PRESS DIGEST-Hong Kong - Aug 26
Aug 26 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Melco International Development Ltd and Summit Ascent Holdings Ltd, which are controlled by Lawrence Ho, a son of Macau gaming mogul Stanley Ho, agreed to buy a 51 percent stake in a casino resort in Russia for HK$514.1 million ($66.29 million). ()
-- Haitong International Securities Group Ltd deputy chairman Lin Yong said it was the right time for mainland securities firms to move beyond conventional broking business as a commission war among local brokers eroded profit margins. ()
-- International energy sector recruitment firm Spencer Ogden has opened an office in Hong Kong, its second in Asia, to tackle the north Asian market, including the nascent mainland market, according to Chief Executive David Spencer. He expects the firm to turn over $80 million this year and $120 million next year. ()
HONG KONG ECONOMIC JOURNAL
-- Bank of America Corp spokesperson declined to comment whether it will sell its HK$11.6 billion stake in China Construction Bank Corp after a lockup period which will expire at the end of this month.
-- Hongkongers would be elated if either Australian or Japanese operators became the new owners of billionaire Li Ka-shing's supermarket chain ParknShop amid hopes for a wider variety of merchandize and better food safety standards, a survey showed. ()
SING TAO DAILY
-- HSBC Asia-Pacific chief executive Peter Wong said the bank would take a cautious approach to the business growth in Asia Pacific amid the uncertain global outlook.
-- Two residential plots, located in Sha Tin and Yuen Long, up for tender this month are expected to fetch more than HK$3.3 billion.
For Chinese newspapers, see...............
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.