Hong Kong July Bankruptcies Fall 1.1 Percent Vs June

Hong Kong bankruptcy petitions in July fell 1.07 percent to 833 from June and were down 43.5 percent from a year earlier, government data showed on Friday, Reuters reported. The number of bankruptcy petitions totalled 5,664 for the first seven months of 2010, down 46.8 percent from a year earlier. Bankruptcy orders stood at 5,629 for January-July, down 46.6 percent from a year earlier. Last week, the government raised its full-year economic growth forecast for 2010 to 5-6 percent from the previous forecast of 4-5 percent. Earlier this week, data showed the unemployment rate dropped to 4.3 percent in May-July, from 4.6 percent in the previous three-month period. It was the lowest figure since the November 2008 to January 2009 quarter. Read more.