HONG KONG NEWSPAPER HIGHLIGHTS - JUNE 25, 2008

HONG KONG, Jun 25, 2008 (AsiaPulse via COMTEX) -- SCHPY | Quote | Chart | News | PowerRating -- Highlights of today's newspapers:

SOUTH CHINA MORNING POST:

- Winnie Ho Yuen-ki, the estranged sister of Stanley Ho Hung-sun, has launched a new attempt to derail the initial public offering of her brother's casino empire.

- Stanley Ho Hung-sun's SJM Holdings is planning to spend HK$21 billion developing casino projects in Macau over the next four years, the company's most aggressive expansion in the gaming industry since the Casino Lisboa opened in 1970.

- Plunging markets, inflation and global economic uncertainties are posing tough challenges for local businesses - and creating a perfect test environment to determine who can excel.

- Hang Seng Bank, Hong Kong's second-largest mortgage lender, has raised mortgage interest rates for some of its customers by 25 basis points amid higher borrowing costs in the local interbank market.

- The China Securities Regulatory Commission will this week review plans for four initial public offerings despite a slump in the market that has discouraged most investors from betting on new stock sales.

- Silver Base Group, a distributor for mainland liquor conglomerate Wuliangye Group, is expected to report a 260 per cent increase in net profit to HK$400 million this year, taking advantage of rising liquor sales on the mainland and aggressive overseas expansion, according to a pre-initial public offering report.

- The conclusion of iron ore talks between China and Australia may not have the impact on bulk shipping rates that it had in the past, according to analysts.

- The recent increase in energy prices will eat into the margins of many listed mainland companies and price increases will push inflation into double digits, BNP Paribas warns in a report.

- Merger and acquisition activities in the mainland real estate market are expected to reach a five-year high this year as tightened controls on bank loans and falling property prices put over-borrowed developers out of business, say industry watchers.

THE STANDARD:

- The poultry industry has been given an official ultimatum accept a HK$1 billion government compensation package to shut down their businesses or face an uncertain future.

- Top government minister Frederick Ma Si-hang has been forced to resign after being diagnosed with what is thought to be a brain tumor, it emerged last night.

- Hang Seng Bank (0011) said yesterday it has raised its mortgage rate for new customers by 25 basis points even as the US Federal Reserve's two-day meeting got under way in Washington.

- Walter Kwok Ping-sheung, the eldest brother at the heart of controversy surrounding property giant Sun Hung Kai Properties (0016), has finally broken his silence over the issues dogging the company.

- HSBC (0005) said yesterday it expects the Korean government to approve its purchase of Korea Exchange Bank from US private-equity firm Lone Star before a July 31 deadline following the resolution of an appeals case related to KEB's original sale to Lone Star.

- The Hang Seng Index closed at its intra-day low yesterday, with turnover hitting a modest HK$59.1 billion. Lack of direction and a faltering market kept many investors on the sidelines.

- Tycoon Albert Yeung Sau-shing's Emperor Watch and Jewellery plans to raise about HK$500 million before the end of July through a Hong Kong initial public offering.

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