April 24, 2014

Breaking News:

Keyshawn Johnson Arrested -

Monday, April 21, 2014

Chris Brown’s Bodyguard Found Guilty -

Monday, April 21, 2014

Knicks Fire Mike Woodson -

Monday, April 21, 2014

Earthquake Shakes Mexico City -

Friday, April 18, 2014

Suspicious Packages Found At Boston Marathon -

Wednesday, April 16, 2014

200 Hundred Dead Or Injured In Bus Station Bombing -

Monday, April 14, 2014

Aldon Smith Arrested At LAX -

Sunday, April 13, 2014

Three Dead In Jewish Community Center Shooting -

Sunday, April 13, 2014

Stephen Colbert Named New Host Of The Late Show -

Thursday, April 10, 2014

UMass Guard Becomes First Openly Gay Player In D-1 Basketball -

Wednesday, April 9, 2014

Six Injured In High School Stabbings -

Wednesday, April 9, 2014

Active Shooter Reported At Portsmouth Naval Hospital -

Tuesday, April 8, 2014

Judge Rejects Request To Dismiss Chris Brown Case -

Monday, April 7, 2014

U.S. Pinger Locator Detects Signal -

Monday, April 7, 2014

Ship Detects Pulse Signal In Search Of Missing Plane -

Saturday, April 5, 2014

7.8 Aftershock Shakes Chile -

Thursday, April 3, 2014

Shooting Reported At Fort Hood -

Wednesday, April 2, 2014

5.8 Earthquake Strikes Off Coast Of Panama -

Wednesday, April 2, 2014

Tiger Woods Withdraws From The Masters -

Tuesday, April 1, 2014

North Korea, South Korea Exchange Fire Near Border -

Monday, March 31, 2014

Firm Loses $4.9 Billion In One Day

( 4UMF NEWS ) Firm Loses $4.9 Billion In One Day:

If you’ve ever been to Hong Kong, you’ve undoubtedly walked by a building built or managed by Sun Hung Kai Properties, the second largest property company in the world and one of the small number of prominent developers that control real estate in this land-scarce region.

To say that the Kwok family, which controls Sun Hung Kai, has played a part in constructing Hong Kong’s iconic skyline would be massive understatement. Three of the tallest buildings in the city were constructed by the firm as well as one of the region’s more surreal icons, a replica of Noah’s Ark which doubles as a hotel and theme park. (The Kwoks are evangelical Christians.)

So when news broke that the company’s co-chairmen, Thomas and Raymond Kwok, were arrested on Thursday by the Independent Commission Against Corruption (ICAC), it caused an uproar that has scandalized the city of 7 million and caused the firm’s stock to tumble.

Make that plummet.

In trading Friday on the Hong Kong Stock Exchange, Sun Hung Kai’s stock price plunged 13 percent, for a loss of $4.9 billion in market value.

It was easily the company’s worst loss on the market in 14 years, according to Bloomberg News.

Though no charges were publicly announced and the Kwok brothers were released late Thursday evening, their arrest at the same time as the reported detention of Rafael Hui, the number two in the Hong Kong government from 2005-2007, has some speculating that the arrests were related.

If so, the arrests one again underscore the tight relationship between Hong Kong’s government and local property developers, both of whom are in a perpetual race to keep up with the housing demands in the world’s most densely populated city.

Story @ MSNBC