HKEx in strategic alliance deal

Hong Kong Exchanges and Clearing Ltd (HKEx) and HKEx Group companies have signed a memorandum of understanding with the London Metal Exchange (LME), LME Clear Ltd, China Merchants Group Ltd (CMG) and China Merchants Securities Co Ltd (CMS) to form a strategic alliance in product development and related services for market users. "The deal with CMG and CMS marks the beginning of our collaboration in exploring initiatives, such as LME warehousing in Asia and the development of new RMB denominated products," said Matthew Chamberlain, the LME's head of business development.

ZTE profits up 191% in Q3

Mainland telecom equipment maker ZTE Corp on Thursday posted a 191-percent jump in quarterly net profit amid strong demand for equipment to build the country's next-generation mobile networks. The company recorded a 703-million yuan ($114.89 million) profit for July-September, the company said in a filing to the Shenzhen Stock Exchange. ZTE, which competes with Huawei Technologies Co Ltd in the telecom gear and smartphone sectors, posted a record first-half profit in August with improved margins in its global business and higher 4G capital expenditure on the mainland.

Macao's casino woes to worsen

Macao's finance secretary expects the city's drop in casino revenues to worsen this month and a recovery will only come in the second half of next year, Teledifusao de Macau, the first over-the-air radio and television network in Macao, reported on Thursday. For the whole of this year, gambling revenues will probably be little changed, Macao's Secretary for Economy and Finance Francis Tam was quoted as saying by the broadcaster. The mega Hong Kong-Macao-Zhuhai bridge, along with several new casinos scheduled to open next year, will increase Macao's capacity to handle tourists, Tam said.

New share offers depress stocks

The mainland's benchmark stock index fell the most in a month on concern that new share offerings will divert funds from existing shares. The Shanghai Composite Index slid 1 percent to 2,302.42 at the close on Thursday. The gauge has lost 3.6 percent since this year's high on Oct 9 as nine companies market IPO shares and uncertainty grows over the start of a trading link with Hong Kong. Better-than-estimated preliminary manufacturing data announced on Thursday failed to offset declines as benchmark money-market rates increased the most in a week.

China Daily - Bloomberg

(HK Edition 10/24/2014 page8)