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Science Park: Putting synergy to work |
The
22-hectare Science Park now under construction at Pak Shek
Kok is a centrepiece of Hong Kong's technology infrastructure.
Recently joining the list of international and local enterprises
signing tenancy agreements were Solomon Systech Limited, a
fabless IC development company spin-off from world communication
and semiconductor solution leader Motorola, and Scarborough
(HK) Limited ("Scarbo"). "We have chosen Hong Kong Science
Park to set up our research and development headquarters because
of the synergy effects created by the cluster of technology
companies there," said Mr Y.K. Lam, Scarbo's Managing Director.
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New scheme enhances Hong Kong's international financial
centre profile |
More
infrastructure, but this time on the financial front. Hong
Kong is the ninth largest banking centre in the world in terms
of external transactions, and the world's seventh largest
foreign exchange market. It further strengthened its position
when it processed its first transaction through a new US dollar
clearing system on 21 August. Fifty banks will participate
directly in the system, which was commissioned by the Hong
Kong Monetary Authority (HKMA). To be fully phased in by the
end of the year, the new service allows local financial institutions
to settle US dollar transactions in real time in the Asian
time zone instead of 12 hours later in the New York time zone,
thus sharply reducing forex risks related to time zone differences.
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