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SOUTH CHINA MORNING POST:
- Standard Chartered Bank (Hong Kong) and Wing Hang Bank have increased their mortgage rates and other banks are expected to follow.
- Selling pressure hit Asian markets yesterday as skittish investors cashed out of a recent rally after a slew of corporate profit warnings signalled trouble ahead in the global economy.
- Workers about to retire may wish to rethink their plans, with the city's pension fund barely edging into the black in the past eight years.
- The Hong Kong Monetary Authority yesterday extended the loan maturity of its collateralised lending and hinted at lower interest rates, moves designed to encourage banks to lend to their peers and other industries
- Undaunted by the financial crisis, commercial property owners remain determined to show their enthusiasm for the Christmas season by, in some cases, spending more this year on lighting and decorations.
- Worldwide consumer confidence has plunged because of the financial crisis, but many Hongkongers are still willing to shell out money if the price is right, according to a study released yesterday.
- A travel agency is offering free Hong Kong tours to 3,000 people from Guangzhou in an attempt to bolster the weakening economy.
- No single city, including Hong Kong, could dominate development in the Pearl River Delta, the head of a think-tank close to Chief Executive Donald Tsang Yam-kuen said yesterday.
- Aircraft financing is booming on the mainland despite the intensifying credit crunch in international financial markets, domestic bankers and aircraft manufacturers say.
- Shares in Cathay Pacific (SEHK: 0293) dropped as much as 16.76 per cent yesterday, following news of huge fuel hedging losses and forecasts by analysts that the airline could post a loss of as much as HK$4.6 billion this year.
THE STANDARD:
- Companies from different sectors are being forced to lay off employees amid a weakening economy and the prospect of mounting losses.
- Cathay Pacific Airways (0293) may report a full-year net loss on worsened income in all segments, after the carrier warned of disappointing yearly earnings on Wednesday, analysts said.
- Jiangxi Copper (0358) may lose between 452 and 902 million yuan (HK$513 million and HK$1 billion) this year on futures trading, Morgan Stanley said.
- Morgan Stanley has downgraded local bourse operator Hong Kong Exchanges and Clearing (0388), asking clients to sell the stock from a previous "underweight" recommendation, as it will be severely hit by the financial turmoil.
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