ENG-1998 — Page 22

CALENDAR OF EVENTS IN 1998

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Cathay Pacific Airways announces a $175 million loss for the first six months of the year its first loss in 25 years. A slump in tourism and the global economic upheaval are blamed.

Standard Chartered Bank announces a drop of about 5 per cent in profits for the first six months of the year

down to $1.79 billion from $1.88 billion in the first half of 1997.

Swire Pacific profits drop 40 per cent to $2 billion for the first six months of the year.

Share prices close at their lowest level in 3 1/2 years after speculative attacks on the Hong Kong Dollar and fears of a devaluation of the Mainland currency, the Renminbi. The Hang Seng Index closes at 7 018 points.

The Housing Society offers interest-free mortgages to 5 000 sandwich-class home buyers.

The University Grants Committee announces that 450 Mainland students will study at Hong Kong universities and colleges under a $135 million pilot scheme.

Hong Kong stocks plunge to a five-year low of 6 660.

In an unprecedented move, the Hong Kong Monetary Authority invests a 'substantial' amount in the stock and futures markets as part of a strategy to combat currency speculators. The Hang Seng Index rises 8.47 per cent to close at 7 224 points.

Talks collapse between the government and the Hong Kong and Yaumatei Ferry Company over the land premium for the Central ferry pier development. The company's franchise is due to end in March 1999, but in November it wins back two routes by tender.

Three patients die and three others are critically ill while receiving haemodialysis at the Hong Kong Sanatorium and Hospital. It is discovered that the dialysis equipment passed cleaning fluid into the patients.

King Law Ka Shuk (King Law Family School), the ancestral hall of the Tang clan in Tai Po, is gazetted a historical building under the Antiquities and Monuments Ordinance. It has served as the ancestral hall of the Tang clansmen in Tai Po Tau for more than a century.

Turnover on the Hong Kong Stock Exchange reaches a record $79 billion as the government battles speculators as part of its two-week old campaign. The Financial Secretary says Hong Kong will continue to defend its economy with all available resources. The HKSAR outlays about $118 billion in this action, which ultimately is recognised as defeating attacks on the currency.

September

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New World First Bus takes over the bus franchise formerly held by China Motor Bus. Its first operations include five overnight bus routes and the departure of its first scheduled service at 5.05 am.

The Town Planning Board endorses the publication of the Draft Outline Zoning Plans related to the South East Kowloon Development proposal to develop the ex-Kai Tak Airport site, Kowloon Bay and some neighbouring districts.

Hong Kong athletes bring 24 medals back from the 4th World Masters Games held in the US in August. The games attracted more than 12 000 participants from over 100 countries. Hong Kong's competitors won 16 gold, four silver and four bronze medals, and set four Masters records.

The government announces a 30-point plan to tighten procedures in the securities and futures market. Measures include a crackdown on illegal short-selling and the institution of rules widely used in European and US markets.

Legislative Councillors expel Finance Services Functional Constituency member Chim Pui-chung after he was sentenced to three year's gaol for fraud.

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