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December 31 2007
The Industrial and Commercial Bank of China (ICBC) said on Thursday it had agreed to buy 1.92 billion HK dollars (246 million U.S. dollars) worth of shares and warrants of its Hong Kong unit -- ICBC (Asia) Limited -- from the Spanish Fortis Bank. The deal, if completed, would raise the stake of ICBC in its Hong Kong unit from the previous 62.98 percent to 71.21 percent, the country's largest commercial lender said in a statement released in Beijing. The purchase included an 8.23-percent stake in the common shares of ICBC (Asia) Limited held by Fortis Bank. ICBC (Asia) Limited was the flagship subsidiary in charge of ICBC's overseas business. It had become the sixth-largest bank, asset-wise, in Hong Kong by the end of June with assets totaling 224.8 billion HK dollars. "The purchase of the stake from Fortis demonstrated ICBC's confidence in the future prospects of its Hong Kong unit as well as the financial market in Hong Kong," said ICBC's President Jiang Jianqing. An air services consultation between Hong Kong and India had successfully concluded, with substantial liberalization of the bilateral air services arrangements, said the government of the Hong Kong Special Administrative Region (HKSAR) Thursday. Under the new arrangements, the airlines of the two sides will be able to increase services to Delhi and Mumbai by more than double the existing level, which is at present about 20 frequencies per week. New services to Bangalore, the IT base in India, and Chennai will also be possible. The two sides have also exchanged new fifth freedom rights. For example, Indian airlines will be able to operate services to points in North America via Hong Kong under the new arrangements. Hong Kong airlines will be able to operate services to points in Europe beyond India. "The new arrangements between the two sides are a major step forward in the bilateral aviation relationship," said Eva Cheng, secretary for Transport and Housing of the HKSAR government. Hong Kong saw 2,448,135 visitor arrivals in November, up 17.6 percent over the same month last year, and the month's best on record, official figures released Thursday indicated. Hong Kong Tourism Board said total arrivals for the year so far are 25,379,939, up 11.1 percent and topping the 2006 full-year figure of 25.25 million. All long- and short-haul market regions achieved notable gains.Arrivals from the Chinese mainland reached 1,291,307, up 23.7 percent over the same month last year. Of the Chinese mainland arrivals, 51.9 percent traveled under the Individual Visit Scheme, a year-on-year rise of 38.8 percent. Double-digit growth was also registered in visitors from the Americas, Europe, Africa and the Middle East, Australia, New Zealand and the South Pacific, and South and Southeast Asia. About 60.5 percent of all visitors to Hong Kong in the month stayed in the city for at least one night, with the remainder classified as same-day, in-town visitors. Average occupancy across all categories of hotels in November was 93 percent, and the average achieved hotel room rate across all hotel categories for the month was 1,383 HK dollars (177 U.S. dollars).
China's telecoms industry came a step closer to its long-awaited reorganization after the State Council backed a third- generation high-speed mobile phone network for the mainland. Shanghai surpassed Hong Kong as a market for initial stock offerings this year with companies going public raising 417.8 billion yuan (HK$444.1 billion) compared with HK$286.9 billion on local exchanges. December 27 - 30, 2007
Mortgage delinquency ratio in Hong Kong dropped to 0.11 percent and rescheduled loan ratio fell to 0.2 percent, both record lows, driving the combined ratio lower to 0.32 percent, according to a report released Monday. The Hong Kong Monetary Authority, which virtually serves as the central bank in the special administrative region in south China, also found in the monthly survey that new mortgage loans drawn down rose 17.5 percent to 18.7 billion HK dollars (2.4 billion U.S. dollars). New loans approved surged 20.5 percent to 27.7 billion HK dollars (3.55 billion U.S. dollars) in the city, which has seen its real properties industry rebounding since 2003, when the SARS (severe acute respiratory syndrome) outbreak, coupled with other elements, drove the economy and the properties industry to the bottom. The rise was attributed to more approvals for secondary market transactions, which more than offset the drop in approvals for primary market transactions and refinancing loans, the report said. Approvals for secondary-market transactions grew 39.4 percent to 21.9 billion HK dollars (2.81 billion U.S. dollars), primary- market transactions fell 33.4 percent to 2.7 billion HK dollars (0. 35 billion U.S. dollars), and refinancing loans dropped 3.3 percent to 3 billion HK dollars (0.38 billion U.S. dollars). The number of new applications rose 3.9 percent, the report said. The proportion of new loans approved at more than 2.5 percent below the best lending rate decreased to 90.9 percent from 94 percent in October. The outstanding value of mortgage loans rose 0. 9 percent to 554.6 billion HK dollars (71.1 billion U.S. dollars). Twenty-three authorized institutions participated in the monthly survey. Hong Kong recorded a 13.9 billion HK dollars (1.8 billion U.S. dollars) surplus in its balance-of-payments account in the third quarter of 2007, official figures released Friday indicated. The amount was 3.9 billion HK dollars higher than in the second quarter, representing 3.4 percent of Hong Kong's gross domestic product, the Census and Statistics Department said. Of the major balance-of-payment components, there was a current- account surplus of 65.2 billion HK dollars in the third quarter, larger than that of 26.5 billion HK dollars in the second. A net outflow of financial non-reserve assets amounting to 73.3billion HK dollars was recorded, larger than that of 34 billion HK dollars in the second, said the department. Compared with the 61.9 billion HK dollars surplus recorded in the third quarter of 2006, the current-account surplus in the third quarter of 2007 was characterized by rises in visible trade deficit and invisible trade surplus, a continued net inflow of external-factor income, and a continued net outflow of current transfers. In the third quarter, a net inflow of capital transfers was estimated at 7 billion HK dollars, as compared with a net inflow of 3.7 billion HK dollars in the second. (One U.S. dollar = 7.793 HK dollars)
Just over half, or 51.36 percent, of all stock investors showed no gains from China's bull market, while 48.6 percent gained more than 10 percent this year, according to a survey by the China Securities Journal.
He Ning, Secretary of the Department of American and Oceanian Affairs in the Ministry of Commerce, said in Beijing on the 23rd that China-US trade reached 270 billion US dollars in the first 11 months of this year. The annual China-US trade volume is expected to exceed 300 billion US dollars, making China the third largest export destination by the end of this year. He Ning confirmed this at the 2007 China Forum on Economic Diplomacy at the China Foreign Affairs University. According to him, in recent years China-US trade has become more interdependent; and the bilateral trade volume increased from 2.5 billion US dollars in 1979 to 262.7 billion US dollars in 2006. As of November 2007, China-US trade has reached an all-time record high, breaking 270 billion US dollars: an increase of 15% compared with the same period last year. By the end of this year, trade will exceed 300 billion US dollars, making China the third largest exporter to the US. American investment in China has also grown rapidly: by the end of November this year, the US set up more than 54,000 enterprises and made over 56 billion US dollars in investments.
China's Renminbi (RMB) climbed 54 basis points to break the 7.33 mark on Tuesday, with the central parity rate at 7.3261 yuan against one US dollar. The Ministry of Science and Technology (MOST) said in Beijing on Tuesday that China has 548 incubators, the second most in the world next to the United States. They are considered powerful in breeding innovative start-ups. On its website, www.most.gov.cn, the ministry reported the incubators had helped to raise 19,896 high technology companies, with 569 having annual revenues of more than 100 million yuan (US$13.7 million). In addition, 53 were listed on either domestic or overseas stock exchanges. China originally borrowed the idea of incubators from the United States. They were expected to create convenient and efficient environments for start-up companies, as well as in providing financing, taxation and land-lease incentives. The country's first incubator started in 1987 in Wuhan, capital of Central China's Hubei Province. Such intermediate agencies, mostly funded by the government, were now spreading throughout the country. They currently incubated 41,434 fledgling companies, providing 460,000 jobs in high technologies, such as sophisticated home electronic appliances or computer hardware and software. Companies selected into the incubators were usually asked to become more independent and competitive in three years. Unsuccessful companies in the risky hi-tech industry would be left bankrupt. However, the ministry didn't mention the percentage of business failures in those incubators. China has been trying to combine homegrown venture capital funds and hi-tech business incubators in a drive to forge a knowledge-driven and energy-efficient economy. The government and State-funded policy banks were now active in setting up funds that aimed at financing smaller venture capital funds. These were primarily for high-tech research and development and seed funds that were provided to help a business develop an idea, create the first product and market the product for the first time. In August, the Ministry of Finance and the State Administration of Taxation adopted more favorable financing and taxation terms for companies in incubators. The government promised that 150 percent of research and development expenditure could be deducted from the taxable income of companies in the following fiscal year. Liang Gui, a senior MOST official, said his ministry planned to have 1,000 incubators by 2010, harboring more than 50,000 companies and helping create over one million job opportunities. Small and medium enterprises in China are bracing for a tough new year as the government further tightens monetary policy to curb bank loans and implement new labor laws to improve social welfare. But SMEs claim both measures are pushing their businesses into severe hardship. December 23 - 26, 2007
Sun Hung Kai Properties (0016) and New World Development (0017) yesterday fired back at critics who accused them of standing to reap at least HK$5 billion profit from selling units at their controversial joint-venture Harbour Place residential project they had purchased from the government at a bargain price. China COSCO (1919), soon to become the world's largest dry-bulk shipping carrier, revised its yearly profit forecast yesterday to beat market expectations, sending the share price even higher. A HK$300 million facelift aimed at revitalizing Wan Chai was unveiled yesterday, saving the 70-year-old Wan Chai market and redesigning the former Wedding Card Street into a "Wedding City."
A Confucius institute was inaugurated in the Italian port city of Naples Thursday, which is the second of its kind in the nation. At the inauguration ceremony, Chinese Ambassador to Italy Dong Jinyi said the Confucius Institute serves as a bridge to enhance friendship and understanding between the Chinese people and peoples in other countries and is aimed at promoting Chinese language and culture. The founding of the Confucius Institute helps the world know more about China and makes China integrate deeper with the rest of the world, he added. The Chinese ambassador said that in the recent years, China and Italy have made fruitful achievements in the field of culture and education. The number of Chinese students studying in Italy has increased to more than 3,000 in two years, while the Italian people also enjoy surging enthusiasm for Chinese language. Italy's first Confucius institute was established at the University of Rome "La Sapienza" in September 2006. The Chinese government started to set up non-profit Confucius institutes overseas since 2004. So far, a total of 210 Confucius institutes have been established in 64 countries and regions.
December 22, 2007
The government has taken an unprecedented step in warning of turmoil in financial markets due to the US subprime mortgage meltdown. "The US credit market is in a very critical situation; liquidity of many corporations are under pressure. Some companies even have to face capital inadequacy," government economist Kwok Kwok-chuen warned yesterday. He said US and European authorities were greatly concerned about the situation, and were aware of the problems that could lie ahead. So far Asian and emerging market economies had not been severely affected. The government official's comments were echoed elsewhere in Hong Kong's finance sector. Bank of East Asia (0023) chief economist Paul Tang Sai-on said share prices in the US could plunge when the negative news of the subprime mortgage crisis was fully discounted. "The US market is too optimistic. US stock trading prices are still relatively high, leaving ample room for shares to fall," he said. Standard Chartered Bank economist Kelvin Lau Kin-heng warned the subprime problem could spark a recession. "Although the subprime crisis was not initiated in Asia, Hong Kong will still be affected as it cannot decouple from the US and global economy," he said. Last Wednesday, the US Federal Reserve cut its benchmark interest rate by 0.25 percent to 4.25 percent. A day later the Fed, along with central banks in Europe, including Britain and Switzerland, and Canada injected US$80 billion (HK$623.7 billion) into the market to ease the global credit crunch. Hong Kong Baptist University finance professor Billy Mak Sui-choi said the true picture will emerge in January. "When [Hong Kong-listed] companies announce their year-end results it might be the worst time for the subprime problem as the issue will become more transparent," he said.
Cathay Pacific Airways has backed down on its decision requiring staff to pay for doctor visits under a new medical plan, saying each employee can make 10 free visits in the first year.
Hong Kong’s unemployment rate was at 3.6 per cent in the September to November period – the lowest level in almost 10 years.
China announced on Tuesday the setting up of a national oil reserve center, the top economic planning agency confirmed. China said on Monday it will scrap export rebates for 84 agricultural products as of Thursday in effort to discourage exports of farm produce in a nation where food prices drove inflation to an 11-year high in November.
China's newly-founded National Bureau of Corruption Prevention (NBCP) launched its official website on Tuesday. The public can now post notes at the website (yfj.mos.gov.cn) or write e-mails (yfjzhc@mos.gov.cn) and leave information and opinions on the body's work. The website also publicizes the NBCP policies, events and lists anti-corruption news from both home and abroad. The NBCP was officially established on September 13 with Ma Wen, the Minister of Supervision, as its head. The bureau was founded at a time when the country has seen many corruption scandals that have brought down a number of high-level officials, most notably former food and drug administration head Zhen Xiaoyu and former Shanghai Party head Chen Liangyu. The NBCP planned to study methods to constantly improve corruption prevention systems, push for the sound operation of these systems and to coordinate the corruption prevention efforts of various departments, Ma said on September 13 when the NBCP was launched. The bureau has been entrusted to collect and analyze information from such sectors as banking, land use, medicine and telecom, among others, and to share it with relevant departments. These included prosecuting organs, courts and police authorities, among others. It would not, however, be involved in the investigation of individual cases.
December 21, 2007
An Asian Development Bank (ADB) survey says Macao ranks third in per capita real GDP among 23 "developing economies" in Asia and the Pacific, only after Brunei and Singapore, the Macao Daily News reported on Wednesday. ADB's 2005 International Comparison Program (ICP), released on Monday, showed that Macao's per capita real GDP in that year stood at 211,907 HK dollars (27,175 U.S. dollars), as against 202,941 HK dollars (26,025 U.S. dollars) in Hong Kong. But the ICP survey also tags Macao as the third costliest place to live, only after Fiji and Hong Kong in the region. In terms of per capita actual final consumption expenditure (AFCE), Hong Kong still appears as the biggest spender with its AFCE of 125,303 HK dollars (16,069 U.S. dollars) as against Macao's 67,160 HK dollars (8,612 U.S. dollars), ranking fifth in the survey. Although Macao's booming gaming industry has contributed to the spike of its per capita GDP, most civilians still saw their salaries stay in low level, which resulted in its low AFCE, the newspaper quoted Dominic Sio, board chairman of Center of Strategic Research for Development of Macao, as saying. Sio also pointed out that the government should make effort to turn Macao into a knowledge-orientated society like Hong Kong, the population of which comprises a large number of well-educated and affluent middle classes. The survey is part of a global initiative spearheaded by the World Bank that allows cross-country comparisons of purchasing powers of currencies and living standards.
Shares in Uni-President China Holdings, the mainland arm of Taiwan’s largest food and beverage conglomerate, ended higher in their trading debut after the firm’s initial public offering raised US$477 million. The mainland arm of Taiwan’s largest food and beverage conglomerate, outperformed as investors sought exposure to the mainland’s consumption story. Shares gained momentum through the session, ending at HK$4.75, up 12.6 per cent from their initial public offering price of HK$4.22. The rise followed a flat performance in the morning and far outpaced the broad market, which suffered heavy losses with the benchmark Hang Seng Index closing 3.5 per cent lower. The performance followed a recent spate of lacklustre first-day showings in an IPO market that had been hot for much of the year, adding to pressure on upcoming listing hopefuls to price their issues more attractively. “Investors try to avoid buying IPOs due to the weak market sentiment, but as Uni-President China is a Chinese consumption play, its shares will stabilise during a market rebound,” said Steven Leung, director of institutional sales at UOB-Kay Hian. Shares in Uni-President China, which is a spin-off from Taiwan’s Uni-President Enterprises, fell as low as HK$3.97 in the morning session before rising to HK$4.26 at the midday close. The company priced its IPO at HK$4.22 per share, which was in the middle of its indicated range. Its midday price valued the company at about 22.5 times the next year’s earnings forecast of its underwriters. By comparison, rival Tingyi (SEHK: 0322) trades at 37 times forecast next year profit and Huiyuan Juice trades at 26 times. The deal attracted orders for 4.56 times the shares offered to retail investors. The company, which makes and distributes instant noodles and beverages in China, sold 881.72 million shares, or 25 per cent of its enlarged share capital, in a deal sponsored by UBS and Morgan Stanley. Uni-President China joins several Taiwan companies that have chosen to list their mainland subsidiaries in Hong Kong to get around Taiwan’s ban on companies putting more than 40 per cent of their capital into the mainland. Recent Hong Kong listings by Taiwan companies have not been star performers in the secondary market. Shares in meat processor DaChan Food (SEHK: 3999) Asia, a unit of Great Wall Enterprise (Taiwan), have fallen 14.8 per cent since their October listing. Shoe maker Stella International (SEHK: 1836, announcements, news) ’s stock has risen 7.2 per cent since its July float, compared with a 21 per cent rise in the Hang Seng index over the same period.
China's legislature is to conduct the first reading of three draft laws on food safety, state assets and social insurance later this month. The 31st session of the Standing Committee of the National People's Congress (NPC) was expected to convene from Dec. 23 to Dec. 29, according to a statement issued after a meeting of the chairman and vice-chairpersons of the NPC Standing Committee on Monday. The draft law on food safety has been a hot topic in China since 2005 due to increasing incidence of food scandal. China's 1st JV investment bank obtains QDII quota - China International Capital Corp. (CICC) acquired a qualified domestic institutional investor (QDII) investment quota of 5 billion U.S. dollars.
December 20, 2007
Asian food will make up about one-third of the menu at the Olympic Village next summer, with a final menu to be approved on January 1, officials from the Beijing Olympic organizing committee said Tuesday. "The Olympic menu has passed the first round of examination and culinary experts have given it a positive evaluation," said Xiang Ping, deputy director of BOCOG's Games Services Department. "The menu will be sent for final approval next January before further steps are taken," she added. As required by the International Olympic Committee (IOC), the Olympic menu will reflect international tastes based on the concept of sharing and mutual respect. "The IOC suggested we avoid highlighting religious food in the menu, so we won't set up special areas for people with certain religious requirements, but only designate special foods stands. Everyone will be free to choose their favorite food," Xiang said. As for food hygiene, a strict tracking system will secure the safety of all the ingredients during the production process. Officials will keep samples of all the food for further testing if necessary. "All 350 ingredients that fall under the 10 basic food categories for the Beijing Games are under close supervision and inspection by the Beijing Food Security Office, and suppliers are also selected using the strictest standards," she said. "Only those who pass all examinations before the Games will be qualified to serve at the Olympics."
December 19, 2007
Hong Kong out to lead the wireless revolution - City to get internet in the park, on the bus, and even on a hike - Hong Kong could become one giant internet cafe as new wireless internet and mobile phone services are rolled out over the next three years. The Office of the Telecommunications Authority (Ofta) is making available two additional portions of radio spectrum for provision of broadband wireless access via WiMax and, for mobile phone users, 3.5G in a bid to make Hong Kong an "advanced wireless city". WiMax is a more powerful version of Wi-fi. A single WiMax tower can provide wireless internet up to 48km away. The move was announced at a meeting of the Legislative Council's information technology and broadcasting panel last week. It will give Hong Kong one of the world's first WiMax networks, along with cities such as Moscow, Chicago, Baltimore and Washington. Ofta will auction at least six licences to run the services next autumn. Companies are expected to bid tens of millions of dollars. They will have two years to roll out the services. Analysts say the move will trigger a massive shake-up in phone and internet markets that is expected to bring greater competition and reduce prices for consumers. Ofta chief telecoms engineer Cheng Chi-keung said: "This new technology will enable people to use their laptop computers to connect to the internet in many more areas of the city, such as parks, public squares and the harbourfront. "You will also be able to pick up your laptop and connect to the internet on a bus. "We are encouraging the operators to roll out the service into rural areas and, in time, we expect high-speed internet access to be available in country parks, on outlying islands and in other remote areas." Enhanced broadband wireless access will also enable consumers to use the same phone nu |
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Hong Kong:
An extension of the Sha Tin-Central Rail Link connecting Yau Ma Tei and Whampoa
can be constructed separately from the project, a top MTR official said
yesterday. In the final draft submitted to the government earlier this year, the
MTR and the then Kowloon Canton Railway Corporation agreed to build a station in
Whampoa through an east-west extension from the Yau Ma Tei station on the Kwun
Tong Line through Ho Man Tin - an interchange station to the Sha Tin-Central
Rail Link. The official, who declined to be identified, said it was possible the
extension - which consists of only three stations - would be built first. "It is
all subject to the government's decision, and it should be announced in one to
two months," he said. He said he hoped the extension, along with other routes
including the South Island Line and the West Island Line - for which the
consultation period ended yesterday - would be finished in five to six years. In
a Legislative Council document released in July, the government proposed that
the link include 10 stations - Tai Wai, Diamond Hill, Kai Tak, To Kwa Wan, Ma
Tau Wai, Ho Man Tin, Hung Hom, Exhibition, Admiralty and Central West. The new
link is supposed to converge with East Rail at Hung Hom station before crossing
the harbour, but it has not been decided if the fourth harbour crossing would
extend from East Rail or the Sha Tin-Central Line, which will determine which
passengers get direct cross-harbour access. Meanwhile, the MTR has seen a surge
in passenger trips on West Rail and East Rail lines since the railway merger on
December 2. Exact figures will not be available until the end of this month, but
the official said he believed more passengers were taking the MTR given the
savings on offer.
The anti-graft watchdog
is launching a corruption awareness drive among supermarket operators after
receiving more than 10 malpractice reports in the first 11 months of the year.
The Independent Commission Against Corruption is urging the supermarket chains
to give clear instructions to staff that forbid them to accept advantages from
suppliers. It also calls for a policy for handling short deliveries or
poor-quality goods and security measures to protect customers' credit-card
information from improper use. A "best practice module" listing the
recommendations was issued to major supermarket chains this month. ICAC figures
show there are about 20 graft complaints related to supermarkets and chain
stores each year. Last year five people were convicted and received sentences of
between five and 39 months. The agency's acting assistant director of corruption
prevention, Mok Wah-hoi, said the malpractices were most likely to occur during
the procurement of goods by middle-ranking staff. "In some cases, the
supermarket staff were given a certain proportion of sales volume as commission
in return for providing preferential treatment to the suppliers," the official
said. 
China:
Exporters of food products that fail to meet safety standards of destination
countries face a fine of up to 20 times the value of the consignment and can
even be charged for committing a crime if the top legislature approves a draft
law. Food product exporters who fail to go through entry-exit quarantine
inspections face similar punishments, according to the draft law under the first
review at the ongoing session of the National People's Congress (NPC) Standing
Committee. If approved, the draft law will spell out clear penalties for illegal
food exporters for the first time. The two existing laws on food safety, the
Food Hygiene Law and the Law on Agricultural Product Quality and Safety, say
nothing about penalties. They only authorize the State Council to issue relevant
regulations. The draft food safety law seeks to impose tighter checks on food
exports, too, and makes it mandatory for food exporters and supply farms to
register with the General Administration of Quality Supervision, Inspection and
Quarantine (AQSIQ).
Japanese Prime Minister Yasuo Fukuda (C)
is welcomed by Chinese officials at an airport in Beijing, capital of China,
Dec. 27, 2007. Yasuo Fukuda arrived here on Thursday for a four-day official
visit to China.
The partnership between China Eastern
Airlines and Singapore Airlines will provide necessary financial resources and
management expertise to help the Chinese firm achieve the goal of becoming a hub
airline company based in Shanghai, Li Fenghua said Thursday.
A
female trainee pilot of the China Air Force undergoes training in this undated
photo. Twenty-nine female trainee pilots gained their qualifications to attend
higher level flying training on Thursday.
Xinhua
selects Chinese athletes of the Year 2007. They are Liu Xiang, Yang Wei, Shen
Xue/Zhao Hongbo, Zhu Qinan, Guo Jingjing, Zhang Guozheng, Zhu Lin, Zou Shiming,
Wu Peng and Guo Yue.
The relaunch of the Ngong Ping 360 cable car system on Lantau Island was met
with two minor halts lasting several minutes in the first two days of trials
since an empty cabin plunged more than 50 meters to the ground six months ago.
The company offered 8,000 to 10,000 free tickets to MTR staff and their family
members as well as to local engineers yesterday, ending up with more than 5,800
people enjoying a fog- shrouded ride from Tung Chung to Ngong Ping plateau. A
full relaunch of the line will be made on New Year's Eve after nearly six months
of enforced closure. The two breaks, lasting eight minutes yesterday and five
minutes on Saturday, were described as "normal situations" by Ngong Ping 360
managing director Morris Cheung Siu-wah. "Those were because the sensors of the
cable car had deviations. The operators of the car made announcements
immediately through the public address system while the cabins were moved
backwards for checkups," he said. Cheung added such incidents were a matter of
probability and normally took place once or twice a week.
The main tower of the Linjiang Bridge
over the Qingyi River is finished in Wuhu, East China’s Anhui Province, December
23, 2007. The tower, with a distinct fish-like design, will be a new landmark
after the bridge opens to traffic and also provide an ideal overlook to the
city.
A staff member onboard China’s expedition ship Xue Long, or Snow Dragon, takes
pictures as the icebreaker makes its way through ice floe from Zhongshan Station
to the Great Wall Station for the country’s 24th scientific expedition to
Antarctica, Dec. 23, 2007.
A Chinese farmer is
selling apples at the nation's largest fruits trading market in East China's
Shangong Province. China is now the world's top apple grower, accounting for
nearly half of the entire global harvest.
Special Administrative Region (MSAR) Chief Executive Edmund Ho Hau Wah (1st L)
proposes a toast with all the guests presented in Macao, China, Dec. 20, 2007.
Macao celebrated on Thursday the eighth anniversary of the region’s return to
the Chinese motherland.
This photo published on Wednesday, December 19, 2007 shows Joey Yung in a newly
shot TV commercial for the fast food restaurant chain McDonalds. She was invited
to shoot a new TV commercial for the venerable institution, reported the Hong
Kong-based publication Tungstar on Wednesday. 
Tang Wei and Tony Leung Chiu Wai
in the film Lust, Caution (Se, jie). Tang Wei didn't know what it was that she
was auditioning for, or who was involved with the production. She had no idea
that 10,000 actresses, including many A-listers, were competing for the role. In
the little-known actress' first audition for the project, she read lines from a
fake script. For the second audition, the director showed up. It was Ang Lee.
Surprisingly, Lee poured a cup of tea for her, as if he had noticed her tension.
They then talked about Tang's family, her school and her stage experience. After
graduating from the Central Academy of Drama, China's best institute for theater
arts, Tang has spent most of her time on stage. She told Lee her favorite
director was Ingmar Bergman, but she had no idea he was also one of Lee's
favorites. When she mentioned that her mother was a Yueju opera singer, Lee
asked her to sing. As Lee later described it, that day they found something in
common - a love for theater and southern China. "Lee was like a senior family
member," Tang said in a phone interview. "He was a modest, good listener. I felt
very happy when I found the communication was so smooth, no obstacle at all."
When the call for the third audition came, Tang was told to wear a cheongsam. "I
had no cheongsam at all, actually I seldom wore dresses then," she said. After
hanging up the phone, she rushed to a tailor's shop. No one gave her any
feedback at the third audition. She had the fourth and fifth soon after with
makeup and full costume, which helped her get into the character, a
student-turned spy in the chaos of 1930s' Shanghai. After five auditions, Tang
was getting nervous. "I said to myself, 'you have tried your best, now it's time
to relax'." Another call led her to Hong Kong last summer. There, she found that
the crew had begun preparations for Lee's new project - the espionage thriller
Lust, Caution. "Everyone was busy," she recalled, "Material was piled
everywhere, but no one came up and told me that I was the leading actress." But
she suspected that was the case, as Lee had told her they were planning a
celebration. "Celebrating what? I asked myself, but I felt that something was
happening," she said. Even so, to stop the news from leaking to the press, the
crew had a simple dinner. "It was like, everyone has been busy preparing for the
film. I knew work had begun." To prepare for her role, Lee gave her a pile of
historic records and books to read, and she had to watch plenty of films about
1930s and '40s Shanghai. She threw herself into Greta Garbo's films and the
poems of Xu Zhimuo, one of the most famous Chinese poets of the 1920s.
Rehearsals included walking with a book on the head and tying her knees together
with a ribbon to emulate the elegant pose of Shanghai ladies. She also learned
southern opera, Cantonese, Shanghai dialect and English. The biggest torture for
the 28-year-old, however, was trying on different clothes. "I seldom shop. I
think shopping is exhausting. When I had to change clothes, they jokingly asked
me if I needed headache pills." Tang said that Lee once told her: "What you will
learn is more than 60 years of courses at the film academy." The newcomer had to
act alongside Asian superstars Tony Leung and Joan Chen and yet, of the 118 days
of shooting, 114 were focused on her. She slept three hours a day, sometimes
five to six. But despite these hardships, she said: "Even if it is the only role
I have in my life, I feel content."
More than 50 varieties of new
Olympic licensed products are to go on sale, with half of them priced at around
100 yuan each, according a New Year promotional activity by the Beijing
Organizing Committee for the Games of the XXIX Olympiad (BOCOG) in Beijing on
Wednesday. Most of the products are affordable Olympic badges. Among the
higher-end articles, gold badges and "Yubi" jade products will attract buyers
because of their combination of Olympic elements with gold and Hetian jade to
highlight Chinese traditional characteristics.
A girl from the Netherlands poses for
photos with two big Mickey Mice made in China, at the World of Disney in New
York, the United States, Dec. 18, 2007. China-made products are seen everywhere
in the brand stores like Macy's and the World of Disney in New York. Chinese
toys still well received by U.S. customers. The day after Thanksgiving, dubbed
Black Friday because it traditionally marks the day when retailers finally move
out of the red and into the black, shoppers rushed in their hordes into stores
such as Toys "R" Us to grab gifts for their children this Christmas. 
This undated file photo shows an artist's
impression of the glasshouse on the beach of Yangjiang, South China's Guangdong
Province, where a sunken ship will be displayed. The largest Chinese wreck, from
the Song Dynasty will be hauled from its watery grave on Saturday.
A general view
of the Tianwan nuclear power station in Lianyungang, Jiangsu Province. China
plans to build eight nuclear reactors with a combined capacity of 8,000
megawatts at the station.
The
traditional Chinese festival Dongzhi, or midwinter in English, falls on this
Saturday. Chinese people normally eat dumplings to mark this occasion. The
reason why they eat dumplings is to protect their ears from getting frostbitten.
In ancient China dumplings once contained medicine countering frostbites. The
tradition is carried down until today. So let's go and eat dumplings on Dongzhi
in China. 
Lounge 18 is an
open yet oddly disjointed upscale lounge in the only place for an upscale
lounge–the Bund. A whimsical mix of furniture styles from comfortable lounge
chairs and caged candles to a digitized reproduction of Vermeer's "Girl with a
Pearl Earring" leads you to wonder if the venue was decorated by committee.
Although most of the basic drinks are covered, there are some holes in the drink
menu (like having only one single malt scotch). If you want wine, you can either
drink a first growth Bordeaux for thousands of renminbi or Jacob's Creek for a
few hundred. In all fairness though, they're still building up their inventory.
The specialty cocktail list offered one intriguing selection: the Ylang-Ylang(¥68),
a mix of gin, fresh mint, vanilla and fruit juices. Quite tasty, but why garnish
the rim of the glass with black pepper? Black pepper aside, the wait staff were
attentive and all smiles which was a welcome change from the pretension that so
abounds in bars on the Bund.
Hong Kong singer
Eason Chan was the biggest winner on Sunday night at the Mandarin
Music-On-Demand (MOD) Best 10 Awards ceremony held by Hong Kong's TVB station.
Chan's song "Tao Tai" (Elimination) won Best Producing, Best Songwriting and was
one of the Best 10 Golden Melodies. Another of his hits, "Under Mount Fuji," was
named the Globally-Loved Cantonese Song. Chan himself was also voted as the Most
Popular Male Singer. Taiwan singer Angela Zhang was the Most Popular Female
Singer. As one of Hong Kong's most important occasions music-wise, the awards
also honored new artistes from the mainland, including Zhang Liangying and Shang
Wenjie, both of who rose to fame from the Super Girl singing competition. Zhang
Liangying's "Damned Love" was among the Golden Melodies, while Shang Wenjie was
named Best Newcomer. There to share the 32 awards were also Wilber Pan, Twins,
Joey Yung and Gary Cao.
Mickey Mouse and his
friends appear to have lost their charm as the number of visitors to the Hong
Kong Disneyland theme park dropped 23 percent in its second year of operation.
According to a paper to be discussed by the Legislative Council's economic
development panel on Friday, the park recorded just over four million visitors
from October 2006 to September 2007, compared to 5.2 million in the first year
after its launch on September 12, 2005. Hong Kong Disneyland is one of Hong
Kong's key attractions and was designed to revive the tourist industry which
went into a slump following the 2003 SARS outbreak. On a brighter note, while
overall attendance was down, the paper said the number of overnight family
visitors was up 15.8 percent from 2005 and the number of visitors under the age
of 16 had increased by 23.5 percent. According to the paper, issued by the
Tourism Commission and the Commerce and Economic Development Bureau, the drop in
attendance was mainly due to a lack of interest by Hongkongers. Locals accounted
for just 31 percent of the total number of visitors in 2006/07, compared with 42
percent in 2005/06. Conversely the percentage of mainland visitors rose from 34
percent in 2005/06 to 39 percent in 2006/07. Overall, the paper said that up to
December this year the park had received more than 10 million visitors since
opening in 2005, placing it among the top 20 theme parks in the world. A survey
carried out by theme park operator Hong Kong International Theme Parks Limited,
of which the government and the Walt Disney Company are joint shareholders,
showed 90 percent of visitors rated their experience at Hong Kong Disneyland as
positive and 92 percent said they would like to revisit the park again, compared
with an 85 percent rating in the opening year. On November 10, the Walt Disney
Company admitted for the first time that the poor performance of Hong Kong
Disneyland was dragging down its results, prompting calls from the SAR
government for the park's management to improve its operations. Hong Kong
Disneyland's worsening performance has left the park unable to meet performance
promises to its lenders and the American entertainment giant has asked creditors
to temporarily remove the covenants on its US$294 million (HK$2.29 billion)
revolving- credit facility. Following conversations with the government, Disney
has also agreed to give up its royalties for "a couple of years," according to
reports.
The MGM Grand Macau opens its
doors on Tuesday, Dec 18th, becoming the latest Las Vegas-backed casino to crowd
into the tiny Chinese gambling enclave hoping to lure China’s growing middle
class. The US$1.25 billion (HK$9.75 billion) MGM Grand is a joint venture
between Las Vegas casino operator MGM Mirage and Pansy Ho Chiu-king, the
daughter of Macau’s former casino kingpin, Stanley Ho Hung-sun. It will vie for
high rollers with dozens of casinos already stationed in Macau, the only place
in China were gambling is legal and which last year raked in more gaming revenue
than the Las Vegas Strip. Mr Ho ran the casino business in Macau for 40 years
until 2001 — two years after the then-Portuguese colony returned to Chinese rule
— when the government broke up his monopoly and handed out gaming concessions to
foreign interests. American Sheldon Adelson was the first to enter the
territory, opening the Sands Macau in 2004, and then this August the US$2.4
billion (HK$18.7 billion) Venetian, a Las Vegas style mega casino-resort
complete with Italian gondolas punting down indoor canals. Ms Ho said the
600-room MGM Grand will target the wealthiest gamblers, called “VIP customers”
in the business, who are interested in top-end shopping and entertainment as
well as gambling. She dismissed concerns that the casino was squeezing into a
corner of Macau’s main island that was already packed with luxury gambling
resorts, including some run by her family. “These few casinos will actually work
in conjunction to present a really formidable proposition to all VIP customers
that this should be the centre of the high-rolling gaming experience,” she said
in Macau last week during a preview tour of the hotel. The 35-storey MGM Grand
boasts a huge atrium with a glass ceiling that’s 6.5 meters high and is modelled
on the central train station in Lisbon, a nod to the territory’s Portuguese
heritage. Abstract hand-blown glass sculptures by US artist Dale Chihuly are
scattered around the plush lobby. The hotel offers 400 gambling tables, 800 slot
machines and 16 private gaming rooms, comparable to its closest rivals, US
tycoon Steve Wynn’s casino and the Crown Macau. Both the US$1.1 billion (HK$8.78
million) Wynn and the Crown Macau, a joint venture between Australia’s
Publishing & Broadcasting and Hong Kong-based Melco International Development (SEHK:
0200, announcements, news), run by Pansy’s brother, Lawrence Ho Yau-lung, have
positioned themselves as high-end casinos. The Grand is MGM’s first entry into
Asia. While the jury is still out on whether Asian gamblers respond to the same
type of non-casino entertainment as those in Las Vegas, it was expected to be a
successful launch, said Jonathan Galaviz, a partner at Globalysis, a Las
Vegas-based consultancy. “MGM Mirage has an excellent Asian consumer base that
patronizes their integrated resorts in Las Vegas, their new Macau property
should benefit from these pre-existing customer relationships,” he said.
However, analysts warned that Macau was reaching “opening fatigue.” “We’re not
seeing the big jump in gaming revenues with every new opening that we saw with
the early casinos,” Rob Hart, an analyst with Hong Kong-based Morgan Stanley
said. However, with 100 million people just next door in China’s wealthiest
region of Guangdong, and with average salaries of one billion people in the land
on the increase, Mr Hart said there was still huge growth potential for Macau’s
gaming industry.
Hong Kong scientists have for the
first time identified cancer stem cells responsible for spreading colorectal
cancer, a discovery that could bring better-targeted treatment of the city's
second deadliest malignancy. The University of Hong Kong team of molecular
biologists was able to show that if the two stem cells were injected into
specially bred mice, the colorectal cancer spread to the liver. The team is also
the second in the world to show evidence that specific stem cells trigger the
growth of colorectal cancer. Stem cells can grow into any organ but some
researchers believe that rogue stem cells could be seeding some, if not all,
cancers. These cancer stem cells are now the focus of intense global research as
some patients do not respond well to chemotherapy or if the cancer returns in a
more aggressive form. "[Colorectal cancer] is one of those cancers with a
well-established treatment regimen but it remains the second cause of cancer
death in Hong Kong, suggesting that the current therapies are not adequate to
cure the disease," said Roberta Pang Wen-chi, research assistant professor at
the university's department of medicine, who is lead investigator. Dr Pang said
her team and scientists at the Ontario Cancer Institute at Princess Margaret
Hospital in Toronto might have been studying the same stem cell protein - CD133
- at the same time last year, but it was the Canadian team that published the
breakthrough first in the journal Nature. The Hong Kong study would be submitted
to an international journal by the end of the month. "We started to look for
other markers or proteins on the surface of stem cells," she said. "The novelty
of our research is the metastatic part." Metastasis is the process by which
cancer spreads from where it first arose to other locations in the body. The
Hong Kong team extracted cancer tissues from 30 patients and isolated the cancer
stem cells, which were implanted into the colons of about 120 immune-deficient
mice. For the growth of primary colorectal cancer, the team identified two
proteins, CD133 and CD44. The team also found CD133 and CD26 initiated the
spread of colorectal cancer to the liver. CD133 has also been implicated in the
growth of cancers of the brain and breast. "We showed that they not only grow
but they can actually metastasise to the liver. This is the first time it has
been shown in animal models. Usually in animal models it is not easy to show
metastasis with these stem cells," Dr Pang said. "We believe these stem cells
have the ability to self-renew, so we believe these cells are responsible for
tumour maintenance and metastasising. They are more resistant to chemotherapy,"
she said. The next step would be to look for colorectal patients who were
resistant to chemotherapy and see whether "they have high expressions of these
cancer stem cells".
Malaysia's low-cost airlines AirAsia said here on Tuesday that it would offer
daily direct flights to Guangzhou, China, beginning Jan. 16 next year. The
budget airlines hoped that it could attract young people from China's Pearl
River Delta region to visit Malaysia with its amazing low fares, according to
the airlines. This would be the fourth destination opened by AirAsia to China
after Shenzhen Xiamen and Macao, it said. AirAsia is offering promotional fares
on its website on Dec. 19-26 for travels from Jan. 16 to Oct. 25 next year.
China
unveiled Tuesday the design for its national pavilion for the 2010 Shanghai
Expo. With an estimated cost of 1.5 billion yuan, its design features a
traditional style red architecture called "oriental crown". Organizers said the
project is a significant milestone in the countdown to the 2010 event, signaling
the beginning of full-scale construction of the Expo's core projects. A
computer-generated image shows the design for the China pavilion for the 2010
Shanghai Expo. "Countries and international organizations have shown tremendous
enthusiasm to the Shanghai Expo, with many having come up with characteristic
and wonderful schemes for their national pavilions. That means there is a
greater expectation for the China Pavilion," said Wan Jifei, Chairman of the
China Council for the Promotion of International Trade. Since a global search
for designs was launched in April, organizers collected 344 submissions in a few
months, which were later short-listed to three winning entries. The oriental
crown scheme was approved in September. "The construction scheme for the China
Pavilion contains rich elements of Chinese culture and could well display
Chinese wisdom," vice-mayor Yang Xiong said during the ceremony. "It also has
international features, modernity and could serve as a symbol. It helps develop
the theme of the 2010 Expo." Located at the crossing of two horizontal and
vertical axes in the Pudong part of Expo garden, the China Pavilion comprises of
three parts. The first is the national hall, which is 20,000-sq-m, 30,000-sq-m
for provinces and regions, and 3,000-sq-m shared between Hong Kong, Macao and
Taiwan. The oriental crown, standing 63 meters in height, uses traditional
dougong brackets and features wooden brackets fixed layer upon layer between the
top of a column and a crossbeam. As a permanent landmark in the inner part of
Pudong New Area, the structure will adopt ecological sound technologies and
energy-saving measures. These include the sun-shading design, exterior of the
domestic pavilion is a buffer zone for heat or cold, as well as ecological
landscaping on the roof could lower energy demands effectively. During the Expo,
the main structure will be used for an exhibition based on the theme of "Chinese
wisdom in urban development" by explaining the values of harmony, nature and
spirit. The domestic hall will provide provinces, municipalities, autonomous
regions and other areas a platform to display their urban achievements,
designers said. But officials suggested that there might be some complexities of
having Taiwan participate in the event. "Negotiations with the Taiwan side has
lagged behind our talks with other provinces or regions, including Hong Kong and
Macao," said Dai Liu, China World Expo (Group) Co Ltd Managing Director. China
will have a back-up plan if they fail to persuade the island, he added. "If we
can include Taiwan in the Shanghai Expo, the world will see the status of
Chinese people is escalating in the global arena," he said. Organizers are still
searching for exhibition ideas for the pavilion, whose construction will be
completed in two years.
Supermodel Jessica White has joined Zhang Ziyi as the latest Maybelline New
York's spokesperson.
People love
watching movies. They like the beautiful actresses, handsome actors, touching
dialogues, stylish fashions and the witty lines in the movies. Yet there is one
more thing about movies that makes them worth our special attention-the
delicious food. When the the characters on the screen eat in a scene, we as the
audience can do a lot more than sit quietly watching them. Many of these
delicious foods can be found in Beijing.
Hong Kong parents
are eager to send their children to education institutes overseas despite the
stronger euro and the pound, according to a placement agency. The credentials
evaluation director of a private company promoting overseas studies said there
was a 15 percent increase in inquiries this year, compared with the same period
last year. Ken Ng Chung-lai of the International Student Services Center
Corporation also said that more parents now seem to prefer Britain or Canada to
the United States. "Probably, Hong Kongers are wealthier ... perhaps it is
related to the better economy," Ng said. He said it appears the US may not be
the top choice in the wake of several school shootings. Ng said 40 percent of
students sent overseas by his company went to Canada, 30 percent to Britain and
30 percent to other countries including the US and Australia. But in the past 30
percent went to Canada and the US, 20 percent to Britain and 20 percent to other
countries. Ng said one of the surprising facts was that families earning only
about HK$20,000 a month were also keen to send their children to Canada for
study. He said one possible reason is that many Hong Kongers have relatives in
Canada. "Boarding is expensive, and in many cases it can cost as much as the
school fees, so parents with moderate means are advised to send their children
to schools in countries where they have relatives," Ng said. It was a different
story with the Hong Kong Overseas Studies Centre whose administrator, Michelle
Leung Pui-ling, said more parents sought information about studying in the US.
"This is because the Hong Kong dollar is fixed to the US dollar and parents have
a better idea of the costs involved," Leung said. She advised parents sending
their children elsewhere to budget for extra expenses as the pound as well as
the Australian and New Zealand dollars have been appreciating. A US report said
that - fueled by Asia - foreign student enrollment in US higher education
institutions has increased significantly for the first time since the September
11, 2001 attacks, which led to tighter visa controls. According to the report by
the Institute of International Education, enrollments from East Asia increased 3
percent, with strong increases from China, South Korea and Taiwan. This, though,
was partially offset by declines from Japan and Hong Kong. The report said
582,984 international students enrolled in colleges and universities in the US
in the 2006/07 academic year. "This is the first significant increase in total
international student enrollments since 2001/02," the institute said in its
annual " Open Doors" report. In the previous academic year, the increase was
just within a fraction of a percent. Asia accounts for 59 percent of total US
international enrollments, up 5 percent this year. Strong increases were seen
from the top three sending countries - India up 10 percent, China up 8percent
and South Korea 6 percent. 
A veterinarian
feeds an injured wild giant panda after operation at the Shaanxi Province Rare
Wildlife Rescue & Breeding Research Center in Xi'an, capital of northwest
China's Shaanxi Province, Dec. 16, 2007.
Workers lay the last
rail of the Beijing-Tianjin high speed railway in Tianjin on Sunday, December
16, 2007. The railway will be put into use before the Olympic Games in August
2008.
China's
fast-expanding oil tanker fleet is expected to shoulder half of the
transportation of imported oil by 2010, experts have said. Luo Ping, a
researcher with the Institute of Comprehensive Transportation (ICT) affiliated
to the National Development and Reform Commission, said domestic shipping
companies have been encouraged to expand the oil transportation market in the
past years to help guarantee economic security. Recent studies by the ICT showed
that Chinese-operated tankers should transport at least 60 percent of imported
oil to ensure supplies. But domestic tankers last year shipped only 16 percent
of oil imported by China, ICT figures showed. "Based on our studies, we
recommended in 2000 that it should be a long-term goal to have 60 percent of
China's imported oil shipped by domestic companies by 2015," Luo told China
Daily. The country imports more than 130 million tons of oil each year, about 90
percent of which is transported by ship. It has made China, the world's second
largest importer after the United States, vulnerable to transportation costs and
other uncertainties such as war. Given the huge potential of the market, almost
all major domestic shipping companies have rolled out ambitious plans to expand
their fleet. "Major shipping companies have all carried out plans to increase
oil transportation capacities," Luo said. Almost all of China's major shipping
companies have set a target of at least doubling their current imported oil
transportation capacity by the year 2010. The China Ocean Shipping (Group)
Company (COSCO), for example, said it planned to have an oil transportation
fleet totaling 10 million deadweight (dwt) tons by the year 2010, up from the
current 5.07 million dwt tons. The expanded fleet will be able to transport 35
million tons a year, accounting for more than 15 percent of China's imported oil
transport in 2010 and up from the current 8 percent, said COSCO vice-president
Zhang Liang. "We have already placed orders to build new tankers totaling 2.4
million dwt tons. The rest will be achieved through rents and more purchases,"
Zhang told China Daily. Another major player, China Shipping Development Co
Ltd's Tanker Company, said it planned to expand its oil transportation fleet to
a scale of 8.5 million dwt tons in 2010 through buying and renting, up from the
current 3.9 million dwt tons. The general manager of the tanker company, Mao
Shijia, said the firm has orders for new tankers of 3.5 million dwt tons. The
expanded fleet, including at least 12 to 14 very large crude carriers, will help
the company take up around 15 per cent of China's imported oil transportation
market, up from the current 5 percent, Mao said. Both companies forecast that
domestic shipping companies will be able to transport 50 percent of China's
imported oil in 2010. At the same time, the authorities have expressed some
concern that their new oil tankers are not flying Chinese flags. The deputy
director of the Water Transport Department of the Ministry of Communications,
Zhang Shouguo, said the ministry would prefer more Chinese ocean-going ships to
fly Chinese flags instead of flags of convenience. Zhang said the country needs
to have better command over shipping to safeguard economic interests. To that
end, the ministry has introduced a two-year policy granting tax exemption for
ships of certain types - including oil tankers between four and 12 years old in
July this year - if they come back and register at home.
State-owned
Chang'an Automobile Group has started making its own hybrid cars, the first such
move by a mainland automaker. Mass production of the mainland- designed car,
which consumes 20 percent less fuel than ordinary cars of the same size, was
launched after six years of research and development. "This shows Chinese
automakers have grasped the core technology of making hybrid cars," Xinhua News
Agency said, adding that Chang'an will donate 10 such vehicles for the 2008
Olympics. The Chang'an Group controls listed Changan Automobile, a partner of
Ford and Mazda. The listed arm, based in the southwestern city of Chongqing, is
also China's largest minivan maker. Demand for hybrid cars is negligible in
China, where fuel economy figures little in consumers' purchasing decisions.
Hybrid cars are also expensive since the government offers buyers no incentives
to purchase them. Toyota was the first carmaker to build hybrid cars in China.
General Motors said last month it would begin producing a hybrid car in China
from next year, in time for the Olympics. Japan's Nikkei said the hybrid vehicle
made by Chang'an is based on a two-liter compact wagon that will be able to
travel 100 kilometers on 6.8 liters of gasoline, and it will be officially
released next year. The new hybrid is close in size to Toyota's Prius hybrid,
sold in China since late 2005. Mainland sales of the Toyota hybrid were down 86
percent in the first 10 months this year from the same period a year earlier to
299 units, as its 300,000 yuan (HK$317,390) price tag hurt its popularity.
Changan's new offering will cost around 150,000 yuan, roughly 20,000 yuan more
than the base vehicle but just half as much as the Prius. 
Revised labeling scheme
more balanced - Centre for Food Safety, The revised nutrition labeling scheme
for pre-packaged food has taken into account principles adopted by the Codex
Alimentarius Commission, local health and disease patterns as well as overseas
regimes, striking a balance among different stakeholders, Centre for Food Safety
Controller Dr Constance Chan says. Speaking on a radio show today, Dr Chan said
the revised scheme will cover energy, trans-fat, protein, carbohydrates, fat,
saturated fat, sodium and sugars. Compared with the original proposal tabled in
2005, the revised scheme will include saturated fat, sodium, sugars and
trans-fat, but cholesterol, calcium and dietary fibre will be taken off the
list. However, when a claim is made on the amount of cholesterol or the amount
and type of fat, then the amount of cholesterol, mono-unsaturated fat and
polyunsaturated fat should also be declared. Local situation - Dr Chan said
saturated fat, sodium, sugars and trans-fat are closely associated with
cardiovascular diseases and strokes, the second and third major causes of death
in Hong Kong. Limited intake of energy-dense foods and salt, and avoidance of
sugary drinks will cut the risk of cancer, the major cause of deaths in the
city. She said cholesterol is taken out as saturated fat and trans-fats are
considered more important risk factors for cardiovascular disease. Dr Chan said
apart from the principles adopted by the Codex Alimentarius Commission, local
health and disease patterns as well as overseas regimes, the revised proposal
has also taken into account compliance costs for the food trade, implication on
food choice, views collected during the consultation exercise and the results of
the regulatory impact assessment, so as to come up with a scheme appropriate for
the local situation. More flexibility - Principal Assistant Secretary for Food &
Health Angelina Cheung said under the original proposal 5% to 10% of food
available in Hong Kong would be withdrawn from the market. The impact on food
choice, however, will be reduced with the flexibility allowed in the revised
scheme. On the proposed small volume exemption scheme for food products with
annual sales volume of 30,000 units or below Mrs. Cheung said the move will
exempt many ethnic food, organic food, or niche food products mostly imported or
manufactured in small volume. This will also cater for the staging of food fairs
and trade promotion events held usually for market testing purposes. She said
small volume exemption will be subject to Food & Environmental Hygiene
Department approval under a pre-registration system. Food traders will have to
report to the department the monthly sales volume of the food items while
department staff will conduct enforcement checks.
Airport passenger traffic up
10% - airport authority, Hong Kong International Airport's passenger throughput
exceeded four million in November, up 10% on the same month last year, the
Airport Authority says. Airport Authority Chief Executive Officer Stanley Hui
said today November saw robust visitor traffic, particularly from the Mainland,
North America and Europe. "At our current growth rate annual passenger volume
will soon reach 50 million. Hong Kong International Airport is ready to meet
this demand and committed to delivering top-quality services and facilities."
Cargo throughput grew 6.2% to 364,000 tonnes, driven by strong exports to
Southeast Asia and Europe, and transhipments to and from Southeast Asia and the
Mainland. Air traffic movements rose 6.1% to 25,210. For the 12 months ending
November 30 passenger throughput was 47.4 million, cargo volume 3.72 million
tons with 294,180 air traffic movements, representing year-on-year growth of
7.5%, 4.3% and 5.2%. 
Hong Kong Financial Secretary John Tsang
has told Indian business people Hong Kong is a good platform for them to do
business on the Mainland. Speaking in Mumbai, he urged Indian entrepreneurs to
take advantage of Hong Kong's position as both an international business center
in Asia and China's global financial center. Tsang said 10 years after
reunification Hong Kong enjoys a much deeper relationship with the Mainland. The
city is working to enhance its unrivalled status as China's global financial
center by facilitating the flow of investment in and out of the Mainland. Tsang
said Hong Kong and India have built a strong friendship over many years, adding
the 30,000-strong Indian community in Hong Kong has an important part to play in
the city's future development. He added the One Country, Two Systems formula for
reunification with the Mainland is working well and Hong Kong people are running
the city with a high degree of autonomy.
A Japanese skims over the "Iris
Chang: The Rape of Nanking" Japanese edition in a bookshop in Tokyo Dec 15,
2007. The book explored one of the darkest episodes of history in 1937 when
Japanese troops occupied Nanjing.
Tasked with safeguarding the Mandatory Provident Fund accounts of more than
460,000 people in Hong Kong, Bank Consortium Trust managing director Lau Ka-shi
says she is cautious. BCT offers an array of MPF and retirement products as well
as third-party scheme and fund administration services. Lau puts the single
largest chunk of her investment portfolio - about 30 percent - in equities.
"Equities in the long run will always outperform other investment vehicles,"
says Lau, and blue-chip China Life Insurance (2628) is one of her favorites. "I
have been holding my stocks for more than 10 years. I seldom sell them, except
shares in initial public offerings. "I may sell IPOs [initial public offerings]
within a month or even several days. Yet, these only account for less than 5
percent of my investment portfolio. It will not feel painful if I lose money."
Unlike many local investors, Lau does not use margin financing to fund her
purchases of IPO stocks. "One should not lose sleep over investments," she
stresses. Lau says she does not believe in borrowing money for investments, and
does not even use a credit card for personal purchases. Mortgages for her
apartments are the exception. Lau's first apartment in New York was her first
investment, and saving the money for the downpayment was important. To Lau,
saving is key to accumulating adequate liquidity enabling her to take advantage
of the most opportune time to invest. Lau offloaded stocks in August and
September before the Hang Seng Index ended at record high of 31,638.22 on
October 30.
Hong Kong's first equity fund
that complies with Islamic investment principles has gotten off to a good start.
The Islamic China Index Fund from Hang Seng Investment is an index tracker fund
based on the Dow Jones Islamic Market China/Hong Kong Titans Index.