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Ben Kwok

Hong kong inc stands up to be counted against asia's tide of disaster

With  newspapers  carrying front-page pictures of anguished parents grieving for their dead children after the Boxing Day tsunamis, the stuff of business sections and humour columns suddenly seems unimportant, to say the least.

So Lai See is  heartened to see Hong Kong Inc doing its part to help the victims.

Hutchison Whampoa and the Li Ka-shing Foundation are donating $24 million towards disaster relief.

'Compared to the massive destruction caused by this earthquake, our effort is but a little one,' Mr Li said.

'However, we hope it will help ease some suffering.

'We also hope that Hong Kong people will express their concern by contributing in whatever way they can to assist victims and the repair of damages.'

HSBC  is donating US$1 million to the Hong Kong Red Cross.

'I am aware that many people, including bank staff, will have lost loved ones in this tragedy,'  bank chief David Eldon said. 'HSBC offers its condolences to those who have been affected.'

Hong Kong Jockey Club chief executive Lawrence Wong Chi-kong has presented a US$250,000 cheque to the Red Cross while New World Group is donating $500,000 to Unicef and will match donations from its 30,000 staff dollar-for-dollar.

Here's hoping many more companies follow their example.

Dealing pause as a mark of respect

At 9.58 this morning , Hong Kong Exchanges and Clearing will observe a one-minute silence as a mark of respect for the victims of Sunday's tragedy.

HKEx chief executive Paul Chow Man-yiu, chief operating officer Patrick Conroy and exchange board members will preside over the ceremony on the trading floor. HKEx asks off-floor exchange participants to observe a moment of silence in their offices at the same time, and for futures exchange participants to refrain from trading.

Golden bachelor has an offer

On a happier note, it was just two months ago that PCCW chairman Richard Li Tzar-kai was quoted as saying that he would focus on improving his company before considering marriage.

Could wedding bells now be chiming for Hong Kong's Golden Bachelor?

The mainland's much respected Cai Jing magazine is reporting that a 'trial marriage' is in the offing, with China Netcom poised to take a 20 per cent stake in PCCW as early as this week. If true, that could very well clear Mr Li's own path to the altar, although Lai See has no information on who young Richard's particular bride might be.

As throughout PCCW's kiss-and-tell dalliance with Netcom, Lai See will believe a PCCW-Netcom tie-up when he sees it.

Not so investors, who chased PCCW's stock up 4.12 per cent yesterday.

As a married man himself, Lai See wonders at the concept of a trial marriage. Is that something like a partial pregnancy?

We also offer Master Li some words of wisdom about the trip to the altar and its consequences (which we poached from Bill Cosby): 'For two people in a marriage to live together day after day is unquestionably the one miracle the Vatican has overlooked.'

fred ma puts the reit spin on the news

Wanna-be journalist Frederick Ma Si-hang, who suffers a day job as secretary for financial services and treasury, has picked his 10 top financial stories of the year in his latest monthly column.

Among his favourites: 10 billion yuan in renminbi deposits after the business was allowed in Hong Kong, a US$20 billion global bond offer by the Hong Kong government and the Hong Kong stock exchange's record annual turnover ($3.78 trillion) and market cap ($6.64 trillion).

Mr Ma also bravely cites the famous scuppering of the Housing Authority's Link real estate investment trust by 67-year-old pensioner Lo Siu-lan, but with a positive spin.

'The day after the announcement that the Link Reit listing would not proceed, the stock market rose more than 220 points, and the market situation and turnover was stable,' the minister  writes.

'The refund arrangement for Link Reit was also carried out smoothly. All these demonstrated that Hong Kong's financial infrastructure was sound and solid.'

Amen, Ma Saang.



Lai See