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SCMP Reporter

undercover banking

The Hong Kong Monetary Authority is intent on cleaning up money launderers, having issued a new set of related guidelines for local banks  yesterday.

Can we suggest they start by taking a close look at Citibank's operations?

A Citibank promotional flyer recently received by Lai See promises a 1.3 per cent bonus rate for new foreign currency deposits and 1 per cent for clients who 'covert' existing Hong Kong dollar deposits into forex.

THEY WOZ WRONG

On Tuesday automotive-related stocks dived after an unsourced newspaper report on supposedly massive car loan defaults in China.

As embarrassing as it is to trigger a market crumble because of a mistake, it's worse when others rub your nose in it.

In a research note Deutsche Bank chided: 'We believe this is either a typo or a guesstimate by someone who is not familiar with the industry and banking sector.'

Ouch.

bowling them over

According to the master of ceremonies at HSBC Asset Management's investment luncheon yesterday, the menu was designed to reflect the three big equity markets under discussion: the United States, Europe and Asia.

For appetisers guests were served Smoked Salmon Waldorf Salad - a New York classic. Then Chicken Breast Risotto - an Italian dish which, as the MC remarked, wouldn't exist had Marco Polo not brought rice back from China.

For dessert the bank prepared a mixture of western and local flavours, saying Asian countries had yet to produce a trademark dessert.

Lai See thinks bird's nest soup would have been a good idea.

But with even a small bowl priced at around  $400, the 200-plus crowd would have broken HSBC's wallet.



HSBC, IFC sign US$1 billion facility to support trade financing in emerging markets

Hong Kong US$2.7 billion infrastructure bond offering is undersubscribed

1 in 6 Hongkongers are eyeing home purchase in next 5 years: HSBC survey

HSBC to feature ex-ECB president Draghi and Ark Investment’s Wood at summit in Hong Kong

HSBC

Lai See