Debate over bridge proposal intensifies
Chief Secretary Donald Tsang Yam-kuen gave strong backing to the controversial proposal to build a bridge to Zhuhai and Macau - but said a decision cannot be made by Hong Kong alone. Mr Tsang's comments came amid intense debate over the HK$15 billion project, and after Financial Secretary Antony Leung Kam-chung said he supported the project more than a fortnight ago. Tycoons Li Ka-shing and Sir Gordon Wu Ying-sheung have been embroiled in a war of words over the proposal, most recently inflamed by Sir Gordon's comments that Mr Li no longer supported the Zhuhai crossing.
State firms get green light for bond sale
China is to allow state-owned enterprises to sell foreign-currency bonds to domestic banks and financial institutions in the latest step towards liberalising the country's capital market. Companies with foreign-currency debt of more than US$100 million, or foreign debts accounting for 40 per cent of their total loans, are being encouraged to issue foreign-currency bonds, according to a directive jointly issued by the State Development and Planning Commission, the People's Bank of China and the State Administration of Foreign Exchange.
Officials cleared of blame for penny-stock fiasco
An inquiry panel found no government officials or market regulators should be blamed, nor should they be called on to resign, over the recent controversy triggered by a proposal to delist so-called penny stocks from the Hong Kong stock exchange. However, the 181-page report, delivered on Tuesday by the investigative panel appointed by the financial secretary, failed to satisfy legislators, with some calling the case the first test of the newly introduced 'accountability system'. Much of their criticism has been levelled at Secretary for Financial Services and the Treasury Frederick Ma Si-hang, who eventually apologised for the mess on Wednesday - a day after rejecting calls to say sorry.