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Asia Top News and Analysis Hong Kong

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    Hong Kong announced a record fiscal surplus in its annual budget on Wednesday, enabling Financial Secretary John Tsang to offer tax concessions and handouts, but forecast a temporary return to a fiscal deficit in 2008/09.

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    Robust European sales and a stronger euro helped Esprit Holdings slightly beat expectations with a 37 percent rise in first-half earnings, but the world's No. 5 fashion chain faces a potential hit to global consumer spending this year.

  • Hong Kong regulators may ban the practice of tycoons buying into initial public offerings as so-called "cornerstone" investors after criticism that the practice is unfair to ordinary investors, the South China Morning Post reported on Wednesday.

  • Anson Chan, one of the territory's most popular political figures.

    Anson Chan, the former head of Hong Kong's civil service, has won a hotly contested and highly symbolic by-election for a seat in the city's legislature, in a vote that was widely seen as a referendum on democracy.

  • International Capital, an international investment company based in Dubai, said on Monday it has made a "substantial investment" in Japanese electronics and entertainment conglomerate Sony.

  • CITIC Securities, China's largest securities firm by market value, is considering listing in Hong Kong in the wake of its pioneering joint venture agreement with US investment bank Bear Stearns, the Financial Times reported on Monday.

  • Shares in Sinotrans Shipping, China's No. 3 dry bulk shipper, fell as much as 5 percent in a disappointing market debut on Friday amid retreating freight rates and as caution prevailed in a volatile market.

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    After a volatile trading session, Asian markets ended mostly lower as caution prevailed amid worries about the health of the U.S. economy -- the region's top export destination.

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    Oil prices spiked to a record high just shy of $100 a barrel  lifting the shares of energy firms, but financial stocks sank Asian markets. Japan closed 2.4 percent lower whilst South Korea shed 3.5 percent.

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    Trading proved volatile in the afternoon Asia session Tuesday with markets see-sawing and in out of the black.  Australia and South Korea ended lower, but a late turnaround pushed Japanese stocks out of the red with the Nikkei closing 1.1 percent higher.

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    Asian markets closed mostly lower Monday with investors selling stocks on U.S. economic concerns amid a lack of market-moving factors. Japan and South Korea both finished lower after initial gains during the morning session.

  • Asian markets closed sharply down Friday, amid renewed worries about the health of the U.S. economy and the effects of the credit crunch on the broader global economy. Japan, South Korea and Australia all declined.

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    Asian markets closed lower Thursday, with investors selling ahead of key U.S. October consumer inflation data due later today. Japan, South Korea and Australia all finished lower despite trading higher throughout most of the session.

  • The World Bank on Thursday lifted its economic growth estimate for East Asia this year by a full percentage point after an unexpected strong spurt in China's growth in the first half of 2007.

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    Asian markets rebounded after four straight sessions of losses, with some markets climbing nearly 5 percent as investors picked up financials and other battered stocks.

  • Asian markets closed mixed Tuesday, with Japan ending weaker for an eight consecutive session. But South Korea and Australia managed to eke out gains after weaving in and out of negative territory throughout the day.

  • Stock investors watch stock movement at a stock exchange in Chengdu, China.

    Asian markets closed sharply down Monday, with investors dumping stocks and seeking safer bets after more evidence that U.S. subprime-mortgage related woes continue to feed into the global banking sector and economy. Japan and South Korea closed sharply lower, with today's losses wiping out all of the Nikkei's gains for 2007.

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    Asian markets closed mixed, with stocks under pressure as the U.S. dollar slumped to a record low against the euro in the afternoon session Friday. Japan shed over 1 percent but South Korea and Australia both finished higher.

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    Asian markets closed deep in the red Thursday as investors dumped financial shares on credit fears. Japan finished 2 percent lower and South Korea shed 3.1 percent.