PRESS DIGEST - Hong Kong - July 28
HONG KONG, July 28
HONG KONG, July 28 (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
-- Genetically modified rice, which is illegal to sell or grow commercially on the mainland, has been found on sale in a large supermarket in Wuhan. State television CCTV said there was also evidence that genetically modified rice had been sold in Hunan, Anhui and Fujian. (bit.ly/1l5Mvad)
-- McDonald's issued another apology on Sunday for its part in the rotten meat scandal, saying a "lack of clarity" had confused people. McDonald's managing director in Hong Kong, Randy Lai Wai-sze, said the company had "not communicated well" and promised it would never again source from the Shanghai Husi plant at the heart of the scandal. (bit.ly/1ptAeOh)
-- Swire Pacific's core property and aviation businesses face major structural shifts, chairman John Slosar said. He said residential property trading operations were at their cyclical peak while the performance at Cathay Pacific would be in line with an industry that had underperformed expectations worldwide. (bit.ly/1mT3TyM)
-- A group of bloggers has set up a Facebook page for people's commentaries on politics and other issues following the sudden closure of House News, a pro-democracy news site with strong ties to media mogul Jimmy Lai Chee-ying. Within 20 hours of it being set up on Saturday night, the House News Bloggers Group received more than 20,000 likes. (bit.ly/WJ7tq7)
-- Hong Kong Airlines, a local budget carrier partly owned by Hainan Airlines, will submit its listing application by next month and is expected to open the retail book in October at the earliest. It plans to raise up to HK$3.9 billion in what could be Hong Kong's first dual-currency float with investors able to subscribe to shares in either yuan or Hong Kong dollars. (bit.ly/1rOxKyr)
HONG KONG ECONOMIC JOURNAL
-- Hong Kong Monetary Authority on Saturday injected HK$5.348 billion into the banking system, its fifteenth intervention so far this month, to meet commercial demand for the local currency.
-- Property developer Cheung Kong has generated HK$17.6 billion ($2.27 billion) revenue from flat sales so far this year, representing 58.7 percent of its HK$30 billion annual sales target this year, according to its senior management. It generated HK$5 billion from flat sales last year.
-- Bank of East Asia is expected to post an interim profit of up to HK$3.505 billion, with cross-border loan business leading the growth, while also facing challenges from increasing non-performaning loans, according to analysts.
-- Conglomerate Hutchison Whampoa is expected to post single-digit growth in first-half earnings due to lower contribution from subsidiaries following stake sales of some of its units, according to analysts. Morgan Stanley estimates Hutchison to post a 9 percent growth in earnings at HK$13 billion, the slowest since 2009.
For Chinese newspapers, see............... ($1 = 7.7500 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Sunil Nair)
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