Tin Tin Daily closes
Chinese-language newspaper Tin Tin Daily News closed yesterday after four decades of publishing, blaming fierce competition and a flagging economy.
The last edition rolled off the presses early yesterday but bosses refused to say what the future held for the paper's publisher, Tin Tin Publication Developments Ltd. The company would not confirm reports that it planned to re-launch with two newspapers. It is understood that about 40 staff are affected by the closure.
In a full-page advertisement, the company said the decision was made for several reasons, including a legal dispute involving new and existing shareholders that had held back the development of the paper. The new shareholders, who took over the paper in June, also blamed competition.
Yesterday's statement read: 'Due to the losses over the years, the flagging economy and fierce competition, Tin Tin Daily News will cease publication from today.'
The Labour Department said it had received no requests for help from the company's staff.
There are 20 daily newspapers in Hong Kong, but in recent years a series of price wars has forced several to close.