Global financial risk monitoring urged

Hong Kong should guard against the risks to financial stability posed by inflation and the expected easing of US monetary policy, which might stimulate the build-up of leveraged positions and asset-price inflation, the Exchange Fund Advisory Committee Currency Board Sub-Committee said yesterday.

The sub-committee said global financial markets have been volatile recently and have weakened due to low US data, persistent credit concerns and central banks' highlighting growth risks. And US credit problems could affect East Asian economies through financial channels and dampen confidence in the region's markets leading to capital outflows.

URA Sneaker St offer beats expectations

The Urban Renewal Authority (URA) yesterday announced it will acquire the housing properties to be affected by the Sai Yee Street redevelopment project in Mong Kok at HK$7,012 per square foot of usable area, that is HK$1,012 more than the sum local media alleged on Monday. A written proposal will be sent to owners of the 175 housing properties within 10 working days.

Man guilty of bribing hospital staff

Kowloon City Magistracy yesterday convicted a 65-year-old man of offering bribes to a Kowloon Hospital administrator in return for his deceased girlfriend's medical report. He will be sentenced on Mar 25. Defendant Tsui Chung-man was found guilty of two counts of offering an advantage to a public servant.

The court heard Tsui left a plastic bag with eight souvenir pins to induce the hospital administrator to assist in his application for the medical report on April 25 last year. He also left three ornaments bearing Hong Kong's regional emblem and an envelope containing 10 HK$1,000 banknotes on May 7.

The administrator had twice refused the materials. After the Hospital Authority rejected his application, Tsui called the administrator to ask for the return of his money. He said he would pay more if the administrator was willing to help him.

3,800 non-civil service posts to be replaced

About 1,300 non-civil service contract posts will be replaced by filling existing and anticipated vacant civil service posts and newly created civil service posts by the end of March, the Civil Service Bureau estimates.

In a Legislative Council paper presented yesterday, the bureau said another 2,500 such positions will be replaced in the same way in 2008-09.

In view of the increasing demand on public services, the bureau considered it justified to increase the civil service establishment from about 162,830 at the end of March this year to about 164,500 at the end of March 2009.

Dead bird tested positive for H5 virus

The Agriculture, Fisheries and Conservation Department (AFCD) said yesterday a sick peregrine falcon found on March 8 which later died has tested positive for H5 avian flu. Further tests are underway to determine if the pathogen is the deadly H5N1 virus.

The sick predator bird was found lying in a roadside bush in Ma Wan Island between the New Territories and Lantau Island. There are no poultry farms within three kilometers of the spot where it was found. The peregrine falcon is a resident and sometimes winter migrant in Hong Kong.

China Daily

(HK Edition 03/12/2008 page1)