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HONG KONG NEWSPAPER HIGHLIGHTS - AUG 1, 2008.

AsiaPulse News

| August 01, 2008 | COPYRIGHT 2008 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, 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.

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Source: HighBeam Research, HONG KONG NEWSPAPER HIGHLIGHTS - AUG 1, 2008.

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