Word: hongkong
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Dates: during 1970-1979
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...Bund, the magnificent old waterfront promenade, is decaying, but is as imposing as ever in the pre-smog morning light. The ornate colonialist skyscrapers now house party and government offices. Gone from hi front of the old Hongkong & Shanghai Bank are the bronze Britannic lions. Another old bank has been transformed into an absorbing museum of ancient art. The Peace Hotel, built as the Cathay by Sir Victor Sassoon hi the mid-1930s and now the premier hostelry for Western visitors, is creaky and listless, but it can still mount a banquet worthy of an Emperor. At a school...
...invasion was dramatized last week by the Hongkong and Shanghai Banking Corp., which has more than 400 branches in 40 countries. It announced that it is negotiating to buy a "significant equity position" in the parent company that owns Marine Midland, the 14th largest U.S. bank, with assets of $12 billion and more than 300 branches in New York State. Other foreign banks have followed the buy-in route too: European American Bank, which is owned by six European banks, bought out the bankrupt Franklin National in 1974 and now has 97 branches in New York City and Long Island...
...Delight. Low overhead and economies of scale have made Pao's fleet attractive to investors who normally steer clear of the speculative shipping market. As a result, Pao has been able to tap, almost at will, the rich and growing capital market in Hong Kong. The Hongkong and Shanghai Banking Corp. has been a steady source of his financing. With its backing, Pao charts the course for his 63-ship fleet through a baffling array of tax-haven companies in Liberia and the Bahamas. The empire is managed through Pao's personal company, World-Wide (Shipping...