RBS's Richard Griffiths quits in latest departure

Richard Griffiths, a managing director at Royal Bank of Scotland Group Plc in Hong Kong, resigned after 14 months with the firm, a person with knowledge of the situation said.

Griffiths, 37, who headed the group that advised companies in industries from chemicals to construction in Asia, is the latest senior departure in the region for the Edinburgh-based bank. James Pearson, head of the Asia-Pacific financial institutions group, quit in August. Celia Cui, a director of RBS's China team, quit last month, two people familiar with the matter said.

Griffiths, as Asia head of the industrials group, helped RBS advise Sinochem Group, China's biggest chemicals trader, on a $2.4 billion acquisition of Australia's Nufarm Ltd in September.

Anna Langford, a Hong Kong spokeswoman at RBS, declined to comment.

Galaxy records fourth straight quarter of growth

Galaxy Entertainment Group Ltd reported earnings before interest, taxes, depreciation and amortization rose for the fourth straight quarter in the three months ended September 30, according to a statement issued to the Hong Kong stock exchange yesterday. Ebitda climbed 181 percent to HK$278 million from a year earlier, while revenue rose 16 percent to HK$2.85 billion, according to the statement.

Standard & Poor's Ratings Services said yesterday that it had given its 'B' long-term corporate credit rating to Galaxy Casino SA, a branch company of Galaxy Entertainment Group Ltd, on CreditWatch, with negative implications.

Google to invest HK$100 million in Hong Kong SMBs

Google yesterday revealed an investment plan worth HK$100 million for Hong Kong SMBs to provide them with innovative search engine marketing (SEM) solutions to reach out to their target audiences in a cost-effective manner. As the local economy continues to show positive and encouraging signs of a faster-than-expected recovery, Google believes this timely investment plan is vital for SMBs to ride on the economy's anticipated early recovery. Named the "Google Online Marketing: Exploring New Business Opportunities" Program, the HK$100 million pledge to 270,000 Hong Kong small and medium-sized businesses (SMBs) will be rolled out in the next 12 months. Google will partner with Hong Kong SMBs to address their urgent needs to explore growth potentials and achieve business success through the use of search engine marketing (SEM).

City not worried about hyperinflation: John Tsang

Hong Kong is not worried that the latest capital inflows into the city will trigger hyperinflation, Financial Secretary John Tsang said in Singapore before attending an APEC Meeting, according to a government transcript released Monday.

Recent money inflows were sparked by interest in initial share sales in the city, Tsang said, according to the transcript.

HK dollar stays strong on persistent inflows

The Hong Kong dollar remained at the top of its trading band against the US dollar yesterday as money continued to flow into the city's robust stock market. The Hong Kong Monetary Authority (HKMA) intervened in the forex market yesterday morning, selling HK$5.425 billion ($700 million) for US dollars to stem a rise in the local currency and keep it within its official trading band.

So far this month, the HKMA has injected HK$37.2 billion into the city's banking system to defend the currency peg, including yesterday's intervention.

Local interbank rates traded narrowly mixed, but remained at a low level because of abundant liquidity in the banking system.

China Daily/Agencies

(HK Edition 11/12/2009 page3)