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News : Asia-Pacific Business Week

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

Asia-Pacific Business News - - Week August 31, 2007
By Finfacts Team
Sep 1, 2007, 08:26

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On 31 August, 1957, the British Union Jack was lowered and the Malaysian flag hoisted, with the first Prime Minister Tunku Abdul Rahman Putra Al-Haj leading the people in the famous seven shouts of Merdeka! Merdeka! Merdeka! Merdeka! Merdeka! Merdeka! Merdeka! (Independence!).

Malaysia, one of the world's most successful post-colonial states, celebrated a half-century of independence on Friday. From a 1950's economy dependent on tin mining, rubber and palm oil plantations, the country today has a modern economy and an impressive infrastructure.

The Petronas Twin Towers, the third tallest buildings in the world together with the new government administration centre Putrajaya, south of Kuala Lumpur, symbolise an impressive record of success.

The Economist Intelligence Unit says that the the country of 26.6 million people had an GDP per head (US$ market exchange rate) $5,859 and a GDP per head (US$ purchasing power parity) $11,327 in 2006.

Only 5 per cent of the population lives in poverty, down from 50 per cent at independence.

Exports totalled US$160.8bn in 2006 and imports amounted to US$124bn, yielding a trade surplus of US$36.8bn, up from US$33.2bn in 2005. The current-account surplus stood at US$25.6bn in 2006.

A survey by Swiss bank UBS in 2006, ranked Kuala Lumpur the cheapest of 71 global cities.

On Thursday, it was reported that Malaysia's economy expanded faster than expected in the second quarter, growing 5.7% from a year earlier, because of sustained growth in services and construction as well as a strong rebound in the mining sector.

The growth takes first-half growth to 5.6%, making the government's full-year growth forecast of 6% more achievable.

Bank Negara Malaysia Governor Zeti Akhtar Aziz said the central bank is keeping its 6% growth target, citing strong private consumption and investment spending and a rise in government development spending as factors supporting stronger second-half performance.

Even if there is some impact arising from the troubled U.S. subprime mortgage sector, the Malaysian economy still can achieve a rate close to the growth forecast of 6%, she told reporters at a briefing.

The services sector expanded 9.7% from a year earlier compared with revised 9.2% growth in the first quarter, boosted by financial services, tourism, transport and communications, the data show.

Manufacturing moderated to 1.5% compared with a revised 2% in the first quarter, and below the 8.4% a year earlier, partly due to weaker exports.

Zeti said the country's "interest rate is still supportive of the economy" and she said that there is no need to cut rates.

The benchmark overnight policy rate is at 3.5%.

Merdeka extravaganza: A kaleidoscope of colours with a stunning fireworks display celebrating the 50th anniversary of the country's independence at the Stadium Merdeka on Friday - - Photo: The Star, Kuala Lumpur

The Chinese stock market overtook Japan's in value on Tuesday, 28 August, including the Hong Kong market with the mainland's.

The Japanese market capitalisation was $4,700bn at the close of trading on Tuesday while the combined value of the Chinese market was $4,720bn.

The Financial Times says that the Industrial and Commercial Bank of China, which began trading in Hong Kong and Shanghai last October, is now the biggest bank in the world in terms of market capitalisation while China Life is the biggest life insurer.

Although earnings at Chinese companies are growing much faster than Japanese ones, Japan’s economy was still 63 per cent larger than China’s in 2006, according to World Bank figures.

The FT says that the booming Chinese stock market was responsible for up to half the earnings growth of companies listed in Shanghai and Shenzhen duirng the first six months of 2007 - a worrying trend that analysts say will exacerbate any market downturn.

Profits increased on average 71 per cent in the first half for the more than two thirds of listed Chinese companies that have published results. But profits from core operations increased at about 35 per cent, reckons Jerry Lou, equity strategist at Morgan Stanley: “I don’t think the market fully appreciates that half of the current earnings growth is a one-off thing . . . ”

The Financial Times reports that DaimlerChrysler and BMW are threatening legal action over Chinese-made vehicles that they claim are copies of their own models.

German chancellor Angela Merkel weighed in on the issue on Tuesday, describing plagiarism and copyright infringement in China as “a big problem” in a speech in Beijing.

DaimlerChrysler said it would consider unspecified legal action if Chinese carmaker Shuanghuan Automobile showed the Noble, which it says closely resembles its Smart Fortwo minicar, at next month’s Frankfurt motor show.

BMW said it was considering legal action against the importer of another Shuanghuan vehicle – the CEO – which it claims closely resembles a previous version of its X5 sports utility vehicle which was discontinued in 2006.

Shuanghuan and China Automobile Deutschland, the importer, could not be reached for comment on Tuesday.

“If suddenly a car turns up that looks like a Smart but isn’t one, but rather a copy produced by not entirely legal means, then that’s not good,”Merkel said.

The Wall Street Journal in a report from Senegal says that cheap new cars from China in African nations are supplanting the market for European used cars.

The journal says that Africa is too poor to be a big market for the world's major automobile brands, but the industry is watching closely. Developing markets like Africa offer benchmarks of the progress Chinese firms like Great Wall, Chery Automobile Co. and Geely Group Ltd. make toward challenging European, Japanese, Korean and American auto makers among price-sensitive buyers, industry analysts say -- a first step toward becoming the next Hyundai Motor Co. or Toyota Motor Corp.

"At the appointed time, Great Wall will compete with world well known brands on one stage," says a statement on the company's Web site. Until then, Chinese car companies are selling to the developing world: 61,000 vehicles in the first five months of 2007, more than double the number shipped abroad in the same period in 2006.

A McKinsey study (currently only available to subscribers) has outlined the growing potential of the Indian pharmaceutical market and estimates that drug demand will reach US$20 billion by 2015, with the findings suggesting that drug-makers can no longer ignore the country's potential.

Key Figures Highlighted in the Study

Per capital disposable income is to grow to US$765 from US$463. An increase in middle class households will account for 40% of the projected growth.
Health insurance coverage is to double to 220 million, accounting for 15% of the expected growth.
Private-sector investment in the healthcare sector is to increase. The number of hospital beds is to double to 2 million, with the number of doctors to rise to 400,000 from 200,000. Medical infrastructure will account for 20% of the growth.
The projected range for the rise in the pharmaceutical market is given at US$16 billion to US$24 billion. US$20 billion assumes the sustenance of current economic growth at 12.3% CAGR (compounded annual growth rate).
Specialist treatments will make up 45% of the market, with patented products constituting 10% of the growth. India will rank tenth in the market, up from fourteenth in 2005, overtaking Brazil, Mexico, South Korea and Turkey.

FINFACTS ASIA-PACIFIC REPORTS THIS WEEK:

India's economic growth accelerated to annual 9.3% rate in the second quarter of 2007
India's economic growth accelerated in pace in the last quarter - second quarter of the calendar year and first quarter of the country's fiscal year, boosting inflation concerns that may force the central bank to raise interest rates further.

Japan's retail sales fell in July as car sales remain at 30-year low
Japan reported that retail sales fell in July with sales at department stores and car dealerships hit by a series of storms.

Worldwide Mobile Phone sales grew 17% in Q2 2007
Worldwide sales of mobile phones to end users in the second quarter of 2007 reached 270.9 million units, a 17.4 per cent increase from the same period last year, according to US tech research firm Gartner, Inc. Although Motorola faced some ongoing difficulties with its product portfolio, the company maintained its second position worldwide by sustaining an aggressive price strategy, which resulted in better sales to end-users than sales into the channel. Gartner predicts worldwide mobile phone sales will reach 1.13 billion units in 2007.

Acer acquires US PC maker Gateway for $710 million to make it the third-largest global PC maker
Taiwanese company Acer Inc., a leading world PC maker, announced it has entered into a definitive agreement to acquire US company Gateway Inc. Gateway is the fourth largest PC company in the US and a leading retail PC provider. The combination will create a multi-branded PC-company with over US$15 billion in revenues and shipments in excess of 20 million PC units per year.

Accenture Research reveals need for Chinese Companies to focus on Sustainable, Profitable Growth to achieve High Performance and Close the Gap with the Best Global Companies
The most successful Chinese companies blend global best practices with unique Chinese practices to outperform their local competitors, be globally competitive and achieve higher levels of performance, according to findings from the initial phase of consulting firm Accenture’s High Performance Business research in China.

OECD report says innovative capabilities of the Chinese business sector remain weak
China needs a better return on its fast-rising investments in research and development (R&D) and higher education if it is to meet its goal of becoming an “innovation-oriented” economy by 2020, according to a new OECD report.

ACCESS TO REPORT FROM OTHER NEWS SOURCES:

Friday

Indonesia to slash future LNG sales - - Indonesia's natural gas sales to Japan's utilities may tumble 75 percent under a 10-year, 25 million metric ton contract that reflects the Southeast Asian nation's dwindling reserves of the fuel.

WTO to rule on U.S., Mexcican allegations of Chinese subsidies - - The World Trade Organization (WTO) launched an expert panel on Friday to probe whether China is illegally subsidizing its industrial exports as alleged by the United States and Mexico.

China builds another gas pipeline to fuel energy-thirsty east - - China on Friday afternoon launched a gas pipeline that runs from the southwestern inland of Sichuan to coastal Shanghai, another "energy artery" to fuel the booming but energy-insufficient east following the grand West-East gas project.

China's listed companies post 70% growth - - Almost all companies listed on China's two stock exchanges have released their interim reports, with combined net profits up 70.78 percent year-on-year to 319.1 billion yuan (42.2 billion U.S. dollars) for the first half of this year.

WTO to Probe Complaint That China Illegally Subsidizes Domestic Industries - - The World Trade Organization agreed to probe a complaint by the U.S. and Mexico alleging that China illegally subsidizes domestic industries through tax reductions, the largest trade case yet against the Chinese government.

China's Key Stock Index Soars to Record; China Southern Air Leads Gainers - - China's stocks rose, led by airline stocks, helping the benchmark index reach a record. China Southern Airlines Co. surged after its unit Xiamen Airline Co. bought 25 new Boeing Co. planes valued at $1.9 billion.

Quanta Second-Quarter Net Doubles on Laptop Sales to Hewlett-Packard, Dell - - Quanta Computer Inc., the world's largest maker of notebook computers, reported second-quarter profit doubled on sales of laptops to customers including Hewlett-Packard Co. and Dell Inc.

Hong Kong's Stocks Climb to Record on U.S. Loan Guarantees; HSBC Advances - - Hong Kong's Hang Seng Index rose to a record ahead of an announcement by U.S. president George W. Bush of measures to help subprime-mortgage borrowers. HSBC Holdings Plc gained.

China Surpasses Japan as Australia's Largest Trade Partner on Commodities - - Australia's trade deficit narrowed more than expected in July as China's demand for commodity exports saw it surpass Japan as the nation's largest trading partner.

Nokia's Big Plans for India - - Q&A: The handset maker's CEO discusses the lessons of emerging markets and how India's importance to the company goes beyond low-end phones

Toyota's More Refined Highlander - - The new 2008 Toyota Highlander is bigger and more powerful than ever, but also more fuel-efficient

Asia's Users Want Software Simple, Flexible - - When investing in software, Asia-Pacific businesses look for simple and flexible licensing and pricing options, an IDC study finds

Google Hits a Chinese Wall - - Upstaged by Baidu.com, it's forging ties with local Web players to expand its reach

Deaf to Music Piracy - - Chinese search engines make it easy to steal Net tunes

Thursday

LG: New Camera Phone, New Hopes - - Fresh off the success of the Chocolate phone, the Korean handset maker kicks off its plan to seize more global market share with the multimedia Viewty

Can Honda's New Accord Beat the Camry? - - Honda aims to sell more than 400,000 of its new Accords in 2008. But it will be hard to reach that goal without cutting prices—and profits

Yahoo Seeks to Dismiss China Case - - The Internet icon has asked a U.S. judge to dismiss a lawsuit attacking it for cooperating with China's communist government

Nissan, India's Ashok eye commercial vehicle ventures - - Nissan Motor Co. said Wednesday it has agreed with Indian commercial vehicle maker Ashok Leyland to study the formation of three joint ventures in the light commercial vehicle sector.

Goldman's Plan to Buy 10.7 Percent of Midea Blocked by Chinese Regulator - - Goldman Sachs Group Inc.'s plan to buy 10.7 percent of Guangdong Midea Electric Appliances Co. was blocked by regulatory authorities, the Chinese company said.

Vanke Aims to Raise $781 Million From Bond Sale to Replenish Working Funds - - China Vanke Co., the country's largest publicly traded property developer, said it plans to raise as much as 5.9 billion yuan ($781 million) in a bond sale, a week after it raised 10 billion yuan selling new shares.

China Elegance Will Pay $600 Million for Stake in Chilean Copper Company - - China Elegance Holdings Ltd., a Hong Kong-based metals trader, will pay HK$4.68 billion ($599.6 million) for a stake in a company with rights to explore for copper in Chile, the world's largest supplier of the metal.

Kowloon Development to Buy $290 Milion Bad Loans From China Orient Asset - - Kowloon Development Co., the Hong Kong and Macau developer run by billionaire Or Wai Sheun, will pay 2.19 billion yuan ($290 million) to buy nonperforming loans from China Orient Asset Management Corp.

Asian Stocks Rise Most Since March in U.S. Trading; Cnooc, Nidec Advance - - Asian stocks advanced in U.S. trading after Cnooc Ltd.'s profit beat analysts' estimates and a forecast from Seagate Technology spurred gains in Nidec Corp. and other computer-related shares.

China issues 600 bln yuan of special treasury bonds - - China began to issue 600 billion yuan (67.79 billion U.S. dollars) of bonds on Wednesday in the first tranche of 1.55 trillion yuan basket of special treasury bonds.

NDRC: China's industrial pollution, energy consumption task still "grim" - - More than 8,000 Chinese enterprises have been penalized for pollution offences in the first eight months this year -- marking a "success" and indicating a "grim" task ahead, said the head of the National Development and Reform Commission (NDRC) on Wednesday.

India's Economic Growth Seen Slowing as Interest Rates Rise to 5-Year High - - India's economic growth probably cooled last quarter as the highest interest rates in five years curbed demand for Ford Motor Co. cars and new homes.

Vodafone, Bharti May Be Allowed to Increase Stakes in Indian Phone Rivals - - Vodafone Essar Ltd., an Indian unit of the world's biggest mobile-phone operator, and its peers may be allowed to acquire as much as 20 percent of rival operators to increase share in the fastest-growing wireless market.

Tata Steel's Interest Costs Surge on Debt Raised to Fund Corus Acquisition - - Tata Steel Ltd. said borrowing costs surged in the first quarter because of loans to fund the $12.9 billion takeover of Corus Group Plc., the biggest by an Indian company, and rising global interest charges.

Infosys Says May Win More Business From U.S. Clients on Subprime Mortgages - - Infosys Technologies Ltd., India's second-largest software exporter, said it may win more business from U.S. clients if the subprime crisis curbs spending there, driving companies to cheaper service providers overseas.

Asian Stocks Advance on Profit Outlook, Yen's Decline; Samsung, Sony Rise - - Asian stocks rebounded after commodity prices rose and Seagate Technology, the world's biggest maker of hard-disk drives, boosted its profit and revenue forecasts.

Retail Sales Fall More Than Expected in July on Storms, Slumping Sentiment - - Japan's retail sales fell more than twice as much as economists expected, as a tax increase and a weekend typhoon kept shoppers away from the nation's department stores and car dealerships.

Yen Strengthens Against Euro, Dollar After Hedge Fund Files for Bankruptcy - - The yen strengthened against the 16 most-active currencies as investors sold higher-yielding assets purchased with loans from Japan after an Australian hedge fund filed for bankruptcy protection.

Stocks Rally in Tokyo on U.S. Profit Outlook, Weaker Yen, Led by Nintendo - - Japanese stocks rebounded from two days of declines after U.S. shares rallied on speculation earnings at technology companies will rise and on expectations the Federal Reserve will cut interest rates next month.

Nintendo Share Slide Shows Wii's Easy Money May Be Lost to Sony, Microsoft - - Nintendo Co., projecting record earnings on sales of the Wii game console, may see its stock slide as Sony Corp. and Microsoft Corp. counter with price cuts and easy-to-play games.

Posco, Nissan Motor Plan to Construct 120,000 Ton Steel Plant in Kawasaki - - Posco, Asia's third-biggest steelmaker, and Japan's Nissan Motor Co. plan to build a steel- processing plant in Kawasaki.

Wednesday

Toyota, Honda increase production - - Toyota Motor Corp. and Honda Motor Co. boosted production in July as growth overseas more than offset a loss of output at home caused by an earthquake.

Japan plans research for network to replace Internet - - Japan will start research on new network technology to replace the Internet to tackle growing quality and security problems, a government official said Tuesday.

Shampoo ads ditch blondes for 'beautiful Japanese women - - Shampoo ads in Japan typically feature glamorous blondes praising imports from Procter & Gamble of the U.S. and Europe's Unilever.

Betting Big on China's Vegas - - With the opening of the Venetian Macao, the world's biggest casino, Las Vegas Sands steps up its effort to cash in on Asia's gambling capital

Land Of Rising Tourism Hopes - - A hip reputation offers a chance to boost lagging trafficif Japan will seize it

Acer's Gateway to the U.S. Market - - If the deal is approved, the company will have computer brands for every price range. Dell and Hewlett-Packard, watch your backs

Asian Stocks Tumble in U.S. Trading; China Telecom, Sinopec, Cnooc Decline - - Asian stocks trading in the U.S. fell the most in a month after U.S. consumer confidence had its biggest decline in two years.

Baoshan Steel First-Half Profit Probably Rose on Prices, Automaker Demand - - Baoshan Iron & Steel Co., China's biggest steelmaker, may say first-half profit rose because of higher prices and increasing demand from automakers including Volkswagen AG and General Motors Corp.

Air China First-Half Profit Surges Threefold on Business Travelers, Yuan - - Air China Ltd., the world's biggest airline by market value, said first-half profit jumped more than threefold as the country's surging economy spurred demand for business travel.

China Telecom Second-Quarter Profit Misses Estimates on Mobile Competition - - China Telecom Corp., the nation's biggest fixed-line phone operator, reported second-quarter profit that missed analyst estimates after users signed up for cheaper rates at mobile carriers.

Acer shares fall after Gateway deal - - Shares in Taiwan's Acer Inc fell sharply on Tuesday after investors chafed at the premium the PC maker was paying for loss-making US rival Gateway to gain the spot as the world's No 3 maker.

ASEAN says expects India free trade deal by 2008 - - The 10-nation Association of Southeast Asian Nations (ASEAN) expects to sign a free trade agreement with India by the middle of next year, the chief of the grouping said on Tuesday.

Tax net to cover more people - - Firms in high-income sectors and those that declare less tax for their employees compared to their counterparts will be the target of a new move by the taxman.

China to ban tobacco promotion by 2011 - - China, the world's largest tobacco producer and consumer, will ban all forms of tobacco promotion by January 2011.

Hi-tech exports see "spectacular" rise - - China still has a long way to go toward its goal of becoming an "innovation-oriented economy" by 2020, and what it wants most is a better return on its fast-growing investments on research and development, the Organization for Economic Cooperation and Development (OECD) said in a report yesterday.

Boeing, Lockheed, MiG Compete for $10 Billion Indian Fighter Jet Contract - - Lockheed Martin Corp. and Boeing Co. are among six defense contractors chosen by India to bid for a 420 billion rupee ($10 billion) fighter-plane contract, the largest in the world for 15 years.

Las Vegas Sands Chairman Adelson Aims to Build Casinos, Resorts in India - - Las Vegas Sands Corp.'s billionaire Chairman Sheldon Adelson opened the world's biggest casino in Macau and unveiled ambitions to expand in India and Japan as Asian gambling booms.

Reliance, Aditya Birla Stores to be Curbed by Kerala as Opposition Mounts - - Reliance Industries Ltd., India's most valuable company, and Aditya Birla Group are among retailers that will be restricted from opening stores in the state of Kerala as opposition to nationwide chains mounts.

SAP Sees `Unprecedented Growth' in India, Says Number of Customers Doubles - - SAP AG, the world's largest maker of business-management software, is experiencing ``unprecedented growth'' in India where it has doubled the number of customers in the past one year.

Mobius of Templeton Says Buy Stocks, Predicts Worst of Credit Woes Is Over - - The global economy is ``very healthy'' and losses from the U.S. subprime mortgage slump have ``almost passed,'' said Mark Mobius, who oversees $30 billion at Templeton Asset Management Ltd. in Singapore.

Yen Advances to One-Week High Versus Euro, Dollar as Carry Trades Reverse - - The yen climbed to the strongest in a week against the euro and the dollar as speculation banks will report more credit-market losses pushed traders to sell higher- yielding assets funded by loans in Japan.

Stocks Drop in Tokyo, Led by Sony, After U.S. Confidence Wanes, Yen Rises - - Japanese stocks dropped after U.S. consumer confidence fell the most since 2005 this month, pushing shares there to their biggest losses in three weeks. Canon Inc. led declines.

Ten-Year Bond Futures Advance as Stock Slide Spurs Investors to Buy Debt - - Japan's 10-year bond futures rose to the highest in a week on speculation investors will switch to the relative safety of government debt after stocks and emerging market debt declined.

Factory Output Probably Fell After Earthquake Disrupted Auto Production - - Japan's industrial production probably slipped in July after an earthquake disrupted output at Toyota Motor Corp. and Honda Motor Co.

Tuesday

Japan to relax restrictions on U.S. beef imports - - Japan, once the largest buyer of U.S. beef, will take further steps to relax curbs on American beef imports first imposed in 2003 after the discovery of mad cow disease in Washington state, a Japanese official said.

With Gateway, Acer Foils Lenovo - - Taiwan's Acer strikes back at its mainland rival with an agreement to acquire Gateway, the third-largest PC brand in the U.S., for $710 million

China No Tech Rival Yet, Says India - - China is unlikely to challenge India's lead in global services outsourcing in the next three to five years, says Indian trade group Nasscom

Siemens Fires 20 Staff for Violation of Rules in China - - Faced with allegations that it paid bribes to operate in China, the German company has eliminated 20 Chinese employees

Sands Chairman Adelson Bets His Fortune on $1.8 Billion Venetian Macao - - Las Vegas Sands Corp., run by billionaire Sheldon Adelson, opened the $1.8 billion- Venetian Macao resort, the latest chapter in casino operators' battle for a bigger slice of the world's biggest gambling hub.

China Eastern to Sign Agreement to Sell Stake to Singapore Air on Sept. 2 - - China Eastern Airlines Corp., the nation's third-largest carrier, will sign an agreement on Sept. 2 to sell a stake to Singapore Airlines Ltd., Board Secretary Luo Zhuping said.

Datang Power's Profit Rises 42 Percent on China's Demand for Electricity - - Datang International Power Generation Co., the world's best-performing power utility stock this year, said first-half profit increased 42 percent as it expanded production to meet rising Chinese energy demand.

China Vanke Profit Rises as Home Prices Gain the Most in About Two Years - - China Vanke Co., the country's largest publicly traded property developer, said first-half profit rose 31 percent as home prices gained by the most in almost two years.

Southwestern Says Data at China Gold Manipulated; Former CEO Faces Lawsuit - - Southwestern Resources Corp., the Canadian miner investigating flawed data at a gold project in China, said concentrations at the deposit are less than first reported and it is suing its former chief executive officer.

China takes measures to enhance product quality, food safety - - The Chinese government has taken six measures in one month to ensure food security and reliability of Chinese products, said Li Changjiang, head of General Administration of Quality Supervision, Inspection and Quarantine, on Monday in Beijing.

Airlines body sees end of paper tickets in 2008 - - The International Air Transport Association (IATA) announced on Monday that it had placed its final order for paper tickets and from June 1, 2008 all tickets issued through its settlement system would be electronic.

China sets route for second West-East natural gas pipeline - - China National Petroleum Corporation (CNPC) announced on Monday the route of China's second West-East natural gas pipeline has been decided to pipe gas imported from Central Asia to the Pearl River and Yangtze River delta areas.

China Life says net profit surge 160% in first half - - China Life Insurance Company Limited, the country's biggest life insurer, said on Monday that its net profit surged 160 percent to 23.29 billion yuan (3.1 billion U.S. dollars) in the first half of this year.

India Inc demand drives IT training market - - The information technology training sector in India is witnessing a boom, driven by a talent crunch, paucity of employable' graduates and all-round need for trained manpower at all levels, industry officials said.

Stocks in India Rise Most in Six Months on U.S. Outlook; Reliance Climbs - - Indian stocks rose the most in almost six months after U.S. economic reports eased concern the subprime mortgage crisis will slow growth in the world's biggest economy and help revive demand for riskier assets such as equities. Reliance Industries Ltd. advanced.

India's Granaries Have 30% Less Wheat in Stores, May Pay More for Imports - - India, the world's third-largest wheat importer, had 30 percent less grain than targeted in state warehouses last month, signaling it may have to buy more at record high prices to boost emergency stockpiles.

Parsvnath to Invest $414 Million to Offer Mobile-Phone Services in India - - Parsvnath Developers Ltd., an Indian builder of homes and malls, will invest about 17 billion rupees ($414 million) to offer mobile-phone and Internet services to benefit from surging demand in Asia's fourth-largest economy.

Fortis Healthcare to Spend $195 Million on 950-Bed Hospital in North India - - Fortis Healthcare Ltd., India's second-biggest health-care provider by market value, plans to spend 8 billion rupees ($195 million) to set up a 950-bed hospital near New Delhi as demand rises for medical services.

Indian Ministers' Panel Starts Discussing Reliance Industries Gas Dispute - - An Indian ministerial panel began discussions on the proposed pricing of natural gas by Reliance Industries Ltd., India's biggest company by market value.

Yen Extends Advance Versus Euro and Dollar as Investors Cut Carry Trades - - The yen rose for a second day against the euro and the dollar as a drop in Asian stocks prompted traders to pare higher-yielding investments funded by loans in Japan.

Stocks Decline, Led by Mizuho, After U.S. Housing Market Shows Weakness - - Japanese stocks dropped after unsold homes in the U.S. rose to the highest level since 1991 and the yen climbed against the dollar.

Hedge Funds Flourish, Shunning Debt, as Stocks Lag behind U.S., Europe - - Hiromichi Tsuyukubo ran the best- performing fund in Japan at Mitsubishi UFJ Asset Management Co., an arm of the nation's biggest lender. Then, after six years, he decided to join a hedge fund.

Bank of Japan to Raise Interest Rates Gradually, July Meeting Minutes Show - - The Bank of Japan will raise interest rates gradually based on developments in the economy and prices, minutes released show.

Bonds May Rise on Speculation Yields at One-Week High to Increase Demand - - Japanese government bonds may advance on speculation 10-year yields near the highest in more than a week will attract investors.

Monday

In India, a Big Push Into Small Cars - - With Tata Motors about to unveil a low-cost, very small car, automakers from Europe and the U.S. are poised to jump into the market

Nokia Plans to Make India Global Export Hub - - The global-giant handset-maker plans to make its Chennai manufacturing plant a major nerve center. It already exports to 58 countries

Sinopec Earnings Growth Slows as Rising Oil Costs Trim Refining Margins - - China Petroleum & Chemical Corp.'s profit growth slowed in the second quarter as higher oil costs trimmed earnings for Asia's biggest refiner from processing crude into fuels.

China Construction Bank Rises to Record After First-Half Profit Increases - - China Construction Bank Corp., the nation's third largest, rose to a record after first-half profit jumped 47 percent, driven by more profitable lending and increased service fees.

Huaxia Bank Says Net Income Rose 34 Percent to $132 Million in First Half - - Huaxia Bank Co., the Chinese lender part owned by Deutsche Bank AG, said first-half profit surged 34 percent from a year earlier.

Northeast Securities Soars as Stock Resumes After Seven-Month Suspension - - Northeast Securities Co., the second Chinese brokerage to go public through buying control of another company, soared on the first trading day after a seven-month suspension of its stock.

Yunnan Copper Soars to Record After First-Half Profit Increased 58 Percent - - Yunnan Copper Industry Co. shares rose to a record after China's third-biggest producer of the metal said first-half profit jumped 58 percent.

China reports sulfur dioxide emission decrease - - The sulfur dioxide emission in China fell a year-on-year 0.88 percent in the first half of this year, the first decrease in several years, said China's top economic planner on Sunday.

Gov't to allocate billions of yuan for cutting energy use - - The central government will pour billions of yuan into special projects to help meet the country's energy-saving targets.

Firms raise salary to lure jobseekers - - Shenzhen employers raised their salaries by about 10 percent at a weekend job fair at Shenzhen Convention and Exhibition Center to help jobseekers meet rising prices of food and housing in the city.

Over 60% of Taiwan entrepreneurs to expand investment in mainland - - More than 63 percent of Taiwan entrepreneurs want to scale up their investment in the Chinese mainland, a recent survey of the Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) showed.

China grants 300 mln USD of QDII quota to Deutsche Bank - - The State Administration of Foreign Exchange has approved a qualified domestic institutional investors (QDIIs) quota of 300 million U.S. dollars to Deutsche Bank China, according to a release by the bank.

China to legislate for orderly real estate expropriation in cities - - China's top legislature began deliberating a draft amendment to the law on urban real estate administration on Friday to authorize the State Council to detail specific measures for orderly expropriation of urban houses and apartments.

Minister confident of quality victory - - Commerce Minister Bo Xilai said on Friday he was confident of victory in the "special war" against poor product quality despite its highly demanding targets.