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SFC fines Manulife Asset Management
The Securities and Futures Commission has reprimanded Manulife Asset Management (Hong Kong) and fined it HK$24 million for inadequate internal controls over the distribution of the Manulife Global Fund from 2007 to 2012. The SFC found "serious deficiencies" in the way the fund was distributed. By February last year, the firm had not secured a risk profile for 70 per cent of the fund's customers. Toh Han Shih
 
Home sales jump 62pc year on year
Sales and purchases of housing units in Hong Kong totalled 6,307 last month, according to the Land Registry, a year-on-year jump of 62.4 per cent and a 16.2 per cent increase over January, for a total value of HK$38.7 billion, 103.3 per cent higher than a year earlier and 35.6 per cent higher than in January. Toh Han Shih
 
MPF return is 2pc for year's first two months
The total average return on the Mandatory Provident Fund was 2 per cent for January and February combined. The bond average had a two-month negative return of 0.99 per cent, the equity average's two-month total return was 3.37 per cent, and the two-month total return on the mixed-assets average was 1.9 per cent, the MPF said. Toh Han Shih
 
Rusal in the red on low aluminium prices
Rusal, the world's largest aluminium producer, posted a net loss of US$55 million for last year as the average price for the metal fell to US$2,018 per tonne from US$2,396 in 2011. Prices have since fallen below US$1,950. Shares of Rusal dropped 3.4 per cent to close at HK$4.22 in Hong Kong yesterday. Paul Soh
 
Du Jun banned for life for insider trading
The Securities and Futures Commission has banned Du Jun, a former managing director of Morgan Stanley Asia, for life from re-entering Hong Kong's financial industry, after criminal proceedings against Du for insider dealing in the shares of Citic Resources. "The SFC concluded that Du is not a fit and proper person to be licensed," it said. In Hong Kong's biggest insider trading case, Du bought HK$87.1 million of Citic Resources shares between February and April 2007. In May 2007, the share price rose sharply, and he took HK$23.3 million in profit. Toh Han Shih


Hong Kong transgender woman slams HSBC for outing her with letter to employer

Hong Kong treasury chief vows swift response to complaints over new e-pension system

Hong Kong’s MTR Corporation accuses Physical of owing it HK$2.8 million in rent and fees

Hong Kong’s MPF members each gain HK$31,300 windfall, best showing in 7 years

Mandatory Provident Fund (MPF)

Business Digest, March 5, 2013

Du Jun 

Business

China Business

Rusal