Word: honge
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...addition, Maxine Hong Kingson received the distinguished contribution to American letters accolade while Barney Rosset took home the literarian award...
...aren’t feeling retro enough with the stock markets of 2008 being at roughly the same value as those of 1998, then I’d suggest looking to the high seas ,where this year seems more like 1708. Two days ago, pirates seized a Hong Kong-registered cargo ship, the Delight, in the Gulf of Aden. According the International Maritime Bureau (IMB), the Delight, which is now bearing toward Somalia, joins 17 other ships currently being held by pirates. This week has been particularly successful for piracy: Last weekend buccaneers captured a Japanese-operated chemical...
Even at the best of times, Hong Kong is one of the world's more stressed-out cities. Life for its seven million residents is a tension-filled mix of long working hours, fierce career competition, and the constant pressure to make more money to survive high rents and costs. So in these times of economic duress, with plunging stock prices and rising unemployment, that stress can boil over. In October, Caritas, a social services organization, set up a special government-funded hotline to counsel those suffering from the economic downturn. In the first month, Caritas received more than...
...Hong Kong has good reason to be afraid. The economy is experiencing its worst slowdown since the SARS virus rampaged the city in 2003, stalling the economy for months on end. GDP shrank 0.5% in the third quarter - the second consecutive quarter-on-quarter contraction. That officially means Hong Kong is in a recession, and it doesn't look likely to end any time soon. The government lowered its forecast for 2008 growth from 4-5% to 3-3.5%. "The global financial turmoil has derailed the economic upturn that Hong Kong has enjoyed," government economist Helen Chan told reporters...
...downturn has hit hard and fast. Hong Kong, like much of the rest of Asia, has been booming for several years; between 2004 and 2007, GDP growth averaged more than 7%. The economy was propelled forward by closer ties to China after Hong Kong was handed back to Beijing by Great Britain in 1997. Millions of mainland tourists flooded the city and spent their newfound wealth in Hong Kong's famous luxury shops. A rush of Chinese companies looking to tap international capital markets turned to Hong Kong's stock exchange, solidifying the city's status as a world-class...