Express Properties

Search Button

The Indian Express

The Financial Express

Latest News

EIW

Market Indicators

Screen

Boulevard India

Celebrity Chat

Express Computers

Express Power

Letters

Advertisers Forum


Express Careers

Business Forum

Match Maker

Express Properties

Palki - Travel & Tours

Information Technology

Astrosurf

Eco-India

Dr Know

Morning Digest

Express Greeting

Graffiti

Crossword

Drumbeat: Ad Buzzaar


INDIAN EXPRESS FRONT PAGE

Politics

Business

Expressions

General

World

Sports

Leisure

States

 

Tuesday, October 13, 1998

Hong Kong's unemployed feel better placed in prisons

PRESS TRUST OF INDIA  
BEIJING, OCT 12: Unemployed people in Hong Kong are choosing to go to prison rather than face the trauma of living in the community without a job, a local court has been told.

Two men, in different cases in a court in Hong Kong, were granted their wish to be sentenced to jail, media reports said. Diabetic Tsang Kei-Wai, 37, admitted stealing 72 boxes of a sugar substitute, which he needed for his treatment but could not afford.

He appears to be content with a prison term. ``He will have a better life in prison,'' Tsang's lawyer, Philip Wong told the court as the unemployment rate in Hong Kong continues to rise in the face of the Asian financial crisis.

The lawyer told the magistrate that Tsang found it almost impossible to find a job. ``He cannot make ends meet. I think this is some kind of a trend now with many unemployed people in Hong Kong,'' Wong said.

Tsang, who lives on public assistance, had been unemployed for six months after loosing his job as a painter. In the second case, Lam Tung-Yuen,admitted stealing 12 boxes of sauce. He told the court that he found it tough in the outside world.

Hong Kong's leading newspaper, South China Morning Post reports that Lam, who has 31 previous convictions, knew Tsang and both had stolen from a supermarket in Hong Kong.

After the hearing, Wong said he had noticed a trend of increasing frustration and pessimism among his clients.

Meanwhile, the recession gripping Hong Kong will continue for at least six months, according to a survey of leading companies conducted by the paper and Nomura International.

Many companies expect a contraction in business which will be reflected in lower prices and a decline in orders and profits. Of 150 companies which responded to the business barometer questionnaire of the survey, 50 per cent said they expected a decline in general economic activity while 33 per cent anticipated conditions would not change. Only 11.9 per cent thought the economy would pick up in the next half year.

"The general outlook is bearishwith one half of those that responded saying that the economy is going to weaken in the next six months," said Nomura's economist in charge of Greater China research, Kevin Chan.

The 300 companies that received the survey were asked to answer questions on key economic factors. They were also asked about the government's decision in late august to intervene in the financial markets.

Slightly more than two-thirds of the respondents said they agreed with the action. However, most qualified their approval, saying the intervention could have been better planned and implemented. The one upbeat conclusion was that growth in unemployment appeared to be easing.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


Top


Sardar Sarovar Narmada Nigam Ltd.

DRDO Recruitment

Astrosurf
 

Click here for a printer-friendly page Printer-friendly page

India Gift House


The Indian Express  |  The Financial Express  |  Latest News
Screen  |  Express Investment Week  |  Market Indicators  |  Express Computers
Astrosurf  |  Eco-India  |  Travel & Tourism  |  Information Technology  |  Drumbeat: Ad Buzzaar
Advertisers Forum  |  Career India  |  Business Forum  |  Match Maker  |  Express Properties