Sunday CHEUNG Kong (Holdings) and Wharf Holdings sell more than 90 per cent of flats they launch in the market in the first residential property sales since the resumption of land auctions the previous Tuesday. Ricacorp Properties managing director Barry Law Lam-wai says he expects developers to lift supply this year in a bid to cash in on projects and raise money for new building.(SCMP) BRITISH Telecommunications and AT&T strike a deal to purchase a combined 30 per cent stake in long-distance operator Japan Telecom for US$1.85 billion, allowing them to increase their presence in the world's second-largest telecoms market.
(SCMP) Monday WHILE Census and Statistics Department figures show retail sales have fallen 14 per cent year-on-year by value in January and February, most economists say the retail slump has reached bottom. They expect the 10 per cent income tax rebate and rebound in property and stock markets to help the sector recover from this month.
(SCMP) SUN Hung Kai Properties and Hang Lung Development confirm they have sent a joint letter with eight other developers to Financial Secretary Donald Tsang Yam-kuen requesting the Government publicly tender the property development section of the Cyberport project. Mr Tsang's spokesman says the Government has not changed its plan on the project, as its objective is to develop Hong Kong's information technology industry and not to boost Government revenue. (Ming Pao) AFTER last week's purchase of a stake in Indonesia-based Bali Bank, British-based Standard Chartered Bank is to make its second Asian acquisition in a week, buying a controlling stake in Thailand's Nakornthon Bank. (SCMP) Tuesday OUTGOING Hong Kong Chamber of Commerce chairman Peter Sutch warns that although the recent rallies in the stock and property markets point to a return of confidence, external trade is still weak and the cost of doing business remains high. 'We've got to sit tight and be prepared for a long period of flat property prices and wages,' he said.
(SCMP) FIRST Pacific says it will try to acquire a 30 per cent stake in Indofood Sukses Makmur on its own after Japan's Nissin Food Products pulled out of a joint US$570 million takeover attempt. First Pacific had sought to buy 60 per cent of Indofood, the world's largest instant noodle maker.
(SCMP) SAGGING demand from East Asia is cited as the reason for a respective 10.6 per cent and a 12.4 per cent decline of Hong Kong's exports and imports last month. The figures come amid worries that the SAR's role as a trade intermediary is being eroded, as mainland exporters are increasingly sending directly to overseas markets. (SCMP) Wednesday THE Bank of China Group says it is considering merging the 12 institutions under its umbrella in an effort to boost competitiveness. This may pave the way for a long-anticipated wave of consolidation in the local banking industry. Meanwhile, seven local banks say they would join forces to offer Mandatory Provident Fund products.
(SCMP) TELEVISION Broadcasts launches a $616 million placement at $30.30 per share. The proceeds are slated to be used for the construction of a new studio in Tseung Kwan O, worth $1.6 billion. Some analysts questioned the necessity of the placement, saying the project could have been financed from internal resources. (SCMP) MAINLAND telecommunications operator China Telecom reports a net profit of 6.9 billion yuan (about HK$6.41 billion) for last year, higher than an average of analysts' forecasts. A 1.61 billion yuan contribution by interest income and substantial subscriber growth in three mobile phone operators the firm controls help to bolster the bottom line.(SCMP) Thursday HONG Kong Monetary Authority deputy chief executive David Carse says while the authority supports further consolidation of the SAR's banking sector, the process does not necessarily have to involve a change of ownership. He said strategic alliances could achieve the same benefits such as cost reduction by sharing resources.
