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Another HK firm collapsesHONG KONG: Hong Kong today felt the heat of Asia's deepening financial crisis with the collapse of securities firm ...

Another HK firm collapses

HONG KONG: Hong Kong today felt the heat of Asia8217;s deepening financial crisis with the collapse of securities firm CA Pacific Securities Ltd. The company joined a fast-growing list of firms going bust in the territory under the weight of bad debts, with the watchdog Securities and Futures Commission calling in liquidators in a salvage bid.

The move against CA Pacific, a small-to-medium sized firm with shop-front branches scattered throughout Hong Kong, came after the watchdog learnt it was to default on HK 39 million dollars 5 million owed through the territory8217;s clearing centre. The move 8220;was taken to further protect the interest of investors8221;, the commission said in a statement. CA Pacific Securities is one of three arms of CA Pacific Finance, all of which have ceased trading. Capital Asia, which holds a 41.39 per cent stake in CA Pacific, requested that its shares be suspended from trading, the stock exchange said.

Rs 2062 cr NALCO expansion okayed

NEW DELHI: THE Cabinet Committee on Economic Affairs CCEA today approved National Aluminium Company8217;s NALCO Rs 2061.98 crore expansion plan to increase smelter capacity and captive power generation in Orissa. According to the proposal, the smelter capacity of NALCO would increase from 2,30,000 tonnes per year tpy to 3,45,000 tpy and captive power generation from 720 mw to 840 mw. The project is part of a two-phase expansion plan at a total cost of Rs 3727 crore.

Gold, silver fall further

MUMBAI: Prices of gold and silver declined sharply on the bullion market here on Tuesday due to weak overseas advices coupled with lack of local buying. Standard gold resumed weak and declined to close at Rs 3960, showing a sharp setback of Rs 55 from the last close of Rs 4015. 22-carat gold was nominally quoted weak at Rs 3660 as against Rs 3715 yesterday and 10-tola gold bar of .999 purity lost Rs 600 at Rs 46,300 from the last close of Rs 46,900. Ready silver of.999 purity resumed weak and dropped to finish at Rs 8175, showing a further fall of Rs 85 from yesterday8217;s close of Rs 8260. Raw silver of .999 fineness and tenderable silver also fell to Rs 8075 and Rs 8180 from the last close of Rs 8160 and Rs 8265 respectively.