3-tier net ro protect investors

Article Abstract:

The government plans a comprehensive 3-tier system to protect brokerage clients from losses when brokerage firms collapse. Compensated brokerage clients will be funded by cash under the first tier. In the second tier, outstanding will be paid from insurance companies. Under huge amount dealings, clients will be aided by credit facility or guarantee scheme such as bank borrowings. But it would be special cases. Meanwhile, some legislators suggested that an independent body should be launched for evaluating the compensation amount of each case. Securities and Futures Commission is also responsible for fund compensations. *

Comment:

Hong K: Government plans comprehensive 3-tier system to protect brokerage clients from losses when brokerage firms collapse

Securities Brokerage, Stockbrokers

100,000 jobs to be created by 12-point plan

Article Abstract:

A package of measures will be discussed in the first meeting of the Task Force on Employment to combat joblessness on 3 June 1998. The measures include advancing government projects to create 100,000 jobs, increasing retraining and improving the Labour Department's Employment Service Centres. Besides, an unemployment fund is proposed to set up. Besides, the meeting will also discuss tax cuts for business and salary taxpayers, suspension of the Supplementary Labour Scheme. *

Comment:

Hong K: Task Force on Employment will discuss measures which include advancing govt projects to create 100,000 jobs

Administration of General Economic Programs, Jobs & Employment, Employment

Plan to revise HPLS quota to 10,000

Article Abstract:

The Housing Authority proposes a revised Home Purchase Loan Scheme and an increase of the annual loan quota from 4,500 to 10,000. The revised scheme will allow public housing tenants, who have purchased their own properties and have difficulty in making the down payment due to the property slump. The loan can help them to make up the difference between the mortgage loan obtained from bank and the down payment. However, tenants should return their public housing flats. *

Comment:

Hong K: Housing Auth proposes revised Home Purchase Loan Scheme and an increase of the annual loan quota from 4,500 to 10,000

Administration of Housing Programs, Mortgage Financing & Insurance, Mortgages