Hong Kong News
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A painting that was initially valued at just 50 pounds ($75) sold for HK$3.03 million ($390,000), setting a record for a Vietnamese artist’s work at Christie’s International in Hong Kong last night.
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Asian currencies had a third weekly loss on concern the Federal Reserve will scale back stimulus that has spurred fund flows to emerging markets.
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Updated 34 minutes ago
Asian equities fell the most since July this week as Chinese manufacturing data missed estimates and amid concern that the U.S. might begin to unwind stimulus. Japanese shares had the largest one-day plunge since March 2011.
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Google Inc., maker of the Android operating system, is considering buying map-software provider Waze Inc., setting up a possible bidding war with Facebook Inc., people familiar with the matter said.
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The Silk Road of modern Asian consumerism leads to Hong Kong, where Bonhams and Christie’s are holding their spring auctions.
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U.S. stocks recovered from early losses for a second day as investors weighed prospects of economic growth with concern the Federal Reserve will reduce stimulus efforts. Japanese shares rebounded from their largest drop since 2011, while commodities fell for a fourth day.
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Winteam Pharmaceutical Group Ltd., a maker of drugs in China, will buy a producer of traditional Chinese medicine for as much as HK$3.05 billion ($393 million) to gain products including an osteoporosis treatment.
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Hong Kong Mercantile Exchange Chairman Barry Cheung resigned from all public service positions, including the city’s Cabinet, because he’s under police investigation, the government said.
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Zurich Insurance Group AG plans to expand in China and Saudi Arabia as the insurer seeks to capitalize on economic growth in the world’s second-biggest economy and largest oil exporter.
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Trading in gold using the Chinese currency has tripled in Hong Kong this year as the yuan’s rally to a 19-year high helps limit risks for jewelers.
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