Layoff mark slump's spread: Hong Kong Telecom trims management

Article Abstract:

A number of analysts see the announcement of HOng Kong Telecom of laying off some 270 management staff as a bellwether for bad times in the island. Hong Kong Telecom is one of the most profitable companies in Hong Kong, owing to its large market share in the domestic and long-distance telephone business. The lay-off of 270 management workers out of the company's staff of 14,500 workers signal that Hong Kong Telecoms is bracing itself for a prolonged economic slump, as a result of the economic crisis and increasing competition. The lay-offs have far reaching implications on Hong Kong's economy, since the island's economy is dependent on the spending pattern of the middle class, such as those fired at Hong Kong Telecom.

Wired Telecommunications Carriers, Telephone Communications, Telephone communications, exc. radio, Human resource management, Telecommunications services industry, Telecommunications industry, Telephone services, Hong Kong Telecommunications Ltd.

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Hedge funds still bet the currency's peg goes

Article Abstract:

The Hong Kong stock market received ample leverage from the government, which has been reported to buy stocks to drive away speculative pressure in financial markets. Although such activities were denied by the government officials, they were instrumental in raising the stocks of red chips by 5.9% and increasing Class H shares by 6.3%. Despite these gains, the outlook of Hong Kong financial markets continue to be gloomy, as the Hang Seng Index declined by 214.92 points for the second week of August 1998.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Exchanges, Hedge funds

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Hong Kong bankruptcies highlight soft economy

Article Abstract:

Observers regard the large number of financially troubled Hong Kong companies as a sign that the colony continues to suffer from an economic slowdown. A total of 1,013 personal and business bankruptcies were recorded in the fiscal year ended Mar. 31, 1995, the highest number seen since the property-market crash of the mid-1980s. Many Hong Kong firms had borrowed heavily in the early 1990s and economic changes are now putting them under increasing financial pressure.

Statistics, Bankruptcy

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