Sunday CHINA Telecom (HK) says it is in talks with the Ministry of Information Industry to buy mobile-phone operations in Henan, Fujian and Hainan. Meanwhile, China Unicom is planning to list in Hong Kong and overseas in October, posting a serious challenge to China Telecom. (SCMP) A WEEK after the success of Wheelock's privatisation of its upmarket retailer Lane Crawford International, the group's conglomerate subsidiary Wharf (Holdings) proposes to privatise Harbour Centre Development. This is Wharf's second attempt to privatise its hotel arm. (SCMP) UNIONIST legislator Lee Cheuk-yan and former Kowloon Stock Exchange chairman Peter Chan Po-fun plan to help stock exchange staff set up a union. Mr Lee says the union will be formed to protect employees' interests under the planned merger of the stock and futures exchanges. (SCMP) Monday BEIJING has reportedly halved the maximum allowable level of ownership for foreign telecommunications companies as part of conditions for its World Trade Organisation accession. Premier Zhu Rongji offered in April to allow 49 per cent foreign ownership in general telecoms services. (SCMP) HONG KONG Mortgage Corp's Peter Pang Sing-tong says the agency plans to list the first $3.5 billion tranche of its $20 billion fixed-rate note programme by the end of the year. This comes after an announcement that $34 billion worth of Exchange Fund Notes are to be listed on August 16. (SCMP) THE Securities and Futures Commission gives the green light to listing rules of the Growth Enterprise Market. Some firms have complained the rules are too harsh. They include a ban on share sales or pledging by key shareholders for the first two years of listing, and quarterly results disclosures. (SCMP) Tuesday IN a bid to become one of the world's most sophisticated markets, the stock exchange plans to introduce a new trading system next year which will accept direct orders via the Internet or mobile phones. The system will also pave the way for the introduction of 24-hour trading. (SCMP) WHEELOCK'S recent reorganisation may see the privatisation of two more group companies by year's end, Hong Kong Cable Television and New T&T. After privatising Lane Crawford International, the company has announced its plan to privatise its real-estate arm Harbour Centre Development. (SCMP) CAFE de Coral Holdings, one of the largest fast-food chains in the SAR, reportedly considers a hostile takeover of rival Fairwood Holdings. Cafe de Coral reports a 21.5 per cent year on year jump in attributable profit to $173.11 million for the year to March, during which Fairwood's operating loss narrowed from $39.79 million to $18.77 million. (SCMP) Wednesday RATINGS agency Standard & Poor's downgrades the mainland's sovereign rating, saying it reflects lower growth prospects, rising costs of reforms and a slowing economy. However, Moody's Investors Service says it has no plans to downgrade the mainland's rating, adding it has a strong external payments position. (SCMP) THE Hong Kong Mortgage Corp plans to launch a mortgage-backed securities programme in October which would be a further boost the development of the local debt market. The securities will be sold to banks and listed on the stock market for direct purchase by the public between six and nine months later. (SCMP) A REPORT by Goldman Sachs predicts Internet advertising will become a US$1.5 billion industry in the Asia-Pacific region within the next two years. However, some analysts are concerned some companies are spreading themselves too thin by trying to dominate all segments of the market. (SCMP) Thursday FINANCIAL Secretary Donald Tsang Yam-kuen warns that if the stock and futures exchanges do not end their dispute over their merger by July 30, they will face severe measures. The Government could opt to liberalise the trading rights of brokers which would effectively allow an unlimited number of brokers to enter the market. (SCMP) AN increase in financing charges and poor hotels and property rental returns have led to a 90 per cent decline in Hongkong and Shanghai Hotels' net profit to HK$30 million for the first half of this year. The hotel operator does not see an improvement in the second half. (SCMP) ACCOUNTANTS and potential issuers say tough requirements and high listing fees on listing sponsors of the Growth Enterprise Market may discourage them from taking on small and medium-sized companies. Sponsors are required to monitor companies on compliance issues for two years after listing. (SCMP) Friday ASIAN stock markets fall after a warning on US interests rates adds to domestic concerns about rising funding costs and currency volatility. South Korean shares are hit hardest, falling 7.34 per cent as the financial crisis facing the Daewoo Group fuels concern. (SCMP) SOFTBANK Technology, a unit of Softbank, rises 769 per cent on its trading debut on Japan's over-the-counter market as investors are lured by the Softbank name and growth prospects for on-line businesses. Shares in the Tokyo-based Internet support services provider shares soared to 40,000 yen (about HK$2,644). (SCMP) Next Media International Holdings, owned by Jimmy Lai Chee-ying, signs a definitive agreement to take over Paramount Publishing, sources say, in an important step towards a backdoor listing for part of his media business. (SCMP)
