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SFC slaps big fines on investment banks for IPO failures  Listenfacebook
The Securities and Futures Commission has fined four major investment banks more than HK$780 million for flouting listing rules, when they helped three companies go public in Hong Kong. Swiss banking giant UBS got the biggest fine of HK$375mn for failing to verify financial information provided by mainland firms China Forestry and Tianhe Metals. A third company wasn't named as disciplinary proceedings are ongoing, but other banks involved in the listings, Morgan Stanley Asia, Merrill Lynch Far East, and Standard Chartered also received multi-million dollar fines. The deputy chairman of LegCo's financial affairs panel, Kenneth Leung, told Annemarie Evans this should deter other banks from doing sloppy work on IPOs:
Hospital offers flexible hours to new doctors  Listenfacebook
The Hospital Authority is launching a pilot scheme offering flexible working hours to new doctors, to try to attract talent who don't want to put up with the long working hours of full-time staff. It's also planning to hire more than 400 clerks over the next three years to help take some of the administrative burden off the shoulders of frontline staff, on top of hiring 500 new doctors, and 2,200 nurses in the coming year. Legislator Joseph Lee, who represents the Health Services sector, told Ben Tse these are all good ideas:
Consumer Council warns of unsafe cot mattresses  Listenfacebook
The Consumer Council is warning parents that some cot mattresses on sale in Hong Kong could put babies at risk of suffocation. It says it tested eight brands recently and three failed to meet European safety standards because they were too soft. The watchdog's chief executive, Gilly Wong, says babies might not be able to breathe properly if they lie on the mattresses face-down. She spoke to Annemarie Evans:
Elite mainland school hit by mouldy food scandal  Listenfacebook
One of China's most prestigious high schools has been the target of public anger after piles of expired food were found in its canteen kitchen. Mouldy bread, as well as rotting meat and seafood were discovered at the Chengdu number 7 Experimental High School. The school has now apologised, saying it is deeply embarrassed. China analyst Mark O'Neill told Annemarie Evans this isn't an isolated incident: