Word: kong
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...summer of 1979, I was 14 years old. Thinking that I should be productively occupied over the school holidays, my father arranged for me to work as a copy boy at Hong Kong's English-language paper of record, the South China Morning Post. He did this through his sometime drinking companion - the paper's most famous and influential writer, Kevin Sinclair...
...move reassured some markets. Hong Kong stocks rebounded by more than 10%. But relief may be temporary, because emerging-markets investors are finally absorbing a grim truth: the U.S. appears to be in real economic trouble. Most economists now believe the country is on the brink of its first recession since 2001, and that it could be a doozy. Forget all the talk about the "decoupling" of emerging economies, the theory that countries like China and India are no longer dependent upon U.S. trade and can continue to power strong global growth even as the U.S. staggers. "There...
...sector to overseas investment in order to tap the expertise of foreign financiers, in recent years the CAAC has been allowing foreign airlines to take small stakes in domestic carriers, hoping that outside partners could improve airline management. Air China, for example, has a cross-shareholding agreement with Hong Kong-based Cathay Pacific, and in 2005 American financier George Soros invested $25 million in Hainan Airlines, the country's fourth largest airline by revenue. But by freezing out Singapore Airlines, CAAC officials signaled that they have decided to close ranks around their domestic carriers - potentially shutting off the fast-growing...
...military. The People's Liberation Army confines commercial aircraft to narrow corridors of airspace, and carriers must hold or cancel flights due to sudden decisions by commanders. "It's so bad that you must fly a day ahead to get anywhere on time," says Jane Cheung, a Hong Kong accountant who flies regularly to Shanghai. "I avoid Chinese airlines at all costs...
...they can compete in international markets, nor have plans for industry consolidation been made public. Opinions are divided as to whether shrinking the number of carriers - in effect, creating a more monopolistic market - will relieve the industry's growing pains. Adrian Lowe, airline analyst at stockbroker CLSA in Hong Kong, says consolidation will improve service and allow airlines to be smarter about how they route their flights, leading to fewer delays. "It can only improve things for the customer," he says...