In Brief

Calls for ratings agency rejected

The undersecretary for financial services and the treasury yesterday rejected calls for a government-funded credit ratings agency, saying it would raise concerns about independence and impartiality. Responding to questions in the Legislative Council, Julia Leung Fung-yee acknowledged that agencies were not timely enough in downgrading their ratings of Lehman Brothers, but said the government was in no position to initiate a shake-up.

Permit amendment fails

Legco turned down an amendment to a motion urging Beijing to reissue entry and exit permits to Hong Kong residents barred from returning to the mainland.