Exchange looks to expand horizons
Hong Kong's stock exchange will explore opportunities to invest in other equities markets, using its reserves of HK$5.27 billion to expand its international reach, according to HKEx sources. A team of investment bankers will be appointed to look at investment or acquisition opportunities with overseas exchanges or clearing houses. The move is an attempt to put HKEx's shareholder fund to better use, the sources said, but it was unlikely it would seek to buy other exchanges outright.
Customs fees force return of toy donation
Eight containers packed with toys donated by a company in Hong Kong and intended for poor and orphaned children in Calcutta have been sent back unopened because Indian authorities demanded two million rupees (about HK$322,624) in Customs duty on the consignment. The Sabera Foundation charity organisation said the gift consignment, worth US$75,000, arrived in India last week. The toys were donated by United States tycoon Stephen Berman's company Jakks Pacific in the SAR. The charity said it was forced to return the toys, which are on their way back to Hong Kong, because it could not afford the fee.
Mbeki urges end to wealth gap
South African President Thabo Mbeki called for an end to the 'global apartheid' between rich and poor during his opening speech to delegates attending the Earth Summit in Johannesburg. Mr Mbeki told the representatives of nearly 200 governments that it was time to scrap a world order based on the 'savage principle of the survival of the fittest'. The 10-day summit is aimed at relieving poverty and healing the planet.