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Hong Kong: CNPC Unit Eyes More Mainland Gas Projects

CNPC Hong Kong Ltd has announced plans to acquire further city-gas distribution projects from China National Petroleum Corp., the country's biggest petroleum producer.

CNPC Hong Kong Ltd has announced plans to acquire further city-gas distribution projects from China National Petroleum Corp., the country's biggest petroleum producer. CNPC is already moving towards the completion of the acquisition of a 97.26% stake in Xinjiang Xinjie Co. CNPC hopes that the acquisitions will benefit the governments goal to double the use of cleaner-burning fuel by the end of 2010. Moreover, CNPC hopes that it will gain from potential increases in China's fuel prices in the future.

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Hong Kong's Stimulus Has Been Effective

In a recent visit, the IMF has reported positive changes in Hong Kong's financial system assuring that measures taken by the government have been effective and that Hong Kong's banking system remains, stable, very liquid and well capitalized.

The IMF accredited Hong Kong's financial resilience to a strong monitoring system. The government has placed significant effort on the development of its infrastructure driven stimulus allowing for a forecasted 2% economic growth for Hong Kong this year.

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Hong Kong: CNPC Unit Eyes More Mainland Gas Projects

CNPC Hong Kong Ltd has announced plans to acquire further city-gas distribution projects from China National Petroleum Corp., the country's biggest petroleum producer.

CNPC Hong Kong Ltd has announced plans to acquire further city-gas distribution projects from China National Petroleum Corp., the country's biggest petroleum producer. CNPC is already moving towards the completion of the acquisition of a 97.26% stake in Xinjiang Xinjie Co. CNPC hopes that the acquisitions will benefit the governments goal to double the use of cleaner-burning fuel by the end of 2010. Moreover, CNPC hopes that it will gain from potential increases in China's fuel prices in the future.

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Hong Kong Falls Into Recession

Hong Kong fell into recession in the third quarter as the global economic slowdown continues to impact its economy.

Hong Kong fell into recession in the third quarter as the global economic slowdown continues to impact its economy. Hong Kong's GDP fell 0.5% from the previous quarter and the full year GDP growth is now expected to be between 3-3.5%, much lower than the originally forecast of 4-5%.

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Revival may wait until after Games as stocks plunge

Hong Kong stocks plunged 2.1 percent yesterday to hit a new one-year low, as the recent wave of selling spread to Hong Kong banks and property plays.

First Shanghai Securities strategist Linus Yip Sheung-chi said The Hang Seng Index may fall below 20,000 in the short term after dropping 446.3 points to end the day at 20,484.37. "There is no buying interest in the market," said Tung Tai Securities associate director Kenny Tang Sing-hing, adding that the market may not see a revival until after the Olympics.

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Hong Kong Metals export values up 15.9%

The Census & Statistics Department of Hong Kong reported that the export value of basic metals and fabricated metal products rose by 15.9 percent and also chemicals and chemical products rose 6.4 percent in the second quarter.

According to the Census & Statistics Department of Hong Kong, the domestic export value of basic metals and fabricated metal products rose 15.9 percent and chemicals and chemical products rose 6.4 percent. However,the domestic export value of machinery, equipment, apparatus, parts and components fell 14.1 percent on a year earlier and textiles dropped 35.7 percent in this year. For consumer electrical and electronic products, the domestic export value dipped 15.5%, to $2.9 billion, while wearing apparel fell 26.7%, to $2.7 billion.

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HK's credit ratings upgraded

Hong Kong's flexible economy and sound banking sector expected to maintain a 5% economic growth trend after the upgrade by credit-rating agency, Standard & Poor's.

Hong Kong's foreign currency sovereign rating was recently upgraded by credit-rating agency, Standard & Poor's. The upgrade is linked to Standard & Poor's advancement of mainland China's foreign currency rating from "AA" to "AA+" which could help to integrate Hong Kong's economy and further improvement in the Mainland's credit strengths.

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Hong Kong Oil prices reverse sharply as dollar strengthens UPDATE

Crude Oil price exceeds $120 per barrel.

OPEC President Mr.Chakib Khelil said " the crude prices above $120 a barrel because of the US strong currency and tensions on Iran" Khelil also added, if the dollar continues to strengthen and the political situation in Iran improves, then the long-term prices will be about 78 dollars.

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EFTA , Hong Kong keen on FTA with Malaysia

EFTA and Hong Kong has suggested Malaysia to form FTA blog.

The EFTA which consists of four countries, Switzerland, Norway, Iceland and Lichtenstein has suggested Malaysia to form FTA blog. According to Minister of International Trade and Industry Tan Sri Muhyiddin Yassi,Hong Kong and Switzerland have an eye on new markets in financial services and the high-precision technology industry In Malaysia.

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Hong Kong June exports down 0.6 percent year-on-year UPDATE

Hong Kong exports fall for the first time in 2 years

On Thursday, Hong Kong's government said export sales of goods both to the U.S. and China fell far short of expectations. Hong Kong's exports fell 0.6 percent in June after a 10.3 percent annual increase in last month. Sale of office machines fell 15 percent, and electrical machinery and appliances, which both are Hong Kong's top exports, fell 7.9 percent.Telecommunication gadgets fell 6.5 percent.

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$11b on Table to Ease Hong Kong Inflation Pain

To offset the effects of rising inflation in Hong Kong, Chief Executive Donald Tsang Yamkuen announced an HK$11 billion inflation relief package.

To offset the effects of rising inflation in Hong Kong, Chief Executive Donald Tsang Yamkuen announced an HK$11 billion inflation relief package. Tsang's ten-point plan includes a student subsidy and assistance for lower income groups to buy food. The revaluation of the Hong Kong dollar was also discussed. However, even if the Hong Kong dollar appreciated 10%, inflation would not be significantly lowered.

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