Economy

Slump dogs millionaires

Beatrice Siu The Standard 20.02.2009
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Hong Kong's millionaires' club is losing numbers fast as its wealth slumps in the downturn.

Jobless rate rises to 4.6%

news.gov.hk 17.02.2009
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The unemployment rate rose to 4.6% in the November to January period, from 4.1% in the October-December quarter. The underemployment rate nudged up from 1.9% to 2.1%.


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U.S. Secretary of State Hillary Clinton has touted her approach to diplomacy as “smart power.” That’s nothing new for China, which has employed economic, political and cultural persuasion under President Hu Jintao to build its image as a responsib...

China's economic crisis puts labour reform on hold

Duncan Mavin Financial Post 17.02.2009
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China's ruling communist party has already seen its economic miracle knocked off course by the downturn in global trade and now the government is faltering on another cornerstone of its plans to modernize the country by developing the rule of law.


Intern affairs

Bonnie Chen The Standard 16.02.2009
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The government is considering paying companies to hire new graduates as interns in an attempt to prevent the unemployment rate from skyrocketing.

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The Labour Secretary, Matthew Cheung, has said about 10 thousand jobs have been lost in Hong Kong since the financial crisis began.


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The government is likely to gain Legislative Council approval for HK$9 billion to be paid into the Mandatory Provident Fund accounts of low-income workers.

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President Barack Obama's economic recovery plan has passed the Senate and is on its way to difficult House-Senate negotiations.


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The government has been urged to adopt a "green" approach when planning its budget for the coming year.

Asia urged to shift away from exports; Spending lifeline to ride out crisis

As Asian economies, including Thailand, rely heavily on exports to keep their momentum going, the slowdown in shipments to major markets has put a dent in the prospects of these economies to compete. As a result, calls are increasing for a shift i...


Seattle port plans furloughs

Bill DiBenedetto Journal of Commerce Online 07.02.2009
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The Port of Seattle has directed about 850 non-union employees to take two weeks of unpaid leave as part of a plan to offset a projected budget shortfall of $9 million this year.

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When you’re facing a layoff, a cut in benefits can look pretty good.


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The Financial Secretary, John Tsang, says the government Budget later this month will focus on helping citizens ride out the financial storm.

Trump: Obama 'absolutely right' on executive pay cap

(CNN) -- Donald Trump, businessman and CEO of The Trump Organization, knows a little something about money. Trump spoke with CNN's Larry King about whether there should be executive pay limits, if there should be a stimulus plan and when there cou...


Trump: Obama 'absolutely right' on executive pay cap

(CNN) -- Donald Trump, businessman and CEO of The Trump Organization, knows a little something about money. Trump spoke with CNN's Larry King about whether there should be executive pay limits, if there should be a stimulus plan and when there cou...

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Premier Wen Jiabao has disclosed that China may take further action to boost its economy -- beyond the four trillion-yuan economic stimulus plan announced in November.


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New York Mayor Michael Bloomberg will propose cutting city programs by almost $1 billion and ask employee unions to pay more for health care and pensions amid a $4 billion budget gap for the coming fiscal year, an aide said.

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The chief secretary, Henry Tang, says Hong Kong should further integrate with the Pearl River Delta, to tap into the potential offered by its huge population.


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According to a survey the majority of people in Hong Kong are gloomy about their job prospects this year, with many worried about possible layoffs.

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Seven measures will be introduced to ease employment pressure and create more training and job opportunities for graduates, Chief Executive Donald Tsang says.



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