In Wednesday's Asia Papers

23 January 2008 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

 

Nikkei plummets to close at 12,573

Tokyo stocks Tuesday plunged past the 13,000-mark for the first time since September 2005, drawing concerns from the government, but not direct action.

 

Minshuto threatens to censure Fukuda

Opposition Minshuto (Democratic Party of Japan) on Tuesday threatened to submit a censure motion against Prime Minister Yasuo Fukuda if the ruling coalition tries to ram budget-related bills through the Diet.

 

Business & Industry

 

No new updates.

 

CHINA DAILY, China

Front page

 

China closes 44,000 pornographic websites

China's authorities shut down 44,000 domestic websites and homepages and arrested 868 people in a campaign against Internet porn last year.

 

Stocks pare some losses after rate cut

An unusual emergency interest rate cut by Federal Reserve gave Wall Street partial rebound Tuesday from a precipitious early decline.

 

Business & Industry

 

Shanghai index down 7.2%, Hang Seng crashes
Chinese stock markets tumbled for a second day Tuesday, as worldwide worries about an imminent US recession led to panic selling.

 

12m jobs help keep unemployment at 4%
The national urban and township unemployment rate was reduced to 4 percent last year, thanks to the creation of more than 12 million jobs.

 

TAIPEI TIMES, Taiwan

Front page

 

Fed rate cut fails to slow stock slump

Global stock markets extended their slide for a second day yesterday, plunging amid fears that a possible US recession will cause a worldwide economic slowdown.

 

MOFA condemns Chinese action at WHO board meet

China ambushed the nation's allies on the Executive Board of the WHO by robbing them of the opportunity to speak up for Taiwan, the Ministry of Foreign Affairs said yesterday.

 

Business & Industry

 

Bank cuts GDP growth forecast

UK-based Standard Chartered Bank yesterday slashed its forecast for Taiwan's economic growth this year to 2.8 percent from 3.8 percent, predicting a hit on the nation's exports by an economic slowdown in the US and China.

 

Nation's unemployment rate rises to seven-month high

Taiwan's jobless rate unexpectedly rose to a seven-month high last month, suggesting companies may have pared hiring on concern economic growth will slow.

 

KOREA HERALD, South Korea

Front page

 

Asian bourses extend global plunge

Asian stocks tumbled the most since September 2001, extending a global slump that has wiped more than $5 trillion from stock markets this year on concern world economic growth is faltering.

 

CSAT grading to be revised this year

The controversial grading system for the state-run college entrance exam, which divided students into nine percentile levels, will be revised this year.

 

Business & Industry

 

Stocks, won tumble on global woes

Korean stocks fell more than 4 percent yesterday, dragging down the country's benchmark KOSPI to its lowest in eight months due to the growing concern about the global financial woes.

 

Korea lights up largest solar power plant

Korea yesterday unveiled its technological progress in solar energy, reinforcing its ambitions to contribute to the globally growing industry amid increasing worries over climate change and high oil prices.

 

NEW STRAITS TIMES, Malaysia

Front page

 

Abdullah: Only credible ones will be accepted
KUALA LUMPUR: The prime minister yesterday told aspiring Umno leaders that they could no longer expect to be chosen as candidates merely based on their strength in the party.

 

Lower share prices good for EPF

Nor Mohamed believes the dip is temporary and that the local market has strong fundamentals to stay vibrant over the medium to long-term.

 

Business & Industry 

 

Global rout, but is the panic justified?
The broad international sell-off in the past two days has raised fresh concerns that a looming US recession and the fallout from subprime mortgages could have global repercussions.

 

KLCI hit by US recession fears
Before the new year, there were thoughts that the market could decouple from the US; it hasn't turned out to be true, says Aberdeen Asset Management

 

BUSINESS TIMES, Singapore

Front page

 

Investors abroad don't feel immune to US woes now

(FRANKFURT) Since late last summer, the US economy has demonstrated an enduring power to surprise. And not for the better.

 

Bank of America reports 95% plunge in earnings

(NEW YORK) Bank of America Corp, the second-largest US bank, said yesterday that earnings dropped 95 per cent after US$5.28 billion of mortgage-related write-downs and higher provisions for future loan losses.

 

Business & Industry

 

CapitaLand plans to set up Reit for Indian retail malls

CAPITALAND plans to create a Real Estate Investment Trust or listed vehicle holding Indian malls as an exit strategy for retail projects that it will develop jointly with two separate Indian partners.

 

GST hike adds $990m to govt revenue so far

THE government collected an additional $990 million in tax revenue last year due to the higher Goods and Services Tax (GST) that kicked in on July 1, 2007.

 

BANGKOK POST, Thailand

Front page

 

Battle scenes cut

Producer Exact agreed on Tuesday to edit out some of the more violent and steamy scenes from its TV soap opera Songkhram Nang Fah (Air Hostess War), but warned protesting flight attendants who demanded that it be pulled off the air not to ask for too much, because producers have the right to continue the show.

 

Exit, the junta

The Council for National Security held its final meeting Tuesday, declaring itself out of business, but stating its members will continue to meet to discuss business of the armed forces.

 

Business & Industry

 

Shin ready for media biz despite iTV

Shin Corp chairman Somprasong Boonyachai said the iTV lesson would not stop the company from investing in the media business or even from buying a television station. It depended on future business opportunities, he said.

 

Palm-oil shortage might delay B2 launch

The planned replacement of diesel by B2 biodiesel has been put off by two months to the end of March due to a shortage of crude palm oil. The Energy Business Department will propose to Energy Minister Piyasvasti Amranand to delay the launch of B2, a mixture of 2% biofuel blended with high-speed diesel, from its previous schedule of Feb 1, said Metta Bunterngsuk, the director-general of the Energy Business department.

 

JAKARTA POST, Indonesia

Front page

 

Most Indonesians have 'poor access to proper sanitation'

JAKARTA (JP): Nearly all of Indonesia's 220 million citizens lack access to proper sanitation, an official at the Public Works Ministry said Tuesday.

 

House bows to protests over incentives
The House of Representatives announced plans to review policies on several allowances disbursed to its 550 members Monday.

 

Business & Industry

 

The govt intends to reach soybean self-sufficiency by 2011

JAKARTA (JP): Facing political pressure on the back ofskyrocketing soybean price, the government announced Tuesday a target of reaching soybean self-sufficiency by 2011, two years ahead of schedule.

 

 

 

 

 

By: Staff Reporter
+44 20 8652 3214

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