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October 31, 2007
Ample liquidity in the capital market will mean Hong Kong will remain a leading international financial center for fund-raising activity, although there will be fewer listings of mainland companies in the remainder of the year, said Thomas Schnettler, vice chairman and chief financial officer of US investment bank Piper Jaffray.
Shanghai GDP to hit record US$160b this year - Shanghai's gross domestic product is expected to reach a record 1.2 trillion yuan (US$160 billion) this year, keeping a double-digit growth for 16 straight years, said Mayor Han Zheng yesterday during a forum. In the first nine months this year, Shanghai's economy swelled 13.4 percent, Han said at the 19th International Business Leaders' Advisory Council for the Mayor of Shanghai. The city's fixed-assets investment grew 7.4 percent to 311.89 billion yuan through September. Consumer spending expanded 14.3 percent to 285.32 billion yuan while combined value of imports and exports soared 20.9 percent in the same period. Han expected the city's value of trade this year will surpass US$500 billion for the first time. "Shanghai's economy has kept a stable growth. We are confident that Shanghai is on the way to achieve a development balanced with fast growth of productivity, prosperity of people's lives and an ecologically sound environment," said Han. IBLAC, set up in 1989 as a platform to pool insights from global business leaders, focused this year on building a resource-conserving and environmentally friendly city. To address this year's theme, Han said Shanghai will continue to develop its service industry, which produces less pollution, to build the city into an economic, financial, trade and shipping hub. Han estimated the service industry will contribute 52 percent to Shanghai's GDP this year, based on its growth momentum so far. The IBLAC meeting has become an annual gala for top global executives to gather in Shanghai. Thirty-eight members of the 40 attended this year's meeting, including Stephen Green, chairman of HSBC Holdings Plc, Siemens AG President Peter Loescher, Chairman of Bombardier Inc Laurent Beaudoin, and Chairman of Investor AB Jacob Wallenberg. "We will fully support the goals for Shanghai's economic development," said Samuel A. DiPiazza Jr, chief executive officer of Pricewaterhouse- Coopers International Ltd, who will chair next year's meeting. Shanghai signed 2,662 foreign-direct-investment contracts valued at US$9.33 billion through August this year. The number of contracts grew 2.5 percent from a year earlier.
China's top legislature yesterday approved the Cabinet nomination of Meng Jianzhu as minister of public security, the country's top police official. Meng, former leader of the Communist Party of eastern Jiangxi province, replaces Zhou Yongkang. Zhou had been named to the Politburo Standing Committee. More personnel changes are expected - including the two men likely to succeed President Hu Jintao and government head Premier Wen Jiabao. Xi Jinping and Li Keqiang were also lifted into the new nine-member Standing Committee. Two members have been expelled from the National People's Congress. Xinhua News Agency named them as Wang Xiaojin, board chairman of the Gujing Group, one of China's largest distilleries based in Anhui province, and Wang Dingguo, former board chairman of the Qingjiang River Hydropower Development in Hubei province. October 30, 2007
Residents of two Sai Ying Pun buildings that have to make way for the construction of the Mass Transit Railway's HK$8.9 billion West Island Line are worried about rehousing as they fear compensation to be offered will not be enough to buy new homes.
Christie's Hong Kong displayed Chinese works of art inspired by the west alongside important ceramics that will be on sale in its autumn auction in a media preview here Friday. The two auctions, named respectively Reflections: Chinese Art Inspired by the West, and Important Chinese Ceramics and Works of Art, will take place on November 27. It will showcase 15 creations that blend the essence of Chinese artistry and innovative western conceptions, as well as 200 pieces of Chinese ceramics that are altogether expected to realized in excess of 300 million Hong Kong dollars (38.75 million U.S. dollars) A magnificent Imperial Beijing enamel glass brushpot, Qianlong mark and of the period (1736-1795), is estimated at 30 million HK dollars (about 3.85 million U.S. dollars). The brushpot is one of the finest and rarest examples of enamels on glass made for the Qianlong Emperor of Qing dynasty, and the only perfect glass burshpot of this form and decoration known to exist. Also featured at the preview is a Ming blue and white "Boys" jar of the Jiajing period (1522-1566, estimated at 30 million Hong Kong dollars (about 3.85 million U.S. dollars). The jar is exquisitely painted in under glaze-blue of brilliant deep purplish tone with a continuous garden landscape scene of 16 boys in various lively pursuits. Another prized offering is a magnificent and large bronze figure of Guanyin from the 14th century, late Yuan-early Ming dynasty. It is expected to fetch over 30 million Hong Kong dollars(about 3.85 million U.S. dollars).
PetroChina, the nation's largest oil producer, has attracted a record 3.3 trillion yuan in subscriptions for its A-share listing on the Shanghai Stock Exchange. The gross domestic product (GDP) of Guangdong Province exceeded 2 trillion yuan in the first three quarters, its statistics bureau said. Guangdong's GDP from January to September was 2.15 trillion yuan, up by 14.7 percent from the same period last year. The figure is almost equal to the full-year GDP of 2.17 trillion yuan in 2005. In the first nine months, the provincial government enacted a series of policies to adjust Guangdong's investment structure, promote consumption and reduce the trade surplus. "The figures prove the policies are working," said Bu Xinmin, director of the provincial statistics bureau. Investment in fixed assets saw a moderate rise and the consumer market was brisk, he said. Guangdong's foreign trade has slowed since a new export tax rebate was introduced. From July to September, export growth in the province was 26 percent, 18.9 percent and 16.9 percent. Earnings in the petroleum and power industries rose sharply in the period.
China's three biggest insurers are expected to invest more than 10 billion yuan (HK$10.36 billion) each in a new state-controlled company that will build the country's high-speed railway from Beijing to Shanghai, sources familiar with the investments said on Friday. October 29, 2007
Pollution fell below national air quality standards at all monitoring stations across Guangdong and Hong Kong in the first half of the year, caused by "unfavorable" weather conditions.
Income growth of rural residents outstripped that of their urban counterparts in China in the first nine months of this year, according to official statistics. A survey of 68,000 rural households nationwide showed that average cash income per person reached 3,321 yuan (442 U.S. dollars) for the first three quarters of this year. After taking into account inflation, it rose 14.8 percent over the same period last year, the National Bureau of Statistics (NBS) announced on Friday. The NBS also found that after sampling 59,000 urban households, the per-capita disposable income of the country's urban residents grew by 13.2 percent in real terms to 10,346 yuan over the first three quarters of this year. This comes against a background of a widening gap between rich and poor in China. Statistics released in September showed that the average annual income of urban residents in 2006 was 3.28 times that of their rural counterparts, up from 3.22 in 2005 and 3.21 in 2004. An NBS official said a wage increase for non-farming jobs and price rises of farm products are major factors fuelling income growth for rural residents. According to NBS figures, both the per-capita wage income and the income from selling farm products for rural residents rose around 20 percent in the first nine months. The country has been increasing investment in rural areas to narrow the income gap between rural and urban residents.
PetroChina attracted about 3.3 trillion yuan in subscriptions to its Shanghai initial public offering, a record for a domestic IPO, a source familiar with the offering told Reuters on Friday.
October 27-28, 2007
Hong Kong's exports grew at a faster-than- expected pace last month on increased trade with the mainland and other Asian markets, which helped offset slowing demand in the United States.
Ang Lee's Lust, Caution cannot qualify for the major categories at the Hong Kong Film Awards - a major honor in Chinese-language cinema - because not enough Hong Kong residents worked on the movie.
Recent tax changes in Britain may bring smiles to the faces of British expatriates in Hong Kong with homes in their mother country. But Hong Kong residents living or working in Britain may be less pleased. The Chancellor of the Exchequer, Alistair Darling, announced in his pre-budget report on October 9 that capital gains tax (CGT) would be charged at a standard rate of 18 per cent from April next year, with the upper and lower rates abolished. British expatriates living and working abroad are charged capital gains tax on the growth in value of their British home while they are overseas. Under the old system, they might have paid as much as 40 per cent tax on the rise in value if they were overseas for a short time, say one year while those who lived abroad for 10 years or more would have paid at least 24 per cent. "For returning expats who own UK property and have been away for a prolonged period, the CGT changes will be beneficial," said Lucian Cook, director of research at estate agents Savills. However, expatriates who run their British property as a business by letting it out as a holiday home would be worse off, because they would no longer pay capital gains tax at the lower rate of 10 per cent, said Robert Bartlett, chief executive of estate agency Chesterton Global. Hong Kong investors who own British property are not liable to capital gains tax, so Mr Darling's reform does not affect them. However, Hong Kong and other overseas non-domicile residents living in Britain must pay a new levy from April next year - a flat rate charge of £30,000 (HK$475,000) per year if they live there for seven years.
China had destroyed 667 tons of unqualified or fake food products and ordered 446 tons to be removed from the market by October 8 in a nationwide campaign to improve the quality of goods and food safety, according to official statistics. The Industrial and Commercial Bank of China will spend US$5.46 billion to take a 20 percent stake in Standard Bank Group Ltd, Africa's largest bank. PetroChina (0857), which is poised to list in Shanghai on November 5, said yesterday it may spend 102 billion yuan (HK$105.5 billion) to build the second west-to-east gas pipeline in the country. China's foreign minister offered tepid support yesterday for India's bid for a permanent UN Security Council seat, following talks aimed at boosting ties between the Asian giants and sometime rivals.
Foshan remains the Pearl River Delta's most polluted city,
the latest regional air monitoring report shows. Pollution levels there and in
Dongguan and Guangzhou often exceed national air quality standards, the
half-yearly figures show. The figures come from a network of 16 stations
monitoring levels of sulfur dioxide, ozone, nitrogen oxides and respirable
suspended particulates (RSPs). They show Tsuen Wan in the New Territories had
the third-worst record on nitrogen oxides, after Foshan and Guangdong, with
levels exceeding the national standard on six days in the first half of the
year. Foshan's air breached the standard on 10 days and Guangzhou's on 15.
Foshan's RSPs breached the standard on 57 days and its sulfur dioxide level was
excessive on 46. The city is a centre of the ceramics industry. The two
governments set up the regional air-quality monitoring network in 2005. Foshan
has consistently had the worst pollution. Hong Kong's Environmental Protection
Department said the report showed cities on the coast had better air quality
than those inland. A spokesman noted that concentrations of most pollutants were
generally higher between October and March than in the summer, because rainfall
was lower in winter and the southern monsoon disperses pollutants in the summer.
Asked about the impact of Foshan's pollution on Hong Kong, the spokesman said
the Pearl River Delta affected the city in general. "Hong Kong is cleaner
because there are not many factories here. Yet the Pearl River Delta is the
world's factory and many industries moved from here," he said. A report by
think-tank Civic Exchange recently found Hong Kong was the largest source of
outside investment in Guangdong, accounting for more than 53,000 factories.
Alexis Lau Kai-hon, an atmospheric scientist at the Hong Kong University of
Science and Technology, said Foshan should not be singled out. "Other cities
like Guangzhou and Dongguan are facing similar pollution. The government should
keep up efforts to curb pollution in the whole region," he said. Friends of the
Earth environmental affairs manager Hahn Chu Hon-keung said the monitoring
network should be expanded. October 26, 2007
Hong Kong Securities and Futures Commission chairman Eddy Fong Ching said yesterday the market watchdog aims to further strengthen cooperation next year with financial regulatory organizations in the mainland to address issues related to dual-listed companies including disclosure and suspensions.
Chinese and U.S. tourism officials kicked off their first-ever dialogue meeting on Wednesday in Charlotte, North Carolina, to explore ways of increasing cooperation on travel-related matters. Chinese tourism officials, including those from different provinces, municipalities and autonomous regions, and dozens of U.S. state tourism directors are expected to ink the Initiative on Establishment of China-U.S. Strategic Cooperation Framework in Tourism during their two-day meeting. Tourism cooperation and exchanges between China and the United States have maintained the good momentum of development in recent years, and the travel industries of both countries are achieving win-win results, Du Jiang, vice chairman of the China National Tourism Administration (CNTA), told the opening of the meeting, or the China-U.S. Tourism Directors Summit. Du, heading the Chinese delegation, said bilateral cooperation and exchanges in tourism will reach a new height. Du said the CNTA is working with the U.S. Commerce Department and Homeland Security Department to jointly explore new grounds for cooperation in the tourism industry. "We can learn a lot from each other," said Roger J. Dow, president and CEO of the Washington-based Travel Industry Association (TIA), co-sponsor of the conference. "During the next 10 years, the amount of travelers from both countries is expected to grow significantly. It makes sense that we explore ways to encourage travel to our respective countries," Dow said. The Chinese economy continued its robust growth, driven by rapid expansion in investment, retail sales and exports, while inflation pressure eased slightly.
October 25, 2007
Lim Goh Tong, Malaysia's third-richest man, died yesterday, leaving behind a diverse business empire worth US$22 billion (HK$171.6 billion). He was 90. Apparel giant Esprit Holdings (0330) said it plans to spend up to US$1 billion (HK$7.8 billion) to acquire a US or European fashion company and is already having "intense discussions" with several European firms. Shun Tak Holdings (0242), which operates jetfoil services between Hong Kong and Macau, has pledged to step up frequency to meet rising patronage demands between the two cities.
Hotels want to know what happens to most of the students who graduate from hotel management and hospitality courses - because they are not working in the industry in Hong Kong. "The problem is that, of all the students graduating in hotel studies each year, less than 20 per cent enter the industry," said Michael Li Hon-shing, executive director of the Federation of Hong Kong Hotel Owners. Courses need to include more practical training to encourage graduates to go into the industry, he said. The federation will soon begin a study which aims to shed light on the staffing needs of hotels, amid fears the city's hospitality industry faces a shortage of talent. Between 4,000 and 5,000 people a year complete part-time and full-time Vocational Training Council hospitality courses, and Polytechnic University's school of hotel and tourism management has 539 graduates this year. Other universities and various institutes offer similar courses. Mr Li said many graduates from these courses opt to work in finance or the government or seek job opportunities outside Hong Kong instead of investing long-term in a career in hotel management. Fresh graduates have to start from the bottom and work their way up, something many people are unwilling to do when they can climb the career ladder faster in other industries, he said. Luk Kwok Hotel general manager James Li said annual staff turnover at the Wan Chai hotel had doubled this year to 20 per cent. The federation is backing a plan for a cross-harbour shuttle service for hotel guests between Tsim Sha Tsui and the convention centre in Wan Chai in answer to criticism that there are too few five-star hotel rooms on Hong Kong Island. Mr Li said that, despite the criticism, the city's five-star hotels had enjoyed occupancy rates of 90 per cent or more on 30 days so far this year, compared with 40 days in the whole of last year.
The Hong Kong Monetary Authority intervened in the market yesterday for the first time since May 2005 to increase liquidity and curb the Hong Kong dollar's strength. For the first time in more than two years, the Hong Kong Monetary Authority intervened in the foreign exchange market as strong demand fuelled by a buoyant equity market continued to push up the Hong Kong dollar and interbank rates. PCCW (0008) will introduce its Now TV platform for broadband television to the Taiwan market by the end of this year through a tie-up with Chunghwa Telecom, according to an industry source.
A government admission scheme for
mainland professionals reached a benchmark when more than 3,000 applicants were
brought into the city in the past six months.
BlackBerry maker moves into China - Research In Motion has shipped the first of its BlackBerry smartphones to China and aims to start selling them later this year, a key breakthrough for the company in penetrating the huge Asian market. RIM on Tuesday said it struck a Chinese distribution deal with Alcatel-Lucent. The first handset to be sold under the new partnership is the 8700 model, versions of which RIM has sold globally for several years. “China and India are emerging mobile phone behemoths that could contribute millions of subscribers to RIM over the next several years,” said Canaccord Adams analyst Peter Misek. After the long-awaited announcement, investors drove RIM’s shares to a record high. The stock jumped US$11.15, or 9.8 per cent, to close at US$124.53 on the Nasdaq market. On the Toronto Stock Exchange, it rose C$9.12 to finish at C$120.42. “I think it’s a long-term positive,” said Research Capital analyst Nick Agostino. “I don’t see it as a near-term benefit as far as financials are concerned.” He said the BlackBerry is considered a premium service that will take time to gain traction among the big-business customers that RIM will target in China. Even so, he added, the market there is so vast that even if RIM is able to capture just 1 per cent of it, “it is certainly a lucrative opportunity for these guys”. The company has long recognised China’s importance in its global plans and first officially announced plans to sell the BlackBerry there in May last year. “We look forward to building on the early interest and momentum we are experiencing in China with both multinational and domestic corporations,” Jim Balsillie, RIM’s co-chief executive, said in a statement. Mr Agostino said RIM has talked about wanting to enter China for three to four years. The Waterloo, Ontario-based company already has a service partnership with China Mobile (SEHK: 0941, announcements, news) for its entry into China, where it will face competition from low-cost rivals, including a popular local service called RedBerry. Concern by Chinese authorities over communication network security could partly explain why RIM took as much time as it did to introduce the BlackBerry in the country, some market watchers said. RIM’s BlackBerry is already available from more than 300 carriers around the world. Earlier this month, RIM said it had moved past the 10 million subscriber milestone and had shipped its 20 millionth handset. It also said efforts to diversify its user base beyond the corporate sector were taking hold. For the first time, more than half of its new North American subscribers came from the “non-enterprise” market segment in the second quarter. Alcatel-Lucent shares rose 43 cents, or 4.71 per cent, to close at US$9.55 on the New York Stock Exchange.
The European Union leads the US as a destination for Chinese students, with 120,000 studying in EU countries last year.
October 24, 2007
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Hong Kong:
A cross-border delivery-versus-payment link between Hong Kong's U.S. dollar real
time gross settlement system and Malaysia's Ringgit real time gross settlement
system has been launched. The Monetary Authority of Hong Kong said on Monday
that the link will help eliminate settlement risk of U.S. dollar bonds issued
and traded in Malaysia by ensuring simultaneous delivery of U.S. dollars in Hong
Kong and U.S. dollar bonds in Malaysia. As part of the initiatives to promote
Malaysia as an Islamic financial center and Hong Kong as an international
financial center, the delivery-versus-payment settlement services provide the
necessary settlement infrastructure to support potential issuance of U.S. dollar
bonds in Malaysia. The link is operated in Malaysia by Bank Negara Malaysia and
in Hong Kong by Hong Kong Interbank Clearing, said the authority. 
Photo taken on October 29, 2007 shows
the champion Grace Cheung Ka Ying (C) from Hong Kong, runner-up Choi Ju Hee (R)
from South Korea and the second runner-up, Hubei girl Sun Chen of the Miss Asia
2007 Competition which was held in Hong Kong.
Shares in Golden Harvest, one of the best
known names in the Hong Kong film biz, were suspended from trading Friday.
Announcement to the Hong Kong Stock Exchange said that the company had requested
the suspension "pending an announcement relating to the changes in the
substantial shareholder and the directors of the company which the board of the
company considers to be price sensitive information." Move is understood to mean
that veteran chairman Raymond Chow Ting-hsing is planning to sell his shares in
the company he co-founded in 1970. Chow and his associates own 24% of the
company, which became synonymous with Cantonese-language action movies and the
discovery of Bruce Lee. In recent years, the company quit production to focus
almost exclusively on exhibition and distribution. Stock market insiders point
to Chinese production shingle and talent agency Chengtian, as the buyer of a 20%
Golden Harvest stake. Japanese music, talent and film giant Avex has a 20%
interest in Chengtian. Suspension comes only a week after Golden Harvest
announced good-looking results that were boosted by exceptional gains from asset
disposals. For the year to June 2007, company announced net profits of $96.5
million ($12.5 million), compared with only $673,000 in 2006. But total included
a $15 million boost from the sale of its stake in the Golden Village cinema
circuit in Malaysia. Operating losses from Golden Harvest's distribution and
exhibition increased despite revenue gains in both divisions and finance costs
soared. In its recent results statement, management said that the company is
being refocused to concentrate on the Chinese exhibition market and that it is
expanding its digital screen advertising business into the mainland's key city
markets. It will also be stepping up acquisition of non-Chinese movies for
distribution. Chow aside, Golden Harvest's other substantial shareholders
include billionaire Li Ka-shing with 17%, EMI and Norman Cheng Tung-hon with 12%
and Jackie Chan with 5%.
"The Home Song Stories" by Australian scripter-helmer Tony Ayres won the
Halekulani Golden Orchid for best feature at the 27th Hawaii Intl. Film
Festival. Awards were announced Thursday. An autobiographical drama based on
Ayres' difficult childhood migration to Australia, pic stars Joan Chen who also
received the fest's Achievement in Acting award. Feature documentary award was
presented to Hawaii-based co-helmers Don King and Julianne King for "Beautiful
Son," a chronicle of their efforts to help their autistic child. The Network for
the Promotion of Asian Cinema award was taken home by Stepane Gauger's verite-style
"Owl and the Sparrow," a Vietnam-U.S. co-production in which a young orphan
escapes to Ho Chi Minh City and is befriended by a zookeeper and an airline
stewardess. Pic previously won trophies at the Los Angeles and Heartland film
fests.
A
mainland salesman became the king of baccarat yesterday when he won HK$15
million in a Macau gaming competition. Yan Jun, a Hubeinese who often visits
Macau, beat eight other contestants in the last round of competition, which
distributed a record HK$20 million in prize money. Five of the contestants were
from China, with the others from Hong Kong, Macau, the United States and
Holland. The Hong Kong participant, Edward Ng Wing Biu, came fourth. Yan's
winning tip is to bet boldly. "If your bet is not big enough, you cannot win."
He added:"I go to Macau quite often, and usually bet about several thousand
[Macau] dollars to more than a hundred thousand each time." Yan, who is a
salesman in the mainland, won HK$470,000 in the baccarat competition himself.
Players had HK$100,000 as principal for the final session, of which HK$50,000
was self funded and HK$50,000 provided by the organizer.
Real estate fund manager ARA Asset
Management, in which Cheung Kong Holdings (0001) has a 30-percent indirect
interest, said the institutional tranche of its public offering was about 30
times oversubscribed. It is set to list on the main board of Singapore on
Friday. Of the 205.2 million shares offered, 181.9 million will be for
institutional subscription, while 15 million are for retail investors. The
remaining 8.3 million will be reserved for management of ARA and related
companies. If necessary, underwriters Credit Suisse and DBS can exercise the
over- allotment option of issuing an additional 36 million shares. Market
sources said buyers from Dubai, Kuwait and Abu Dhabi have subscribed to the
issue. The 205.2 million shares issued, comprised of 73 million new shares and
132.2 million existing shares, will be sold at S$1.15 (HK$6.12) each, raising
S$235.98 million.
China:
China's Renminbi (RMB) broke the 7.48 mark to reach a new central parity rate of
7.4718 yuan to one U.S. dollar on Monday, according to the Chinese Foreign
Exchange Trading System.
"The Western Trunk Line," a Chinese movie telling a story in a remote town at
the end of 1970s, won Special Jury Prize at the 20th Tokyo International Film
Festival on Sunday. "I have been thinking to make such a move since 1994," said
director Li Jixian at the awarding ceremony at Shibuya's Bunkamura, Tokyo. "I
met quite some challenges in making screenplay, but I never thought of
quitting."
The roof of the
main building of the third-phase construction project in Guomao, or China World
Trade Center, a major business area in Chaoyang District, Beijing, has been
capped on Monday November 29, 2007. The 330-meter-high building, with 74 storeys
on the ground and 4 underground, is expected to become the highest in the
Chinese capital city upon completion in 2009
Photo taken on October
29, 2007 shows the second runner-up of Miss Asia 2007 Competition, Sun Chen (C),
from Central China's Hubei Province.
Former France's
women's soccer team coach Elisabeth Loisel meets the press at the news
conference to announce her appointment to coach China's women's team in Beijing
October 28, 2007. China's former coach Marika Domanski-Lyfors from Sweden
quitted last week after China's quarter-final elimination at last month's
Women's World Cup. 
China Shenhua has been added to the Hang
Seng China AH Index Series which comprises the largest and most liquid Chinese
mainland companies with both A-share and H-share listings.
A senior banking
executive has called on the Hong Kong government to begin discussions on
changing the currency peg that has lasted more than two decades. HSBC (0005)
executive director Peter Wong Tung-shun told The Standard the yuan is on course
to become a freely convertible currency within 10 years. "As the Chinese economy
develops at a faster pace than before, that widens the difference between Hong
Kong and the US economy," Wong said. His comments come nearly two weeks after
President Hu Jintao told the Communist Party Congress that the mainland will
improve the yuan exchange rate regime and gradually make the currency
convertible under the capital account. Wong believes the Hong Kong dollar should
be linked to a currency which better reflects the city's economic reality.
"Don't ask me when the delinkage should take place. I can only say, when you see
the yuan becoming a freely convertible currency, then it's time for change,"
Wong suggested. "The right thing should be done at the right time." Earlier this
year, the yuan strengthened against the Hong Kong dollar for the first time in
13 years, reigniting a debate whether the time has come to scrap the 23-year-old
US-dollar peg. The yuan gained to 1.0004 per Hong Kong dollar and also climbed
to 7.7949 to the US dollar in Shanghai trading in early January. The Hong Kong
Monetary Authority said at the time, there is "no intention to change the linked
exchange rate system." The Hong Kong dollar is pegged at 7.8 to the greenback
and is allowed to trade between 7.75 and 7.85.
Rising political star Xi Jinping has been
named to head the 18-strong working group overseeing Hong Kong and Macau affairs
as well as state vice- president, The Standard has learned. Xi's appointment
follows his promotion to the elite Politiburo Standing Committee earlier this
week at the close of the 17th Chinese Communist Party national congress. He will
succeed retiring Vice President Zeng Qinghong, who was dropped from both the
party Central Committee and the Politburo Standing Committee. Sources in Beijing
have confirmed that Xi, 54, who is also Shanghai party chief and the eldest son
of Xi Zhongxun - a former revolutionary and former vice-premier who helped
pioneer China's special economic zones - was given the new posts after intensive
closed-door discussions. Liao Hui - a vice-chairman of the Chinese People's
Political Consultative Conference and incumbent director of the Hong Kong and
Macao Affairs Office - will stay on as deputy head of the working group
responsible for Hong Kong affairs. Chen Zuo'er, vice director of the Hong Kong
and Macao Affairs Office, will retire before March next year. Another key
appointment concerning Hong Kong is that of Peng Qinghua, who was elected party
chief for the HKSAR three months ago. He will succeed the retiring Gao Siren as
director of the Central Government's Liaison Office in Hong Kong. Besides Xi,
two other new faces in the nine-member Politburo Standing Committee - Li Keqiang
and He Guoqiang - have been allocated new portfolios. Li, 52, who ranks seventh
in the Standing Committee who is also Liaoning party boss, will replace the late
Huang Ju in overseeing the country's economic, financial and energy policies as
a vice premier. He Guoqiang will take over from retiring Wu Gangzheng as head of
the Central Commission for Disciplined Actions, while Jiangsu party chief Li
Yuanchao, 57, will succeed He as head of the Organization Department, according
to Xinhua news agency. Li's post as Liaoning provincial chief has gone to
62-year-old Jiangsu provincial governor Liang Baohua. Jiangsu party chief Meng
Jianzhu has been tipped to replace new Standing Committee member Zhou Yongkang
as public security minister. His appointment is expected to be approved by the
National People's Congress Standing Committee on Sunday. Wang Shaoguang, chair
professor at the Chinese University of Hong Kong's department of government and
public administration, said the new leadership lineup of Xi and Li has ensured a
stable succession at the top in the next 15 years. "The leadership succession
problem over the next 15 years has now been more or less resolved, as whoever
wins the contest for the top job in 2012 - Xi or Li - will probably serve
another 10 more years, and thus party policies will be entrenched," Wang said.
In a move seen as damage control, the Democratic Party has
decided to publish an announcement in newspapers on Saturday, setting out its
position on Martin Lee Chu-ming's recent article, including the party's support
for Beijing hosting next year's Olympic Games. It is not an apology, but a clear
declaration of what we stand for," said chairman Albert Ho Chun-yan. "We are of
the same mind as Lee," Ho said, adding that the party plans to spell out its
position on the Games and the mainland human rights situation. The party's
position on the issues is essentially the same as Lee's, but "some of the
wording [in Lee's Wall Street Journal article] will be avoided in order to avoid
further misunderstanding." Chief Secretary for Administration Henry Tang
Ying-yen was the latest to join the controversy, saying "the Olympics should not
be politicized." Lee reiterated there was nothing in his article urging the Bush
administration or other countries to boycott the Games. "Even the Foreign
Ministry did not specify my name when it said those who try to pressure China
with the help of external forces is bound to fail," he said. But Tsang Hin-chi,
a National People's Congress Standing Committee member, said in Beijing that
Lee's "bad behavior has never changed." Tsang added: "Is he blind, mute or deaf?
How is it he cannot see the progress that China has made in recent years? He
asked foreign countries to impose sanctions on China. Isn't that what only
traitors will do?" Pro-Beijing lawmakers on Friday also continued with their
attack on Lee.
Buddhists attend a lighting ceremony
for the lying Buddha statue of Shuanglin rock cave in Xinchang county of east
China’s Zhejiang Province, Oct. 27, 2007.
Taiwan actor
Zhang Zhen (R) and actress Hsu Chi walk on the red carpet at the16th China
Golden Rooster and Hundred Flowers Film Festival in Suzhou of eastern China’s
Jiangsu Province October 27, 2007. 
Chinese actress Yuan
Quan poses on the red carpet at the 16th China Golden Rooster and Hundred
Flowers Film Festival in Suzhou of eastern China’s Jiangsu Province October 27,
2007.
Hong Kong
actor Tony Leung (R) and actress Liu Jialing walk on the red carpet at the 16th
China Golden Rooster and Hundred Flowers Film Festival in Suzhou of eastern
China’s Jiangsu Province October 27, 2007.
Hong Kong
actor Jet Li (L) and China’s mainland actress Li Bingbing pose together on the
red carpet at the 16th China Golden Rooster and Hundred Flowers Film Festival in
Suzhou of eastern China’s Jiangsu Province October 27, 2007.
Chinese President Hu Jintao (R) meets with Indian Congress Party President Sonia
Gandhi (L) at the Great Hall of the People in Beijing, capital of China on Oct.
26, 2007. China and India voiced their commitment to handle bilateral relations
at a strategic level and step up the partnership to a higher level.
Local residents view the
2008-meter-long dragon in Shuangfeng township of Taicang city, east China's
Jiangsu Province, Oct. 26, 2007. The dragon dance performance held in the town
to greet the Beijing 2008 Olympic games attracted many local residents on
Friday, during which a giant dragon waved by 1010 people was the most
remarkable.
China Unicom Ltd, the nation's
second-biggest mobile-phone operator, more than doubled third-quarter profit,
beating analysts' estimates, by winning customers with reduced rates. Net income
rose to 2.98 billion yuan (398 million U.S. dollars) from 1.39 billion yuan a
year earlier.
Shen Guojun (first from right),
president of property developer China Yintai Holdings Ltd, and Chan Yue-kwong
(second from right), chairman of Hong Kong-based restaurant chain Cafe de Coral
Holdings Ltd, at a press conference in Beijing on Friday. Shen and Chan are two
of the 11 winners of the Ernst & Young Entrepreneurs of the Year China 2007
awards.
Hong Kong blue chips jumped 1.8 per cent on Friday, staying firmly above the key
30,000 level for the first time, with property stocks hitting records, stoked by
a weak US dollar and speculation of a rate cut by the Federal Reserve, which
meets next week. Conglomerate Hutchison Whampoa (SEHK: 0013) also rallied, as
investors bid up the underplayed stock to highs unseen since March 2001. Blue
chips hardly looked back after easily sailing past the key 30,000-point barrier
at the open. Investors switched into Hong Kong blue chips and out of mainland
plays amid expectations that the central government would raise interest rates
following strong macro data a day earlier. The benchmark Hang Seng Index closed
550.73 points higher at 30,405.22, setting an intraday high at 30,562.63 and
notching a 3.2 per cent gain for the week. The index of Hong Kong-listed
mainland companies shook off earlier losses as mainland-listed shares rebounded.
The index ended nearly unchanged at 19,548.49 to post a weekly 0.9 per cent
loss. Main-board turnover was HK$157.4 billion compared with Thursday’s HK$165.2
billion. As the US dollar weakened, the Hong Kong Monetary Authority sold HK$775
million worth of the local currency for US dollars to curb a strengthening Hong
Kong dollar. “The market has been very rotational,” said William Fong, fund
manager at Baring Asset Management. “When the US dollar depreciates, people look
for shelter in hard assets. China plays are having a consolidation but in the
near-term, I see strong liquidity coming from [the Qualified Domestic
Institutional Investor programme], so I’m not worried,” he said. Hutchison was
the day’s most traded stock after PetroChina (SEHK: 0857, announcements, news) ,
bolting nearly 6 per cent to HK$90.75. Property shares resumed their record run,
with the Hang Seng property sub-index rising 5 per cent to a peak for a second
straight day. Sino Land was the sector’s top gainer amid its recent land
acquisition spree, rallying nearly 17 per cent at one point in heavy trade
before settling at HK$24.65, up 12.6 per cent. Cheung Kong (SEHK: 0001) shot up
5.2 per cent to HK$145.5 and MTR, which will have the city’s largest land bank
pending its merger with KCRC, leapt 6.2 per cent to HK$25.75. ICBC (SEHK: 0349)
was a standout among mainland names, rising 2.1 per cent to HK$7.16 a day after
it reported a 76 per cent rise in third-quarter profit. The mainland’s top
lender also has agreed to buy 20 per cent of Standard Bank Group, South Africa’s
largest bank. Merrill Lynch raised its target price for ICBC shares to HK$8.40,
and JPMorgan raised its target price to HK$8.80. Hutchison Telecommunications
International (SEHK: 2332) tumbled 5.7 per cent to HK$10.66 after Orascom
Telecom Holding was selling up to 143.4 million shares in the emerging markets
telecom play at between HK$10.70 to HK$10.95, according to a term sheet seen by
Reuters. PetroChina shed 0.5 per cent to HK$19.02, a day after China’s top oil
producer set an indicative price range for its domestic IPO that was below
expectation. 
Taxi groups unite against discount ideas - A leading taxi group has mobilised
major taxi unions to speak out against proposals that could lead to the legal
discounting of fares. The Motor Transport Workers' General Union - the largest
of the 27 taxi associations in Hong Kong - insisted the only effective way to
combat illegal touting activities was to penalise passengers who bargain on
fares. The government released a pamphlet as part of a public consultation that
began on Monday, asking drivers and passengers if they would prefer to vary
fares, provided there was a ceiling. In one of the two suggested models - based
on overseas examples - the maximum fares would be set by the operators, and in
the other, the upper limits would be decided by the government, and the
operators would have to apply for permission to charge less. Both models forbid
drivers to offers further discounts. But the union's taxi director, To Sun-tong,
said that would not eliminate unfair competition by the so-called discount taxi
gangs. "You set the price lower, [the gangs] set it even lower, and in the end
it would only trigger a throat-cutting race among drivers for lower fares. The
trade would not be able to survive," he said. Mr To said if the government would
make it illegal for passengers to bargain, the whole problem would be settled.
It is now illegal for drivers to offer discounts. The union and its 22 allied
taxi associations would protest outside the headquarters of the Transport and
Housing Bureau in Central today. The trade had proposed various options that
would lower fares for long-haul trips, but they were voted down by the union and
its allies in a meeting with the Transport Department in July. Kwok Chi-piu,
chairman of an independent taxi driver union, said many groups who claim to be
victims of the discount taxi gangs were offering discounts themselves. "Drivers
who are snatching others' business by offering discounts, of course, hope the
practice would not be legalised, because they would then lose their edges," he
said. Hong Kong Taxi and Public Light Bus Association chairman Brandon Tong
Yeuk-fung said the proposals were not likely to be welcomed by taxi owners
either, because a reduction in fares may eventually lead to lower rental charges
for the taxi and thus push down the price of a taxi licence - which has remained
steady at about HK$3.5 million in the past few years.
Sales of China-made
autos expected to hit 8.5 mln in 2007 - Sales of China-made autos hit 6.46
million units in the first nine months this year, an increase of 24.5 percent
over the same period last year, China's auto industry association said on
Tuesday. During the period, output of domestic autos rose by 22.8 percent to
6.51 million units while the sales are expected to hit 8.5 million by the year
end, according to statistics released by the China Association of Automobile
Manufacturers. Of the total, sales of passenger vehicles hit 4.58 million units,
up 23.8 percent, and commercial vehicles reached 1.88 million units, up 26
percent. Followed by China FAW Group Corporation and Dongfeng Motor Corporation,
Shanghai Automotive Industry Corporation ranked first in sales volume, selling
1.13 million units. Meanwhile, sales of the top ten companies account for 83
percent of the total, according to the auto association.
The
gold models and the silver models of the National Stadium, dubbed the "Bird’s
Nest," were unveiled in Beijing on October 24, 2007. The models are made of pure
gold and pure silver. There will be a limited number for sale. The commemorative
models are issued by China Gold Coin Incorporation and authorized by the Beijing
Organizing Committee. 
Housing prices in
70 large and medium-sized Chinese cities rose by 8.9 percent year-on-year in
September, the National Bureau of Statistics (NBS) said Friday. The rising trend
shows no sign of stopping, according to a report jointly released by the NBS and
the National Development and Reform Commission. 
Heavy fog forced Airbus to cancel a
demonstration flight of its Airbus A380 over Beijing on Friday, as thousands of
passengers on regular air services were delayed.
Next year promises
to be the best for wage earners in a decade - with salaries projected to go up
by an average of more than 4 percent. The increases, however, still lag those in
the mainland, where workers can expect pay rises of between 7.4 and 8.5 percent
next year as a result of rapid economic development, according to a joint survey
conducted by the Hong Kong People Management Association and Hong Kong Baptist
University. The survey, which was carried out between June 2006 and June this
year, interviewed 95 local small and medium-sized companies employing more than
66,000 people. Sixty-two percent of the firms had 300 employees or fewer, while
nearly 18 percent had between 300 and 1,000 workers, and 20 percent had more
than 1,000 employees. The companies included those engaged in the construction,
food and beverage, retail, and sales and marketing sectors. According to the
poll, Hong Kong workers stand to receive pay adjustments averaging 4.3 to 4.7
percent next year. This compares with increases of between 2.9 and 3.6 percent
from July 2006 to June this year, with the retail and sales sectors recording
the biggest increases of about 7 percent. Association president Felix Yip
yesterday urged employers to offer generous pay increments for staff in order to
retain talent. "Civil servants have already been given pay rises this year, so
the private sector has to follow suit," he said.
Casino and
resort developer Las Vegas Sands Corp has petitioned the Macau government to
lift a ban on the sale of serviced apartments at its Venetian Macao development
on the Cotai Strip. If it succeeds, it could trigger a flood of serviced
apartments on to the market. Under existing rules, land reclaimed in the Cotai
area is set aside for casino and hotel development - a policy aimed at
transforming Macau into the Las Vegas of Asia. Strata-title sales of apartments
in developments in the area are prohibited. If the United States entertainment
giant succeeds in persuading the Macau government to relax the rule and allow
such sales, an estimated 15,000 luxury serviced apartments in the Cotai Strip
could be put on the market over the next several years, according to agents.
Current proposals on the drawing boards of developers indicate plans to bring
about 30,000 hotel rooms to market in Cotai by 2010. But if the ban on the sale
of serviced apartments is lifted, some developers may decide to convert half of
those proposed hotel rooms into serviced apartments to cash in on the booming
residential market, agents say. Last month, units at One Grantai, the latest
luxury residential project launched by a local developer, at the northern end of
the Cotai Strip, were being sold for HK$8,700 per square foot, a record high in
Macau. Stephen Weaver, senior vice-president of Asian development at the
Venetian Macao, said the firm had proposed selling serviced apartments at its
US$2.4 billion resort to buyers who would only use them for short holiday
periods and rent them out when they were not there. 
Workers unpack a
Rembrandt self-portrait from the Rijksmuseum in Amsterdam at the Shanghai Museum
yesterday. A three-month exhibition "Rembrandt and the Golden Age" will open the
museum from November 3.
Hong Kong monetary chief warns of uncertainties ahead - Hong Kong Monetary
Authority Chief Executive Joseph Yam said Thursday there were currently a lot of
uncertainties or even risks ahead in spite of impressive performance of the
global financial markets lately. "Investors should remain alert," Yam, who has
been heading the Monetary Authority -- virtually the special administrative
region's central bank -- since its establishment in 1993, wrote in a latest
article published on the institution's official website. The economic and
financial outlook for China's mainland and the United States stood out among the
uncertainties confronting "our economy and financial markets," he said. He said
the possibility of a recession in the United States could not be ruled out as
the American sub-prime crisis persists and tight credit conditions were
threatening to slow down the U.S. economy and lead to further downward pressure
on property prices. Yam noted the plans to encourage the orderly outflow of
capital from China's mainland had yet to be implemented while domestic savings
continued to accumulate. "The imbalance in the supply of and demand for
financial instruments other than bank deposits persists, leading to prices being
much higher than would otherwise be the case, and causing concerns about the
possibility of a stock market bubble," he said. The macro monetary conditions in
the mainland were causing considerable concerns and it was not clear how this
scenario might develop, he said, adding that the inevitable market adjustment,
if sharp and destabilizing, would have serious implications for monetary and
financial stability, for the mainland as well as Hong Kong. Yam said
developments in both the United States and China's mainland in the next few
months would be crucial. In the U.S. there was hope that normal money-market
conditions return shortly, limiting adverse impact on the economy and the
housing market there. "On the mainland there is hope for more concerted and
effective macro-economic adjustment measures. But there are structural issues in
the financial system that will need to be addressed to make it conducive to
promoting sustainable economic expansion." "Against this complex background we
in Hong Kong have to be cautious about our short-term economic prospects despite
the different and bullish signals our financial markets are sending us. Perhaps
there are factors that I have failed to see. Irrational exuberance or not,
investors should act with caution," he said.
Hong Kong airport still world's premier
air cargo handler - Cargo throughput at Hong Kong International Airport in 2006
hit 3.58 million tons, representing an increase of 1.51 million tons, or 72.95
percent, compared with 2001, according to government statistics. "Hong Kong
retains air cargo handling crown," Hong Kong's Information Service Department
said on its website, citing statistics from the October issue of the Hong Kong
Monthly Digest of Statistics published by the Census and Statistics Department.
The Hong Kong special administrative region government attributed the growth to
a rise in outward air cargo, which surged1.1 million tons to 2.28 million tons,
while inward air cargo grew by 406,000 tons to 1.3 million tons in the same
five-year period. 
The tourists' heaven
of Suzhou in eastern China turned into a heaven for star-chasers Wednesday
night, as big names from the country's entertainment circle gathered there to
raise the curtain for China's top film gala.
Many women want to
become slimmer, even though they are already slim. They resort to various
methods and eating less is normally the first choice. They believe that since
fat is not good for you, it's better to not eat as much. But that can have an
opposite effect. To know why, ask yourself seven questions. Which meal do you
eat less? Do you eat less for one meal but a lot more for the other?
An Airbus A380 superjumbo jet stops on the tarmac at the Baiyun airport in
Guangzhou, capital of south China’s Guangdong Province, Oct. 23, 2007. An Airbus
A380 jet plane arrived in Guangzhou Tuesday to start a week-long tour exhibition
in Guangzhou, Shanghai and Beijing. 
China's 1st lunar probe
Chang'e-1 completed its 1st orbital transfer Thursday afternoon. It is expected
to enter Earth-moon transfer orbit on Oct. 31 and arrive in the moon's orbit
Nov. 5.
The
pageantry of the 16th Golden Rooster and Full Blossom Film Festival in Suzhou,
East China's Jiangsu Province October 24, 2007. Well-known actors and actresses
including Jackie Chan, Carina Lau and Huang Xiaoming were present at the
festival.
Billionaire
Warren Buffett (right) visits a subsidiary of his fund firm in Dalian.
He cautioned investors against risks as China.
stocks surged this year.
Gurus place China
bets - As the mainland market continues its bull run, two heavyweights in the
world of investing have expressed contrasting views about where they may unlock
potential value in the country. Commodities guru Jim Rogers declared yesterday
he is pulling out of all his US dollar assets and buying the yuan. Billionaire
Warren Buffett, meanwhile, warned of overstretched valuations of mainland stocks
- and urged investors not to lose their shirts. Rogers, who has consistently
been bearish on the US dollar, said the yuan is the best currency to buy,
predicting the value of the currency to quadruple in the next decade. "I don't
see how one can really lose on the [yuan] in the next decade or so. It's gotta
go. It's gotta triple. It's gotta quadruple," he was quoted by Bloomberg as
saying during a presentation in Amsterdam late yesterday. The yuan yesterday
broke through the psychologically important level of 7.5 to the greenback for
the first time. It closed at 7.4926, up from Tuesday's close of 7.5047.
Reiterating his bearish view on the US dollar, Rogers said the value of the
greenback will further erode. "I am in the process of - I hope in the next few
months - getting all of my assets out of US dollars. "I am that pessimistic
about what's happening in the US," said the chairman of Beeland Interests and
former partner of George Soros. The US dollar has fallen against major
currencies as concern mounts over economic growth in the United States, while
last month's 50-basis point interest rate cut has prompted investors to dump US
dollar assets. Meanwhile, billionaire Buffett said although the fundamentals of
the mainland economy remains positive, investors should be "cautious about
mainland stocks as the market is too hot. But last week, after his investment
vehicle offloaded shares in PetroChina (0857), he noted it was "too soon to have
sold the entire stake as the shares had risen since. "We never buy stocks when
we see prices soaring, Buffett told Bloomberg in Dalian, where he was visiting a
subsidiary of a company held through Berkshire Hathaway. "We buy stocks because
we're confident of the company's growth. People should be cautious when they see
prices rising." The world's second wealthiest man said he was looking elsewhere
in Asia to buy large businesses that he understands, but that he was doubtful of
finding a good buy in the mainland now that the benchmark index has more than
doubled this year. "If you understand a business and buy at a reasonable price,
there's no risk.We've never realized a loss because we understand the businesses
that we buy in," he said. He denied media reports that Berkshire will invest in
China Life Insurance (2628). The CSI 300 index, which tracks major
mainland-listed stocks, has jumped more than 170 percent this year. It gained
0.87 percent to close at 5,588.01 yesterday. The Shanghai Composite Index rose
1.21 percent to 5,843.11. Meanwhile, Buffett, 77, said he was "appreciative of
the performance of PetroChina."
London’s lord mayor
blasts US regulators - City chief praises risk-focused British, HK system over
America’s rule-based controls - The head of London’s financial centre criticized
United States financial regulators during a visit to Hong Kong on Wednesday,
saying their reliance on rules had blinded them to the risks of subprime
lending. John Stuttard, Lord Mayor of the City of London, said US regulators had
failed to stop the subprime mortgage crisis from worsening because American
banks had been allowed to wrongly assess the risk of lending to people who were
unable to pay back loans. “The banks in question did not assess the risks
properly,” Mr Stuttard told a briefing. “If you’re lending to someone with no
income, no job and no assets, this is high risk. And yet this was not being
properly controlled.” He said the US system had run into trouble because it was
based on rules. By contrast, the British and Hong Kong systems, which he
described as the best in the world, focused on risk, helping companies to manage
and assess it. “This is the problem with New York at the moment. Unfortunately
they’ve got themselves into a tangle. Their regulator environment is heavily
influenced by lawyers. They have a lot of class actions.” Mr Stuttard said a
global financial system based on risk - rather than rules - would remove the
kind of systemic risk that produced the subprime crisis, a factor thought likely
to lead to a slowdown in world economic growth. “If we can work together to try
and find the right regulatory framework, then the global finance houses around
the world will succeed and there will not be systemic risk.” Mr Stuttard, whose
trip to Asia also included stops in Beijing, Shanghai and Seoul, also said US
regulators had scored an own-goal with the Sarbanes Oxley Act, introduced in
2002 after scandals such as the collapse of Enron. “The Sarbanes-Oxley
legislation has been a real deterrent for foreign companies and even American
companies listing on the [New York Stock Exchange] and on Nasdaq,” said Mr
Stuttard. “It’s difficult for them to get out of this situation which they now
find themselves in. “New York’s listing process is very long and stringent and
burdensome. Sarbanes Oxley introduced a tremendous plethora of requirements that
listed companies have to comply with.” 
The price of beef in wet markets will cost
more after the sole supplier of mainland cattle Ng Fung Hong decided to raise
its wholesale price tag by 10 percent. One retailer said the move means he will
have to put his prices up by more than 15 percent to HK$56 a catty. The supplier
said the increase was agreed after a meeting with beef trade representatives
yesterday. "It's necessary to adjust prices to ensure a stable supply to Hong
Kong in response to the surging price of live cattle in the mainland," Ng Fung
Hong said in a statement. The supplier, a unit of China Resources Enterprise,
increased prices by the same amount in August after the central government said
the price of cattle had jumped more than 40 percent this year because of
shortages. Hong Kong Beef and Mutton Merchants' Association director Chung
Siu-kai said the wholesale price rise will be transferred to customers. He said
the live cattle supply yesterday covered only 90 percent of local demand. Chung
said he was worried the price increase will affect sales.
The
Mass Transit Railway's long- awaited West Island Line is to get an unprecedented
HK$6 billion (US$800 million) injection by the government - or two-thirds of the
cost of the project that will link Sheung Wan with Kennedy Town by 2016. The
cash subsidy for the profit- making company to proceed with the HK$8.9 billion
line is the first of its kind by the administration which, in the past, has
relied on granting property development rights to bridge funding gaps in railway
projects. Secretary for Transport and Housing Eva Cheng Yu-wah said yesterday
the project will significantly improve congested traffic conditions, revitalize
the aging district and generate economic returns. The 3km West Island Line will
benefit an estimated 140,000 residents and 60,000 workers in the district in
2016, saving them 12 million hours on transport - equivalent to saving HK$44
billion in 40 years. A trip from Kennedy Town to Sheung Wan during rush hour
will be reduced from 25 minutes at present to less than eight minutes. The
project will also create 2,800 jobs during the construction period from 2009 to
2014, and a further 2,000 jobs upon completion. Cheng said the subsidy is also
justified in that MTR Corp will not be able to generate project funding from
fare revenues alone or develop property in the crowded district. According to a
government source, the existing 1.9-hectare Kennedy Town swimming pool - the
only potential land for property development in the district - is too small to
generate revenue to bridge the funding gap.
Panel to manage West Kowloon arts
hub may include laymen - The government will consider inviting the public to
join the authority that manages the arts hub in West Kowloon, a move that would
address concern the body may become a bureaucracy.
Costa Rica president Oscar Arias (2nd from
the right) and his family pay a visit to the Terracotta Warriors in Xi'an,
Northwest China's Shaanxi Province on Oct 23, 2007.
Hu Xiaolian, administrator of the State
Administration of Foreign Exchange. China will further improve the management of
the country's massive foreign exchange reserves and satisfy trade and investment
needs of domestic firms and individuals, China's top foreign exchange regulator
pledged. "We'll ensure the safety and liquidity, while improving the
profitability of the country's foreign exchange reserves," Hu Xiaolian,
administrator of the State Administration of Foreign Exchange (SAFE) told China
Daily on the sidelines of the 17th National Congress of the Communist Party of
China. Hu promised to expand in an orderly manner the channels for capital
outflow, in which qualified domestic institutional investors (QDII) is a part.
"The quota for both QDII and qualified foreign institutional investors (QFII)
will continue to be increased," she said.
The copper
commemorative medal of Chinese NBA basketball sports star Yao Ming is on sale in
Beijing on October 23, 2007.
Competition in the
mainland's booming internet sector has turned nasty ahead of the Beijing
Olympics, with Sohu.com upsetting its rivals through a lucrative sponsorship
deal that is now being challenged. The mainland portal paid a reported US$30
million in 2005 for the rights to set up the Games website for the Beijing
Olympics organizing committee and to use the logo of the event - the signature
silhouette of a dancing man. However, it has since put the squeeze on rivals by
claiming the deal included exclusive rights to host all the advertising by
Beijing Games sponsors bearing the official logo. This would give Sohu.com an
effective internet monopoly on advertisements by firms such as Adidas,
Volkswagen and Johnson & Johnson, and its rivals are fuming. The organizing
committee's legal department is now working to untangle the affair that could
determine who gets millions of dollars in advertising revenue between now and
the Games that begin in August. It could also give an invaluable boost in the
broader internet advertising sector which marketing analyst iResearch believes
will be worth more US$1 billion this year, up nearly 40 per cent on last year.
Taiwanese entertainer
Jay Chou will work with fans to write a song for the 2008 Beijing Olympics.
Hong Kong and Macau
have agreed to negotiate with the mainland government on combining into one the
current separate visas for mainland tourists visiting the two cities. The aim is
for mainland tourists, under the Individual Visit Scheme, to travel to both
places in one trip, according to Hong Kong Tourism Board chairman James Tien
Pei-chun who revealed the plan yesterday. Hong Kong and Macau are not
competitors but partners in tourism promotion, Tien said after meeting with
Macau Chief Executive Edmund Ho Hau-wah and Macau tourism officials in the
neighboring SAR. He said increasingly severe international competition has
driven them to embrace their partnership. The two cities are only separated by
water, Tien said. Hong Kong, he said, should position itself as a sight-seeing,
shopping and dining capital while Macau will continue to attract tourists with
its World Heritage, gaming and entertainment facilities. Tien added that the
rapidly growing gaming industry in Macau and opening of foreign- owned casino
resorts such as The Venetian with exhibition facilities will not harm Hong
Kong's status. "Hong Kong has limited convention space," Tien admitted. "We
can't hold all exhibitions. There are a lot of facilities in Macau or Guangzhou.
"I believe it's still beneficial to us if they hold conventions somewhere nearby
because they might visit Hong Kong."