Word: honge
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With credit tight and customers scarce, chief executives from San Francisco to Shanghai are hunkering down, cutting costs and praying that they can survive the punishing global recession. But not Madhu Rao, the new CEO of Hong Kong - based luxury-hotel operator Shangri-La Hotels and Resorts. Rao, 57, is forging ahead with an aggressive plan to expand Shangri-La's 60-strong network of hotels, even as his business slumps. "We have one single vision," Rao says confidently, "to lift this [company] to another level...
...confirms that Shangri-La's occupancy rates were down in the fourth quarter of 2008 (the company hasn't released specific figures). Shares of Shangri-La's Hong Kong - listed holding company have plunged by two-thirds from their 52-week high. Still, Rao says he currently has no intention of throttling back. Armed with cash from a $668 million rights offering in 2007 and $700 million in available credit, Rao feels he has the financial muscle to absorb the shock of the slowdown. He remains bullish on the prospects for Asia, and particularly for China, where Shangri-La already...
...idea that's enjoying a resurgence in popularity. Last year, ahead of the Beijing Olympics when China faced renewed criticism over human rights, the British Museum staged exhibitions on the history of the Games in Shanghai and Hong Kong, sending more than 110 invaluable items, including the 2nd century marble statue The Discus Thrower, which the museum had never allowed overseas. And on Feb. 16, the directors of Beijing's Palace Museum and Taipei's National Palace Museum brokered a deal to send Chinese imperial artifacts to Taiwan for the first time in 60 years. In a show scheduled...
...layer of more basic prevention in the way that live-chicken markets, prevalent throughout Asia, are inspected. Some worry that Chinese monitors may be calling for culls only when a large number of poultry become sick, as in Hotan this week, when 519 birds died. In contrast, last year Hong Kong culled thousands of birds after a regular inspection found only infected chickens in a wet market. The infected birds, experts say, showed no external signs of disease and could have been missed if inspectors were screening only birds that were dead or visibly...
...fear that other crises like global warming and the global recession have crowded the virus out of the news. But the disease survives - in the limelight or out of it. "The point is, this virus has not disappeared at all," says Malik Peiris, a virologist at the University of Hong Kong. "It kind of dropped off the radar screen of media attention, but the virus itself has increased its spread. It's not only entrenched in Asia, the Middle East, in Egypt, Africa, parts of India and Bangladesh. It's really a problem...