Business Digest, December 15, 2012

Cathay cleared in UK price-fix probe

British antitrust regulators closed an investigation into whether Cathay Pacific Airways and Virgin Atlantic Airways illegally co-ordinated pricing on flights between Hong Kong and London. The probe, involving the exchange of sensitive fare data from 2002 to 2006, was closed because there were "no grounds for action", the Office of Fair Trading said in a statement. Cathay Pacific would have been immune from fines in the two-year-old case because it was a whistle-blower. "Cathay Pacific at all times co-operated fully with the OFT," said Sylvie Pender, a spokeswoman for the airline, adding the company "remains committed to its long-standing policy of full compliance with all applicable laws". Bloomberg

British fashion brand to open HK shop

British fashion brand Topshop is set to open its first flagship store in Hong Kong in May next year, after hunting for premises here for over three years, according to its owner Philip Green. The fast-fashion brand, joining hands with a retail subsidiary of luxury department store Lane Crawford, obtained a shop with over 12,000 square feet across two floors at Asia Standard Tower, 59-65 Queens Road Central. The two companies did not reveal the rent for the premises but there were reports that it was about HK$3.8 million a month. Topshop has 324 stores in Britain and 145 stores in 38 other countries. Paggie Leung

Sino Land sells seven floors for HK$1.6b

Sino Land said its wholly owned subsidiary had entered into a provisional agreement to sell seven office floors in Exchange Tower at 33 Wang Chiu Road, Kowloon Bay, for HK$1.567 billion. The deal, to be completed on or before January 7, will result in a net gain of HK$423 million for Sino Land. Peggy Sito