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Last Updated: Dec 19th, 2007 - 13:17:15 |
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| A listing ceremony on the Korea Stock Exchange in July - South Korea's Kospi index, which had fallen 6.9% Thursday, ended 3.2% lower on Friday Aug 17. |
Asian currencies fell this week, wiping out this year's rises in the Singapore dollar and South Korean won, as losses linked to the US subprime market set-off the worst five-day fall in the region's stocks since 1990.
The Indonesian rupiah, down 4.9 percent since the start of 2007, dropped to a one-year low this week, prompting the central bank to buy the currency. By contrast, the Bank of Korea welcomed the won's worst week in two years, saying the currency has returned to a ``normal'' level since slipping from a 19-month high in July.
The won fell 2 percent this week to 950.40, the biggest fall since the five days ended July 8, 2005, according to Seoul Money Brokerage Services Ltd.
The Morgan Stanley Capital International Asia-Pacific Index dollar-denominated index, which tracks more than 1,000 regional stocks, lost 8 percent this week, the most since September 1990.
The focus on China, in the US in recent months has been dominated by the issue of food and product safety.
Last week-end, the head of a Chinese toy manufacturing company involved in a big product recall by US toy giant Mattel, after its products were found to contain excessive lead levels, hung himself, Chinese media reported.
Zhang Shuhong, a Hong Kong businessman in his 50s and boss of Lida Toy in the southern province of Guangdong, was found dead in his factory on Saturday, the semi-official Southern Metropolitan Daily said. Lida has been a supplier to Mattel for 15 years.
The Wall Street Journal says that the identification of a major Hong Kong toy maker as the source of some lead-tainted toys sold by Mattel shows that when a big supplier is responsible for a production problem, its American partner can face tough choices in resolving it.
Early Light Industrial, the Hong Kong toy maker, is so low-profile that it doesn't even have a corporate Web site, let alone a public-relations department. Yet it is one of the largest toy manufacturers in Asia.
Toys made by Early Light are exported to more than 20 overseas companies, including some of the biggest toy companies in the world, according to people familiar with the matter.
Early Light's size also makes the company hard to avoid, raising the question of what U.S. companies should do when a big supplier feeds it tainted goods.
The Financial Times reports that Wu Yi, a Chinese vice-premier, has been appointed to head a top-level leadership group to address the issue of food and product safety in the wake of almost daily revelations about the hazards of locally made goods.
The appointment of Ms Wu, who has long been used by the government as a troubleshooter in trade disputes and health issues, is both a sign of the seriousness of the issue and a convenient way to co-ordinate a response across the government.
Ms Wu was already preparing to manage policy on this issue as part of her stewardship of the Chinese side in twice-yearly bilateral meetings with senior US officials.
The FT says that the next meeting, attended by large numbers of ministers from both countries, is due to be held in Beijing in November, with food and product safety moving to the top of the agenda.
Millions of products, ranging from children’s toys to toothpaste, have been recalled from shelves in both the US and Europe in recent months.
On Friday, Toys R Us said it was removing all babies?vinyl bibs from its stores as a precaution after bibs made in China for one supplier showed excessive lead levels.
Some Chinese food exports have also been suspended, a problem that resurfaced in Thailand this week, with an announcement that about 10 per cent of 11,500 Chinese products coming into the country had been rejected because they contained “hazardous residues of chemicals and pesticides?
British companies are falling behind in the race to acquire Chinese businesses as they increase their mergers and acquisitions activity in other fast-expanding economies.
The UK has dropped from second to 13th place since 2005 in the league table of economies buying mainland Chinese companies, according to figures compiled by Grant Thornton, the accountancy firm.
Sweden, Finland and the Philippines all made a greater volume of Chinese acquisitions than the UK in the first half of this year.
A report in the FT says that a sustained slowdown in capital inflows could cause a hard landing in India and expose the extent to which inexperienced banks have dropped their guard in the face of surging demand for consumer loans, analysts warned on Thursday.
"We believe that, in the event of a sharp risk aversion in the global financial markets and/or a global hard landing, India’s growth cycle is far more vulnerable than in the rest of Asia," said Chetan Ahya, a Morgan Stanley economist.
Like their western counterparts, Indian banks have been mispricing credit to riskier borrowers.
Morgan Stanley said on Thursday: "a significant part of the fresh lending of $318bn over the last four years has come at a time when banks have been inadequately pricing credit risk."
Michael Hennigan, Finfacts Founder and Editor wrote this week on how the Irish Government claims that exports that are made to Asia from Ireland by Irish-based multinationals, are made by "Irish Companies."
Irish Trade Statistics: Policymakers opt for Spin and Delusion rather than confront challenging facts
ACCESS TO REPORT FROM OTHER NEWS SOURCES:
Friday
Official: China to take measures to ensure toy quality - - China's Ministry of Commerce will help related departments implement measures to ensure the quality and safety of China-made toys, said a spokesman with the ministry on Thursday.
China to suspend applications for new airlines - - China's aviation authorities are suspending applications for new airlines until 2010 and imposing stricter monitoring on the new air companies in order to prevent overheating of the nation's airline industry.
China cuts tariffs on 5,375 commodities from ASEAN countries - - China has cut or scrapped tariffs on 5,375 commodities from the Association of Southeast Asian Nations (ASEAN) since 2005 in an effort to boost trade, said Wang Xinpei, spokesman with the Ministry of Commerce, on Thursday.
Govt sets up EGoM on gas pricing - - The government has constituted an Empowered Group of Ministers (EGoM) to decide on utilisation and pricing of natural gas, which producing companies such as Reliance Industries say should be determined by the market.
Official: HK banks not affected by U.S. mortgage problem - - The U.S. subprime mortgage problem had not brought any systematic impact to Hong Kong's banking sector, said the top financial official of the Hong Kong Special Administrative Region (HKSAR) government on Thursday.
China "regrets" U.S. filing IPO complaint to WTO - - China regrets that the United States requested the World Trade Organization (WTO) to set up a dispute settlement panel to solve the intellectual property rights(IPR) disputes between the two sides.
Safety standard for batteries planned - - The government said Wednesday it will set up a mandatory safety standard for lithium-ion batteries following a series of accidents involving them, sources said.
Nikkei fall continues on global uneasiness - - Japanese stocks fell further Thursday amid global jitters over the U.S. subprime loan crisis and broader concerns about the U.S. economy.
Asia: Market Mayhem Worsens - - The U.S. mortgage market crisis continues to pummel Asian equity markets, and the selling was fast and furious across the region
NEC's "Big Brother" Lab - - To boost innovation and discover how good ideas are generated, NEC has set up a lab where researchers will work under high-tech surveillance
China's IT Olympic Lineup - - A mix of new wireless technologies, homegrown and foreign, will play a critical role in assuring a successful Beijing Games
China to Raise Rates by Sept. 30 to Cool Growth, Economist Survey Shows - - China will probably raise interest rates by the end of September to cool the economy after inflation accelerated to a 10-year high and record trade surpluses pumped cash into the financial system.
Hong Kong's Economic Growth Probably Accelerated as Consumers Spent More - - Hong Kong's economic growth probably accelerated in the second quarter as a jobless rate at a nine- year low fueled consumer spending.
ZTE Plans $525 Million Convertible Bond Sale to Fund Research, Production - - ZTE Corp., China's biggest publicly traded phone-equipment maker, plans to raise 4 billion yuan ($525 million) selling convertible bonds to finance research and production.
Shanghai Copper, Zinc Futures Fall by Daily Limit on Global Equities Slump - - Copper in Shanghai fell by the exchange-imposed daily limit on concern that losses in global financial markets will slow economic growth and reduce demand for metals. Zinc also dropped by the maximum 4 percent.
Cosco Shipping Plans $138 Million Convertible Bond Sale to Buy Six Ships - - Cosco Shipping Co., a unit of China's biggest shipping company, plans to sell 1.05 billion yuan ($138 million) of convertible bonds to buy six vessels.
Asian Stocks Drop, Led by Toyota, on Yen Strength; Macquarie Bank Gains - - Asian stocks fell for a fourth day, with Toyota Motor Corp. set for its biggest loss in almost four years, after the yen rose to a one-year high against the dollar, eroding the value of Japanese exports.
Yen Climbs, Set for Best Week Against Dollar Since 1998 as Carry Trade Cut - - The yen rose, set for the biggest weekly gain versus the dollar and the euro in almost nine years, as traders fled higher-yielding assets funded by loans in Japan.
DLF Ltd., ICICI Bank, Zylog Systems: India's Stock Market Preview Today - - The following stocks may rise or fall in Mumbai today. Prices refer to yesterday's close unless otherwise stated. The preview includes news that broke after the markets shut. Stock symbols are in brackets after company names.
China to Raise Interest Rates by Sept. 30 to Cool Growth, Economists Say - - China will probably raise interest rates by the end of September to cool the economy after inflation accelerated to a 10-year high and record trade surpluses pumped cash into the financial system.
Gold, Silver Decline in Asia as Share Market Tumble Spurs Investor Sales - - Gold and silver prices declined in Asia as falling share markets spurred investors to sell assets to raise cash.
Yen Climbs, Set for Best Week Against Dollar Since 1998 as Carry Trade Cut - - The yen rose, set for the biggest weekly gain versus the dollar and the euro in almost nine years, as traders fled higher-yielding assets funded by loans in Japan.
Topix Falls to One-Year Low as Yen Jumps Versus Dollar; Toyota Plunges - - Japanese stocks fell, pushing the Topix index to its lowest in more than a year. The yen rose to the strongest in a year against the dollar as investors unwound so-called carry trade bets on high-yielding assets funded by yen loans.
Five-Year Notes Set for Biggest Gain in a Year on Flight to Safety to Debt - - Japanese five-year notes rose, heading for the biggest weekly gain in almost a year, as concerns over a global credit crunch fueled demand for the relative safety of government debt.
Toyota, Honda Shares Fall After Yen Rises to One-Year High Against Dollar - - Toyota Motor Corp., Honda Motor Co. and Nissan Motor Co., Japan's three largest carmakers, fell on the Tokyo Stock Exchange as the yen was headed for the biggest weekly gain against the dollar since December 2005.
K-Line, Japan Shipper Shares Tumble as Global Stocks Fall, Yen Advances - - Kawasaki Kisen Kaisha Ltd., Japan's third-largest shipping line by sales, led shipping stocks lower as a tumble in global shares spurred selling of the Topix index's best performers this year and the yen strengthened.
Thurs/Wed
NZ: Jobs cut as F&P shifts unit to Thailand - - Whiteware manufacturer Fisher & Paykel Appliances (FPA) has announced plans to relocate its electronics factory from Auckland to Thailand.
Shanghai economy steaming along - - The 14 per cent rally in Chinese stocks in the past two weeks has created some of the largest companies in the world by market capitalisation and defied a global rout that wiped more than US$3.3 trillion ($4.5 trillion) from equities worldwide.
Sub-prime worries still spooking Australian bourse - - The Australian sharemarket closed in negative territory as concerns over the fallout from the sub-prime mortgage crisis in the US continued to spook the local bourse.
Matsushita on hook for Nokia recall - - In what would be the largest-ever consumer electronics recall, Nokia Corp. offered Tuesday to replace as many as 46 million mobile phone batteries made by Matsushita Electric Industrial Co. that are at risk of overheating.
Fujitsu's British unit fails in bid for GFI Informatique - - Fujitsu Ltd. said Wednesday its British unit's tender offer to acquire a stake of at least 66.67 percent in GFI Informatique SA, a French information technology service firm, has failed.
Frozen food makers seek ways to stay cool with consumers - - Meatballs, hamburger steaks, Chinese-style meat dumplings, fried rice, gratin, tempura and fish boiled with soy sauce ˇX these are just some of the hundreds of frozen food items stocked by the nation's supermarkets.
China bans imports of 3 kinds of Indonesian biscuits - - China's top quality control agency has announced a ban on imports of three kinds of biscuits from Indonesia after they were found to contain excessive levels of aluminium.
China resumes anti-dumping duty on imported dichloromethane - - China's Ministry of Commerce on Wednesday resumed its anti-dumping tax on dichloromethane imported from the United Kingdom, the United States, the Netherlands, Germany and the Republic of Korea.
China's industrial output up 18% in July - - China's industrial output expanded by 18percent in July, the National Bureau of Statistics said Wednesday.
China sees first meat price drop in two months, other products continue to rise - - The average meat price in China fell for the first time in two months last week, falling 1.2 percent from the previous week thanks to the government's and producers' efforts to increase supply, the Ministry of Commerce announced on Wednesday.
ASEAN makes great achievements in 40 years - - Forty years have passed since the establishment of the Association of Southeast Asian Nations (ASEAN), a period that saw a positive development of interactions not only among its members, but also East Asian countries in general.
Petrobras announces $112.4 bln investment plan - - Brazil's state-owned oil and gas company Petrobras announced Tuesday that investments will total 112.4 billion U.S. dollars in the 2008-2012 period, up 28 percent from 87.4 billion dollars foreseen in its 2007-2011 plan.
China to slash domestic flights to regulate air transport - - A total of 336 domestic flights to and from Beijing Capital International Airport (BCIA) will be scrapped from Aug. 15 to Oct. 27, sources with the Civil Aviation Administration of China confirmed Wednesday.
In China, Dharma Confronts the Dollar - - Living in the present moment of China's booming economy, some mainland Buddhist temples embrace commercial tactics to attract tourists and believers alike
Lenovo Pitches $199 PC for China Market - - The company has no plans to sell the model, which consists of a processor and keyboard and uses the TV for a monitor, outside the mainland
What Went Wrong at Mattel - - The toymaker is recalling more dangerous toys made in China. Its troubles may be a warning sign for other multinationals
Japan's Pricey Public Works - - Japanese infrastructure is in far better shape than that of the U.S., but the country pays an exorbitant price due to pork barrel spending and corruption
China's Spam Surge - - There has been a significant rise in spam originating from Chinese domains, according to security vendor Symantec
Go for global marketing: Kotler - - Asian marketers should change their mindset and style to go forward by switching to global brand marketing, said "Father of Modern Marketing", professor Philip Kotler.
Hong Kong Exchanges Shares Drop on Concern Over Outlook for Stock Markets - - Hong Kong Exchanges & Clearing Ltd., operator of Asia's third-largest stock market, fell to the lowest close in more than a week on concern a downturn in global markets may make it hard for the company to repeat record earnings.
Shenzhen Development Bank's First-Half Profit Doubles as Lending Increases - - Shenzhen Development Bank Co., the best performer this year among China's publicly traded banks, said first-half profit more than doubled on higher loan margins and new products.
China's July Industrial Output Rises 18 Percent on Exports, Retail Sales - - China's industrial production rose 18 percent in July, slowing for the first time in three months after cuts to export incentives.
Wharf's First-Half Underlying Profit Rises on China Property, Seaports - - Wharf (Holdings) Ltd., a Hong Kong commercial landlord and container terminal operator, said first- half underlying profit rose 38 percent, helped by China property sales and sea-cargo demand.
Lianhua Supermarket First-Half Profit Little Changed at 140.3 Million Yuan - - Lianhua Supermarket Holdings Ltd., China's biggest grocery chain, reported first-half profit of 140.3 million yuan ($18.5 million), little changed from the year before.
India to Boost Farm Spending by $6.14 Billion to Raise Output, Singh Says - - India will increase farm spending by at least 250 billion rupees ($6.14 billion) to boost agricultural output and ensure the benefits of economic growth reach every citizen, Prime Minister Manmohan Singh said.
Asian Stocks Slump to Three-Month Low on Credit Losses; Japan's Banks Drop - - Asian stocks slumped to a three-month low, led by Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., after the banks reported losses on investments related to U.S. subprime loans.
Bharti Airtel to Spend $200 Million on Sri Lanka Mobile-Phone Services - - Bharti Airtel Ltd., India's largest mobile-phone operator, said it plans to spend $200 million in the next five years in Sri Lanka to tap users of South Asia's first high-speed wireless network.
Emerging-Market Stocks, Currencies Slide on Widening Subprime Loan Losses - - Emerging-market shares and currencies fell, with Indonesian stocks tumbling the most in three years, after widening losses linked to U.S. subprime loans prompted investors to shun riskier assets.
James Hardie, Boral Forecast U.S. Earnings to Slide on Housing Slowdown - - James Hardie Industries NV and Boral Ltd., Australia's biggest building materials makers, forecast U.S. earnings will fall because of the worst housing slump in 16 years.
Yen Rises to 4-Month High Vs Euro and Dollar on Widening Subprime Losses - - The yen rose to the highest in more than four months against the euro and dollar as stock losses linked to subprime debt pushed investors to pare holdings of higher-yielding assets funded by loans in Japan.
Stocks Decline in Tokyo on Heightened U.S. Subprime Concern; Toyota Drops - - Japanese stocks dropped on concern the U.S. subprime problem will derail growth in the world's largest economy. Toyota Motor Corp. led declines by Japanese exporters after the yen strengthened to the highest since March.
Ten-Year Government Bonds May Rise as Global Stock Slump to Boost Demand - - Japanese bonds may rise for a third day on speculation a rout in global stocks will increase demand for the safety of government debt.
Market Vectors Nuclear Energy Exchange Traded Fund Falls in Trading Debut - - Market Vectors Nuclear Energy ETF, the exchange-traded fund started by Van Eck Global as a bet on rising demand for atomic power, fell on its initial day of trading today on the American Stock Exchange.
Crude Oil Falls From One-Month High as Gulf of Mexico Storm Shifts Track - - Crude oil fell from a one-month high in New York as forecasters altered the likely track of a storm approaching the Gulf of Mexico and volatile equity markets tempered investor confidence.
Tuesday
Chinese consumers ignore high cost to buy up Japanese rice - - The first batch of Japanese rice to hit store shelves in Beijing in four years sold out in less than a month, despite a price tag 20 times higher than domestic fare, stores reported Monday.
BOJ injects ¥600 billion into markets - - The Bank of Japan injected ¥600 billion into money markets Monday, continuing to provide liquidity to help calm fears of a credit crunch stemming from concerns over the U.S. subprime mortgage market.
Behind the Miracle: India's Mighty Movers - - This elite group of business, political, and cultural leaders is helping transform India into a 21st century economic power in Asia and beyond
China's Worrisome Inflation Data - - The mainland's consumer price index shot up 5.6% in July from the previous year, the fastest rate of increase in a decade
Asia: Telecom's Rural Revolution - - Local providers are working with giants Alcatel-Lucent, Intel, and others to bring service to the region's most remote areas
China's Disturbing Desert Creep - - Forest clearing to create more farmland has destroyed the precarious balance of a fragile ecosystem
Airbus A380 in Singapore to run through operational procedures - - An Airbus A380 plane is currently in Singapore to allow the Changi Airport to run through various operational procedures such as safety, passenger embarkation and disembarkation, and even catering.
Inflation surges to 10-year high - - Surging food prices drove the consumer price index (CPI) to 5.6 percent in July -- the highest in a decade -- the National Bureau of Statistics (NBS) said yesterday.
China posts nearly 13 percent growth in FDI - - China actually used 36.93 billion U.S. dollars in foreign direct investment, or FDI, in the first seven months, a growth of 12.92 percent on last year, the Ministry of Commerce announced on Monday.
China's July Retail Sales Expand at Fastest Pace in More Than Three Years - - China's retail sales grew at the fastest pace in more than three years, buoyed by a stock market rally and higher wages and prices.
Bank of China Rejects `Groundless' Report on $508 Million Subprime Losses - - Bank of China Ltd., the nation's largest foreign-exchange lender, denied a report it may have a 3.85 billion yuan ($508 million) loss this year from investments in U.S. subprime loans.
Cosco Shipping's First-Half Profit Surges 49 Percent on Higher Cargo Rates - - Cosco Shipping Co., a unit of China's biggest shipping company, said first-half profit jumped 49 percent as it charged more to carry machinery, steel and coal.
China Factory Spending Probably Rose 26.8 Percent, Adding to Rate Pressure - - China's factory and property spending rose 26.8 percent in the first seven months, adding pressure for an interest-rate increase to prevent the economy overheating, according to a Bloomberg News survey of economists.
U.S. Asks World Trade Organization to Rule in Piracy Dispute With China - - The Bush administration asked the World Trade Organization to rule in a complaint against China over piracy of copyrighted movies, music, software and books, escalating a dispute that has roiled commercial relations.
Bombay Exchange's Sensitive Index Falls; Reliance Declines, Hindalco Gains - - India's Sensitive Index swung between gains and losses. Reliance Industries Ltd., the nation's most valuable company, declined on concern that losses tied to U.S. subprime investments will spread, damping growth in the world's largest economy.
Singapore Telecom Profit Growth Exceeds Estimates on Record India Earnings - - Singapore Telecommunications Ltd., Southeast Asia's largest phone company, said first-quarter profit rose 10 percent, exceeding analyst estimates, on record earnings at its Indian unit.
Asian Financial Stocks Fall on Debt-Market Concern; Mitsubishi UFJ Drops - - Asian financial stocks fell after Australian mortgage lender Rams Home Loans Group Ltd. said ``unprecedented disruptions'' in credit markets may reduce its profit.
Rupee Falls as Importers Purchase Dollars to Guard Against Further Decline - - India's rupee traded near the lowest in almost a week on speculation importers stepped up dollar purchases to guard against a further decline in the currency.
Financial Shares Decline on Subprime Concern; Shipowners Rise on UBS Call - - Japanese financial stocks dropped on continued concern U.S. subprime investments will lead to losses. Sumitomo Mitsui Financial Group Inc., which has slumped 13 percent in the last three weeks, paced declines.
Yen Advances Against Euro, Dollar as Investors Reduce Their Carry Trades - - The yen rose to near the strongest in four months against the euro as credit-market losses prompted investors to shun riskier assets funded by loans in Japan.
Service Demand Rose in June as Consumers Spent More on Health, Dining Out - - Demand for services in Japan rose in June as consumers spent more on health care, dining out and car maintenance.
Ten-Year Bonds Are Little Changed on Speculation Central Bank to Hold Rate - - Japanese bonds were little changed on speculation a slump in equities will spur demand for debt.
K.K. DaVinci Stock Jumps as Real Estate Investor's Half-Year Profit Surges - - Shares of K.K. DaVinci Advisors, which runs Japan's biggest real estate fund, jumped after saying asset management income and higher-than expected property sale prices boosted profit by 88 percent.
Monday
Seoul No Longer Cheap for Expats - - The South Korean capital and business center has nudged aside Tokyo and Hong Kong as the region's priciest city for foreign executives
Asia: Wall Street's Money Crisis Hits Again - - High anxiety sweeps through Asian stock markets once more, and central banks in Japan, Australia, and Singapore turn on the cash spigot
Blurry Times in the Plasma TV Biz - - Revenues are set to peak in 2008 for plasma TV panel makers, but Japan's Matsushita Electric is still betting big on the technology
Toshiba may buy Marubeni Kazakhstan uranium stake - - Toshiba Corp., Japan's biggest maker of nuclear reactors by capacity, is in talks to buy a stake in a uranium mine in Kazakhstan from Marubeni Corp. to secure fuel.
Japanese led world in filing of patent applications in 2005 - - Japan remained tops in the world for international patent application filing in 2005, the World Intellectual Property Organization said in a report released Thursday.
Japan, Indonesia to sign FTA, remove tariffs on 92% of trade - - Japan and Indonesia will sign a bilateral free-trade agreement on Aug. 20 during Prime Minister Shinzo Abe's visit to the country, the government said Friday.
Kyocera or Sharp may buy Sanyo unit - - Sanyo Electric Co. is negotiating separately with Sharp Corp. and Kyocera Corp. about selling its cell phone arm in the hope of concluding a deal by the end of the year, industry sources said Saturday.
Foreign film distributor closing down - - The Japanese office of United International Pictures will disband by the end of this year due to departures of major U.S. film studios from the London-based film distributor, UIP officials said Saturday.
Consumer price inflation hits 10-year high - - Consumer price inflation in China accelerated to the highest level in more than 10 years as food prices continue to rise, official figure released on Monday showed, raising the pressure for the fourth interest rate hike this year.
China to improve low-rent housing system - - China's low-income urban families will be covered by an improved low-rent housing system that will allow them to enjoy affordable housing by 2010, according to a new policy framework agreed by the State Council.
China's auto sales, output soar 20% in first 7 months - - China's motor vehicle sales and production both rose more than 20 percent in the first seven months of the year, according to figures from the China Association of Automobile Manufacturers (CAAM).
China to promote employment by training the jobless to open business - - China will start a training program to help the jobless to open their own business to expand employment, said Zhang Xiaojian, vice minister of Labor and Social Security on Sunday.
Central bank: China a responsible investor in int'l financial market - - In response to a media report saying that "China threatens to trigger U.S. dollar crash", the country's central bank said here Sunday that China is a responsible investor in the international financial market.
China's heavy industry continues to increase power consumption - - China's high energy-consuming sectors such as iron and steel, nonferrous metals, chemicals and construction materials continued to lead the growth in power consumption in the first half of this year, according to a report by the China Electricity Council.
Chinese carrier plans non-stop Beijing-Seattle flights - - China's Hainan Airlines has applied to operate a non-stop flight between Beijing and Seattle in the United States starting next June, sources with the General Administration of Civil Aviation of China (CAAC) confirmed on Saturday.
Foreign trade nears $1.2 trillion in 1st 7 months - - The Chinese mainland's foreign trade reached 1.17 trillion U.S. dollars, up 24.4 percent, in the first seven months of 2007, according to customs sources.
Shanghai records 29% growth in home loans - - Banks in Shanghai, an economic engine in east China, issued 5.87 billion yuan (775 million U.S. dollars) in loans for home buyers in July, a growth of 1.32 billion yuan, or 29 percent, from a month earlier, sources with the local branch of the central bank said on Saturday.
China steps up curbs on process trade - - The Chinese government will annually revise the list of "restrained" products in the process trade sector to establish a transparent regulatory system to address its trade imbalance, said an official with the Ministry of Commerce (MOC).
NDRC: GDP may grow 11.4% in third quarter - - China's gross domestic product (GDP) is expected to grow 11.4 percent in the third quarter of this year, the National Development and Reform Commission (NDRC) predicted in a research report, according to The Economic Daily.
China's July Inflation Jumps to 10-Year High, Adding Force to Raise Rates - - Inflation in China, the world's fastest-growing major economy, accelerated to the highest level in more than 10 years, fueling speculation that the government may raise interest rates for a fourth time in 2007.
Foreign Investment Rises 12.9 Percent to $36.9 Billion in First 7 Months - - Foreign direct investment in China, the world's fastest-growing major economy, increased 12.9 percent in the first seven months of 2007 to $36.9 billion, according to government statistics.
Qingdao Port Plans China IPO by End of 2007 to Raise Funds for Expansion - - Qingdao Port Group Co., which operates China's biggest crude oil import terminal, plans to raise as much as 4 billion yuan ($528 million) in an initial share sale for expansion.
Yuan Falls as Researcher Says Gains Will Hurt Growth, Won't Fix U.S. Trade - - The yuan fell after a government researcher told a newspaper that a stronger currency won't resolve the U.S. trade deficit and a ``big appreciation'' will hurt China's economy and slow job growth.
China Guodian Boosts Stake in Unit GD Power Development for $405 Million - - China Guodian Corp. will increase its stake in publicly traded unit GD Power Development Co. for 3.07 billion yuan ($405 million) as part of a government plan to separate ownership of power plants from grid networks.
Asian Stocks Rebound From Biggest Drop in Five Months; Kookmin Bank Gains - - Asian stocks rebounded from their biggest drop in five months as regional central banks moved to ease a credit crunch sparked by losses on higher risk mortgages.
Asia's Central Banks Stand Pat as Japan, Australia Provide Cash to System - - Emerging Asia's central banks are standing pat as their counterparts in Europe, the U.S. and Japan pump money into their markets in response to a sudden demand for capital from lenders.
Rupee Strengthens on Optimism Global Funds May Resume Purchases of Stocks - - India's rupee rose on optimism overseas investors are returning to buy local equities after Asian stocks rebounded from their biggest fall in five months.
India's Bonds May Gain; Central Bank Didn't Increase Debt Sales This Week - - India's bonds may gain for a second day after the central bank didn't increase debt sales this week intended to drain surplus cash from the banking system.
Sensitive Index Advances, Led by Reliance; Tata Consultancy, Infosys Drop - - India's Sensitive Index rose from its lowest level in a month after the U.S. Federal Reserve added $38 billion to banks to stem a crisis of confidence in credit markets. Reliance Industries Ltd. led gains.
Japan's Economic Growth Slows, Reducing Chance of Interest-Rate Increase - - Japan's economic growth slowed more than economists expected in the second quarter, making it less likely the central bank will raise interest rates next week after a global credit crunch.
Commodity-Related Stocks Advance in Tokyo; Financial Firms, Retailers Fall - - Japanese commodities-related stocks advanced, led by Itochu Corp., after the shares fell more than four times the benchmark's decline last week amid speculation hedge funds were forced to sell to meet redemptions.
Yen May Strengthen on Speculation Sharper Currency Swings Will Deter Risk - - The yen may strengthen on speculation sharper swings in exchange rates will spur traders to reduce holdings in riskier securities.
Five-Year Government Notes Gain on Speculation Bank of Japan to Hold Rates - - Japan's five-year notes gained, pushing yields to the lowest since May, on speculation the central bank will hold off raising interest rates next week as growth in the world's second-largest economy slows.
Toshiba, Seeking Uranium, Sells 10 Percent of Westinghouse to Kazakhstan - - Toshiba Corp., Japan's biggest maker of nuclear reactors, sold a 10 percent stake in its Westinghouse Electric Co. unit to Kazakhstan's state uranium miner to gain access to the world's second-largest reserves of the metal.
India's forex reserves up by $3.9 billion - - India's forex reserves rose by USD 3.9 billion to stand at USD 229.342 billion for the week ended August 3.
