Hong Kong Monetary Authority

In Brief

PUBLISHED : Tuesday, 01 January, 2008, 12:00am
UPDATED : Tuesday, 01 January, 2008, 12:00am

China Power says coal costs set to increase 10pc this year

China Power International Development has completed most of its coal purchase negotiations, with procurement costs rising 10 per cent this year, said vice-president Zhao Yinyan. He also said the company's planned acquisition of a 25 per cent stake in Guangzhou Power Enterprise (Group) was expected to be approved and completed by the end of June. He would not shed light, however, on the financial performance of Guangzhou Power. Eric Ng

Exchange Fund assets climb 1.76pc to HK$1.41 trillion

The total assets of the Exchange Fund rose 1.76 per cent in November, but its accumulated surplus fell 0.94 per cent from October, Hong Kong Monetary Authority figures showed. Total assets rose to HK$1.41 trillion on a 3.48 per cent increase in foreign currency assets to HK$1.18 trillion, which more than offset the 6.38 per cent fall in Hong Kong dollar assets to HK$226.49 billion. The accumulated surplus declined HK$5.94 billion to HK$621.97 billion in November from a month earlier. Maria Chan

Shanghai General Motors recalls 7,056 cars with brake problem

Shanghai General Motors, a joint venture between General Motors and SAIC Motor, is recalling 7,056 Buick LaCrose sedans on the mainland because of a problem with the front brake system. The problem, which was found in cars made between March 10, 2006, and March 22, 2007, may cause vehicle vibrations in a minority of cases and affect driver control, it told the General Administration of Quality Supervision, Inspection and Quarantine. Shanghai GM will contact buyers and perform repairs for free. Jasmine Wang