Hong Kong

New mortgage loans drawn down during January dropped by 30.0 per cent to HK$21.7 billion compared with December last year. This is according to  Hong Kong Monetray Authority's residential mortgage survey for January 2011. 

FMCG, retail, banking and financial services sectors were responsible for some of the most significant increases in recruitment activity in the HK market.

Absence of exchange rate adjustment flexibility and monetary policy dependence makes HK incapable of tackling inflation in a proactive manner.

Demand in Asia was notably strong, especially from Thailand which rose by 72.7 percent, India by 65.5 percent, Vietnam by 36.9 percent, and Korea by 30.7 percent.

Hong Kong recorded a trade deficit of 16 billion Hong Kong dollars in January.

Careful thought is required to maximize value from the recent Hong Kong budget measures to improve retirement savings and healthcare.

The surplus is over six times the government's original estimate of 0.8 percent.

Although economic growth could hit 5% this year after expanding 6.8% last year, the Government should focus on "fighting inflation".

We believe that a comprehensive and orchestrated policy must be developed by the Government.

Rising inflation looms as a major issue to tackle in 2011, said Financial Secretary John Tsang.

The airline also affirms the Financial Secretary’s commitment to reinforce Hong Kong’s role as a transport hub, particularly for Mainland China.

Deals to supply 228 train cars for the Malaysia Intercity Urban Rail Project and 32 train cars for the Izmir Light Rail Transit Project in Turkey.

Deloitte had called for a 150% deduction (up from 100%) on office rental expenses for SMEs.

Global Sources has extended its contracts with AsiaWorld-Expo Management to host China Sourcing Fairs at Hong Kong's AsiaWorld-Expo from 2011 through 2014. This is in addition to the renewed contracts announced in June 2010, representing a total gross value of approximately US$16.7 million.

Hong Kong's top financial official proposed measures to smooth further economic development while curbing foreseeable inflation and property bubbles. This is in addition to actions for livelihood caring.

The benchmark Hang Seng Index closed at 22,906.90, down 83.91 points, or 0.36 percent, after fluctuating between 22,837.09 and 23,055.47.