Hong Kong April Bankruptcies Up 56 Percent Year Over Year

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Bankruptcy petitions in Hong Kong in April jumped 56 percent from a year earlier, totalling 1,490, as the territory struggled with economic recession, although that was lowest monthly total since January, government data showed on Friday, Reuters reported. March bankruptcies totalled 1,872, a six-year high, while bankruptcies in April a year ago amounted to 957. The latest data marked only the second time since August that bankruptcy petitions, which give an indication of future bankruptcies, had fallen from the previous month. Hong Kong's economy tipped into recession in the third quarter of 2008. A Reuters poll forecast it will contract 3 percent this year. Read more.