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There are about half a dozen reasons for Cable & Wireless Plc’s share price to disintegrate and it has duly done so, yesterday morning standing a full 41% below its level as Black Monday dawned, although it put on 20 pence to 302 in early trading as Hong Kong recovered a little of its composure: 80% of C&W’s profits come from Hong Kong and perhaps the most serious negatives in the C&W picture are that the Hong Kong dollar is officially tagged to the US dollar’s coat-tails, so if the greenback goes into free fall, $HK goes right along down with it, and that if the US does go into recession, exports from Hong Kong will be hard hit.

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