Hong Kong May Bankruptcies Up 54 Percent Year Over Year

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Bankruptcy petitions in Hong Kong in May jumped 54 percent from a year earlier, totalling 1,417, as the territory continued to struggle with economic recession, but they fell on a monthly basis for a second straight month, government data showed on Friday, Reuters reported. Bankruptcies in April totalled 1,490, up 56 percent from a year earlier. The number of bankruptcies in May was the lowest since January and marked only the third 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 and the government has forecast it will contract by between 5.5 and 6.5 percent this year. Read more.