Dollar deposit fall outweighs forex rise Deposits at Hong Kong lenders fell 1.4 per cent last month, as a 3.2 per cent drop in Hong Kong dollar deposits outweighed a 0.6 per cent rise in foreign currency deposit, according to figures from the Hong Kong Monetary Authority. Loans and advances for use in Hong Kong and overseas fell 1.9 per cent and 2 per cent, respectively. coal and ore port plan to expand mainland capacity China will build a northern port to expand capacity for coal shipments and imports of iron ore and crude oil. The port in Caofeidian would initially be able to handle 50 million tonnes of coal a year. Its annual capacity would rise to 200 million tonnes when a nearby steel plant becomes operational in 2010, the newspaper said. agreement on policy to end paid announcements The stock exchange has agreed on a policy direction to abolish rules which require all main-board-listed companies to publish paid announcements in newspapers. The exchange also recognised the need to implement an 'orderly transition' from the existing arrangement to the new model. TCL Communications sees $385m loss in quarter TCL Communication Technology Holdings said it suffered a first-quarter loss of $385.71 million, or 14 cents per share, against a net profit of $206.13 million in the same period last year. Most of the loss, $357 million, came from its mobile phone handset-making joint venture with Alcatel, which was set up in September last year. insurance claims bureau names new chairman The Insurance Claims Complaints Bureau yesterday announced the appointment of Roddy Anderson as its chairman for the forthcoming annual term. Mr Anderson, an executive director at Dah Sing Financial Holdings, will replace outgoing head of Hang Seng Life, Chan Kin-por. citic pacific cleared for cheung sha wan project China-backed conglomerate Citic Pacific has received approval from the Town Planning Board on a 320,000 square feet residential and retail development in Cheung Sha Wan. The project can be developed into 360 to 400 units with two 38-storey blocks. It is expected to be completed by 2008.
