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Business Digest, March 11, 2013

PUBLISHED : Monday, 11 March, 2013, 12:00am
UPDATED : Monday, 11 March, 2013, 4:46am

Biggest banks boost payroll spending

Compensation at the world's biggest banks rose last year, with 35 of them spending a combined €10 billion (HK$102 billion) more on staff than in 2011. Philippe Lamberts, a Belgian member of the European Parliament who supported a recently agreed cap on bank bonuses, says the figures prove that, left to their own devices, banks do not reduce pay. Reuters

 

Yuan lending drops sharply on mainland

Mainland banks extended 620 billion yuan (HK$773 billion) in loans last month, missing market expectations of 750 billion yuan, down sharply from January's 1.07 trillion yuan, official data showed, as the central bank moved to withdraw liquidity to ward off inflationary risks. Reuters

 

Sales of flats slow at top housing estates

Six flat purchases were reported at the weekend in 10 major housing estates in Hong Kong monitored by Centaline Property Agency, compared with 11 transactions in the previous weekend. Six of the 10 estates reported zero deals. The market was expected to remain cool for a while, the agency said. Sophie Yu

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