In Friday's Asia papers

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

ASAHI SHIMBUN, Japan

 

Front page

 

Soaring yen slashes Sony’s profit outlook

Sony Corp. on Thursday revised downward by 270 billion yen its consolidated operating profit forecast for the fiscal year ending March 2009.

 

Business & Industry

 

Stores eye new markets amid downturn

Retailers are trying tactics old and new to encourage consumers to loosen their purse strings amid the economic slowdown and global financial turmoil.

 

CHINA DAILY, China

 

Front page

 

Govt vows to raise demand, maintain financial stability

China has to maintain financial stability and raise domestic consumption to overcome the financial crisis plaguing the world, State leaders said Wednesday.

 

Business & Industry

 

China cuts taxes, rates to boost housing market

The central government yesterday stepped in to bolster the sagging real estate market by lowering transaction taxes, reducing down payments and lowering mortgage rates.

 

TAIPEI TIMES, Taiwan

 

Front page

 

ARATS chairman may visit on Nov. 3

Taiwan and China’s top cross-strait negotiators may meet on Nov. 3 in Taipei, with the schedule expected to be finalized during a preparatory round of talks in China on Monday, Straits Exchange Foundation (SEF) Chairman Chiang Pin-kung announced yesterday.

 

Business & Industry

 

AUO’s Q3 profit drops to six-quarter low

AU Optronics Corp (AUO), the world’s third-largest maker of flat panels, posted the weakest quarterly net profit in six quarters as corporations and consumers tightened spending on PCs and slim-screen TVs.

Net income plunged 96 percent to NT$860 million (US$25.83 million) in the July-September quarter, from NT$22.57 billion a year earlier. It was the lowest level since the second quarter of last year, during which the company made NT$5.92 billion, AUO said in a statement.

 

KOREA HERALD, South Korea

 

Front page

 

Where is the bottom for won, stocks?

Chaos in Korean financial markets worsened yesterday as stocks again moved sharply lower and the won hit a 10-year low against the U.S. dollar. The benchmark KOSPI shed 7.47 percent, falling to 1,049.71 points, on heavy selling by foreign and institutional investors.

 

Business & Industry

 

BOK expands loan pool for small firms

Korean authorities yesterday rolled out more measures as the financial market chaos showed no sign of easing despite a $130 billion rescue package.

 

NEW STRAITS TIMES, Malaysia

 

Front page

 

No change in plan

The power transition plan between Umno president Datuk Seri Abdullah Ahmad Badawi and his deputy Datuk Seri Najib Razak will be carried out next March — as decided.

 

Business & Industry 

 

Petronas Carigali awards RM2.8b jobs

PETRONAS Carigali Sdn Bhd, the exploration and production arm of Petroliam Nasional Bhd (Petronas), has awarded 15 fabrication contracts worth a combined RM2.8 billion to five local companies.

 

BUSINESS TIMES, Singapore

 

Front page

 

Zero tariffs for most items as S'pore and China ink FTA

Two years and eight rounds of discussions finally bore fruit when Singapore and China inked a historic free trade agreement (FTA) yesterday - one that will see tariffs for almost all goods moving between the two countries abolished from January.

 

BANGKOK POST, Thailand

 

Front page

 

Calls to muzzle Thaksin

The government is under pressure to stop a scheduled appearance by former prime minister Thaksin Shinawatra on a political talk show on its TV station next Saturday.

 

Business & Industry

 

How to survive a recession

It's been a decade since Thais suffered through the last economic crisis. How much have people learned?

While economists agree that the country today is unlikely to suffer the massive bankruptcies and layoffs seen in 1997, there is no question that times are tough and will only get tougher. But some simple changes in your spending and savings habits can go a long way in making ends meet, according to personal finance experts. We asked three financial gurus for their top tips on how to survive a recession.

 

JAKARTA POST, Indonesia

 

Front page

 

Elections could fail, observers warn KPU

Observers are warning the 2009 legislative elections could fail because of the poor performance by the General Elections Commission (KPU) in preparing the national event.

 

Business & Industry

 

Indover crisis could hit RI credit ratings

Although having less direct impact on the country's financial sector, the possible collapse of Netherlands-based Indonesische Overzeese Bank N.V. (Indover), a subsidiary of Bank Indonesia (BI), may affect negatively the country's sovereign and financial institution ratings.





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