Galaxy delays Macao casino opening till 2010

Galaxy Entertainment Group will delay the opening of its new casino in Macao till 2010 rather than the middle of next year because of a difficult market, the firm said yesterday.

Some analysts have speculated that work on the Galaxy Macao casino could be stopped because of problems financing the project, following a move by troubled US rival Las Vegas Sands to halt its projects in the territory.

But in a statement, Galaxy said it was "well capitalized" with about HK$6 billion in cash.

Shenhua pays $187m for an Australian licence

Shenhua Energy Co Ltd, China's largest coal miner, said yesterday a wholly owned unit had paid A$299.9 million ($187 million) for a coal exploration licence in Australia. It said in a statement the subsidiary, Shenhua Watermark Coal Pty Ltd, will pay an additional A$200 million to the New South Wales state government if the firm were to be subsequently granted a mining lease.

Hutchison's 3 Italia denies break-up, sale report

Hutchison Whampoa Ltd unit 3 Italia denied a newspaper report yesterday of a possible break-up of the Italian telecom operator and sale of its assets to Italian competitors.

Italian financial daily Il Sole 24 Ore said in its Thursday edition that operator Telecom Italia SpA could make an all-share bid for 3 Italia. The paper said this would give it a tax benefit, remove an aggressive competitor and help the valuation of Telecom Italia shares.

Shenzhen Investment cuts completion targets

Mainland property firm Shenzhen Investment said yesterday it has cut its housing completions target by 20 percent for 2009 and 2010, and deferred payments of land premiums to 2010 due to negative market conditions.

Shenzhen Investment, which focuses on property development projects in southern China, said in a statement the new property completion targets are 580,000 sq m in 2009, and 800,000 sq m in 2010.

HSBC favors solar, wind over integrated power

HSBC Global Asset Management has increased its exposure to solar power-related stocks at the expense of integrated power plays, and believes technology companies in the solar and wind sectors offer solid long-term opportunity for investors. Integrated power accounted for 23.8 percent of HSBC's Climate Change fund at the end of October. Tokyo Electric is one of the fund's largest holdings.

Reuters

(HK Edition 11/21/2008 page2)