Shanghai Faces Energy Blackouts
On Monday, parts of Shanghai faced energy blackouts as power generators struggled to meet demand, state media reports. Offices and homes use more electricity than before to control the record heat that hit almost 39 degrees Celcius on Saturday, Sunday and Monday. The fierce summer heat is predicted to continue for most of this week, with the Shanghai Meteorological Bureau forecasting average temperatures of 35 degrees. Power shortages also led to blackouts in neighbouring Zhejiang and Jiangsu provinces.
Hong Kong Could Post HKD17.5 bn Surplus
Hong Kong may record a HKD17.5 bn surplus for the financial year ending
in March 2009, ratings agency Fitch announced in a statement. The
report said Hong Kong's growth rate for the current year will hit 5.3
per cent, down from 6.4 per cent in 2007. In contrast, the government
of the Special Administrative Region (SAR) predicts that the fiscal
year will see a HKD7.5 bn deficit, due to "one-off tax concessions" that hurt tax revenues, Reuters reports.
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