In Wednesday's Asia papers

17 September 2008 02:00 [Source: ICIS news]

Front page

Bad rice reaches 377 firms, entities

Tainted rice unfit for human consumption but distributed as food by Mikasa Foods Co. has affected 377 companies and facilities in 24 prefectures, the government said Tuesday, announcing their names.

Business & Industry

Minshuto eyes strategic tie-up

The opposition Minshuto (Democratic Party of Japan) looks set to pick up a handful of seats through a strategic tie-up with the tiny Kokumin Shinto (People's New Party), a move that could tip the balance in the next Lower House election.

CHINA DAILY, China

Front page

No new updates

Business & Industry

No new updates

TAIPEI TIMES, Taiwan

Front page

Lehman demise ripples across Asia

Taiwan’s central bank injected US$3.59 billion into the foreign-currency interbank market yesterday to meet liquidity demand following the collapse of the US investment house Lehman Brothers, it said in a statement.

Local financial institutions reveal their exposure

Domestic financial institutions revealed their exposure yesterday to investments linked to Lehman Brothers Holdings, insisting losses would be within an acceptable range.

Business & Industry

State-run funds help prop up market

Vice Premier Paul Chiu said yesterday that four state-run funds had entered the stock market to help stabilize sagging share prices and urged the public not to panic in the wake of the financial turmoil after Wall Street giant Lehman Brothers filed for bankruptcy on Monday.

Taiwan places second in IT competitiveness

Taiwan this year ranked second in a survey of information technology (IT) competitiveness conducted by the Economist Intelligence Unit (EIU), up four notches from last year.

KOREA HERALD, South Korea

Front page

Korea seeks to contain fallout from Wall Street

The Korean government and financial authorities are making all-out efforts to shield the local financial markets from the Wall Street debacle, officials said yesterday

Local markets hammered by Lehman crash

The demise of Lehman Brothers Holdings Inc. roiled the local financial markets yesterday, dragging the benchmark index down more than 6 percent, despite policymakers' attempts to calm the already anxious investment mood.

Business & Industry

Lehman debacle threatens local firms' stability

Local financial institutions stand to lose hundreds of billions of won due to the failure of Lehman Brothers Holdings Inc.

Stock market to suffer Lehman fallout, for now

The Korean stock market, caught in a downdraft from the collapse of Lehman Brothers, will take a beating for the time being, analysts said yesterday.

NEW STRAITS TIMES, Malaysia

Front page

No meeting as Anwar ‘will make up stories’

Prime Minister Datuk Seri Abdullah Ahmad Badawi said there was no reason for him to meet opposition leader Datuk Seri Anwar Ibrahim to discuss the alleged crossover of members of parliament.

'He will succeed in his plan'

Kelantan Men-teri Besar Datuk Nik Aziz Nik Mat is still confident that Parti Keadilan Rakyat adviser Datuk Seri Anwar Ibrahim will succeed in his plan to form the Federal Government.

Business & Industry

Bank Negara reinstates nod for Maybank-BII deal

The reinstatement comes after Indonesia’s capital markets watchdog will give Maybank more than two years to cut its stake in BII by 20 per cent subject to certain conditions

SapuraCrest wins RM800m Shell contract

The oil and gas services provider also reports that it tripled second quarter net profit to RM32.1 million from RM11.2 million a year before

BUSINESS TIMES, Singapore

Front page

AIA holders spared AIG squeeze

Amid the crisis surrounding the American International Group Inc (AIG), there was a word of comfort for policyholders of its local offshoot. AIA yesterday said that its insurance funds are segregated from that of AIG, its parent.

Macquarie denies story on finance fears

Macquarie Group, Australia's biggest investment bank, denied on Wednesday a media report that investors were concerned the company would struggle to refinance A$5 billion (US$3.97 billion) in debt soon.

Business & Industry

Co-ops get freer finance hand

THRIFT and loan societies, sitting on more than $1 billion, will be given more say in managing the money under rules regulating cooperatives - largely businesses with a social purpose - which have been given a hard scrubbing after nearly three decades of semi-limbo.

Govts shifting to indirect taxes

CORPORATE taxes have continued to fall this year amid intense international pressure on governments worldwide to cut them. The focus has shifted to indirect taxes to make up for shortfalls in public revenue, KPMG's Corporate and Indirect Tax Rate Survey 2008 shows.

BANGKOK POST, Thailand

Front page

Waiting for the verdict

The Supreme Court's Criminal Division for Holders of Political Positions may deliver its verdicts on the Ratchadapisek land deal when it meets on Wednesday without the defendants - former prime minister Thaksin Shinawatra and his wife Khunying Potjaman.

Somchai set as PM

Deputy leader of the People Power party (PPP) Somchai Wongsawat is poised to become prime minister after securing backing from a rebel faction and the five coalition partners on Tuesday.

Business & Industry

Logistics group will sue union tomorrow

The Land Transport Federation of Thailand will push ahead with its legal action against the Port Authority of Thailand (PAT) and its labour union by filing a civil lawsuit against the latter tomorrow.

Bloodletting continues as bank selloff thumps SET

Thai shares dropped 2.78% as world markets tumbled over continued fallout over the collapse of the Wall Street icon Lehman Brothers. Fears that the US insurance giant AIG could follow Lehman into bankruptcy sparked a sharp selloff across the world.

JAKARTA POST, Indonesia

Front page

Wall Street finishes higher after big sell-off

Wall Street ended another tumultuous session with a sizable gain Tuesday, partly recovering from its worst sell-off in years after the Federal Reserve said it was keeping interest rates steady. The central bank soothed fears of a worsening financial crisis even as the market waited to learn the fate of troubled insurer American International Group Inc.

Women's rights groups endorse Obama for president

Women's rights groups endorsed Democrat Barack Obama for president Tuesday, asserting the historic selection of a female Republican vice presidential candidate does not make up for John McCain's lack of support on issues important to women.

Business & Industry

Meltdown in US finance system pummels stock market

Wall Street closed higher on Tuesday, partly recovering from its worst dive in years after the Federal Reserve said it was keeping interest rates steady amid a stunning upheaval in the American financial system that sent shock waves through the global market.

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