The British chain, one of Hong Kong's biggest music, DVD and game retailers, went into administration in a last-ditch effort to prevent collapse as it risked breaching its bank loan agreements. The financial problems could affect 4,350 staff worldwide - but there were bargains galore for local shoppers, with DVD prices slashed to as little as HK$20.

Taipei's army normally enjoys a feast of abalone to mark the Lunar New Year. But with the island's economy not enjoying the best of times, the traditional festive reward for entry-level troops has been scaled back. Instead, the troops will dine on boxed meals, reflecting similar cutbacks on festivities at private companies and in other government departments.