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SOUTH CHINA MORNING POST:
- Private equity giant Kohlberg Kravis Roberts planned to invest about US$300 million in a greenfield dairy business on the mainland, market sources said, as the industry tries to recover from the tainted milk scandal.
- Three mainland-based companies have shelved plans to spin off their subsidiaries as the worsening financial crisis dampened investor sentiment, market sources said.
- The tinsel and carols have gone up to signal that Christmas is on the way, but for John, a banker, the past few weeks have been "a logistical nightmare".
- Almost 6,000 people in Hong Kong have lost their jobs in the past six weeks as the impact of the global financial crisis flowed into the real economy.
- Shopping hours at The Landmark in Central may be extended, Hongkong Land's head of retail properties, David Martin, says.
- The Democratic Alliance for the Betterment and Progress of Hong Kong has suggested that the government hold HK$500 million lucky draws with flats and cars as prizes to boost consumption in the city.
- At least 14 beauty salons, which mainly served employees in the financial sector, closed down in October and last month, with their customers badly affected by the economic crisis.
- Home sales registered in Hong Kong probably fell to a 19-year low last month as the impact of the global credit crisis spreads to the city's housing market.
- The Hong Kong purchasing managers' index (PMI) fell in November to its lowest level since the Sars outbreak in 2003 as new orders plunged amid weakening global demand, according to data released today.
THE STANDARD:
- The Hong Kong market is headed for a volatile week and may fall to 12,500 on profit-taking after a four-day rally, market watchers said.
- Telecommunications giant PCCW Ltd (0008) has no plans to lay off staff and remains confident of maintaining its usual capital expenditure level despite the financial tsunami, the group's managing director Alex Arena assured yesterday.
- China's efforts to stimulate the economy by encouraging bank lending could increase bad loans at local banks, and banks need to control the quality of lending to ensure the efficiency of macroeconomic measures, Bank of China (3988) vice president Zhu Min said in Beijing.
- Global Bio-chem Technology (0809) expects its 6.5 billion yuan (HK$7.38 billion) polyol project to start production at the end of next year to early 2010.
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