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The Week: Jun 26 - Jul 2

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Securities bill critics fail to move authorities The Government has hit back at criticism of the Composite Securities and Futures Bill by 10 international securities houses, claiming the bill was vital to protect investors and to bring Hong Kong law in line with international standards.

A Government source said that while the industry's concerns would be considered, the needs of everyone involved had to be balanced.

Critics of the proposed legislation felt it was too harsh and would discourage international investors and companies from coming to Hong Kong.

Wheelock to rescue embattled Joyce Wheelock has confirmed it is to take over troubled Joyce Boutique by investing HK$205 million in a controlling stake.

It follows the collapse in May of a takeover bid by Strategic Capital Group and ends months of speculation about the future of the upmarket retailer.

Joyce said the proceeds would be used to expand its existing business and move into on-line shopping and e-commerce operations.

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