PRESS DIGEST -Hong Kong - Aug 4
HONG KONG, Aug 4 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
- Furniture and electrical appliances retailer DSC closed down all its 14 stores across the city on Monday, putting about 900 employees out of jobs. DSC is facing lawsuits launched by landlords, including MTR Corp, over unpaid rents totalling HK$3.3 million ($425,674). Leo Sin, a professor from Chinese University, said some retail chains have over-expanded in recent years. (http://bit.ly/1Dot0rZ)
- The Securities and Futures Commission fined French financial institution BNP Paribas Securities (Asia) HK$15 million ($1.93 million) for lapses in conducting its dark pool trading services. An SFC investigation found the firm's dark pool trading services failed to operate between November 2009 and April 2011 in the way it had informed its clients. (http://bit.ly/1IfExZL)
- Bank of East Asia said it is expecting a better performance in the second half as Chinese government policies to boost the economy kick in, after earnings fell 6 percent in the first six months as a result of deteriorating credit quality in the mainland. (http://bit.ly/1VXQAC2)
THE STANDARD
- The Airport Authority is likely to adopt a three-tier construction fee levy on travellers to fund the third runway. After talks with the authority, the Travel Industry Council's Chairman, Michael Wu, said short-haul passengers in economy class would pay HK$100. Those flying long-haul economy and short-haul business or first class would pay HK$160, while long-haul business or first-class passengers would pay the top rate. (http://bit.ly/1OM4fGU)
- Three more public housing estates with 4,400 households have been found to have lead-contaminated water. The Secretary for Transport and Housing, Anthony Cheung Bing-leung, said the situation is not out of control. (http://bit.ly/1g2pJUq)
- Sogo department store operator Lifestyle International expects the Hong Kong retail market to be harsh in the second half even after its net profit rose 15 percent in the first half to HK$1.17 billion ($150.9 million) on increasing investment income and foreign exchange gains. (http://bit.ly/1JIPKV1)
HONG KONG ECONOMIC JOURNAL
- CITIC Securities' direct investment unit, Gold Stone, plans to team up two partners to establish a 5 billion yuan ($805.32 million) fund for investing in internet-related start-ups in the mainland, according to a Xinhua report.
- The restructuring of China Resources Enterprise is set to be completed in November and the group will look to buy more brewers in a bid to increase its market share in China's beer segment, Chief Financial Officer Frank Lai said after a shareholder meeting.
MING PAO DAILY
- Chow Tai Fook Jewellery has renewed the lease of one of its stores, which covered an area of 1,400 sq ft and is owned by Wing Lung Bank, in the Mongkok shopping district at HK$800,000 ($103,194) per month, about 40 percent below the HK$1.3 million rent it paid in the previous lease the jeweller signed in 2012, according to market sources.
For Chinese newspapers, see............... ($1 = 7.7524 Hong Kong dollars) ($1 = 6.2087 Chinese yuan) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)
