PRESS DIGEST-Hong Kong - June 12
HONG KONG, June 12
HONG KONG, June 12 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Barristers have come out in strong defence of Hong Kong's judicial independence, a day after the central government published an unprecedented white paper outlining Beijing's "comprehensive jurisdiction" over the city. (link.reuters.com/caq99v)
-- An addition by the People's Liberation Army to Hong Kong's harbour light show has divided opinion, with some seeing the neon display on the garrison's Admiralty headquarters as sinister and others describing it as a mere decoration. The flashing lights spell "Chinese People's Liberation Army" in giant Chinese characters. (link.reuters.com/faq99v)
-- Chinese carmaker BAIC Motor, partly owned by German giant Daimler, put on hold its $2 billion share sale in Hong Kong, people familiar with the situation said, citing concerns over the market's appetite for large deals after the collapse of WH Group's initial public offering. (link.reuters.com/gaq99v)
-- China Huihan Dairy's annual net profit jumped 32 percent to 1.25 billion yuan ($201 million), helped by higher sales volumes and prices. The milk producer saw turnover for the year ended March 31 surge 38 percent to 3.53 billion yuan. (link.reuters.com/jaq99v)
-- Earthasia International opens the retail book on Thursday to raise up to HK$120 million ($15.5 million) in an initial public offering, while lingerie maker Cosmo Lady is also offering 406.5 million shares, seeking to raise HK$1.79 billion in an IPO. (link.reuters.com/naq99v)
-- New home transactions in Shenzhen during May plunged 48.8 percent from a year earlier, while deals involving used flats were down 30 percent, official data showed. (link.reuters.com/qaq99v)
HONG KONG ECONOMIC JOURNAL
-- Tycoon Lee Shau Kee has passed on his chairmanship in Miramar Hotel and Investment Co Ltd to younger son Lee Ka Shing with effect from Thursday and elder Lee becomes a non-executive director of the hotel group.
-- Television program producer SMI Culture Group Holdings Ltd said it had not been officially approached by an investment fund of Tencent Holdings Ltd for subscribing to new shares of the company.
HONG KONG ECONOMIC TIMES
-- Bank of East Asia Ltd sees a healthy increase in customers in its private banking business with assets in management set to grow 20-30 percent annually, according to a senior management from the bank's wealth management division.
For Chinese newspapers, see............... ($1 = 6.2277 Chinese Yuan Renminbi) ($1 = 7.7516 Hong Kong Dollars) (Reporting by Donny Kwok; Editing by Prateek Chatterjee)
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.