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News : Asia-Pacific Business Week

Last Updated: Dec 19th, 2007 - 13:17:15

Asia-Pacific Business Week June 29 2007
By Finfacts Team
Jun 30, 2007, 17:26

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Bursa Malaysia - The Kuala Lumpur Stock Exchange - - The Malaysian Star newspaper says that Malaysia’s investment growth is expected to strengthen to 13.5% this year and 8.9% in 2008, from 6.3% in 2006, Citibank Bhd wealth management products research and advisory vice-president Danny Chang said.
“This (the investment growth) will be a key driver for Malaysia’s gross domestic product growth forecast of 6% this year,” he said at the bank’s briefing yesterday on the investment outlook for the second half.
Chang, who is also Citibank Malaysia head of investment and research, said Malaysian equities had benefited from strong foreign fund inflows over the past six months, and that the plantation and construction sectors had done well. An upward re-rating of the banking sector could have a strong impact on the Kuala Lumpur Composite Index (KLCI), he said.
“If the fundamentals driving the Malaysian economy and the KLCI hold, the laggards that will likely follow would be the finance sector,” he said, adding that finance stocks made up 22.8% of the KLCI.

According to Lipper Hindsight, Malaysia’s finance sector grew 44% between May 31, 2006 and May 31, 2007 while the construction and property sectors grew 89% and 77% respectively.

Trade statistics can mislead as much as inform, according to a study by researchers on the Apple iPod, which they term, a perfect example of a globally innovated product - For every $300 iPod sold in the US, the politically volatile US trade deficit with China increased by about $150 (the factory cost). Yet, the value added to the product through assembly in China is probably a few dollars at most.

The Financial Times reported on Friday that South East Asia is partying like its 1997. Stock markets are rampant, everyone and his dog are raising cash and bankers are notching up more air miles than ever before. The going rate appears to be a couple of pitches a week: not bad for a region which was on its knees around a decade ago.

Bankers in Singapore and Hong Kong can barely contain their glee as the cash-tills ring. “If you’d said to me (we’d get these deals away) two years ago, I’d have said you’re smoking dope,” says one recalling the speedy sale of bond issues for some of the region’s less-bluechip names.

Another – touchingly incredulous for a time-wizened banker – says: “It’s got so crazy that even when we go out on non-deal roadshows, people try and place orders.”

The FT says well may they be smug. The bonus kitties should be sizeable this year: in Singapore alone, equity issuance surged 50 per cent year-on-year in the first half, according to Thomson Financial, to $5bn. Mergers and acquisitions bankers were also busy, sewing up $25bn worth of deals.

The whole region is chalking up fresh records. Even Hong Kong, which was firing on all cylinders in the first half of 1997, has racked up twice as much equity issuance in the first half of 2007, says Dealogic. Overall, the region has issued $80bn worth of equity and $94bn worth of debt – roughly four-fold the first half 1997 levels.

Although everyone will tell you “it’s different this time”, some things are scarily similar to 1997. Many of the family empires brought down by the crisis are back in business, raising funds with as much ease as ever. Elevator conversation, once again, is all about property prices and rentals. And money is desperately sloshing around, looking for a home in the high-growth economies.

The Wall Street Journal says China is showing the first signs of fighting back against an avalanche of criticism and new restrictions based on safety concerns about its exports. But Beijing's task is made more difficult by both its awkwardness in the public-relations game and the increasingly hostile political environment in Washington.

The Journal says that Beijing's campaign illustrates how worried the Chinese are that the "Made in China" label not be tarnished further by the controversies over the safety of its products. In the first four months of the year, China shipped more than $95 billion of goods, or about 20% of its total exports, to the US, making the American export market a key plank in the country's overall economic strategy.

Now, the uproar in the US over tainted Chinese imports -- which began earlier this year with a scare over pet food and has since involved toothpaste, car tires, toys and seafood -- has the potential to merge with tensions over the US trade deficit with China and complicate attempts to resolve the countries' differences.

In response, the Chinese government reacted at first with defiance and denial. It charged that US authorities were exaggerating the risks, even suggesting that American authorities may be playing up the dangers to fan a backlash against China's imports because of trade disputes between the two nations.

But this week China shifted course by acknowledging problems and cracking down on errant factories, 180 of which were closed down. At the same time, the Chinese government began to push back in more-sophisticated and nuanced ways, both in Beijing and in Washington.

In Washington, China's team of diplomats -- bulked up in recent years -- has been making almost daily trips to Capitol Hill to try to tamp down growing food-safety concerns and to push back against proposed legislation to pressure Beijing over its trade surplus with the US Chinese diplomats also have begun briefing reporters and distributing fact sheets to try to argue that tainted Chinese products represent only a tiny portion of the country's sales to the US , and that the risks shouldn't be overblown.

The European Union is following the US Food and Drug Administration's lead in stepping up scrutiny of Chinese farm-raised seafood, as global food security rapidly escalates as a public-health and political issue.

EU authorities in Beijing are talking to Chinese authorities and conducting an investigation. They have already asked EU countries to increase their vigilance.

Japan, the biggest export market for seafood from China, stepped up its inspections of Chinese eel exports in August 2005 after finding an increase in the number of shipments that didn't meet Japanese safety standards. Today, every eel imported from China is inspected, according to Kippei Baba, an official in the health ministry's section in charge of the safety of imported food

FINFACTS ASIA-PACIFIC REPORTS THIS WEEK:

Japan's jobless rate held steady in May at 9-year low; Consumer prices fell for the fourth straight month
Japan's jobless rate held steady in May, while consumer prices fell for the fourth straight month, the government said Friday.
Jun 29, 2007, 07:50

China's economy may grow in 2007 at fastest pace since 1995
China's economy may grow at the fastest pace in 12 years in 2007 and inflation is likely to exceed the central bank's target, the People's Bank of China said in a report published on Friday.
Jun 29, 2007, 07:00

Japan's industrial production fell for third straight month in May
Japan's industrial production unexpectedly fell for a third straight month in May, the longest decline in almost two years, sparking worries that growth is slowing in the world's second-largest economy.

Dr. Peter Morici: Why China Won't Revalue
An undervalued yuan offers Beijing great advantages but imposes significant costs on the U.S. economy. That is not likely to change anytime soon, because those costs are not apparent to many Americans feasting on cheap imports, and President Bush and the Congress lack the courage to act effectively.

International migration to OECD countries continues to grow in response to labour needs; Greatest increase in Ireland, Korea and New Zealand
Migration to OECD countries continues to rise, according to the latest edition of the OECD’s annual report on migration movements and policies, International Migration Outlook 2007. About four million new immigrants entered OECD countries on a permanent basis in 2005, an increase of 10% from 2004.

Treasury Holdings-linked China Real Estate Opportunities seeks re-admission to London's AIM market; Plans to raise up to to £260m to fund Chinese projects
The Treasury Holdings-linked China Real Estate Opportunities (Creo) is seeking re-admission of its shares to the AIM market in London, with a proposed placing to raise up to £260m.

Bank for International Settlements says global economy has been extraordinary; Interest rates may have to rise further during this "Golden Age" of growth
The performance of the global economy over the last few years has been extraordinary, notes the Bank for International Settlements (BIS) in its 77th Annual Report, released on Sunday.

REPORTS ON OTHER MEDIA:

Friday

Asian Stocks Fall for First Time in Three Weeks on U.S. Housing Concerns - - Asian stocks dropped for the first time in three weeks on concern a U.S. housing slump will curb growth in the region's biggest export market. Samsung Electronics Co. and James Hardie Industries NV led the slide.

Philippine Peso Posts Quarterly Gain on Overseas Funds; Korean Won Rises - - The Philippine peso had a fourth quarterly gain on speculation workers abroad sent back more remittances and overseas funds bought the nation's stocks.

Japan's Government Bonds Complete Worst Quarter Since 2006 on Rate Outlook - - Japan's government bonds completed their worst quarter in more than a year on speculation the central bank will increase borrowing costs again by August.

South Korea, U.S. Sign Trade Agreement; Congressional Democrats Critical - - South Korea and the U.S. signed a free-trade agreement today designed to overhaul the Korean economy and be the largest American trade accord in a dozen years.

Toyota, Honda lead rise in May domestic auto output - - Toyota Motor Corp. and Honda Motor Co. led Japanese automakers in raising domestic output last month, because of increased exports and an extra day of production compared with last year.

U.S. sues Japan body armor maker - - The U.S. government is suing a Japanese manufacturer it claims supplied defective material found in 100,000 bulletproof vests used by U.S. law enforcement officials.

Navigating Asia's Minefields in Corporate Blogging - - Regional companies are looking to multinationals such as Sun Microsystems as they set policies about what employees can—and can't—say on the Net

More Heat for Indian Outsourcers - - Senators Grassley and Durbin release more data showing that Tata, Infosys, and others are using U.S. work visas to their advantage

China Economy May Expand 10.8 Percent, Central Bank Research Report Says - - China's 2007 economy may expand at the fastest annual pace in six years while inflation surpasses the government's target, according to an economic forecast today by the country's central bank.

State Bank of India May Need $24.5 Billion in Five Years to Sustain Loans - - State Bank of India, the nation's biggest by assets, said it may need 1 trillion rupees ($24.5 billion) in five years to sustain loan growth and fend off competition.

Goldman Sachs Loses Asia-Pacific Prime Brokerage Share to UBS, Survey Says - - Goldman Sachs Group Inc.'s share of the Asia-Pacific prime brokerage market has dropped by two- fifths in the past four years as rivals such as UBS AG increased their share of hedge fund assets, a survey showed.

Stocks Climb in Tokyo; Toshiba Leads Gains on Growth Outlook, Weaker Yen - - Japanese stocks climbed, paced by electronics makers on expectations earnings will rise after brokerages at home and in the U.S. issued reports touting their growth potential and the yen weakened for a second day.

TBS wins proxy fight to get takeover-defense measures - - Tokyo Broadcasting System Inc. scored a victory in a proxy fight Thursday with Rakuten Inc. as its shareholders approved the broadcaster's plan to introduce takeover-defense measures that could foil the Internet mall operator's attempt to increase its stake in TBS to more than 20 percent.

Pizza Hut restaurants to disappear - - Dine-in Pizza Hut restaurants are to become a thing of the past.

India's millionaires over 1 lakh - - Riding high on strong economic growth and robust gains in stock markets, the number of millionaires in India has crossed one lakh mark -- emerging as the world's second fastest growing nation after Singapore.

World's rich just got richer: Report - - Suppose all of the world's richest people got together and pooled their assets into one lump sum. How much money would that be?

World attitude towards China negative - - Public attitudes toward China are turning more negative in the United States, Europe, India and elsewhere amid unease about its economic and military power, a new international survey suggests.

US-based Avocent bets on Indian market - - Betting on fast-growing market in India, US-based IT solutions provider Avocent Corporation announced it has appointed Apara Enterprise Solutions in India to sell and support its hardware and software offerings.

Thursday

China Punishes Citigroup, HSBC, Eight Other International Banks, FT Says - - Citigroup Inc., HSBC Holdings Plc, and eight other international banks operating in China were punished for breaking currency-control rules, the Financial Times reported, citing an unidentified government official.

HSBC Chairman Green Rules Out Breakup, Spinning Off of Asian Operations - - HSBC Holdings Plc Chairman Stephen Green ruled out spinning off the bank's Asian operations, saying the world's third-largest bank by market value is able to serve its customers better because of its size.

Ranbaxy's Singh Plans Exclusive Drug Every Year to Sustain Sales Growth - - Ranbaxy Laboratories Ltd. Chief Executive Officer Malvinder Singh plans to release an exclusive low-cost version of a blockbuster medicine every year for the next five after challenging patents held by drugmakers including Bristol-Myers Squibb Co.

U.S. Chipmaker AMD sets store by country - - The U.S. chipmaker AMD says China will become its single-largest market in 18 months, as the company aims to further challenge Intel's dominance.

China's oil reserves to be ready in 1 year - - The last two of the first four strategic oil reserve bases in China, the world's second-biggest oil consumer, are expected to kick off operations within a year, according to two State-owned oil giants.

Index futures edge closer in Shanghai - - The China Financial Futures Exchange (CFFEX) Wednesday said the China Securities Regulatory Commission has approved the trading rules, a crucial step toward the launch of the mainland's first index futures market.

China Pushes Big IPOs to Dampen Demand - - Beijing hopes a slew of local mega-listings, similar to COSCO's, will help satisfy cash-rich mainland investors and soak up excess liquidity

Playboy Makes its Move in Macao - - The company bares plans for a new Playboy Mansion, complete with hotel and casino, in the booming, permissive gambling enclave near Hong Kong

Bollywood struggles to make profit - - Star appeal, big budgets and swanky foreign locations have all failed to bring cheer to Bollywood as the world's biggest film industry struggled to make a profit in the first half of 2007.

India's cheap car push: low-cost, no-profit - - Nearly 50 years ago, France's Renault and India's Mahindra & Mahindra Ltd. planned to make a 7,000 rupee car for India, but were frustrated by local rules restricting foreign investment.

Indian companies set to go global: Study - - Foreign Direct Investment by Indian Companies is all set to increase by 15 per cent per annum over the next five years, says a new research.

Daimler to assemble trucks in India soon - - DaimlerChrysler plans to assemble Mercedes-Benz trucks in India soon, to tap the growing demand to transport freight in Asia's third-largest economy, the company said on Wednesday.

Warning about excessive CEO payments - - Small shareholders are warning of the dangers of performance-based bonuses, as a new CEO takes the helm at Telecom.

NZ stocks: Telecom price lifts on new CEO - - Telecom's initial 2 per cent rise on the announcement of Paul Reynolds as its new chief executive helped the sharemarket break a five-day losing streak in early trading.

Wednesday

Qantas sells off its stake in Air NZ - - Qantas has sold its entire 4.2 per cent stake in Air New Zealand overnight.

Container line soars on debut - - Shares of China Cosco Holdings, Asia's largest container line, as much as doubled on their Shanghai trading debut after the company's 15.1 billion yuan ($2.58 billion) stock sale attracted record demand.

NZ: Telcos' profit run now guaranteed - - It may be time to fix your mobile phone costs for the next five years.

To ease skills crisis, Aus invites Indians - - In a bid to overcome the shortage of skilled workers in various fields, Australia has decided to fast-track the process of approving immigration applications by setting up assessment centres in India and other countries.

Aeon to invest $ 2 billion in China - - BEIJING (Bloomberg) Aeon Co., Japan's largest supermarket operator and owner of the Jusco chain, said Tuesday it may invest 15 billion yuan ($ 1.97 billion) to increase its stores in China to 100 in the next five years.

Nippon Steel unsure about expanding ties with Arcelor Mittal - - Nippon Steel Corp., the world's second-largest steelmaker, said Tuesday no "concrete" decision had been made about expanding cooperation with bigger rival Arcelor Mittal.

Japan, China fail to agree in gas talks - - Japan and China remained apart Tuesday in their dispute over gas exploration rights in the East China Sea, but they agreed to expedite the compilation of a plan by autumn to jointly develop the lucrative fields, a Japanese negotiator said.

Exchange starts gold trading via local banks - - The Shanghai Gold Exchange will launch individual gold bullion trading nationwide in July by teaming up with Industrial Bank.

India: Most engineering graduates get peanuts - - Skyrocketing salaries paid to the corporate CEOs might have ignited a debate in the country but the picture is not that rosy for engineering graduates, with just 2.5 per cent getting paid over seven lakh per year.

Crisis in Kuwaiti sky, Indians rely on talks - - With Kuwait threatening to disallow landing of Air India and Indian at its capital from Sunday, passengers planning to fly to India during summer holidays are now pinning hopes on the crucial talks between both countries.

MySpace's Slow Start in China - - The social-networking site's new Chinese version faces tough challenges trying to appeal to local tastes and grab market share from many rivals

Nintendo Scores Ever Higher - - The gaming company's fortunes are soaring thanks to the versatile Wii, which is still outselling Microsoft and Sony consoles by leaps and bounds

CDB to issue 5 bln yuan RMB bond in Hong Kong - - China Development Bank (CDB) announced Tuesday that it will issue five billion yuan (about 657 million U.S. dollars) RMB bond in Hong Kong, which is the first Chinese currency bond to be launched outside the Chinese mainland.

China Cosco shares double in Shanghai debut - - Shares of China Cosco Holdings Co, Asia's largest container line, nearly doubled in their Shanghai trading debut Tuesday on prospects that its parent will transfer the dry-bulk shipping assets to the company.

China steps up efforts against speculative capital inflows - - China is intensifying monitoring of short-term capital inflows in a bid to curb speculative money rushing in from abroad, according to a statement on the website of the State Administration of Foreign Exchange.

China seizes U.S. food products containing excessive bacteria, chemicals - - Chinese inspectors said they have seized shipments of orange pulp and dried apricots from the United States that contain excessive bacteria, mildew and sulfur dioxide.

India Inc lacks plan: Survey - - India Inc has a long way to go for putting in place a succession plan at the top level, which has a bearing on the market valuations of companies, confidence of the business associates and morale of their employees, an ASSOCHAM survey has said.

Market plunges on fear of tax reduction - - Speculation that the government will reduce or remove the tax on interest income Monday caused the stock market to plummet 3.68 percent.

Shun Tak Buys Hopewell, Ho's Company Out of Macau Project for $879 Million - - Shun Tak Holdings Ltd., run by the family of casino tycoon Stanley Ho, will buy a 75 percent stake in a property project in Macau from Ho's private company and billionaire Gordon Wu for HK$6.87 billion ($879 million).

Playboy to Open Macau Casino in 2008 to Woo Chinese, Christie Hefner Says - - Playboy Enterprises Inc. will open a gaming complex in Macau next year as China's rising incomes fuel growth in the only place in the country where casinos are legal.

China Life Increases Stake in Minsheng Bank to Become Largest Shareholder - - China Life Insurance Co. overtook Chinese billionaire Liu Yonghao as the biggest shareholder of China Minsheng Banking Corp, the nation's only privately controlled bank.

Toshiba Shares Rise on Report It Beat GE, Hitachi on NRG Energy Plant Bid - - Shares of Toshiba Corp., Japan's biggest maker of nuclear power reactors by capacity, rose after a report said the company won a 600 billion yen ($4.9 billion) contract to supply nuclear plant equipment to NRG Energy Inc.

Softbank May Increase Spending 11 Percent to Expand Mobile-Phone Network - - Softbank Corp., which owns Japan's third-largest mobile-phone company, plans to boost capital spending 11 percent this year to expand its network and catch up with bigger rivals NTT DoCoMo Inc. and KDDI Corp.

Tuesday

Wii-toting Nintendo surpasses Sony in market value - - Nintendo Co.'s market value on Monday surpassed that of Sony Corp., a company with eight times more revenue, underscoring the success of the Wii game console in outselling rival PlayStation 3.

Distributor gets bigger bite of Apple - - The New Zealand distributor for Apple products like iPods is plugging directly into the retail business, helping to allay threats to its wholesale operation.

Rising rents help trust to increase value - - Longer leases and rising rents helped listed landlord National Property Trust push up the worth of its real estate by $29.5 million to $298.7 million.

New cell phone services tap image-recognition technologies - - Normally used for security purposes, face and image recognition technologies are making their way into other, more entertaining, fields. One service, kaocheki, lets people send a digital photo of themselves via cell phone to find out which celebrity they most resemble.

Tokyo-Shanghai shuttle flights set for October debut - - BEIJING (Kyodo) Japan and China agreed Monday to launch a shuttle flight service between Tokyo's Haneda airport and Shanghai's Hongqiao airport, possibly around Oct. 8, according to the transport ministry.

Top five automakers report another slump in domestic sales - - All of the nation's biggest carmakers, including Toyota Motor Corp., saw their domestic sales fall from a year earlier in May, as they did in April, in contrast to their generally better business performances abroad, according to data released Monday.

Stocks Slip, Paced by Exporters, Honda, Komatsu, on U.S. Subprime Concern - - Japanese shares fell on lingering concern that losses tied to U.S. subprime mortgages will curb growth in the world's biggest economy. Honda Motor Co. and Komatsu Ltd. which rely on sales there, paced losses.

Toyota's Next Hybrid? - - Is the Toyota (TM) Prius about to get a big brother? According to the June 24 edition of Nihon Keizai Shimbun, Japan's leading business daily, the hybrid trailblazer is planning a new dedicated hybrid-only model for launch in 2009..

Asia to Overtake Europe in Mobile TV - - Asia is set to overtake Europe's early lead in adopting mobile television broadcasting as Europe struggles to find available airwaves for broadcasts, industry executives, quoted by a Reuters report, said.

Children Of The Web - - How the second-generation Internet is spawning a global youth culture--and what business can do to cash in

Draft on foreign M&As gets 2nd reading - - China'S top legislature Sunday read for the second time the draft anti-monopoly law which requires foreign purchases of Chinese companies to be scrutinized to ensure there is no negative effect on the national security.

India: ICICI to increase size of its IPO offer - - ICICI Bank Ltd, India's biggest finance company by market value, will raise its share sale, a record for an Indian company, to 5 billion U.S. dollars from 4.3 billion dollars, Chief Executive Officer K.V. Kamath said Sunday.

ICICI Bank to Grow Balance Sheet by as Much as 30 Percent, Kamath Says - - ICICI Bank Ltd., India's largest by market value, said it will be able to increase its assets by as much as 30 percent this year as economic growth spurs demand for loans in the fastest-growing major economy after China.

ICICI Fails to Secure Approval to Transfer Stakes in Insurance, Fund Units - - ICICI Bank Ltd. failed to get approval to transfer 19.5 billion rupees ($477 million) of insurance and asset-management holdings to a new company in which Goldman Sachs Group Inc. said it would buy a stake.

What Market Bubble? China's Top Stock Pickers Are More Bullish Than Before - - Zhang Shibao covers 12 Chinese stocks and recommends investors buy all of them, even after they've more than tripled on average over the past year.

Yunnan Aluminium's First-Half Net Income May Triple on Higher Metal Prices - - Yunnan Aluminium Co., China's fourth- largest aluminum maker by output, said first-half profit may triple on higher product prices and a decline in production costs.

Yuguang Lead, Baotou Aluminum Say End of Tax Rebate Will Hurt 2007 Profits - - Henan Yuguang Gold & Lead Co., China's biggest lead and silver producer, and Baotou Aluminum Co., said their profit will be hurt by China's decision to raise export taxes or cut tax incentives on their products.

Oil & Natural Gas Fourth-Quarter Profit Declines, Misses Analyst Estimates - - Oil & Natural Gas Corp., India's biggest explorer, said fiscal fourth-quarter profit fell 13 percent after increasing payments to state-run refiners to share the cost of subsidizing fuel prices.

Corporate Service Price Inflation in May Rose at Fastest Pace in 9 Years - - Japanese corporate service prices rose at the fastest pace in more than nine years in May, backing the central bank's case that inflation will take hold in the world's second-largest economy.

Yen Advances as Japan's Omi Emphasizes Risks of Betting Against Currency - - The yen strengthened after Japan's Finance Minister Koji Omi emphasized the risk to investors of one-way bets against the currency.

India keen to resume WTO talks in Geneva - - After disengaging itself from the Group of Four, India has informed the World Trade Organisation (WTO) that it wants the Doha talks, which is aimed at achieving global trade agreement, to continue at the WTO headquarters in Geneva.

Israeli investments in India touch $1 bn mark - - Israeli investment in India has touched 1 billion dollar mark in the last four years and it was likely to grow further, Israeli Ambassador in India David Danieli said.

Monday

Chinese gov't to allocate 6.5 bln yuan to tether pork prices - - With the dramatic rise in pork price, the Chinese government has said that it plans to spend 6.5 billion yuan (850 million U.S. dollars) this year to contain pork prices.

Central Bank Chief Zhou Can't Rule Out Further Increases in Interest Rates - - Chinese central bank Governor Zhou Xiaochuan said he can't rule out raising interest rates again to curb inflation and take the steam out of a surging stock market.

Nissan to Buy More Parts From China, India to Cut Costs After Profit Drops - - Nissan Motor Co., Japan's third- largest carmaker, will buy more components made in low-cost countries such as China and India after profit fell for the first time in seven years last year.

Traditional Chinese medicines find new avenue to int'l market - - China's military medical academy announced on Friday that it would licence a British company to use the patent of its new anti-dementia drug based on Traditional Chinese Medicine (TCM), opening up a new avenue to the international market for TCM products.

Korea's New School Of Thought - - As growth cools, the nation looks for an education model that spurs innovation

Staying Paranoid At Toyota - - Fearful of "big-company disease," the No. 1 carmaker keeps scrambling to retool itself

Wi-Fi Gets Onboard Asia's Trains - - Hong Kong mass transit is leading a movement to equip Asia's trains and platforms with wireless Internet service.

Thirsty Victoria looks to the sea - - Twenty years ago no one would have believed Australians would be buying water in bottles, let alone drinking it from the ocean.

Japanese bonuses help kiwi hit high - - Buoyed by a wall of cash resulting from bonuses paid to Japanese workers this month, the New Zealand dollar hit a fresh 19-year high against the yen yesterday, to round out a tumultuous week.

Australian watchdog chiefs urge jail for price fixers - - The head of Australia's competition watchdog and his predecessor have joined forces to demand jail terms for price fixers, four years after the Howard government promised the reform.

Overseas cellphone deals leave us behind - - Mobile phone charges announced in Australia show the New Zealand deal - between the Government, Telecom and Vodafone - was a poor result for consumers, a leading industry advocate says.

Phil O'Reilly: Better productivity may beat our exchange rate monster - - The past few weeks have seen a lot of talk about the best way to resolve our exchange rate interest rate problem.

Blackstone in largest US float in 5 years - - Blackstone Group priced its initial public offering at the top end of the range yesterday, even as lawmakers pushed for its delay, raising US$4.13 billion ($5.5 billion) in the largest US IPO in five years.

India's ICICI Bank Boosts Share Sale to $5 Billion to Finance More Loans - - ICICI Bank Ltd., India's biggest finance company by market value, will increase the size of its share sale by 16 percent to $5 billion, a record for an Indian company, Chief Executive Officer K.V. Kamath said.

Reliance Industries Declines After Court Restriction on KG Basin Gas Sales - - Reliance Industries Ltd. fell after an Indian court barred it from selling gas to buyers other than NTPC Ltd. and Reliance Natural Resources Ltd., forcing India's biggest company to stick to below-market rates.

India Won't Compromise on Farms Stand in World Trade Organization Talks - - India said it will not compromise on its stand on agriculture market access in the World Trade Organization's Doha round of negotiations, further reducing chances of an accord in global trade talks.

Stocks Drop in Tokyo, Led by Property Developers; Takeda, Matsushita Gain - - Japanese stocks declined led by property developers, such as Mitsubishi Estate Co. as investors shifted funds out of shares that may be hurt by the trend of increasing interest rates.

Fosun Plans $1.4 Billion Hong Kong IPO, Attracts Li Ka-shing, People Say - - Fosun International Ltd. is raising as much as HK$10.85 billion ($1.39 billion) in an initial public offering whose investors include Hong Kong billionaire Li Ka- shing, said people with direct knowledge of the matter.

China's forex investment company to invest in Blackstone - - The U.S. Blackstone Group would receive the 3 billion U.S. dollars to be invested by China's state foreign exchange investment company "shortly after its public offering," the Chinese company said.