HONG KONG NEWSPAPER HIGHLIGHTS FEB 20 2001
2001-02-21
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Highlights of today's newspapers:
THE SOUTH CHINA MORNING POST
- A competition law would be good for Hong Kong and work well under the SAR's political system, according to European Trade Commissioner Pascal Lamy.
- Hanny Holdings has made a provision of more than HK$ 100 million for the diminishing value of its 18 per cent stake in Internet newspaper operator HK Cyber, says chief financial officer Richard Lui Siu-tsuen.
- Britain's Cable & Wireless C&W plans to sell its remaining 14.9 per cent stake in Pacific Century CyberWorks "in an orderly manner".
- China Mobile (Hong Kong) has aroused analyst concerns due to a decline in average revenue per user after heavy growth in low-end prepaid subscribers.
- Hong Kong Port and Maritime Board chairman Gordon Wu Ying-sheung has condemned Hong Kong's mid-stream cargo handling system as outdated.
- The sudden death of shipping tycoon Frank Chao Sze-bang has sent ripples through Hong Kong's shipping industry, which his family helped build over the past five decades.
- ITE (Holdings) sold new shares equivalent to an 11 per cent stake to strategic shareholders at a 68 per cent discount to the company's initial public offering price about four months before the listing.
- E-Silkroad.net Holdings plans to raise between HK$ 20 million and HK$ 37.5 million through a Growth Enterprise Market listing early next month, according to sources.
- Sun Hung Kai Properties and New World Development have launched the first 32 units of their The Parcville mass residential joint venture in Yuen Long at an average price of HK$ 2,283 per square foot - about 8 per cent lower than secondary market prices.
- Standard Life Asia is supporting calls by fund managers to have sales staff licensed by the Securities and Futures Commission before they can sell investment-linked insurance policies.
- Tobacco tycoon Charles Ho Tsu-kwok, honorary chairman at Sing Tao Holdings, is paying a deep discount through a controlled company to acquire the 63-year-old newspaper publisher.
- Blue-chip borrowers have the most to gain - in the form of lower borrowing costs - from proposed changes to the Bank for International Settlements BIS guidelines on capital adequacy standards, according to Merrill Lynch analysts.
- The Bank of China BOC Group in Hong Kong has for the first time officially confirmed the appointment of three investment banks to advise on its proposed restructuring and capital raising.
- Online education providers in Asia must develop their own services to meet market needs, according to NextEd general manager (Hong Kong) Steve Koon.
- Existing wireless network expansion initiatives are expected to help create a US$ 36 billion mobile electronic commerce market in the Asia-Pacific, excluding Japan, by 2004, according to International Data Corp IDC .
THE HONG KONG STANDARD
- Outgoing Yahoo! Asia managing director Savio Chow was still at his desk in the Internet firm's Hong Kong headquarters yesterday, despite a company statement that he had resigned for personal reasons.
- The government raised a higher-than-expected HK$ 633.5 million from the sale of two residential sites yesterday at what was the last public auction of the year.
- Hong Kong needs more port development, a broader mix of container terminal operators and should end the mid-stream transfer of shipping containers between ships and barges, Gordon Wu Ying-sheung, Port and Maritime Board PMB chairman, said yesterday.
- Cable & Wireless said last night that it has not found a buyer for its stake in Pacific Century CyberWorks (HKSE:0008), even though it's now free to sell half of its 14.9 per cent holding.
ASIA PULSE
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