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August 31, 2005 Hong Kong: Chief Executive Donald Tsang Monday assured unionists that he will fulfill his election pledge to consider a minimum wage and maximum working hours for workers. The pledge came during a 45-minute meeting Tsang had with three unionist legislators and six labor sector representatives ahead of his maiden policy address in October. Federation of Trade Unions legislator Wong Kwok-hing said Tsang appeared open to all suggestions during the meeting and that the atmosphere was favorable. Wong said he tried to convince Tsang of the importance the sector placed on the introduction of a minimum wage, standard working hours, and poverty, issues which were brought up during Tsang's election campaign last June and which he had then promised to address. Chief Executive Donald Tsang's popularity has slipped for the second time in two months because of the controversy surrounding his newly-issued Executive Order regulating covert surveillance and the recent spate of food scares, according to a Chinese University poll. Commuters can expect to pay more for minibuses and ferries as transport companies Monday began asking the government for fare hikes to cover increasing fuel prices. It is uncertain whether the three main bus companies will follow suit. Legislator Albert Chan urged the bus operators KMB, Citybus and First Bus not to increase fares. Minibus operators and First Ferry, a subsidiary of property developer New World Holdings, announced plans to raise fares 24 hours after a container drivers' union asked members to charge up to HK$144 extra for each trip to the mainland and HK$50 for each domestic trip. Crude oil prices, which broke through US$70 (HK$546) per barrel Monday, also played a role in dropping Hong Kong share prices by 0.97 percent before easing.
Beijing has endorsed all Hong Kong legislators for an official visit to the mainland next month, Chief Executive Donald Tsang Yam-kuen said on Tuesday. Andy Lau wants to work with fellow Hong Kong star Maggie Cheung again, saying she inspired him during a previous collaboration, a news report on Tuesday said. Lifestyle International Holdings, the operator of Sogo Department store in Hong Kong, plans to raise as much as HK$983 million from a share placement to fund expansion, sources said. Lifestyle is selling 75 million new shares at HK$12.50 to HK$13.10 each, raising between HK$937.5 million and HK$982.5 million, sources said. The price represents a discount of 2.6 to 7.6 percent to the share's closing of HK$13.45 Monday. Deutsche Bank is arranging the placement. Months before the Treasury cancelled its project with IBM for persistent delays, Hong Kong's Transport Department terminated a $60 million IT systems contract with the technology giant for similar reasons. Investment banks that bring new companies to the stock market could be sued by shareholders for any inaccurate statements made in the company listing prospectuses, under proposals unveiled by the Securities and Futures Commission. Investment banks that bring new companies to the stock market could be sued by shareholders for any inaccurate statements made in the company listing prospectuses, under proposals unveiled by the Securities and Futures Commission. The proposal is one of several sweeping reforms suggested in a consultation paper released yesterday. The securities watchdog says the reforms are aimed at improving investor protection and bringing regulations into line with practice in other leading financial markets. The commission also proposes to change the present requirement that only investors who can prove they had read a misleading prospectus can claim damages. Under its proposal, investors who trade in the shares after their listing may sue for damages if they can demonstrate that they received inaccurate prospectus information through other media, such as newspaper reports. SFC director William Pearson said the proposal was linked to two earlier sponsor regulation measures. The stock exchange earlier this year imposed new due diligence standards for sponsors, and the SFC in June issued another consultation paper to propose a range of licensing requirements for sponsors. The commission also suggests banning sponsors and other connected analysts from underwriting brokers from issuing written pre-listing reports in order to prevent conflicts of interests and avoid conflicting information from the simultaneous release of research reports and a listing prospectus.
The China Securities Regulatory Commission (CSRC), the national capital market regulator, is considering setting up a fund to protect futures investors. The securities watchdog is playing an active role in the revision of China's Securities Law to protect the interests of small shareholders, a senior regulatory official said yesterday. A special State grant that totals 800 million yuan (US$98.77 million) every year will be issued to poverty-stricken college students starting from next month.
Shanghai Electric Group, a mainland equipment maker in which Germany's Siemens owns a stake, said it plans capital spending of 1.9 billion yuan (HK$1.82 billion) this year and hopes to expand in the nuclear equipment business. Guangdong Governor Huang Huahua has been forced to make a self-criticism over the Daxing Colliery disaster that killed at least 123 miners this month. August 30, 2005 Hong Kong: Commuters can expect to pay more for minibuses and ferries as transport companies Monday began asking the government for fare hikes to cover increasing fuel prices. It is uncertain whether the three major bus companies will follow suit. Legislator Albert Chan urged the three bus operators -KMB, Citybus and First Bus - not to increase fares.
The Hong Kong government's silence on security arrangements for the Sixth Ministerial Conference of the World Trade Organization, to be held December 13-18, could be a sign that preparations on how to handle potential violence are all but complete. Marine police seized $820,000 worth of smuggled vehicle parts, computer hard disks and used mobile phones from a mainland-bound speedboat near Ap Chau island in the northeastern part of the New Territories, a spokesman said on Monday.
China President Hu Jintao's American visits will inspire mutual trust - In a few days President Hu Jintao will fly to the United States, Canada and Mexico for two weeks of diplomacy. China's relationships with the three countries and the world summit at the United Nations will top his agenda. The visits will represent the culmination of Hu's active and realistic diplomacy this year. Hu has been busy with tours to foreign lands. In April he visited three Southeast Asian countries - Indonesia, Brunei and the Philippines. In June and July he traveled to Russia, the Kazakh capital Astana for a summit of the Shanghai Co-operative Organization leaders and attended the G8 summit in Scotland. China's legislature Sunday passed amendments to the law on women's rights protection, which "prohibits sexual harassment of women".
The European Union Trade Commissioner Peter Mandelson said on Sunday that he will on Monday propose to end a trade dispute which has stopped millions of items of Chinese clothing from entering Europe.
In an effort to enhance energy efficiency and cut pollution, the National Development and Reform Commission (NDRC) has ordered the closure of small units at 64 coal-fired power plants across the nation within the next five years. China Oilfield Services, the mainland's dominant offshore driller, said it will almost double capital spending to 2.3 billion yuan (HK$2.2 billion) this year as the country's oil industry steps up its hunt for oil and natural gas reserves. Chief Executive Donald Tsang Monday assured unionists that he will fulfill his election pledge to consider a minimum wage and maximum working hours for workers. The pledge came during a 45-minute meeting Tsang had with three unionist legislators and six labor sector representatives ahead of his maiden policy address in October.
Asia's largest oil and gas refiner by capacity, China Petroleum & Chemical - or Sinopec - on Monday said net profit for the first half of this year surged 17 per cent thanks to high oil prices and strong domestic demand, fuelled by the booming Chinese economy. The Industrial and Commercial Bank of China (ICBC) may sign a memorandum of understanding as early as this week to sell a multibillion dollar stake to a consortium consisting of Goldman Sachs's private equity arm and Allianz Group. August 29, 2005 Hong Kong: Li Ka-shing's groups earn over 22 billion HK dollars - "The Group has made significant strides in business and market expansion during the first half of 2005 by seizing the growth opportunities presented by the rising economy." Cheung Kong Infrastructure, a unit of tycoon Li Ka-shing's Cheung Kong (Holdings), hired three global investment banks to sell at least A$1 billion (HK$5.9 billion) of shares in its Australian energy business. In this week's earnings reports, China's instant messaging leader, Hong Kong-listed Tencent, posted strong growth in online advertising and online gaming, China's search leader Baidu reported triple digit growth but forecasted a third-quarter slowdown, and online gaming company The9 reported for the first time with contributions from hit online game World of Warcraft.
The $1.3 billion expansion of the Hong Kong Convention and Exhibition Centre in Wan Chai was given approval yesterday despite concerns it will add to traffic congestion. Work will start in January. The plan will make room for three exhibition levels. This will add some 19,400 square metres of space, or enough area to accommodate 1,000 additional booths.
Hutchison Whampoa chairman Li Ka-shing is adamant that Canadian oil venture Husky Energy is not for sale, despite persistently high oil prices that are flirting with US$70 per barrel. The wet weather and landslips of the past couple of weeks are just a taste of what is in store for the remainder of the century, according to the Hong Kong Observatory. Results from a study released Friday by the Observatory have revealed that annual rainfall in Hong Kong will increase at a rate of about 1 percent per decade in the 21st century. Police Commissioner Dick Lee has no intention of working again when he retires at age 57 in two years. Lee's plan is unlike his predecessor Tsang Yam-pui, the brother of Chief Executive Donald Tsang, who went to work in the private sector - a move which attracted controversy. Hong Kong is expected to comfortably achieve economic growth of about 5.5 per cent this year after an unexpectedly strong second-quarter expansion of 6.8 per cent. The health minister declared freshwater fish from the mainland safe to eat, nine days after warning against eating eels suspected to contain the cancer-causing chemical malachite green.
Chinese and European Union (EU) trade officials were seeking ways to resolve the issue of Chinese textile exports at their technical-level consultations in Beijing on August 25.
State oil companies from China, the world's second-largest oil importer, and fifth-largest exporter Venezuela are strengthening their partnership by co-investing in oilfields in the South American country. The Beijing Subway Operation Co Ltd is pledging to improve maintenance of its trains after an old subway carriage caught fire during the morning rush hour on Friday.
Shanghai Pudong Development Bank, one of five publicly traded banks on the mainland, plans to sell 4 billion yuan (HK$3.8 billion) of subordinated debt, bringing the lender's total planned or completed debt sales in the past month to 16 billion yuan.
The National People's Congress Standing Committee has received mixed signals from provincial representatives on proposals to change the threshold for personal income tax. A prelude to the fight for two giant pandas from the mainland kicked off yesterday with Taipei apparently gaining the upper hand after a rival city was blocked from sending a senior representative to talks with mainland panda researchers. Pope Benedict has met the founder of a Catholic lay organisation working to improve diplomatic contacts with China - including helping to arrange a secret meeting in April between the Vatican and a government delegation. August 26 - 28, 2005 Hong Kong: HSBC is going to strengthen its co-operation with the Bank of Communications (BoCom) as its long-term strategic focus in China, with no intention of buying stakes from other commercial banks anymore, a top manager of HSBC told China Daily.
PetroChina, the nation's largest oil producer listed in Hong Kong, reported a 36.1 per cent rise in the first-half earnings, largely boosted by the soaring crude prices and China's growing energy demand. Asset sales, a one-time gain from revaluing its property holdings, and an accounting profit from the repurchase of stakes in its UK mobile phone business kept Hutchison Whampoa from sliding into a loss in the first half, as the company's massive investment in third generation (3G) mobile phone operations continued to burn cash, though at a slower rate, the company reported Thursday. The value of approved new home loans hit an 18-month low in July as rising interest rates caused buyers to hesitate before entering the market. The 33.1 percent slide in value from the month before, to HK$9.93 billion, marked the third consecutive monthly decline, according to the Hong Kong Monetary Authority.
Cheung Kong (Holdings), Hong Kong's largest developer by market value, said first-half net profit jumped 52 percent as profit margins on apartment sales improved due to low land costs and rising property prices. CITIC Pacific, the overseas arm of China's biggest investment company, said first-half profit rose 60.5 percent, driven by property and special steel sales and an accounting change gain. Shanghai Industrial Holdings, the Hong Kong-listed investment arm of the municipal government, said first-half profit slumped 43.8 percent due to a lack of exceptional gains, and losses in its computer chip and auto parts businesses. In an apparent goodwill gesture, democrats barred from entering the mainland will likely be invited to a special reception in honor of Vice President Zeng Qinghong's official visit - except, of course, for one - volatile lawmaker Leung Kwok-hung. Zeng's three-day visit is considered to be significant as he will be the first senior Beijing leader to visit the SAR following chief executive Tung Chee-hwa's ignominious March departure from office and Donald Tsang's subsequent election to take his place. The law under which defendants could be sentenced to up to life imprisonment for sexual acts between men was overturned yesterday in a court ruling which stated that it violated the Basic Law and Hong Kong's Bill of Rights. China: US President George W. Bush will host President Hu Jintao at the White House on September 7 in a meeting that will cap months of trade friction as well as growing co-operation on stopping North Korea's nuclear-arms ambitions. Premier Wen said Wednesday China will focus its efforts to push forward economic, social and institutional reforms for sustainable economic development. Representatives from the European Commission and EU member states agreed to find a solution to the issue of stockpiled textile imports from China. Supachai Panitchpakdi, director- general of the World Trade Organization (WTO), said Wednesday that China's efforts in settling the textile issue is commendable.
Taiwanese students studying at Chinese mainland universities will pay the same tuition fees as their mainland peers starting this coming term. To mark the 10th anniversary of the Fourth World Conference on Women in Beijing, the government yesterday published a white paper on the position of women in China. Women's participation in government and administering social affairs keeps growing, the white paper says. In China's 397 cities, there are 368 female mayors and vice-mayors, and among NPC deputies, the proportion of female deputies always remains above 20 per cent. The status of women in the work force has also risen, the white paper says. Last year, 337 million women were employed, making up 44.8 per cent of the working population. Song Meiya of China Women's News, who has more than 20 years experience working for gender equality and women's development, acknowledged progress made in the past 10 years, adding that the picture in China is actually better than the white paper paints.
The maker of Post-it notes and Scotch tape 3M said yesterday that it would invest US$300 million in China over the next five years - that's the same amount the company pumped in during the past two decades in the country. Datang International Power Generation Co Ltd, the second-largest electricity producer in China, has received government approval to build three power plants in the coastal region and obtained a 28-per-cent stake in a coal mine to secure supplies for the plants. One of the top five travel agencies in the world is seeking to set up a wholly-owned travel agency in Guangzhou, capital of South China's Guangdong Province, a tourism official said yesterday. Kingway Beer, a leading regional brewer in South China, said it plans to push sales up to 1.2 million tons by 2008 from 400,000 tons at the end of 2004, in a bid to become a national player in China's segmented and cutthroat beer sector.
Two Asian men who attempted to
smuggle nearly US$5 million worth of weapons and counterfeit bills into the US
laundered proceeds of US$1.15 million in bank accounts in Macau, according to
charges filed against them by the American government. August 25, 2005 Hong Kong: An analyst's negative report on Hutchison Whampoa and Cheung Kong (Holdings) was partly blamed as the Hong Kong stock market resumed the correction that began late last week and fell 244.7 points to its first close below 15,000 points in three weeks.
The three largest United States accounting firms have ordered their partners not to poach clients or personnel from rival KPMG while it is under federal scrutiny for allegedly selling abusive tax shelters.
China's top legislature Tuesday started to deliberate on the draft amendment to the personal income tax law, a major move meant to narrow the widening wealth gap. The revised amendment draft of China's Law on Corporation submitted to Chinese top legislature has cut the minimum limitation of registered assets of stock companies by half, aiming to encourage investment. China's securities market watchdog may win stronger powers to investigate and freeze the accounts of listed companies and their management, a move that would allow quicker action to be taken against irregular activity.
PetroChina shares rose 1.6 per cent yesterday in a lukewarm Hong Kong market on news of its parent company's agreed takeover of Canadian-registered PetroKazakhstan for US$4.18 billion on Monday, industry analysts said. Aluminum Corp of China Ltd, the world's second-biggest producer of alumina, said manufacturing costs rose by nearly 1 billion yuan (US$123 million) in the first half, eroding profit that grew the slowest in two years. Siemens plans to build a plant in Tianjin next month to manufacture sewage-treatment products and systems for the Chinese market, the company announced yesterday. ZTE Corp, the second-largest telecom equipment manufacturer in China, said first-half net profits fell 8.8 percent to 660 million yuan (HK$633 million) on rising operating costs and product development expenses as the group shifts its focus overseas. August 24, 2005 Hong Kong: Legislation governing covert surveillance it at least six months away, officials said Tuesday, sparking outrage from legislators who blame the government for ignoring public demands for quicker action. The Security Bureau said Tuesday the government intends to table a bill on surveillance activities in the Legislative Council in February or March next year. Freshwater fish imported from the mainland will be regulated along the same lines as pork and poultry under a new agreement reached between Hong Kong and Beijing on Tuesday. Fish came under the microscope last week after samples taken from the market tested positive for the banned fungicide malachite green which has been known to cause cancer in mice in laboratories.
Cuts would seriously affect morale and service quality, welfare sector tells Tsang Social workers Tuesday urged Chief Executive Donald Tsang to scrap a 9.3 percent cut in one-off grants for non-governmental organizations planned for 2008, saying it would seriously affect the welfare sector's morale and service quality. Chua Hoi-wai, president of the Hong Kong Social Workers Association, who led social workers in a meeting with Tsang to discuss his October maiden policy address, said the sector is particularly concerned at the Social Welfare Department's plan to cut funding for NGOs starting from 2008. Electric power company CLP Holdings on Tuesday reported a 10.6 per cent rise in net profit to $4.6 billion for the six months to June, up from $4.1 billion in the first half of last year. Hong Kong’s second airline Dragonair said on Tuesday heavy holiday traffic has boosted passenger numbers in July by 10.3 percent to 455,468 passengers but cautioned rising oil prices could hit profits. China: Chinese Foreign Minister Li Zhaoxing said Monday that the relations between China and the United Stats have kept growing steadily over the past decades.
China will lift the upper limits of the deposit rates for US dollars and Hong Kong dollars in commercial banks within Chinese territory. The People's Bank of China (PBoC), the nation's central bank, declared Monday that the upper limits for one-year deposits of both US dollars and Hong Kong dollars will increase 0.375 percentage points to 2.000 percent and 1.875 percent, respectively. Tian Yaling, an expert on foreign exchange, said the PBoC's interest hike is related to the interest hike by the United State's Federal Reserve. "The interest change reflects China's efforts to act in line with the international community," said Tian, noting that the interest hike may temper the anticipation of Renminbi appreciation. This is the third time this year that the central bank increases deposit rates for the two currencies. The first was on July 22 when the country initiated the reform of Renminbi exchange rates. PBoC statistics shows that deposits of foreign currency decreased by 4.8 billion US dollars in July. Guangdong authorities promised yesterday to expand inspection and quarantine of fish and other freshwater produce after a chemical known to cause birth defects was found in samples in Hong Kong.
A total of 450 coaches produced by Xiamen King Long United Automobile Industry Co Ltd, or King Long, were shipped to the Middle East yesterday, marking the largest deal in the nation's bus export record. Data backup and backup recovery business in Chinese banks may likely see momentous growth in the coming years, as banks pay more and more attention to the security of data and big players enter the market. Credit Suisse First Boston, Switzerland's second-largest investment bank, is moving closer to joining the advisory mandate for China Construction Bank's pending US$5 billion (HK$39 billion) initial public offering, sources familiar with the matter said.
Smarting from bad loans to companies linked to troubled Greencool Technology Holdings, Bank of Communications (Bocom) yesterday vowed to tighten lending procedures for such borrowers. August 23, 2005 Hong Kong: A New York court has suspended an attempt by US property tycoon Donald Trump to freeze US$1 billion (HK$7.8 billion) proceeds from the sale of a project in New York controlled by Hong Kong investors.
Hong Kong's top developers Cheung Kong (Holdings), Sun Hung Kai Properties, Henderson Land Development, and six smaller rivals have submitted tenders for a HK$500 million housing project in Tai Kok Tsui offer by the Urban Renewal Authority. A 42-year-old man was killed in Tsuen Wan last night when he was buried under mud in one of 59 landslides across the city caused by more than 35 hours of continuous rain. The death was the first in a Hong Kong landslide in 10 years. Hong Kong audiences will have to wait until Christmas to see Steven Spielberg's much-anticipated film Memoirs of a Geisha, but this first official still from the movie shows how China's top three actresses will appear as Japanese geishas. A Hong Kong-based legal firm has told the family of dead rock star Michael Hutchence that his fortune, estimated to be between $10 million and $20 million, has vanished. Broadcaster TVB and sister network Galaxy Satellite Broadcasting were yesterday fined a total of $850,000 for breaching restrictions on programme sharing.
Singapore's government-backed Temasek Holdings and private equity fund Primus Pacific Partners are among several investors in talks to buy a stake in China Pacific Insurance (Group), parent of the country's third-largest life insurer. New World Mobility will continue to invest in its existing 2G network, noting that demand does not yet warrant a move into third-generation services (3G).
More Chinese officials are expected to receive training in the United States, as both sides consider extending a joint programme at Harvard University, education officials said yesterday.
State-owned China National Petroleum Corp (CNPC) on Monday said the board of PetroKazakhstan, a Canadian firm that is a major oil producer in the Central Asian republic of Kazakhstan, has accepted a US$4.2 billion (HK$33 billion) takeover offer. China has succeeded in raising its grain output steadily through the introduction of reform and opening-up drive, along with the development of agrosciences. The 17th National Congress of the Kuomintang (KMT),adopted a policy platform to promote peace across the Taiwan Straits. The Communist Party of China (CPC) Central Committee on Friday sent a congratulation message to the Kuomintang (KMT) Central Committee and its new Chairman Ma Ying-jeou on the opening of the KMT's 17th Party Congress. China's current production, consumption, stockpile as well as import and export of oil products are well-balanced in general, with sufficient supply guaranteed, Li Yang, an official with the National Development and Reform Commission told Xinhua in an interview. Reform plans proposed by the 42 pilot companies in the second round of shareholding reforms have been passed by their shareholders, the Beijing News reported on Saturday. Ninety-six per cent - 172 of 179 State-owned enterprises (SOEs) - passed their performance evaluations for 2004, the State-owned Assets Supervision and Administration Commission (SASAC) announced on Friday.
Sinopec Corp, one of China's largest oil producers, wins the crown of leading the 2005 Top 500 Chinese Enterprises list with a revenue of 634 billion yuan (US$78 billion), the China Enterprise Confederation (CEC) said on Friday. A final decision on the bidding for South Korea-based Inchon Oil Refinery Co by six multinational rivals, including China's largest chemicals trader Sinochem, is expected within days, Sinochem sources said on Friday. August 22, 2005 Hong Kong: Tourist arrivals grew to a record high of 1,742,745 in June, up 5.8 percent on the same month last year, Hong Kong Tourism Board announced Wednesday. Growth in the first six months brought the total half-yearly arrivals to 10,978,048, up 9.6 percent on last year. Long-haul markets continued to be the strongest performers, while most key markets registered increases. Among the regional markets, the best performers were Europe, Africa and the Middle East with 121,759 visitors, up 37 percent on the same month last year. Arrivals from Australia, New Zealand and South Pacific rose 33. 9 percent to 55,928, followed by arrivals from North Asia with 147, 898 and from the Americas with 128,866. The Chinese mainland registered a rise of 2.1 percent to 885, 596. Tourism Board Executive Director Clara Chong said with the exceptional performances of many long- and short-haul markets, the board comfortably surpassed its half-yearly target by attracting more than 10.97 million visitors. Occupancies for all categories of hotels and guest houses in June stood at 83 percent, a three-percentage-point drop that partially reflects the 7 percent rise in Hong Kong's room supply during the past 12 months. The average achieved hotel room rate across all hotel categories and districts was 810 Hong Kong dollars (about 104 US dollars), which is 15.1 percent higher than in June 2004.
BOC Hong Kong (Holdings) aims to capitalize on its "unique position" by increasing earnings from its mainland business to 10 per cent of the group's total profit in the next three to five years, according to vice-chairman and chief executive He Guangbei. The Hong Kong Monetary Authority (HKMA) announced on Monday that the official foreign currency reserve assets of Hong Kong amounted to 121.9 billion US dollars at the end of July 2005. In terms of foreign currency reserves ranking, Hong Kong is the world's seventh largest holder of foreign currency reserves, after Japan, Chinese mainland, China's Taiwan, Korea, Russia and India, said a government press release. The total foreign currency reserve assets of 121.9 billion US dollars represent over six times the currency in circulation or about 43 percent of Hong Kong dollar M3. The need for manufacturers of consumer products and related parts and accessories to go "green" is becoming increasingly urgent, Hong Kong Trade Development Council (HKTDC) said in Hong Kong Wednesday. According to the council, the warning is further underlined by the announcement that two new European Union (EU) directives will be introduced soon: one on Waste Electrical and Electronic Equipment (WEEE) which takes effect on Aug. 13, 2005, and the other, called Restriction of Hazardous Substances (RoHS), which will go into operation on July 1, 2006. Chief Secretary Rafael Hui was quoted Friday as saying that construction of the new government headquarters at Tamar could start as early as 2007. But a government spokesman said later that Hui had not put a definite date as the proposal made by Chief Executive Donald Tsang two weeks ago which still had to be approved and funds raised.
The "China threat" theory, first appeared in the early 1990s, chiefly targets China's high-speed economic development and has been on and off for over a decade. The 17th Party Congress of the KMT party in Taiwan opened in Taipei on Friday, as Taipei Mayor Ma Ying-jeou formally assumed office as party chairman.
The Bank of China (BOC) announced that it had signed a strategic investment and cooperation agreement with the Royal Bank of Scotland Group (RBS) Thursday, according to which RBS will acquire a 10 percent stake in BOC for 3.1 billion US dollars. China will receive 64 million tourists by 2010, ranking third in the world, according to Shao Qiwei, director of China National Tourism Administration. He predicted China will rake in 42.6 billion US dollars of foreign currency income by 2010, up eight percent year on year, ranking third in the world. The number of domestic travelers will increase by a big margin, with domestic tourism income reaching 881 billion yuan. And 9.8 million people will be direct employees of the tourism industry. Shao said tourism will also stimulate domestic demand, increase investment, and promote regional economic growth and urban construction. China will further promote tourism development, and increase tourism quality in the next five years. Alcatel Shanghai Bell (ASB), the first foreign-invested company limited by shares in China's telecoms industry, is aiming for a 20 per cent business growth this year, a company executive said yesterday.
August 19 -21, 2005 Hong Kong: Shareholders of the nation's largest oil and gas producer PetroChina have agreed to pay 20.7 billion yuan (US$2.5 billion) for half the overseas assets of its State-owned parent, the oil major told the Hong Kong Stock Exchange in a statement. Bank of China (BOC), the country's second-biggest lender, will sell 10 percent of the company to investors, including a US$750 million (HK$5.85 billion) stake to billionaire Li Ka-shing, as it prepares to list in Hong Kong. Li, who bought stakes in the mainland's three leading oil companies and four telecoms before they were listed in Hong Kong, will take a 2percent stake in the mainland bank through the Li Ka Shing Foundation, Li's son, Victor, said. BOC Hong Kong (Holdings), a unit of China's second-largest lender by assets, reported an unexpected 17 percent first-half net profit growth, but investors dumped its shares as its earnings were mainly driven by accounting gains while core business remained sluggish. Hong Kong is set to allow imports of frozen pork from Shenzhen and Henan to resume as early as next week, the health chief said Thursday. The decision was made after mainland authorities confirmed the meat is safe, despite fears that a mysterious pig-borne bacteria may be spreading. Modern Terminals (MTL), the port operator majority-owned by Wharf, is seeking a HK$5 billion loan to fund expansion in Shenzhen and refinance existing debt, bankers familiar with the situation said. Allegations of dangerous work conditions, overwork and underpayment in mainland factories manufacturing merchandise for Hong Kong Disneyland will be investigated, the theme park's officials said. Disney's response came after a group of Hong Kong students and scholars claimed in a 29-page report that factory workers in Dongguan, Shenzhen and Zhongshan are being abused by their bosses. Chief Executive Donald Tsang was asked Thursday to ensure a more prominent role for women in politics, with a special seat in the Legislative Council and a prominent role in the Election Committee. Ann Chiang, convenor of the Hong Kong Business Economic Forum, suggested the government creates a functional constituency to represent women in Legco and ensure women are in the committee that elects the chief executive. Hong Kong's largest telecom player PCCW reported half-year net profit of US$122 million (HK$952 million) on Thursday, an improvement on the US$98 million earned in the first six months of last year.
The number of Hong Kong people in work rose to an all-time high of 3.37 million in the three months to July, while the jobless rate was stable at 5.7 per cent, government statistics released on Thursday showed. Up-and-coming Thai martial arts film actor Tony Jaa may star in a Hong Kong action film directed by Yuen Woo-ping, a fight choreographer for two of the Matrix films, a newspaper reported on Thursday.
Hong Kong Exchanges and Clearing (HKEx) by the end of next year will abolish its rule that listed companies publish announcements in newspapers as it pushes electronic distribution of information to match international practice. United States private equity giant Carlyle Group has raised US$410 million for its first Asian real estate investment fund and will be able to buy assets worth as much US$1.5 billion once additional loans are included. The misuse of antibiotics and poor hygiene on mainland pig farms could be the cause of spreading Streptococcus suis infections in the mainland, according to a leading Hong Kong microbiologist. Speaking a day after it was revealed that a butcher in a Wellcome supermarket had contracted the disease, former Medical Association president Lo Wing-lok said the misuse of antibiotics creates resistance to the same bacteria the drugs are intended to combat.
PCCW, which is rebuilding its mobile-phone business in Hong Kong, sold a minority stake in Singapore's MobileOne for US$77 million (HK$600 million) to a Telecom Malaysia venture. The attempted laundering of HK$180 million via a casino cruise ship highlights a loophole in Hong Kong's money laundering control system. The Australian Federal Police this week said it would charge five men with defrauding the Commonwealth Superannuation Scheme, the equivalent of Hong Kong's Mandatory Provident Fund, of A$150 million (HK$891.3 million). Banking and financial services company Wing Lung Bank on Wednesday reported a 13 per cent increase in net profit to $530.4 million for the six months to June.
The United States and China are closer to a deal to regulate rocketing volumes of Chinese textile shipments that have exacerbated trade tensions between the heavyweight rivals. The General Administration of Civil Aviation of China (CAAC) will handle applications by Taiwanese airlines to fly through mainland airspace as soon as possible, a senior official said yesterday. DBS and Deutsche Bank are to purchase 10 billion shares in Guangdong Development Bank (GDB) at a price of 17.7 billion yuan (US$2.18 billion). But they will not take a controlling stake, according to a source near the top management of GDB. China's first special economic zone celebrated its 25th anniversary by pledging yesterday to consolidate its leading position with further reform.
Eli Lilly & Company, one of the world's leading pharmaceutical companies, expects to double or triple its sales revenues in China in five years by investing more in research and development (R&D). Shanghai Electric Group Co, China's largest maker of coal-fired power equipment, was among four companies worldwide that will be added to Morgan Stanley Capital International Inc's global stock indexes this month. Rising crude oil prices and the province-wide fuel shortage have increased the cost of production in Guangdong, but overall economic growth is expected to remain strong this year, according to a mainland economist. China is conducting a massive census of environmental organizations amid growing wariness within the central government about the role of green non-government organisations in "color revolutions" in Central Asia.
South Korea's Samsung announced on August 16 that it plans to make China its second R&D base and its global R&D center. China United Telecommunications will become the first borrower to sell asset-backed securities on the mainland, having found a way to legally circumvent government restrictions that have precluded such sales until now. The company, China's second-largest mobile operator and parent of Hong Kong-listed China Unicom, plans to sell up to 3.2 billion yuan (HK$3.07 billion) in short-term securities, ahead of two state-owned banks picked by the State Council to pioneer the market. China Unicom's securities would be backed by revenues gained from leasing one of its mobile phone networks to its Hong Kong-listed subsidiary. August 18, 2005 Hong Kong: A legal challenge to Donald Tsang Yam-kuen's order on covert surveillance filed in the High Court yesterday alleges the chief executive was in dereliction of his duty by failing to bring a law on bugging into force eight years after it was passed in Legco. Hong Kong Disneyland treated 5,000 cast members and their families to a rain-soaked first full day of rehearsals yesterday, while hundreds experienced the Inspiration Lake Recreation Centre outside the theme park.
The consultant carrying out the government's pay review will disclose how it arrived at earlier findings for a private client - which found discrepancies of up to 229 per cent between government and private-sector salaries - in an effort to defuse a row with civil service unions. Pay-television services could be pitched into another round of price competition following the rate discount being marketed by SuperSun, the pay-television business of Television Broadcasts (TVB).
Dalian, which is competing with Beijing to be the information technology (IT) outsourcing centre in China, yesterday started a worldwide talent hunt for software professionals. China Yangtze Power Co Ltd, owner of the world's biggest hydropower Three Gorges Project, increased its on-grid charges by some 38 per cent from August 5.
China National Petroleum Corp (CNPC) is set to lock horns with India's Oil and Natural Gas Corp (ONGC) in a battle to acquire Canada's PetroKazakhstan. August 17, 2005 Hong Kong: Advertising spending by Hong Kong companies rose 12 percent to HK$1.58 billion in July from a year earlier, spurred by developer Cheung Kong's heavy promotion of its luxury housing project The Legend. It was the best month this year to date for the SAR's advertising industry, according to market research company admanGo. The International Olympic Committee (IOC) was upbeat on Tuesday about Hong Kong's ability to stage equestrian events for the 2008 Beijing Olympic Games, Hong Kong radio reported. About 5,000 visitors were invited to try out the rides at Hong Kong Disneyland on Tuesday as the park launched into final rehearsals before its September 12 opening.
The amount of illicit gasoline seized in the first six months of this year is almost double that for the same period last year but a senior customs officer said Tuesday this was more the result of a change in enforcement tactics by the department rather than an increase in smuggling. In fact there is a shortage of gasoline in many parts of Guangdong at present with nearly half the number of gas stations in Shenzhen closed to conserve supplies. Suppliers says the bad weather has disrupted the supply chain. Pro-Beijing party challenges Tsang plan for government complex by proposing move to Kowloon Chief Executive Donald Tsang's plan to revive the idea of converting the unused Tamar site near Central into a HK$6 billion government headquarters and legislative complex is facing a challenge from the Democratic Alliance for the Betterment and Progress of Hong Kong. The pro-Beijing party instead wants to see the government complex moved to the former Kai Tak airport in Kowloon. Eighty-five percent of mainland counterfeiters operate as Hong Kong-based companies and hold local bank accounts, a private investigation firm claims. "They have Hong Kong bank accounts and give their buyers a false perception that they are reliable,'' said Derek Elmer, managing director of I-OnAsia, which bills itself as "a contract provider of investigation services to security directors and risk managers of the world's largest companies.''
Lenovo Group will relaunch its line of low-cost consumer desktop and notebook personal computers in Hong Kong next quarter, riding on a new global brand strategy that is built on IBM's "Think" product family. China: Chinese President Hu Jintao will pay a state visit to the United States next month, and President George W. Bush will return a visit within this year, said Zhou Wenzhong, Chinese Ambassador to the United States. If there is no major problem, Chinese people will have their long-cherished moon dream realized in 2007, said chief commander of the program. The World Bank said Tuesday China's economy is expected to grow by 9 percent in 2005, and about 8 percent in 2006. China Southern Airlines Co Ltd has removed Peng Anfa from its board after he was arrested on suspicion of corruption. China's real estate loans will keep its the rising momentum in the coming years due to people's demands to improve their living conditions, according to a report released yesterday by People's Bank of China (PBOC), the country's central bank. Chinese Internet search engine company Baidu.com Inc said it will continue to focus on its core competence and the rapidly growing Chinese market, after the firm made the best initial public offering (IPO) on the NASDAQ stock market in five years on August 5. A joint venture between PetroChina and China National Petroleum Corp, its unlisted parent, offered to pay about US$3.2 billion (HK$24.9 billion) for Central Asian oil producer PetroKazakhstan, a source familiar with the situation said. A low-cost telephone technology developed in Japan continues to make strides in China, amid an industry-wide preoccupation with whiz-bang third-generation telephony and the long wait for licences to offer such services. August 16, 2005 Hong Kong: Shun Tak investing in low-cost Air Macau mainland routes Shun Tak Holdings, owned by the family of casino tycoon Stanley Ho, will have a stake of not more than 30 percent in Air Macau's planned US$30 million (HK$234 million) low-cost carrier, which aims to operate mainland and regional routes, a source said. Air Macau, which is facing increased competition after losing its 25-year concession as the territory's exclusive home carrier, will transfer 22 routes to the venture and hold a 51 percent stake, the source said. Air Macau parent China National Aviation will hold the remainder.
Hong Kong Disneyland has rejected a request to to install air and noise pollution monitors around its Penny's Bay site to gauge the effects of the theme park's nightly fireworks display, a government environmental advisory body said Monday. The rejection followed a meeting with officials from Disney, the Environmental Protection Department (EPD) and the Advisory Committee on Environment. Commissioner of Transport Alan Wong is confident the public transport arrangements for today's soft opening of Hong Kong Disneyland will be satisfactory despite the prospect of heavy rain and storms. The Disneyland Resort Public Transport Interchange (PTI), which began operating Monday, will be fully operational every rehearsal day and public holiday before the park's official opening on September 12.
Competition in Hong Kong's broadband access market could heat up when the telecommunications regulator begins reporting the results of its speed tests later this month, with the winner receiving bragging rights as the city's fastest service provider. China: Asia commemorated the 60th anniversary of Japan's World War II surrender on Monday by honoring the dead and searching for reconciliation, while Japan's leader tried to salve wounds by apologizing for the "great damages and pain" it inflicted on its neighbors. China attaches importance to the role of the African Union, and would like to further the bilateral friendly relations, said President Hu Jintao on Monday. For 5,000 years China's silk has written a splendid chapter in history, reaching an astonishing level both in terms of art and techniques. The rich variety, fine quality, exquisite pattern and grain and masterly crafts all make people acclaim as the peak of perfection! For example, the formation of Kesi, Zhijin (picture-weaving in silk) and embroidery represents the high level China's silk has accomplished and the great wisdom of the Chinese people. These traditional weaving techniques are insurmountable even with today's high-tech means.
China will fulfill its WTO commitment by allowing qualified foreign investors into the domestic auto trade sphere and giving them full national treatment in business operations. The July Shanghai housing index released yesterday dropped 41 points, or 2.82 per cent, from June, the biggest monthly drop since December 1999. The nation's largest power producer, China Huaneng Group (CHNG) signed an agreement on Friday with Shanxi-based Datong Coal Mine Group to build a 100-million-ton-per-annum coal mine in the northern province. The two energy producers will set up a 700-million-yuan (US$86.3 million)-registered joint-venture for the Fengyu coal mine project, which is located south of Shuozhou, Shanxi Province. The Industrial and Commercial Bank of China (ICBC), the nation's largest commercial bank, is poised to issue the first batch of subordinated bond valued 35 billion yuan (US$4.3 billion) after the ICBC bond underwriting group was set up on Friday.
Adobe Systems Inc is to become the first foreign software company to adopt China specific prices for its products. When China revalued the yuan by 2.1 percent to 8.11 against the dollar last month and dropped its decade-old peg against the US currency, the move shook foreign exchange markets world-wide. Yet as a paper published on the website of a key Beijing policy-making body yesterday makes clear, the changes were less sweeping than many in the government apparently wanted. China Eastern Airlines - the country's second-largest carrier by fleet size - plans to arrange a US$90 million (HK$702 million) 10-year bank loan to fund its newly acquired aircraft, sources close to the deal said. China's sixth-busiest airport is planning a 12-13 billion yuan (HK$11.03 billion to HK$12.47 billion) expansion that it hopes to bankroll with strategic investment and an overseas stock listing, two senior executives said Monday.
August 15, 2005 Hong Kong: The former head of Bank of China (Hong Kong) was given a suspended death sentence by a mainland court Friday after being convicted of embezzlement and receiving bribes. Angang New Steel - a Hong Kong-listed unit of China's second-largest steelmaker - said net profit leapt 71 percent in the first half amid higher selling prices and demand for the metal. Henderson Investment, the property investment arm of Henderson Land Development controlled by tycoon Lee Shau-kee, will offer more than 50 percent premium to buy out unprofitable second board-listed unit Henderson Cyber, market sources said.
Li & Fung, the world's largest export trading company, said it will pay US$124 million (HK$967 million) for Dutch apparel trading firm Briefly Stated and will keep lo |
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Fish traders gather at Yuen Long
wholesale market on the first of three days of a city-wide boycott of mainland
freshwater fish. 
Hang Fung Gold Technology has joined China National Publications Import and
Export (Group) Corp to begin selling Harry Potter watches and stationery in
China next month. The jewellery firm has signed a two-year contract with Warner
Brothers, the Harry Potter movie producers, to design, manufacture and
distribute jewellery and timepieces. "We expect the new products to generate
several hundred million dollars worth of sales a year in China," said Lam Sai-wing,
left, chairman of Hang Fung Gold Technology.
A woman tries on Chinese textiles as a
saleswoman looks on at a fabric and clothing mart in Beijing on Monday. China's
textile shipments have surged since the end of global quotas on January 1,
prompting the United States and Europe to seek limits to protect their
manufacturers.
Fans celebrate after Li Yuchun
was declared winner of the 2005 Super Girl contest in Shanghai. Li won
more than 3.52 million votes from mobile phone text messages in the finals of
the American Idol-type pop contest, which has broken ratings records. 
Donald Tsang is expected to receive
public backing from senior state leaders when he visits Beijing to celebrate the
anniversary of the end of the Sino-Japanese war.
HKEx director Marvin Cheung Kin-tung
says a maximum penalty of public censure for those breaching listing rules is
insufficient to discourage malpractice.
Leaflets and brochures litter the floor at
a medical and pharmaceutical expo in Nanjing this week, in an illustration of
the booming consumption of paper in China. The nation is now the second-largest
consumer of paper after the US, with demand expected to rise to 50 million
tonnes this year from 47 million last year, state media report.
Hong Kong's richest man says he is
still healthy enough to play a morning round of golf and won't be making way for
a successor anytime soon. Appearing his usual energetic self yesterday to
announce his conglomerate's results, Li Ka-shing also voiced his confidence in
new chief executive Donald Tsang Yam-kuen. Hutchison Whampoa chairman Li Ka-shing
is adamant that Canadian oil venture Husky Energy is not for sale, despite
persistently high oil prices that are flirting with US$70 per barrel.
All shapes and sizes - some of the tasty treats on offer at a mooncake samples
tasting session at Sogo supermarket, Causeway Bay, yesterday. 
Miss Universe 2004 Jennifer Hawkins
helps Henderson Land Development launch its latest residential project - the
Grand Waterfront in To Kwa Wan - at Cuisine Cuisine at IFC Mall yesterday.
A
worker drives pigs out at the slaughterhouse at Tsuen Wan. The mainland has
resumed the supply of frozen pork to Hong Kong.
A
fishmonger at Kowloon City Market displays a mainland-issued health certificate
for his produce. The certificate, which says the freshwater fish has been
checked for chemicals, does not cover malachite green. The new certificates
announced yesterday will include the cancer-causing chemical. The Hong Kong and
central governments moved to boost confidence in mainland fish yesterday with an
agreement to immediately restrict exports to approved fish farms and improve
communication on food safety incidents.
CLP group managing director Andrew
Brandler has ruled out a spin-off in Australia, saying there is no financial
reason to do so. A collection of recently acquired energy assets in
Australia will power growth at CLP Holdings in the latter half of this year, a
senior company official said yesterday.
SFC chief operating officer Peter
Au-Yang is keen to weed out takeover bids that set out to disrupt a target
firm's business. 
Heavily armed Shenzhen police officers
stand guard over three suspected robbers as authorities clamp down on a wave of
crime that was threatening to engulf the city. 
The
bitter rivalry between chipmakers Advanced Micro Devices (AMD) and Intel appears
set to heat up in Hong Kong, following calls for greater scrutiny of government
tenders for computer hardware contracts.
Reassuring message: (from left) So Ying-chiu, food critic Leung Man-to, lawmaker
Wong Yung-kan and Chan Kin-yip sink their teeth into some Hong Kong pork
yesterday in a bid to reassure consumers following the Streptococcus suis
outbreak on the mainland and four local cases in the past month. 
Far East Consortium International will see healthy cash flows over the next 12
months on sales of its overseas properties, according to deputy chairman David
Chiu Tat-cheong. The developer projects cash proceeds of up to $1.1 billion this
year from the disposal of properties in Australia and the United States,
including the waterfront site in New York at the centre of a dispute with US
tycoon Donald Trump.
Ni Zheng, executive director of packing container maker Huali Holdings, brushes
aside concerns about the rising cost of paper. Equity-raising is expected
to move up a gear with the return of fund managers from summer holidays next
month and among the first of the new offers likely to be lining up are mainland
watch distributor Xin Yu Hengdeli and paper-based packaging container maker
Huali Holdings.
Managing director Jack So at PCCW's interim results announcement yesterday says
telecoms earnings may turn around this year. The decline of PCCW's core
fixed-line business has bottomed and the signing up of new customers last month
for the first time in more than two years indicated a turnaround, the company
said yesterday. Lower subscriber revenues and heavy 3G roll-out expenses pushed
Sunday Communications into an interim net loss of $61.81 million in the last set
of results not influencing the financial performance of its new parent firm,
PCCW.
Sisters Wong Chor-yan (left) and
Wong Chor-wing join their 15-year-old brother Wong Chor-fung at the launch
yesterday of the "Four Great Inventions of Ancient China" special stamps.
Celebrating the ingenuity of Chinese inventors, the stamps have realised a
two-year dream of patriotic secondary school student Chor-fung. He said he had
proposed the idea in 2003. The four great inventions of ancient China are the
compass, printing, gunpowder and paper.
A visitor gets a preview of the
Hello Kitty Hide and Seek Exhibition that opens today.
Dah Sing managing director Derek Wong said interim profits were hurt by a steep
increase in interbank funding costs.
General Liang Guanglie, the chief of
the general staff of the Chinese People's Liberation Army, left and General Yuri
Baluyevsky, the head of the Russian armed forces general staff, salute at a WWII
memorial in Vladivostok, Russia on Thursday. Russia and China have launched
unprecedented joint military exercises.
Five young musicians and dancers
celebrate receiving $2.17 million from the Hong Kong Jockey Club's music and
dance fund to pursue further studies in piano, singing and dancing at top
institutions in the US and Britain. The fund was set up in 1980 and has already
handed out 239 scholarships to the tune of $29.7 million to promote and develop
music and dance education and training in Hong Kong.
Shenzhen China Bicycle has a
production capacity of more than three million bicycles but is now saddled with
a mountain of debt. Shenzhen China Bicycle, the mainland's biggest bicycle
exporter, yesterday warned shareholders that Huarong Asset Management Corp had
applied to the Shenzhen Intermediate People's Court to have it declared
bankrupt.
Wheelock and Co chairman Peter Woo Kwong-ching says the company will consider
launching a real estate investment trust. Before making the decision, Mr Woo
said the company would decide which assets would be suitable for the portfolio.
After the company's annual general meeting yesterday, Mr Woo also commented on a
renewed call by some small developers for a restart of regular land auctions,
saying that it was the right time for the government to consider such proposals.
Tensions are rising in the legal fight
between Donald Trump and his partners, Henry Cheng Kar-shun and Vincent Lo Hong-sui,
with the Hong Kong businessmen allegedly refusing to provide details of their
planned US$1.76 billion property sale in New York and making threats to exclude
Mr Trump on his share of the proceeds.
An oil pond at Karamay in Xinjiang.
Crude oil flows into a number of natural ponds on the hill, formed over
thousands of years.
Students check out two of the 62
competitors at a robot contest in Jinan, Shandong province. The weekend event
was organized to encourage student interest in science.
Panva Gas managing director Chen Wei says the company is in talks to supply
piped gas to areas in northeast China and hopes to conclude six to eight new
projects this year.