In Thursday's Asia papers

17 May 2007 02:01  [Source: ICIS news]

Asahi Shimbun, Japan (online edition)

Front page

 

Payments for workers' stress hit record

A record 205 individuals qualified for workers' accident compensation insurance in fiscal 2006 after being diagnosed with depression and other psychological disorders brought about by work-related stress, the health ministry said Wednesday.

The figure, which is about 1.6 times that of the previous year, offers the strongest indication yet that despite better economic conditions, life for the average Japanese worker has not improved substantially.

 

Insurance official nabbed in bribery

Tokyo police on Wednesday arrested an official of the government's Social Insurance Agency on suspicion he accepted bribes from dentists for overlooking improper claims for fees paid from the public health insurance program.

Harumi Sato, 57, is suspected of having accepted more than yen (Y) 2m ($16,549) from Yoshimi Otomo, 73, and Fumihiro Uchiyama, 66, both dentists in Tokyo.

 

Business & Industry

 

Kansai, Chubu airports eyed for open skies accords with Asian neighbours

A government panel today is expected to formally approve an open skies policy for services to and from Kansai International Airport and Chubu Airport--on condition other countries reciprocate.

The move to liberalize air traffic comes after Prime Minister Shinzo Abe instructed transport minister Tetsuzo Fuyushiba on Monday to designate the two airports as the nation's first facilities to come under an open skies agreement with other Asian countries.

 

US beef inspections get under way

A team of specialists from Tokyo started inspecting US beef processing facilities on Monday to check that shipments to Japan meet government specifications.

Members visited three facilities, including one in Texas operated by Cargill Inc.

 

China Daily, China (online edition)

Front page

 

Consultations to handle US complaints on IPR

China will hold consultations with the United States over complaints about intellectual property rights next month and start a high-level economic dialogue with Japan this year, according to a senior trade official.

China and the United States will hold talks from 5-8 June in Geneva to discuss the complaints Washington filed at the World Trade Organization earlier last month, Ministry of Commerce spokesman Wang Xinpei yesterday told a press conference in Beijing.

 

China sincere in helping Africa – Wen

Premier Wen Jiabao defended China's expanding trade and investment in Africa to help countries to grow at the briskest pace in 30 years.

"We are truly sincere in helping Africa speed up economic and social development for the benefit of the African people and its nations," Wen told the opening session of the African Development Bank's annual meeting.

 

Business & Industry

 

CNPC signs $1.5bn gas contract with Turkmenistan

China National Petroleum Corp (CNPC), one of China's biggest oil and gas producers, announced yesterday that it has signed a contract with Turkmenistan on natural gas exploration, reports Beijing Business Today.

Turkmenistan will pay $151m to CNPC to drill 12 exploration wells at the Gunorta Eloten field over three years, according to the contract.

 

Stocks make U-turn, finish around critical frontier

Mainland stocks saw another day of violent fluctuation today after a nearly 4% plunge yesterday, the biggest one-day fall in a month.

The markets opened lower but closed up in the afternoon session, with the Shanghai Composite Index ending at 3,922.51, up 86.87 points or 2.23% from the previous closing.

 

Taiwan News, Taiwan (online edition)

Front page

 

Su lauds ministers for efforts as he bids them farewell

Outgoing Premier Su Tseng-chang thanked his Cabinet for realizing "extraordinary achievements" during a year filled with political and economic turmoil, but expressed regret over the failure of the opposition-controlled Legislature to pass the New Taiwan dollar (NT$) 1,600bn ($48.0bn) central government budget before his departure from office Monday.

 

Premier-designate Chang taps Chiou to be new vice premier

Democratic Progressive Party Premier-designate Chang Chun-hsiung has nominated Presidential Secretary-General Chiou I-jen as vice premier in his incoming Cabinet and also tapped Deputy Transportation Minister and former DPP lawmaker Chen Chin-jun as his chief of staff, the Government Information Office announced last night.

 

Business & Industry

 

EU reaches preliminary deal to cap roaming fees

EU negotiators agreed Tuesday to cap mobile phone roaming charges in an effort to cut costs for travelers using their phones abroad, officials said.

Negotiators for the European Parliament and EU governments set the roaming cap at €0.49 ($0.66) per minute for making a call when abroad and €0.24 ($0.33) per minute for receiving one.

 

Wolfowitz pleads to keep World Bank job

World Bank President Paul Wolfowitz on Tuesday begged the lender's board to let him keep his job, promising changes in his management style in the wake of a damaging favoritism scandal.

The board of executive directors continue deliberating his fate yesterday, after the United States reiterated its support for the embattled bank chief.

 

Korea Herald, South Korea (online edition)

Front page

 

Regulator warns banks of excessive lending

Korea's top financial regulator yesterday issued a strong warning to banks over excessive competition in lending to small- and medium-sized enterprises, which could threaten economic growth.

"By racing to grow assets, banks risk deterioration of their financial soundness and profitability in case of a business downturn," Yoon Jeung-hyun, chairman of the Financial Supervisory Service, said during a meeting with 18 bank CEOs.

 

Experts call for better economics education

Following is the first in a series looking into the current status of economics learning in Korean schools and various efforts to raise the standards of economics education. - Ed.

 

Business & Industry

 

'Asset management sector to consolidate'

The local asset management market will consolidate over time, a top investment management executive said yesterday.

"There will be active M&As and consolidation (within the asset management industry). In the long term, the number of asset managers will come down," said Evan Hale, managing director of Fidelity International's Hong Kong, Korea, China, and Singapore offices.

 

ING picked as preferred bidder for Landmark

Amsterdam-based ING Group has been picked as the preferred bidder for Landmark Investment Trust Management Co, the Asset Management Association of Korea said yesterday.

AMAK also said once the deal is agreed to after the two-week long due diligence, Landmark will immediately file an approval of major shareholder changes with the financial regulator, and start the official procedures for a shares transfer thereafter.

 

Business Standard, India (online edition)

Front page

 

Vijay Mallya downs Whyte & Mackay

Liquor baron Vijay Mallya today put the cork on months of speculation by announcing the purchase of Glasgow-based Scotch whisky distiller Whyte & Mackay for Indian rupee (Rs) 47.84bn ($1.18bn).

Mallya’s United Spirits, India’s largest liquor firm and the flagship of his UB Group, will now own all the shares held by W&M Chairman Vivian Immerman and other investors.

 

Essar SEZ faces de-recognition

The department of commerce may de-recognise the 247-hectare engineering Special Economic Zone (SEZ) at Hazira, promoted by Essar Hazira SEZ Ltd, on the ground that the company had units under construction in the zone when it applied for approval in 2005, in violation of SEZ rules.

At the same time, two Essar Steel executives were arrested by the excise authorities based in Gujarat for allegedly moving goods from the SEZ to the domestic tariff area.

 

Economy & Policy

 

Cabinet to take up call options` validity for divested PSUs

The Cabinet Committee on Economic Affairs (CCEA) will take up tomorrow the issue of ‘Survivability’ of the call-option provision of shareholders’ agreement entered into at the time of strategic sale of central public sector undertakings during 2000-03.

 

Shortage of pipes to delay gas supply to Dabhol plant

Supply of the much-needed gas to Dabhol is set to be delayed again. The reason: shortage of pipes required to build the Dahej-Uran pipeline which will feed the gas to the plant.

The first stretch of this pipeline, from Dahej in Gujarat to Uran in Maharashtra, was inaugurated earlier this month by Petroleum Minister Murli Deora. He said the 576-km pipeline would be completed by May-.

 

Business Times, Singapore (print edition)

Front page

 

Reverse takeovers not a sure win for investors

Punters looking for easy profits by buying into a company after a reverse takeover (RTO) deal is announced will be disappointed half the time, a study by BT shows.

The same goes for existing shareholders of loss-making companies given a second lease of life with the injection of new businesses.

 

Temasek pledges S$500m to new fund for Asia

A gift of half a billion Singapore dollars ($329.0m) has been pledged to a new fund for the people of Asia by Temasek Holdings, the Singapore investment company.

Temasek yesterday set up two new bodies in connection with the fund - a Temasek Trust to manage the operation and a Temasek Foundation, which will be in charge of helping beneficiaries.

 

Business & Industry

 

Jazz up S'pore to make F1 a roaring success

After the initial excitement of Singapore winning the right to hold an F1 race, attention is now turning towards the practicalities of holding the race and the opportunities it will present.

 

Former NKF directors Chua, Loo and Yong declared bankrupt

Former National Kidney Foundation (NKF) board members Richard Yong, Loo Say San and Matilda Chua were yesterday declared bankrupt by the High Court, after failing to meet demands for payment issued by the charity's lawyers.

The move came just hours after Yong and Loo were convicted in the Subordinate Courts of being negligent directors and fined S$5,000 each. The bankruptcy order means that Yong, Loo and Ms Chua can no longer deal in their assets, nor can they leave the country, until the order is lifted.

 

Bangkok Post, Thailand (online edition)

Front page

 

'No need for Thaksin' at his trial start

Deposed prime minister Thaksin Shinawatra is not required to appear before the Supreme Court when the prosecutor files a political crime lawsuit over the Ratchadaphisek land deal against him and his wife, the head of the Assets Scrutiny Committee's land deal inquiry panel, Udom Fuangfung, said yesterday.

 

AOT profits plunge 90%
Airports of Thailand Plc claimed higher costs of operation, repair and maintenance at the troubled Suvarnabhumi Airport diminished the increase in revenues spurred by higher traffic volumes and a rise in passenger service charges and aircraft landing and parking fees.

 

Business & Industry

 

TV show shot here to lure Korean visitors

Local tourism authorities have persuaded a South Korean television network to shoot the TV series Lost Times of 3 Guys in Thailand to help promote more travel by Koreans to Thailand. The series developed by the MBC network will star Lee Jung Ki. The popular singer and model became an idol to South Koreans and Thais after he played a leading role in the movie The King and the Clown and the TV series My Girl.

 

Politics the number one worry

Leading businessmen say that political stability will have the greatest impact on their business this year, and that they still plan to increase their marketing budgets by a small amount, says a recent survey of OgilvyOne Worldwide Thailand. The communications firm conducted its 2007 OgilvyOne Executive Poll together with the MSN website and BrandAge magazine, surveying 200 top business executives in Thailand on the country's economic turnaround, spending on media activities, and changes in consumers' attitudes.

ICIS Copyright © Reed Business Information 2009

Author: Staff Reporter
+44 20 8652 3214

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