Word: stockings
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Dates: during 1980-1989
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...year, and Ronald Li, reputed to be the third richest man in Hong Kong, was still sleeping, when four officers of the government's special anticorruption unit suddenly turned up at his home on the colony's fashionable Shouson Hill. After rousing Li, the former chairman of the Stock Exchange of Hong Kong, the officers thoroughly searched his luxurious three-story house. Then they led away the 58-year-old billionaire, who had hurriedly donned a turtleneck sweater and sports jacket. At the same time, other government squads were arresting two of Li's closest associates: Jeffrey Sun, former chief...
...arrests created an instant sensation in the highly charged financial community of Hong Kong. Not only did the authorities collar one of the colony's most celebrated tycoons, they also added fuel to the controversy that has engulfed the Hong Kong Stock Exchange ever since Li shut it down for four days during the global financial crash last October. At a stormy news ! conference held when trading resumed, the contentious Li argued that he had given investors a chance to calm down. But his action had the opposite effect: it created a pent-up pressure to sell. After the exchange...
Ushered in with upbeat forecasts and a general mood of economic confidence, 1987 went out on a harsh note of uncertainty and apprehension. Last week the dollar went the way of the New Year's Eve ball in Times Square -- down. Its descent pummeled the stock market and fanned fears about America's economic future. Retailers said consumers were cautious during the Christmas shopping season. The usual last-minute buying surge averted a disaster, yet sales in November and December were lackluster at best...
Anxiety over the dollar quashed a year-end stock rally. Just two weeks ago the Dow Jones industrial average broke 2000 for the first time since Nov. 2. But last week the Dow sank 61 points. It closed 1987 at 1938.83, up 43 points for the year...
...consumer spending continues to falter, a recession could follow. One barometer of future trends, the index of leading economic indicators, fell 1.7% in November, its steepest slide in more than six years. Economists noted, however, that falling stock prices accounted for much of the decline. The fate of the economy may depend on what happens to the trade balance. Most experts expect that the dollar's fall will lead to a surge in exports and a drop in imports. If that happens, less domestic consumer spending will be needed to keep the economy healthy. "There is a risk of recession...