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Hong Kong Monetary Authority (HKMA)

Business Digest, December 5, 2012

PUBLISHED : Wednesday, 05 December, 2012, 12:00am
UPDATED : Wednesday, 05 December, 2012, 4:59am

HKMA sells HK$3.9b as HK dollar hits limit

The Hong Kong Monetary Authority sold HK$3.875 billion on the foreign exchange market yesterday to weaken the Hong Kong dollar as the currency repeatedly hit the strong end of its trading range. Under the peg to the US dollar, the HKMA must intervene when the Hong Kong dollar hits 7.75 or 7.85, to maintain the trading band. Reuters


US banks' profits highest since 2006

US banks posted their highest earnings since 2006 in the third quarter as revenue growth picked up and banks set aside less money to guard against losses. A Federal Deposit Insurance Corp quarterly report shows the industry earned US$37.6 billion, up 6.6 per cent from a year earlier. Net operating revenues rose 3 per cent. Banks set aside 20.6 per cent less as provisions against losses. Reuters


SJM leads casinos' slide on junket curb worries

SJM fell the most in six months, leading a decline in Macau casinos on speculation the central government may increase scrutiny of junket operators, who provide credit to high-stake gamblers. Police have detained people from at least three junket operators in recent weeks, the Wall Street Journal reported. SJM dropped 5.8 per cent to HK$17.24. Galaxy Entertainment fell 4.5 per cent and Sands China declined 4.4 per cent. MGM China fell 3.1 per cent. Wynn Macau slid 5.5 per cent. Bloomberg


Honda, Nissan report smaller sales slumps

Honda Motor and Nissan Motor reported narrower drops in China sales last month as Japanese carmakers begin recovering from the fallout of the territorial dispute between the two nations. Honda deliveries plunged 29 per cent from a year earlier, and Nissan sales 30 per cent, less than the record declines in the two previous months. Bloomberg