Hong Kong - The head of Hong Kong's flagship airline Cathay Pacific Tuesday warned of the need for cost-cutting as the effects of high fuel prices and global recession take their toll on profits.

Tony Tyler, the airline's chief executive, indicated in a letter to staff that further cost-cutting measures may be necessary as the US and Britain may be "heading towards recession."

"These are extremely difficult times for the aviation industry and I'm sorry to say there doesn't appear to be any light at the end of the tunnel just yet.

Hong Kong/Mumbai, Sept. 8 : Firstsource, one of India’s leading business-process outsourcing companies, has put one of its stakes up for sale.

Hong Kong - Hong Kong shares rocketed up by nearly 4 per cent in early trading Monday as the US mortgage bailout generated global optimism that the credit crunch might be over.

Shortly after midday, the Hang Seng Index stood at 20,701.13, up 767.85 points, or 3.85 per cent. Turnover was 36 billion Hong Kong dollars (4.6 billion US dollars).

The surge in prices followed a black week on the Hong Kong stock market, which saw shares tumble below 20,000 for the first time in 17 months.

Hong Kong - Pro-democracy candidates won 24 seats in Hong Kong's legislative council election, defying predictions they would be swept aside by China-friendly parties, results showed Monday.

The opposition candidates secured just one less seat than they did in the previous 2004 elections, maintaining their veto power on constitutional change in the 60-seat legislature.

Hong Kong - A key election in Hong Kong was shunned by a majority of voters Sunday despite expectations that the "Olympics factor" would rally support for China-friendly parties.

Only around four in 10 registered voters had cast their ballots one hour before polls closed in the legislative council election in the only city in China where people can chose some of their elected representatives.

The turnout is predicted to be at least 10 per cent below the 55 per cent of 3.3 million registered voters who cast their ballots in the last legislative council elections in Hong Kong four years ago.

Hong Kong - Voting was underway in Hong Kong's legislature elections Sunday with the "Olympics factor" expected to see pro-democracy parties lose ground to their China-friendly rivals.

Sixty seats are being contested in the quadrennial elections with voters given the right to directly elect 30 legislators. The rest are chosen by largely pro-Beijing professional interest groups.