Business is missing the big picture in Hong Kong

Pro-democracy protests have been criticised by Hong Kong's business groups, but the consequences of pro-mainland governance will be much more profound.

When the 1906 earthquake led to the deaths of about 3,000 people and destroyed about four-fifths of San Francisco, the esteemed Journal of Commerce (a publication as well respected as The Economist or the Wall Street Journal are these days), the front-page report focused on how the disaster would affect business and stock prices of companies with interests in that city.

Six years later, and when reports confirmed the sinking of the Titanic in April 1912, the same publication placed much emphasis on the prospect that its sinking would lead to the largest ever loss by insurance company Lloyd’s.

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