News Roundup
Friday, August 27, 2004
Sales executive sexually assaulted by manager at office; Detective Ah Tung returns in happy ending; Editorial

    * A female sales executive of a listed corporation was sexually harassed twice in the past three months by the company’s assistant general manager. The woman, who is in her 20s, was called into the company’s conference room by the man, where he grabbed her and forcefully kissed her left neck and face. Not being able to fight him off, she frightened him away with her loud sobs. The woman then called her husband, a police officer, who told her to report the incident to the police. The high level manager was later arrested.
    * The remake of the last episode of To Catch the Uncatchable will be aired tonight. In the new ending, detective Ah Tung, played by Dayo Wong Tze-wah, will marry and live happily ever after with Ah Wai, played by Ada Choi Siu-fun. The previous ending, which featured the detective's death, received over 80 complaints from Hong Kong viewers.
    * Editorial: TVB, following the example of Hong Kong's two railways, is banning the slogan "Kick out the government protecting parties" from advertisements aired by the station. This is unnecessary as Hong Kong voters are mature and reasonable enough that any extreme criticisms or hurtful comments would not affect their vote. The only thing the media should do is give all political parties and candidates the same amount of time and number of chances to express their views and have debates. The voters will then be able to judge on their own who is serving the public, the powerful or the government. The media should not restrict candidates' comments or be afraid of slogans. 



PCCW pays first dividend in four years; Editorial

    * PCCW will pay a dividend to its shareholders for the first time since its acquisition of Cable & Wireless HKT four years ago. Deputy chairman Jack So annouced the 5.5 cent dividend, which will be paid in November, after reporting a lower-than-expected 15 per cent rise in half-year net profit of $800 million for the company.
    * Editorial: The ombudsman has criticised the Housing Department and the Lands Department for shirking their responsibility and allowing the construction of illegal structures in the New Territories to continue. As a result, the chief executive should investigate the matter as soon as possible and take action to reform the two departments or else the situation will never improve. 



HKEx seeks explanation for Ping An information leak; Masked Jackie Chan arrives in Xian to host ritual; Editorial

    * The HKEx is expecting a report this week from Christensen, the investor relations agent of Ping An Insurance, concerning the premature release of price-sensitive information hours before Ping An's official results announcement. A Ping An circular said the incident was the result of mistakes made by its agent.
    * Jackie Chan arrived in the ancient Chinese capital of Xian to host the first Global Overseas Chinese Ancestral Ritual wearing a surgical mask. At Xian airport he said that he wasn't ill, but the mask was just a precaution since Xian was too crowded. 



	Hong Kong Economic Journal
PetroChina posts record 45.3b yuan half-year profit; Editorial

    * PetroChina reported a record first-half profit of 45.3 billion yuan, up 17 per cent from last year, boosted by high oil prices and effective cost-control measures. Analysts expect the firm’s full-year profit to catch up with that of HSBC Holdings and possibly reach 100 billion yuan. HSBC Holdings earlier reported a first-half profit of $49.5 billion.
    * Editorial: Stagflation, an economic state of rising prices and high unemployment with little or no economic growth, is not likely to return as commodity prices are unlikely to rise a lot in the next decade or two due to the abundant supply of low-priced goods and labour in China and India. However, this scenario is based on the premise that the economic situations of China and India will continue to be stable and that US demand will not fall dramatically. 



Cheung Kong's $3.5b Baiyun Airport plan on hold; Editorial

    * Cheung Kong’s plans for a HK$3.5 billion real-estate project on the site of the former Baiyun Airport in Guangzhou were put on hold when the local government said it wanted to explore how to further enhance the site’s economic value. The government’s decision is said to be related to the mainland’s recent economic control measures.
    * Editorial: The ombudsman’s report on the Lands and Buildings Department's refusal to demolish illegal structures in the New Territories has brought to light the problems of the bureaucracy in these government departments. We think that the government should deepen the civil service reforms to tackle these unbearable problems.