In Friday's Asia papers

18 May 2007 02:02  [Source: ICIS news]

Asahi Shimbun, Japan (online edition)

Front page

 

Ex-yakuza shoots cops, children

A former gangster allegedly shot two of his children and two police officers during a siege Thursday, after police answered a distress call from a woman claiming to be the gunman's daughter.

The caller said her father was holed up in home with a gun. He was believed to be holding his common-law wife hostage, police sources said.

 

Tougher penalties in works for dangerous driving

In response to an escalation of dangerous motorists injuring and killing people on the streets, the government is amending two laws to introduce tougher penalties for reckless and drunken driving.

A bill to revise the Criminal Law, which was passed by the Diet on Thursday, will put reckless drivers who cause accidents involving casualties behind bars for up to seven years.

 

Business & Industry

 

GDP increases by 2.4%, but skepticism remains

The nation's economy continued on its record-setting period of expansion, but analysts warn that is still too early to break out the bubbly.

They say a number of factors remain problematic, including shrinking corporate spending on plants and equipment and a possible future slump in consumer spending.

 

Profits soar at big firms for 5th year

Blue chip companies, riding on the wave of a weak yen, a strong US economy and rising domestic land prices, are expected to post increased sales and earnings figures for the fifth year in a row.

Combined pretax profits of the companies listed on the Tokyo Stock Exchange's First Section that closed their books in March are projected to hit an all-time high of about yen (Y) 35,000bn ($288.4bn) for fiscal 2006, surpassing the Y32,000bn of the previous fiscal year. 

 

China Daily, China (online edition)

Front page

 

China, Vietnam agree to address border issue

China and Vietnam yesterday vowed to address border issues and maintain peace and stability in the frontier areas.

The pledge was made during a one-hour meeting between President Hu Jintao and his visiting Vietnamese counterpart Nguyen Minh Triet.

 

Wolfowitz resigning from World Bank

Embattled World Bank President Paul Wolfowitz will resign at the end of June, he and the bank said late Thursday, ending his long fight to survive pressure for his ouster over the generous compensation he arranged for his girlfriend.

His departure ends a two-year run at the development bank that was marked by controversy from the start, given his previous role as a major architect of the Iraq war when he served as the No 2 official at the Pentagon.

 

Business & Industry

 

Gov't to raise export taxes

China will raise export taxes by 5-10% on a range of products, including steel, aiming to slow the country's export boom and ease the country's trade surplus, government sources said yesterday.

Beijing also plans to further reduce tax rebates on some exports, including some basic materials and textiles.

 

Wu Yi urges US to ease export curbs

Vice-Premier Wu Yi yesterday called upon the United States to ease its restrictions on exports of some hi-tech products to China to help narrow the trade gap.

The remarks came in an opinion piece on the Asian edition of the Wall Street Journal, days before she leads a delegation to Washington for the second round of a strategic economic dialogue - the highest platform of communication between the two countries.

 

Taiwan News, Taiwan (online edition)

Front page

 

Premier-designate appoints DPP's Wong as new cultural czar

Premier-designate Chang Chun-hsiung decided yesterday to retain the chiefs of most ministries related to the social, cultural, judicial and scientific fields, but appointed former Democratic Progressive Party legislator and ex-Changhua County commissioner Wong Chin-chu to head the Council of Cultural Affairs.

The appointments, announced last night, marked the second wave of personnel decisions by the premier-designate, who was himself nominated to replace Premier Su Tseng-chang Monday and will take office next Monday.

 

DPP hopeful plans to visit US in June

Former Premier Frank Hsieh, who is set to be nominated by the ruling Democratic Progressive Party to represent the party in the 2008 presidential election, is scheduled to pay a visit to the United States in late June, diplomatic sources in Washington, D C said Wednesday.

Hsieh is scheduled to arrive in Los Angeles 25 June for a one-day stay before heading to Washington, D C 26 June for a four-day visit on his planned trip which is reportedly being arranged by the Washington-based Formosan Association of Public Affairs, which groups Taiwanese-Americans to promote Taiwan cause, according to the sources.

 

Business & Industry

 

Amazon.com set to sell digital music with no copy protection

Like Steve Jobs of Apple Inc before him, Jeff Bezos is attempting to force a revolution on how consumers listen to and purchase digital music. Bezos, the chief executive of Amazon.com, said Wednesday that his online store will add digital music downloads to its offerings. It will include a big caveat likely to please consumers: Amazon will sell the tunes with no copy protection.

 

Dow rises following data on industrial production

Wall Street shot higher Wednesday after investors shrugged off a mixed reading on the housing sector and focused on the positives: a jump in industrial output, a retreat in crude oil prices and new cash pouring into the stock market.

Stocks initially slipped after Commerce Department data showed applications for building permits fell by the biggest amount in 17 years during April punctured an early rally. But they gradually regained strength, finding support from a Federal Reserve report that showed industrial output rose more than expected in April.

 

Korea Herald, South Korea (online edition)

Front page

 

Trains carry nation's hopes for future

Trains from South and North Korea crossed the heavily fortified border between the divided countries yesterday for the first time in more than 50 years, in a symbol of reconciliation.

While more than a thousand spectators and international press crowded Munsan Station to watch the ceremony in the South, the mood was much more subdued in the North with no special ceremonies commemorating the event.

 

Railways could bolster economic relations

Unification Minister Lee Jae-joung said trains servicing the two Koreas would contribute significantly to inter-Korean economic ties by improving the peninsula's logistics network.

"By forming a comprehensive logistic network connecting the two Koreas, the trains are expected to bolster inter-Korean economic ties and even out their respective levels of economic development," Lee said at Munsan Station of the Gyeongui Line, one of the railways the trains traveled on.

 

Business & Industry

 

Korea committed to intellectual property protection, innovation

Korean Invention Day is an opportune moment to reflect on the spectacular achievements that have enabled the Republic of Korea to transform itself into one of the world's most technologically advanced countries. Korea is an inspiring example of how a firm commitment to innovation promotion and the protection of intellectual property rights can transform the economic outlook of a country.

 

Daewoo Engineering wins Libya orders

Daewoo Engineering & Construction , Korea's biggest builder, won (W) $846.8m ($909,252) in orders to build power plants in Libya.

The company signed contracts Wednesday to build two combined-cycle power plants for General Electricity  of Libya, Seoul-based Daewoo Engineering said in filings to Korea's stock exchange yesterday.

 

Business Standard, India (online edition)

Front page

 

Bajaj Auto to give way to 3 entities

Bajaj Auto today announced the creation of two new entities for its automotive assets and financial services, at the same time leaving shareholders with the option to stay invested in both by turning the existing company into a holding company for the two.

 

FinMin considers fresh steps to curb inflation

Recognising the threat of hardening international non-fuel commodity prices on inflation, the department of economic affairs in the Union finance ministry has suggested aggressive sterilisation of foreign capital inflows, tightening of government expenditure and intervention in key farm produce markets like wheat.

 

Economy & Policy

 

MSPs of oilseeds, paddy, pulses hiked

With the purpose of encouraging farmers to increase cultivation of pulses, the Cabinet Committee of Economic Affairs (CCEA), which met here today, announced an across-the-board hike in minimum support price (MSP)of paddy, oilseeds and pulses for the Kharif season.

 

Can`t vacate spectrum before two years: MoD

In what could jeopardise India’s 3G dream, the Ministry of Defence (MoD) has questioned the Department of Telecommunication’s assurance to the operators that 40 MHz of spectrum would be vacated by July.

 

Business Times, Singapore (print edition)

Front page

 

Law to make it easy to hire older workers

The government has accepted a proposal to introduce legislation within five years to make it easy for workers to be taken on again after they hit the retirement age of 62.

 

Two former NKF director selling off assets

Just a day after former National Kidney Foundation (NKF) directors Richard Yong and Loo Sayu San were declared bankrupt, it has emerged that the two men have spent the last few months disposing of their assets.

 

Business & Industry

 

Surprise 0.4% fall in key exports in April

Just when Singapore’s key non-oil domestic exports (NODX) looked like they were on the mend, they unexpectedly dipped again last month.

Against Market forecast of a 7.5% rise, the NODX figure slipped 0.4 of a point in April from a year ago to Singapore dollar (S$) 13.31bn ($8.72bn), dragged down by a continued decline in electronics shipments and moderation of growth in non-electronic exports.

 

Fullerton Fund shooting for $10bn

Temasek’s Fullerton Fund Management subsidiary aims to grow its third-party funds under management to $10bn by 2010, five times the size of the portfolio now.

 

Bangkok Post, Thailand (online edition)

Front page

 

Bangkok joins world cities against global warming

Governor Apirak Kosayodhin joined the heads of 14 of the world's largest cities in a $5bn initiative with major banks to retrofit buildings in their cities to save energy.

It is the first such enterprise to combat climate change.

 

Thailand lobbies a softer Islamic statement

Thailand succeeded in changing the wording of a communique and resolution on the southern unrest issued by the Organisation of the Islamic Conference on Thursday, removing references to "elected Muslim representatives and elected governors" and a "southern state".

 

Business & Industry

 

Accounting changes lead to losses

Thirty listed companies reported first quarter losses in their single-company balance sheets as a result of accounting changes, according to the Listed Companies Association.

 

Bargains offered as companies clear stocks

Developers are trying to clear housing stocks by offering discounts and free furniture at the 16th Home and Condominium Fair at the Queen Sirikit National Convention Center until Sunday. Most of the condominiums on offer have already been launched and are suffering from slow sales.

By: Staff Reporter
+44 20 8652 3214

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