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New Stock Exchange Chairman
Hong Kong lawyer,
lawyer, Charles Lee Yeh-kwong, has been elected unopposed as the new Chairman of the Hong Kong Stock Exchange. He succeeds Sir Q.W. Lee. Mr Lee, 55, is a partner with the biggest local law firm in Hong Kong - Woo Kwan Lee and Lo - and a director of more than 20 companies, including Cheong Kong Holdings.
Clearing System Expected in April
The controversial stock exchange central clearing system could begin operating in April, an OMELCO panel was told at a meeting this week.
Mr William Purves, convenor of the OMELCO finance, taxation and monetary affairs panel, said that while some issues concerning the central clearing and settlement system remained outstanding, good progress was being made.
Legislation on the risk management aspects of the settlement system will be gazetted soon and then it will remain only for the Executive Council to approve the Securities (Clearing House) Bill.
Tourist Arrivals Increase To Record 6.03M
The number of tourist arrivals in 1991 rose to a record 6.03 million, up 1.7 per cent on 1990, according to the Hong Kong Tourist Association (HKTA). Taiwan continued to be the number one source of visitors, accounting for 1.3 million, or 21.5 per cent of the total arrivals. Japan remained in second place, with 1.26 million arrivals, or 20.9 per cent of the total. Following the top two were Southeast Asia (1.01 million), Europe (790,000), the US and Canada (781,000), and Australia/New Zealand (277,000).
Government Bonds Issue
The second tender of government bonds was scheduled to be held on February 17 with a total of HK$500 million (US$64 million) two-year bonds on offer. The Office of the Exchange Funds says another HK$100 million (US$13 million) will be held in reserve for the purpose of last resort supply to meet market makers of government bonds. The bonds will mature on February 18, 1994 and will carry annual interest of 5.5 per cent payable half-yearly in arrears.
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