In Thursday's Asia papers

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

Front page

Aso in bind over Obama ties

Prime Minister Taro Aso has expressed confidence that he can forge close ties with the Barack Obama administration, but signs so far indicate the Japanese leader lacks the building blocks for such a relationship.

Japan watches with optimism and anxiety

There was admiration but also concern among Japanese watching Tuesday's inauguration speech by U.S. President Barack Obama, in which the new leader stressed the need for change to resolve mounting global crises.

Business & Industry

No new updates.

CHINA DAILY, China

Front page

China to spend $124b on healthcare reform

The government will spend 850 billion yuan ($124.26 billion) in the next three years to provide accessible and affordable healthcare to the country's 1.3 billion people.

Obama tackles recession, war and ethics on day 1

In a first-day whirlwind, US President Barack Obama showcased efforts to revive the economy on Wednesday, summoned top military officials to chart a new course in Iraq and eased into the daunting thicket of Middle East diplomacy.

Business & Industry

China to unveil petrochemical stimulus package

The stimulus package includes 100-billion-yuan investment in 2009 and 2010 for oil products upgrade, and investment of 400 billion yuan for construction of 20 new large-scale petrochemical projects, China Business News reported, citing unnamed sources.

Premium income of Chinese insurance industry up 39.1% in 2008

The China Insurance Regulatory Commission (CIRC) Wednesday announced the industry reported a 39.1 percent growth in received premiums in 2008, the highest annual rise since 2002.

TAIPEI TIMES, Taiwan

Front page

Chen Shui-bian relatives plead guilty

Former president Chen Shui-bian’s son, Chen Chih-chung, daughter-in-law, Huang Jui-ching, and former first lady Wu Shu-jen’s brother, Wu Ching-mao, told a judge during a pre-trial hearing at the Taipei District Court yesterday that they might have been involved in money laundering.

MOF announces tax deferral plan

In yet another bid to help limit the impact of the global economic downturn, the Ministry of Finance said yesterday that unemployed individuals and companies facing financial difficulties could postpone paying their income tax for as many as three months this year, regardless of the amount involved.

Business & Industry

Chip stocks jump on rumors of merger

Shares of Powerchip Semiconductor Corp and ProMOS Technologies Inc rallied near their 7 percent daily limit yesterday on news that Japan’s top memory chipmaker, Elpida Memory Inc, was considering a four-way merger involving the two Taiwanese chipmakers.

Fitch warns of rise in bad loans, drop in revenue

With a grim economic outlook ahead, banks in Asia are expected to witness lower revenues and a rise in bad loans this year, Fitch Ratings said yesterday.

KOREA HERALD, South Korea

Front page

FTA, N.K. to test Korea-U.S. relations

Seoul's relationship with the new U.S. administration faces daunting tests in the issues of North Korea, trade and the military alliance.

How Obama will rise to challenges ahead

The following is the first in a series of articles analyzing the political, security, economic and other aspects of Korea-U.S. relations under the Obama administration.

Business & Industry

'Ssangyong support depends on productivity'

The Korean government does not plan to support Ssangyong Motor Co. if the carmaker fails to make large-scale restructuring efforts and make its labor productivity equal to the global standard, officials said yesterday.

Market on alert for second wave of crisis

The deterioration of the global financial sector is raising fears of another wave of global and local financial turbulence, analysts said yesterday.

NEW STRAITS TIMES, Malaysia

Front page

Ex-assemblyman claims trial to 5 graft charges

A former Semenyih state assemblyman was charged in the Sessions Court yesterday with asking for, and receiving, bribes over a roadworks contract.

Syed Hamid warns the 'Herald'

The Home Ministry may take legal action against the Catholic weekly, Herald, over its continued use of the word "Allah" in this week's issue.

Business & Industry

Interest rate slashed

Bank Negara Malaysia yesterday slashed its key interest rate by 75 basis points to 2.5 per cent, indicating that downside risks to economic growth had risen significantly.

Car sector in for rough ride this year

Malaysia's automotive sector is in for a bumpy ride this year as consumers, hurt by the slower economy and weak stock market, cancel or postpone plans to buy new cars.

BUSINESS TIMES, Singapore

Front page

CRCT sees China business remaining resilient

CAPITARETAIL China Trust (CRCT) expects its mall business in China to remain fairly resilient even as the country's economic growth slows this year.

2-5% contraction looms as S'pore sizes up the beast

The recession hasn't run its course, but is already Singapore's sharpest and deepest downturn to date, the Ministry of Trade and Industry (MTI) said yesterday as it slashed its 2009 GDP forecast to a 'more realistic' contraction of 2 to 5 per cent.

Business & Industry

US wants reports from banks with bailout money

The US Treasury, under pressure to revive lending, is demanding monthly reports from the banks that received the most capital from the government's US$700 billion rescue programme.

Slump raises risk of nations going down protectionist road

The spectre of beggar-thy-neighbour protectionism has emerged as a key global political risk this year.

BANGKOK POST, Thailand

Front page

PM wants unresolved crime cases revived

Police were told Wednesday by Prime Minister Abhisit Vejjajiva to revive all the unresolved cases which affect national security and foreign relations.

Kosit cleared of conflict charge

The national anti-graft committee on Wednesday cleared ex-industry minister Kosit Panpiemras of allegations of conflicts of interest related to a mining licence for Padaeng Industry Plc.

Business & Industry

Exports fall again in December

Thailand's exports shrank in value for a second consecutive month in December, causing total export value for 2008 to miss the ambitious 18% growth target set earlier last year.

40,000 auto parts jobs face the axe

Up to 40,000 permanent workers in the auto parts industry are at risk of losing jobs as car assembly production dropped by an estimated 40% this month, according to Damri Sukhotanang, the permanent secretary of the Industry Ministry.

JAKARTA POST, Indonesia

Front page

Experts call for safe zone after fire

Urban planning experts highlighted the importance of buffer zones at key locations following the fire at Pertamina's fuel depot in Plumpang, North Jakarta.

Wisma Bakrie's 20th floor gutted by blaze

Fire sparked by a short circuit gutted the 20th floor of the Wisma Bakrie office building on Jl. H.R. Rasuna Said in Kuningan, South Jakarta on Tuesday.

Business & Industry

Banks cut lending rates to accelerate real sector

Indonesia's top banks Bank Mandiri and Bank BNI have started cutting their lending rates in response to the central bank's rate cut.

Panin seeks to buy ailing Sarijaya: IDX

PT Panin Sekuritas, a unit of financial giant Panin Group, is planning to take over ailing securities company PT Sarijaya Sekuritas.

By: Staff Reporter
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