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Lai See

Ben Kwok

'Avid admirers' offer HK$5 for Far Eastern Economic Review

A small local media firm offered HK$5 yesterday for the Far Eastern Economic Review.

In a letter to Christine Brendle, managing director of Dow Jones' consumer media group, Mediazone Group executive Jerone Chin offered to rescue FEER, which announced on Tuesday it would be closing down in December.

'Being avid admirers of the brand, we would like to attempt to resuscitate it and run it successfully in the interest of so many of its fans,' Chin wrote.

Since it was set up 15 years ago, Mediazone has published an annual edition of Hong Kong's Most Valuable Companies but makes most of its money through publicity management.

A spokesman for Dow Jones said he was not aware of the offer but stressed that FEER was an asset of the media group.

Four years ago, when the regional news magazine shed most of its staff and became a monthly instead of a biweekly, we heard that Li Ka-shing's Tom Group had shown interest in taking it over, but the offer was not entertained.

SFC's Steward to stay

Market policeman Mark Steward has had his contract renewed at last, or we should say at the last minute.

Given the executive director's stellar track record, the renewal was a no-brainer, and we understand many at the Securities and Futures Commission are relieved.

Apparently Steward, who is well-known for putting principles first, has ruffled many feathers, particularly over the Lehman Brothers minibond compensation issue, which prompted some government officials to call him, in private conversations with the press, a 'stubborn gweilo who stopped the earth from turning'.

We don't pretend to know how difficult the struggle over Lehman was, but judging by what Steward said in a speech recently, it must have been tough.

Talking about the compensation package, which returns more than 60 per cent of the principal to investors, he said: 'These types of outcomes can only be achieved by regulators who are able to operate independently and who are committed to taking into account all relevant points of view but also to resist sectoral interests and influences, from wherever they may come, to prevent them from determining the outcome.'

Enjoy the next three years, Mr Steward.

Palin shares her views Last year's US presidential campaign highlighted the importance of good communication skills - mainly thanks to the mesmerising rhetoric of one Sarah Palin (left).

The running mate to Republican presidential candidate John McCain, and a self-styled pit bull with lipstick, brought her silver tongue to bear on the Hong Kong corporate sector yesterday.

The former Alaska governor shared her insights on governance, economics and US and Asian affairs. 'I'm going to call it like I see it, and I will share with you candidly a view right from Main Street, Main Street USA,' Palin said, according to a video obtained by the Associated Press. We hope the audience of asset managers was taking notes.

Palin, who received her first passport only in 2007, told the media during last year's campaign: 'You can actually see Russia from land here in Alaska.'

Unfortunately, she didn't share with the media the view from her hotel in Hong Kong, because for some reason we weren't allowed to hear her speak.

But we're willing to hazard a few guesses: the Taj Mahal? the Great Wall of China? herds of wildebeest cantering down Harbour Road?

Quest for beauty never ends

If beauty is in the eye of the beholder, then Las Vegas casino billionaire Steve Wynn admitted yesterday he does a lot of beholding, especially when it comes to his hotels.

At the press conference for the upcoming Hong Kong initial public offering of his Macau operation, he was asked about his earlier claim that he would build 'the world's most beautiful hotel' on a piece of land on Cotai.

While the project remains a glint in Wynn's eye, he was more than happy to share his thoughts on how he approaches new developments.

'I once said I was going to build the most beautiful hotel in the world. Now, when you hear a guy like me say a thing like that, you have to take it with a grain of salt. I can't help myself.

'I'm actually trying to do that all the time - I keep doing the next hotel, one after the other, because I think that one day, maybe, just maybe, I'll get it right.'

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