In Friday's Asia papers

23 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 Friday.

 

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

 

LDP proposes disclosure of all lawmaker receipts

In an apparent concession to the opposition camp, the ruling Liberal Democratic Party suggested Thursday that receipts for all spending on political activities by lawmakers be made available to the public.

 

Ministry freezes Yamada dealings

The Defense Ministry said Thursday it is suspending transactions with Yamada and its U.S. subsidiary Yamada International for overcharging on two equipment contracts.

 

Business & Industry

 

Metal mania

Japanese government officials are scrambling around the world while companies are nearly on their knees begging foreign governments to sign partnerships.

 

Insurers overcharged yen (Y) 22bn ($202.1m) in premiums

Six major nonlife insurers overcharged a projected Y22bn in premiums, according to figures the companies released Tuesday.

 

China Daily, China

Front page

 

Key stock index tumbles below 5,000-point mark

Chinese stocks continued the downward trend on Thursday, tumbling more than four% to close below 5,000 points, amid a global sell-off.

 

Regulation on recalls in pipeline

China has taken a major step toward launching a recall system for consumer products by completing the first draft regulation.

 

Business & Industry

 

Regulation on recalls in pipeline
The country has taken a major step toward launching a recall system for a wider range of consumer products in the domestic market by completing the first draft regulation.

 

Stock index tumbles below 5,000 points
Chinese stocks continued the downward trend on Thursday, tumbling more than four% to close below 5,000 points, amid a global sell-off.

 

Taipei Times, Taiwan

Front page

 

Cabinet cites Criminal Code in poll spat

The Cabinet Thursday warned local governments that defying the Central Election Commission's (CEC) one-step voting format was a criminal violation subject to prosecution.

 

GDP forecast up on third-quarter boost in growth

The government Thursday raised its forecast for this year's economic growth to 5.46% after third-quarter growth hit a three-year high, driven by robust electronics exports.

 

Business & Industry

 

China Steel announces Q1 hikes

China Steel, the nation's largest and sole integrated steelmaker, will increase its domestic steel prices by 5.42% on average for next quarter to reflect higher raw material costs and shipping fees, the company said Thursday.

 

Local securities companies cry foul

The nation's high-income earners have parked more than New Taiwan dollar (NT$) 1trn ($31bn) in offshore accounts to avoid a maximum of 50% inheritance taxes in Taiwan, depriving local securities companies of business opportunities, analysts said Thursday.

 

Korea Herald, South Korea

Front page

 

Roh sets tone with N. Korea overture

The South Korean government said Thursday it is aiming to open economic cooperation offices in Seoul and Pyongyang next year.

 

Cross-border train to run daily from 11 Dec

A cargo train service will run from South Korea's Munsan to Bongdong in North Korea once a day except on weekends from 11 Dec, the Unification Ministry said Thursday. Bongdong station is located in front of the Gaeseong joint industrial park.

 

Business & Industry

 

Uncertainty shrouds financial markets

Local equity markets are likely to suffer further setbacks in the coming months as foreign investors shed stocks in the Seoul bourse, experts said Thursday.

 

[NEWS FOCUS] Soaring oil prices put businesses on edge

Sky high oil prices are a damper to the business outlook in Korea, as companies face shrinking profit margins.

 

New Straits Times, Malaysia

Front page

 

Year-long Ops Sikap from January
Ops Sikap, the seasonal traffic operation to check reckless driving, will be implemented all year round from next year.

 

43 years' jail, rotan for pimping, sexual abuse

A 32-year-old man will spend 43 years in jail for offences including procuring a 14-year-old girl for purposes of prostitution and causing miscarriage without the girl's consent.

 

Business & Industry

 

KL mart expected to extend 5-day losing run
More declines are likely for Malaysia’s market as it catches up with deeper falls in regional peers, a dealer says

 

'Primus agrees to buy 20.2% stake in EONCap'
The Hong Kong-based investment firm will pay DRB-HICOM Bhd ringgit (M$) 9.55 ($2.83) per EONCap share, a 40% premium to the current price, a source says

 

Business Times, Singapore

Front page

 

Critics snipe in wake of mega Penang project

It could possibly be the largest single urban development in Malaysia. But disquiet is mounting over the mammoth M$20bn project in Penang amid fears that it would make the north-eastern island less livable and give rise to environmental, traffic, and property oversupply problems.

 

Sunday lessons from a CEO get wider play

So why did CapitaLand decide to sell the Raffles Hotel business despite its sentimental value? The answer, which chief executive Liew Mun Leong shared with his entire staff, was straightforward.

 

Business & Industry

 

ADB warns sub-prime fallout could get worse

Fallout in Asia from the US sub-prime mortgage crisis, through financial and other channels, may prove heavier than expected, the Asian Development Bank warned in a report published Thursday.

 

Sovereign funds are right up State's street

Asia has become the fastest growing geographical segment for State Street Corporation, and this is set to grow further with the advent of sovereign wealth funds.

 

Bangkok Post, Thailand

Front page

 

The toothless tiger

Thailand's next government becomes chairman of Asean and inherits a big mess over what to do with the hot potato of Burma after the group missed its opportunity to confront the problem squarely.

 

Vietnam confirms secret arrest of Thai activist

Hanoi - Vietnam on Thursday confirmed the "urgent arrest" of a Thai and two foreign pro-democracy activists who had been reported missing in the communist country, but refused to say what law the foreigners are accused of breaking.

 

Business & Industry

 

Outsourcing plan opposed

Thai Airways International's move to outsource its sales of cargo services in several overseas markets has raised questions of whether the exercise serves the best interests of the flag carrier. The airline is seeking to appoint cargo general sales and service agents (cargo GSSAs) in Taipei, Hong Kong, Singapore and Dhaka in lieu of the company's long-established branches in those cities.

 

CPN expansion plan on course

Central Pattana Plc (CPN), the SET-listed property development arm of the Central Group of Companies, is optimistic about the retail business next year backed by an improving economy, and says it will continue to make large investments over the next few years. The company is sticking with its original plan by adding five more shopping complexes in Chaeng Watthana, Pattaya, Chon Buri, Khon Kaen and Rama IX.

 

Jakarta Post, Indonesia

Front page

 

House votes to create effective judiciary
The House of Representatives agreed to revise laws covering Indonesia's three top judicial institutions, in an effort to create an effective judiciary and ensure a sense of justice in society.

 

RI proposes multilateral climate change mitigation funding
Indonesia says it will propose a multilateral funding agency to administer the transfer of cleaner technologies to developing nations as part of efforts to mitigate human-induced climate change.

 

Business & Industry

 

Review urged of policies on retail fuel market
Downstream oil and gas regulator BPH Migas needs to review the tender mechanism for the distribution of subsidized fuels as the existing setup is unworkable, analysts say.

 

Indonesian workers are better than Japanese, in some ways, says survey
Indonesian employees have a high understanding of what they need to do in order to make their companies successful in achieving targets, but they have a low commitment to helping them succeed, according to a survey.

 

($1= Y108.83, M$3.38)

 

By: Staff Reporter
+44 20 8652 3214

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