Word: honge
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Shares of the Hong Kong-listed Gome Electrical Appliances Holding were suspended Monday, after the company announced that it was unable to verify the reports of Wong's detention. The company announced Gome "is making necessary enquires for the purpose of verifying the allegations." Shandong Jintai shares were also suspended...
...government has done what it can to try to boost growth. The Hong Kong Monetary Authority has sliced its benchmark interest rate to 1.5%, from 6% a year ago. But economists still expect next year to be worse. Goldman Sachs predicts GDP will grow only 2.2% in 2009. In the meantime, Hong Kong's glum populous can at least take comfort in the efforts of one of the city's more esoteric groups. In mid-November, several members collected in Causeway Bay, a popular shopping and restaurant district, to offer people "free" hugs. More such sessions are planned in coming...
...however, this Chinese territory's economy - highly dependent on financial services and trade - is proving vulnerable to the global downturn. As Europe and the U.S. slump, so have merchandise exports from Hong Kong, which in the third quarter grew at their slowest pace in more than six years. Hit by higher costs, slowing orders and tightening credit, thousands of factories owned by Hong Kong firms are closing up in southern China's industrial heartland. This week, HSBC, the city's largest bank, said it would layoff about 450 people in Hong Kong due to deteriorating business conditions and a poor...
...Worried about job security, Hong Kong citizens have begun cutting back, dampening another pillar of the city's growth: consumer spending. Simon Wong, president of the Hong Kong Federation of Restaurants and Related Trades, says sales at the city's 14,000 eateries have recently dropped off by as much as 20%. He fears many will be forced to shut down. "People are not so willing to spend their money eating out," he laments. (See TIME's special report on Hong Kong...
...pictures of Hong Kong before and after its handover from Britain...