Hong Kong

The proposal to inject $6,000 into each Mandatory Provident Fund account will leave wealth with the people, said Secretary for Financial Services & the Treasury Prof. KC Chan. He added that the measure will benefit more people than a tax rebate would. Prof. Chan said the average return on investment of MPF schemes are satisfactory and there are measures and policies to encourage MPF trustees to reduce administrative fees. He expected 4 million Hong Kong people to benefit from the proposed injection. Noting there are only 1.4 million taxpayers in Hong Kong, he said a tax rebate would only benefit a limited number of people.

Russia's EuroSibEnergo and China Yangtze International  have signed an agreement to form a joint power venture in Russia's Siberia, the EuroSibEnergo announced on Thursday.

For delaying the payment of wages worth about $38,000, Global Trading Innovative Service Limited was fined $90,000 at the Eastern Magistrates' Courts.

The Hong Kong pharmaceutical market should reach HKD10.56 billion by 2014, up from the calculated HKD7.19 billion in 2009.

New mortgage loans drawn down during January dropped by 30.0 per cent to HK$21.7 billion compared with December last year. This is according to  Hong Kong Monetray Authority's residential mortgage survey for January 2011. 

FMCG, retail, banking and financial services sectors were responsible for some of the most significant increases in recruitment activity in the HK market.

Absence of exchange rate adjustment flexibility and monetary policy dependence makes HK incapable of tackling inflation in a proactive manner.

Demand in Asia was notably strong, especially from Thailand which rose by 72.7 percent, India by 65.5 percent, Vietnam by 36.9 percent, and Korea by 30.7 percent.

Hong Kong recorded a trade deficit of 16 billion Hong Kong dollars in January.

Careful thought is required to maximize value from the recent Hong Kong budget measures to improve retirement savings and healthcare.

The surplus is over six times the government's original estimate of 0.8 percent.

Although economic growth could hit 5% this year after expanding 6.8% last year, the Government should focus on "fighting inflation".

We believe that a comprehensive and orchestrated policy must be developed by the Government.

Rising inflation looms as a major issue to tackle in 2011, said Financial Secretary John Tsang.

The airline also affirms the Financial Secretary’s commitment to reinforce Hong Kong’s role as a transport hub, particularly for Mainland China.

Deals to supply 228 train cars for the Malaysia Intercity Urban Rail Project and 32 train cars for the Izmir Light Rail Transit Project in Turkey.