Hong Kong’s business sector breathed a collective sigh of relief at the news the government had backed down in the fight over the extradition bill, and urged officials to ease public concerns by having a thorough consultation process on the legislation.On Saturday, the city’s leader, Chief Executive Carrie Lam Cheng Yuet-ngor, said the planned amendments to the fugitive offenders ordinance would be put on hold, but it would not be withdrawn altogether. But she said it would not be feasible to…