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What a difference 20 years makes. Back in 1997, when Hong Kong reverted to Chinese sovereignty, the British colony's economy was dominated by homegrown tycoons such as Li Ka-shing and colonial-era conglomerates such as Jardine Matheson Holdings. Now, a new sheriff is in town. While Li and his peers are still big, their influence is waning, while that of mainland Chinese companies is surging — especially in finance, real estate and telecommunications. And speaking of the city's surging real-estate market, there may be another culprit driving prices higher, in addition to low interest rates, a housing shortage and demand from mainland buyers: divorce.— Brent O'Brien
Shorts descend on Hong Kong. After targeting at least 18 companies in the city during the past 12 months, bearish researchers put two more in their crosshairs Wednesday. Carson Block of Muddy Waters said he's betting against furniture maker Man Wah Holdings, while GeoInvesting LLC's Dan David revealed a position in Dali Foods Group.
Hong Kong has stolen Tokyo's crown as Asia's most expensive city for expatriates. It represents Hong Kong's highest position in the rankings, and the city now ranks second globally — behind Luanda in oil-rich Angola. And, thanks to the pound, London is now cheaper for expats than Bangkok.
Six Filipino billionaires are building a megamall in China. Heirs of retail and property mogul Henry Sy may have hit a jackpot of their own: they're building a supermall in China that's almost the size of the Pentagon. The family's $17.6 billion fortune amounts to more than 5 percent of the island nation's annual GDP and has increased by more than $3 billion since President Rodrigo Duterte's victory.
Singapore Airlines CEO signals job cuts. Goh Choon Phong said the cuts are likely as part of a business review that Southeast Asia's biggest carrier is undertaking following a surprise quarterly loss. The group, including affiliates and units, employed an average of 24,350 workers at the end of March 2016.
This tycoon lost $14 billion in just two years. Once India's richest person, Dilip Shanghvi recently slipped to No. 6. His shrinking fortune is one of the most visible casualties of the troubles hitting India's generic drug industry. The founder and head of Sun Pharmaceutical Industries saw his net worth fall to $11.1 billion on the Bloomberg Billionaires Index.
The future of business-class seats. First off, they're replacing first-class seats on many airplanes and routes. They're less expensive and still feature lie-flat beds, multicourse menus created by celebrity chefs, and amenity kits stocked with spa products. And the seats in business class are getting innovative updates — both technological and ergonomic — to maximize passenger comfort.
Vladimir Putin is taking Oliver Stone for a ride. It could be just another Moscow commuter driving home from the office, except that's the Russian president behind the wheel in a scene from Stone's four-part documentary, "The Putin Interviews," airing on Showtime June 12-15. Happen to be a fan? You're likely aware Putin's something of a horological connoisseur. For the right price you could own one of his watches: a Patek Philippe 5208P Grand Complication.
To contact the editor responsible for this story: Brent O'Brien at baobrien@bloomberg.net, Alex Millson
With assistance from Editorial Board
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