Business Digest, February 6, 2013

PUBLISHED : Wednesday, 06 February, 2013, 12:00am
UPDATED : Wednesday, 06 February, 2013, 5:48am

No SFC licence for former Merrill staffer

The Securities and Futures Commission has banned Joyce Hsu Ming-mei, a former employee of Merrill Lynch (Asia Pacific), from getting any licence from the regulator to work in the financial industry for life. The SFC action came after the Court of Appeal in November dismissed Hsu's appeal against her conviction and a 42-month imprisonment sentence. The District Court in February 2011 found her guilty of theft and access to computer for dishonest intent. Between September 2007 and February 2008, Hsu had conducted a number of unauthorised transactions and fund transfers through her customer accounts when she worked for Merrill Lynch. Enoch Yiu


Mainland gold imports from HK all-time high

Gold imports into the mainland from Hong Kong surged 94 per cent to an all-time high last year as rising incomes in the world's second-largest economy underpinned increased demand and helped the metal to post a 12th annual gain. The mainland imported 834,502 kilograms, including scrap and coins, compared with about 431,215 kilograms in 2011, based on data from the Census and Statistics Department of the Hong Kong government. Imports in December rose to a monthly record of 114,405 kg, according to data from the department yesterday. China was expected to displace India as the world's biggest gold consumer last year. Bloomberg


GM says China monthly sales set record in Jan

US car giant General Motors' January sales in China surged 26 per cent from a year earlier to 310,765 vehicles, it said, setting a record for any month. GM's previous monthly record was January 2011, when it sold 268,035 vehicles in the country, according to a statement. Sales of cars and other products tend to pick up around the Lunar New Year, which falls in early February this year. AFP


Great Eagle taps banks for hotel spin-off

Hong Kong property and investment company Great Eagle Holdings has mandated HSBC and Deutsche Bank to lead a proposed US$800 million initial public offering for its full-service hotel business, IFR reported, citing sources. Other banks are expected to be added to the team handling the IPO, which is slated to take place in the third quarter of the year, added IFR, a Thomson Reuters publication. Reuters


SUNeVision half-year net profit jumps 20pc

SUNeVision, the technology arm of Sun Hung Kai Properties, saw a 20 per cent year-on-year rise in net profit to HK$183.7 million in the six months ended December 31, primarily driven by its iAdvantage data-centre business. Total revenue for the period reached HK$369.6 million, up six per cent from a year earlier. Bien Perez