Li Ka-shing's firms slump as pound falls

Earnings fall: A file picture showing Li at a news conference to announce CK Hutchison Holdings company results in Hong Kong in March this year. The company is the among the biggest losers in Hong Kong trading as the falling pound hurt the company’s UK earnings. – Reuters

HONG KONG: A hung parliament in the UK is translating into losses for one of Asia’s richest men.

Li Ka-shing’s (pic) CK Hutchison Holdings Ltd and Cheung Kong Infrastructure Holdings Ltd were among the biggest losers in Hong Kong trading, as the slumping pound cut the value of the companies’ UK earnings. Sterling slid 2% after Britain’s ruling party lost its majority in a snap election.