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Strategies & Market Trends : Take the Money and Run -- Ignore unavailable to you. Want to Upgrade?

To: SmoothSail who wrote (15859)	8/22/2002 6:21:40 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 17639

Message 17906551 the other article about the account losing her job is also a fascinating read.. somewhat mind boggling....credit bubble? what's that? <g> Bank of East Asia Ltd. said in July that it would shift 626 back-office jobs to China over two years and open more mainland branches to ride out a slump in the Hong Kong market. And the German company Siemens AG said in June that it would move its regional mobile phone headquarters from Hong Kong to Shanghai and dismiss some of its 800 workers in Hong Kong. As Hong Kong's job situation deteriorates, shrinking incomes and rising debt are driving more people to bankruptcy - another negative for an economy struggling to regain momentum. Individual bankruptcies almost tripled in the first seven months of 2002 from a year earlier, and credit card issuers wrote off more than 10 percent of what they were owed last quarter. Chan, the unemployed accountant, was recently approved for bankruptcy with nearly 300,000 dollars in unpaid credit card bills. "At one point," she said, "I had 15 cards."