1. HSBC closing US office hit by mortgage crisis    (Wed 22 Aug 2007 17:22:04 0800)
Banking giant HSBC says it’ll close an office in the United States next year because of declining mortgage business. It told the 600 staff in its Indiana office late last week that it will be closed by the middle of next year citing a mismatch between staffing levels and mortgage business. The worsening subprime housing problem forced the bank to issue a rare profit warning early this year.

2. Hang Seng closes 617 higher    (Wed 22 Aug 2007 17:42:44 0800)
The Hang Seng Index ended the day at 22346 - that’s up 617 points on the previous close. In currenciesthe American dollar’s trading at 114.91 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 49 cents.

3. 44% rise in Citic’s interim profit    (Wed 22 Aug 2007 18:56:48 0800)
The Hong Kong arm of Beijing’s state-owned investment company Citic Pacific says its first-half profit surged 44 percent to just under $5-billion. It benefitted from the listing of its telecom unit as well as a doubling of profit for its steel manufacturing business. The company is proposing a special dividend of 20 cents per share on top of an interim dividend of 40 cents.

4. Hang Seng surges higher    (Wed 22 Aug 2007 15:28:02 0800)
Local shares have surged during afternoon trading with the Hang Seng Index gaining more than two percent. Analysts say trading was boosted by hopes that Beijing will further relax its ban on mainland investors buying Hong Kong stocks.

5. FTU urges govt to speed up infrastructure projects    (Wed 22 Aug 2007 15:55:53 0800)
The Federation of Trade Unions has called on the Chief Executive Donald Tsang to speed up the implementation of infrastructure projects. The suggestion was put to Mr Tsang during a meeting to discuss his policy address which will be delivered in October. The Federation’s chairman Wong Kwok-kin said the prospects for the construction industry were not good. He said that more infrastructure projects would help to create jobs.

6. HSBC closing US office hit by mortgage crisis    (Wed 22 Aug 2007 17:22:04 0800)
Banking giant HSBC says it’ll close an office in the United States next year because of declining mortgage business. It told the 600 staff in its Indiana office late last week that it will be closed by the middle of next year citing a mismatch between staffing levels and mortgage business. The worsening subprime housing problem forced the bank to issue a rare profit warning early this year.

7. Hang Seng closes 617 higher    (Wed 22 Aug 2007 17:42:44 0800)
The Hang Seng Index ended the day at 22346 - that’s up 617 points on the previous close. In currenciesthe American dollar’s trading at 114.91 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 49 cents.

8. 44% rise in Citic’s interim profit    (Wed 22 Aug 2007 18:56:48 0800)
The Hong Kong arm of Beijing’s state-owned investment company Citic Pacific says its first-half profit surged 44 percent to just under $5-billion. It benefitted from the listing of its telecom unit as well as a doubling of profit for its steel manufacturing business. The company is proposing a special dividend of 20 cents per share on top of an interim dividend of 40 cents.

9. Hang Seng higher    (Wed 22 Aug 2007 15:13:19 0800)
A short time ago the Hang Seng index was 22198 - that’s up 469 points on the previous close. In currencies the American dollar’s trading at 114.95 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 50 cents.

10. Hang Seng surges higher    (Wed 22 Aug 2007 15:28:02 0800)
Local shares have surged during afternoon trading with the Hang Seng Index gaining more than two percent. Analysts say trading was boosted by hopes that Beijing will further relax its ban on mainland investors buying Hong Kong stocks.

11. FTU urges govt to speed up infrastructure projects    (Wed 22 Aug 2007 15:55:53 0800)
The Federation of Trade Unions has called on the Chief Executive Donald Tsang to speed up the implementation of infrastructure projects. The suggestion was put to Mr Tsang during a meeting to discuss his policy address which will be delivered in October. The Federation’s chairman Wong Kwok-kin said the prospects for the construction industry were not good. He said that more infrastructure projects would help to create jobs.

12. HSBC closing US office hit by mortgage crisis    (Wed 22 Aug 2007 17:22:04 0800)
Banking giant HSBC says it’ll close an office in the United States next year because of declining mortgage business. It told the 600 staff in its Indiana office late last week that it will be closed by the middle of next year citing a mismatch between staffing levels and mortgage business. The worsening subprime housing problem forced the bank to issue a rare profit warning early this year.

13. Hang Seng closes 617 higher    (Wed 22 Aug 2007 17:42:44 0800)
The Hang Seng Index ended the day at 22346 - that’s up 617 points on the previous close. In currenciesthe American dollar’s trading at 114.91 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 49 cents.

14. 44% rise in Citic’s interim profit    (Wed 22 Aug 2007 18:56:48 0800)
The Hong Kong arm of Beijing’s state-owned investment company Citic Pacific says its first-half profit surged 44 percent to just under $5-billion. It benefitted from the listing of its telecom unit as well as a doubling of profit for its steel manufacturing business. The company is proposing a special dividend of 20 cents per share on top of an interim dividend of 40 cents.

15. Meeting appears to calm Wall Street markets    (Wed 22 Aug 2007 09:25:44 0800)
On Wall Street a meeting between Fed Chairman Ben Bernanke and Senator Chris Dodd seemed to calm markets and the major averages traded in a narrow range. The S&P 500 and the Nasdaq rose slightly while the Dow slipped. Senator Dodd who is a Presidential candidate said the Fed would use “all available tools” to calm financial markets. His pledge fueled speculation of an early cut in the fed funds rate. But Fed president Jeffrey Lacker poured cold water on that. He said a rate change would only be warranted if turmoil hurt the inflation or growth outlook. Energy stocks fell; technology gained. The Dow Jones industrial average fell 30 points to 13090. But the Standard & Poor’s 500 inched up 1 point to 1447. The Nasdaq gained 12 to 2521.30.

16. European markets close mostly unchanged    (Wed 22 Aug 2007 09:27:22 0800)
European markets closed mostly unchanged in a volatile session. Risk aversion is a common theme. One winner was Swiss food group Nestle; markets cheered a presentation by its chief financial officer. Slowly calm appears to be returning to the markets. Credit Suisse said equity valuations are now “clearly attractive”. It said the free cash flow yield in Europe is at 5.5 percent. It advised investors to buy “cheap cyclicals.” It pointed technology metals and mining as its favoured cyclical sectors. But in economic data the German ZEW investor sentiment index fell more than expected in August to -6.9 from 10.4 the month before.

17. Hang Seng higher    (Wed 22 Aug 2007 11:11:49 0800)
A short time ago the Hang Seng index was 21917 - that’s 188 points up on the previous close. In currencies the American dollar’s trading at 114.35 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 47 cents.

18. Hang Seng 290 higher in morning trading    (Wed 22 Aug 2007 12:48:58 0800)
The Hang Seng Index ended the morning at 22020 - that’s 290 points up on the last close. Turnover was 36.9 billion dollars.

19. Hang Seng higher    (Wed 22 Aug 2007 15:13:19 0800)
A short time ago the Hang Seng index was 22198 - that’s up 469 points on the previous close. In currencies the American dollar’s trading at 114.95 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 50 cents.

20. Hang Seng surges higher    (Wed 22 Aug 2007 15:28:02 0800)
Local shares have surged during afternoon trading with the Hang Seng Index gaining more than two percent. Analysts say trading was boosted by hopes that Beijing will further relax its ban on mainland investors buying Hong Kong stocks.

21. FTU urges govt to speed up infrastructure projects    (Wed 22 Aug 2007 15:55:53 0800)
The Federation of Trade Unions has called on the Chief Executive Donald Tsang to speed up the implementation of infrastructure projects. The suggestion was put to Mr Tsang during a meeting to discuss his policy address which will be delivered in October. The Federation’s chairman Wong Kwok-kin said the prospects for the construction industry were not good. He said that more infrastructure projects would help to create jobs.

22. HSBC closing US office hit by mortgage crisis    (Wed 22 Aug 2007 17:22:04 0800)
Banking giant HSBC says it’ll close an office in the United States next year because of declining mortgage business. It told the 600 staff in its Indiana office late last week that it will be closed by the middle of next year citing a mismatch between staffing levels and mortgage business. The worsening subprime housing problem forced the bank to issue a rare profit warning early this year.

23. Hang Seng closes 617 higher    (Wed 22 Aug 2007 17:42:44 0800)
The Hang Seng Index ended the day at 22346 - that’s up 617 points on the previous close. In currenciesthe American dollar’s trading at 114.91 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 49 cents.

24. 44% rise in Citic’s interim profit    (Wed 22 Aug 2007 18:56:48 0800)
The Hong Kong arm of Beijing’s state-owned investment company Citic Pacific says its first-half profit surged 44 percent to just under $5-billion. It benefitted from the listing of its telecom unit as well as a doubling of profit for its steel manufacturing business. The company is proposing a special dividend of 20 cents per share on top of an interim dividend of 40 cents.

25. Meeting appears to calm Wall Street markets    (Wed 22 Aug 2007 09:25:44 0800)
On Wall Street a meeting between Fed Chairman Ben Bernanke and Senator Chris Dodd seemed to calm markets and the major averages traded in a narrow range. The S&P 500 and the Nasdaq rose slightly while the Dow slipped. Senator Dodd who is a Presidential candidate said the Fed would use “all available tools” to calm financial markets. His pledge fueled speculation of an early cut in the fed funds rate. But Fed president Jeffrey Lacker poured cold water on that. He said a rate change would only be warranted if turmoil hurt the inflation or growth outlook. Energy stocks fell; technology gained. The Dow Jones industrial average fell 30 points to 13090. But the Standard & Poor’s 500 inched up 1 point to 1447. The Nasdaq gained 12 to 2521.30.

26. European markets close mostly unchanged    (Wed 22 Aug 2007 09:27:22 0800)
European markets closed mostly unchanged in a volatile session. Risk aversion is a common theme. One winner was Swiss food group Nestle; markets cheered a presentation by its chief financial officer. Slowly calm appears to be returning to the markets. Credit Suisse said equity valuations are now “clearly attractive”. It said the free cash flow yield in Europe is at 5.5 percent. It advised investors to buy “cheap cyclicals.” It pointed technology metals and mining as its favoured cyclical sectors. But in economic data the German ZEW investor sentiment index fell more than expected in August to -6.9 from 10.4 the month before.

27. Hang Seng higher    (Wed 22 Aug 2007 11:11:49 0800)
A short time ago the Hang Seng index was 21917 - that’s 188 points up on the previous close. In currencies the American dollar’s trading at 114.35 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 47 cents.

28. Hang Seng 290 higher in morning trading    (Wed 22 Aug 2007 12:48:58 0800)
The Hang Seng Index ended the morning at 22020 - that’s 290 points up on the last close. Turnover was 36.9 billion dollars.

29. Hang Seng higher    (Wed 22 Aug 2007 15:13:19 0800)
A short time ago the Hang Seng index was 22198 - that’s up 469 points on the previous close. In currencies the American dollar’s trading at 114.95 yen. The euro is standing at 1 American dollar 34 cents. And the pound is worth 15 Hong Kong dollars 50 cents.

30. Hang Seng surges higher    (Wed 22 Aug 2007 15:28:02 0800)
Local shares have surged during afternoon trading with the Hang Seng Index gaining more than two percent. Analysts say trading was boosted by hopes that Beijing will further relax its ban on mainland investors buying Hong Kong stocks.