staff gain as loss-making city telecom takes a leaf out of welch's book Loss-making City Telecom may not be every worker's choice as an employer, but its staff benefits do leave room for envy. Chairman Ricky Wong Wai-kay (below) last month led a group of 60 for a three-hour session in what is to be a monthly reading session, studying the first chapter of former General Electric boss Jack Welch's book Winning to foster the reading habits of his 2,500 staff. Expanding the business horizons of employees does not stop there. City Telecom, the smallest of Hong Kong's five fixed-line telecommunications operators, offers an education subsidy of up to 30 per cent of monthly salary and encourages sabbatical leave of up to one year. That is in addition to following the government's move to a five-day week, a smart casual-dress code, and two-day maternity leave for husbands. 'At CTI Group, we consider a work-life balance as the foundation for improved productivity,' said human resources director Mimi Choy. 'We are determined to provide a caring environment for staff whereby our staff can grow together with the company.' Now that City Telecom has satisfied its staff, perhaps it will focus on developing an equally interesting programme for its customers, and, not least, on earning some profit for investors. CLSA takes plunge on rising tide Let's speak the unspeakable. How would Hong Kong be affected by global warming? Hong Kong's most imaginative brokerage house, CLSA, estimated that if half of Antarctica and Greenland were to melt, sea levels would increase by about six metres, adding that it is a 'when', not an 'if', scenario, which some scientists believe could happen in our life time. The result, says CLSA, would mean a great deal of Central and Kowloon (and the proposed government headquarters) would disappear - or at least access to the lower floors. In that case, Henderson Land would probably lose US$16 billion of its property portfolio, followed by US$12 billion at Wharf (Holdings) and US$11 billion at Hongkong Land, the brokerage says. Sounds scary? Lai See suspects that come the day there will be bigger worries on investors' minds. Besides, folks who can afford property on the Peak show an instinct for keeping their heads above water. multimillion-dollar movies News Corp's Star TV bought 100 Chinese movie titles from China Star Entertainment for US$18 million, in one go becoming the world's leading library of modern Chinese films. China Star has booked HK$35 million from the sale. How did they arrive at the valuation? We notice from China Star's company announcement that they divided movies into three grades based on the popularity of the movies and the artists, and on the directors' reputation. Within the China Star portfolio, almost half (48) were Grade A movies, valued at US$240,000 each. Grade B (31) films were worth US$160,000 each, while those ranked as Grade C (21) were worth US$80,000. The valuations, only a fraction of the initial production costs, may be sky high in the era of piracy. ex-police chief takes over at K Wah Former commissioner of police Eddie Hui Ki-on yesterday was promoted to head up Lui Che-woo's K Wah International Holdings. Mr Hui, 62, replaced Mr Lui's son, Francis Lui Yiu-tung, to become the managing director of the property, construction and casino conglomerate. He joined K Wah as a director in 2003, after his 38 years' police service ended in 2001. Retiring police chiefs regularly find a warm and well-paid welcome in the service of the city's top tycoons. Mr Hui's predecessor, Li Kwan-ha, joined Li Ka-shing's Cheung Kong (Holdings) in 1994, while his successor, Tsang Yam-pui, joined Cheng Yu-tung's NWS Holdings, a unit of New World Development. Mr Tsang earned HK$3.32 million for his services last year while Mr Hui (left) was paid HK$2.08 million with 580,000 share options to be exercised at HK$1.90 (compared with the closing price of HK$2.42 yesterday). Mr Hui, a late arrival in the top ranks of business, could still catch up quickly on his one-time colleagues. Former K Wah managing director Francis Lui made almost HK$4 million last year.