3
In
d now the territory seems in danger of becoming unglued. conclusion of a very long and well balanced piece, however, he wrote: "Yet if people worry, they also know that in the long term no one has ever made money betting against Hong Kong. The Stock and underlying economy is still considered to be strong. property prices could plunge, but they could also soar again."
The New (Note:
York Times syndicates its correspondents' reports nationally and internationally and this piece appeared, notably, in the Chicago Tribune (Nov 9) and the Toronto Globe and Mail.)
was
10. The US$22m loss by the San Francisco-based discount broker Charles Schwab when & single Hong Kong client defaulted well reported but ''ૐ given particular prominence Francisco and other parts of the West Coast.
in San
11. However, the most damaging West Coast story appeared in the Los Angeles Times, the West Coast's leading newspaper whose influence extends nationally. The Ronald Li press conference and the banquet to celebrate the Exchange's first birthday were used as a peg on which to hang an analysis of the situation. The Los Angeles Times did s0 in a particularly damaging and unusually lengthy way.
four-column story was headlined While the article did they were The tone was set thorough house-cleaning "Rumors abound that he
The
"Exchange's Bash is Crashed by a Bear".
bullish Some
points
on
the
economy,
by
contain
factors. overshadowed by the negative reference to investors demands for "a at the Stock Market" and the fact that (Ronald Li) allegedly ordered the market shutdown last week to
minimize
went trading." week-end he resigned
losses has
speculative
in denied this,
futures
last Futures
although vice chairman Of the H.K.
his
Own personal
It
on:
"Li
Dart
of the
Exchange as
government
package". This scathing piece ended with
organirod
a quote from the
South China Morning Post: "Mr Li and his friends have done little to lose their Mickey Mouse image.
It cannot be long
All four TV
before they are seen with big ears
seen with big ears and whiskers" networks used footage of Li's outburst at the press conference making it a major talking point which further aggravated Hong Kong's diminished image,
-
12. West
Coverage
Coast papers,
to
the
various
greater which traditionally give the
noted Kong, Hong
remedies being offered, ranging from "China helps pump up HK Market" (SF Chronicle business page Oct 29) to "How Race Track bailed out HK stock exchange" (SF Chronicle Editorial Nov 3). The SF Sunday Examiner in
(MOV) suggested * Lengthy article "Hong Kong is still trying to pick up the shattered pieces of
and market",
"now the city is
>
analyzing,
that
its
assessing, cracking mordant jokes". It summed up the situation: "On the
Hotels buige surface nothing has changed.
wich guests and shoppers shop. Underneath, anger builds, aimed at the people who run the stock exchange and closed it".
13. Factual reports filed by news agencies, while loss critical than by-lined stories, nevertheless painted Hong Kong in a trend: 'Fortune! poor light. Business magazines followed the
made the point which some papers had brought out that "Closing in the face of trouble virtually guaranteed that
guaranteed that the Hong Kong exchange will now be eclipsed by its rival, Singapore."
No comments yet.
Private notes are available after approval.