In Thursday's Asia papers

15 October 2009 02:00  [Source: ICIS news]

ASAHI SHIMBUN, Japan

Front page

Advisers call for JAL chief to resign
A team of corporate advisers assembled by the transport minister to resuscitate struggling Japan Airlines Corp. has called for Haruka Nishimatsu to resign as president to take responsibility for the carrier's worsening performance, sources said.
The JAL rehabilitation task force also indicated that the airline needs more than 400 billion yen in financial assistance, much of it through debt write-offs, the sources said.

Japanese drinkers gain a thirst for Belgian brews
Drawn from a colorful palette of flavors and hues, Belgian beers have been steadily gaining a fan base in Japan.
Imports of Belgian beer more than doubled to 2,200 kiloliters in 2008, from 1,000 kiloliters five years earlier, according to Finance Ministry statistics.

CHINA DAILY, China

Front page

Bloc looks to boost cross-border trade
A bloc of nations that includes China and five Eurasian countries pledged to boost cross-border trade yesterday and explore the shared use of each other's currencies.
At the 8th annual prime ministers' summit in Beijing, the Shanghai Cooperation Organization (SCO) member states - China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan - broadly discussed enhancing economic ties.

Business & Industry

Fresh lending tops 500b yuan in September
Fresh lending by banks in September breached the 500-billion-yuan ($73.24 billion)mark, beating economists' estimates, and just over a 100 billion yuan more than what the lenders funneled out in August, according to China's central bank.
Banks loaned 516.7 billion yuan in September, up from 410.4 billion yuan in August, ahead of the estimated range of between 300 billion and 400 billion yuan for last month.

TAIPEI TIMES, Taiwan

Front page

Taiwan’s interests come first: Wu
Taiwan must consolidate relations with other democracies and maintain self-defense capabilities, Premier Wu Den-yih said yesterday ahead of another round of cross-strait talks scheduled for December.
Wu said Taiwan could not safeguard its national security and the wellbeing of its people based solely on cross-strait detente.

Business & Industry

Perng to monitor foreign funds
Central bank Governor Perng Fai-nan said yesterday he suspected most foreign funds parked in Taiwan were intended for currency speculation rather than securities investment, adding that the monetary regulator would closely monitor their movement.
“Foreign investors have injected NT$500 billion [US$15.5 billion] into Taiwan with NT$400 billion of that parked in demand deposits,” Perng told the legislature’s Finance Committee.

KOREA HERALD, South Korea

Front page

Debate flares up over double-dip recession
President Lee Myung-bak's two key economic aides have conflicting views on the possibility of the Korean economy falling into a double-dip recession.
Kang Man-soo, former finance minister and now presidential adviser for economic affairs and chairman of the Presidential Council on National Competitiveness, said in a forum on Tuesday that it was "almost certain" that the economy would get caught in a double-dip recession, regardless of the timing of implementation of exit strategy.

Business & Industry

GM CEO meets KDB head over GM Daewoo issues
General Motors chief executive Fritz Henderson yesterday met with Korea Development Bank Min Euoo-sung to discuss issues surrounding GM Daewoo Auto and Technology Co.
GM's local unit has been seeking loans of up to 1 trillion won from the state-run bank. Although Henderson's visit is widely considered to be a move to add momentum to the negotiations that have been going on since the beginning of the year, officials at neither KDB nor GM Daewoo were able to provide any details about yesterday's meeting.

NEW STRAITS TIMES, Malaysia

Umno Wanita, Youth and Puteri chiefs pledge backing for 'radical' changes
KUALA LUMPUR: Umno got a firm pledge of support from its three wings yesterday for the party’s “radical transformation” through the proposed amendments to its constitution.
Addressing delegates at the start of their assemblies, the Wanita, Youth and Puteri chiefs each delivered a strong message on the need to chart the party’s future by putting changes in place

Business & Industry

Top Glove to extend price hikes
Top Glove Corp Bhd will continue to raise glove prices, as latex becomes costlier and the US dollar weakens, to maintain profits.
It last increased the prices in July.
The company recently posted its best annual net profit since 2001 for fiscal 2009 and doubled dividends. It is also optimistic of keeping its profit margin at more than 10 per cent in the year ending August 2010.

BUSINESS TIMES, Singapore

China's trade slump eases; lending up
SHANGHAI--China's export slump eased in September as global demand showed signs of recovery and banks stepped up lending to help fuel a turnaround in the world's No. 3 economy.
Exports fell the least in nine months, dropping 15.2 per cent from the year before to US$115.9 billion, the customs agency said yesterday. Imports slipped 3.5 per cent to US$103 billion, the smallest drop since they began falling in November of last year.

Follow money trail to reduce piracy: officials
SINGAPORE--To foil modern-day pirates, more than just military action is needed, Interpol and other officials said yesterday. Rather, one needs to follow the money trail to see where it leads.
Pirates operating off Somalia are being controlled by crime syndicates including foreigners who are lured by the multi-million-dollar ransoms, they said. The pirates have also acquired sophisticated weapons and tracking devices, which allows them to extend their reach.

BANGKOK POST, Thailand

Front Page

HM fine, recovery to take more time
His Majesty the King's general condition is good, the Royal Household Bureau says.
The inflammation of his lungs has subsided, but it will take more time for the King to recover from pneumonia, as is generally the case with the elderly, the Committee of Royal Physicians said yesterday.
The doctors have also advised His Majesty to remain at Siriraj Hospital so they can continue to give him medication and nutrition and to provide him with rehabilitation therapy.

Business & Industry

Chinese to set up $1bn fund for food processing
A Chinese venture management company is looking to set up a US$1-billion investment fund in Thailand by early next year to focus on the agricultural processing industry.
Shan Xiangshuang, chairman of China Science and Merchants Investment (Fund) Management Co, said Chinese investors and the company became interested in the Thai farm sector at a Thai-Chinese business matchmaking event in Pattaya. The forum, hosted by the Thai-Chinese Culture and Economy Association in July, should bring $60 billion to Thailand in 2010, said Pinit Jarusombat, the association's vice-president.

By: Staff Reporter
+44 20 8652 3214

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