No thought of resigning, says Citic Pacific founder The media wasted no time yesterday in asking Citic Pacific chairman Larry Yung Chi-kin the question that was on everybody's lips: Are you going to resign? 'No such thought,' the company's 66-year-old founder shot back. 'It would be up to the board to decide, but today I am still the one in charge.' Mr Yung (below) had just announced a record loss of HK$12.66 billion for last year, Citic Pacific's first red ink in almost two decades, after the much publicised unauthorised dalliance with a foreign-currency accumulator that resulted in the company having to be bailed out by its parent to the tune of US$1.5 billion last year. Not content with Mr Yung's answer, the hacks pressed ahead with another question: What about retirement then? This one he parried neatly by saying he had a wide range of hobbies, such as fishing, photography and golf, so there were no worries about getting bored during his retirement. Nevertheless, the biggest currency 'I-kill-you-later' loss suffered by a Chinese company did result in the directors not getting any bonuses for last year, a huge reverse from the HK$186 million the firm splashed out on the executives in 2007, when it made a profit of HK$10.84 billion. Group managing director Henry Fan Hung-ling ended up giving up all his public posts, including a seat on the Executive Council, after the Citic Pacific debacle came to light. Asked how he felt about the sacrifice, he replied that he had very strong feelings but wasn't at liberty to express them. Looks like we're going to have to wait for his memoirs after his retirement. Do-it-yourself webcast Despite the public interest in Citic Pacific's results, the company's public relations firm refused to allow live television broadcasts of yesterday's press briefing. Television stations were informed of the decision just a few minutes before the briefing began. Asked if this went against the company's corporate transparency policy, Mr Fan said he was not aware of the decision but stressed that his company had no intention of acting in a non-transparent manner and that the public would know of the results sooner or later. Public relations firm Brunswick confirmed it had asked the TV crews not to provide live broadcasts, adding that it had taken the initiative to provide a live webcast of the briefing. Golden sentiments Bear-hugger Ronnie Chan Chichung was at it again yesterday. In his chairman's statement in Hang Lung Group's interim report, Mr Chan wrote: 'History shows that Hang Lung always does well in bear markets, because we have prepared ourselves well before each market downturn. If a company gets it right only once, that may be due to luck; if it prepares itself adequately twice, that may well be due to skill. 'I'd like to believe that your management belongs to the latter category.' Then, donning his hat as chairman of Hang Lung Properties, he wrote: 'At this dark hour of the night, it may seem inappropriate to voice optimism ... Unless the world economy develops into a depression as severe as that of 1929, which possibility I cannot preclude, Hang Lung may well be entering into a golden era.' Talk it up, Ronnie. Not so fabulous If it looks too good to be true, it usually is. A reader told Lai See how she spent more than HK$500 on a Dah Sing credit card to take advantage of an offer of an instant lucky draw with 'a guaranteed prize of up to HK$10,000 free spending credit or other fabulous gifts'. She dialled the hotline, spent a few minutes registering her receipt by keying in the numbers and was instantly rewarded with a HK$2 rebate. Nice try The cheekiest advert of the week goes to The Globe pub for trying to drum up business by cashing in on the rugby fever surrounding the Hong Kong Sevens with the following announcement: 'England Manager Martin Johnson (left) will be signing autographs in The Globe on Friday night*.' The asterisk leads to a disclaimer that says: '... as long as he happens to be in Hong Kong and just happens to wander into The Globe and someone has a pen.'