In Friday's Asia papers

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

ASAHI SHIMBUN, Japan

 

Front page

 

Lower House election scheduled for Oct. 26

The ruling Liberal Democratic Party and New Komeito set aside their differences and decided to dissolve the Lower House on Oct. 3 and hold a general election Oct. 26, senior coalition officials said.

 

Business & Industry

 

U.S. crisis, slowing economy push land prices downward

Commercial land prices fell by 0.8 percent on the national average in the year to July, the government said Thursday.

 

CHINA DAILY, China

 

Front page

 

Liquid milk sold by three big firms contaminated

Liquid milk sold by three leading companies is contaminated with melamine, tests showed on Thursday, the day when the number of infant deaths caused by the chemical rose to four.

 

Business & Industry

 

Stamp tax dropped to lift stock market

The government Thursday scrapped the stamp tax on purchase of equities and the State-owned investment agency Central Huijin announced it would buy shares of three major Chinese banks.

 

TAIPEI TIMES, Taiwan

 

Front page

 

Ma picks Siew to head new task force

President Ma Ying-jeou yesterday assigned Vice President Vincent Siew to head an economic advisory task force charged with providing the Executive Yuan with recommendations on improving the economy.

 

Government activates National Stabilization Fund

The government decided to activate the state-owned National Stabilization Fund yesterday, an overnight change made ahead of the stock market opening, but it refused to reveal details of how the fund would act.

 

Business & Industry

 

Polaris lowers GDP forecast to 4.1%

A deepened global slowdown along with sluggish private consumption yesterday led a think tank to lower its GDP growth forecast to 4.1 percent for this year, down from its estimate in June of 4.6 percent, with government spending expected to play a key role in driving growth.

 

Singapore company to complete buyout of Taoyuan Taimall

Government of Singapore Investment Corp (GIC) is expected to complete its acquisition of Taoyuan’s Taimall Family Entertainment Shopping Mall late next month, a Taimall executive said yesterday.

 

KOREA HERALD, South Korea

 

Front page

 

Economic reform shifts into high gear

The government yesterday announced sweeping deregulation in the broadcasting, telecom and service industries and urged corporations to increase investment and hiring

 

Stock markets relapse into fear on U.S. panic

Korean stock markets and the won sharply fell yesterday, largely due to the U.S. credit panic. The positive news of Korea being upgraded to the developed market segment by the Financial Times Stock Exchange Group did not help prevent the fall of stocks and currency, analysts here said.

 

Business & Industry

 

KIKO nightmare hits Korean exporters

Small and medium-sized companies in Korea are facing a nightmare stemming from their efforts to hedge against fluctuations in the won-dollar exchange rate

 

Financial crisis prompts exit of foreign cash from U.S.

With the United States' financial crisis showing no signs of subsiding, investors are withdrawing funds from the world's largest economy.

 

NEW STRAITS TIMES, Malaysia

 

Front page

 

Parliament will convene after Raya, as planned

"No need. What for? There is no need because Parliament will sit soon after Ramadan. So use the opportunity to do whatever you want then," Prime Minister Datuk Seri Abdullah Ahmad Badawi said after chairing the Umno supreme council meeting yesterday.

 

'Anwar a threat only to BN'

DAP secretary-general Lim Guan Eng said yesterday Malaysians generally did not think that Pakatan Raykat de facto leader Datuk Seri Anwar Ibrahim was a threat to the nation.

 

Business & Industry

 

Malaysia bond market set for 'very slow' H2

The problem is that there's now a pricing gap between the rates that borrowers are willing to pay against what investors are willing to accept

 

Current deals to boost profit in 2009: Ireka

The construction firm's performance will be better due to cost-effective management and higher margins from construction activities, says its chief

 

BUSINESS TIMES, Singapore

 

Front page

 

HSBC says pulls out of US$6.3b KEB deal

HSBC Holdings said on Friday it had dropped its offer to buy a 51 per cent stake in South Korea's Korea Exchange Bank from US private equity firm Lone Star.

 

Hua An to guarantee Lehman-backed QDII fund

China's Hua An Fund Management Co said on Friday it would assume responsibility for payment of principal on an overseas investment fund that had been guaranteed by failed investment bank Lehman Brothers Holdings.

 

Business & Industry

 

Slide in property investment deals continues in Q3

PROPERTY investment sales continue to soften in Q3 2008 and global financial instability could keep investors out of the market, said a CB Richard Ellis (CBRE) report.

 

Clinical trials launched for S*Bio's cancer drug

SINGAPORE drug development firm S*Bio has launched Phase 1 clinical trials of a potential treatment for leukaemia and certain types of lymphoma.

 

BANGKOK POST, Thailand

 

Front page

 

Thaksin 'still boss'

A People Power party envoy is believed to be on his way to London to submit the potential line-up of the Somchai Wongsawat cabinet to the perusal of former prime minister Thaksin Shinawatra

 

US report lifts markets

Stocks surged in a stunning late-session Wall Street turnaround early Friday (Thailand time), sending Dow Jones industrials up about 400 points on news that US authorities may create a unit to take over bad bank debts - and crack down on panicky short selling.

 

Business & Industry

 

Ministry expects minimal Thai Wall Street fallout

While the global market meltdown has damaged investors across the country, its direct impact on the Thai economy is likely to be short-lived and minimal, according to Suparut Kawatkul, the Finance Ministry's permanent secretary.

 

Gold rush grips Yaowarat

The local price of gold jumped by 900 baht yesterday, a record one-day increase, prompting people to flock to gold shops to sell their precious metal.

 

JAKARTA POST, Indonesia

 

Front page

 

Obama mocks McCain's call to fire SEC chairman

Democratic presidential nominee Barack Obama promised new ideas Thursday to calm America's financial meltdown and help struggling families avoid mortgage foreclosure. He says "this is not a time for fear and it's not a time for panic."

 

Authorities: Engineer texting on day of wreck

U.S. authorities investigating why a Southern California commuter train engineer ran through a red signal and into an oncoming freight train have confirmed that he was text messaging while working on the day of the fatal collision.

 

Business & Industry

 

US stocks surge on report of entity for bad debt

Wall Street rallied in a stunning late-session turnaround Thursday, shooting higher and hurtling the Dow Jones industrials up 410 points following a report that the federal government might create an entity to absorb banks' bad debt. The report also cooled investors' fervor for the safest types of investments like government debt.

By: Staff Reporter
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