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Life returned to the stock market yesterday when a surprise cut in US interest rates sent shares around the globe soaring.     ¬ü°ê¬Q¤é´î®§¡A¥þ²yªÑ¥«¤W´­¡AªÑ¥«­«¬B¥Í®ð¡C
The Hang Seng Index jumped 4.42 per cent, or 645.45 points, to 15,235.03 in heavy trade after the Federal Reserve cut its benchmark rates by half a percentage point.    Áp¨¹Àx³Æ§½´î®§¥bÍù¡A¨ë¿Eùڥͫü¼Æ¤W¤É¦Ê¤À¤§¥|ÂI¥|¤G¡A¬Û·í©ó645.45ÂI¡A¦Ü15235.03ÂI¡A¥æ§ë¬¡ÅD¡C
biggest one-day gain    ³æ¤é³Ì¤j¤É´T
Businesses will enjoy lower debt burdens.    ¤½¥q¥i¤Ö¥I§Q®§¡C
earnings warnings    ¬Õ§Qĵ§i
interest-rate sensitive stocks    ¹ï®§¤f±Ó·PªºªÑ²¼
are close to all-time highs    ¤Éªñ¾ú¨Ó°ª¦ì
switch into technology stocks    Âà¦Ó§ë¸ê¬ì§ÞªÑ
anaemic consumption demand    ®ø¶O·N±ýÁ¡®z
saw its share price drop 8.11 per cent to $4.25 on the back of the news    ¨ü¤£§Q®ø®§¼vÅT¡A¡]¦³½u¡^ªÑ»ù¤U®À¦Ê¤À¤§8.11¦Ü4.25¤¸


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Taiwan's share market has seen its value slashed in half over the seven months since Mr Chen took office.    ¦Û±q³¯¤ô«ó¤W¥ô¡A¤C­Ó¤ë¨Ó¥xÆWªÑ¥«¶^´T¹F¥b¡C(50)


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stock placement    °tªÑ(50)
was about 2.6 times subscribed    ¶WÃB»{ÁÊ1.6­¿(50)
last traded price    ³Ì«á¥æ©ö»ù®æ¡B¹ï¤W¦¬¥«»ù(50)
We are now seeing a slowdown in global market conditions in the telecommunications sector.    ²{®É¥þ²y¹q°T·~¥«ªp¤í¨Î¡C(50)
Merrill Lynch    ¬üªL(50)
Goldman Sachs    °ª²±(50)
underwriter of the placement    °tªÑ¥]¾P°Ó(50)
five-year convertible bond issue    ¤­¦~¥i´«ªÑ¶Å¨é(50)
abitrage activities    ®MÝu¬¡°Ê(50)
short-selling    ªfªÅ(50)
The prospect of lingering political uncertainty is likely to hit the country's financial markets anew.    ¥Ñ©ó¹w´Á¬F§½·|«ùÄò¤£©ú®Ô¡A¸Ó°êª÷¿Ä¥«³õ«Ü¥i¯à¦A¨ü¥´À»¡C(50)


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injected up to US$1.03 billion of his own funds into the company    ¨p¤Hª`¤J¤Q»õ¤T¤d¸U¬ü¤¸¨ì¤½¥q(50)
aimed at cutting debts    ¬°¨D´î¶Å(50)
issuing new shares    µo¦æ·sªÑ(50)
convertible bonds    ¥i´«ªÑ¶Å¨é(50)
underwrite a US$530 million rights issue    ¥]¾P¤­¦Ê¤T¤Q»õ¬ü¤¸¨ÑªÑªÑ¥÷(50)
capital-raising exercise    ¶°¸ê¬¡°Ê(50)
refinancing    ¦A¿Ä¸ê(50)
deputy chairman Francis Yuen Tin-fan    ¹q°T¬Õ¬ì°Æ¥D®u°K¤Ñ¤Z(50)
clear up uncertainties about our finances    ®ø°£¹ï¤½¥q°]¬Fª¬ªpªº´¢´ú(50)
Investors have become increasingly sceptical about CyberWorks' ability to service its debt.    §ë¸êªÌ¶V¨Ó¶VÃhºÃ¹q°T¬Õ¬ìªºÁٶůà¤O¡C(50)
CyberWorks' share price has collapsed almost 60 per cent since it took over Cable & Wireless HKT on August 17. It also had difficulty obtaining equity financing.    ¬Õ°Ê¦Û±q¦b¤K¤ë¤Q¤C¤é©M¹q°T¦X¨Ö«á¡AªÑ»ù¤w¤j´T¤U®Àªñ¦Ê¤À¤§¤»¤Q¡C­nµo¦æªÑ²¼¶°¸ê¤]¤£®e©ö¡C(50)
Under the terms of financing announced yesterday, CyberWorks will issue three shares for every 100 existing shares to shareholders at HK$6.50 each, equivalent to the counter's last closing price on Friday.    ®Ú¾Ú¬Q¤Ñ¤½¥¬ªº¶°¸ê­p¹º¡A¨C¤@¤dªÑ¹q¬Õ­n¨Ñ¤T¤QªÑ ¡A¨ÑªÑ»ù¬°¤»¤¸¤­¨¤¤@ªÑ¡A©M¤W©P¤­¦¬¥«»ù¬Û¦P¡C(50)
Two warrants will be attached to each share with an exercise price of HK$7.50.    ¨C¨Ñ¤@ªÑ°e¨âªÑ»{ªÑÃÒ¡A¦æ¨Ï»ù¤C¤¸¤­¨¤¡C(50)
CyberWorks said it aimed to raise US$530 million through the rights issue.    ¹q¬Õªí¥Ü§Æ±æÂǨѪѶ°¸ê¤­»õ¤T¤d¸U¬ü¤¸¡C(50)
will underwrite the unsubscribed rights issue    ·|¥]¾PµL¤H¨ÑªºªÑ¥÷(50)
issue five-year convertibles worth US$1.1 billion    µo¦æ¬°´Á¤­¦~ªº¥i´«ªÑ¶Å¨é¡AÁ`­È¤Q¤@»õ¬ü¤¸(50)
The notes will carry a coupon rate of between 3 per cent and 3.5 per cent and a conversion price set in a range of 21 per cent to 26 per cent to CyberWorks' closing price.    ¶Å¨é®§²v¤¶¥G¤TÍù¦Ü¤TÂI¤­Íù¡A´«ªÑ»ù¤¶¥G¹q¬Õ¤W©P¤­¦¬¥«»ù¦Ê¤À¤§¤G¤Q¤@¦Ü¤G¤Q¤»¡C(50)
increasing his stake in CyberWorks    ¼W«ù¹q¬Õ(50)
exercising the convertibles    ¦æ¨Ï¥i´«ªÑ¶Å¨é(50)
take up all the rights issue    ¶R¤U©Ò¦³¨ÑªÑªÑ¥÷(50)
cashed in US$487 million    ®M²{¥|¦Ê¤K¤Q¤C»õ¬ü¤¸(50)
debt payback ability    Áٶůà¤O(50)
incurred a net loss of HK$907.2 million    ²b»k¤E»õ¤C¦Ê¤G¤Q¸U´ä¤¸(50)
declared a final dividend of 10 HK cents    ¬£µo¥½´Á®§¤@¨¤(50)
has passed the most difficult period and could see a turnaround this year    ¤w«×¹L³ÌÁ}Ãø®É´Á¡A©ú¦~±¡ªp±N·|¦nÂà(50)
would change his recommendation to buy from sell    ¥Ñ«Øijªf¥X§ï¬°«Øij¶R¤J(50)
being over-diversified    ·~°È¹LÂø(50)
having a high debt level    ­t¶Å°ª(50)
continue to realise more cash from the sale of assets to reduce its debt burden    Ä~Äò¥X°â¶µ¥Ø¨Ó®M²{´î¶Å(50)
ease apprehensions about its outlook    ®¾¦^§ë¸êªÌ¹ï¤½¥q«e´ºªº«H¤ß(50)
realised almost HK$6 billion through the sale of Grand Milleninium Plaza    ¥X°â·s¬ö¤¸¼s³õ¶i±bªñ¤»¤Q»õ´ä¤¸(50)
The group will sell more properties in the near future.    ¶°¹Îµu´Á¤º·|¥X°â§ó¦hª«·~¡C(50)
fixed-line telephone business    ©Tºô¹q°T·~°È(50)
was in no rush to sell its telecoms assets    ¨Ã¤£«æ©ó¥X°â©Tºô·~°È(50)
has HK$6 billion in cash on hand    «ù¦³²{ª÷¤»¤Q»õ¤¸(50)
amortisation    ¤À´ÁÀvÁٶŰÈ(50) 
The chaos wreaked havoc on Taiwan's financial markets yesterday. The Taiwan Stock Exchange weighted index closed down 2.5 per cent on the lowest turnover of the year.    ¨ü¬O¦¸¬Fªv¦M¾÷¼vÅT¡A¥xÆWªÑ¥«¤j´Tªi°Ê¡C¥x¥_¥[Åv«ü¼Æ¦¬¥«¶^¦Ê¤À¤§¤GÂI¤­¡A­Ý¥B³Ð¤U¥þ¦~³Ì§C¦¨¥æÃB¬ö¿ý¡C(50) 


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Stocks suffered their biggest fall since April yesterday.    ­»´äªÑ¥«¬Q¤é¿ý±o¦Û¥|¤ë¨Óªº³Ì¤j¶^´T¡C(50)
are moving out of stocks into cash    ªf°âªÑ²¼®M²{(50)
If the US economy enters a recession it may derail the economic recovery in the Asian region.    ¦pªG¬ü°ê¸gÀÙ¶i¤J°I°h´Á¡A¨È¬w¦U¦a¸gÀÙ¶ÕÃø´_µd¡C(50)
dampen sentiment in markets around the world    ¼vÅT¥@¬É¦U¦aªÑ¥«®ðª^(50)
withdraw their funds    ¼»¨«¸êª÷(50)
CyberWorks and fellow sufferer China Mobile made up 321 of the points lost.    ³æ¬O¹q¬Õ¦P¤¤°ê²¾°Ê´N±À§C¤FùÚ«ü¤T¦Ê¤G¤Q¤@ÂI¡C(50)
Shares dipped to $8.95 before recovering slightly to $9.05.    ³Ì§C¶^¦Ü8.95¤¸¡C§À¥«µy¬°¦^¤É¡A¦¬³ø9.05¤¸¡C(50)the first share offering in a government-owned utility    ¬F©²­º­Ó¨pÀç¤Æ¤W¥«ªº¤½¦@¨Æ·~(50)
One billion shares, accounting for 20 per cent of the corporation's equity, will go on sale at between $8 and $9.38, with the aim of raising $8 billion to $9.38 billion.    ¦aÅKµo¦æ¤@»õªÑ¡A¬Û·í©ó¨ä¥«­Èªº¦Ê¤À¤§¤G¤Q¡C¨CªÑ§@»ù8¤¸¦Ü9.38¤¸¡A¦@¥i¶°¸ê80»õ¤¸¦Ü93.8»õ¤¸¡C(50)
We are confident the MTRC issue will go well.    §Ú­Ì¹ï¦aÅK©ÛªÑ¹Lµ{«H¤ß¤Q¨¬¡C(50)
highly indebted Pacific Century CyberWorks    ­t¶Å²v°ªªº¬Õ¬ì¼Æ½X°Ê¤O(50)
issue pricing    ©ÛªÑ©w»ù(50)
loyalty bonus shares    ªø´Á«ù¦³ªÑ²¼Àò¬£ªº¬õªÑ(50)
lukewarm    ¤ÏÀ³§N²H(50)
More than 520,000 applications for shares in the MTR Corporation were returned by the midday deadline yesterday.    ¦aÅK¤½¶}©ÛªÑ¬Q¤é¤¤¤ÈºI¤î¥Ó½Ð¡A¦@±µÀò¤­¤Q¤G¸U¥÷¥Ó½Ðªí®æ¡C(50)
The MTRC shares will be priced on Sunday and start trading on October 5.    ¦aÅKªÑ²¼±N©ó©P¤é©w»ù¡A¨Ã©ó¤Q¤ë¤­¤é¶}©l¥æ©ö¡C(50)


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apply for shares in Tom.com    ¥Ó½Ð»{ÁÊTom.comªÑ²¼(50)
Tom.com chief executive Sing Wang    Tom.com¦æ¬FÁ`µô¤ýØ`(50)
at the height of the frenzy over Internet stocks    ¬ì§ÞªÑ¼ö¼é¹F°ª®p®É(50)
was 669 times over-subscribed    ¶WÃB»{Á¿¤»¦Ê¤»¤Q¤E­¿(50)
Tom.com debuted on the market at $7.75, more than four times its offer price.    Tom.com¤W¥«²Ä¤@¤f»ù¬°7.75¤¸¡A¸û©ÛªÑ»ù°ª¥X¥|­¿¦h¡C(50)
closed at a day-low of 29 cents    ¥H¥þ¤é©³»ù¤G¤Q¤E¥P¦¬¥«(50)


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The fallout has delayed plans for at least one technology listing.    ¬Q¤é¶^¥«¤w¾É­P°_°¨¤@®a¤½¥q¨M©w¨°©µ¿ð¤W¥«¡C(50)
have sunk to a three-month low    ¶^¦Ü¤T­Ó¤ë¥H¨Óªº³Ì§C»ù(50)
closing below their listing prices    ¦¬¥«»ù§C©ó©ÛªÑ»ù(50)
are still excessively priced    ¡]ªÑ»ù¡^¨ÌµM¹L°ª(50)
Even with the sharp correction, there is plenty of downside for Internet stocks.    ÁöµM¬ì§ÞªÑ¸g¤w¤j´T½Õ¾ã¡A¦ý¤´¦³«Ü¤jªº¤U¶^ªÅ¶¡¡C(50)
"old economy" stocks    ¸gÀÙªÑ(50)
beaten-down stocks    ¸¨«áªÑ(50)
Warren Buffett    ªÑ¯«²¦µá¯S(50)
scramble to offload shares    ª§¬Û©ß°âªÑ²¼(50)
Analysts forecast panic selling could push the Hang Seng Index below 15,500 points.    ¤ÀªR­û¹w´Á®£·W©Ê©ß°â·|§âùÚ«ü±À§C¦Ü¤@¸U¤­¤d¤­¦ÊÂI¥H¤U¤ô¥­¡C(50)
Friday saw record-breaking point drops on the three US indices, with the Dow Jones Industrial Average down 617.78 points, or 5.66 per cent, to 10,305.77, as financial stocks lost all their recent gains.    ¬ü°êªÑ¥«©P¤­³Ð¤U³æ¤é³Ì¤j¶^´T¬ö¿ý¡C§ù«ü¤U®À¤»¦Ê¤@¤Q¤CÂI¤C¤K¡A¶^´T¹F¦Ê¤À¤§¤­ÂI¤»¤»¡A¦¬³ø¤@¸U¤T¦Ê¹s¤­ÂI¤C¤C¡Cªñ´ÁªÑ»ù¤W¤Éªºª÷¿ÄªÑªÑ»ù¥´¦^­ì§Î¡C(50)
over-reacting    ¤ÏÀ³¹L±Ó(50)
The Hang Seng Index suffered its second-largest points fall yesterday as stock markets plunged across Asia.    ùڥͫü¼Æ¬Q¤é³Ð¤U¾ú¨Ó³æ¤é²Ä¤G¤j¶^´T¡A¨È¬w¦U¦aªÑ¥«¥ç¥þ­±¤j®À¡C(50)
began clawing back some of their losses    ¶}©l¤Ï¼u(50)
European markets were down an average of three per cent.    ¼Ú¬wªÑ¥«¥­§¡¤U®À¦Ê¤À¤§¤T¡C(50)
China Telecom saw $126.78 billion sliced off its market value as its shares plunged 15.22 per cent to $51.50.    ¤¤°ê¹q«H¤j¶^¦Ê¤À¤§15.22¡A³ø51¤¸5¨¤¡A¥«­È´î¤Ö¤F1267.8»õ¤¸¡C(50)


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maximise shareholders' interests    ¬°ªÑªF¿Ñ¨D³Ì¤j§Q¯q(50)
Superman Junior    ¤p¶W¤H¡B¤p¤p¶W(50)
Sunevision    ·s·Nºô(50)
small investors    ¤p§ë¸êªÌ(50)
launched its retail offer    ¶}©l¤½¶}©ÛªÑ(50)
Sunevision, the new technology arm of Sun Hung Kai Properties, capped the initial offers at $10.38 a share, substantially higher than Tom.com's, which was initially priced at $1.78 and closed at $12 yesterday.    ·s·Nºô¬O·sÂE°ò¦a²£ÄݤUªº¬ì§Þ¤½¥q¡A©ÛªÑ»ù©w©ó¤W­­ªº10.38¤¸¡A»·¤ñTom.com°ª¡CTom.com©ÛªÑ»ù¬°1.78¤¸¡A¬Q¤é¦¬¥«³ø12¤¸¡C(50)
The lowest order for Sunevision is 500 shares at $5,242, including broker fees.    ·s·Nºô¨C¤â¤­¦ÊªÑ¡A³s¸g¬ö¶O¦b¤º¡A¶R¤@¤â­n5,242¤¸¡C(50)
deposit applications    ¥æ¥Ó½Ðªí(50) 
a record single-day point fall and the biggest percentage drop in 10 years    ¡]³Ð¤U¡^¤Q¦~¨Ó³Ì¤jªº³æ¤éÂI¼Æ©M¦Ê¤À¤ñ¶^´T¬ö¿ý(50)
Softbank    ³n®w(50)
Hikari Tsushin president Yasumitsu Shigeta    ¥ú³q«H¥D®u­«¥Ð±d¥ú(50)
massively oversubscribed    ¶WÃB»{Áʫܦh­¿(50)
Mainland-related shares also traded negatively.    ¬õÄwªÑ¥ç³Q¨üªfÀ£¡C(50)
Topping turnover was CyberWorks, with $1.65 billion in shares changing hands, followed by $1.58 billion for Hutchison Whampoa.    ¦¨¥æª÷ÃB³Ì¦hªº¬O¬Õ°Ê¡A¹F¤Q¤»»õ¤»¤d¤­¦Ê¸U¤¸¡C¨ä¦¸¬O©M¶À¡A¦¨¥æª÷ÃB¹F¤Q¤­»õ¤K¤d¸U¤¸¡C(50)
followed the crowd     ¤H¶R§Ú¤S¶R(50)
announced a one-for-10 share bonus issue    «Å¥¬¤Q°e¤@¬õªÑ(50)


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the New York Stock Exchange    ¯Ã¬ùÃÒ¨é¥æ©ö©Ò(50)
Hong Kong stocks rose to a record high yesterday, driven by a surge in Cable & Wireless HKT shares on the possibility of a merger with Richard Li Tzar-kai's Pacific Century Cyberworks.    ¨ü¨ì©M¬Õ°Ê¦X¨Ö¶Ç»D¨ë¿E¡A­»´ä¹q°T¬Q¤éªÑ»ù¤j¤É¡A±a°Ê´äªÑ¦A³Ð·s°ª¡C(50)
The impact of the general's dismissal on markets was swift.    ¥«³õ¹ïºûÄõ¦«Ã㾨ƥó¤ÏÀ³¨³³t¡C(50)
Hundreds of thousands of people queued outside banks yesterday hoping to cash in on the Internet mania generated by the offer of shares in Li Ka Shing's Tom.com venture.    §õ¹Å¸ÛºX¤UªºTom.com¬Q¤é¤½¶}©ÛªÑ¡A¦b¤@¤ùºôªÑ¼ö¼é¤U¡A¼Æ¥H¤Q¸U­pªº¥«¥Á¦b»È¦æ¦Pªù¥~¤j±ÆªøÀs¡A´÷±æ¤À¤@ªMü¡C(50) 
It was estimated the shares would be 1,500 times oversubscribed.    ¦ô­p¬O¦¸©ÛªÑ¶WÃB»{ÁʹF¤@¤d¤­¦Ê­¿¡C(50)
At one point in Mongkok, a queue of 50,000 snaked along Argyle Street, Shanghai Street, Waterloo Road and Portland Street.    ¦b©ô¨¤¡A¤HÀs¤@«×ªø¹F¤­¸U¤H¡A¶µÛ¨È¬Ò¦Ñµó¡B¤W®üµó¡BºÛ¥´¦Ñ¹D©MÒÜÄõµó¥´³D»æ¡C(50)
offered 10 per cent of 428 million shares to the public at $1.78 each    µo¦æ¥|»õ¤G¤d¤K¦Ê¸UªÑ¡A¨ä¤¤¦Ê¤À¤§¤Q¤½¶}»{ÁÊ¡A¨CªÑ§@»ù1.78¤¸(50)
It plans to raise $760 million by listing on the Growth Enterprise Market.    ¡]Tom.com¡^­p¹º¦b³Ð·~ªO¤W¥«¡A¶°¸ê¤C»õ¤»¤d¸U¤¸¡C(50)
prospectus    »¡©ú®Ñ(50)
The red-chip bubble ultimately burst, with most now trading at below their issue prices.    ¬õÄwªwªj³Ì²×Ãz¯}¡A¤j³¡¤À¬õÄwªÑ³£¶^¯}©ÛªÑ»ù¡C(50)
Most of the interest in Tom.com is generated by the fact that it is 57 per cent-owned by Cheung Kong (Holdings) and Hutchison Whampao, which are chaired by Mr. Li.    ¤j³¡¤À¤H»{ÁÊTom.comªº­ì¦]¬O¡A§õ¹Å¸Û¥ô¥D®uªºªø¹ê©M©M¶À¡A«ù¦³Tom.comªÑÅv¦Ê¤À¤§¤­¤Q¤C¡C(50)
averted the chaos    ¹w¨¾²V¶Ã±¡ªpµo¥Í(50)
BNP Prime Peregrine    BNP¦Ê´I¶Ô(50)
HKT shares were suspended after having traded for just two minutes yesterday.    ­»´ä¹q°T¬Q¤é¶}¥««á¨â¤ÀÄÁ´N°±µP¡C(50)
CyberWorks shares had been due to resume trading yesterday but remained suspended.    ¬Õ°Ê­ì©w¬Q¤é´_µP¡A¦ý«oÄ~Äò°±µP¡C(50)


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The transaction is likely to have major repercussions for both industries and Time Warner stocks soared on the announcement.    ¹w®Æ¬O¦¸¥æ©ö¹ï¨â­Ó¦æ·~¦³²`»·ªº¼vÅT¡C®ø®§¤½¥¬«á¡A®É¥NµØ¯ÇªÑ»ù¤W´­¡C(50)
has a market value of about US$164 billion    ¥«­È¬ù¤@¤d¤»¦Ê¥|¤Q»õ¬ü¤¸(50)
Time Warner shareholders will receive 1.5 shares of the new company for each of their shares.    ¨CªÑ®É¥NµØ¯Ç¥i´«1.5ªÑ·sªÑ¡C(50)
closing price    ¦¬¥«»ù(50)


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