Hong Kong Daily News 2011.06.24

Luxury Brands Follow the Money to Asia
New York Times
By BETTINA WASSENER HONG KONG — Shoppers like Chen Zhuhang and Lin Xing are the reason that Prada, Samsonite and L’Occitane have chosen to stage stock market listings in Hong Kong. Kin Cheung/Associated Press Neither of the two men professed much …
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Prada Follows Strong Asian Demand to Hong Kong Listing
Washington Post
June 24 (Bloomberg) — Bloomberg’s Linzie Janis reports on Prada SpA’s debut on the Hong Kong stock exchange. (/Bloomberg) Correction: Clarification: Comments our editors find particularly useful or relevant are displayed in Top Comments, …
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Summer May Subdue Scarlet Fever Outbreak
Wall Street Journal (blog)
By Isabella Steger Summer vacation could help subdue an outbreak of scarlet fever in Hong Kong that has claimed the lives of two children. According to figures from the Centre for Health Protection, 494 cases of scarlet fever have been reported this …
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CBD plans Hong Kong listing to lure capital
Sydney Morning Herald
THE renewable energy company CBD Energy, frustrated with what it sees as a lack of support from the local sharemarket, is considering delisting its shares from the Australian Securities Exchange to pursue a listing in Hong Kong or on the Nasdaq. …
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Hong Kong Cabs Go Cashless
Wall Street Journal (blog)
By Christopher Shay About 100 taxis in Hong Kong have opted into a system that allows customers to pay with a credit card, as part of an effort to get the city’s cabs outfitted with cash-free systems – but it’s unclear whether the companies offering …
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DRS, end of rotation system top ICC’s agenda
NDTV.com
… Decision Review System in all Test and ODI matches and the proposal to end the rotational policy in the appointment of ICC presidents post 2015 will top the agenda in the annual conference of the world body beginning on Sunday in Hong Kong. …
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Groupon Hong Kong and Macau.com to Offer Unbeatable Deals in Macau
PR Newswire (press release)
“We’re proud to welcome Groupon Hong Kong to one of the world’s fastest growing entertainment destinations — Macau,” said Kevin McKenzie, Director of Ignite Media Group. “As a member of Ignite Media Group, Macau.com is a sought-after online portal, …
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Hong Kong mulls law reforms in underage rape cases
AFP
HONG KONG — Hong Kong authorities said Friday they were mulling law reforms enabling children under 14 to be charged with rape, amid outrage over the case of a 13-year-old boy who assaulted a girl aged five. Sentencing the boy on Thursday, …
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Fastest Growing Millionaire Population? It’s in Hong Kong
Wall Street Journal (blog)
Asia’s growing millionaire class is rising through the global ranks, with Hong Kong’s new wealthy leading the way. Asia boasted 3.3 million high net-worth individuals last year according to the World Wealth Report 2011, released Thursday by Merrill …
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Prime 1.5-Acre Home Site in Hong Kong Goes For $1.5 Billion
World Property Channel
If Hong Kong land prices are cooling off, you couldn’t tell it by the most recent dirt deal. A 1.5-acre prime residential site (about 65402 square feet) has sold for $1.5 billion or about $3438 per square foot. Developer Cheung Kong (Holdings) Ltd., …
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Hong Kong Waits for the Real Estate Bubble to Burst
New York Times
By ALEX FREW McMILLAN HONG KONG — Chris and Karen Lane are in the market for a property in Hong Kong. They added a daughter, Bailyanna, to the family in October and are moving back to the city of Ms. Lane’s birth after nine years in Japan. …
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US Open champion Rory McIlroy ready for Hong Kong Open return
The Guardian
Photograph: Peter Macdiarmid/Getty Images The US Open champion Rory McIlroy will headline the field at the Hong Kong Open in December, the Asian Tour has announced. McIlroy, who won his first major at the Congressional Country Club by an impressive …
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Homegrown Idols
Wall Street Journal
squeals 19-year-old Alisha Budhrani, a Hong Kong resident of Indian origin. As two-fifths of the night’s support act Blush, they are about to perform in front of 14000 screaming Beliebers—the name adopted by the teen phenom’s legions of fans. …
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China Fiber Optic Company May Cut Hong Kong IPO Size – Term Sheet
NASDAQ
HONG KONG -(Dow Jones)- China Fiber Optic Network System Group Ltd. may cut the size of its Hong Kong initial public offering from up to US$83 million previously, according to a term sheet seen by Dow Jones Newswires Friday. …
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DHL invests 100m euros in Asia Pacific network enhancements
Moneycontrol.com
“Operated by Air Hong Kong, a joint venture between Cathay Pacific and DHL, the three Boeing 747-400 Converted Freighters with a payload of 100 tonnes each will service three high capacity routes six days a week: Tokyo-Hong Kong, Singapore-Hong Kong, …
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Freshfields Loses Hong Kong Managing Partner to Sullivan & Cromwell
The American Lawyer
Kay Ian Ng, formerly Hong Kong managing partner for Freshfields, will lead the new group for Sullivan & Cromwell. Counsel Gwen Wong is also coming aboard from Freshfields. Both focus on capital markets work. Ng has advised on many of Freshfields’ …
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A look at economic developments around the globe
The Associated Press
___ HONG KONG — Booming Asia had more millionaires than Europe for the first time last year and is fast closing in on North America for the top spot, a report said. ___ TOKYO — In Asian trading, Japan’s Nikkei 225 closed 0.3 percent lower, while Hong …
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Nicholas Tse vows to handle family affairs, Cecilia Cheung speaks
Channel News Asia
Rumours have been rife after the latter’s controversial encounter with her old flame Edison Chen at an airport, and veteran Hong Kong deejay Eileen Cha claimed that all is not well in the Tse household, because Cheung had designs on Tse’s wealth. …
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Burma Rattled by a Day Of Bombs in Three Cities
Jakarta Globe
Associated Press With recent unsettling tales of maid abuse coming from countries such as Malaysia and Saudi Arabia, Indonesians looking abroad for jobs as domestic helpers could be forgiven for seeing Hong Kong as a … With recent unsettling tales of …
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Aston Villa: Alex McLeish is looking forward to pre-season tour
Birmingham Mail
by Mat Kendrick, Birmingham Mail ALEX McLeish is already relishing Villa’s pre-season programme after describing next month’s team-bonding trip to Hong Kong as the ideal chance to get to know his players. Villa jet off to the Far East on Saturday July …
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Onno Schreurs: ‘Hong Kong has a great dining community’
CNNGo.com
Diningcity.com’s Hong Kong Restaurant Week started online reservations on June 22 and all bookings for Fofo and Bo Innovations are already full. We asked the Onno Schreurs, managing director of Diningcity.com for Hong Kong and China, …
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HK Dollar Down Late On Mid-Year Demand For US Dollars
Wall Street Journal
HONG KONG (Dow Jones)–The Hong Kong dollar was lower against the US dollar Friday due to routine mid-year demand for the US currency by local banks. In late Asian trade, the US dollar was at HK$7.7899, up slightly from HK$7.7894 late Thursday. …
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Jianhua Concrete Pile aims to raise up to $600 mln in HK IPO – IFR
Reuters
HONG KONG, June 24 (Reuters) – Jianhua Concrete Pile Group, the world’s largest concrete pile producer, is seeking to raise $500-600 million in a Hong Kong initial public offering in September, IFR reported on Friday. Citic Securities International …
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Hong Kong exchange slams Foxconn for breaching listing rules
Total Telecom
By Yvonne Lee, Dow Jones Newswires Hong Kong’s stock exchange Thursday criticized handset maker Foxconn International Holdings Ltd. for failing to disclose in a timely manner a sharp drop in its first-half 2008 net profit, a rare public censure of the …
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William Morrison Seeks 100 Direct China Suppliers to Cut Costs
Bloomberg
The company opened its first China office in Hong Kong on June 22 to “source better products,” the Bradford, England- based retailer said in a statement on the Hong Kong government’s website. “The whole purpose of this office is to take out that layer …
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‘The Bachelorette’ spoilers: Ashley Hebert heads to Hong Kong – Bentley Returns
Examiner.com
Ashley is quickly informed that Bentley is Hong Kong, and she meets with the man for a few minutes and gains closure to the situation. Once this is done, she is out on a solo date with Lucas. The two will explore Hong Kong before having dinner on a …
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Puffed in Hong Kong, curried in India
Livemint
The original recipe, though—a classic French puff pastry filled with spicy chicken—actually originated in Hong Kong. It was given to me by a food writer friend called Susan Jung who is astonished that these “mock Indian” savouries, using curry powder …
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Frontier Asia markets luring buyout firms
Economic Times
HONG KONG: Private equity deals are likely to warm up in ‘frontier’ Asian markets such as Indonesia and Vietnam as firms worry about prices getting too high in the hot markets of China and India. Private equity investments in Asia accelerated in the …
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SFH on obstetric services and scarlet fever
7thSpace Interactive (press release)
All of the parties concerned have taken a positive response and agreed that there is a need to cap the number of non-local pregnant women giving birth in Hong Kong starting from 2012 in order to maintain the professional standards of our obstetric …
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Li & Fung acquires Thai furniture maker Exim Designs
Furniture Today
HONG KONG — Li & Fung Ltd., an international development and distribution company, has acquired Exim Designs, a northern Thailand-based furniture producer. The company announced Wednesday that it has acquired Exim, which produces ready-to-assemble and …
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Report: China plans aircraft carrier test in July
Las Vegas Sun
AP China is planning an initial sea trial of its first aircraft carrier next month, a Hong Kong newspaper said Tuesday, a move likely to further worry neighbors amid heightened tensions over territorial disputes. Some form of limited testing of the …
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Manchester United listing in Hong Kong makes ‘perfect sense’
Economy News
It makes sense for Manchester United to list on the Hong Kong Stock Exchange as opposed to the London Stock Exchange (LON:LSE) says Chris Searle, Corporate Finance Partner at BDO. The comments come following the successful listing of Prada in Hong Kong…
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Shanghai Bar District to Be Replicated Near Airport in Shui On Land Push
Bloomberg
“High-speed train stations will be a good development opportunity in future given so many successful cases in other cities” including Hong Kong, London and New York, Lee said in an interview in Singapore on June 22, declining to give more information …
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Eversheds signs up MoFo’s China TMT chief for Hong Kong base
Legal Week
Eversheds has boosted its Hong Kong office with the hire of Morrison & Foerster’s China technology, media and telecommunications (TMT) head Nigel Stamp. Stamp joined Eversheds this week as a partner and has been handed a brief to expand the firm’s TMT …
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Hong Kong firms discover benefits of social media
IDG News Service
At least that is how it is in Hong Kong where a new survey shows that more firms are tapping the social media to grow their business. It is not just social anymore; it’s now also commercial. Social media channels are now being used more and more for …
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Science News Corner introduces nanotechnology
7thSpace Interactive (press release)
Hong Kong (HKSAR) – With nanotechnology becoming an ever more popular concept and its application helping to improve our quality of life, its vast range of uses continues to arouse the imagination. Could it be possible, for instance, …
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ASIA TROPHY TOUR NEWS
Manchester United FC
Watch a free video as United’s commercial director Richard Arnold and first-team player Ji-sung Park launch the Champions Trophy Tour in Hong Kong. Park said, “I have been to Hong Kong three or four times. The last time was in 2005 with United. …
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Government announces new Chairman of the University Grants Committee
7thSpace Interactive (press release)
Hong Kong (HKSAR) – The Government today (June 24) announced that the Chief Executive had accepted the resignation of Mrs Laura Cha as Chairman of the University Grants Committee (UGC) and appointed Mr Edward Cheng Wai-sun as the new Chairman, …
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Capgemini Completes Its First Acquisition in China: Praxis Technology
Business Wire (press release)
With its China headquarters in Shanghai, Capgemini employs over 1800 professionals in China and has offices operating in several major cities including Beijing, Guangzhou, Shenzhen and Hong Kong. It also operates dedicated BPO centers in Guangzhou and …
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Investors begin to wonder if the great China crash is finally coming
Sydney Morning Herald
So why are markets quick to believe a little-known investor such as Carson Block, the head of the Hong Kong research firm Muddy Waters, when he questions China? Few short-sellers make lots of money betting against China, but the ranks of Carson and his …
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AirAsia, CapitaLand, HTC, Hynix, LG, Ping An: Asia Ex-Japan Stock Preview
Bloomberg
Beijing Enterprises Water Group Ltd. (371) (371 HK): The company plans to sell yuan-denominated bonds in Hong Kong as soon as this week, according to a person familiar with the matter. Beijing Enterprises, which develops water-treatment systems, …
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Marc Faber on Chinese Fraud and Gold
GuruFocus.com
Cheating Hong Kong Chinese investors is a less desirable option because it may result in the loss of your kneecaps. – The Hong Kong people are not as easy to trick as they are not totally stupid as in the states (his words not mine). …
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BNP Paribas outlines top-level debt reshuffle
Financial News
In his new role, Foch will relocate to London from Hong Kong, reporting to Frédéric Janbon, global head of fixed income. It is hoped that from his UK base, Foch will be able to replicate his success in Asia Pacific in other emerging markets such as …
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Study finds single photons cannot exceed the speed of light
PhysOrg.com
The physicists, led by Professor Shengwang Du from The Hong Kong University of Science and Technology in Hong Kong, China, have published their study on the ultimate speed of a single photon in a recent issue of Physical Review Letters. …
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Asian Shares Mostly Up; Airlines Up, Oil Stocks Weak
Wall Street Journal
Japan’s Nikkei Stock Average rose 0.6%, Australia’s S&P/ASX 200 was up 0.3%, South Korea’s Kospi Composite gained 1.2%, China’s Shanghai Composite Index rose 1.6%, Hong Kong’s Hang Seng Index climbed 1.4%, and India’s Sensex was 1.3% higher. …
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Donnie Yen: The Last Action Hero
Wall Street Journal (blog)
Back in the 1980s, when he started out, Hong Kong action movies were “like the wild west—guerrilla filmmakers, anything goes,” he says. “Those were the primitive days. Back then we didn’t really have the budget. Nowadays, safety comes first. …
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China Money Rate Falls for First in Eight Days
Bloomberg
Photographer: Nelson Ching/Bloomberg June 24 (Bloomberg) — Lewis Wan, chief investment officer at Pride Investments Group Ltd., talks about Prada SpA’s trading debut in Hong Kong. Lewis, who also discusses China’s economy and its impact on the …
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Baidu buys Qunar to boost travel search
Reuters
HONG KONG (Reuters) – Baidu Inc, China’s top search engine, is buying the country’s leading travel website Qunar to strengthen its foothold in the competitive Internet sector. Baidu, which is focusing more on e-commerce and online video, …
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Italy’s Intesa Sanpaolo Sells 4% Stake In Prada
RTT News
The sale was priced at HK$39.5 per share for a total amount of about 360 million euros and was made in the context of Prada’s initial public offering on the Hong Kong stock exchange. Prada raised 16.7 billion Hong Kong dollars (about $2.15 billion) …
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