Word: businessese
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I can't decide whether this will be a roaring success or a horrible failure. The market MySpace is targeting here - small-to-medium-size businesses - is expected to be the hardest hit by the financial crisis in the coming months and years. They'll have far fewer dollars to...
Despite interest-rate cuts last week in the U.S., Europe and Asia, businesses throughout the world are finding it nearly impossible to borrow and money-market rates remain abnormally high. In Hong Kong, for example, the one-month interbank offered rate, the benchmark for short-term bank lending, rose to...
The credit crisis is hurting even small Hong Kong businesses, according to Danny Lau, chairman of the Hong Kong Small and Medium Enterprise Association. "Bankers are tightening loans," Lau says. "That will affect most small businesses. Some of them have loans from banks in order to run their operations. Now...
Lau says that some small businesses have also been harmed by their investment in so-called "mini-bonds," complicated structured financial products marketed throughout the world by now-failed Lehman Brothers. Hong Kong banks allegedly sold investors the mini-bonds as a relatively low-risk alternative to fixed-income investments...
As the economic crisis tightens the screws on the city, both individual investors and Hong Kong businesses are appealing to the government for help. Pensioners who invested in Lehman mini-bonds have staged a series of protests during the last three weeks. And on Sunday, a group of business owners...