THE Cross Harbour Tunnel Company announces a one-for-two rights issue to raise $830.4 million - its first new share issue in nearly 20 years. The proposed Foreign Exchange Trading Bill will put the industry under the control of a handful of big banks, according to Gold and Silver Traders Association chairman Thomas Yu. Financial Secretary Hamish Macleod's Budget pledge to cut spending has been delivered, with a first-quater fall in government expenditure of 0.4 per cent. Trading volumes in Guoco Group shares and warrants increase significantly in the days leading up to the announcement that the group has won government approval to buy the Overseas Trust Bank. The warrant's price leaps more than 20 cents to $6.53. Executive Councillor Edward Chen kwan-yiu said Hong Kong and Taiwan will be forced to miss the November summit of the Asia Pacific Economic Co-operation (APEC). The Securities and Futures Commission (SFC) recommends the Government suspends the special ''lifeboat'' levy placed on stock and futures transactions from tomorrow. Shanghai Vacuum Electron Devices chairman Xue Wenhai resigns for unknown reasons. Shareholders of listed companies should voice their complaints when they think their directors are unreasonably paid, according to Deputy Secretary for Financial Services Tam Wing-pong. Swiss Bank Corp is to issue up to 120 million call warrants on HSBC Holdings at $1.71 each. Dickson Lai Kin-sang, a former dealer and investment adviser with James Capel (Far East), is slapped with one of the most severe penalities handed down by the Securities and Futures Commission (SFC) when his licence is suspended for five years. The Hong Kong stock exchange imposes special conditions on a World Trade Centre Group (WTCG) deal in a move to ensure minority shareholders' interests are adequately protected. A proposed China land deal between Far East Hotels and Entertainment and its managing director Derek Chiu is being questioned by the Hong Kong stock exchange. Company results CHINA Textile Machinery Co reported unaudited interim results of 35.4 million yuan (HK$46.5 million). Starlight Holdings announced profits before extraordinaries of $31.2 million, up 140 per cent. Hongkong Electric pushed profits up 13 per cent, and turnover rose 11.1 per cent to $2.6 billion. Golden Hill Land Development announced an 81-per cent drop in net profit to $5.1 million for the year. Dickson Construction reported a 69.8-per cent rise in profit to $41.87 million for the year. Chuang's China Investments reported attributable profits of $104.7 for the 15 months to March. Shaw Brothers reported a 29-per cent leap in profits for the year. Standard Chartered Bank Hong Kong reported a $1.26 billion interim profit before debt charges, an increase of 35 per cent. Walson International Holdings reported a huge leap in profits from $39 million to $161 million for the year. Seapower International Holdings saw net profit fall 15.7 per cent to $35.8 million for the year.
