Word: lau
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...shot went in or not, all of that didn’t matter after Nichols put in the game-winning goal. Overall, the Crimson outshot the Lions 25-15, dominating the offensive end. Harvard got the first goal of the game at 26:01, when senior Rachael Lau launched a pass to speeding junior Christina Hagner. Hagner promptly redirected the ball into the back of the net. After this initial goal, Columbia and Harvard traded shots. But junior Lauren Mann, and the Lion’s Rebecca Taylor mainained their composure and refused to let another ball past them...
...slump in exports has pretty grim implications for the country's manufacturing boomtowns, and the pain is already being felt. Stanley Lau, deputy chairman of the Federation of Hong Kong Industries, estimates that export orders at some 70,000 factories owned by Hong Kong companies in southern China have declined 5%-10% this year compared with 2007. Recent months have seen a first wave of bankruptcies and closures among the tens of thousands of factories in industrial zones from Guangzhou to Shanghai that make toys, jeans and PCs bound for U.S. retailers...
...labor and commodities costs and because of the simple fact that China's boom resulted in the creation of far more factories than global demand could possibly support in a cyclical downturn. A shakeout is unavoidable, and it is being made worse by the worldwide credit crunch. Nervous banks, Lau says, have reduced the credit lines of many small manufacturers by up to 50%, starving them of operating funds. Letters of credit, which facilitate the shipment of exports, were once automatically accepted by banks in Hong Kong, but now they are being held until bankers are sure funds are coming...
...Lau says that some small businesses have also been harmed by their investment in so-called "mini-bonds," complicated structured financial products marketed throughout the world by now-failed Lehman Brothers. Hong Kong banks allegedly sold investors the mini-bonds as a relatively low-risk alternative to fixed-income investments. When Lehman Brothers collapsed in mid-September, the derivatives lost much of their value. Companies that invested their deposits in them now find themselves unable to cover the difference, Lau says...
...Hong Kong's pro-business Liberal Party, appealed to the government to increase loans for small businesses to cover short-term operational costs. "In Korea, Japan, even Singapore, they have lots of support from the government if you're running a new business. They'll back you up," says Lau of the small-business association. "In Hong Kong, no way. If you open a new business, there's nobody looking after...