Asian stocks fell, with the benchmark index headed for a five-week low, after China’s leaders failed to outline steps to curb state dominance of the economy and amid bets the Federal Reserve may start reducing stimulus next month.
Hong Kong’s refusal to hand a television license to a start-up operator drew about 36,000 protesters onto the city’s streets, underscoring dissatisfaction with Chief Executive Leung Chun-ying’s 16-month-old government.
Chinese police detained a reporter who wrote stories questioning the finances of Zoomlion Heavy Industry Science and Technology Co., prompting his newspaper to publish a front-page appeal for his release.
Hong Kong’s Octopus Holdings Ltd., provider of electronic-payment services, said yesterday that its card users were affected by 780,000 transaction errors over the past four years, the Ming Pao newspaper reported, citing Chief Executive Officer Cheung Yiu-tong.
Sotheby’s Hong Kong spring auction sales fell 30 percent to HK$2.46 billion ($317 million) from a year earlier because there were fewer mainland Chinese buyers, Ming Pao Daily reported today, citing Kevin Ching, chief executive officer of Sotheby’s Asia.
Even by the wacky standards of Chinese accounting scandals, this week’s events at China’s second-biggest maker of construction equipment, Zoomlion Heavy Industry Science & Technology Co., were awfully strange.