Word: kong
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...bicycle when her wallet disappeared with all her cash in it. She asked her parents if they would buy the bike for her, but they refused. It's not that they couldn't afford to help. Lee's father is vice chairman of a major Hong Kong conglomerate; her family is rich. Lee, now 36 and the managing director of a printing company, remembers crying about the injustice of it all. But today, she recognizes that she gleaned a valuable lesson from the incident: money does not necessarily grow on family trees. "[My dad] instilled strict financial discipline...
...Partnership, which in August helped Swiss bank UBS roll out Dialogue, a new financial-education service. But having money and being savvy about it are "not directly linked," he says. Another such program is Citi Private Bank's annual NextGen conference, which has been held in Singapore and Hong Kong since 2003. Each year, the bank sends invitations to the adult children of clients whose net worth exceeds $10 million. Participants attend investment seminars, play finance-related games and take part in team-building and social events...
Nissim Tse is ready for a fight. For the past five months, Tse, head of trading in Hong Kong for hedge fund RAB Capital, has been torturing his body in preparation for a charity boxing match against some of the city's other hedge-fund managers. The training is bruising, but Tse is happy to participate. After all, the pounding he takes in the ring isn't as dispiriting as the one he has been enduring at work lately. "Going into the office every day is like walking on land mines," Tse says. "This is going to be the worst...
...huge economic stimulus package on Sunday, pledging to spend some 4 trillion renminbi - about $586 billion - on a wide range of moves designed to boost an economy starting to feel the effects of the worldwide financial crisis. The move was widely welcomed by economists and investors. The Hong Kong Stock Exchange's main index gained 3.5% on the following day, while the Shanghai Composite Index soared...
...decade, we'll be looking back at this moment and saying, 'This was it. This was when things really changed and China's economy transitioned from externally, export-oriented to an internal focus,'" says Ben Simpfendorfer, a China economist with the Royal Bank of Scotland in Hong Kong. He Liping, a professor of economics at Peking University, agrees. "I personally see this crisis as an opportunity to reduce our dependence on export and adopt a healthier path," he says...