internet phone service's ads were not false The Telecommunications Authority ruled yesterday that Hong Kong Broadband Network (HKBN) had not breached rules in promotions for its voice over internet protocol telephone service. After assessing the usability and service quality, the government agency agreed with HKBN's assertion that broadband phone service is no different from traditional phone service. Cedar shareholder fined The Securities and Futures Commission has fined Carson Yeung Ka Sing, a major shareholder of Cedar Base Electronic (Group), $43,000 plus $7,398 in costs for failing to disclose shares in Cedar Base. Business brisk at CEC CEC International Holdings' turnover rose 29.8 per cent to $110.3 million in the three months ended July. The company's profits rose 26.6 per cent to $5.82 million. Profits up at luxury firm EganaGoldpfeil (Holdings), a maker of luxury products, posted a 36 per cent rise in revenue to $3.51 billion in the fiscal year ended May. Earnings rose 61 per cent to $141.9 million. Shanghai forte acquires two projects in beijing Shanghai Forte Land has acquired two property projects in Beijing for 153 million yuan. One is a low-density residential project with a site area of 193,278 square metres and gross floor area of 100,000 sq m. The other, Beijing Xidan Jiawei Elegant Garden, has a site area of 12,750 sq m and gross floor area of 76,496 sq m. Suga buys precise Suga International Holdings, a electronic manufacturing services provider, has acquired Precise Computer Tooling, a moulds and plastic components maker, for $8.5 million.