Word: honge
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...remodel the kitchen is not a high priority. And without greater consumer spending, most companies have little need for new loans to expand operations. "Interest rate cuts don't matter in this environment," says Kirby Daley, senior strategist at financial-services firm Newedge Group in Hong Kong. "It doesn't get at the heart of the issue...
...Ebert on The Departed: "It is intriguing to wonder what Scorsese saw in the Hong Kong movie [2002's Infernal Affairs] that inspired him to make the second remake of his career (after Cape Fear) ... I have often thought that many of Scorsese's critics and admirers do not realize how deeply the Catholic Church of pre-Vatican II could burrow into the subconscious, or in how many ways Scorsese is a Catholic director. This movie is like an examination of conscience, when you stay up all night trying to figure out a way to tell the priest: I know...
...Worst hit Monday was Tokyo's Nikkei index, whose 6.4% slide to 7,162.9 points marked its lowest level since 1982. Hong Kong's Hang Seng was down 12.7%, its biggest single-session drop in 17 years. Other Asian indices suffered more modest declines, but all were down besides South Korea's Kospi, which was up a modest 0.8% due mostly to an interest rate...
...Eastern Europe as well. The International Monetary Fund announced that it has struck a tentative accord to lend $16.5 billion to cash-strapped Ukraine, and said a major impediment to providing emergency funding to Hungary had also been removed. In Asia, meanwhile, the central banks of Australia and Hong Kong safeguarded the liquidity of markets with new injections of funds, while South Korea cut its key interest rate by three-quarters of a point in the hopes of countering slowing economic growth...
...With reporting by Michael Schuman / Hong Kong...