The mainland airline's share price flew high yesterday (much like the A380 jumbo over the IFC), bringing in an immediate 75 per cent investment gain for Singapore Airlines and Temasek.

The HK$5.14 billion paper gain could erase some bad memories for SIA's overseas expansion and more importantly, signal that bad fortunes have changed.

A look at SIA's string of overseas acquisitions dating back almost two decades show they were often financially negative.

In 1989, SIA swapped shares with Delta Airlines and Swissair but terminated the tripartite alliance 10 years later.

Buying into Air New Zealand in 2000 was even worse, as the Kiwi airline went into bankruptcy and SIA eventually sold out at a significant loss.

We wonder if its #600 million (HK$9.43 billion) tie-up with Virgin Atlantic will bear any fruit as it may unload the stake after a worse than expected performance.

SIA will not be able to sell its China Eastern shares for three years and they have yet to announce any strategic tie-up, such as that between Cathay Pacific Airways and Air China.

But it is off to a good start and we shall check if the curse will go away for its new mainland investment.

The meaning of silence

Executives of Titan Petrochemicals, Hong Kong-listed and controlled by Singaporean businessman Tsoi Tin Chun, hooked up in a real-time audio conference call with the Singapore press in tandem with a live meeting with Hong Kong reporters at the Mandarin Oriental yesterday to field questions on a new company initiative.

Our Singapore friends were very polite, not raising a single question despite being invited twice to do so.

At last, chief executive Barry Cheung Chun-yuen said: 'Perhaps we asked the wrong question. We shouldn't ask if they have questions, we should ask if there is anyone there at all.'

There was still no response.

Back in the driving seat

Former PCCW managing director Jack So Chak-kwong is back in an old driving seat after an absence of 15 years. Yesterday he was appointed chairman of the Trade Development Council, where he held the same position from 1985 to 1992.

What makes it more special is that the government originally preferred Bank of East Asia chairman David Li Kwok-po for the job but an investigation by the US Securities and Exchange Commission was keeping him a bit preoccupied. At almost the same time as headhunters were seeking the right person, Mr So left PCCW. The rest is history.

The 62-year-old executive was also appointed as an AIA non-executive director last week. He is also a consultant for China Netcom at a reported HK$1 fee.

Never giving up

Call it a mission impossible. Hong Kong Exchanges and Clearing chairman Ronald Arculli said he would keep fighting for stock-trading stamp duty exemption despite it being a stable income source for the government.

'It is like fighting for universal suffrage,' said Mr Arculli. 'If I cannot do it this time, I will come back the next time.'

Banker takes profit

From direct elections, we go to direct trains. Who benefited from the central government saying last month it would allow mainlanders to invest in Hong Kong stocks through Bank of China's network?

Answer: BOCHK chief executive He Guangbei. He cashed out HK$930,000 by selling 50,000 shares at HK$18.60 last Thursday. His stake in BOCHK was reduced to 1.03 million shares.

AIA team extends lucky run

Winners take all but losers still have fun. The week-long inter-city bridge tournament ended on Sunday with the AIA team, captained by chairman Edmund Tse Sze-wing, clinching the title for the third of the past four years.

Former PCCW chairman Francis Yuen Tin-fan and partner former CSL chief executive Hubert Ng Ching-wah and other members ranked last in the celebrity tournament.