In Wednesday's Asia papers

01 October 2008 02:00  [Source: ICIS news]

ASAHI SHIMBUN, Japan

 

Front page

 

U.S. bailout defeat sends stocks tumbling

Stock prices fell to their lowest level since June 2005 in Tokyo on Tuesday, following the defeat Monday in the U.S. House of Representatives of the $700-billion (75 trillion yen) financial bailout bill.

 

Business & Industry

 

Coalition agrees to hold Diet debate on budget

Prompted by plunging stock markets around the world, the ruling coalition agreed Tuesday to start Diet deliberations on Oct. 6 on the government's fiscal 2008 supplementary budget proposal, officials said.

 

CHINA DAILY, China

 

Front page

 

Stocks surge higher, but credit worries persist

Wall Street snapped back Tuesday after its biggest sell-off in years amid growing expectations that lawmakers will salvage a $700 billion rescue plan for the financial sector. But the seized-up credit markets where businesses turn to raise money showed no sign of relief.

 

US drone strike kills five in Pakistan: officials

A US pilotless drone fired two missiles at a house in northwest Pakistan killing five people, Pakistani intelligence agency officials said Wednesday.

 

Business & Industry

 

Rejection of rescue package to hit investor confidence in China

US lawmakers' rejection of the $700 billion rescue plan makes prospects for the US and world financial markets more uncertain and may affect investor confidence in China's stock market, analysts warned.

 

Supervision of dairies to be unified

China has vowed to tighten regulation over the dairy industry by bringing all milk procurement stations in the country under one supervision system, a senior official said yesterday.

 

TAIPEI TIMES, Taiwan

 

Front page

 

Economy needs government help: Bush

US President George W. Bush said the US economy was depending on decisive action from the gov-ernment or the economic damage to the US would be “painful and lasting” if Congress fails to pass a US$700 billion bailout bill.

 

Cabinet reacts to stalled Wall Street bailout

The Executive Yuan yesterday pre-sented six measures to prop up the stock exchange after the US House of Representatives rejected a US$700 billion bailout plan.

 

Business & Industry

 

Short-selling banned on all stocks

The Financial Supervisory Commission (FSC) announced late last night it would temporarily ban short selling on all stocks between today and Oct. 14 in order to shore up the market, it said on its Web site

 

Wretch offers mini-blog in Chinese

Wretch Co a subsidiary of Yahoo-Kimo Inc, introduced a new mini-blogging function on its social networking Web site yesterday

 

KOREA HERALD, South Korea

 

Front page

 

Stocks dodge bullet, but won plummets

The won plunged to a five-and-a-half year low against the U.S. dollar yesterday on the U.S. House of Representatives' rejection of the Wall Street rescue plan and the growing current account deficit in Korea, but local stock markets ended the day relatively unscathed by the global financial chaos.

 

Seoul bans short selling, boosts share buybacks

The Korean government and financial authorities moved fast yesterday to contain fallout from global financial market tumbles caused by the rejection of the $700 billion U.S. banking rescue plan.

 

Business & Industry

 

Budget bill calls for 6.5% rise in 2009

The government said yesterday that it has drawn up a 273.8 trillion-won ($230 billion) spending plan for next year, an increase of 6.5 percent from this year.

 

National debt to grow 4.2% this year

Korea's national debt is expected to grow 4.2 percent this year mainly due to an overall increase in the issuance of state bonds, the government was quoted as saying by Yonhap News Agency.

 

NEW STRAITS TIMES, Malaysia

 

Front page

 

BARGE TRAGEDY: Use legitimate transportation, Indonesian envoy

Indonesians who live and work in Malaysia have been urged to use yesterday's barge tragedy as a lesson against resorting to illegal means to return home.

 

A wet Raya as Penang is swamped overnight

Thousands of motorists were caught in traffic jams on the island and mainland Penang when low-lying areas were flooded following continuous rainfall in the night.

 

Business & Industry

 

Maybank buys BII stake for RM4.26b

Malaysia's largest bank will pay a reduced price of 433 rupiah for each BII share, which is still a steep premium to BII's last traded price of 310 rupiah

 

Paramount to build fourth KDU campus

PARAMOUNT Corp Bhd will build another KDU College campus in the Klang Valley as the existing one in Petaling Jaya has hit full capacity, says its top official.

 

BUSINESS TIMES, Singapore

 

Front page

 

Fortis scraps Ping An deal, Deutsche blocked

Fortis, the partially nationalised Belgian-Dutch financial group, halted deals with China's Ping An and Deutsche Bank AG on Tuesday, two days after Benelux governments swooped in to rescue the ailing company.

 

Hope flickers as US seeks to revive bailout

Stocks worldwide plunged yesterday and then clawed their way back after US lawmakers stunned investors by rejecting a sweeping plan to save the financial sector.

 

Business & Industry

 

MAS director Teo Ming Kian reappointed

FINANCE permanent secretary Teo Ming Kian has been reappointed a director of the Monetary Authority of Singapore (MAS), the central bank said yesterday.

Lion Power announces $750m 'repowering'

 

JAPANESE-FRENCH consortium Lion Power, Senoko Power's new owner, intends to make Singapore's largest generating company (genco) a fully integrated energy outfit, with strategic plans to go into LNG trading longer term, on top of trading of just electricity and carbon credits.

 

BANGKOK POST, Thailand

 

Front page

 

Safe for now

Thailand's economic fundamentals are sound and the country is well-insulated from the turmoil in the global financial markets, economic policymakers say.

 

Business & Industry

 

No new updates

 

JAKARTA POST, Indonesia

 

Front page

 

No new updates

 

Business & Industry

 

No new updates

By: Staff Reporter
+44 20 8652 3214

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