» 12/20/2008, 00.00
Joseph Card. Zen
Cardinal Zen: At a time of financial crisis, Christmas calls us back to poverty and affection
Greed, the search for easy money, and corruption have undermined society, leading to the current financial crisis. The bishop of Hong Kong urges putting aside unbridled consumerism, and enriching oneself with affection and solidarity.
26/03/2009 HONG KONG
Hong Kong government short on answers to financial tsunami
GDP has gone from +7.3% in the first quarter of 2008 to -2.5% in the latest quarter. The government is considering short term solutions, but has no long term plans capable of reviving the economy. Emerging from the crisis will require the reinforcement of social safeguards, a relaunching of collective bargaining, and massive investment.
Thousands of factories closing in the Pearl River delta
The more than 70,000 factories belonging to Hong Kong companies have been in difficulty for some time because of the rise in the cost of credit and manual labor, energy, raw materials. Now exports to the United States and Europe are falling, and large numbers of facilities are expected to close.
World Bank: Chinese growth will fall to 1990 levels
The World Bank warns that the situation could become even worse. Beijing, preoccupied over rampant unemployment, is addressing the problem by stimulating domestic consumption. But meanwhile, it is unable to contain the growing social protests.
Filipino Church and government helping country's poor
President Arroyo has visited a refugee camp in the village of Misereor, in the province of Nueva Ecija. Collaboration between the government and Catholics has permitted the birth of a school and the use of a field, dedicated to organic farming. The inhabitants are being provided with basic medical care and rice at controlled prices.
Exports collapsing, at least 10 million jobs at risk
In recent months, the country has suffered the effects of the global economic crisis to a much greater extent than predicted. Now there are questions about the consequences for the farming industry, and for the 220 million people already under the poverty level.
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