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February 29, 2008
Hong Kong's top financial official on Wednesday proposed a basket of measures aimed at returning wealth to the people, including tax cuts and concessions, against the background of a record high revenue surplus. The package of initiatives and concessions aim to help the disadvantaged, enhance Hong Kong's competitiveness and ensure sustainable development, said John Tsang, financial secretary of the Hong Kong Special Administrative Region government, while delivering his budget speech at the Legislative Council. He forecast a surplus in the Consolidated Account of 115.6 billion HK dollars (14.8 billion U.S. dollars) and a surplus of 63. 7 billion HK dollars (about 8.19 billion U.S. dollars) in the Operating Account for 2007-08. To return the wealth to the people, he proposed a one-off tax reduction of 75 percent of salaries tax and tax under personal assessment for the 2007-08 fiscal year, up to a maximum of 25,000 HK dollars (3,213 U.S. dollars). About one million taxpayers would pay no more than 5,000 HK dollars in tax after the reduction. The move would cost the Government 12.4 billion HK dollars (1.59 billion U.S. dollars) in 2008-09 and benefit 1.4 million taxpayers. Tsang also proposed raising the basic allowance and the single parent allowance from 100,000 HK dollars to 108,000, and increasing the married person's allowance from 200,000 HK dollars to 216,000. "Upon implementation of the proposals, all the major allowances and tax rates will have reverted to their 2002-03 levels," he said. He would like to lower the salaries tax and personal assessment tax standard rate by one percentage point, to 15 percent, from the next fiscal year, and lower profits tax to 16.5 percent. He also proposed widening the tax bands from 35,000 HK dollars to 40,000 HK dollars. Small and medium businesses are also in line for a one-off tax reduction with a proposed 75 percent concession of profits tax for2007-08, up to a maximum of 25,000 HK dollars. Business registration fees will also be waived for 2008-09. On the environmental front, Tsang proposed a reduction of 30 percent, 50 percent or 100 percent in the first registration tax of commercial vehicles meeting Euro V emissions standards, and a 100 percent profits tax deduction for capital expenditure on environmentally-friendly machinery and equipment in the first year of purchase. Duties on wine, beer and all other alcoholic beverages except spirits will be exempt, to help promote Hong Kong as a trade and distribution center for quality wine in Asia. The rapid development of the Chinese mainland helps Hong Kong's economy shift towards higher value-added services and support the special region's economic growth, Hong Kong Financial Secretary John Tsang said in his presentation of the 2008-2009 Budget to the Legislative Council Wednesday morning. Talking about the comparative advantages of Hong Kong, Tsang said the "rapid development of our nation is transforming the global economic landscape." "After 30 years of reform and liberalization, the increasing integration of the mainland with the global economy and the urbanization and industrialization in the mainland have progressively changed the mode of economic development, boosting domestic consumption in terms of both quality and quantity, driving manufacturing industries up the value chain and speeding up the development of the service industries," he said. Tsang said Hong Kong has the unique advantage of having the mainland as its hinterland while maintaining an international outlook. It has been fostering cooperation and integration with the mainland through the Closer Economic Partnership Arrangement ( CEPA) and the Pan-Pearl River Delta (Pan-PRD) Regional Co- operation Framework Agreement. Tsang stressed that with the gradual implementation of the Action Agenda put forward in the Economic Summit of "China's 11th Five-Year Plan and the Development of Hong Kong", Hong Kong can enhance its role in the development of the country. By expanding the scope for functional division and cooperation between Hong Kong and mainland cities, mutual benefit can be achieved, he said. "With these advantages, we can attract investors from both the mainland and overseas to use Hong Kong as a platform for developing regional and international business," Tsang said. Tsang said Hong Kong must co-operate with the Chinese mainland, in particular the Pan-PRD region, in promoting to these investors the overall package in order to enhance its attractiveness. Meanwhile, Hong Kong must also further enhance its status as Asia's world city and as a place for regional operating headquarters, and increase its cooperation with other cities in the region, Tsang said. Hong Kong plays key role in world trade - Hong Kong is playing more important role in international economic and trade exchanges, with its international image of "China Hong Kong" further raised, said a senior official of the Chinese Ministry of Foreign Affairs here Wednesday. Lu Xinhua, commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region (HKSAR), made the remarks while hosting a reception to celebrate the Chinese Lunar New Year in his office. He said that over the past year, his office actively supported the HKSAR to conduct external exchanges and cooperation, fully safeguarding the legitimate rights and interests of Hong Kong compatriots overseas. Lu thanked the HKSAR government and people of Hong Kong for their support to the work of his office, pledging to do more for the prosperity and stability of Hong Kong. The reception was attended by nearly 500 people, including Donald Tsang, chief executive of the HKSAR, and foreign diplomats in Hong Kong.
Hong Kong Home loan values soar to 10-year high on rate cuts - The value of new home loans approved in January by Hong Kong lenders rose to the highest in 10 years as a result of a series of interest rate cuts beginning in November last year. In a survey of 23 lenders, the Hong Kong Monetary Authority found the value of new home loans surged 29.2 percent to HK$29.4 billion. The number of new loans grew 25.8 percent to 14,126, including 11,372 for apartment resales. The number of new applications increased by 39.2 percent. The secondary market is the hottest in almost 10 years as transaction levels topped those of late 1997, said Wong Leung-sing, Centaline Property Agency associate director for research. Demand for mortgages increased as people rushed into the property market, he noted. The turnover tempo was stepped up with Hong Kong cutting rates six times since September, including a 75-basis- point slash in January. That reduced borrowing costs and raised home prices. Consumer prices, excluding the effects of the property rates waiver, rose 4.3 percent last month year-on-year versus 3.8 percent a month before, while the best deposit rate is only 0.75 percent. And home values in the 50 top private estates surged 5.5 percent in January, according to Ricacorp Properties research. The mortgage delinquency ratio and rescheduled loan ratio declined to 0.09 percent and 0.19 percent respectively. The combined ratio fell to a record low of 0.28 percent. Analysts expect mortgage approval figures for February to be low because of the Lunar New Year holiday. The Capitol, a new project in Tseung Kwan O, will go on sale this weekend.
Former financial secretary Henry Tang Ying-yen's evidence against the head of InvestHK should not have been relied on because he "regurgitated" the findings of a previous inquiry, the High Court was told yesterday. Richard Gordon, the lawyer for InvestHK chief Mike Rowse, said during a judicial review hearing that his client should have been given the benefit of the doubt on allegations of misconduct over the HK$100 million Harbour Fest concerts in 2003 due to lack of independent evidence. Tang had told an Inquiry Committee that he agreed with the independent panel's findings that Rowse mishandled the budget and failed to protect the government's interests. But Gordon argued that Tang had no recollection of the facts, such as how the budget was scrutinized, and could not explain the reasons for his opinions. "The only material evidence given by Tang was to adopt the conclusions of the Independent Panel Inquiry," Gordon said. Part of Tang's evidence also "exonerated" Rowse of misconduct over free tickets - for which he was found guilty of failing to ensure government interests. Gordon said Rowse should have been given the benefit of the doubt because all the witnesses, apart from Tang, gave evidence that exonerated his client on all charges. Gordon also claimed the five charges of misconduct for which Rowse was reprimanded and fined HK$156,000 were "irrational." On the first charge the Inquiry Committee found that the talent costs of international acts had not been critically examined by InvestHK. But Gordon argued that the costs could not have been logically broken down before the entertainers had been secured.
February 28, 2008
Macao's GDP expected to grow by 13% in 2008 - Despite a strong GDP growth of 27 percent last year, the Bank of China (BOC) Macao Branch predicted in a recent economic research report that Macao's GDP growth in 2008 will be lowered to 13 percent. According to the report, the slowdown of world economic growth will "certainly" have its impact on the special administrative region (SAR), but thanks to the dynamic development of its leisure and tourism industries and ballooning fixed asset investment, Macao will sustain a two-digit GDP growth rate this year, although lower than 2007. By the end of 2007, six casino operators with gaming concessions and sub-concessions have opened their flagship casino resorts in the island city, which not only helped boost the SAR's direct gaming taxes to 29.3 billion patacas (around 3.7 billion U.S. dollars) but also brought a large amount of fixed asset investment that contributed nearly 30 percent to the total value of the SAR's GDP, said So Chun Fai, asset and liability manager of BOC Macao. He added that as gaming companies expand their operations here, leading to the construction of more casino resorts, and a new round of infrastructure investment, such as the city's light rail and natural gas projects, large amounts of funds will be poured into Macao along with the surging fixed-asset investment, which will be the "shining point" of the city's economy in the coming years. Despite a foreseeable growth, the report also focused on the diversification of Macao's economy which still depended heavily on the gaming industry. "It is undeniable that concentrating the whole of the economy in one single industry will bring about high risks," the report said. Official statistics showed that direct gaming taxes accounted for over 70 percent of the SAR government's total revenue in 2007. BOC Macao pointed out in its report that 2008 is an important year for the SAR government to diversify Macao's gaming-led economy, which was itself a development goal set by the SAR government. Meanwhile, the report also highlighted the development of Macao' s burgeoning MICE (meeting, incentive, conference and exhibition) industry as an important way to push forward the diversification, and will help boost revenues of relevant business sectors in the city, such as hotel, entertainment and logistics. The Macao Trade and Fair Association (MCEA) estimated that the industry will generate a projected income of 368 million patacas ( 4.6 million U.S. dollars) in 2008 and even 1.55 billion patacas ( 193 million U.S. dollars) in 2015. However, Macao's MICE industry is still in its starting phase compared with Hong Kong and Guangzhou, both of which have decades of experience in developing the industry. Therefore, the future of Macao's MICE industry lies in regional cooperation, said Lam ChuenIn, president of the MCEA. He said the SAR government has planned to implement the ATA Carnet system this year, which hopefully will promote Macao's MICE cooperation with neighboring cities, such as Hong Kong and Guangzhou. The ATA Carnet ("ATA" stands for the combined French and English words "Admission Temporaire-Temporary Admission.") is an international Customs document that a traveler may use temporarily to import certain goods into a country without having to engage in the Customs formalities usually required for the importation of goods, and without having to pay duty or value-added taxes on the goods. The implementation of the ATA system will lower the costs of importing exhibits and other relevant materials to Macao, facilitating international companies to run their exhibitions here, said Lam, adding that since the cost of importation is lowered, neighboring cities can provide supporting services, such as storage and advertisement printing, to Macao, through which the whole region of Pearl River Delta will benefit from the development of Macao's MICE industry.
Chinese University expects to begin attracting more donations from former students as its alumni body matures, its vice-chancellor said this week. Announcing the university had received enough donations by the end of last month to secure the maximum HK$250 million from the government's matching grant fund, Lawrence Lau Juen-yee said the university's 45th anniversary this year would mark the start of an upward trend in alumni donations. "Most people spend the first 20 years after they graduate building their career," he said. "It normally takes about 40 years after people graduate before they start thinking about giving something back." Professor Lau was speaking at a media reception on Thursday. CUHK is the second university to announce it has enough to qualify for the upper limit of the HK$1 billion fund in the first month after it was launched. University of Hong Kong vice-chancellor Tsui Lap-chee said last week it had registered the HK$455 million in donations needed. Under the rules of the fund, which was launched on January 1 and due to run until the end of the year, universities are eligible for a "guaranteed minimum" of HK$45 million of funding matching donations on a dollar-for-dollar basis. Beyond that, the government pays HK$1 for HK$2 donated up to a maximum of HK$250 million for any single institution. Competition among the other eight institutions is likely to be fierce for the remaining money, to be given on a first come, first served basis. However, Professor Lau said fund-raising was not just about making money. "What matters most is the recognition. They are saying they agree with the direction CUHK is heading."
At least one mobile phone operator has cried foul after being denied advertising time on Now Broadband TV - an offshoot of telecommunications giant PCCW (SEHK: 0008), which insists rivals are not allowed to buy coverage on the network. But a senior telecoms watchdog official said Now was unlikely to be breaching anti-competition rules, while a lawmaker conceded such acts would not be regulated until the proposed fair competition law was passed. A mobile phone operator told the South China Morning Post (SEHK: 0583, announcements, news) that his company had twice failed to run a marketing campaign on Now TV channels. Now said in written explanations in May 2006 and July last year that prior approval from PCCW's senior management was required for broadcasting of any advertisement that directly competed with PCCW's products and services, including the internet, broadband, media and telecoms products. The proposed TV commercials were considered to be for services in direct competition with PCCW's services. "The practice is unfair to competitors but there seem to be grey areas in the ordinance," said a manager who declined to be identified. "We even have no idea if the issue is under the jurisdiction of the Office of Telecommunications Authority or the Broadcasting Authority, or neither." PCCW said the company retained the right to accept or reject any requests for advertising. "We generally do not carry the ads of our competitors," a spokeswoman said. Bernard Hill, Ofta's assistant director for competition, said there had been inquiries about the case but no formal complaints. He said anti-competitive conduct was prohibited under the broadcasting and telecommunications ordinances but a formal complaint was unlikely to be upheld. "The determining factor is whether a business abuses its dominant market position as an advertiser. But Now TV is only one of several pay-TV operators, which is not a monopoly," Mr Hill said. He said television commercials accounted for only a small amount of the advertising of mobile operators and the refusal was unlikely to significantly affect the market. "Only if PCCW held a dominant position among mobile phone operators or on the TV advertising platform would a complaint be actionable," Mr Hill said. Lawmaker Sin Chung-kai, who represents the information technology constituency, said rejecting a competitor's advertisement might be classified as anti-competitive conduct under the proposed fair competition law, which would also cover unfair or discriminatory standards set out by companies. "The policy violates the principle of fair competition despite being outside the boundary of existing regulations," said Mr Sin, who called for the new legislation to be speeded up. A Broadcasting Authority spokeswoman said the issue was not under its jurisdiction. Cable TV, an arch-rival of Now TV, said it did not block advertisements from competitors, citing a series of commercials for Residence Bel-Air - developed by PCCW - in 2003. TVB (SEHK: 0511) and ATV also said they followed advertising standards issued by the Broadcasting Authority. Both had carried commercials of Now TV last year.
China Metallurgical has agreed to pay US$370 million for a yet-to-be-developed iron ore mine in Australia, the latest move by a state-run conglomerate to acquire assets in Australia’s booming resources sector. Massive industrialization has sent Beijing-controlled companies scouring abroad for raw materials such as iron ore, nickel and coal to supplement limited supplies at home. Under direct supervision of the government, China Metallurgical has more than 70 subsidiaries, including about 20 overseas companies worldwide. Rapid expansion in the mainland’s steel industry, now the world’s biggest, has made iron ore a highly prized commodity among Beijing’s central planners, particularly ore from Australia due to the relatively short shipping time to home ports compared with the mammoth deposits of Brazil and Africa. The mainland’s hunger for imported ore has taxed the limits of Australia’s two big iron ore miners, BHP Billiton and Rio Tinto. Besides the mainland, both companies have long been big suppliers to Japan, South Korea and elsewhere in Asia. BHP chief executive Marius Kloppers has used the need to mine more iron ore as a reason for launching the world’s second-largest takeover attempt for Rio. Rio has rejected the offer as too cheap, mainly because of its growth potential in iron ore mining. Another mainland multinational Chinalco earlier this month teamed up with United States aluminum producer Alcoa to buy 9 per cent of Rio. Cape Lambert Iron Ore on Tuesday said it had signed a preliminary pact to sell its project to China Metallurgical for A$400 million (HK$2.89 billion) pending approvals from Australian foreign investment regulators and its own shareholders later this year. “This is all about the Chinese securing iron ore supplies in the future,” Cape Lambert chairman Ian Burston said. China Metallurgical has paid a A$10 million deposit and had until April 30 to complete due diligence on the project and obtain mainland government approvals for the acquisition, Mr Burston said. China Metallurgical already owns 20 per cent of the A$5.2 billion Sino Iron Ore Project, sited about 120 kilometers southwest of Cape Lambert in the ore-rich Pilbara region. That project has access to more than two billion tons of ore, yielding 27.6 million tons a year. On a world scale, Cape Lambert is a relatively small, though long life, mining project. An early blueprint calls for production of about 15 million tons of ore annually for 20 years starting in 2011 or 2012. Rio and BHP each produce more than 100 million tons each year and have mapped out big expansion plans. Mr Burston said Cape Lambert had retained an exploration property near the project and was also reviewing prospects elsewhere in Australia and in Sierra Leone.
February 27, 2008
Heavy polluters to be restricted from listing - China will impose new restrictions on heavy polluters trying to list on domestic stock markets, according to a document released by the country's environmental watchdog today. The State Environmental Protection Administration (SEPA) said that the rules will help restrain the "over-expansion" of high-polluting and high energy-consuming enterprises and will also reduce capital risk. SEPA launched a pilot scheme last year, and said that the IPO plans of 10 companies - including China Coal Energy - were delayed after failing to meet environmental standards. According to the new rules, companies from sectors designated as high-polluting and high-energy consuming, which include thermal power, steel, cement and electrolytic aluminum, will have to submit to an environmental inspection if they wish to launch an IPO or apply for additional financing. Their IPO application to the China Securities Regulatory Commission (CSRC) will also have to include recommendations drawn up by the environmental regulator before they are even considered. SEPA and the CSRC will also set up a public information system to monitor the environmental activities of companies already trading on the stock market, as well as set up an "environmental performance" index that will enable shareholders to monitor the behavior of listed companies. Pan Yue, deputy chief of SEPA, said that the measures were the third attempt to use economic measures in the battle against pollution, following last year's introduction of "green credit" and "green insurance" schemes. He also said that the scheme would not only improve the environmental performance of listed companies, but would also help protect the interests of investors. During a campaign against heavy polluters last year, the stock price of a number of firms - including the electricity producers, Datang, Huaneng, Huadian and Guodian - suffered, Pan noted. Immature market entry mechanisms had allowed big polluters to list and raise funds and thereby increase their rates of pollution, but with state regulations on pollution and efficiency becoming more stringent, investors are now facing bigger challenges, he said. Pan said last year that China would introduce more economic mechanisms to help fight against pollution and inefficiency, noting that previous one-off campaigns, known as "environmental protection storms", had failed to get to the root of the problem.
February 26, 2008
CRCC key players invest US$450m - China Railway Construction Corp, which is seeking a dual listing in Shanghai and Hong Kong, says it has already secured nine institutional investors for its H-share listing but trimmed down its A-share issue because of market instability.
A massive backlog is straining Macau's legal system, with hundreds of trials being delayed for months or even years. The crisis has prompted calls for judges to be imported from Portugal, the city's former ruler. Critics have warned that if nothing is done, the build-up of cases might paralyse Macau's judiciary. But there are concerns that Beijing may frown upon the idea of having too many Portuguese judges. The Court of First Instance handles most trials, commercial and criminal, in the city of half a million people. The number of criminal cases before the court rose from 4,973 in 2002 to 12,697 last year, while the number of unfinished cases at year-end soared sevenfold from 969 to 6,807 over the same period. Meanwhile, the number of judges and prosecutors dropped from 52 in 2002 to 48 last September. There are currently only 29 judges in Macau. Prominent lawyer Miguel de Senna Fernandes said if the issue was not resolved, Macau's legal system might collapse. Four commercial cases that Mr Fernandes is handling have been delayed, including one that began in 2005. The oldest wine merchant in the United States will start auctioning fine wines in Hong Kong in May - regardless of whether wine duties are lowered or not. The move by New York-based Acker Merrall & Condit is expected to put Hong Kong back on the international wine-auction map after a decade-long absence. The auction will be held at the Island Shangri-la hotel on May 31. "More and more of our auction business is going to Asia," said John Kapon, Acker Merrall's president and auction director. Expectations are high that wine duties will be cut when the financial secretary announces the budget on Wednesday. The 80 per cent duty was halved to 40 per cent last year. The growth of the lucrative fine-wine auction business is one of the reasons cited by the Hong Kong Wine and Spirits Industry Coalition in its push for zero duties. Fine-wine auctions worldwide took in about US$300 million last year, of which buyers in Hong Kong accounted for 20 per cent to 25 per cent. Mr Kapon said a second auction could be held in November depending on the success of the May event. The wines would mainly come from three select European sellers and five or six from the US. The 188-year-old family business sold a bottle of 1945 DRC Romanee-Conti for US$41,825 in May last year. In January 2006, it auctioned a case of 1971 Romanee-Conti for US$136,000. Doug Rumsam, managing director of Bordeaux Index's Hong Kong office, said scrapping the duty would allow Hong Kong to compete with Europe and greatly increase the stock traded here. Bordeaux Index is the largest fine-wine distributor in Britain. London-based David Elswood, international head of wine sales at Christie's, said the auction house had no definite plans to auction wine in Hong Kong but would like to operate here in the future. "Any reduction in duty and tax levels is likely to have a beneficial effect on the market," he said.
Visiting former U.S. Secretary of State Henry Kissinger said on Saturday to continue strengthening exchanges and cooperation between China and the United States is in the common interests of both sides. Kissinger made the remarks in a meeting with Chinese Vice Premier Zeng Peiyan. He said China has made surprising achievements since its reform and opening up 30 years ago. Zeng said this year is a crucial year for China-U.S. relations, and China is ready to make joint efforts with the U.S. side to continue to implement the important consensus reached by the two heads of state, strengthen dialogue, mutual trust and cooperation, and consolidate and deepen common interests. He added that the two sides should also respect and consider the concerns of each other and properly handle differences. Zeng hailed the new progress of China-U.S. relations in the past year, saying the two countries have conducted "fruitful" exchanges and cooperation in various fields and maintained good coordination on major international and regional issues. Kissinger added that the international community was deeply impressed by the solidarity and efforts of the Chinese government and people in fighting against the recent snow disaster. Kissinger is visiting China at the invitation of the Chinese People's Institute of Foreign Affairs. British Foreign Secretary David Miliband reiterated on Saturday his opposition against a boycott of the Beijing Olympic Games this summer. "I do not support an Olympic boycott. I do support engagement with China on the need to work together internationally to nurture the potential gains of globalization," Miliband said on his blog upon his six-day visit to China. "China depends on that cooperation; so do we," Miliband wrote. The 29th Summer Olympics will be held in Beijing in August this year. "I am immensely looking forward to my visit, which I expect to be instructive, thought-provoking and inspiring in equal measure," he said on the blog. Miliband's visit to Hong Kong, Shanghai, Chongqing and Beijing will begin on Sunday. "My aims are simple: to try to understand the country better, to compare notes on the challenges of equality, security and sustainability in our two countries, and to forge relationships that foster Anglo-Chinese cooperation at an international level in the pursuit of shared goals," he concluded. He showed different types of famous Chinese food and depicted relations between food and culture. "I love food so I am the right person to make the film," Lau said at a press conference in Beijing yesterday. Talking about director Steven Spielberg quitting as an adviser to the Games, Lau said: "I was shocked ... it's clear that the Olympics is all about sport and nothing to do with politics." Spielberg withdrew from his position as an adviser to the opening and closing ceremonies on February 12 over his beliefs about China's policy on the conflict in the Darfur region of Sudan.
China and the United States launched a short film competition in Beijing open to Chinese university students to promote intellectual property rights (IPR) protection on Saturday. The one minute film contest was jointly launched by the China Film Copyright Protection Association (CFCPA) and the Motion Picture of America Association (MPAA) during the 15th Beijing Student Film Festival. Budding film makers must hand in their works by March 15. Films will be judged in three categories: digital video (DV), cartoons and mobile phone films, according to the organizing committee. The first prize is a trip to Los Angeles to visit Hollywood, the Avenue of Stars, Warners Brothers Studio and Disneyland. The festival, launched in 1993, offers a platform to small budget Chinese-made films and new directors and actors. Last year, the short-film contest with the IPR protection theme was launched, aiming to popularize knowledge among young Chinese, organizing committee sources said. Last year, Liang Jinwei, a Guangxi University for Nationalities student, won first prize for his short entitled "Pilferage?". In it, a primary student cited an example of IPR violation as the answer to his teacher's question about what is "pilferage"? The student's answer embarrassed his teacher, parents and classmates. Liang, now a third-year student, visited the United States last fall. He told Xinhua "I am impressed with the advanced film industry in the United States." He said he will join in this year's contest to play a role in IPR protection. China's State Administration of Radio, Film and Television and Ministry of Culture signed a memo on film copyright protection with the MPAA in July 2005, reaching consensus about copyright protection for US film products in the Chinese market. CFCPA and MPAA signed a memorandum of understanding in March 2006, boosting China's efforts to protect film copyright. February 25, 2008
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Hong Kong:
Hong Kong will invest nearly 20 billion HK dollars (2.5 billion U.S. dollars)
into human capital, boosting job opportunities, education and the workforce,
said John Tsang, financial secretary of the Hong Kong Special Administrative
Region government, in Hong Kong Wednesday. Tsang outlined three major
initiatives to enhance the city's workforce and education, when delivering the
2008-09 Budget at theLegislative Council, including youth employment, research
and development and the import of talent. A provision of one billion HK dollars
(129 million U.S. dollars) will be made over the next three years to create
3,000 three-year jobs for young people. "Young people are the driving force for
the future development of the community. I hope unemployed youths can obtain
work experience and enhance their job-related skills to provide a solid
foundation for future development," Tsang said. He proposed two measures to
provide more diversified research and development activities to sustain economic
growth and enhance competitiveness. The first is to provide 800 additional
publicly-funded places for postgraduate research programs in phases from the
2009-10 school year, which will incur additional expenditure of nearly
300million HK dollars (38.6 million U.S. dollars) annually. Second, Tsang
intended to provide a one-off grant of 18 billion HK dollars (2.3 billion U.S.
dollars) to establish a Research Endowment Fund. The fund and its investment
earnings will replace the annual funding granted by the Government to the
Research Grant Council of the University Grants Committee. Part of the funds
will be used to finance research projects on specific themes. Tsang said as the
aging population will impose limitations on production capacity, Hong Kong must
woo more talented people from the Chinese Mainland and overseas to nourish the
economy and improve the population structure. Tsang pledged to make better use
of the Hong Kong Economic and Trade Offices around the world to enhance the
external promotion of talent-admission schemes and the arrangements for
non-local students to work in Hong Kong.
The government has an "open attitude" on any policy change
concerning the maximum number of horse racing days and simulcasts of overseas
races each season, Deputy Secretary for Home Affairs Donald Tong Chi-keung said.
Tong was responding to Hong Kong Jockey Club chief executive Winfried
Engelbrecht-Bresges who last week told reporters the club hoped to increase the
number of overseas races simulcast - currently 10 per season - as it was under
great pressure from Macau's gambling industry, which is threatening to take away
HK$10 billion of gambling money per year. Tong said the government had not
received any formal application regarding what he called a "controversial
matter." He said: "Our communication channel remains open and we will continue
to discuss the matter." Tong added: "[But with the Equestrian events in Hong
Kong of] the Olympics - a once-in-a-lifetime experience - forthcoming, I believe
the Jockey Club cannot divide its time ... there is no deadline to this topic,
we can discuss this next month or even next year." He stopping short of ruling
out any policy change before the new racing season begins in September. "There
are currently 78 race days and 10 simulcasts [per season]. Any policy change
must be dealt with with extreme care ... it cannot be a rash decision," Tong
said. He said the government would require solid reasoning before there could be
a policy change and that it would need to consult certain anti-gambling
organizations, though not necessarily in the form of public consultations. "We
do note that the Jockey Club has suggested that when there are important matches
overseas, there exists a good number of illegal gambling activities," Tong said.
Unlike the previous legalization of football betting, the simulcasting of horse
races from overseas does not require the agreement of the Legislative Council. A
Jockey Club spokeswoman said it welcomed the government's openness on the issue
and will discuss the matter further with the Home Affairs Bureau. "The club is
concerned about the wider issue of increasing overseas and illegal betting and
its impact on Hong Kong as a whole," she said. "With the increasing world-class
status of Hong Kong racing, there is growing participation of Hong Kong horses
in overseas races both during [the season] and off-season. For example, when
Viva Macau runs in Dubai in March, racing fans are asking whether the club will
offer the simulcast race for them to bet on and if the club cannot offer this to
them, they will have no choice but to bet illegally or with offshore operators."
Secretary for Commerce and Economic
Development Frederick Ma Si-hang yesterday attempted to end conspiracy theories
and ribald speculation when he said the lowering of the educational requirement
for the post of director of broadcasting was designed to attract more talented
people. It was the first time a senior government official has spoken on the
decision to drop the degree requirement for the post and replace it with one
calling for at least 15 years of media experience. The government's move had
triggered speculation the requirements were being changed to facilitate the
appointment of a civil servant or talk-show host Robert Chow Yung. Chow
announced he has applied for the job in a high-profile press conference on
Monday in which he accused critics of discriminating against the six million
people of Hong Kong who are without university degrees. Ma said the selection
committee had interviewed 20 candidates with degrees in the first round but
found none of them suitable for the job. He said the adjustment was made after
considering the special nature of the media field in which many senior
professionals do not have degrees. Assistant Director of Broadcasting Tai
Keen-man, who was among the 20 applicants rejected in the first round of
selection, said he would not comment on Chow's candidacy since he is applying
for the job again. Meanwhile, Chow was urged by veteran politician Allen Lee
Peng-fei and Radio Television Hong Kong Program Staff Union chairwoman Janet Mak
Lai-ching to stop hosting his RTHK show Talkabout. Mak, one of the three people
Chow named as being discriminatory, spoke on Chow's show, saying his continued
appearance would create a conflict of interest. Lee, who also spoke on the show,
said even if Chow did not take part in discussions on his application, he could
be seen as having an advantage over other prospective candidates. "You mean when
one applies for a job he has to quit his current job or be dismissed?" Chow
responded. Chow's high-profile announcement was not well received by some
sections of the media.
China:
China's green construction system, with a market value estimated at 1.5 trillion
yuan (208 billion U.S. dollars), is growing through energy-efficient projects,
the Ministry of Construction said in Beijing on Tuesday.
China and the United States
agreed on Tuesday to step up bilateral constructive and cooperative relations
and handle the bilateral ties "in a long-term and strategic perspective". The
agreement was reached in a meeting between Chinese President Hu Jintao and
visiting United States Secretary of State Condoleezza Rice. The two sides also
exchanged views on international and regional issues, such as the nuclear issue
on the Korean Peninsula. Hu applauded the growth of Sino-U.S. relations in the
recent years and said the bilateral cooperation and the international
coordination in such fields as anti-terrorism, trade, energy and environmental
protection, among others, were "effective outcomes" He spoke positively on the
strategic dialogue and strategic economic dialogue mechanism forged between the
two nations, highlighting the recent development of exchange and cooperation
between the two country's militaries. "The cooperation arena keeps expanding and
the strategic significance of the bilateral ties grow higher and higher." Hu
said 2008 was a highly-important year for China and the United States, proposing
the two countries continue to intensify dialogue and cooperation with aim to
increase mutual understanding and trust, as well as to address the bilateral
issues to their key concerns. Rice said the two nations shared a solid
foundation to foster ties, expressing her appreciation to the efforts China had
made to resolve international issues, such as in Darfur. The United States hopes
to see China to continue playing a constructive role in addressing international
issues and remaining committed to promoting dialogue and cooperation with China
in various fields, Rice said, according to a press release from the Chinese
Foreign Ministry after the meeting. Rice arrived in Beijing on Tuesday morning
for a two-day visit as a guest of Chinese Foreign Minister Yang Jiechi.
Engineers look at the model
of Sanmen nuclear power station, which will be China's first third-generation
nuclear plant and the world's most advanced, in Sanmen, East China's Zhejiang
Province, February 26, 2008. China starts excavation for world's first
3rd-generation nuclear plant - China began excavation for the foundations of the
world's most advanced nuclear reactor in Sanmen City in the eastern Zhejiang
Province on Tuesday. The No. 1 reactor in Sanmen nuclear power plant will use
the third-generation AP1000 technology, which was transferred from the
U.S.-based Westinghouse Consortium. It has never been used in any operating
power plant previously, said Zhao Hong, a State Nuclear Power Technology Corp. (SNPTC)
engineer. Builders plan to excavate a hole 12 meters deep and more than 20
meters in diameter to house the reactor. It is expected to go into commercial
operation in 2013. "The excavation started one month earlier than the original
plan thanks to the support from all sides," Zhao said, adding concrete pouring
would start in March 2009. Sanmen Nuclear Power Corp. (SNPC) will install six
AP1000 nuclear generating units, each with a power capacity of 1.25 million
kilowatts, before eventually becoming self-sufficient in the AP1000 technology.
The excavation marked China's first step to build the most advanced nuclear
power plant in the world, and China would play a leading role in the nuclear
technology once the project was finished, said Kennon Hess, director of the
Joint Project Management Organization (JPMO), which was formed by SNPTC, SNPC
and Westinghouse Consortium. In July, China reached an agreement with
Westinghouse Electric Co. to build four nuclear power plants in the country --
two in Sanmen and two in Haiyang City in the eastern Shandong Province. The
construction of the Haiyang plant will begin later this year. Westinghouse says
the AP1000 uses less cable, piping and valves than the previous generation of
reactors, cutting costs and reducing the need for large cooling towers ,
redundant pumps and other equipment. China currently has 11 nuclear generating
units in operation. Three use domestic technologies, two are Russian, four are
French and two are Canadian designed. All employ second-generation technologies.
During the month-long snow hit this winter, the 11 units generated power of
about 5.8 billion kilowatt hours. The amount corresponded to power generated
from 1.7 million tonnes of standard coal, which required 340 trains to carry,
statistics from China National Nuclear Corp showed. According to the government
plan, China will have an installed nuclear power capacity of 40 million kw by
2020, accounting for four percent of the country's total.
Chinese special envoy for Sudan's Darfur
Liu Guijin (R) inspects an ambulance donated by China to a Sudanese medical
organization in Nyala, South Darfur State, Sudan, Feb. 26, 2008. Liu arrived in
Khartoum on Sunday for a four-day visit in Sudan, which is his fourth tour in
the country since his appointment last May as the Chinese government's special
envoy for Darfur. The Chinese government's special representative for Darfur,
Liu Guijin, Monday pledged China will provide more humanitarian assistance to
people in Sudan's western region of Darfur. "Our government is preparing a new
budget and more humanitarian assistance will be forced forward," Liu said at a
handover ceremony of an aid package of 20 million Chinese yuan (2.8 million U.S.
dollars). 
Workers prepare for traffic launch
of the 36-kilometer bridge spanning the Hangzhou Bay near Shanghai. The world's
longest sea-spanning bridge will soon open to traffic, said a local official.
Houston Rockets center Yao Ming speaks at a press conference announcing he would
not play for the rest of the NBA basketball season due to a stress fracture in
his left foot Tuesday, Feb. 26 in Houston. (Inset) Team doctor explains Yao's
affected part. 
Bosses of companies which pollute
waterways could be docked half their salary, in the latest proposal to tackle
the country's environmental problems. Enterprise heads directly responsible for
causing severe water pollution incidents and others with direct responsibility
would be fined up to half of their income in the previous year, according to a
draft law. The draft will be submitted as an amendment to the Water Pollution
Prevention and Control Law for review by the Standing Committee of the National
People's Congress. Previously, the firms themselves could be fined for any water
pollution they caused, but this is the first time that individuals could face
punishment. More than 70 percent of the country's waterways and 90 percent of
its underground water is polluted. Meanwhile, normal water supplies to more than
200,000 people in Jianli and Qianjiang counties have been cut due to pollution
in a local river. The water supply was cut on Sunday after water in a branch of
the Hanjiang River turned red and foamy, forcing nearly 200,000 residents to opt
for underground and bottled water.
Vancouver Canada
proposes Lydia Shum Day - A "Lydia Shum Day" will be announced by Vancouver
mayor Sam Sullivan Tuesday afternoon to commemorate the contribution of the late
Hong Kong comedienne. China News Service reported that the private funeral of
Shum will be held on Wednesday in Vancouver and a memorial service will be held
on Friday. Lydia Shum used to live in Vancouver in the 1980s before returning to
Hong Kong. She traveled between Hong Kong and Vancouver for many years attending
activities of the Chinese community in Vancouver and was a very popular
comedienne there.
Hong Kong
Entertainment Ambassador Tony Leungs laugh during a news conference to announce
the details of the upcoming Entertainment Expo at the Convention and Exhibition
Centre in Hong Kong February 25, 2008.
Kang Meng parries
a double attack from Sun Pingping (middle) and Wang Jie in a martial arts
demonstration at the University of Hong Kong's school of Chinese medicine this
week. The students were part of a 20-member martial arts team from Shanghai
University of Traditional Chinese Medicine. They were visiting for the 3rd Hong
Kong International Wushu Competition, which ended on Wednesday, and won the
overall group championship. 
Chinese President Hu meets
with Rice - Chinese President Hu Jintao called for cautious handling of Taiwan
issue during a meeting with visiting U.S. Secretary of State Condoleezza Rice
Tuesday.
Visitors view an exhibit at the
Dunhuang Art Exhibition held at the National Art Museum of China in Beijing,
capital of China, Jan. 22, 2008. The exhibition was kicked off Tuesday, with 120
pieces of copies of Mokao Grottoes murals and ten pieces of unearthed cultural
relics on display. The Mokao Grottoes, 25 km southeast of the town of Dunhuang,
are the most famous of the many religious shrines built around A.D. 366. They
consist of 492 caves carved in the steep face of a cliff between Sanwei and
Mingsha mountains.
Former U.S. Federal Reserve Chairman
Alan Greenspan expressed his appreciation for China's experience in economic
reforms and investment promotion, local media said Tuesday. Greenspan, at the
ninth Jeddah Economic Forum in the Red Sea port city of Saudi Arabia's Jeddah
Monday, said the rapid development of China's economy is mainly due to the
country's gradual and diversified economic reforms, its ability to attract and
use foreign investment, and the healthy interaction between state-owned and
private enterprises. Those measures and factors have prevented turbulence in
China's society, he added. Greenspan, who had been running the U.S. Federal
Reserve from August 1987 to early 2006, said the ups and downs of oil prices on
the international market are caused by the imbalance of oil production and
consumption, adding it is necessary to use oil reserves to reduce the imbalance
now. The ninth Jeddah Economic Forum, held from Saturday to Tuesday, aims at
finding ways to boost economy in Saudi Arabia and the Middle East.
Zhu Ling (R), Editor-in-Chief of
China Daily and Wang Jianzhou, Chairman of China Mobile celebrate after jointly
launching China's first English-Chinese mobile paper at a ceremony and press
conference in Beijing, February 26, 2008. 1st English-Chinese mobile paper
launched in China. Jointly produced by China Daily and China Mobile, China Daily
Mobile News sends English-Chinese news to users' cell phones as multimedia
messages through wireless technology. 2008 is big. This year, China hosts the
Olympics for the first time. It will welcome more than 3 million travelers,
athletes, officials, and businesspeople in the next 12 months. China Daily
Mobile News will allow them to experience China's internationalization,
technological advancements and improved English communication standards, from
the moment they set foot here. China Daily was entitled in January to publish
the official English newspaper for the Beijing Olympic and Paralympic Games, as
well as Village News - the official newspaper of the Beijing Olympic and
Paralympic villages, Kang Bing, Deputy Editor-in-Chief of China Daily, said at
the launch ceremony. The China Daily newspaper group has a professional team of
English-speaking staff reporters, correspondents, editors and foreign experts.
And China Daily Mobile News presents their wealth of media information to users
in English and Chinese. The news and information is authoritative, unique and
practical 365 days a year. Users of China Mobile Go Tone and M-Zone can
subscribe by sending the message "CD" to 10658000 for 5 yuan a month.
Hot-rolled steel coils are produced at a Baosteel workshop in this file-photo of
last April. Baosteel raised its product prices Monday by up to 20 percent on
higher material costs and rising demand.
New Zealand would sign a free
trade agreement with mainland China in early April, the government announced on
Tuesday — the first such deal between the Asian economic powerhouse and a
developed economy. Trade Minister Phil Goff said outstanding technical
requirements and processes to finalise the deal “are on track for completion” in
coming weeks. The signing ceremony and related events are “planned to take place
in Beijing from 6 to 9 April”, he said. “This FTA has been negotiated with the
overriding objective of opening up economic opportunities for New Zealand
business in China and to boost commercial ties with our now third-largest
trading partner,” he said. Earlier, Mr Goff predicted the trade deal potentially
would boost New Zealand’s exports of goods and services to China by as much as
NZ$400 million (HK$2.5 billion) a year. Two-way trade between the two states is
worth more than NZ$4.8 billion a year, with Chinese exports making up about 80
per cent. Prime Minister Helen Clark on Monday said the free trade agreement
would cut tariff barriers for New Zealand farm exports to China. Farm output
makes up half of New Zealand’s annual economic production. “China has very open
access to our market now. The key breakthrough in this agreement with China will
be us getting some reciprocity because we do face quite significant tariffs on
key exports,” she told reporters. “There’s no question in my mind that ... it is
a very, very big move for the Kiwi economy — very big and very beneficial.” It
would be the largest free trade agreement for New Zealand since it signed the
closer economic relations agreement with Australia in 1982, she noted.
Stars linked to the scandal over nude
photos of Hong Kong celebrities circulating on the internet are no longer being
lined up to perform in this summer's Olympic Games opening ceremony in Beijing,
a mainland newspaper reported yesterday. Earlier reports had suggested singers
Gillian Chung Yan-tung, of the pop duo Twins, and Nicholas Tse Ting-fung would
perform at the ceremony. However, the Dalian Evening News reported that the
ceremony's artistic director, filmmaker Zhang Yimou , had turned instead to new
mainland act A-One. Citing sources, the paper said Zhang had taken the decision
because of the scandal over the photos. Among the celebrities alleged to be in
the photos are Chung and Tse's wife, actress Cecilia Cheung Pak-chi. The Emperor
Entertainment Group, which manages Chung and Cheung, would not comment.
Meanwhile, Edison Chen Koon-hei, who has admitted taking the photographs - which
were copied from his computer while it was under repair - was last night still
helping police with their inquiries. On Sunday he said he had filed a complaint
to the Customs and Excise Department that his copyright on the photos had been
infringed, in the hope it would prevent further infringement. Barrister Ronny
Tong Ka-wah, who is not involved in the case, said Chen had copyright on them
even if he had not stated clearly that he did. "The copyright belongs to a photo
taker the second he takes a photo. One does not need to claim it," Mr Tong said.
The customs department said that under the Copyright Ordinance, any person who,
without the license of the copyright owner, makes an infringing copy of a
copyrighted work for sale or hire; or sells, lets for hire or distributes such a
copy, commits an offence. "It is also an offence to distribute an infringing
copy of a copyrighted work to such an extent as to affect prejudicially the
copyright owner," a spokesman for the department said. Mr Tong said newspapers
and magazines that had published the photos may have broken the law. "Common
sense says the pictures were taken by Chen, and they should have known it," he
said.
Chow enters fray over top RTHK job -
Veteran newsman Robert Chow Yung yesterday publicly declared that he has applied
for the director of broadcasting job in answer to what he termed prejudice and
discrimination against non-degree holders like himself and six million Hong
Kongers.
Rowse seeks to have music fest verdict
quashed - A lawyer representing a senior civil servant accused of misconduct
yesterday questioned the withdrawal of remarks made by former financial
secretary Henry Tang Ying-yen just before the civil servant's disciplinary
hearing on the Harbor Fest concerts in 2003. InvestHK chief Mike Rowse has
launched a judicial review to challenge the former chief secretary, the chief
executive and the secretary of civil service over the fairness of a government
hearing which charged him with misconduct in connection with the concerts, which
cost the government HK$100 million. Rowse was reprimanded and fined HK$156,660
for his role in the event, which brought international music acts to Hong Kong,
including the Rolling Stones and Neil Young. During an Economic Relaunch Working
Group meeting on October 31, 2003, Tang said Rowse had not acted improperly and
that there had been no irregularity in the implementation of the event - which
was designed to revive the economy after the SARS outbreak in 2003, the court
was told. Tang added all parties had under- estimated the complexity of the
event and may have been too ambitious in organizing it in such a short time
span. These views were repeated by Tang during an independent inquiry which was
concluded in May 2004. But just before a government inquiry, which opened on
November 2004, Tang requested the ERWG minutes be deleted. The lawyer for Rowse,
Richard Gordon, said the timing and reasons for the deletion were important.
Gordon argued InvestHK was operating under tremendous pressure as it only had 10
days to review the budget and secure approval of the ERWG. The judicial review
seeks to quash the decision by the secretary of the civil service to accept the
committee's finding on May 2005 on the grounds the inquiry's proceedings were
unlawful. "The applicant did not receive a fair hearing and this unfairness had
its source in the collective failure of the various public bodies to assume a
fair hearing," Gordon said. "This was aggravated by the institutional set up in
which too many actors played an uncoordinated role, which led to confusion. "A
number of functions were delegated. Three other public bodies had a hand in
Rowse's ultimate fate." It was argued Tang's evidence was inconsistent and Rowse
should have been given the benefit of the doubt.
The Consumer Council has called on the
government to enact new laws to protect consumers from misleading advertisements
and unscrupulous business practices. It also wants a new court or tribunal to be
set up to rule on cases affecting consumers. Council chairman Anthony Cheung
Bing-leung said yesterday that problems involving cartels and abuses stemming
from monopolies could be tackled with separate laws. The proposals are among a
series of ideas that the council has sent to the government for consideration. A
proposed trade practices statute is meant to tackle forms of unfair trading such
as false or misleading descriptions on goods and services, high-pressure tactics
and unfair terms in standard contracts. Cheung described the report - entitled
"Fairness in the Marketplace for Consumers and Business" - as an ambitious step
to protect consumer rights. The council suggests setting up a tribunal to
consider matters under the proposed statute and existing legislation. It would
be run run along the lines of the Small Claims Tribunal but without the
HK$50,000 ceiling for claims. Cheung said the council, being the author of the
report, was not in a position to recommend which of the two existing mechanisms
with experience in consumer issues - the Customs and Excise Department on
criminal prosecution or the Consumer Council on consumer welfare - was better
equipped to be the enforcement agent. If the role should fall to the council, it
would not be without precedent. "It is not unusual for a consumer council to
take dual roles as this has already been done in Australia and Singapore." Under
the suggested statute, offenders would be sanctioned mainly by a combination of
administrative measures and civil liabilities such as a fine, a declaration or a
cease-and-comply order. Only if unfair practices were morally reprehensible or
caused great social harm would criminal sanctions be considered, Cheung said,
for it was necessary to strike a balance between the deterrent effect and the
cost effectiveness in solving a dispute. The council received 38,521 complaints
last year, of which 15.7 percent, or 6,061, involved alleged deceptive,
misleading or unfair practices, with 1,197 complaints against telecommunications
services and 1,002 against pay TV. The figures were 130 percent higher than in
1999. Then, 2,527 of the 16,470 complaints involved misleading or unfair
practices. Council chief executive Connie Lau Yin-hing said she believed the
business sector would not oppose the proposals since a fair marketplace would be
beneficial to Hong Kong. 
Pop idol Fiona Sit Hoi-kei was hit by a bottle thrown during a Mong Kok charity
event yesterday while fellow singer Gillian Chung Yan-tung of pop duo Twins
failed to show up at a performance at the Dragon Centre in Sham Shui Po, amid
reports net users might boycott the star. Sit was hit with a flying bottle of
herbal tea as she collected money from the audience at the Mong Kok event.
Police were called to the second-floor venue at Langham Place after a man hurled
a bottle at the performer at about 3.30pm. The man, surnamed Lin, 27, was
detained by security guards and later arrested. "The bottle hit a staff member
of the event organisers and then bounced onto Fiona's head as she was asking
members of the public to donate money," said Peter Wong Chi-bun, Sit's manager.
"Her forehead is swollen. It was very chaotic." Sit reportedly broke into tears
after she was struck and was taken to Kwong Wah Hospital from where she was
discharged after treatment. She then went to Mong Kok police station to assist
police inquiries. Mr Wong declined to comment on whether the attack was related
to recent public dissatisfaction with pop stars arising out of the celebrity
nude photos scandal. "It was just an unfortunate incident," Mr Wong said. "I
don't think there will be further attacks and usually people are well-behaved."
He said he had no plans to hire personal bodyguards for Sit. Meanwhile, a
spokesman at Chung's management company, Emperor Entertainment Group, said Chung
had developed a fever and had been unable to perform at the Dragon Centre.
Chung, one of the celebrities involved in the picture scandal, was scheduled to
appear to promote Olympic equestrian events with her Twins partner, Charlene
Choi Cheuk-yin, who said Chung just needed to rest. One fan who identified
himself as Jacky, said: "I am a bit disappointed to see Chung's absence today."
He said he felt upset about the possible boycott action. "I have heard about it,
I think these net users are too discriminating. The sex-photo saga is not
something which affects national security, it is an adult matter. They should
put themselves in other people's shoes." An hour before the performance started,
hundreds of people were packed into the mall but nobody was seen voicing
disapproval of Chung. However, security had been obviously tightened with metal
fences isolating the stage. Fifteen security guards and a couple of uniformed
policemen were also stationed in the mall during the performance. Baptist
University social work lecturer Bottle Shiu Ka-chun said a close eye should be
kept on web users who might want to transfer the anger they expressed about
their idols on cyberspace to real action. He said the situation had become a
"witch-hunt" with people verbally attacking Chung even after actor/singer Edison
Chen Koon-hei, the man featured in the photos, made his public apology on
Thursday. "Once it's started, it'll continue to hurt more people," Mr Shui said.
"And people's focus is getting less clear. Who's going to be the next victim?"
It is understood Chen was helping the police Commercial Crime Bureau yesterday
with their investigations into the case. 
Goubuli, one
of China's longest established food brands in Tianjin, has adopted an English
name "Go Believe" which sounds like its famous but bizarre Chinese brand.
Arms-deal agency
will be shut down, new defense chief vows - Taiwan's new defense minister,
Michael Tsai Ming-hsien, vowed yesterday to disband a controversial arms-deal
agency that led to the resignation of his predecessor, General Lee Tien-yu.
Hong Kong
director Andrew Lau Wai Keung listens to a question during the Vision Beijing
news conference in Beijing yesterday. The project has showcased five short films
by five world famous film directors, namely Lau, Giuseppe Tornatore of Italy,
Majid Majidi of Iran, Patrice Leconte of France and Daryl Goodrich of Britain.
The short films are about Beijing and the people's preparations for the 2008
Olympic Games. Five short films about the preparation for the Beijing Olympic
Games shot by world-renowned directors will be broadcast on TV both at home and
abroad. In a project named Vision Beijing to promote the Olympic host city, the
Chinese capital invited Italian Giuseppe Tornatore, Majid Majidi from Iran,
Patrice Leconte from France, Daryl Goodrich from Britain and Andrew Lau Wai
Keung from Hong Kong to each make a short film telling stories about Chinese
people's preparation for the August 8-24 Games. It took 600 days to finish the
project, Wang Hui, an official from the Beijing Olympics Organizing Committee,
said yesterday. The five films will be screened on CCTV-2 on Thursday and they
will also be on Beijing TV and the national TV stations of Italy, France and
Iran. Sohu.com will put the films online for global viewing. In Tornatore's
first trip to China, the Academy Award winner for "Nuovo Cinema Paradiso" in
1988, made "Reunion," telling a story about how a group of students and their
teacher got back together after 30 years. It was also the first China visit for
Majidi. "I am most impressed by middle-aged and retired people, who have great
passion for life," he said. But Majidi, nominated for an Academy Award for Best
Foreign Language Film with "Children of Heaven" in 1998, chose his favorite
subject, children. In "Colors Fly," Majidi focused on children looking forward
to the Games. Leconte was a stranger to the city, too, but he soon caught up
with his knowledge of the Chinese capital, shooting "Beijing - A Film
Impressionistic." Leconte depicted Beijing through various structures including
the Summer Palace, Olympic venues and modern constructions. Retired athlete
Goodrich has found a career in a combination of sport and film-making. After the
success of his promotional film for London's bid for the 2012 Olympics, he
joined Vision Beijing. His five-minute film, entitled "Belief," focuses on the
hard work and thrill of athletic competition. "I was invited to make a film
about sports, about children and to celebrate the Olympic Games," he said.
"That's what I do and that's why I came to Beijing and I had a wonderful time.''
Lau, the only Chinese director, showed his love for Chinese food in "Color,
Fragrance, Taste Beijing." 
Taxpayers will be
handed back HK$40 billion under the 2008/09 budget to be unveiled on Wednesday.
A further HK$30 billion will go toward boosting government expenditure in such
areas as social welfare, medical services and infrastructure, a government
source said yesterday. Financial Secretary John Tsang Chun- wah will waive rates
for one year, remove duties on beer and wine and increase "fruit money" for the
aged and subsidies for the poor, the source told The Standard's sister newspaper
Sing Tao Daily. According to the source, the government will announce a surplus
of HK$110 billion with the main beneficiaries being the 1.3 million taxpayers
and most businesses. Taxpayers will be given a 75 percent tax rebate, capped at
HK$25,000, though this will only be available when taxes for 2007/08 are paid
early in 2009. The basic allowance will go back to 2002/03 level of HK$108,000
against the current HK$105,000. "We believe around 70,000 to 80,000 current
taxpayers will be dropped from the tax net for 2008/09 but with salaries on the
increase, they will soon be back on the tax list," the source said. The marginal
tax rates will remain the same but the tax bands will be increased from
HK$35,000 to HK$40,000. and the standard tax rate lowered from 16 percent to 15
percent. The profits tax will also be lowered one basis point to 16.5 percent,
the source said. In explaining why the government would only be returning tax
money in 11 months instead of now, the source said the sudden flush of cash on
the streets would boost inflation and nullify the benefits. "We do not want to
send out checks immediately as we fear taxpayers will spend the money and worsen
inflation," the source said. Real inflation in Hong Kong jumped to 4.3 per cent
last month, the highest in almost a decade. Another issue was environmental
protection as the rebate would require the issue of 1.4 million checks. "We can
only issue about 20,000 checks a day, which means we will need 70 days just to
issue the checks," the source said. It will be the second consecutive year for
the government to offer tax rebates. Last year, taxpayers were given a 50
percent rebate capped at HK$15,000. The HK$30 billion for increased government
expenditure is expected to go towards additional infrastructure, to create more
jobs, and services for the elderly and the poor. The source said the Social
Security Allowance will be increased, but only for those in real need.
Representatives from the democratic camps and eight organization led 200 elderly
and poor to the Government Headquarters yesterday where they delivered their
demands to the financial secretary.
Swire Properties
and Sino-Ocean Land Holding (3377) have announced a 50-50 joint venture to
develop a 4 billion yuan (HK$4.36 billion) mixed-use project in Beijing. The
project in the Chaoyang business district will have floor area of 1.89 million
square feet on a site of about 630,000 sq ft. It will comprise a 921,000 sq ft
retail center, 600,000 sq ft of office space, and a 380-room five-star hotel.
The property arm of conglomerate Swire Pacific (0019) will manage the project
upon completion in 2010. "Combining Sino-Ocean Land's solid track record in
property development in the mainland and our development and management
experience in Hong Kong, we hope to set a new benchmark for integrated project
development in the capital city, and thereby create a pleasant environment for
the community," said Gordon Ongley, Swire Properties chief executive for China.
Meanwhile, the initial phase of Swire's first project in Beijing - The Village
in Sanlitun district - is expected to be completed in August. The mixed complex,
with 400 retail shops and a 100-room boutique hotel, has floor area exceeding
1.85 million sq ft. In February 2007, Swire teamed up with private-equity
real-estate fund Gateway China to acquire the project for 4.8 billion yuan.
Top local
government officials and representatives from the mainland's Liaison Office in
Hong Kong are expected to attend the memorial service for Lydia Shum Din-ha on
Sunday at the Hong Kong Coliseum. Popular television host and movie star
Shum,62, died last Tuesday after a two-year battle with cancer. Chief Executive
Donald Tsang Yam-kuen and Liaison Office deputy director Li Gang were among the
first to offer their condolences. TVB, which is organizing the memorial service,
has invited the officials to attend. Shum's body was flown to Vancouver
yesterday afternoon accompanied by her daughter Joyce Cheng Yan-yee, 20, close
friend Florence Chan Suk-fan and her son Ka-ho. The hearse carrying Shum's body
left Po Fook Hill in Sha Tin and arrived at the airport at 9.40am. It was
decorated with white roses and a wreath. Cheng arrived at the airport around 2pm
wearing a black top and a traditional white flower in her hair - signifying she
is the main mourner. Close to 300 people will attend the private service in
Vancouver on Wednesday before Shum is buried next to her parents. Adam Cheng
Siu-chau, Shum's ex-husband and father of Joyce Cheng, will only attend the Hong
Kong memorial. He said at the weekend that this was his daughter's idea. It is
reported many of Shum's friends disapprove of Adam Cheng for not offering public
condolences, but his daughter wants him to be at the Hong Kong service.
Hong Kong
Exchanges and Clearing (SEHK: 0388) is expected to mark a milestone after
recruiting Israel's ZIM Integrated Shipping Services as a listing candidate on
the main board this year, according to a source. The firm could potentially
raise more than US$500 million from the share sale. ZIM would be the first
Israeli company to list in Hong Kong following a HKEx roadshow last year to the
Middle East to attract more overseas companies to trade shares on the city's
bourse. The listing candidate has mandated US investment banking giants Goldman
Sachs and Morgan Stanley as arrangers of the offering, another insider said.
"They filed their preliminary listing application with the HKEx recently while
the final decision of the size is still under discussion," the source said. "The
listing is likely to take place in the second half of the year." Government and
HKEx officials know the exchange's reliance on mainland listings is gone. HKEx
chief executive Paul Chow Man-yiu has said that attracting more overseas
companies to list in Hong Kong is on the agenda for the coming years. Market
watchers said other markets such as the London Stock Exchange and the New York
Stock Exchange were also aggressively lobbying Middle Eastern nations to sell
shares on their bourses in a bid to maintain their leading positions. HKEx
should attract more foreign middle-sized companies to list in the city to
increase the quantity and offset the dwindling size of deals, said Ben Kwong
Man-bun, the chief operating officer of KGI Asia. PricewaterhouseCoopers
predicted that the number of listings on the Hong Kong stock exchange this year
would reach 90, compared with 86 last year and 64 in 2006. Total proceeds would
reach HK$280 billion, below last year's HK$293 billion, the accounting firm
said. "The Hong Kong government has planted the seed in the Middle East since
2005 and now is the time to harvest," said Ronald Wan, managing director of
Bocom International, the investment bank of mainland lender Bank of
Communications (SEHK: 3328). Mr Wan said HKEx should educate retail investors
about companies from countries outside Greater China because of their limited
knowledge and the lower corporate transparency in the region. Market watchers
said Hong Kong had advantages for listing candidates. "Hong Kong has a lot of
listed shipping firms and many analysts are here, so they can get coverage,"
said one observer. The exchange, meanwhile, has been actively seeking to attract
more listings from countries around Asia such as Kazakhstan, Malaysia, Outer
Mongolia, Thailand and Vietnam. ZIM, one of the largest container shipping firms
in Israel, owns and operates 100 vessels with a total carrying capacity of
240,000 20-foot equivalent units (teu). The company recently bought eight
smaller container ships of 1,700-teu capacity each and two 2,500-teu vessels to
support and complement the services provided by the large ships, it said on its
website.
Century-old
Chinese banyan tree cut down in Nathan Road over safety fears - A century-old
banyan tree in Nathan Road, which is listed on the official valuable tree
registry, has been removed after it was deemed to be a safety risk.
Chinese Olympic champions
dominate on board at FINA World Cup - China's Olympic champions Guo Jingjing (L)
and Wu Minxia look at the score board during the women's three-meter springboard
preliminary stage at the "Good Luck Beijing" 16th FINA Diving World Cup on
Saturday. 
People view the infinitude images at
an exhibition in Beijing, capital of China, Feb. 23, 2008. Mirror Art
Exhibition, produced by Italian artist Michelangelo Pistoletto, kicked off at
Beijing 798 Art District recently.
Young billionaire sued for illegal fund raising - A wealthy young businesswoman
has been sued in east China's Zhejiang Province for alleged illegal fund
raising, according to a local court. Wu Ying, a 26-year-old said to be worth 3.8
billion yuan (531.9 million US dollars), was accused of illegally raising more
than 720 million yuan, all from individual's bank deposits. Since April 2006
when she established her company, Bense Group, she had been collecting money on
the premise of promising to pay back the funds with an interest rate higher than
that of bank levels. She did this in the Zhejiang cities of Yiwu, Dongyang and
Ningbo, according to the People's Court of Dongyang, Wu's hometown. In addition,
Wu acquired about 127 million yuan in the same method before she founded her
company. The huge sums were allegedly used for Wu's personal consumption and in
paying back the loans and operation costs of her company, said the court. If
found guilty, Wu faces up to 10 years in prison, according to Chinese law.
Another seven suspects related to the case were accused of illegally helping Wu
raise funds. The court did not give a date when her case would be heard. As the
eldest of four daughters, Wu was born to a farmer's family in Dongyang. She
started from scratch by opening a beauty salon in 1997, according to previous
media reports. She rose to fame in 2006 when she registered her Bense Group. It
included 12 companies. Her business empire was later expanded to hotels,
department stores, entertainment venues and Internet cafes, among others. The
Bense businesses also included automobile sales, construction materials and dry
cleaning chains. In January 2007, local police started their investigation of Wu
after a series of reports were received claiming she was once engaged in illegal
businesses.
"Passengers" queue to check in at the No 3 terminal of Beijing Capital
International Airport, which held its last and largest drill Saturday before its
trial operation on February 29.