In Wednesday's Asia papers

21 November 2007 01:00  [Source: ICIS news]

SINGAPORE (ICIS news)--These were the top stories at 1:00 GMT in the following Northeast Asia/ Southeast Asia newspapers on Wednesday.

 

These stories have been taken from the Internet editions of the papers. ICIS has not verified these stories and does not vouch for their accuracy.

 

Asahi Shimbun, Japan

Front page

 

Insider says Nukaga urged favor for firm

Finance Minister Fukushiro Nukaga insisted in 2000 that a construction company be designated to bid on Defense Agency projects, although the company was not qualified for such work, a former senior agency official said.

 

Fukuda to hold separate meetings with party leaders

Prime Minister Yasuo Fukuda will hold separate meetings with party leaders to explain his talks with U.S. President George W. Bush and to try to break the deadlock in the Diet, sources said.

 

Business & Industry

 

JT and Nissin Food to buy out Katokichi

Japan Tobacco and instant-noodle maker Nissin Food Products plan to jointly acquire struggling frozen food company Katokichi in a deal worth yen (Y) 100bn ($910.4m), sources said Tuesday.

 

Sumitomo Trust, Aozora Bank to form broad business tie-up

Sumitomo Trust & Banking and Aozora Bank announced Tuesday they will form a comprehensive business tie-up in the three fields of real estate, trust and asset management.

 

China Daily, China

Front page

 

Premier Wen: Economy to grow by 11.5%

China's economy is expected to grow 11.5% this year, Premier Wen Jiabao said Tuesday in Singapore.

 

Sino-Japanese relations get a fillip

Premier Wen Jiabao and his Japanese counterpart Yasuo Fukuda agreed to work together to develop the "strategic relationship of mutual benefit."

 

Business & Industry

 

Polluters to be shut out of stock market
Major industrial polluters will be barred from raising capital on the stock market, the top environment watchdog said while pledging to step up efforts to reduce industrial waste.

 

China seeks balanced trade
China plans to increase imports from Latin America and Central and Eastern Europe by introducing more products from these regions to Chinese consumers through an upcoming trade event in Beijing.

 

Taipei Times, Taiwan

Front page

 

President Chen loses `soft coup' appeal

The Taiwan High Court upheld Tuesday a Taipei District Court ruling ordering President Chen Shui-bian to apologize to his two rivals in the 2004 presidential election for insinuating that they had attempted to stage a "soft coup" after losing the election.

 

Firms sold toys they knew had lead: US lawsuit

California on Monday launched a lawsuit against 20 companies, accusing them of knowingly exposing children to lead in toys they manufactured or sold.

 

Business & Industry

 

ASEAN leaders ink EU-style economic blueprint

Southeast Asian leaders adopted Tuesday a blueprint to transform the region into a EU-style economic bloc that can counter China and India -- though analysts warn of a tough road ahead.

 

Prime View rises on sales to Amazon

Prime View International’s stock jumped close to its 7% daily limit after the flat-panel maker said it was supplying flat-panel displays for the world's top Internet retailer's newly launched electronic book reader.

 

Korea Herald, South Korea

Front page

 

Kim's evidence: bullets or blanks?

The sister of the prime suspect in a high-profile fraud case is due to unveil critical evidence today against presidential frontrunner Lee Myung-bak

 

Korea develops hi-tech shrapnel rifle

The Korean military has successfully developed a new gun which fires bullets that explode over targets and disperse deadly shrapnel, a military official said Tuesday.

 

Business & Industry

 

Hanwha buys U.S. firm for $65m

Hanwha Group has purchased a U.S. company, which group officials said should be the starting point of its global expansion drive.

 

Corporate secrets prone to theft: survey

Around 60% of major firms in Korea are vulnerable to corporate information theft, a survey showed Tuesday.

 

New Straits Times, Malaysia

Front page

 

Strong sales, so Proton drops partner option
Proton Holdings Bhd has ended all negotiations for a possible tie-up with Germany's Volkswagen AG and the US-based General Motors

 

Duo reels them in with spiritual utterances

Pakistani qawwali singer Ustad Nusrat Fateh Ali Khan may no longer be with us, but his music lives on in his two nephews, Rizwan and Muazzam Mujahid Ali Khan.

 

Business & Industry

 

Ringgit (M$)2.2bn ($652.8m) bid to take Magnum private

Multi-purpose Holdings Bhd (MPHB) has partnered a private equity firm to launch a M$2.2bn bid to take Magnum Bhd, a gaming company, private.

 

Synergy to take charge of Bakun undersea cables

Synergy Drive Bhd, which will take control of the multi-billion-dollar Bakun dam project in Sarawak, will also be responsible for the undersea transmission cables linking the dam to Peninsular Malaysia, Deputy Prime Minister Datuk Seri Najib Razak said.

 

Business Times, Singapore

Front page

 

Fed minutes show October rate cut was 'close call'

The Federal Reserve was unsure last month whether lower borrowing costs were needed to cushion the US economy from a housing slump and credit woes but decided to cut interest rates as a form of insurance.

 

Oil surges to match record on dollar, supply woes

Oil jumped more than 4% on Tuesday to match an all-time high of $98.62 per barrel, bolstered by record weakness in the dollar and concerns over tight supply heading into winter.

 

Business & Industry

 

Bear Stearns sued over mortgage losses

Bear Stearns Cos, which expects a fourth-quarter loss after writing down $1.2bn linked to mortgages, has been sued by a shareholder who claims the Wall Street investment bank should have known it was overexposed to sub-prime lending.

 

NYSE Euronext interested in Asia, Latin America

NYSE Euronext is looking closely at growth opportunities in Asia and Latin America, but Asia is not ready yet for large-scale mergers between stock markets, chief executive Duncan Niederauer said in a newspaper interview.

 

Bangkok Post, Thailand

Front page

 

Super khao hom coming

Thai researchers at the National Center for Genetic Engineering and Biotechnology (Biotec) are developing a breed of fragrant jasmine rice that is resistant to pests and diseases, as well as to flash floods, drought and salinity, the Science and Development Network reports.

 

Asean and Japan to pilot free-trade list

Singapore - Asean and Japan have agreed to put 70 categories of goods on an "intensive tariff reduction list", in a show of commitment to the free-trade agreement between the regional bloc and Japan.

 

Business & Industry

 

JBIC offers B31bn loan

The Japan Bank for International Co-operation (JBIC) is expected to pledge a loan for construction in early 2008 of the 23-kilometre mass-transit line from Bang Sue to Bang Yai, also known as the Purple Line, said Pongpanu Svetarundra, director-general for the Public Debt Management Office.

 

Rice packers take on retailers

Rice packers are looking to sign a pact with modern retailers on fair deals and contracts, claiming they suffer from excessive entry fees. Rice packers are currently charged entry fees ranging from baht (Bt) 500,000 ($15,873) to Bt1m for new products, making it tough for them to break even and even causing some to lose money, said Somroek Tangpiroonthum, president of the Thai Rice Packers Association.

 

Jakarta Post, Indonesia

Front page

 

Graft body candidates to be vetted by House
The law commission of the House of Representatives will conduct a background investigation on the 10 remaining candidates for the leadership of the Corruption Eradication Commission (KPK) before proceeding with a "fit-and-proper test" later this month.

 

Government to announce negotiators for Bali meet
The government is set to announce the members of its negotiating team for the upcoming climate change conference in Bali on Tuesday -- two weeks before international negotiations begin in early December.

 

Business & Industry

 

BI warns of higher consumer loan risk
The central bank has warned of a rising risk from consumer loans amid the recent rise in total bank lending, which has already exceeded its 22% growth target for this year and is expected to add another 25% next year.

 

Indo Mines to invest $600m in Yogyakarta for pig iron plant
Australia-based Indo Mines Limited will go ahead with plans to build a US$600m pig iron plant in Kulon Progo, Yogyakarta, having secured the government's approval for a 30-year contract of work for the operation, an official says.

 

($1= M$3.37, Y109.84, Bt31.50)

 

By: Staff Reporter
+44 20 8652 3214

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