Hong Kong Daily News 2011.07.05

China shares edge up to 6-week high, Hong Kong slips on banks
Reuters
By Vikram Subhedar and Clement Tan HONG KONG, July 5 (Reuters) – Chinese shares rose to a six-week high on Tuesday on a late rally in utilities and coal-related stocks, and could build on gains if investors venture back into cheapened bank shares. …
See all stories on this topic »

The Spirited Traveller: A view to a cocktail in Hong Kong
Reuters
Visit Hong Kong and you’ll quickly notice two things: the killer jet lag and the killer views. On the ground, Hong Kong is a busy, somewhat claustrophobic city, where business gets done at rapid-fire speed. But above the fray, a more serene mood takes …
See all stories on this topic »

Offerings Grow, But China Falters
Wall Street Journal
From the US to Hong Kong, initial public offerings skidded through a rough patch in the latter half of the quarter, with companies cutting prices to get their stock market or postponing their plans outright. As investors wrestled with economic …
See all stories on this topic »

OMH mulls demerger options after dumping Hong Kong listing
Creamer Media’s Mining Weekly
PERTH (miningweekly.com) − Manganese producer OM Holdings (OMH) on Tuesday abandoned its plans to dual list on the Hong Kong Stock Exchange (HKSE), with a view to potentially demerging its smelting and marketing businesses. …
See all stories on this topic »

Hong Kong Retail Sales to Grow at Double-Digit Rate in 2011: Economist
CNBC.com
Retailers in Hong Kong are set to ring in another year of double-digit growth, according to HSBC, after sales in May grew at a record pace for the third straight month. “Registers have been ringing non-stop in Hong Kong since the start of this year, …
See all stories on this topic »

Carson Yeung’s problems not distracting Chris Hughton
BBC News
Yeung is facing five charges of money laundering in Hong Kong, raising fears about the funding of the club. But as pre-season training begins, the new manager does not expect the news to have any impact on his preparations. “No, it’s business as normal …
See all stories on this topic »

Hong Kong Box Office Down Slightly in First Half of 2011
Hollywood Reporter
HONG KONG — Overall film gross for the first six months of 2011 in Hong Kong has shrunk but local films have held their own, according to the Hong Kong Motion Picture Industry Association. Box office grosses totaled HK$633 million ($81 million) from …
See all stories on this topic »

FINA to choose from 3 cities for 2015, 2017 worlds
USA Today
FINA says Guadalajara, Mexico; Hong Kong and Kazan, Russia, are the final candidates. FINA Bureau members will choose the 2015 host on July 15 ahead of the worlds being staged in Shanghai, China. FINA says the 2017 venue also will be selected “if two …
See all stories on this topic »

Hong Kong fashion rocks
Trinidad & Tobago Express
By fibre2fashion.com More than 1700 exhibitors are taking part in the HKTDC Hong Kong Fashion Week for Spring/Summer and the concurrent HKTDC Summer Sourcing Show for Gifts, Houseware & Toys, which opened on Monday and continue until tomorrow at the …
See all stories on this topic »

New Cathay Pacific and Hong Kong Tourism app by XS2TheWorld sets new standard
IT News Online
Now Cathay Pacific Airways and the Hong Kong Tourism Board, in conjunction with McCann Erickson and XS2Theworld, has created an app that does all of this in one place, and a lot more besides. Cathay Pacific has been a frontrunner in offering mobile …
See all stories on this topic »

Asian shares mixed after recent rally
Economic Times
HONG KONG: Asian stock markets were mixed on Tuesday morning, with optimism after recent strong gains tempered by fresh concerns over Greece’s debt crisis. With Wall Street closed on Monday for the Independence Day celebrations many bourses were …
See all stories on this topic »

How to find ‘safe’ stocks in China
CNN
Take Hong Kong-based tree plantation operator Sino-Forest (SNOFF), for example. Even John Paulson, who made billions betting against the housing market during the bubble, fell victim to Sino Forest’s alleged fraud after short-selling firm Muddy Waters …
See all stories on this topic »

Hong Kong, Taiwan reach deal on official representative offices
Monsters and Critics.com
Hong Kong – Hong Kong was to open its first official representation in Taiwan following eight months of talks, a news report said Tuesday. In return, existing unofficial Taiwanese agencies in Hong Kong will be given official status, in what the South …
See all stories on this topic »

Zac Purton’s appeal turned down
BigPond News
By AAP Tuesday, July 5, 2011 – 5:25 PM Australian jockey Zac Purton’s $A40,000 fine for failing to report an approach from a well-known Hong Kong punter will stand. Purton had his appeal dismissed on Monday, the Hong Kong Jockey Club website reported. …
See all stories on this topic »

Tom Ford Talks China, Idea Of Beauty & Having Kids In Time Out Hong Kong
Huffington Post
Time Out Hong Kong caught up with Tom Ford to discuss his upcoming film (he mainly kept mum), pressures of the fashion industry and losing perspective (he now flies “on some commercial planes”) and the industry’s obsession with China. …
See all stories on this topic »

Aon’s International Space Brokers Announces Opening of Hong Kong Operation
WebWire (press release)
CHICAGO and HONG KONG – Aon Risk Solutions, the global risk management and insurance brokerage business of Aon Corporation (NYSE: AON), today announced the Hong Kong opening of its space insurance practice, International Space Brokers. …
See all stories on this topic »

Flirtation in Yuan Bonds Cools Off
Wall Street Journal
By LINGLING WEI BEIJING—A rush this year by issuers of risky bonds to tap the burgeoning yuan-debt market in Hong Kong has slowed, as investors are waking up to the idea that not every deal linked to China’s rising currency makes a good investment. …
See all stories on this topic »

Hong Kong TV Stations Get Digital Greenlight
Hollywood Reporter
HONG KONG – Hong Kong’s Broadcasting Authority gave the go-ahead to local terrestrial networks Asia Television (ATV) and Television Broadcasts (TVB) for the expansion of their digital terrestrial television (DTT) services. The two networks are required …
See all stories on this topic »

Prada raises extra $320 million in Hong Kong IPO
Economic Times
HONG KONG: Italian fashion house Prada said joint bookrunners for its Hong Kong listing had exercised an over-allotment option bringing more shares to the market and raising an additional HK$2.5 billion ($321.3 million). Prada is up 18.5% since its …
See all stories on this topic »

Caterpillar Seeking To Sell Around CNY1 Bln-CNY2 Bln Worth Of Yuan Bonds – Source
Wall Street Journal
HONG KONG (Dow Jones)–Caterpillar Inc. (CAT) is seeking to sell around CNY1 billion to CNY2 billion worth of two-year yuan-denominated bonds in Hong Kong, a person familiar with the situation said Tuesday, in the US construction-equipment maker’s …
See all stories on this topic »

CapitalistExploits.com Interviews Mongolia Growth Group CEO
MarketWatch (press release)
HONG KONG, Jul 05, 2011 (MARKETWIRE via COMTEX) — CapitalistExploits.com, a website dedicated to furthering the discussion of capitalism and free markets globally, has posted an interview with Harris Kupperman, CEO of Mongolia Growth Group (cnsx:YAK) …
See all stories on this topic »

Asia puts its trust in electronics brands
The Independent
Just as the workmen start putting the finishing touches to the company’s first official outlet in Hong Kong, a survey has found that the Apple brand has burst into the top five “most trusted” by the city’s citizens. Put together by market research firm …
See all stories on this topic »

Ex-ICBC Asia Banker Pleads Guilty to Taking Bribes
Wall Street Journal (blog)
By Chester Yung Hong Kong’s anti-graft agency said Monday a former senior executive of Industrial & Commercial Bank of China (Asia) Ltd, a unit of Industrial & Commercial Bank of China Ltd., admitted to accepting HK$3.3 million ($424000) in bribes for …
See all stories on this topic »

Strong Demand Pushes Two IPOs to Close Early
Wall Street Journal
The planned early close of the institutional portion came after Hong Kong’s benchmark Hang Seng Index rebounded over two consecutive sessions to close up 1.7% Monday at 22770. The index had dropped to 21508 on June 20, its lowest since last September. …
See all stories on this topic »

INTERSPORT Optimizes Virtual Environment With Expand Networks
PR Newswire (press release)
Benefitting from a fully virtualized WAN optimization solution, INTERSPORT is already experiencing 35% acceleration during the test phase, and now plans to extend the solution to its Hong Kong office. INTERSPORT International is the brand management …
See all stories on this topic »

Government launches iBond
7thSpace Interactive (press release)
Hong Kong (HKSAR) – The Government today (July 5) announced the launch of the inflation-linked retail bond, or iBond, for subscription by Hong Kong residents beginning in July this year.The iBond will be issued under the retail section of the …
See all stories on this topic »

Lucas Daniels: I Was Pissed At Bachelorette Ashley Hebert Over Bentley
Hollywood Life
Contest Lucas Daniels was one those guys who felt betrayed by Ashley, especially after they had gone on such a perfect date earlier that day in Hong Kong! “We lead up to the rose ceremony and she dropped the ball telling us about Bentley, throwing some …
See all stories on this topic »

China Discusses SEC Probes of Mainland Companies
Bloomberg
The accounting board last month rejected an application by Hong Kong-based Zhonglei CPA Co. to become a registered US auditor, citing an inability to inspect its work for companies based in China. It was the first time the board had rejected an …
See all stories on this topic »

CME eyes Asia clearing house, international business
Chicago Tribune
Gill said Singapore or Hong Kong both have the regulatory environment for a clearing house. “I believe that the HKMA or SFC has basically an environment where there will be more than one clearing house. The Singapore MAS has lived with that philosophy. …
See all stories on this topic »

Children-parent relations in Hong Kong still a work in progress
China Daily
By Ho Lok-Sang (HK Edition) A survey by the online radio station “Voices of Youth (VOY)” of the Hong Kong Committee for UNICEF (HKCU) and “UNICEF Young Envoys” found that verbal violence and “emotional maltreatment” of children are quite common in Hong …
See all stories on this topic »

Citigroup Hires Xie From HSBC for Asia Industrials Banking Team
San Francisco Chronicle
Xie will be based in Hong Kong and will focus on developing Citigroup’s metals and mining advisory business in China, said James Griffiths, a spokesman for the bank. He will start this month and report to Michael Borch, Asia-Pacific head of industrials …
See all stories on this topic »

Photographer Arrested While Reporting Protest in Hong Kong
The Epoch Times
By Lin Yi Ms. Cai Wenwen (dressed in dark blouse and white pants and holding a camera), an intern reporter from NTDTV, was arrested by police while doing photographing a protest in Hong Kong on the night of July 1. (Internet Image) A reporter intern …
See all stories on this topic »

Fire Destroys Old Hong Kong Restaurant Building In Cloquet
FireFighting News.com
United States (Minnesota) – A building that was formerly home to the Hong Kong Restaurant at 117 Ave. C in Cloquet was destroyed by a fire Saturday night. The Cloquet Fire Department was called to the scene at 11:10 pm Upon firefighters’ arrival, …
See all stories on this topic »

Ogier Becomes First Offshore Firm to Secure Formal Presence in Mainland China
ABA Journal
The new office, which is expected to work closely with the firm’s 40-lawyer office in Hong Kong, is part of Ogier’s strategy to have a physical presence in major financial centers throughout the world. “In pursuit of our strategy we felt it critically …
See all stories on this topic »

Research and Markets: A Hong Kong Commercial Banking Report for Q3 2011 …
Business Wire (press release)
Since Q108, BMI has described numerically the banking business environment for each of the countries surveyed. This is done through a Commercial Banking Business Environment Rating (CBBER), a measure that ensures the research captures the latest …
See all stories on this topic »

Longtop’s Audit Chair, Two Members Resign Via Email
Wall Street Journal
Hong Kong-based Longtop, which provides software for the financial services industry in China, said audit committee Chairman Thomas Gurnee, as well as committee members Zuyun Xue and Yifeng Shen, offered resignations via email effective July 1. …
See all stories on this topic »

TPG Capital bags Bain MD for China team-sources
Reuters
By Stephen Aldred HONG KONG, July 5 (Reuters) – TPG Capital has hired one of Bain Capital’s Chinese dealmakers as competition for deals — and the players who source them — heats up in China’s booming private equity market, sources familiar with the …
See all stories on this topic »

Flaunt your fashion sense on the runway and win extra cash!
Malay Mail
Building on the successful partnership last year, the Hong Kong Tourism Board (HKTB) once again joins forces with Visa to offer shoppers from all over the world multiple chances of winning prepaid credit and cash vouchers under its Hong Kong Summer …
See all stories on this topic »

Funding set to tackle food waste in Hong Kong
Recycling News (press release)
Hong Kong — The Environment & Conservation Fund has rolled out a scheme to help housing estates reduce food waste and separate waste food at source, by subsidising the installation and operation of on-site food waste treatment facilities. …
See all stories on this topic »

Northumbrian Water set for merger if buy-out goes ahead
The Northern Echo
It also emerged last night that if a firm bid is made by Hong Kong billionaire Li Ka-shing the deal, expected to be worth £2bn, will automatically be referred to the Competition Commission. Regulator Ofwat’s rules bar any individual or firm from owning …
See all stories on this topic »

Bluestar Adisseo to relaunch up to $1.5 bln HK IPO – IFR
Reuters
HONG KONG, July 5 (Reuters) – Animal feed maker Bluestar Adisseo Nutrition Group, backed by China National Chemical Corp, will relaunch its planned up to $1.5 billion Hong Kong initial public offering in September, IFR reported, citing sources close to …
See all stories on this topic »

Taiwan’s leading freshly-made tea brand CoCo expands its business in Hong Kong
7thSpace Interactive (press release)
Hong Kong (HKSAR) – A leading Taiwanese industry player in freshly-made drinks CoCo Fresh Tea & Juice has announced the expansion of its operations in Hong Kong, with the opening of a second teahouse in Mong Kok selling its signature Taiwanese tapioca …
See all stories on this topic »

Bangkok leads Asia Pacific in tourist spending
Bangkok Post
Bangkok beat out Singapore and Hong Kong in visitors and all Asia-Pacific countries in money spent by tourists in the country. Bangkok will lead other Asia Pacific countries in terms of international tourist arrivals and spending. …
See all stories on this topic »

DHL’s new direct LCL service connects Ho Chi Minh City to Hong Kong widening …
LogisticsWeek
By NewsDesk DHL, the world’s leading logistics company, today announced the launch of its new direct Less than Container Load[1] (LCL) service connecting Ho Chi Minh City in Vietnam to Hong Kong, China. Via weekly scheduled shipments to Hong Kong, …
See all stories on this topic »

Sino Fibre Releases Patent List
MarketWatch (press release)
HONG KONG, Jul 5, 2011 (GlobeNewswire via COMTEX) — Sino Fibre Communications, Inc. (otc pink:SFBE), released today its list of patented technology owned by the Company. Through our 35% Torino Resources Limited “TRL,” we use Microbial degradation to …
See all stories on this topic »

Ordinance sparks change
Helena Independent Record
– While initial sales were down, Karen Long, who manages Hong Kong Harry’s fireworks stand on Porter Street in East Helena, said Monday evening that business had picked up tremendously. Fireworks sales in East Helena were booming or fizzling depending …
See all stories on this topic »

Temasek Seeks to Raise $3.6 Billion Selling Shares in Bank of China, CCB
Bloomberg
Shares of China’s four biggest banks fell in Hong Kong trading today after Moody’s Investors Service said banks’ loans to local governments may exceed official estimates by more than 3.5 trillion yuan ($540 billion) more than official estimates and the …
See all stories on this topic »

Macau’s revenue jumps 52.4% for month of June
GamingTodaySlotsToday
Publicly-traded on the Hong Kong Stock Exchange, Ho’s SJM Holdings Ltd. has seen the company’s shares rise 180 percent this year. Analysts say there is no end in sight. In fact, Goldman Sachs Group Inc. says it expects Macau’s gaming market to reach …
See all stories on this topic »

Back to work…Asian stocks stall…Suits claim problems with loan modifications
NECN
Japan’s Nikkei and Hong Kong’s Hang Seng slipped slightly. South Korea’s Kospi rose 0.5 percent. SINGAPORE (AP) — Oil prices hovered below $95 a barrel Tuesday in Asia as a stronger US dollar made crude more expensive for investors with other …
See all stories on this topic »