Word: honge
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...trade has been hit hard as well, with some 200 vessels now lying idle and many more likely to join them when their current contracts are complete. Container traffic between Asia and Europe is shrinking for the first time on record, according to some estimates. Shipping a container from Hong Kong to Rotterdam now costs just a few hundred dollars, down from more than $2,500 in late...
With reporting by Emmanouil Karatarakis / Athens and Michael Schuman / Hong Kong...
Just as the political elite is united, the forces that would have to oppose them in any move to change the country's political order are fragmented, says David Zweig, a political science professor at Hong Kong's University of Science and Technology. Though it is miserable for those thrown out of work, millions of peasants going back to their villages are highly unlikely to pose a threat to Beijing. "Remember, Beijing has done this before: between 1998 and 2000, the government put tens of millions of workers at state-owned enterprises out of work. There were plenty of strikes...
...watch the Big Three bailout saga unfold in Washington from halfway around the world here in Hong Kong, a phrase comes to mind that used to be commonly heard in Asia: "Too big to fail." There was a time when politicians, bankers and bureaucrats in Asian countries thought that certain large enterprises were simply too important to go bankrupt, no matter how miserable their performance. The resulting unemployment would be unacceptable, the impact on the financial sector and economic growth too great. That, in effect, is the same argument being used today by supporters of a government rescue...
...airline business. Eye-watering fuel prices in the first half of the year and the onset of a global slump in the second will mean a $5 billion loss for the industry this year, according to the International Air Transport Association (IATA). More than 30 carriers from Hong Kong to the U.S. have gone under in 2008. Desperate to trim costs and bolster revenues, carriers are turning to mergers to survive, and nowhere is that happening more than in Europe. "The name of the game," says Geoff van Klaveren, an airlines analyst at Exane BNP Paribas in London, "is consolidation...