Hang Seng News
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Updated 2 hours, 19 minutes ago
Lenovo Group Ltd., the second-biggest personal computer maker, said the company’s cash reserves of more than $3 billion enable it to pursue an acquisition of almost any size to expand in new business areas.
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Updated 1 hour, 29 minutes ago
China’s stocks rose, lifting the Shanghai Composite Index from its biggest slump in a month, as gains by health-care and technology stocks overshadowed losses among property developers.
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Hong Kong stocks swung between gains and losses after yesterday falling the most in seven weeks. Developers slid and Lenovo Group Ltd. surged after saying it’s seeking acquisitions to boost smartphone and tablet businesses.
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Asian stocks rose as Japanese shares rebounded from their biggest plunge since the 2011 earthquake. The yen weakened with the New Zealand and Australian dollars, while silver fell.
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The biggest drop in Japanese shares since the 2011 earthquake erased $314 billion in market value, shaking bulls who pushed the Topix Index to five-year highs and highlighting their vulnerability to shocks at home and abroad.
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Japanese stock futures rose, indicating the market may rebound from yesterday’s rout that erased $314 billion in market value during the biggest drop in the country’s shares since the 2011 earthquake.
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Chinese stocks listed in the U.S. tumbled to the lowest in three weeks, led by Melco Crown Entertainment Ltd. and China Unicom Hong Kong Ltd., as a report showed manufacturing in the world’s second-largest economy contracted for the first time in seven months.
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Emerging-market stocks tumbled the most in 10 months, led by Russian and South African shares, as exporters slumped after weaker China manufacturing data bolstered concern the global economy is faltering.
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The Standard & Poor’s 500 Index recovered most of a 1.2 percent morning slide as Hewlett-Packard Co. led gains in technology shares. Global equities slid, with Japanese shares plunging the most since the aftermath of the Fukushima disaster. Copper sank and the yen rallied.
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Lenovo Group Ltd., the world’s second-biggest maker of personal computers, reported a 90 percent gain in fourth-quarter profit after increasing its market share and boosting smartphone sales.
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