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Cathay takes 'Little Jim' on board to steer it out of storm
It's not uncommon for corporations to welcome back an old hero in the hope of bringing about a change in fortune.
That was our first thought when Cathay Pacific Airways announced the appointment of James Hughes-Hallett to the board yesterday.
But wait a minute, the former chairman (left) who stood down in 2005 is already on the board as a non-executive director.
This is a different James Hughes-Hallett - and, amazingly, no relation either - who is replacing Robert Atkinson as Cathay's finance director.
The 43-year-old Swire Pacific deputy finance director moves into the HK$2.4 million a year job in March as Mr Atkinson stands down after serving the airline for 11 years.
Mr Hughes-Hallett, who is already being referred to as 'Little Jim' - his 60-year-old namesake is known as 'Big Jim' - will have his work cut out as he takes the financial reins at a time when Cathay has issued three profit warnings due to the massive fluctuations in oil prices that have seen the company suffer fuel-hedging losses of HK$7.6 billion.
Patriotic priority
As Standard  Chartered chairman Mervyn Davies is elevated to Britain's House of Lords so that he can become the trade minister, a story has emerged that Prime Minister Gordon Brown originally wanted him to run the Royal Bank of Scotland, which is now majority owned by the  British government.
However, Lord Davies is said to have opted for a wider role as part of Mr Brown's cabinet, even though it means giving up his pension, share options and even his wages as he pursues what he see as his public duty.
Brokerage's call floors HSBC
There were cries of outrage when Morgan Stanley downgraded its price target for HSBC Holdings to HK$75 from HK$100 in late October when the stock was still trading  over the ton.
But look what has happened. The bank fell another  4 per cent yesterday to HK$70 as the US brokerage weighed in with another downgrade, this time giving the global financial giant a  HK$52 price.
Whether it will bounce back to HK$100 or dip below HK$50 is anybody's guess, but we wouldn't blame chairman Stephen Green for wishing he could get a call like his former rival Lord Davies.
Hard times befall bankers
It's certainly no fun being a financier these days. We have heard of a private banker who has been trying to secure a HK$500,000 tax loan  and been turned down by three banks with no reasons given. What a stark difference from a year ago when such clients were the most sought after for personal financing.
On top of that, some banking professionals have complained of difficulties getting a lease from landlords who are concerned about their tenants' job security.
Growing language
Major news stories often prompt the addition of new words or phrases  to a language.
Last year was a particularly fruitful one for the Chinese media, according to the City University of Hong Kong's language information sciences research centre.
Among the thousands of new printed Chinese words appearing  on publications in Beijing, Shanghai, Hong Kong and Taipei, the top five were: 'financial tsunami', 'China 512 earthquake', 'sacred Olympic torch', 'ban of plastic bags' -  Beijing banned the free distribution of plastic bags by retailers from June 1 - and 'racy photogate', referring to the Edison Chen scandal.
Two Hong Kong phrases worthy of mention were 'minibonds' and 'Sars-priced', a reference to assets such as stocks and properties that have fallen to levels experienced during the Sars outbreak.
Tequila for the laid-off
Financial crisis jokes seem to have dried up, but at least they have given way to a few amusing tales from around the world of how people are coping - or not - with the recession.
The Delancey nightclub and bar in Manhattan, New York, has designated a special night to 'laid-off Mondays'. It offers two-for-one drinks all night and a free shot of tequila at midnight for everyone with proof of unemployment.
Meanwhile, in  Britain, after  several cancellations on one of its Caribbean cruise ships, P&O decided to fill the empty berths with last-minute bargain hunters, with disastrous results.
The Times reported that some of the latecomers, unversed in the social etiquette of ocean-going liners, got involved in a brawl over who was drinking the better champagne, while children threw food at stewards and the captain was booed as he tried to count down to midnight on New Year's Eve. Tsk-tsk!



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Cathay Pacific

Lai See