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SOUTH CHINA MORNING POST:
- Banks are unlikely to cut their prime lending rates in the near future even though the Hong Kong Monetary Authority yesterday pumped a daily record of HK$18.2 billion into the banking system.
- Hong Kong Exchanges and Clearing (SEHK: 0388) should ban the "unfair" closing auction session and temporarily restrict short selling to restore investor confidence in a deteriorating market, a senior executive of a securities trade union said.
- Sun Hung Kai Properties, Hong Kong's second-largest developer, says it has no plans for layoffs and staff will receive their year-end double pay and bonus next month.
- Even before "Black October" sent global stock markets reeling, the news for the millions of Mandatory Provident Fund scheme members was grim: their investments lost an average of 23 per cent in the year to the end of September.
- The economic turmoil would not affect work on a statutory minimum wage law, Secretary for Labour and Welfare Matthew Cheung Kin-chung said yesterday.
- Forty-nine employees at DHL Express will be affected by the company's restructuring process, while more than 150 workers will lose their jobs by the end of the month when two Chinese restaurants close.
- About 700 new jobs would be provided as soon as next month by fast-forwarding bureaucratic procedures that have held up minor district projects, the home affairs minister said yesterday.
- Underlying inflation in Hong Kong dropped for the second month in a row in October, to 5.9 per cent year on year. The corresponding figure in September was 6.1 per cent.
- Galaxy Entertainment Group (SEHK: 0027) said yesterday it would delay the opening of its flagship Cotai casino resort from next year to 2010, citing "prevailing local market conditions and the substantially changed global economic environment".
- Retail rents in Hong Kong have overtaken those of Moscow, making the city the second most expensive in the world for shopowners, according to the latest global retail rents survey.
- The Mega Tower - Hopewell Holdings' proposed 93-storey hotel skyscraper in Wan Chai - is no more.
THE STANDARD:
- The Hong Kong Monetary Authority stepped into the money markets seven times yesterday, selling HK$18.213 billion of the local currency against the US dollar to defend the peg system.
- Warnings by industry watchdogs of possible unusual trading activities and price movements during next week's global indices rebalancing received a lukewarm response from the market.
- Hong Kong stocks fell 4 percent yesterday, but the Hang Seng Index ended above 12,000 after slumping more than 800 points to 11,976.88 during the day on fears of a long-lasting global recession and high selling pressure on local stocks.
- Agents from the Independent Commission Against Corruption (ICAC) raided the Kowloon Tong headquarters of Climax International (0439) on September 22 and arrested as many as 10 of its officers for bribery and theft, the company admitted yesterday.
- Oil price reform could now be right at the doorstep. China's top economic planning body yesterday confirmed it was studying the possibility of scrapping six types of toll fees to pave the way for price reform and fuel tax imposition on refined products.
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