The Week That Was

Sunday PROPERTY group Lai Sun Development (LSD) says it will demolish the 500-room Furama Hotel in 2001 and redevelop it into an office, retail and hotel complex. The HK$2.15 billion project will be paid by LSD's subsidiary, Lai Sun Hotels International, which earlier sold a 49 per cent stake in the Four Seasons Hotel in New York for US$140 million. (SCMP) THE tough retail market has not deterred upmarket leather goods retailer Louis Vuitton Malletier from opening a 6,600-square-foot regional flagship store in Central. Company president Yves Carcelle says the group is taking advantage of sharply fallen rents. He says cheap Shenzhen counterfeits have failed to drive away its customers. (SCMP) LONDON-listed entertainment group Pacific Media is looking to sell its 49.9 per cent stake in Hong Kong Supernet, the SAR's third-largest Internet service provider. While Singapore-based Pacific Internet, which already owns the remaining 50.1 per cent of Supernet, seems to be the front-runner, other companies, including Deutsche Telekom, are also interested in buying the stake. (SCMP) Tuesday THE US dollar rises to more than 118 against the yen after the Bank of Japan and Ministry of Finance officials say a weak yen is beneficial to Japan's weak economy and will be accepted by the big-seven industrialised nations. The yen is also under pressure after the ministry announces it will repurchase 400 billion yen (about HK$25.68 billion) worth of government bonds from the market.

(Apple Daily) HUTCHISON Whampoa's British telecoms arm, Orange, denies a report saying it plans to acquire a controlling stake in German mobile telephone company E-Plus, involving up to GBP1.5 million (about HK$18.94 billion).

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