Hong Kong

Hong Kong shares fall 5 per cent

Hong Kong shares fall 5 per centHong Kong - The benchmark Hang Seng Index to fall 5.15 per cent on Wednesday to close at 14,266.6 points, or 774.57 points down on the day.

Turnover was 54 billion Hong Kong dollars (6.92 billion dollars).

The index crashed 6.5 per cent to 14,038.41 points, its lowest level since July 2005, before recovering slightly before the close.

Concerns about corporate profits came after several companies, including China's Huaneng Power International, Jiangxi Copper and Singamas Container (Holdings) warned they faced tougher times ahead.

Asian Banks asked to contribute for US$ 4.74 billion bridge

Asian Development Bank Hong Kong - Banks in Hong Kong, China and Macau have been asked to help finance construction of a 37-billion-Hong-Kong-dollar (4.74-billion-US-dollar) bridge across the Pearl River estuary, government officials said Monday.

The institutions, including some of the region's largest financial players including HSBC, Standard Chartered and the Bank of China, have been approached to see if they are willing to partially bankroll the 35-kilometre-long link.

Green group to call for Prada boycott over bright signboards

Green group to call for Prada boycott over bright signboards Hong Kong - A green group will call for a consumer boycott against Prada if the luxury fashion chain fails to dim its illuminated sign boards, a media report said Monday.

Friends of the Earth said the sign board at Prada's flagship store in the central business district was needlessly illuminated from dusk until dawn, the South China Morning Post reported.

Global slowdown threatens millions of jobs in China

Global slowdown threatens millions of jobs in ChinaHong Kong - Up to 2.5 million people could lose their jobs in the Pearl River delta, covering Hong Kong and parts of southern China, by January as a result of the global economic slowdown, a media report said Sunday.

The financial crisis could also bankrupt one-fourth of Hong Kong-owned small and medium-sized enterprises in the next three months, the South China Morning Post quoting the local business group, the Federation of Hong Kong Industries.

Hong Kong shares fall 4.4 per cent in third day of heavy losses

Hong Kong shares fall 4.4 per cent in third day of heavy lossesHong Kong - Hong Kong shares fell 4.4 per cent Friday on their third-consecutive day of heavy losses triggered by growing fears of a prolonged global recession.

The blue-chip Hang Seng Index lost 676.31 points to end the day at 14,554.21, one of its lowest levels in three years. Turnover was
59.3 billion Hong Kong dollars (7.64 billion US dollars).

Friday's losses followed 5-per-cent falls Wednesday and Thursday, stripping away gains made early in the week when bank guarantee schemes were announced worldwide.

Hong Kong police launch high-tech fight for better pay

Hong Kong police launch high-tech fight for better payHong Kong - Police officers in Hong Kong on Friday launched a high-tech campaign to raise their pay levels, sending out DVDs and issuing an online warning that force morale is at an "all-time low."

A 10-minute DVD produced by police staff associations and arguing for new pay scales that would add an average of 230 US dollars a month to pay packets was sent out to 27,000 Hong Kong officers and broadcast online.

Pages