HK dollar hits 1-month low

The Hong Kong dollar edged lower yesterday, partly due to softer interbank rates, which prompted some market players to return to arbitrage trades. The local currency fell to a one-month low of 7.7558 against the US dollar before clawing back to 7.7543/45 at 0908 GMT, but it was still down 0.03 percent from late Monday trade in Asia.

SAIC: $300m on green cars

SAIC Motor Corp, China's biggest automaker, said yesterday it plans to set up a venture with its State-owned parent that will invest 2 billion yuan to develop clean-energy cars. The SAIC group will hold a 90 percent stake in the venture.

Power firm sale on hold

Singapore's state investor Temasek Holdings said yesterday it has postponed the sale of its fully-owned electricity generating firm PowerSeraya, a deal that may have fetched over $2 billion.

The delay came on the same day when the world's top miner BHP said it was dropping its proposed $66 billion hostile takeover of Rio Tinto.

Reuters

(HK Edition 11/26/2008 page2)