus is hoping those proposals will encourage some of its diaspora living around the world to return and help grow the country's economy. Here's the BBC's Daniel Rosni with more.

[Jonathan Head]

Tonight marks a turning point. This initiative led by the government of Cyprus, is not just a call to action, it is a homecoming.

[Daniel Rosney]

In May this year, the Minds in Cyprus program, taglined the Brain Gain Initiative, was launched in the UK where it's estimated more than 300,000 Cypriots live.

[Jonathan Head]

Together. We can reverse the brain drain into a brain game.

[Daniel Rosney]

Cyprus wants its talent back as it's making waves in the business, technology and innovation sectors.

[Irene Pickey]

We have been experiencing a very strong growth.

[Daniel Rosney]

Irene Pickey is the deputy minister to the president. She's tasked with coordinating the government's program.

[Irene Pickey]

Nearly the size of our population, the people that live in the country, we have a similar number of people living abroad. We thought it was the right time to bring back our people, our talented.

[Daniel Rosney]

Professionals, as well as having a small population of around 800,000. Cyprus also has one of the smallest economies in the European union, contributing just 0.2% of the total bloc's GDP. It wants to change that. And to do so, it needs more companies moving there and is Hoping some from Silicon Valley could be persuaded to move to the Mediterranean Sea.

[Irene Pickey]

The first question they were asking was what type of talent you have in the country.

[Daniel Rosney]

The government has come up with a plan. If you've been living away from Cyprus for more than seven years, come back and you'll get some tax cuts. One includes raising the tax exemption from around US$10,000 to roughly 30,000.

[Mudita Kathuawala]

If bigger companies, more higher paid roles are opened up in Cyprus. I think that will definitely make it more attractive for me to return.

[Daniel Rosney]

Nicholas is a 28 year old paralegal working for a shipping firm in London. He he'd qualify for the financial rewards under these proposals and is weighing up his options.

[Mudita Kathuawala]

It is a positive change. It is something I will consider. It's my career that dictates my next move at the moment. Ask me in three years time and maybe I change my mind.

[Daniel Rosney]

Other nations are offering similar schemes. Croatia also provides financial benefits to returnees if they resettle in less developed regions. While Portugal is slashing taxes for under 35s to try and prevent them from leaving in the first place. Katja Batista is a professor of economics in Lisbon and specializes in this field.

[Irene Pickey]

This is something that I've seen being done by a variety of countries. I mean low income countries like in Africa. Those are the ones that are most affected by the so called brain drain. And those are the ones where policy responses are harder.

[Daniel Rosney]

There are critics who say the plans could create a two tier tax system as those returning could take home more money than colleagues for doing the same job. First of all, it's not fair for any local Pavlos clientes. Left Cyprus 12 years ago during a financial crash, but came home in 2021 where he now runs his own IT company called Persectix. If the government wants this to succeed, they need to build bridges with other countries or bigger markets in order to serve them. Otherwise it would be a race to the bottom to just offer the cheaper services back then to the policymakers. Here again is the Deputy Minister to the President.

[Irene Pickey]

The tax incentive is going to be limited only for only seven years. It's not creating an inequality forever. For these companies to relocate the talent that they can find here in the country is very important.

[Daniel Rosney]

Follow your way home. Your future awaits is what the targeted adverts for the mines in Cyprus program say. Housing on the small nation may be an issue if large swathes do move back. But when pushed, the government says it's hoping only around 5,000 will take up the offer. Although there is no limit. So it could be a very expensive bill and a very crowded Mediterranean island if those tax savings appeal to huge numbers of the diaspora. I'm the BBC's Daniel Rosney for Marketplace.

[William Lee Adams]

And finally, the final collections of the late Italian designer Giorgio Armani will take pride of place in Milan Fashion Week, which starts today. They'll be staged at the Pinacoteca di Brera Art Museum, which will also exhibit the late designer's top 150 creations in the UK I'm William Lee Adams with the Marketplace Morning report from the BBC World Service.

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