In Wednesday's Asia papers
01 October 2008 02:00 [Source: ICIS news]
ASAHI SHIMBUN, Japan
Front page
U.S. bailout defeat sends stocks tumbling
Stock prices fell to their lowest level since June 2005 in Tokyo on Tuesday, following the defeat Monday in the U.S. House of Representatives of the $700-billion (75 trillion yen) financial bailout bill.
Business & Industry
Coalition agrees to hold Diet debate on budget
Prompted by plunging stock markets around the world, the ruling coalition agreed Tuesday to start Diet deliberations on Oct. 6 on the government's fiscal 2008 supplementary budget proposal, officials said.
CHINA DAILY, China
Front page
Stocks surge higher, but credit worries persist
Wall Street snapped back Tuesday after its biggest sell-off in years amid growing expectations that lawmakers will salvage a $700 billion rescue plan for the financial sector. But the seized-up credit markets where businesses turn to raise money showed no sign of relief.
US drone strike kills five in Pakistan: officials
A US pilotless drone fired two missiles at a house in northwest Pakistan killing five people, Pakistani intelligence agency officials said Wednesday.
Business & Industry
Rejection of rescue package to hit investor confidence in China
US lawmakers' rejection of the $700 billion rescue plan makes prospects for the US and world financial markets more uncertain and may affect investor confidence in China's stock market, analysts warned.
Supervision of dairies to be unified
China has vowed to tighten regulation over the dairy industry by bringing all milk procurement stations in the country under one supervision system, a senior official said yesterday.
TAIPEI TIMES, Taiwan
Front page
Economy needs government help: Bush
US President George W. Bush said the US economy was depending on decisive action from the gov-ernment or the economic damage to the US would be “painful and lasting” if Congress fails to pass a US$700 billion bailout bill.
Cabinet reacts to stalled Wall Street bailout
The Executive Yuan yesterday pre-sented six measures to prop up the stock exchange after the US House of Representatives rejected a US$700 billion bailout plan.
Business & Industry
Short-selling banned on all stocks
The Financial Supervisory Commission (FSC) announced late last night it would temporarily ban short selling on all stocks between today and Oct. 14 in order to shore up the market, it said on its Web site
Wretch offers mini-blog in Chinese
Wretch Co a subsidiary of Yahoo-Kimo Inc, introduced a new mini-blogging function on its social networking Web site yesterday
KOREA HERALD, South Korea
Front page
Stocks dodge bullet, but won plummets
The won plunged to a five-and-a-half year low against the U.S. dollar yesterday on the U.S. House of Representatives' rejection of the Wall Street rescue plan and the growing current account deficit in Korea, but local stock markets ended the day relatively unscathed by the global financial chaos.
Seoul bans short selling, boosts share buybacks
The Korean government and financial authorities moved fast yesterday to contain fallout from global financial market tumbles caused by the rejection of the $700 billion U.S. banking rescue plan.
Business & Industry
Budget bill calls for 6.5% rise in 2009
The government said yesterday that it has drawn up a 273.8 trillion-won ($230 billion) spending plan for next year, an increase of 6.5 percent from this year.
National debt to grow 4.2% this year
Korea's national debt is expected to grow 4.2 percent this year mainly due to an overall increase in the issuance of state bonds, the government was quoted as saying by Yonhap News Agency.
NEW STRAITS TIMES, Malaysia
Front page
BARGE TRAGEDY: Use legitimate transportation, Indonesian envoy
Indonesians who live and work in Malaysia have been urged to use yesterday's barge tragedy as a lesson against resorting to illegal means to return home.
A wet Raya as Penang is swamped overnight
Thousands of motorists were caught in traffic jams on the island and mainland Penang when low-lying areas were flooded following continuous rainfall in the night.
Business & Industry
Maybank buys BII stake for RM4.26b
Malaysia's largest bank will pay a reduced price of 433 rupiah for each BII share, which is still a steep premium to BII's last traded price of 310 rupiah
Paramount to build fourth KDU campus
PARAMOUNT Corp Bhd will build another KDU College campus in the Klang Valley as the existing one in Petaling Jaya has hit full capacity, says its top official.
BUSINESS TIMES, Singapore
Front page
Fortis scraps Ping An deal, Deutsche blocked
Fortis, the partially nationalised Belgian-Dutch financial group, halted deals with China's Ping An and Deutsche Bank AG on Tuesday, two days after Benelux governments swooped in to rescue the ailing company.
Hope flickers as US seeks to revive bailout
Stocks worldwide plunged yesterday and then clawed their way back after US lawmakers stunned investors by rejecting a sweeping plan to save the financial sector.
Business & Industry
MAS director Teo Ming Kian reappointed
FINANCE permanent secretary Teo Ming Kian has been reappointed a director of the Monetary Authority of Singapore (MAS), the central bank said yesterday.
Lion Power announces $750m 'repowering'
JAPANESE-FRENCH consortium Lion Power, Senoko Power's new owner, intends to make Singapore's largest generating company (genco) a fully integrated energy outfit, with strategic plans to go into LNG trading longer term, on top of trading of just electricity and carbon credits.
BANGKOK POST, Thailand
Front page
Safe for now
Thailand's economic fundamentals are sound and the country is well-insulated from the turmoil in the global financial markets, economic policymakers say.
Business & Industry
No new updates
JAKARTA POST, Indonesia
Front page
No new updates
Business & Industry
No new updates
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Author: Staff Reporter+44 20 8652 3214
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