Business & Economy

News Corp. puts Myspace on the block

News Corp. put ailing social network Myspace up for sale on Wednesday. "We recognize that the plan to allow Myspace to reach its full potential may be best developed under a new ownership structure and we're evaluating those strategic alternatives...

Chinese to buy nearly half of world's luxury goods in 2020: report

Chinese customers are set to account for nearly half the world market in luxury goods and travel by 2020, a report by a Hong Kong-based investment group said Wednesday. CLSA Asia Pacific Markets predicts China's share of global sales in luxury goo...


All Nippon Airways, Hong Kong investment firm agree to set up low-cost carrier

All Nippon Airways Co. said Tuesday that it has agreed with a Hong Kong-based investment firm to invest in a company to launch a low-cost carrier based at Kansai International Airport near Osaka.

Hong Kong's IT Set to Buy Japan's BAPE Brand

Mariko Sanchanta The Wall Street Journal 03.02.2011
Hong Kong's IT Set to Buy Japan's BAPE Brand

One of the most influential Japanese clothing brands to emerge over the past two decades has been snapped up by a Hong Kong apparel maker, in a move that underscores the growing wave of acquisitions of Japanese firms by their Asian competitors.


IMF, warning of war, says ready to help Egypt

The International Monetary Fund stands ready to help riot-torn Egypt rebuild its economy, the IMF chief said Tuesday as he warned governments to tackle unemployment and income inequality or risk war.

HSBC's Chairman Flint Says Hong Kong, Singapore Drawing Work From London

Thomas Penny and Jon Menon Bloomberg.com 02.02.2011
HSBC's Chairman Flint Says Hong Kong, Singapore Drawing Work From London

HSBC Holdings Plc Chairman Douglas Flint said the Asian banking centers of Hong Kong and Singapore are taking work from London as the bank decides whether to move its headquarters from the U.K.


Wealthy in Hong Kong, South Korea Most Likely to Buy Flashy Car

Robert Frank The Wall Street Journal 28.01.2011
Wealthy in Hong Kong, South Korea Most Likely to Buy Flashy Car

Now that the wealth-management industry has discovered that Asia has a lot of rich people, a raft of studies have come out probing their customs, habits and preference for flashy cars.

Davos elites see global economic shift East, South

Power in the global economy is shifting from the advanced world to Asia as recovery takes hold, Davos analysts said Wednesday, as political and business elites began their annual meeting.


HSBC says keeps main CEO office in Hong Kong

Steve Slater and Kelvin Soh Telegraph 26.01.2011
HSBC says keeps main CEO office in Hong Kong

HSBC's (HSBA.L) new chief executive's main office will remain in Hong Kong after the symbolic shift of the CEO office there last year, Europe's biggest bank said on Tuesday.

Cathay Pacific appeals against EU fine on cargo

Cathay Pacific Airways Ltd (0293.HK) said on Tuesday that it had appealed against the European Commission's decision to fine the Hong Kong carrier 57.12 million euro ($78 million) for cargo price-fixing.


IMF Sees Europe's Debt as Top Recovery Threat

MICHAEL R. CRITTENDEN The Wall Street Journal 25.01.2011
IMF Sees Europe's Debt as Top Recovery Threat

European officials need to expand the region's financial rescue fund and subject their banks to more rigorous stress tests to quell a key threat to the global economic recovery, the International Monetary Fund said Tuesday.

Asian shoppers thirst for luxury

Peter Day BBC News 25.01.2011
Asian shoppers thirst for luxury

Something quite extraordinary is happening across Asia. In the big cities all across the continent, people are shopping as though their lives depended on it, day after day. In Singapore and Hong Kong, it's been the main leisure pursuit for years. ...


HSBC chief executive Stuart Gulliver drops plan to move to Hong Kong and stays in London

The City is set to get a boost under plans by HSBC’s new chief executive Stuart Gulliver to remain in London. The decision will mean that Stuart Gulliver, who for years has been one of Britain’s best paid bankers, will continue to pay UK income tax.

Hong Kong surpasses S'pore as world's most globalised economy

HONG Kong has topped the 60 largest economies in the world in terms of globalization, according to a survey released Monday by Ernst & Young and the Economist Intelligence Unit.


Stanley Ho Says Family Members Seize Gambling Empire Stake

William Mellor and Debra Mao Bloomberg.com 25.01.2011
Stanley Ho Says Family Members Seize Gambling Empire Stake

Macau billionaire Stanley Ho accused family members of seizing his stake in Asia’s biggest casino empire, plunging ownership of the gambling business he built over five decades into dispute.

GM's China sales pass US for first time in history

Tom Krisher and Yuri Kageyama Yahoo! Finance 25.01.2011
GM's China sales pass US for first time in history

General Motors Co. sold more cars and trucks in China last year than it did in the U.S., for the first time in the company's 102-year history.


Prada board to mull Hong Kong IPO this week: source

Prada directors will meet Thursday to consider the Italian fashion company's first public listing, probably in Hong Kong, an industry source told AFP.

Google to give outgoing CEO Schmidt $100 million

Google Inc is set to give Eric Schmidt a $100 million equity award as he hands over the chief executive officer job to co-founder Larry Page.


ICBC Agrees the First Chinese Takeover of a U.S. Retail Bank

Industrial & Commercial Bank of China Ltd. agreed the first Chinese takeover of a U.S. retail bank, boosting financial ties between the two largest economies as President Hu Jintao concluded a four-day visit to the nation.

Exclusive: GE CEO says equal access in China crucial

General Electric Co chief executive Jeffrey Immelt said on Wednesday he wants the United States and China to open their borders for truly free trade between the world's top two economies, rather than hiding behind protectionist walls.



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