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HONG KONG, Aug 1 Asia Pulse - Highlights of today's newspapers:
SOUTH CHINA MORNING POST:
- Hong Kong's Exchange Fund, the government reserves used to help stabilise the currency, suffered a record investment loss of HK$35 billion in the first half and could see a loss for the full year for the first time in its history.
- Evergrande Real Estate Group, the Guangzhou developer that scrapped a proposed HK$16.5 billion initial public offering in March, plans to return next month with a smaller share sale.
- Beijing has reinstated value-added tax rebates for textile and garment exports in its first move to help manufacturers being hammered by rising costs and a strengthening yuan.
- Shares of Orient Overseas (International) (SEHK: 0316) Ltd, a shipping company controlled by the family of former Hong Kong chief executive Tung Chee-hwa, fell 11.17 per cent to close at HK$34.20 yesterday after announcing a 93 per cent decline in its first-half net income.
- Evraz Group, a mining firm partly owned by Russian billionaire Roman Abramovich, has teamed up with China Metallurgical Group Corp to develop the Cape Lambert Iron Ore project in Western Australia.
Source: HighBeam Research, HONG KONG NEWSPAPER HIGHLIGHTS - AUG 1, 2008.