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SCMP Reporter

Financial services houses may be falling by the wayside and the Hong Kong economy may be under unprecedented pressure - but legislator Law Cheung-kwok had weightier issues on his mind yesterday.

 Mr Law was getting all hot and bothered in the Provisional Legislative Council about the real issue on everyone's lips: pre-paid video rental coupons.

 He boldly asked acting Trade and Industry Secretary Tam Wing-pong whether he knew the number of un-redeemed video rental and cake coupons circulating in Hong Kong, and their value.

 But wouldn't you know it? The Government compiles no such information.

 Still, Mr Law has opened our minds to a possible follow-up to last year's perversely fascinating cake runs.

 Lai See can see it now. Intrepid movie fiends queueing for hours at video outlets - just to borrow hundreds of flicks they can never possibly get through.

In case you were in any doubt, now is not a good time to be trying to drum up potential investors.

 That fact has been driven home to executives at the Shau Kei Wan bunker of Asia Inc magazine, as they seek a key backer to provide some badly needed funds following last year's management buyout.

 We hear the Economist pulled out of providing significant backing, although not before taking a long, hard look at the organisation.

 We also hear Malaysian interests were keen on some sort of deal, but have subsequently been distracted by economic problems back home.

 Asia Inc editor-in-chief Bill Mellor was putting a brave face on matters when we called him yesterday.

 'It's not a great time to be looking for an investor, but not the whole world is looking the same as Southeast Asia,' he said.

The Peregrine liquidation is in full swing - but the platitudes in print for the company and its employees just keep on coming.

 The latest to receive an honour in the wake of the firm's collapse has been one Andre Lee - that's right, the Peregrine fixed income boss who we're hearing so much about.

 In the current edition of Euromoney which has been landing on Hong Kong desks, Mr Lee features in an article titled 'Top Fifty Under Forty'.

 The piece profiles financial whizz-kids in their thirties or younger who the magazine believes are 'destined for even greater things'.

 Mr Lee is the second man mentioned in the Asian section of the article.

 'Peregrine didn't have a fixed income section when I joined,' Mr Lee is reported as saying.

 He goes on to tell the magazine: 'We have helped to create the idea of the Asian bond market as an asset class for investors to consider.'  A pity the present merchant banking climate isn't conducive to showcasing Mr Lee's talents.

It's no surprise in the current economic climate that some companies are not looking for people to fill jobs.

 But we're not sure if that was quite the impression the KCRC wanted to convey in a recent job advertisement.

 The organisation had a number of positions advertised under the banner - 'SHARE OUR VISION'.

 Unfortunately, the job vacancies were prefaced by a rather disconcerting introductory paragraph: 'Applications are not invited for the following positions in our West Rail Division.' A reader who wishes to remain nameless has yet another suggestion for uses of unwanted Peregrine Rugby Sevens merchandise.

 How about passing them on to that Indonesian cab company, Steady Safe, as new uniforms? With the rupiah recommencing its ultra-rapid journey south yesterday, market wags believe it may be more profitably employed in uses other than spending.

 Given that it's one of Asia's more colourful currencies, it could be good to use as wallpaper if you've got some leftover notes from that recent trip to Bali.

 Another suggestion, if those troublesome notes are cluttering up your cupboard space: throw some on the fire to keep yourself warm during the current cold snap.

 If nothing else, you could fill your pockets to make yourself feel affluent while times are tough.

 After all, it now takes roughly $650 to make you a rupiah millionaire - according to our back-of-the-beer-coaster calculations.

 When you look at it in that way, maybe Hong Kongers aren't so badly off after all! 



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