In Friday's Asia papers

10 November 2006 03:01  [Source: ICIS news]

Asahi Shimbun, Japan (online edition)

Front page

 

Rumsfeld’s exit triggers concern in Tokyo

Reacting to the sudden resignation of US Secretary of Defense Donald Rumsfeld, Japan made clear Thursday it is committed to assisting in Iraq’s reconstruction and implementing the planned US military realignment here.

While Rumsfeld’s departure prompted officials in Tokyo to ponder the ramifications, Chief Cabinet Secretary Yasuhisa Shiozaki touched on concerns Thursday over a plan to relocate the functions of Marine Corps Air Station Futenma in Ginowan, Okinawa Prefecture, to Nago in another part of the prefecture.

 

Ministry to tighten controls on 30 more drugs

The health ministry Thursday decided to impose tight restrictions on 30 drugs, including those sold as “Rush” and “Ecstasy,” in another step to eradicate the problem of uncontrolled mind-altering substances.

The 30 drugs will be placed on the list of “designated drugs,” which cannot be imported, produced, sold or advertised in Japan.

 

Business & Industry

 

‘07 tax revenue expected to exceed Y50,000bn

The economic recovery is expected to push national tax revenue in fiscal 2007 above 50,000bn Japanese yen (Y) ($425.1bn/€331.1bn) for the first time in seven years, government sources said.

The expected increase in central government revenue will come mainly from corporate income tax, with companies registering strongly improved earnings.

 

Toyota makes diesel a key technology with Isuzu alliance

Toyota Motor has formed an alliance with Isuzu Motors, positioning diesel engines as a pillar of next-generation environmental technologies.

Under the alliance announced on Tuesday, Toyota will purchase 100m common shares of Isuzu for Y44bn from Mitsubishi and Itochu.

 

China Daily, China (online edition)

Front page

 

Sino-Russian energy ties set to surge

China plans to significantly increase the import of electricity from Russia, a move that both countries consider important to raise bilateral co-operation in the energy sector.

The agreement between State Grid Corporation of China and Russia’s electricity monopoly Unified Energy Systems was one of the 13 key deals the two countries inked Thursday in Beijing in the presence of Premier Wen Jiabao and Russian Prime Minister Mikhail Fradkov.

 

Jobless urbanites to hit 10m by 2010

About 10m urban residents will have difficulty finding jobs by 2010 due to pressure from the growing labour force, according to a new report.

In a 2006-10 development outline published late Wednesday, the Ministry of Labour and Social Security said China, as the world’s most populous country, will continue to be troubled by unemployment in future years.

 

Business & Industry

 

Ports handling capacity to top 5.5b tons in 2006

The handling capacity of Chinese ports will grow 18% to 5.5bn tons by the end of this year, said Minister of Communications Xu Zuyuan on Wednesday.

These ports are expected to handle 94 million TEUs (twenty-foot equivalent units) this year, up 24% over 2005, said the minister at a national navigation industry meeting held in Tianjin, the largest port in north China.

 

Listed companies expected to see net profits grow 30%

The net profit of China's listed companies is expected to grow by more than 30% year on year in 2006, according to Peng Yan, an economist with Guotai Jun’an Securities.

China’s listed companies in the first three quarters this year saw growth of about 21% in net profits, 2% higher than that of the revenues of their major operations.

 

Taiwan News, Taiwan (online edition)

Front page

 

DPP pushes for nation to take positive step

Several Democratic Progressive Party heavyweights yesterday called on the nation to move on and do something positive after some members questioned the party’s decision a day earlier to back President Chen Shui-bian. Ker Chien-ming, convener of the ruling DPP legislative caucus, said he hoped all members could set aside their different opinions now that party headquarters has decided to throw its support behind the president.

 

Taiwan congratulates Dr Chan

Taiwan congratulates China’s Dr Margaret Chan on her appointment to the post of World Health Organisation chief and hopes the Hong Kong native would treat Taiwan’s continual bid to enter the health body with impartiality and fairness, said the country's top health officials yesterday.

However, Taiwan’s wish for a more sympathetic director-general might be just wishful thinking as China reaffirmed its determination to block Taiwan’s participation in the organisation.

 

Business & Industry

 

New bill loosens policy on cross-strait business

Taiwan’s financial institutes may soon be able to set up branches in China as a legislative committee yesterday gave its approval to a legal revision that would lift the ban on such practices.

The legislation drew sharp criticism from the Mainland Affairs Council which warned such a move could jeopardise the government’s supervision of the sector and subject investors to unfathomable risk.

 

TIER predicts economic growth to reach 4%

Taiwan’s economic growth is expected to reach 4% this year and rise to 4.11% next year due to strong demand for the nation’s exports, the Taiwan Institute of Economic Research yesterday said.

President of TIER David Hong said that the nation’s business climate has improved this year, mainly due to strong demands for exports. He said that this year’s trade surplus is expected to reach $19.8bn (€15.4bn).

 

Korea Herald, South Korea (online edition)

Front page

 

Central bank stands pat on interest rate

Defying political pressures and claims that an immediate rate hike may be needed to absorb excessive liquidity, the Bank of Korea yesterday kept the interest rate untouched at 4.5%.

It is the third straight time the central bank has frozen the overnight call rate after boosting it to a five-year high in August. The central bank’s decision was widely anticipated because of slower economic growth and moderate inflationary pressures.

 

Roh willing to discuss neutral Cabinet with political parties

President Roh Moo-hyun is willing to form a nonpartisan Cabinet in response to mounting calls from political parties for drastic change in the government lineup, a government spokesman said yesterday.

As a condition for opening discussion on the issue, Cheong Wa Dae demanded that rival parties cooperate in legislating key bills and reaching an agreement on the principles of the Cabinet overhaul. The main opposition Grand National Party immediately spurned the offer.

 

Business & Industry

 

Consumer sentiment dips in October

The consumer confidence index fell to 93.9 in October as North Korea’s nuclear weapons test chilled the market earlier last month.

The National Statistical Office said yesterday the consumer expectation index, which measures the views of consumers on economic conditions over the next six months, dropped 0.9 point from September.

 

Businesses press parliament over legislation

With parliamentary deliberation set to begin on key legislative bills next week, five major business organisations yesterday urged the National Assembly to give their positions.

The business groups held a meeting with senior parliamentary policy counsels to discuss the legislation of business-related bills, including one aimed at allowing parliament a greater say in free trade negotiations.

 

Business Standard, India (online edition)

Front page

 

Nissan whittles Maruti pact

Japanese carmaker Nissan has called off talks with Maruti Udyog to set up a plant in the country for manufacturing 200,000 cars a year. Instead, it will join the alliance between Mumbai-based Mahindra and Mahindra and France's Renault SA, which owns 44% of Nissan’s equity.

However, Nissan remains committed to the deal signed with Maruti, under which India’s largest carmaker, 54% owned by Japan's Suzuki Motor, will make 50,000 cars for Nissan for exports.

 

'Future of commerce is online'

The World Wide Web is growing at a scorching pace with the number of applications, websites and users growing daily. However, a lot needs to be done since most transactions are still not digital.

“Most of the transactions are still in analogue mode, and there is a lot more work to be done. The magic of the Internet will increase when all transactions become digital. This will result in a spurt in e-commerce”" said Microsoft CEO Steve Ballmer, while delivering his keynote address at IndiMIX '06 - Microsoft India's event for Web designers and developers - here today.

 

Companies & Industry

 

Reliance banks on oil, gas to drive growth

The oil and gas business is expected to emerge as a growth driver of Reliance Industries, which aims to garner over 4,000bn Indian rupees (Rs) ($89.9bn/€70bn) from this business in two years.

Reliance Industries, which on Thursday approved the mobilisation of $2bn (nearly Rs900m through syndicated loan or issue of foreign currency convertible bonds, aims to produce 450,000 barrels of oil a day in 2008-09.

 

Novartis, AP ink pact for healthcare IT

Global pharmaceutical major Novartis on Thursday signed an MoU with the Andhra Pradesh government for setting up a healthcare-related IT, ITeS and R&D facility with an investment of up to Rs5bn near Hyderabad.

The state government will provide 150 acres of land to the company, which is aiming at augmenting and expanding its back-end operations in India.

 

Business Times, Singapore (online edition)

Front Page

 

US consumer sentiment weakens, deficit narrows

NEW YORK - The US trade deficit narrowed more than expected in September as oil import prices fell, and US consumer sentiment weakened slightly early this month, according to data on Thursday.

Taken together, the two reports sent mixed signals on the US economy, and did little to change the market outlook for monetary policy from the Federal Reserve.

 

China boosts Airbus Jan-Oct orders to 508

PARIS - A mega-order from China helped to double this year’s tally of Airbus plane orders in October, bringing the number of jets sold since the start of 2006 to 508, the planemaker said on Thursday.

China bought 150 single-aisle planes of the A320 family during a visit to Beijing by President Jacques Chirac last month - part of a surge in narrow-body plane sales that also included a 65-plane order from US low-cost carrier Skybus.

 

Front page (print edition)

 

Citibank first with biometric payment

Pay with your finger. That is what Citibank will offer credit and debit card customers in Singapore through a new card-less biometric payment system - the first such offering by a bank anywhere in the world.

The service, launched on Wednesday at popular Zouk night-spot, promises convenience and security, and is likely to be applied eventually to a range of other transactions.

 

Dr Mahathir hospitalised after mild heart attack

Former Malaysian prime minister Mahathir Mohamad, 81, was admitted yesterday to Kuala Lumpur’s National Heart Institute after suffering what it described as a “mild” heart attack.

On Wednesday, Dr Mahathir returned to Kuala Lumpur from a speaking engagement in New Zealand, only to complain of chest pains in the early hours of Thursday morning.

 

 

Bangkok Post, Thailand (online edition)

Front Page

 

Bush wants Vietnam trade deal passed
Washington - US President George W Bush urged lawmakers Thursday to pass a bill normalising trade relations with Vietnam before he faces an opposition-controlled Congress starting January.
The World Trade Organisation (WTO) accepted Vietnam as a new member Tuesday, reflecting its status as a fast-rising Asian economy, and Bush will visit Vietnam for the annual Asia-Pacific Economic Cooperation summit in Hanoi on November 18-19.
 

Muslim leader confident of South solution
Top Muslim cleric Sawas Sumalayasak, known as the Chularatchamontri, said today he trusted the military-backed government, and its decision to re-establish the Southern Border Provinces Administrative Centre is a major step in resolving the southern unrest through reconciliation.
The spiritual leader of all Thai Muslims, Mr Sawas appeared optimistic despite rising violence in the South as insurgents planted bombs at eight car showrooms today, hurting at least 10 people.

 

Business & Industry

 

Index up but gains may be limited

Thai consumer confidence rose for the second straight month to a seven-month high in October, due to steady drop in oil prices and easing political uncertainties, according to a monthly survey by the University of the Thai Chamber of Commerce.

But university economists still expect the closely watched index to remain below the benchmark of 100 for the rest of the year. They cite lingering concerns about the cost of living following heavier-than-usual floods, high interest rates and continuing unrest in the South.

 

IPO price set for UKEM

Union Petrochemical (UKEM), a distributor of solvents for petrochemical products, has priced its initial public offering shares at 2.52 Thai baht (Bt) ($0.06/€0.05) each, according to vice-president Peerajet Suwannapasri.

The company will sell 34m new shares, accounting for 20.61% of its capital, at Bt1 par value, from Monday to Wednesday. The shares will be listed on the Market for Alternative Investment (MAI) on 27 November

 

By Staff Reporter

+65 67808828

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly