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Hong Kong Trader as sources for stories on shipping and the hotel industry.
Financial/Economic
The repercussions of the stock market crash and effects on world markets are still being widely discussed in the European press. Many papers continued to cover the four-day closure of the Hong Kong stock exchange.
W de Hart writing in Amsterdam based Financiële Koerier gives a rundown of the effect of the low dollar on the various stock markets around the world. As far as the Hong Kong exchange is concerned, no "definite pattern" emerges which is not surprising, he says, "given the problems that this important market has had to contend with in recent weeks". The Financieel Economische Tijd, Antwerp, deals with China's vested interest in reforming the workings of the Hong Kong stockmarket. The author thinks that, "China has too great an interest in Hong Kong to keep in the background". He quotes Lu Ping, a senior official at the Chinese Ministry for Hong Kong and Macau Affairs, who claims that the weaknesses of Hong Kong's trading system were evident after the market collapse. These weaknesses would have to be "dealt with before a crisis of this nature can be tackled". On a more positive note, Zhang Xueyao, manager of the Hong Kong branch of the Bank of China, was quoted as saying that he had enormous confidence in Hong Kong's economy which would contribute to the general stabilisation of the stock market. A short article in the Financieel Dagblad, Amsterdam, discusses the extra financial support offered by the guarantee fund to those brokers who could not meet their commitments. The same subject is dealt with in Il Sole 24 Ore, Milan, the influential economic and financial daily. No less than six Italian papers cover police interventions in trying to prevent employees from entering the closed Hong Kong stock exchange. Several papers also carried photos of this incident.
Mario Ciriello in Italy's best selling daily La Stampa, Turin, deals with the repercussions on the world stock markets, highlighting the situation in Hong Kong and the effects felt by the larger London-based financial houses. He also mentions China's financial intervention, a subject also covered by La Stampa in more detail.
Rainer Hübner, GIS sponsored visitor in mid-May, writing in Capital, monthly economic magazine, Hamburg, devotes a full page on his interview with
Hong Kong
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