PRESS DIGEST - Hong Kong - Dec 2
HONG KONG, Dec 2 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
HONG KONG ECONOMIC TIMES
-- Market speculation says Standard Chartered (2888.HK) (STAN.L) group will soon announce a restructuring plan for its operations in north Asia. It is not known if its Hong Kong employees will be affected.
-- HSBC raised mortgage loan rates on Monday by 50 to 75 basis points on new loans. It was the fifth increase in mortgage rates by the bank this year.
APPLE DAILY
-- Sources say the Royal Bank of Scotland is to lay off 100 employees at its Hong Kong office after the bank announced a global downsizing plan.
SING TAO DAILY
-- A wave of interest rate cuts by Asian and European countries are expected after a UN report predicted a longer downturn for major economies.
SOUTH CHINA MORNING POST
-- Television Broadcasts laid off 5 per cent of its staff in what general manager Stephen Chan said were "necessary steps" amid the global financial crisis.
-- BNP Paribas unveiled a short list of long-term stock picks for the region, suggesting there were still viable investment opportunities in the down market.
THE STANDARD
-- Cheung Kong (0001.HK) may have dropped its acquisition plan for the Luso Apartments in Kowloon Tong because, analysts said, of its bearish view of the Hong Kong property market.
-- The Hong Kong government will make job creation its No. 1 priority when drafting next year's budget, Financial Secretary John Tsang said.
HONG KONG ECONOMIC JOURNAL
-- Investment group CLSA says the outlook for Cathay Pacific Airways (0293.HK) was a cause for market concern.
SING PAO
-- Hong Kong government has chartered three flights to Thailand to pick up stranded Hong Kong tourists. The move came a week after the airports in the Thai capital stopped operating.
TA KUNG PAO
-- New World Development says it will not slow its development plans in the current economic downturn and has been seeking targets for acquisition.
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