Friday 25th March 2011
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NEW ARTICLES
Response to SEHK
on Corporate Governance Consultation
Webb-site
publishes a detailed response to the Exchange's consultation on the corporate
governance rules and code, including recommendations for fundamental reform and
the results of the opinion poll on INEDs. (25-Mar-2011)
RECENTLY ON WEBB-SITE
Ping An: not the whole picture
We look behind last
night's shock placing by Ping An Insurance to tycoon Cheng Yu Tung, and call for
a full explanation from the issuer. (15-Mar-2011)
David
Webb's 4th submission to LegCo on proposed Special Stamp Duty
(13-Mar-2011)
Universal pensions in HK: the case against
In a guest
contribution, economist Jim Walker lays out the case against calls for a
universal pension in HK, including the lessons from history of the European
welfare state. (12-Mar-2011)
The cost
of a universal pension
Following Jim Walker's guest article today, we run the numbers to show why a
universal pension would put HK on the road to fiscal hell, a high-tax
European-style welfare state. The ageing population means a HK$6k per month
pension in 2039 would imply at least a 35% tax rate, and probably higher as
mobile profits and professionals leave. Even 13 years from now, tax rates would
rise to at least 28.5% to balance the budget. (12-Mar-2011)
IN OTHER NEWS
Webb on
"Backchat" re universal pension
RTHK,
24-Mar-2011
Various alleged triad members v HKSAR
HK Court
of Appeal, 22-Mar-2011
Credit China (8207) acquires interest in 100m shares of Tack Hsin (0611)
Disclosure of interest, 22-Mar-2011
This is
probably a convertible bond acquired off-market. Credit China was listed on
19-Nov-2010.
CITIC Pacific Ltd v Secretary for Justice & another
HK Court of First Instance, 18-Mar-2011
Fins Development Ltd & Hong Kong Huaming Co Ltd v Elke Tang Yuen Ting
HK Court of First Instance, 18-Mar-2011
This
case involves possible abuse of funds from a wholly-owned subsidiary of Jingwei
Textile (0350) which purportedly were intended to be routed into leveraged
foreign exchange accounts held in the names of two of its staff at Cosmas Hantec
Investment (NZ) Ltd, an unlicensed entity. The defendant was declared bankrupt
after being fined by the SFC last year.
International school enrolment in HK, latest data
HK Government, 16-Mar-2011
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