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HONG KONG, May 1 Asia Pulse - Highlights of today's newspapers:
SOUTH CHINA MORNING POST:
- China Mobile is preparing to give away up to 100,000 handsets to attract customers to its struggling 3G service, industry watchers said.
- Wing Lung Bank (SEHK: 0096) has become the first Hong Kong lender to record a loss in nine years after taking a big hit on investments linked to the deepening subprime mortgage crisis in the United States.
- Fang Fenglei, Goldman Sachs Group's China partner, is investing US$300 million in the owner of a Mongolian iron ore mine with Temasek Holdings in his first deal since starting a private equity fund last year.
- Although many mainland-listed banks have reported better than expected results for the first quarter, accountants and analysts warn that lenders may not be able to maintain the same rate of growth for the full year.
- Hong Kong stocks fell yesterday as investors booked profits a day after the index hit a three-month closing high and ahead of today's Labour Day holiday and an interest-rate meeting in the United States.