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In Brief

Monetary chief debate due soon

The Legislative Council may debate the selection of candidates for the post of Monetary Authority chief on Wednesday. The motion is subject to final approval from Legco president Tsang Yok-sing. Civic Party legislator Ronny Tong Ka-wah, who proposed the adjournment debate, yesterday criticised the selection process for lacking transparency and said the legislature should have a prompt discussion on the matter.

HK$3.2b deficit for April

The government spent about HK$3.2 billion more than it collected in April, the first month of the current fiscal year. Expenditure last month totalled almost HK$21.49 billion while revenue was more than HK$18.28 billion. A government spokesman attributed April's deficit to the fact that salaries and profits taxes were mainly collected towards the end of the financial year.

Taiwan finance supervisor to visit

The chairman of Taiwan's Financial Supervisory Commission, Sean Chen, will arrive in Hong Kong on Tuesday for a three-day trip. During the stay he will speak at a forum held by the Asia-Pacific Taiwan Federation of Industry and Commerce.

Legco to use special powers

The Legislative Council is to exercise its special legal powers to require the Monetary Authority to submit recent reports regarding local banks' selling of investment products. Raymond Ho Chung-tai, the chairman of Legco's subcommittee investigating the minibonds saga, said members had agreed to exercise special legal powers on the authority.

Science pact signed with Denmark

Hong Kong and Denmark signed a technology pact seeking closer co-operation in research and development projects and exchanges of experts in the areas of nanotechnology, biotechnology and medical life sciences. Commissioner for Innovation and Technology Eddy Chan Yuk-tak signed the memorandum of understanding in Denmark.

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