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HONG KONG NEWSPAPER HIGHLIGHTS - NOV 1, 2002.

AsiaPulse News

| November 01, 2002 | COPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

HONG KONG, Nov 1 Asia Pulse - Highlights of today's newspapers:

SOUTH CHINA MORNING POST

- China Telecom was forced to halt Asia's biggest initial public offering of the year yesterday after international investors cold-shouldered the issue, sources close to the deal said.

- The budget deficit for the first half of the fiscal year swelled to a record $70.8 billion, raising fears the full-year figure would overshoot the government's $60 billion estimate.

- The collapse of China Telecom's initial public offering has damaged investor confidence and the company will have to cut its offer price significantly if it is to revive the sale successfully, according to brokers and analysts.

- On October 24, China Telecom chairman and chief executive Zhou Deqiang said the firm had applied to the Ministry of Information Industry (MII) to raise interconnection charges, arguing the rates were too low.

- Robust consumer spending for new cars helped push United States economic growth ahead during the third quarter at more than twice the anaemic rate of the second quarter, the Commerce Department reported yesterday.

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