Heading for trouble: Asia’s Unruly Stock Markets

Certainly Sarbox, as it is sarcastically known on the editorial pages of the Wall Street Journal, has put a major dent in the growth of America’s exchanges and resulted in exponential growth for bourses outside the US.  But it is worth thinking about why that happened, and what the likely result is going to be. …

Hong Kong’s Power Elite and a Company’s Collapse: Ocean Grand

Who needs Sarbanes-Oxley: A sorry tale of duped investors that will leave a sour taste in the mouths of those wanting Hong Kong’s burgeoning stock market to rid itself of insiders squeezing the public Last month the prices of both companies collapsed when OGC announced that auditors Price Waterhouse Coopers, appointed in January following the…

Railroading Hong Kong’s Development

While furious debate continues in Hong Kong over urban renewal, prodigious tracts of railway land and precious urban sites are being quietly redeveloped through semi-public statutory bodies under government control, dramatically reshaping the city’s face without public participation. These bodies—the MTRC, which operates the subway system;  the Kowloon Canton Railway Corporation and the Urban Renewal…

Remember Stagflation?

It appears increasingly likely that the world's central bankers are going to have to pay back decades of monetary mismanagement during which they flooded markets with newly printed money and low interest rates instead of allowing recessions to wring distortions out of the global economic system. Many are now starting to tighten. But if they…

Is the World Getting Smaller – Yet Again?

Symbols of our fast-shrinking world are all around us: free long distance calls via the Internet, Rosie O'Grady's Irish Pub in Machu Picchu,SQL Server 2008 R2 Clé the made-in-China wine refrigerator parked proudly in a typical American kitchen. Way back in 1955, Indian movie director Raj Kapoor included in his film Shri 420 a song…

The East is Reds…

The world is already awash in wine. But it appears almost inevitable, given the explosive growth of China's vineyards, that western producers face competition from yet another lucrative class of exports: bulk wines, which China is gearing up to make in vast quantities at costs far below what traditional vintners can match. Already, at least…

After Selling PCCW, in which industry will RICHARD LI find his future?

With Richard Li's HK$9.2 billion sale of 23 percent of the assets of Hong Kong's major telecommunications company to a local banker, the frantic local Chinese press and its better-behaved western counterparts are now turning to what Li, the son of tycoon Li Ka-shing, is going to do next. But he has already moved on.…

A Broken System: Hong Kong Property development

The victory by Chief Executive Donald Tsang in late May to override all opposition, even from business interests, to build a HK$5.1 billion government center on one of the last pieces of open-space land on Victoria Harbor, highlights why Hong Kong's addiction to development has made the city the world's most densely populated urban core,…
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