Business Digest, November 22, 2012

PUBLISHED : Thursday, 22 November, 2012, 12:00am
UPDATED : Thursday, 22 November, 2012, 3:39am

City Telecom not to pay dividends for 3 years

Ricky Wong Wai-kay, chairman of City Telecom, said the company will not pay any dividends for the next three years as it needs to invest in new businesses. CTI, one of the three free-television licence applicants, estimates HK$1.1 billion of capital expenditure for these three years. It posted an operating loss of HK$73.8 million in the year to August 31, compared with an operating loss of HK$32.1 million in the previous fiscal year. Sophie Yu


Richard Li has no plans to sell ING assets

A spokesman for Richard Li Tzar-kai yesterday refuted media reports that his newly purchased ING assets could be sold to a Thai billionaire. Scotching what he called "market speculation", the spokesman said Li has "no intention to sell" the assets in Hong Kong, Macau and Thailand he bought last month for US$2.1 billion, and rather plans to build a "pan-Asian insurance platform". Ray Chan


Lenovo poised to beat Samsung in phones

Lenovo, the world's largest supplier of personal computers, is poised to unseat Samsung Electronics next year as the top smartphone brand on the mainland, according to market research firm Gartner. It said Lenovo's smartphone line was "positioned at the mid-to-lower end [price segment], which... is where global brands are less competitive". Bien Perez