In Friday's Asia papers

09 January 2009 01:00 [Source: ICIS news]

Front page

Joseph Nye to be next U.S. envoy to Japan

Joseph S. Nye, a Harvard professor who has authored several influential reports on Japan-U.S. relations, is tipped to be the next ambassador to Japan, sources said Wednesday.

Anti-piracy bill could ease restrictions on SDF weapons use

The government is considering relaxing constraints on the use of weapons by the Self-Defense Forces so they can protect Japanese and foreign vessels from pirates abroad, The Asahi Shimbun has learned.

Business & Industry

No new updates.

CHINA DAILY, China

Front page

Economic hubs face tough times amid crisis

Guangdong and Shanghai, the two economic powerhouses of China, have suffered setbacks because of the global financial crisis and forecast even worse prospects.

Beware of fake notes, bank says

With the festive season approaching, the central bank yesterday warned the public to be on the lookout for high quality counterfeit 100-yuan banknotes.

Business & Industry

China economic hubs face tough times amid crisis

Guangdong and Shanghai, the two economic powerhouses of China, have suffered setbacks because of the global financial crisis and forecast even worse prospects.

Consumer confidence 'hits 6-year low'

Like many trendy women in Shanghai, Bao Shengsheng, who lives with her parents, used to spend more than 80 percent of her 5,000-yuan ($732) monthly income on shopping and entertainment.

TAIPEI TIMES, Taiwan

Front page

Diane Lee quits legislative seat

The DPP and pro-independence groups said they would proceed with their siege of the legislature despite the legislator’s surprise decision

War escalates as rockets from Lebanon hit Israel

Three rockets fired from Lebanon struck northern Israel yesterday, slightly wounding two people and prompting the Jewish state to respond with artillery fire, officials said.

Business & Industry

No new updates.

KOREA HERALD, South Korea

Front page

Korea to inject W50tr into small firms

The government will inject about 50 trillion won ($38.7 billion) into small and medium-sized enterprises this year through state-run and private banks, officials said yesterday.

President warns of recession risk

President Lee Myung-bak yesterday alerted his government of a greater risk of recession and called for more effective and proactive ways of stimulating the economy.

Business & Industry

'Sell assets or give up Daewoo'

Korea Development Bank yesterday sent an ultimatum to Hanwha Group, the preferred bidder for Daewoo Shipbuilding & Marine Engineering Co., to stick to the original payment schedule or give up acquiring the shipyard.

FSC rules out state-led restructuring of big firms

The Financial Services Commission yesterday denied news reports that the government may extend corporate restructuring plans to some big conglomerates.

NEW STRAITS TIMES, Malaysia

Front page

Gaza Under Siege: Undergrads given the nod to hold demos

University students are allowed to take part in demonstrations held to denounce Israel's offensive in the Gaza Strip.

Cabinet to be briefed on Hindraf chairman's call for sanctions

HINDRAF chairman P. Waytha Moorthy's call to the Indian government to impose trade sanctions on Malaysia will be raised in cabinet, said Human Resources Minister Datuk Dr S. Subramaniam.

Business & Industry

AirAsia in funding talks

The airline is exploring financing options in the event that it has to be the party developing the RM1.6 billion low cost carrier terminal in Labu

Scandal shakes faith in accounting Big Four

One insider says PricewaterhouseCoopers was as shocked as anyone at the admission of years of financial deception at Satyam Computer Services

BUSINESS TIMES, Singapore

Front page

UK slashes interest rates to lowest in 315 years

THE deepening UK recession has forced the Bank of England to slash interest rates by 0.5 percentage point to 1.5 per cent, the lowest level in its 315-year history.

Satyam in turmoil as Raju ducks out of sight

The scandal that has enveloped Satyam Computer Services now threatens to spiral out of control with a liquidity crisis looming and confusion spreading over the where- abouts of its disgraced founder and former chairman B Ramalinga Raju.

Business & Industry

Distressed bond numbers surge

The housing and credit crisis in the United States has created an eight-fold worldwide growth in distressed bonds, which are now cracking new frontiers in Latin America and Asia.

US credit card defaults soar

US consumer credit deteriorated in December as credit card defaults rose and cardholder payment rates suffered the largest one month drop on records hurt by a deepening recession, Fitch Ratings said in a report.

BANGKOK POST, Thailand

Front page

Explosion at Government House

A bomb exploded at the Government House on Thursday, when Prime Minister Abhisit Vejjajiva was chairing a meeting.

Protest demands government resign

Anti-government protesters rallied at the foreign ministry on Thursday to demand that the government postpone the Feb 27 summit of the Association of Southeast Asian Nations, dissolve the House of Representatives and call a new election.

Business & Industry

Mama develops wider range

Economic uncertainty and higher unemployment, which triggered a drop in instant noodle demand for the first time in three decades last year, have prompted the Mama instant noodle maker Thai President Foods Plc (TF) to shift its focus to new business categories in 2009.

No pubs inspected in year since law took effect

Not one pub or entertainment venue in Bangkok has been inspected for compliance with building safety codes since new inspection requirements took effect on Dec 29, 2007.

JAKARTA POST, Indonesia

Front page

City to fine, jail Jakarta dwellers with multiple IDs

Jakartans found to be in possession of more than one identity card (KTP) will now face the stricter maximum penalties of 2 years in prison or a fine of Rp 25 million (US$2,283).

Business & Industry

Sarijaya bosses can't escape: Bapepam-LK

The Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) is not easily accepting a claim made by PT Sarijaya Permana Sekuritas top executives that an alleged fraud in the running of its investment funds had been solely committed by the owner-broker concerned.

Banks: Lower CAR and higher bad loans in 2009

Against the backdrop of the worldwide credit crunch, the nation's banking sector is in for probably the toughest year since the 1997-1998 crisis with the central bank forecasting slower lending growth, lower capital adequacy and higher bad loans.

By: Staff Reporter
+44 20 8652 3214

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