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May, 25, 2016

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Business > Asia > Hong Kong
Hong Kong's economy contracted in the latest quarter as the weak global economy and poor local conditions weighed on the southern Chinese business hub.
 
Hong Kong revealed as hub for creating offshore vehicles
The same year Jasmine Li, whose grandfather was the fourth-ranked politician in China at the time, donned a floral Carolina Herrera gown and debuted at a ball in Paris, a company called Harvest Sun Trading Ltd. was born in an aging building at the edge of Hong Kong's red light district. The next year Li bought the company for US$1.
 
Hong Kong's Financial Secretary John Tsang announced HK$38.8 billion (US$5 billion) in relief measures, including reductions in salaries tax, government rent waivers, additional social service disbursals and subsidies as he began his budget speech ruing the Chinese New Year violence on Feb. 9.
 
Rising political turmoil in Hong Kong could hurt economic growth in the freewheeling southern Chinese business hub, the city's finance chief said as he unveiled measures Wednesday to counter the impact of global weakness.
 
As Hong Kong presses the accelerator on long-neglected IT development, experts say the city still lags behind other locales, right from primary school up.
 
The rate at which banks charge each other to borrow yuan in Hong Kong surged to a record high Tuesday, with mainland China's central bank thought to be buying huge amounts of the unit to fend off speculators.
 
Hong Kong's leader Leung Chun-ying said his Facebook page was hacked after reports that scantily clad women had appeared on his friends list.
 
Shares in the owner of Hong Kong-based newspaper Ming Pao shot up Thursday on rumors that Chinese Internet giant Alibaba was in talks to buy it, days after it snapped up the city's South China Morning Post.
 
Hong Kong's de facto central bank on Thursday raised its base interest rate after the U.S. Federal Reserve announced its first rate increase in more than nine years in a landmark move signaling the U.S. has finally moved beyond the 2008 crisis.
 
The chairman of the Hong Kong arm of one of China's biggest securities companies goes missing. The head of another firm resurfaces after months incommunicado. An executive at a film studio is detained for allegedly taking bribes.
 
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