In Wednesday's Asia papers

24 January 2007 01:42  [Source: ICIS news]

Asahi Shimbun, Japan (online edition)

Front page

 

Top court to rule in case pitting China vs. Taiwan

The Supreme Court appears set to resume proceedings on a sensitive case dating back 40 years and buried two decades ago so as to avoid a diplomatic brouhaha.

The case, involving a dormitory for foreign students in Kyoto’s Sakyo Ward, revolves around whether China or Taiwan is the rightful owner of the site.

 

FTC to order floodgate makers to pay Y1.7bn surcharge

The Fair Trade Commission will order more than 20 companies to pay a surcharge penalty totalling yen (Y)1.7bn ($14m) for rigging bids for floodgate projects, sources said.

The FTC decided that the series of collusive bidding activities conducted by Ishikawajima-Harima Heavy Industries and others constituted an unfair restriction of trade in violation of the Anti-Monopoly Law, the sources said.

 

Business & Industry

 

Major conservation bodies meet in Kobe to preserve world tuna stocks

The world’s five tuna conservation bodies began their first-ever joint meeting on Monday to prevent over-fishing of tuna stocks, which are fast declining as a result of a boom in global consumption.

In the five-day conference, the international organizations will work out measures to jointly manage the stocks and impose catch limits.

 

Nippon Oil, SK in far-ranging alliance

Nippon Oil Corp. said Monday it will enter a comprehensive operational alliance with SK Corp., South Korea’s top oil refiner and wholesaler, to cut costs and seek growth in fast-expanding markets in Asia.

The two companies will reduce costs by supplying oil products to each other and sharing storage tanks and other facilities. They will also consider building refineries in China and India and develop oil fields. Nippon Oil, Japan’s largest oil refiner and wholesaler, expects to cut Y4-5bn in annual costs.

 

China Daily, China (online edition)

Front page

 

Internet users to log in at world No.1

China is expected to overtake the United States to have the world’s largest Internet population within two years, a quasi-government organization said yesterday.

The country had 137m Internet users by the end of last year, an increase of 23.4% year-on-year, according to a biannual report released by the China Internet Networks Information Centre (CNNIC).

 

Former NBS head expelled from Party

The former head of the National Bureau of Statistics (NBS), who was sacked in October for alleged involvement in a social security fund fraud, has been expelled from the Communist Party of China (CPC), the anti-corruption watchdog announced yesterday.

Qiu Xiaohua has also been stripped of all his administrative posts, the CPC Central Commission for Discipline Inspection (CCDI) said.

 

Business & Industry

 

Customs revenue hits $78bn

China’s customs revenue reached a record yuan (CNY)610bn ($78.44bn) in 2006, up 15.65% year-on-year, said Mou Xinsheng, commissioner of the General Administration of Customs (GAC), on Tuesday.

Customs revenue increased mainly because the country’s imports rose 20%, said sources with the GAC.

 

Air China to get closer to United

The nation’s flag carrier Air China said yesterday it plans to reinforce ties with United Airlines this year to reverse losses on Sino-United States routes.

The Chinese mainland’s biggest international carrier expects to form a Sino-US air service alliance with United through codeshares and other efforts, which will help secure Air China’s leadership in international service over its domestic rivals, the Beijing-based carrier said.

 

Taiwan News, Taiwan (online edition)

Front page

 

Defence officials highlight threat of China military

With China now brandishing nearly 1,000 missiles with ranges capable of reaching every corner of Taiwan, new J-10 warplanes deployed near the Taiwan Strait and anti-satellite capabilities, it is becoming an even greater threat to the security of Taiwan, local defence officials contended yesterday.

In pointing out a shifting balance of military power across the Taiwan Strait, the officials were making another appeal for legislative approval of a package of weapons offered by the United States consisting of diesel electric submarines, PAC-3 Patriot missile batteries and P3-C anti-submarine aircraft.

 

Taiwan should build neutral presence

Recently, Australian Prime Minister John Howard expressed “grave concern” over the diplomatic competition between the People’s Republic of China and Taiwan in the South Pacific region.

Regarding both the PRC and Taiwan as “hostile” rival powers attempting to expand their influence in the region, the right-wing Australian prime minister has indicated his belief that the competition will encroach on Canberra’s own assumed interests in areas ranging from the former Australian colony of Papua New Guinea in the west to the Solomon Islands and as far east as Fiji.

 

Business & Industry

 

Export orders rise slowest in nearly 3 years

Taiwan’s export orders rose at the slowest pace in almost three years in December as demand for electronics such as semiconductors and flat panels weakened amid forecasts that global growth will slow this year.

Export orders, indicative of actual shipments in one to three months, climbed 7.32% after increasing 10.6% in November, the Ministry of Economic Affairs said in Taipei. That was the least since January 2004, below the median estimate of 10% in a Bloomberg News survey.

 

Moody’s reports outlook stable on export growth

Taiwan’s debt-rating outlook is stable because of export growth and the government’s high current-account surplus, Moody’s Investors Services said in a report yesterday.

The island’s local-currency debt rating of Aa3, the fourth- highest investment-grade classification, is “supported by the country’s very strong external payments position, a relatively high income level and signs of improvement in the government’s fiscal position,” Moody’s said in its annual report on Taiwan.

 

Korea Herald, South Korea (online edition)

Front page

 

Acquitted 32 years after execution

Eight former activists were acquitted of treason yesterday by a Seoul lower court, 32 years after they went to the gallows.

The Seoul Central District Court found the students not guilty of forming a pro-North Korea organization and attempting to topple the dictatorial Park Chung-hee administration.

 

Uri factions seek to patch up feud

In a major turnaround, President Roh Moo-hyun loyalists in the governing Uri Party yesterday decided not to block the party leadership’s move to revamp its membership rules.

They said they do not want to take the blame for a possible mass defection of party members if the revision plan falters.

 

Business & Industry

 

New Hynix plant to go to Cheongju

The government plans to allow Hynix Semiconductor Inc. to build new facilities in Cheongju, South Chungcheong Province, instead of endorsing Icheon, which is an hour’s drive southeast of Seoul, as their site.

The chipmaker’s plan to expand production lines in Icheon, Gyeonggi Province, is unlikely to get government approval at least until late next year in line with the government’s opposition to easing construction regulations in the Seoul metropolitan area.

 

Hanwha Group to be freed from investment cap rule

Hanwha Group is likely to be freed from the equity investment cap for chaebol under scaled-down fair trade rules, according to the nation’s antitrust watchdog.

The Fair Trade Commission said yesterday it lifted the restriction on equity holding in affiliates for Hanwha Corp. and Hanwha Chemical Corp. as they met the requirements for model corporate governance. The entire Hanwha Group will be removed from the watch list once the revised rule that applies to only companies with more than won (W) 2trn ($2.1bn) in assets takes effect.

 

Business Standard, India (online edition)

Front page

 

Vacant properties rebate may go

As part of its plan to cut back on tax exemptions, the finance ministry may withdraw the 30% rebate available on the total rental value of unoccupied properties in the forthcoming Union Budget.

At present, if a house owner keeps his property vacant (does not rent it out partially or fully), he can claim a tax rebate equivalent to 30% of the rental value of that property from his annual taxable income.

 

Zinc majors take the cue, cut prices

A day after the finance ministry cut import duties on a variety of product categories, top manufacturers of zinc — Hindustan Zinc and Binani Zinc — slashed prices. Binani has announced a cut of rupee (Rs)50bn/tonne ($1.1bn/tonne) and Hindustan Zinc of Rs45bn/tonne.

Manufacturers of other intermediates that were given duty relief yesterday have not cut prices. Going by indications, they are unlikely to do so.

 

Economy & Policy

 

Uncertainty dogs 318 SEZ proposals

Many prospective special economic zone (SEZ) developers are concerned about the fate of their approved zones.

As many as 237 formally-approved zones are pending final notification, while another 81 fresh proposals are waiting to be approved. The 237 approved zones include the who’s who of corporate India -- Tata Sons, Wipro, DLF and Indiabulls, among others.

 

Unorganised sector Bill to be introduced in April

The Ministry of Social Justice and Empowerment plans to introduce “Unorganised Workers Social Security Bill, 2007” in the second part of the Budget session this April.

The Bill seeks to provide pension and health insurance coverage for nearly Rs700m below poverty line (BPL) workers.

 

Business Times, Singapore (print edition)

Front page

 

MICE players shift gears to lure visitors

The target date to attract 17m visitors to Singapore may still be nine years away, but industry players are wasting no time adding to government efforts to entice people here.

Major MICE - meetings, incentives, conventions and exhibitions - players are stepping up their marketing efforts to grow their slice of the pie and entrench their positions by the time the two integrated resorts (IRs), with more than 1.2 m sq ft of MICE space, open in 2010.

 

GIC sees new investment landscape unfolding in Asia

The economic and investment environment in Asia is changing at an increasingly fast pace, and the changes are more broadly based than before, a senior official of the body which manages Singapore’s foreign reserves told investment managers last night.

Ng Kok Song, the Government of Singapore Investment Corporation’s (GIC) managing director (public markets), said: ‘Eight years ago, in the gloom of the Asian currency crisis, serious doubts were expressed about the sustainability of economic reform in China, and India had not appeared on the radar screen of investors.’

 

Business & Industry

 

Construction demand could hit S$19b in ‘07 on property boom 

Construction demand could hit its highest level in a decade, but the authorities have urged contractors and developers to step up the use of alternative methods to overcome the rising cost of traditional building materials.

The total value of contracts awarded here is likely to reach Singapore dollar (S$) 17-19bn ($11-12.4bn) this year, according to the Building and Construction Authority (BCA). If the forecast holds true, the figure would be the highest since the 1997 peak of S$24bn. The upbeat projection follows a solid performance last year, when demand climbed 40.8% to S$16.1bn.

 

CPI climbs to five-month high in December

SINGAPORE’S inflation rate rose to a five-month high in December as increased housing and food prices offset a drop in transportation costs.

The consumer price index rose 0.8% from a year earlier, after gaining 0.5% in November, the Department of Statistics said in a statement yesterday. That exceeded the median 0.5% forecast in a Bloomberg News survey of 14 economists. From November, consumer prices rose 0.3%.

 

Bangkok Post, Thailand (online edition)

Front page

 

A test of wills on constitution writing

The military wants former national intelligence chief Prasong Soonsiri as chairman of the 35-member core Constitution Drafting Committee (CDC). Those 35 charter writers oppose the nomination.

The Council for National Security (CNS) has pushed for the nomination of Sqn-Ldr Prasong to serve as chairman of the CDC, citing his ability to cope with criticism.

 

Second Thai outbreak puts Asia on bird flu alert

United Nations officials are urging Asian nations to be on alert for new bird flu outbreaks as Thailand reported a second H5N1 outbreak in the Northeast.

111 people were already being monitored for possible infection after an outbreak in ducks last week in Phitsanulok, authorities said. Now, the Livestock Department has confirmed a second outbreak in chickens in the Sri Chiang Mai district of Nong Khai, on the Mekong River across from Laos.

 

Business & Industry

 

Tax reduction a zero-sum game 

Private telecom operators expressed mixed views yesterday about the cabinet’s move to scrap the excise tax on telecommunications services.

The reform, which essentially revokes a policy under the Thaksin Shinawatra government, will have no financial impact on private operators, consumers or the state-owned telecom utilities.

 

Government rice heads for AFET 

The Agricultural Futures Exchange of Thailand (AFET) expects to start trading rice from the government some time in March, according to Chaipat Sahasakul, secretary-general of the Office of the Agricultural Futures Trading Commission.

The move is in line with a Commerce Ministry proposal to use the AFET as a channel to unload the state’s rice stockpiles in order to boost trading on the 32-month-old commodity futures exchange.

By: Staff Reporter
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