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2014年1月29日 星期三

Marathon feels political heat

(The Standard 23 Jan, 2014) Newspapers are finding themselves at the center of news as talk about press freedom in the SAR becomes an increasingly hot topic.
The controversy over the change of editor-in-chief at Ming Pao has been played out in the headlines in recent days. Now there's unconfirmed reports of companies pulling out ads from newspapers, including Apple Daily and am730.
There are claims that chief executive Leung Chun-ying has been influencing major companies not to advertise in these two papers, which have been critical of him.
 
This is hardly the first time such rumors have circulated, but this time things are far more fascinating and rich in political conspiracy theories.
 
The current rumors claim that, in order to tame the media, major advertisers are under pressure to stop placing ads in the two dailies. Companies cited include HSBC, Standard Chartered Bank and Bank of East Asia.
But are such conspiracy theories logical?
 
Take Standard Chartered as an example. One of the accusations is the bank - a major Apple Daily advertiser - has been reluctant to work with the government in boycotting the paper. Because of this, so the rumors go, Leung refused to meet the bank's top officials when they gathered in Hong Kong for an important meeting.
Also, he purportedly kept the bank guessing over whether or not he would attend next month's mega marathon event, which is sponsored by Standard Chartered.
 
This rumor is based on the premise that Leung is exerting pressure on the bank not to advertise in the newspapers - and used his attendance at the marathon as a threat.
 
Indeed, Leung confirmed yesterday that he will not be attending the marathon, which makes it the first time in the event's long history that the chief executive will be absent. Furthermore, he will be represented by a relatively junior member of his team - Home Affairs minister Tsang Tak-sing - rather than his number two, Chief Secretary Carrie Lam Cheng Yuet-ngor.
 
So what's behind Leung's no-show at this high-profile event?
 
Barring his being on vacation or needing to work, the most logical reason - if the above premise is correct - would be that Leung failed to exert his influence on the bank not to advertise and, in a fit of pique, refused to attend the marathon. If that's the case, then we should be seeing ads in the newspapers and hearing victorious remarks from Leung's opponents. But neither has happened.
 
So another argument goes that, even though the bank had given in to Leung's pressure, he still chose not to attend the marathon.
The convoluted logic behind this train of thought is that, should Leung attend, it would make it too obvious that there was a trade-off.
 
Again, this is flawed. Would Leung be so naive as to expose himself to such a connection? It would be a huge scandal for him if the bank turned around and pointed an accusing finger at him.
 
The supposed logic of the conspiracy theory is the very thing that renders it illogical.
This whole media conspiracy theory is intriguing for a couple of reasons.
First, neither am730 owner Shih Wing-ching nor Apple Daily boss Jimmy Lai Chee-ying named any advertisers that had pulled out. Second, the firms quoted were named via second-hand sources. Strictly speaking, there is no plaintiff or defendant, only a complainant. In the absence of both, there isn't even a prima facie case.

Mary Ma

Too soon for a victory parade

(The Standard 24 Jan 2014) Housing secretary Anthony Cheung Bing-leung was victorious - or, at least, he claimed victory.
 
A day ago, the secretary for transport and housing declared the property market had been "tamed" after two rounds of curbs with a combination of punitive stamp duties. After the special stamp and buyer's stamp duties failed to prevent prices from taking off, the draconian double stamp duty was slapped on. Months of enforcement have finally seen the government win a small battle. But the real question is: has the government won the war and not just a battle? Cheung is accurate in observing that housing prices have stopped accelerating. According to the Centa-City Leading Index, home prices had been fluctuating within a narrow range in recent months. This month, the index fell through the support, which suggests property prices have peaked and begun to adjust.

Unfortunately, there are other disturbing figures. A recently published global property survey reveals that the SAR is the most unaffordable city in terms of housing.

A recently published global property survey reveals that the SAR is the most unaffordable city in terms of housing. According to the Demographia International Housing Affordability Survey, a family in Hong Kong would have to save its entire earnings for nearly 15 years to buy a home - even if its members don't eat and entertain.  Is that really cause for alarm? Although Vancouver and San Francisco ranked second and third, families there are able to buy homes with about 10 years of income.  Since the introduction of what is also known as the "double curbs," there has been an adjustment in the primary market and developers are cutting prices by offering various kinds of rebates in the double-digit range.  There are also some signs in the secondary market. For a long period, owners have been steadfast in not negotiating sale prices because of low supply levels combined with attractive rental returns. Successive price adjustments in the primary market have forced some owners of secondary properties to be more willing to negotiate prices. But there are not yet sufficient transactions to conclude that this has become the norm.  In light of this, it isn't time for Cheung to declare victory. Such a claim might be justified only if there are concrete signs that prices have begun to deflate steadily and in an orderly manner. This, however, is subject to a number of factors - primarily the movements of interest rates. But Cheung's triumphant note could not be accidental. In proclaiming victory, he was clearly trying to send a message to the community.  What is that message? Maybe it's a bid to claim a rare triumph for the government, but it's more likely the case that it wants to maintain pressure on prices by talking down sentiment. As housing chief, Cheung is naturally the man to air the message.  It is public knowledge that the curbs can only suppress demand without solving the issue. The ultimate answer is still to be found in increased supply.  Yesterday, the government announced the location of more than 150 sites on which 210,000 flats can be built over the next five years. If the government is able to continue to roll out land at its current pace, it will not only cool the market but also crush it.

Mary Ma

2014年1月28日 星期二

Lai see givers tightening belts

(The Standard 28 Jan, 2014) As the Lunar New Year approaches, don't get your hopes up too high that you'll be getting many fat lai see packets.
 
According to the latest survey, 60 percent of respondents say they'll be putting just HK$20 in each red envelope.
 
Meanwhile, 17 percent say they will only be giving HK$10 or less, while 4 percent won't be distributing lai see at all.
 
On the more generous side, 13 percent of the 1,218 people interviewed earlier this month by the Hong Kong Research Institute plan to give HK$50, and 6 percent of respondents will dish out HK$100 or more.
 
About 60 percent said the total amount of lucky money they plan to give this Lunar New Year will be the same as last year, while nearly half said their total spending will also be the same.
 
The top three factors affecting spending decisions are market prices, personal income and urgent needs.
According to the survey, about 29 percent will prepare their festive foods at home, compared with 55 percent who did so when they were young.
 
More than half plan to eat their New Year dinners with their families at home, while 34 percent will dine out.
 
About 20 percent plan to spend less than HK$100 at New Year fairs this festive season.
QI LUO

Caterer to stars hopes for brush with fame in return

 
(The Standard 24 Jan 2014)A celebrity restaurateur whose mission to change Western attitudes to Chinese food as "lowest of the low" has lasted nearly 50 years, Michael Chow is also a trained painter who had not picked up his brushes for decades.
 
The man whose restaurants became glamorous centers in Swinging London, New York's disco days and today's Hollywood and art world has unveiled his first solo exhibition in Asia - "Recipe for a Painter" - which runs until March 8 at the Pearl Lam Galleries on Pedder Street.
 
He said the imposing mixed-media canvases reflect his complicated relationship with China and Zhou Xinfang, the father he last saw when he was 13.
"Something I had forgotten about, something wiped out of my memory, has been reunited," he said.
 
Zhou, a popular Beijing Opera star, died in the chaos of the 1966-76 Cultural Revolution.
 
Born into privilege in pre-communist Shanghai, Chow escaped as he was packed off by boat in 1952 to boarding school in Britain, aged 13.
"It's like me coming home to reclaim my Chinese heritage, and reclaim the name Zhou - my father's name," said Chow, 74, who paints under the name "Zhou Yinghua."
"This exhibition completes my journey, my life," he said. "[Art] has been suppressed for 50 years. Now I am free.'

No seats for Chinese space tourists


(The Standard 27 Jan, 2014) Chinese nationals have been banned from boarding Richard Branson's Virgin Galactic space flights - in case they steal the rocket technology.
 
Tycoons from China have been told they cannot be among the space tourists because of anti-espionage regulations in the US, from where the British firms first commercial flights are due to take off later this year with tickets costing US$250,000 (HK$1.95 million), according to the Daily Mail.
 
"We have had calls from people in China but we have to tell them we cant accept them if they only have a Chinese passport, "a Virgin Galactic salesman based in Hong Kong told the newspaper.
 
But some have successfully applied for Hong Kong passports, the salesman said, as the SAR is exempt from the ban.

2014年1月27日 星期一

President dumps his 'First Lady'

(The Standard 27 Jan, 2014) French leader Francois Hollande is tying to turn the page on his presidency and love life by splitting from his partner of eight years after a steamy affair.
 
Under scrutiny since the revelation of a younger woman on the side two weeks ago, Hollande, 59, who'd promised a "normal" presidency after the turbulent stint of predecessor Nicolas Sarkozy, has now announced a split from lover Valerie Trierweiler, 48.
Speaking in a "private capacity," Hollande said: "I wish to make it known that I have ended my partnership with Valerie Trierweiler."
 
Trierweiler has been "convalescing" at a presidential residence outside Paris after leaving hospital last Saturday, where she was treated for what was described as fatigue brought on by a press frenzy around Hollande's affair with 41-year-old actress Julie Gayet. There is a claim that Trierweiler was ready "to forgive" Hollande, but he wanted to pull the plug.
 
Trierweiler left Paris for Mumbai yesterday on a charity trip in her first public appearance since the scandal blew up. Her entourage as first lady - for now - included a presidential bodyguard.
 
"She's on good terms with the president and feels better," a friend said.


Malaysia churches defy 'Allah' ban

(The Standard 27 Jan, 2014) Malaysian churches defiantly continued to use the word "Allah" to refer to the Christian God in Sunday services despite the Muslim-majority country's leader saying they must obey rules against it.
 
Malay-speaking Christians prayed and sang hymns using the Arabic word, a practice they have observed for hundreds of years.
 
"They all contain the word `Allah,"' a pastor at a church near the capital Kuala Lumpur said of the songs sung by the church.
"[The Malay-language bible] contains the word `Allah.' When we preach we have to read the text. It's a really difficult situation," he said.
Prime Minister Najib Razak said on Friday that Malaysian Christians must heed rules forbidding them from using the word.
 
AGENCE FRANCE-PRESSE