|
China.Hawaii Chamber of Commerce ® "Hawaii-China Guan Xi, We Get Things Done™" - Trade Advocacy Organization
Biz
Opportunities:
China
Hong
Kong China
Leaders
Business
Survey by
|
|
|
Hong Kong, China & Hawaii Biz*
How to Do Business with China, through Hong Kong & Setting up Business in China? - last update Feb 8, 2003 Do you know our dues paying members attend events sponsored by our collaboration partners worldwide at their membership rates - go to our event page to find out more! After attended a China/Hong Kong Business/Trade Seminar in Hawaii...still unsure what to do next, contact us, our Officers, Directors and Founding Members are actively engaged in China/Hong Kong/Asia trade - we can help! China Projects Bidding Information - update daily Scholarship & Grants FDA Bio-terrorism Rules About to Take Effect on December 12, 2003 - Go to our "Trade Issues" Page for Detail
Are you ready to export your product or
service? You will find out in 3 minutes with resources to help you -
enter
to give it a try March 31, 2004
Analysts who double as newspaper "tipster" stock columnists under pen-names may be forced to reveal their identities and personal shareholdings under proposals to be unveiled by the securities regulator today. Consumer electronics maker TCL International Holdings and parent TCL Corp will spin off their jointly held mobile-phone manufacturing company in Hong Kong in a move that will see them cash out of the slowing mainland handset market. China: The mainland has stopped offering visas on arrival for US passport holders at entry points such as Shenzhen in an escalation of a diplomatic row over fingerprinting. Beijing defended its human rights record yesterday, saying 2003 had been a year of "landmark significance for progress", although it admitted that more needs to be done. While Pascal Lamy's smile is still lingering in Chinese people's minds, Franz Fischler, EU Commissioner for Agriculture, Rural Development and Fishery, arrived in Beijing at Lamy's heels Almost 20 per cent of China's population of 1.3 billion has moved into the middle class, according to Xinhua News Agency, citing the nation's top think-tank. March 30, 2004 Hong Kong: Hong Kong's soccer elites talk proudly of their patriotism - and would be happy to beat the national team in a World Cup qualifier tomorrow night to prove it.
Hong Kong's two exhibition centres must co-ordinate their roles to combat competition for business from other Asian cities, government officials said yesterday. The government is considering capping the multimillion-dollar tab it pays in overseas education allowances for the children of civil servants. Hutchison Whampoa is planning to spin off its mobile-phone assets through a separate listing vehicle, in a move which could raise as much as US$1 billion and offset losses stemming from its third-generation (3G) business. Cheung Kong (Holdings) expects top dollar for its luxury flats at the Tiger Balm Gardens site when sales begin in the third quarter of this year.
Rivals Symantec and MessageLabs have formed a unique alliance in Hong Kong that promises to expand their business and fuels speculation that the two security firms may be planning a merger. A digital media centre opening in Cyberport on Tuesday will provide multimedia equipment and services for Hong Kong's small and medium-sized enterprises (SMEs).
China is expected to publish Tuesday a white paper on its human rights progress over the past year, an official with the Information Office of the State Council said Monday. Guangdong has been unable to solve its power shortage problems and will have to purchase more electricity from Hong Kong and other regions this year. Asia's largest refiner, China Petroleum & Chemical Corporation (Sinopec), said yesterday its 2003 net profit rose 32 per cent to 21.59 billion yuan (HK$20.34 billion) from 16.32 billion yuan a year earlier. The climate for initial public offerings grew colder yesterday after the retail response to the share sale of China Resources Peoples Telephone forced global co-ordinator UBS to buy 8 per cent of the company. Mainland electricity producer Huadian Power International plans to spend almost 26 billion yuan (HK$24.5 billion) in the next three years to build and upgrade power plants, hoping to grab a share of the country's surging demand. Great Wall Automobile Holding Company, China's largest maker of sport-utility vehicles (SUVs) and pickup trucks, plans to invest as much as 900 million yuan (HK$848 million) in 2004 and 2005 to enter the multi-purpose vehicle (MPV) market. March 29, 2004
An extensive body of material that could shed light on important parts of the Basic Law has been donated to a library soon to open in Hong Kong - but some documents have been held back on the mainland to ensure compliance with state secrets laws. The opening of the Basic Law Library in October will help fill a vacuum that has long hindered research into Hong Kong's constitution and public understanding of its provisions.
Premier Wen Jiabao has warned officials against making blind investments in wasteful projects. Demand for oil and coal will increase again on the mainland this year, according to a Ministry of Commerce report. The central government's latest measures to cool the economy have sparked a range of views on the outlook of the mainland's commodities industry. China Resources Peoples Telephone yesterday moved to dispel market speculation that its HK$1.46 billion initial public offering (IPO) was in trouble, saying its shares will debut on the main board on Wednesday as scheduled. Sinopec Shanghai Petrochemical, China's largest ethylene maker, will embark on a 1.9 billion yuan capital expenditure plan to boost capacity after posting a strong profit result last year. Mainland mobile-phone giant China Unicom has become a dark horse in the bidding race for a new third-generation licence in Hong Kong after confirming its interest in rolling out its CDMA 2000 network in the territory. Russia's 2nd-largest oil company signed an agreement on Saturday with Russian Railways to double the railway delivery of oil export to China this year and increase the amount by five times by 2006. Facing worsening energy shortages, Guangdong plans to increase its generating capacity by 4.6 million kilowatts and buy 29.5 billion kilowatt-hours from other provinces, including 2 billion kilowatt-hours from Hong Kong this year, according to an official report yesterday. China Netcom Communications Group (CNC), China's second biggest fixed-line carrier, is looking to expand its international telecom services and enter the wireless broadband sector in the mainland. China is set to import at least 100 million tons of crude oil this year - 10 per cent more than 2003 and accounting for 37 per cent of the country's consumption of 270 million tons estimated in 2004, according to the Ministry of Commerce. China has been told to overhaul its cinema infrastructure or risk driving away Hong Kong investors. March 26 - 28, 2004
Forgers of the new smart ID cards have proven to be not so smart. Immigration officers have made their first seizures of faked smart cards since the issue of the IDs began nine months ago. The smart ID cards are hailed as virtually forgery proof and the fakes do not come close to challenging that claim. Watch and jewellery makers in Hong Kong are set to return in force to the world's biggest industry trade show next month in Switzerland, although they still feel hurt after being effectively banned last year because of the Sars outbreak. Hong Kong's fund industry is seeking legal advice as it gears up to fight the possibility of punitive action from the pension regulator over breaches of investment regulations. Disappointing results from a number of high-profile companies and concern about slowing growth in China sparked widespread selling of Hong Kong stocks yesterday, leaving the Hang Seng Index at a new low for the year and the H-share index down 4.12 per cent on the day. Hong Kong Land Holdings, the largest landlord in Central, is poised to return to the residential market after a seven-year hiatus. The Office of the Telecommunications Authority (Ofta) has rejected criticism that it is creating too much competition in the local third-generation (3G) telecommunications market, saying its job is to "protect competition and not competitors". In one of the largest operations of its kind, 750 police officers raided brothels, love motels, cyber cafes and karaoke parlours in West Kowloon, arresting more than 400 people, seizing HK$45 million in cash and other assets, and dealing a major blow to a triad-run vice syndicate. China: China's largest computer firm, Legend Group, is expected to announce today that it has joined an international elite corporate club by becoming a major Olympic Games sponsor. Guangzhou Mayor Zhang Guang- ning has set two goals for the coming year: to spur economic development and make the city a better place to live and work. China Unicom suffered its first profit decline last year since it listed four years ago, citing growing pains in the key CDMA segment and larger than expected losses from the disposal of its twilight paging business.
China will strive to launch a
satellite to orbit the moon by December of 2006 from Xichang Satellite Launch
Center in Sichuan province, SW China, the country's top space official said
Thursday. March 25, 2004 Hong Kong: There still needs to be closer co-operation between all those involved in Hong Kong’s information technology industry, the Secretary for Commerce, Industry and Technology said on Thursday. Hong Kong should build new container terminals within eight years, but those efforts will be futile unless the government tackles high trucking and port costs, according to a key strategy report. Government officials on Wednesday hit back at claims that an additional third-generation (3G) mobile phone license would create too much competition, saying the market would be the final arbiter. New World Development (NWD) is taking the government to court for scrapping the sale of former subsidized flats at Kingsford Terrace in Ngau Chi Wan. The legal move is the second by the same developer in the past eight months. Hong Kong banks face an uphill battle to meet the end-2006 deadline for implementing the new Basel Accord, financial consultants KPMG warned yesterday. China: Beijing reacted angrily yesterday to a new United States policy of fingerprinting people applying for non-immigrant visas, saying it was discriminatory and a violation of human rights. Retail sales on the mainland, which the central government hopes will play a bigger role in driving economic growth, are expected to rise more than 9 per cent this year, the Ministry of Commerce says. Taiwan Semiconductor Manufacturing Company (TSMC) has raised the stakes in its lawsuit against Semiconductor Manufacturing International Corp (SMIC), making fresh accusations that drew an angry response from its mainland rival. The US decision to introduce an anti-China motion at the ongoing session of the UN Human Rights Commission comes as no surprise. This marks the 11th such motion made by the US since 1990. Party and govn't officials are not allowed to take enterprise posts starting in May, according to a notice released by the CPC central committee. Experts are hailing the new rule as "very necessary." PetroChina played down concerns that output declines at its ageing mainstay Daqing oilfield - the country's largest - will accelerate, after reporting record profit growth yesterday of 48.4 per cent for last year due to buoyant oil prices. Oversupply and rising prices of raw materials are combining to force a restructuring of China's newsprint industry, with domestic competition intensifying in advance of Beijing's five-year-old anti-dumping law expiring at the end of June. March 24, 2004
Civil service unions yesterday urged the government to halt the second phase of a pay cut next year, in view of the continued economic recovery and a slight rise in the private sector pay trend. Mobile-phone carriers CSL and Sunday Communications have lashed out at a government proposal to issue a new CDMA license that could be used for third-generation (3G) services, saying it would create too much competition in a crowded market. Cathay Pacific Airways is likely to ``put its own metal'' next year on services between Hong Kong and Moscow following the signing of a long-awaited codeshare deal with Russian airline Aeroflot on Monday in Moscow. China: Hong Kong, Guangzhou and Macau should make a joint bid for the 2010 Asian Games, a delegate to the Guangzhou CPPCC has proposed.
Citic Securities bonds worth one billion yuan will go on sale tomorrow, marking the first scrip sale by mainland brokerages desperately trying to broaden their fund-raising channels. Premier Wen Tuesday unveiled this year's major tasks for reinvigorating industrial rustbelts, promising more efforts to restructure State firms, promote the non-State sector, optimize industrial mix, and absorb more domestic and overseas investment. China expressed strong dissatisfaction with US decision to seek a resolution condemning its human rights record at a key UN meeting and called in the US ambassador to lodge its protest. Great Wall Automobile could become the first mainland carmaker to sell vehicles in Hong Kong, after announcing plans yesterday to market its sport-utility vehicles (SUVs) in the territory. March 23, 2004
Hong Kong and Japan signed an agreement on Tuesday to step up exchanges in communications and information technology. Almost two-thirds of Hong Kong people support democrats’ calls for full elections in three years, a survey revealed on Tuesday, but few expect they will actually materialize.
The Consumer Price Index (CPI) bucked a six-month deflation-easing trend, falling by a steeper-than-expected 2 per cent in February, although analysts remain optimistic that prices will rise by year end. The Inland Revenue Department has slapped a HK$240 million tax bill on Air New Zealand for transactions conducted through a locally registered shelf company.
Kowloon-Canton Railway Corporation (KCRC) has begun a feasibility study for the massive redevelopment of its freight terminal at Hung Hom, which could see the area transformed into a commercial and convention centre hub costing up to HK$20 billion. China: Many Shanghai-based Taiwanese businesspeople who went home to vote have been returning to the city with heavy hearts. Cowi, Denmark's top engineering firm, has teamed up with Danish architect AA Arkitekter, to be among eight groups shortlisted to bid for the design of the tennis centre and hockey stadium for use in the 2008 Beijing Olympics. Anhui Conch Cement expects turnover and production to be up by more than 50 per cent this year despite higher coal prices, executive director Guo Jingbin said. Hebei province is catching China's initial public offering fever with a half-dozen companies eager to list in Hong Kong, Hebei's vice-governor Cai Limin said at a trade fair yesterday. China Unicom, the mainland's No2 mobile operator and the only carrier that offers a dual network, is expected to report a 4.4 per cent rise in 2003 net profit to 4.77 billion yuan (HK$4.49 billion) from 4.57 billion yuan a year earlier, according to analysts. The resignation of Taiwan's defense minister highlights the rift between the 65-year-old Kuomintang veteran and the Chen Shui-bian administration, observers and analysts say. American textile and clothing manufacturers may intensify calls to impose further quotas on mainland garment products as the United States seeks to haul China before the World Trade Organization (WTO) over its alleged non-compliance with global trade rules. A hefty portion of the proceeds from Solomon Systech (International)'s initial public offering next month will go to existing shareholders - a move which could fuel investor doubts about the chip designer, especially after Semiconductor Manufacturing International Corp (SMIC) flopped in its listing debut. United States computer giant Hewlett-Packard (HP) will ramp up its retail presence in China through partners, selling HP-branded iPods, digital cameras, projectors and home entertainment systems by the end of the year. However, it will not open 1,000 retail stores as reported in the mainland media last week.
China expressed strong dissatisfaction with US decision to seek a resolution condemning its human rights record at a key UN meeting and called in the US ambassador to lodge its protest. March 22, 2004 Hong Kong: Hong Kong's economy looks to be heading for a good year. Business conditions and consumer confidence are up, while unemployment is falling and deflation slowing. The silence of Chinese leaders Hu Jintao and Wen Jiabao on the political future of Hong Kong is in sharp contrast to the cultural-revolution style rhetoric used by Beijing officials and Basic Law drafters against the territory's pro-democracy forces. Lingering uncertainties over Taiwan's election and security fears worldwide are expected to discourage investors and weigh on Hong Kong shares this week. Constrained by the upcoming election in September, Financial Secretary Henry Tang did not raise taxes or cut spending dramatically in his budget, yet still managed to balance it in five years on paper; he simply raised some numbers in the projections to complete the mission.
China's largest air carrier and its largest coal producer plan to ride on the appetite for China-related stocks by scheduling initial public offerings in the United States and Hong Kong this year. China Everbright Holdings is selling its entire interest in China Everbright Technology (CET) to three new shareholders in a deal that may lead to a takeover. At least one mainland Chinese airline could sign a provisional agreement this year for the A380, the double-deck, long-range, 555-seat super jumbo jet, according to a senior Airbus executive. Two airlines in greater China - Air Macau and Shanghai Airlines - are expanding their freighter fleet to take advantage of the mainland's burgeoning airfreight market. The Securities and Futures Commission (SFC) will soon amend the rules governing real estate investment trusts (reits), allowing them to hold overseas properties.
Listing candidate China Resources
Peoples Telephone is promising high dividend yields as it strives to reverse a
recent run of disappointing initial public offerings on the Hong Kong stock
exchange. March 19 - 21, 2004 Hong Kong: Chicken will be back on the menu of many households today following an agreement between the government and five associations representing the industry to resume the supply of local poultry to the markets. Hong Kong is expected to record a whopping 30 per cent growth in tourist arrivals this year as a result of the surging number of mainland individual travelers, according to Financial Secretary Henry Tang. Active hiring by retail and tourism-related companies helped improve Hong Kong's jobless rate in February to 7.2 per cent, its lowest level since November 2002. Orient Overseas (International) (OOIL) on Friday announced a record net profit result of US$329 million (HK$2.5 billion) for 2003. Tycoon Li Ka-shing's conglomerate flagship Hutchison Whampoa used all of its unbooked past gains and sold all the shares it held in two European phone companies to offset its massive loss in third generation (3G) mobile operations and beat analysts' expectations. Hutchison Whampoa's third-generation (3G) venture has suffered a higher than expected $9.6 billion loss in its first year of operation, with a troubled launch in Europe and Australia eroding gains from an otherwise strong performance in its main operating divisions. Despite a worse-than-expected loss for its third-generation (3G) business last year, Hutchison Whampoa managing director Canning Fok is sticking to his original target of achieving break even by the end of next year. Strong sales of more than 6,000 flats helped lift full-year net profit for Cheung Kong (Holdings) by 12per cent to HK$9.82 billion. Contractors working on phase three of the Central reclamation project will be eligible for a maximum HK$100 million in compensation for the five-month delay caused by a long court battle over the scheme. China: The Bush administration has filed a trade complaint against the central government over the tax break it gives domestically made semiconductors. It is the first World Trade Organization filing against the mainland. US Thursday brought a complaint against China in the World Trade Organization over tax policies that it said represent an "unfair barrier" to China's semiconductor imports. China stock offerings have lost their gold dust allure with Semiconductor Manufacturing International Corp (SMIC) stock falling 7.99 per cent on its trading debut in Hong Kong yesterday, suggesting that indiscriminate demand could be a thing of the past. In a move that appears to run counter to central government policy, the Hainan provincial government plans to reopen a bank that was shut down by the People's Bank of China (PBOC) in 1998 because of its massive bad debts. China Mobile (Hong Kong), the world's largest mobile carrier by subscribers, says net profit for last year improved 9per cent to 35.56 billion yuan (HK$33.48 billion), bolstered by strong growth in the number of subscribers and non-data mobile services.
Experts believe that the Chinese
economy is more and more concentrating in big city areas, especially in the city
groups of Pearl River Delta, Yangtze River Delta and Beijing-Tianjin Bohai Bay
region. Free-range chickens raised on the prairies of Inner Mongolia are about to be marketed in southern China, in what is shaping up as a billion yuan (HK$941.5 million) battle for consumers' taste buds following the outbreak of bird flu in the mainland. March 18, 2004 Hong Kong: The chief secretary last night warned against rushing to introduce electoral changes in Hong Kong unilaterally, saying this would breach obligations to seek Beijing's consent on reforms. As calmly and softly as he could, Donald Tsang was telling the harsh truth about the democratic development of Hong Kong. Poultry farmers and government officials last night failed to break a deadlock on resuming live chicken sales despite some wholesalers agreeing to transport birds to retail outlets. Goldman Sachs is considering financing an investment bank involving mainland banker Fang Fenglei and computer firm Legend Holdings, banking sources say. China Telecom Corp is gearing up for a second round of asset acquisitions next month with plans to raise more than HK$23 billion in the equity market, keeping it one step ahead of rival China Netcom Corp. China Telecom, the Hong Kong-listed unit of the mainland's biggest fixed-line operator, beat forecasts with a strong 152.6 per cent growth in 2003 net profit to 24.69 billion yuan (HK$23.25 billion). Television Broadcasts (TVB), the dominant free-to-air TV broadcaster, said yesterday that profit plunged 25 per cent to HK$441 million for 2003, after a pickup in advertising in the second half failed to offset the impact of the Sars outbreak earlier in the year. Hong Kong Dragon Airlines (Dragonair) has confirmed that a contract will be signed in early April for the lease of six 284-seat Airbus A330-300s from International Lease Finance Corporation (ILFC). China: General Motors, the world's largest carmaker, says combined net profit at its four joint ventures in China more than trebled to US$437 million (HK$3.4 billion) last year as its share of the mainland market increased. Barely a quarter of 94 foreign companies investing in China last year made any money despite the country's dramatic economic progress, according to a survey by PricewaterhouseCoopers. Fixed-asset investment on the mainland jumped 53 per cent in the first two months of this year amid expectations that the central government would restrict new infrastructure projects after the National People's Congress. China Construction Bank (CCB) intends to sell 50 billion yuan worth of shares in troubled companies as it ramps up non-performing asset disposal, senior bank executives say. Semiconductor Manufacturing International Corp (SMIC), China's largest chip maker, is set to debut in New York and Hong Kong stock markets shortly amid expectations it will see roaring investor demand. Stringent export controls on chip-making equipment are hindering the ability of United States suppliers to tap the rapidly growing mainland market, even as political pressure to reduce the trade deficit with China increases in this presidential election year. Stringent export controls on chip-making equipment are hindering the ability of United States suppliers to tap the rapidly growing mainland market, even as political pressure to reduce the trade deficit with China increases in this presidential election year. It may take a decade before the Agricultural Bank of China (ABC), the weakest of the mainland's Big Four state-owned lenders, can go public unless the central government pours more money into it, Fitch Ratings director Arthur Lau said in Hong Kong. Although grain prices in China leapt 20 per cent year on year in February, prices since last October have been noticeably slowing and giving authorities some breathing room in their fight against inflation, according to National Bureau of Statistics figures.
March 17, 2004 Hong Kong: Nearly half a million public housing tenants would have their rent cut by 10 per cent and all welfare recipients would live rent-free in the subsidized flats under a government proposal to compensate for overcharging on rents. The health minister has laid professional responsibility for the handling of the Sars crisis on the former director of health and said Chief Executive Tung Chee-hwa had "overall total responsibility" for its impact on the community.
Security officials have rejected calls to verify the number of mainland children who were estimated to be eligible for right of abode in Hong Kong before the reinterpretation of the Basic Law in 1999. Hong Kong Cable Television has bid close to $800 million to secure exclusive Hong Kong broadcast rights for the next three seasons of English Premier League (EPL) football, according to a source close to the bidding process. The number of transactions in the secondary property market this month is on course to match levels not seen since the late 1990s, in the latest evidence of the sector's rebound. Kowloon-Canton Railway Corp has hired Morgan Stanley to advise it as the government-owned company prepares for a proposed merger with MTR Corp, according to sources. China: The multibillion-dollar Nansha port project in Guangzhou will enhance rather than challenge Hong Kong's role as Asia's logistics centre, say mainland officials. Stringent export controls on chip-making equipment are hindering the ability of United States suppliers to tap the rapidly growing mainland market, even as political pressure to reduce the trade deficit with China increases in this presidential election year. Two Chinese naval warships and two French warships end a joint maritime drill Tuesday off the coast of Qingdao, a port city in east China's Shandong province. China, EU Tuesday pledged to forge ahead their comprehensive strategic partnership via co-operation in various sectors, including joint efforts against terror. Shanghai Industrial shares fell 4.1 per cent yesterday as investors punished the company for its association with Semiconductor Manufacturing International Corp (SMIC), which sparked concern at the time of its initial public offering by making conflicting statements on its finances. China will kick off a profound reform of its land administration system following Premier Wen Jiabao's exhortation for an ``iron fist'' crackdown on rampant illegal land requisition across the country. China Power International Holding - a utility run by the daughter of former premier Li Peng - has hired Merrill Lynch to manage an initial public offer that may raise HK$7.8 billion, bankers involved in the sale said. March 16, 2004
The head of Hong Kong's biggest bank said yesterday the city must continue to use its own initiative to build economic strength. Hong Kong Exchanges and Clearing (HKEx) has sought a clarification from Semiconductor Manufacturing International Corp (SMIC) about remarks made by chief financial officer Jenny Wang that were retracted in a filing to the US Securities and Exchange Commission (SEC) on Friday. Dim sum carts, historic displays or even squash courts may replace the trading terminals at Exchange Square if Hong Kong Exchanges and Clearing (HKEx) fails to renew its lease on the trading hall in October next year. Hong Kong-based commodity trader and maritime bulk carrier Noble Group yesterday launched a placement of US$200 million worth of convertible bonds to fund potential strategic acquisitions and refinance existing debts, according to market sources. Luxury retail store operator Dickson Concepts (International) will spend HK$50 million to open its third Seibu department store and a watch and jewelry shop in Hong Kong to capture the tourism boom. China: Former Zhuhai mayor Liang Guangda, who has advocated a bridge linking the special economic zone and Hong Kong since the mid-1980s, has given his backing to a Y-shaped structure linking Hong Kong, Zhuhai and Macau. Retail sales on the mainland in the first two months of the year saw a 10.5 per cent increase over the same period last year, powered by sales of cars and mobile phones. Strong oil prices allowed China's dominant offshore oil producer, CNOOC Ltd, to post record profits of 11.54 billion yuan (HK$10.87 billion) for last year - up 25 per cent from the previous year - even though the company reported that production costs rose to US$11.08 (HK$86.42) a barrel against US$8.48 in 2002. China's unquenchable import-export demand, which has tied up an estimated 80 per cent of global shipping capacity, was primarily responsible for pushing up China Shipping Development's 2003 net profit by 73 per cent to 1.02 billion yuan (HK$960.94 million). The mainland's Supreme People's Court has adopted a ``very practical and pragmatic approach to construction disputes'', according to United States law firm Jones Day. China is speeding up construction of a portion of the world's largest water transfer project in a bid to slake the increasingly acute thirst of Beijing and other northern cities, according to Minister of Water Resources Wang Shucheng.
A lengthy trade crisis over China's wireless local area network (WLAN) encryption standard might benefit the information technology rivals of Intel and other firms adversely affected by the mainland policy, industry experts said. The dotcom bubble may have burst but the local internet domain-name business is witnessing a slow revival. Last week, Hong Kong company Essatte sold the domain name spamzilla.com to United States software developer International Software Systems Solutions for US$35,000. IBM has unveiled a dedicated information technology services programme to help small Hong Kong firms exploit business opportunities across the border. China-European Union trade is expected to increase in 2004 thanks to a growing EU and China's entry into the World Trade Organization, a senior EU official said Monday. March 15, 2004 Hong Kong: Europe's chief trade representative has raised concerns about Hong Kong's protection of intellectual property and the lack of a competition law. The way has been opened for AirAsia, the region's first low-cost international airline, to launch services from Hong Kong. Security officials were yesterday urged to review the need to empower police to impound the travel documents of suspects released on bail after six South Americans caught in an anti-theft operation at a jewelry show last week left Hong Kong. Hutchison Whampoa is expected to report a 10 per cent fall in profit for last year, with heavy losses in its global third-generation (3G) mobile-phone ventures potentially wiping out the profit contribution from its cash-cow port division. Developers' unsold inventories declined for the seventh consecutive month in February, reaching their lowest level since November 2001 due to a revival of buying interest across the city by end users and investors, according to Midland Realty. Behind the velvet glove of further economic goodies offered by Premier Wen Jiabao to Chief Executive Tung Chee-hwa yesterday is a veiled iron-fist warning to Hong Kong not to think of stepping out of line. Hong Kong Dragon Airlines (Dragonair) will acquire 12 passenger and freighter planes in the next four years as it strengthens its international cargo and mainland network, chief executive Stanley Hui says.
Governors of the mainland's three northeastern provinces admit the rust-belt region is facing an uphill battle to boost farmers' incomes and provide adequate help for the poor. When China's first man in space returned to terra firma he bought with him news that he could not see the Great Wall from space, dispelling a commonly held myth and leading to rewriting of the nation's schoolbooks. Plans by an influential group of American businesspeople to lobby for US retaliation against China on trade issues are expected to give the continuing currency conflict a higher profile in the US presidential election campaign. The mainland has accused the United States of having excessively protectionist trade policies, saying Washington is failing to conform to the spirit and agreements of the World Trade Organization (WTO). Credit Suisse First Boston is in the process of applying for a mainland derivatives license, making it one of the first foreign banks to take advantage of a recent relaxation on rules surrounding the financial instruments. China Shipping Container Lines (CSCL), the dedicated container arm of China Shipping Group, has applied to the Hong Kong Stock Exchange to launch an initial public offering of up to US$2 billion. The annual session of China's top legislature came to a close Sunday in Beijing after adopting the draft amendment of the Chinese Constitution and resolutions on a series of relevant documents. Chinese legislators Sunday approved Premier Wen's gov't work report after their demand the government improve its style of work had been incorporated into the final version of the report. Premier Wen Jiabao said yesterday that the mainland's fast-growing economy is at ``a critical juncture'' and promised vigorous controls to prevent its experiment in a capitalist-style market economy from spinning out of control. March 12 - 14, 2004
Registration fees for patents and designs will be slashed by more than 80 per cent to less than $1,000, a move which the government says will benefit the business sector.
Tom Online fell 6.66 per cent in its debut on the Growth Enterprise Market yesterday after its Nasdaq shares failed to match the spectacular first-day gains of other internet companies listed recently in the United States. Hong Kong's biggest developer, Sun Hung Kai Properties, has added its voice to growing calls for the government to soften its stance on "high" sale prices for public sites.
A US businessman expected to be appointed to a new position to help save American jobs and bolster the beleaguered manufacturing sector has recently set up his own factory in Beijing, it emerged yesterday. The mainland's top banking officials have vowed to crack down on excessive lending for consumer purchases in an effort to prevent the economy from overheating. Aluminum Corp of China (Chalco) has raised prices for spot alumina sales, bringing them closer in line with what users pay for imports of the main raw material used to make aluminum.
Legend Group has fired 5 per cent of its workforce in a corporate restructuring move it said would eliminate overlapping positions and allow for consolidation of some departments. China Resources Peoples Telephone, a mobile phone services provider, hoped to raise between $1.17 billion and $1.5 billion in an initial public offering scheduled for March 31, according to sources close to the deal. The central government's massive injection of nearly HK$350 billion into two of China's Big Four state commercial banks could be thwarted by political chicanery, is hardly in accordance with market discipline and is probably unwise, according to a top government financial adviser in Beijing. China National Offshore Oil Corp (CNOOC) - China's third-largest oil company - agreed to build a US$2 billion (HK$15.6 billion) liquefied natural gas (LNG) import terminal in Zhejiang province, the nation's third, as part of a government effort to boost gas use. March 11, 2004
Hong Kong's economy grew at a faster than expected 3.3 per cent in 2003, driven by a strong rebound in the second half, and Financial Secretary Henry Tang is forecasting the momentum will continue and result in 6 per cent GDP growth this year. Hong Kong action movie star Chow Yun-fat is suing mainland technology giant Konka for $6 million in damages for using his image in an advertisement without permission. Cathay Pacific Airways will launch a daily direct flight to New York in July, as Hong Kong's biggest carrier looks to build on the aviation industry's recovery from last year's devastating Sars outbreak. Hong Kong's economy may have registered a remarkable recovery last year, but it still looks positively measly next to Cathay Pacific's spectacular return from the dead. Cathay Pacific Airways saw a strong rebound in the second half that helped it recover from a HK$1.24 billion first-half loss to post a full-year net profit of HK$1.3 billion last year. The recovery allowed the carrier to beat analysts' expectations. China: China will make more efforts on pressing population, resources and environmental protection issues that have close links with the people, said Chinese President Hu Jintao and Premier Wen Jiabao in Beijing Mar. 10. A total of six former ministerial-level officials were sentenced on charges of job-related crimes last year and officials pledged to intensify efforts to crack down on corrupt officials according to law. The nation's law enforcement officials investigated more than 43,000 officials on charges of bribery and dereliction of duty, top prosecutor Jia Chunwang said yesterday, with at least 123 of those cases involving 10 million yuan (HK$9.41 million) or more. France, as a first western country to establish diplomatic relations with New China, has a deep-rooted background in history and a traditional friendship with China. More interestingly, every French president has a "China Complex". China's top legal experts yesterday vowed there would be no let-up in the war on graft, warning that even ranking officials should not consider themselves above the law. Intel said it was not complying with China's government-imposed wireless security standards, setting the stage for a showdown between the world's most populous nation and US-based technology firms. Hewlett-Packard, the world's second-biggest personal computer maker, plans to increase investment in China and start selling digital cameras and home entertainment systems in the country. US private equity company Carlyle Group is negotiating with a partner to buy a stake in China Pacific Life Insurance, the nation's third-largest insurer, for US$400 million (HK$3.12 billion), people involved in the talks said. Fortis Haitong Fund Management, a venture of Belgium's largest financial services company, said it received 12 billion yuan (HK$11.29 billion) from investors in the biggest subscription to a Chinese mutual fund offer. March 10, 2004
Australia's foreign minister yesterday weighed into the diplomatic row surrounding two executives wanted in Hong Kong on corruption and bribery charges for their role in a construction scandal. Donald Tsang Yam-kuen may be starting to feel the effects of his role as head of the government's constitutional taskforce. Hutchison Whampoa wants to pay back £1.5 billion (HK$21.46 billion) in outstanding loans used to fund its third-generation (3G) mobile-phone business in Britain to save on interest costs.
Orange, the wireless unit of France
Telecom, will sell most of its stake in a two-year-old Thai mobile-phone venture
that reported an eightfold increase in losses last year and fell short of
market-share targets. In another sign of confidence in the property market, the Urban Renewal Authority (URA) received 22 expressions of interest for a Tsuen Wan redevelopment project yesterday. The dramatic fall in air traffic through Chek Lap Kok airport during the Sars epidemic last spring led Hong Kong Aircraft Engineering (Haeco) to post a 26 per cent drop in net profits to HK$345 million last year. This compared with HK$465 million recorded in 2002.
Proposed constitutional amendments guaranteeing private enterprises greater legal protection will not remove all barriers they now face, an official from China's national business body says. One of Hong Kong's largest newspaper publishers will establish a joint venture in an effort to secure back-door access to China's rapidly growing media market, potentially paving the way for three of its popular magazines to be sold in the mainland for the first time. China Life Insurance president Wang Xianzhang says the company is seeking to park US$3.5 billion worth of listing proceeds raised in Hong Kong late last year in overseas markets.
China has allowed its 130 billion
yuan national welfare fund to begin investing overseas as it seeks higher
returns to cover a surge in pension obligations. China will offer incentives including tax rebates of up to 2,000 yuan (HK$1,880) per person to encourage employers to hire workers laid off by the state sector. Citic Pacific plans to invest an additional US$1.5 billion (HK$11.7 billion) to expand the generation capacity of its Ligang Power Plant in the Yangtze River Delta city of Jiangyin in Jiangsu province. March 9, 2004
A court ruled on Tuesday that the government could continue with its plans to fill in a part of Victoria Harbour for a highway project - despite prolonged opposition from conservationists. Chief Executive Tung Chee-hwa on Tuesday re-appointed Alice Tai Yuen-ying as the Ombudsman for another five-years starting from April 1. The Hospital Authority late on Monday allocated 14 general out-patient clinics to treat patients suffering from influenza-like illnesses, Xinhua reported on Tuesday.
Shares of Dong Fang Gas Holdings, the back-door listing vehicle for PCCW's property assets, rode a roller coaster yesterday, soaring 295 per cent in the first few minutes of trade with investors apparently confused by the terms of the deal. The property market revival has led 32 developers and contractors to express interest in a rare supply of residential land made available through the Urban Renewal Authority's (URA) Wan Chai housing redevelopment. Australia's Macquarie Bank has agreed to buy ING Group's cash equity business in Asia for an undisclosed amount, in a move it believes will propel it to the top tier of brokerage and investment banks in the Asia-Pacific region. Asian foreign-exchange reserves have grown strongly this year, rising 8.6 per cent, or more than US$164 billion, to $2.07 trillion by the end of last month, according to figures from the region's central banks. The Hong Kong government promises a sharper focus on data security, electronic commerce, support for small enterprises and information technology research and development under its 2004 Digital 21 Strategy. In his maiden budget speech tomorrow Financial Secretary Henry Tang is likely to bite the bullet and propose imposing a goods and services tax (GST) in the 3-5 per cent range, government sources suggest. His maiden budget speech tomorrow will probably reveal more practical measures to restore a balanced deficit, as well as giving further insights into the ``new Tang culture''. China: Constitutional amendments that will introduce sweeping changes on the protection of private property and encourage the development of non-public sectors of the economy were submitted to NPC delegates yesterday. Restoring and protecting private property rights in China after 55 years of communist rule will require changes to myriad laws and the creation of new ones, legal experts and private entrepreneurs say.
Residents of cities in Fujian
province will likely be allowed to visit Hong Kong as individual travelers in
the second half of this year, Xiamen Mayor Zhang Changping said yesterday. Authorities suspected that former Bank of China Hong Kong chief Liu Jinbao, formerly one of China's brightest banking stars, was deeply involved in improper lending in Shanghai long before his arrest last summer, according to an influential mainland magazine. March 8, 2004 Hong Kong: Financial Secretary Henry Tang Ying-yen is expected to announce a bond issue program in his maiden budget speech on Wednesday to generate up to $50 billion for infrastructure projects, analysts said. The European Parliament is worried about the erosion of "two systems" in Hong Kong in the wake of the disputes over democracy, according to the city's recently retired envoy to Brussels. PCCW has confirmed plans to spin off its property units in a backdoor listing transaction that it hopes will capitalise on resurgent property market activity. Hong Kong-based trading firm ATA Trade.biz will seek a Nasdaq listing to strengthen its branding and expand its mainland and global operations. Financial Secretary Henry Tang, in his budget speech on Wednesday, is likely to spell out the government's thinking on a timetable and format for a goods and services tax (GST) that is now increasingly seen as essential to reining in the fiscal deficit. Vision Grande Group Holdings, a cigarette pack manufacturer in the mainland, plans to raise more than HK$100 million in a listing on Hong Kong's main board. China: President Hu Jintao Saturday pledged full support for the governments of HK and Macao special administrative regions to maintain long-term prosperity and stability in the two regions. China's biggest chip-maker Semiconductor Manufacturing International Corporation (SMIC) is set to grab as much as US$1.89 billion (HK$14.74 billion) from the equity markets via a dual listing in Hong Kong and the United States After joining the elite group of nations to have put an astronaut into space, China is now planning to send a woman into orbit. Beijing Mayor Wang Qishan yesterday defended the mass relocation of people for the 2008 Olympic Games, saying it was necessary if the capital was to realise its Olympic dream. China will allow foreign investors to take strategic equity stakes of up to 20 per cent in Bank of China (BOC) and China Construction Bank (CCB) before planned public listings that aim to cement international best practice at the state lenders. The head of China's foreign-exchange regulator has indicated that about US$2 billion worth of pensioners' money held by China's National Social Security Fund may be allowed to make its way to the Hong Kong stock market. March 5 - 7, 2004
Secretary for Health, Welfare and Food Yeoh Eng-kiong on Friday called for greater co-operation in preventing the outbreak of infectious diseases in Hong Kong.
PCCW has proposed injecting about US$1.5 billion of property assets into a listed company in a bid to capitalise on a strong property market and bolster its battered balance sheet. Chairman Richard Li Tzar-kai may have been absent when PCCW delivered its 2003 results yesterday, but his fingerprints were clearly visible on the announcement. In the red column we have a list of one-time charges, ranging from game business assets in Japan to a complete write-down of Reach, the undersea cable joint venture with Telstra, adding up to US$892 million. SBI E2-Capital has sacked investment banking director Louis Lin and suspended senior vice-president of equity and capital markets Vincent Yam after they were arrested last week by anti-graft officers as part of a bribery and stock manipulation probe. The government will move to streamline the regulation of Hong Kong's information technology and communications industries under its 2004 Digital 21 Strategy, which aims to bolster the city's competitiveness.
Shenzhen authorities yesterday introduced a temporary measure allowing short-distance cross-border buses to pick up passengers at the Huanggang checkpoint after an unexpected ban on the practice was imposed on Tuesday night. Minister of Commerce Bo Xilai held talks with the US ambassador to China this week on the currency issue, even as a bipartisan group of American senators urged an emergency meeting with President George W. Bush about the value of the yuan. The finances of judges in Beijing will be regularly scrutinised as part of moves to fight corruption in the legal system, but an anti-graft. The Mar.2 "Report for China's Sustainable Development Strategy 2004" by the Chinese Academy of Sciences (CAS) brought forward a general goal for China to fully realize a well-off society in 2020. Contrary to the previous "China threat theory", many Japanese reports have begun to believe that China's economic development has promoted Japan's economic recovery. March 4, 2004 Hong Kong: Hong Kong equities fell 2.01 per cent yesterday as investors seized on a range of excuses to retreat from the 14,000-point level, which the market has been flirting with for much of the past fortnight. Hutchison Whampoa's third generation (3G) mobile service is estimated to have signed up 50,000 Hong Kong subscribers in its first month, an indication that its aggressive pricing strategy may be paying off. Financial Secretary Henry Tang apparently will not have to go scrabbling about for loose change to help cut the fiscal deficit after all, as it now appears the figure for 2003-2004 will be much less gloomy than he projected in October. Thousands of regular cross-border travelers were caught off guard at Huanggang checkpoint yesterday when the Shenzhen port authority imposed a ``no pick-up'' passengers rule only hours after it had informed bus operators of the change. Another of the Chinese University's Sars heroes has resigned to pursue a dream. The resignation of microbiology professor John Tam, who headed a research team seeking to identify the virus, comes just two weeks after the resignation of university medical faculty dean Sydney Chung, who left to become a surgery professor at the University of Papua New Guinea. The Hong Kong Baptist University has received a HK$100 million windfall. The money, from Nam Tai Electronics chief financial officer Koo Ming-kown, is the largest single donation ever given to a Hong Kong university. China: Senior leader Jia Qinglin yesterday made a strong appeal to Chinese people in Hong Kong and Macau to support their governments and work for rejuvenation and reunification of the nation. A United States financial institution will take a stake of more than 5 per cent in China Minsheng Banking Corp when it launches its US$1 billion H-share offering in Hong Kong, the private lender's chief revealed yesterday. Earnings at China Resources Peoples Telephone dropped 22 per cent last year as an intense price war hurt profits, raising questions about the firm's ability to prosper as it prepares an initial public offering.
The EU-US trade rows around the
Foreign Sales Corporation has a long history. Retaliation is not the ends. The
EU's experience may offer enlightenments on settling trade rows within WTO
framework. March 3, 2004
Customs officials said on Wednesday they seized 307 live land tortoises, an endangered species, which were smuggled into Hong Kong in two suitcases on a flight from Malaysia. The MTR Corp expects to earn $9.2 billion from property sales in the next three years and anticipates the business will be the key driver of future profit, as earnings from train fares take a back seat. Record high property profits of almost HK$5.37 billion helped the MTR Corp report a healthy year-on-year 24.3 per cent improvement in its bottom line to HK$4.45 billion despite poor performance of its rail operations. HSBC Holdings and subsidiary Hang Seng Bank came under pressure in the stock market yesterday after reporting less than spectacular full-year earnings, contributing to a fall in the Hang Seng Index after four days of rises. PCCW is expected to post a 2003 net profit of HK$1.37 billion, a turnaround from a net loss of HK$7.76 billion a year earlier, due to earnings from its residential project, Bel-Air in Cyberport, analysts said. The Li Ka-shing-controlled Hong Kong Electric Holdings is expected to report its first drop in full-year profit after six straight years of steady earnings growth, analysts say.
A decision to float the yuan could weaken the Chinese banking system and threaten the world economy, the US Federal Reserve chairman has warned. China will provide resources and technology to countries in Southeast Asia and help to strengthen regional co-operation in the fight against bird flu, Vice-Premier Hui Liangyu said yesterday. Live poultry exports from the mainland could resume within six months, Vice-Minister of Agriculture Qi Jingfa said yesterday. Several new Protestant churches are being built in Beijing to accommodate the city's burgeoning Christian community. China's second-largest life insurer yesterday filed an application with the Hong Kong stock exchange for a US$2 billion initial public offering to expand its capital base. Shanghai Huahong NEC Electronics, a semiconductor venture between NEC and Shanghai Huahong Group, said sales would rise 50 per cent this year after it focused on making chips used in identity cards and consumer products. In 2003 among five cities including Beijing, Shanghai, Tianjin, Chongqing and Guangzhou, Beijing got the second place in terms of economic increase but the last in terms of growth speed. Guangzhou and Shenzhen have become the first major cities in China to scrap local townships - the lowest-level power unit in China's political hierarchy - in a move to reduce government bureaucracy and ease the financial burden on taxpayers, particularly farmers. March 2, 2004 Hong Kong: HSBC Holdings, buoyed by a US$1.83 billion (HK$14.27 billion) pre-tax contribution from its new United States consumer business, Household International, yesterday reported a record net profit of US$8.77 billion - a rise of 41 per cent. The possibility of turning Cheung Sha, one of the most scenic beaches on Lantau, into a resort area is being explored by a government taskforce on the island's development, sources say. Hong Kong's quality of life rating held steady last year while the rankings of regional rival Singapore and major mainland cities improved, according to a survey by a consultancy firm released yesterday. The Airport Authority is in talks with Zhuhai airport to take over the management and operation of the loss-making facility located about 50 kilometres east of Chek Lap Kok airport. The newly elected chairwoman of the English Schools Foundation (ESF), Professor Felice Lieh-Mak, pledged last night to bring in the Independent Commission Against Corruption to meet staff and ensure there was no misconduct within the embattled institution. Ocean Park will raise admission fees for adults by HK$5 and for children by HK$3 to fund ``innovative pr |
Hong Kong:
Sotheby's director for China and
Southeast Asia Nicholas Chow holds an imperial seal that belonged to emperor
Qianlong from the Qing dynasty. The soapstone seal, bearing a carving of the
mythical imperial lion, encapsulated the emperor's authority. The seal will be
auctioned on April 25 at the Island Shangri-La Hotel. It is expected to fetch
between $7 million and $9 million. 
Arthur Li talks to reporters after meeting a delegation of primary school
principals at the Education and Manpower Bureau. He says the bureau is being
flexible towards schools marked for closure.
Hong Kong Computer Society president
Daniel Lai says he possesses the qualifications required to lead Hong Kong's IT
development initiatives. Hong Kong Computer Society president Daniel Lai is
tossing his hat into the ring as a candidate for the post of government chief
information officer (CIO). The veteran information technology executive is also
head of IT for the Mass Transit Railway Corporation (MTRC).
China:
Hong Kong:
China:
Hong Kong:
Briton Craig Summers (left) and
Peter Gauchi from New Zealand, pictured in Wan Chai, are two of the estimated
20,000 overseas fans expected to attend the Sevens.
China is willing to take an active part in Iraq's reconstruction and China will
work with the international community to help Iraqi people embark on a road of
peace, stability and development, President Hu said when meeting IGC president
Bahr Ul-Uloum Thursday.
Hong Kong:
Sumner Redstone, chairman and chief executive of Viacom, plans to follow up his
company's joint venture in Shanghai with another in Beijing. Global media giant
Viacom is forming a television production company with the Shanghai Media Group
that will be the first foreign investment in China's media content industry
since new laws were announced last month.
Hong Kong:
Vice-chairman and chief executive He
Guangbei is banking on successful wealth management services and the consumer
credit portfolio for growth at BOCHK. BOC Hong Kong (Holdings) has charmed
investors with its results for last year beating the most optimistic of
expectations. Bank of China Hong Kong has cheered shareholders with a
forecast-beating profit gain for last year, but failed to deliver on key
management appointments recommended in the wake of the Shanghai Land Holdings
loan inquiry.
Government plans to appoint a chief
information officer (CIO) this year might be hindered by a lack of suitable
candidates for the job, experts warned. John Tsang Chun-wah, Secretary for
Commerce, Industry and Technology, announced the creation of the CIO's position
earlier this month.
China's lunar probing program formally
started when the project was approved by the state in January 2004, marking a
significant step forward in the country's deep space exploration.
China:
Donald Tsang, the head of the taskforce
on constitutional reform, insists his group will not be sidelined by a mainland
think-tank. 
Hong Kong:
China refers to the People's
Republic of China. The relationship between "One Country" and "Two Systems" is
clear. In Deng Xiaoping's words, without "One Country," there would be no "Two
Systems", Chief Executive Tung Chee Hwa said at the symposium.
China rules: It is up to foreign firms to comply with China's Wapi standard
because of China's right to set rules for its industries, says Avaya chief
executive Donald Peterson.
China:
Hong Kong:
Ming Pao Enterprise Corp executive director Francis Tiong Kiew-chiong,
confirming a joint venture with Redgate Media, said yesterday the merger
positioned the companies to "leverage the enormous media opportunities in
Greater China". He said the partners would seek to float the venture in Hong
Kong. Ming Pao Enterprise Corporation is preparing to circulate several titles
on the mainland after forming a publications advertising joint venture with
Redgate Media. Under the partnership, Ming Pao will inject Ming Pao Weekly, City
Children's Weekly and Hi-Tech Weekly into the venture.
China:
China and United States semiconductor giant Intel are fighting over a government
plan to force mainland computer makers to use a new standard for encrypting
wireless communications. Intel, the world's top chip firm, said China's
home-grown encryption technology failed to work well with chips based on the
existing global standard known as Wi-Fi. The mainland will not back down on a
plan to force computer makers to adopt a new standard for encrypting wireless
communications after Intel said it would halt sales of its Centrino chip in
China.
Hong Kong:
Hong Kong:
China:
Hong Kong:
PCCW chairman Richard Li will be
among the last people to take advantage of the present back-door listing regime.
Hong Kong:
Fairwood chairman Dennis Lo wants the firm to become Hong Kong's most preferred
fast-food brand within about three years.
China:
Hong Kong:
China: