Word: kong
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...Ferruccio Ferragamo, Salvatore's eldest son, wasn't content just to dress the feet of American celebrities. During 22 years as ceo of Salvatore Ferragamo Italia, Ferruccio has developed the company into a global luxury brand that generates half its business in Asia. During a visit to Hong Kong, the exiting ceo talked to Time's LING LIU about the company's Eastern expansion...
Pilot John Horwood says the worse part about flying into Hong Kong is the suffocating, two-mile-thick blanket of pollution that hovers between 15 and 18,000 feet. "The whole cockpit fills with an acrid smell," says Horwood, who started noticing the cloud in 1997. "Each year it just gets worse and worse." What comprises this nuisance - a sprawling high-altitude mass of air pollution that stretches from the Arabian peninsula to the western Pacific Ocean - has long captured the curiosity of scientists. A report released in the Jan. 23 issue of Science breathes fresh air into that ongoing...
...pollution by introducing more efficient heating stoves in developing countries and turning to solar power and other clean sources of energy. "We need sustainable growth in every city in this world," says Edwin Lau Che Feng, director of the environmental group Friends of the Earth in Hong Kong. "Richer countries have a responsibility to transfer cleaner technology to developing nations and help them reduce emissions because developing nations are the world's factory today...
...sudden plunge in exports has taken its toll on China's industrial heartland - southern Guangdong province. Jing Ulrich, chairman of China equities at JP Morgan in Hong Kong, believes some 60,000 businesses closed in the region, and the government estimates about 10 million migrant workers are unemployed. The downturn has put "huge stress on the job market," says Credit Suisse economist Dong Tao, which "could cause some social unrest. That's my worry...
...quarter - economists don't think the average Chinese has a big enough wallet to make up for weak demand overseas. "The reliance on the U.S. consumer as the buyer of last resort is going to have to change," says Michael Buchanan, chief Asia economist at Goldman Sachs in Hong Kong. He says "China has a long way to go in adjusting" to this fundamental change in the world economy...