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Last Updated: Dec 19th, 2007 - 13:17:15 |
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| Malaysians celebrated on Wednesday, October 10, 2007, when Dr Sheikh Muszaphar (left, front row), the first Malaysian and Muslim to be launched into Space, was a member of the crew of the Soyuz TMA-11 spacecraft, which was launched from the Baikonur Cosmodrome in Kazakhstan. Credit: NASA TV |
In a report from the Thai side of the border with Burma, the Wall Street Journal Asia says that globalization is reaching into the most remote and politically toxic nooks and crannies of the world economy. U.S. and European sanctions stop most Western companies from setting up shop in Myanmar. But the long arm of trade gets around the barriers in places like this border zone, by sucking labor into neighboring countries.
Myanmar (Burma) also poses an ethical conundrum for Westerners concerned about the role multinationals may play in propping up rogue regimes. Myanmar is such an economic wasteland that many of its roughly 56 million people lust for jobs few others want to do. Cost-conscious factory bosses across the border, while acting simply out of self-interest, end up providing jobs that both the people of Myanmar and its military government need.
The former British colony was once the world's largest rice exporter, with a promising economy. The military took power in 1962 and launched a self-reliance drive, seizing businesses and booting out Indian businesspeople.
Military rulers in the late 1980s began to court foreign investment and trade, which developed with Asian neighbors, but repressive policies continued to stymie relations with the West. In recent years, although surging energy prices boosted Myanmar's revenue from natural gas, the regime blew a large chunk of its cash on building a new capital and on fuel subsidies.
In other Asia-Pacific business news, the chairman of Microsoft India said this week in an interview with the Financial Times that India’s shortage of computer science PhDs is so dire that it threatens the country’s role as the world’s information technology services outsourcing hub.
Although many Indians pursue post-graduate studies overseas, India’s universities now produce only about 35 computer science PhDs a year compared with about 1,000 in the US.
"It’s an incredibly urgent and important issue,” Ravi Venkatesan told the FT. “It affects the pipeline of future talent because the teaching institutions aren’t getting enough qualified faculty and, of course, if you really want to do cutting edge innovation in computer science, you’re restricted by the pool of talent out there.”
The rise of India’s $47bn (€33bn, £23bn) computer services outsourcing industry has been an important factor in the country’s economic revival over the past decade as companies around the world move to take advantage of its abundant pool of English-speaking talent.
India’s universities turn out about half a million engineering graduates a year but few stay on for post-graduate studies.
The FT says that the World Bank estimates that the country produces a total of 7,000 PhDs a year across the entire spectrum of science, engineering and technology. “India’s higher education system needs to produce more scientists, engineers and other masters and PhD graduates with skills matched to the needs of the innovation economy,” the bank said in a recent report.
While Indian companies have until now relied on the difference between Indian wages and those in developed markets to attract business, the strategy is not sustainable, Mr Venkatesan said.
Indian entry-level IT salaries are presently about half those in the developed world but they are increasing by about 15 per cent a year and will be on a par with the developed world within the next seven to eight years.
A report in The Wall Street Journal says that for much of the 1990s, Chinese airlines were arguably the world's most dangerous, beset by persistent pilot errors, unreliable maintenance and erratic government oversight. With crashes at one point taking 550 lives over several years, the issue threatened to impede the nation's economic growth.
Today, China is an acclaimed global leader in air safety. Despite frequent double-digit annual growth in the number of hours its airlines fly, their most recent fatal-accident rates are lower than America's and Europe's.
The transformation from worst to first reflects how the Chinese government has proved able, with significant foreign help, to overhaul a sprawling industry whose safety record was tarnishing the country's image, taking advantage of foreign assistance and insisting on compliance by Chinese companies. The turnabout came under the auspices of a hard-charging aviation official appointed after a string of crashes stretching from the mid-1990s to 2002, Yang Yuanyuan. China "learned a profound lesson" by slowing down its breakneck aviation growth, Mr. Yang said in an email interview, and made it a point to "adopt a more open attitude" and learn from foreign accidents and incidents.
Business Week Asia in a report, says that what began as protests against international chains like Wal-Mart, Tesco, and Carrefour entering India has now grown into a full-blown opposition to organized retail, including Indian players. In the last two months, Reliance has been at the receiving end of protests in the Indian states of West Bengal, Orissa, Uttar Pradesh, and Kerala.
Last month, the government of heavily populated Uttar Pradesh, in the northern part of the country, shut down Reliance stores. This was followed by similar moves in Bengal. Reliance has had to lay off staff—400 in Bengal and 1,000 in Uttar Pradesh. The company has four stores in Mumbai's eastern suburbs but, fearing further agitation, has put expansion in the city on hold.
Business Week Asia also reports that the continued success of Chinese search engine Baidu, despite the best efforts of Google, no doubt cheer the company’s investors. But it’s not so good news for critics of Google and other U.S. Internet companies doing business in China. Sometimes people angered by the way the Americans have played along with Beijing’s censorship rules in order to enter the Chinese market argue that the U.S. companies have leverage over the Communist regime. That is, if Beijing insists on the companies censoring the Net, the Americans could just threaten to leave, as if that might make the Chinese back down a bit.
The Public Bank in Kuala Lumpur, reported in its latest Economic Review, that Malaysia's economic growth in 2008, is expected to surpass the six per cent forecast this year despite growing external uncertainties.
The Malaysian economy remains resilient. Despite the deceleration in the US economy, Malaysia is on track to achieve another 6 per cent growth this year. Efforts to strengthen the domestic economy by boosting private consumption and investment as well as public investment have resulted in soft de-coupling between the US and the Malaysian economy. Combined with stimulative macroeconomic policies, these efforts have alleviated the drag on the gross domestic product (GDP) growth arising from the present weak export.
In the first half of 2007, the economy has already turned in 5.6 per cent growth, supported by a stronger pickup in domestic demand (Table 1). In particular, private consumption was strong due to significant increases in income, strong and sustained prices for primary commodities and stable and low interest rates. Public investment has risen as well with the implementation of high-impact development projects under the Ninth Malaysia Plan. Private investment also has remained strong, boosted partly by the high capacity utilisation in the manufacturing sector.
The Sydney Morning Herald says that Prime Minister John Howard has left Kirribilli House for Canberra, where he could finally head to Government House tomorrow morning to call the election.
A spokesman for Mr Howard said the prime minister had left his Sydney residence a short time ago for Sydney airport and flight to Canberra.
With politicians scheduled to return to Canberra for parliament on Monday, speculation is peaking that Mr Howard will finally call the election.
That would point to a poll on November 17 or 24.
But Mr Howard, who spent the day campaigning in his Bennelong electorate in Sydney, wasn't giving anything away.
When asked when he would be returning to Canberra to make the expected announcement, the prime minister - who has spent much of the year fielding similar questions - was less than forthcoming.
"I don't normally telegraph my travel arrangements,'' he said. "A bloke's entitled to a certain amount of privacy."
Governor-General Major General Michael Jeffery returned to Canberra last night after a long trip abroad.
Calling the election tomorrow morning would allow politicians to abandon plans to travel to Canberra for a parliamentary sitting with little in the way of important legislation to debate.
But from the government's viewpoint, question time in parliament each day might provide useful opportunities to belt Labor on issues such as economic management and its yet to be released tax policy.
The Financial times reports that India's stock market boom has catapulted the country's biggest industrialist Mukesh Ambani within reach of becoming the richest Indian and one of the world's 10 wealthiest people.
In a vivid illustration of India's economic rise, Mr Ambani's personal wealth has doubled to about $44bn (£21bn) in the past year thanks to a more than 100 per cent increase in the share price of Reliance Industries, his flagship oil and retailing group.
The only businessman of Indian origin richer than Mr Ambani is Lakshmi N. Mittal, the London-based Indian whose 44.8 per cent stake in his steel company, Arcelor Mittal, is worth about $48bn alone.
The 50-year-old Mr Ambani took over the petroleum refining and textile arms of the family business empire after a high-profile feud with his brother, Anil, about control of the conglomerate built from scratch by his late father Dhirubhai.
He drew headlines this year because of a vexatious plan to build an extravagant family home intended to rise as high as a 60-storey office building over the site of a former Mumbai orphanage.
The billions of dollars of cash generated by his giant refinery in north-western India, which will be the world's largest such complex once a second phase of the project is completed, has helped make him India's most powerful businessman.
But the bull-run taken by Indian stocks during the past few years on the back of increasing investor interest in emerging markets and an economy increasing by more than 9 per cent annually, has turned him into one of the world's richest men.
In the past 12 months, the Benchmark Sensex index has risen nearly 50 per cent, pushing the country's market capitalisation to more than $1,000bn.
The Indian market's rise has only been helped by the credit squeeze elsewhere as foreign investors continue to see Indian blue chips such as Reliance as attractive due to the economy's continuing growth. "If other markets start to look problematic, India benefits. It is seen as a safe haven because of its secular growth story," said Vijai Mantri, chief executive officer of DWS Investments, part of Deutsche Asset Management.
Singapore's economy powered to 9.4 percent growth in the third quarter, the government said Wednesday, as the city-state moved to control inflation and the prime minister dismissed claims of overheating.
Singapore, one of Asia's wealthiest economies, was on track to meet the government's full-year growth target following its performance over the three months to September compared with a year earlier, the trade ministry said.
During the second quarter Singapore's gross domestic product (GDP) expanded a revised 8.7 percent, it said.
The Singapore dollar rose to a 10- year high on speculation inflation will accelerate, giving the central bank reason to allow faster gains in its currency.
The local dollar climbed for a fifth week, the longest winning run since the period ended July 20, after a government report showed the economy grew more than most economists expected in the third quarter. The Monetary Authority of Singapore said in a semi-annual report this week that it will ``increase slightly the slope of the policy band'' in which the currency is allowed to trade.
``Inflation is an issue in Singapore and they recently changed policy,'' said Greg Gibbs, a currency strategist at ABN Amro Holding NV in Sydney. ``Broad-based strength in Asian currencies
The Financial Times reports that Hong Kong will trim corporate and salary taxes by 1 percentage point to 16.5 and 15 per cent respectively, Donald Tsang, the territory's chief executive, announced yesterday in his annual policy address.
The move, which is to take effect next year and cost the government HK$5bn (£315m), is a small portion of last financial year's HK$58.6bn surplus. "We will consider further profits tax relief if our economy remains robust and our public finances stay sound," Mr Tsang said.
The chief executive also called on businesses and the public for help in addressing social and environmental issues, in a speech that emphasised infrastructure development as an engine for Hong Kong's future economic growth.
The FT also reports that corruption costs China as much as 3 per cent of its economic output, or $86bn in 2003, and poses a "lethal threat" to the country's economic development, according to a report by the Carnegie Endowment for International Peace.
The report by Minxin Pei, the director of the China programme at the
Washington-based policy study group, says the sums of money expropriated by corrupt officials have risen "exponentially" since the 1980s and cost more than last year's entire education budget.
Mr Pei said: "Even after adjusting for inflation, the sums of money looted by government officials today are astonishing - a relatively low-level official can amass an illicit fortune in tens of millions of yuan."
Mr Pei calculated the cost to GDP using a "conservative assumption" that 10 per cent of land revenues, investment and government spending are "stolen or misappropriated".
This benchmark is difficult to confirm, but it meshes with anecdotal evidence from a number of officials, who privately say that about 10 per cent of the value of all contracts is set aside for illicit payments.
FINFACTS REPORTS THIS WEEK RELATED TO ASIA-PACIFIC
China's trade surplus surged 56% in September to $23.9 billion
China's trade surplus surged 56% in September to $23.9 billion according to the National Bureau of Statistics in Beijing. Today's report coincides with speculation the the People's Bank of China may raise its key rate from 7.29%, by the weekend.
Rise in biofuel production in China and India may cause shortages of water
China's and India's plans to produce more biofuels may cause shortages of water, which is needed for crops to feed their growing populations, according to a water study published on Thursday.
Global banks dominate top deals in Asia; HSBC leads the market in Top 100 company business
International banks have come out on top in markets across Asia, in the latest East & Partners’ Asian Corporate & Institutional Transaction Banking Markets Report.
Dr. Peter Morici: US records $57.6 billion Trade Deficit in August; Deficit lowers GDP $1750 for each Working American
Today, the US Commerce Department reported the August deficit on trade in goods and services was $57.6 billion. This was down from $59.0 billion in July, but the trade deficit still is about 5.0 percent of GDP and remains a big drag on economic growth and incomes. The consensus forecast was $59.0 billion, and my published forecast was $58.1 billion.
India’s annual economic growth could reach sustainable 10% if ambitious reform strategy is pursued says OECD report
India’s annual economic growth could reach a sustainable 10 percent and be spread more evenly across the country if it pursues ambitious and wide-ranging reforms, says a new OECD report.
Asia-Pacific on target to reduce extreme poverty by half; Attain universal education - by Millennium Development Goals' target year 2015
The Asia and Pacific region as a whole is forging ahead on many of the Millennium Development Goals (MDGs), but there is uneven progress within countries and many of the less developed economies need global support to plug some of their key development gaps, says a new report released today in Manila.
ACCESS TO NEW REPORTS FROM OTHER SOURCES
Friday
China's Trade Surplus Swells 56 Percent, Adding Pressure for Stronger Yuan - - China's trade surplus jumped 56 percent in September to $23.9 billion, adding pressure on the central bank to increase borrowing costs and let the yuan strengthen faster to prevent the economy overheating.
Zhou May Leave China Central Bank, Bequeathing Successor Ineffective Tools - - China's next central-bank governor may fare no better than incumbent Zhou Xiaochuan in cooling the world's fastest-growing major economy.
China Stock Index Falls, Ending Six-Day Rally; Vanke, Merchants Bank Drop - - China's stocks fell, halting a six- day rally, on speculation the central bank will raise borrowing costs for the sixth time this year to curb inflation and cool economic growth. China Vanke Co. led the drop among developers and lenders.
Haitong Securities 9-Month Profit Soars 15-Fold, Underscoring China Rally - - Haitong Securities Co., China's second-largest publicly traded brokerage, said nine-month profit surged more than 15-fold, buoyed by the world's best-performing stock market this year. The company's shares rallied.
Currency Reserves Climb to $1.43 Trillion, Driven by Trade Surplus Growth - - China's foreign-exchange reserves, the world's biggest, rose to a record $1.43 trillion at the end of September, adding pressure for faster yuan gains to prevent the economy from overheating.
China approves new free-trade harbor area to boost trade with ASEAN - - The Chinese government has approved plans for the country's fourth harbor area with preferential tax rates in a major step towards a free trade zone with the Association of Southeast Asian Nations (ASEAN).
Yamaha claims 41% motorcyle market share of Indonesia - - Japanese motorcycle manufacturer Yamaha claimed Thursday its market share in Indonesia rose to 41 percent in September 2007 from 28 percent in the same period last year.
Stocks Decline in Tokyo as Nikon and Sony Lead Drop in Technology Shares - - Japanese stocks fell after Goldman, Sachs & Co. said earnings at Nikon Corp. and other semiconductor- equipment makers will drop next year and Sony Corp.'s mobile- phone venture reported its first profit decline in two years.
Confidence Among Japanese Consumers Barely Rebounds From a Three-Year Low - - Japanese household sentiment barely rose from a three-year low in September, a signal that consumer spending is unlikely to accelerate.
Dollar Heads for Weekly Decline Against Euro Before U.S. Retail Sales Data - - The dollar headed for a weekly decline against the euro on speculation its interest-rate advantage will narrow.
Wholesale Inflation in Japan Slows for Third Month on Stronger Currency - - Japan's wholesale inflation slowed for a third month in September as financial-market turmoil triggered by a U.S. housing slump damped commodity prices and strengthened the yen, making imported materials cheaper.
Five-Year Sovereign Notes Gain as Stocks Slide and Auction Demand Climbs - - Japan's government notes advanced, halting a three-day slide, as stocks declined and demand increased at today's auction of five-year notes.
Sony Financial Buoys Japanese IPOs - - The $2.7 billion initial public offering, the largest in Japan this year, is expected to give the IPO market a second wind
Korea Construction Giants Ride Oil Boom - - Oil prices are fueling the Middle East's building surge, which in turn is fueling South Korean builders. Next to benefit: construction company investors
Hyundai's House of Pain - - The Korean company has taken a hard, and embarrassing step in idling its Alabama assembly plant an additional week. The truth is that the company has been parking cars on the fence at the factory all year long. That means they have been building thousands of cars at a time with no dealer orders for them.
Yahoo! Hosts 'Hack Day' in India - - The one-day event attracted some 100 Web developers, who toiled over 24 hours to create new software using the company's application programming interfaces
India's Industrial Production Soars 10.7 Percent, Exceeding Expectations - - India's industrial production growth exceeded expectations in August, accelerating for the first time in five months, as record investment in factories, roads and power plants boosted demand for cement and steel.
Reliance Opens 300 Stores in Year, Falling Short of Target on Protests - - Reliance Industries Ltd., India's most valuable company, has opened less than a third of the retail stores it planned for this year, as opposition from vendors and small shopkeepers forced it to shutter outlets.
Mumbai Stock Index Falls From Record; Reliance, Software Exporters Decline - - India's Sensitive Index fell from a record after some investors judged the recent gains excessive. Reliance Industries Ltd. and Larsen & Toubro Ltd. declined.
Reliance Industries to Expand Oil, Gas, Chemicals Overseas, Ambani Says - - Reliance Industries Ltd., India's biggest company, will expand overseas to build a oil, gas and chemicals global business.
Mahindra to Spend $1 Billion to Raise Automobile Capacity on India Demand - - Mahindra & Mahindra Ltd., India's biggest sport-utility vehicle maker, plans to spend about $1 billion in the next four years to double automobile production capacity as local demand grows.
Suzuki, Maruti and Fiat plan $18 mln investment in India - - Japan's Suzuki Motor Corp, its Indian unit Maruti and Fiat's Magneti Marelli have agreed to invest around 18 million U.S. dollars together to build electronic control units (ECUs) of diesel engines in India, the Maruti Suzuki India Limited (MSIL) said Thursday.
Thursday
Agricultural Bank of China Will Reduce Branches, Trim Bad Debt in Overhaul - - Agricultural Bank of China, saddled with $100 billion of bad loans, may move some of its 14,500 rural branches to independent companies to speed up a government bailout and sell shares for the first time.
Air China to Lose `World's Most Valuable Carrier' Title as Reality Lands - - Air China Ltd. may lose its title as the world's most valuable airline just as quickly as it gained the top spot. The carrier surged past Singapore Airlines Ltd. earlier this year as Chinese airlines' Hong Kong-listed shares have outpaced a 43 percent gain in the Hang Seng Index.
Warren Buffett's Berkshire Further Cuts Stake in PetroChina to 3.1 Percent - - Billionaire Warren Buffett's Berkshire Hathaway Inc. cut its stake in PetroChina to 3.1 percent of the publicly held shares as of Sept. 30, from 5.44 percent five days earlier.
Shanghai Zhenhua Share Sale May Raise $486 Million for Expansion, Reserves - - Shanghai Zhenhua Port Machinery Co., maker of most of the world's quayside cranes, may raise 3.65 billion yuan ($486 million) selling new shares to fund production expansion and enlarge cash reserves.
Mattel Officials Sued by Michigan Fund Over Delay in Reporting Toy Defects - - Mattel Inc. directors and officers knowingly allowed the company to break federal laws by delaying the reporting of defective toys, a shareholder claimed in a lawsuit on behalf of the world's largest toymaker.
EU, China agree to end textile quotas - - The European Union (EU) has agreed with China to end quota restrictions on Chinese textile imports with a joint surveillance system to monitor the trade flow in 2008, the European Commission said on Tuesday.
Two railways in Hong Kong to merge - - Hong Kong's Mass Transit Railway (MTR) announced Tuesday its shareholders had backed the system's proposed merger with the Kowloon-Canton Railway, another railway company in Hong Kong.
Benchmark Indian Stock Index Rises to Second Record: World's Biggest Mover - - India's Sensitive Index rose to the second straight record after minutes from the U.S. Federal Reserve's policy meeting eased concern the world's largest economy will contract. Infosys Technologies Ltd. led advances.
India's Tourism Finance Plans $100 Million Fund to Buy Stakes in Hotels - - Tourism Finance Corp. of India, which has funded the world's top-rated spa, plans to sell shares and set up a $100 million private equity fund to buy stakes in hotels catering to domestic travelers, the chairman said.
IAEA Will Wait Until India Is Ready for Nuclear Safeguards Negotiations - - The International Atomic Energy Agency will wait until India is ready to hold safeguards talks to take forward a civilian nuclear power agreement with the U.S.
Maruti's Auto Sales in India Surpass Parent Suzuki's Sales in Home Market - - Suzuki Motor Corp., Japan's second- largest minicar maker, sold more vehicles in India than its home market for the first time, twenty-five years after it entered the country.
Indian Traders, Vendors Protest in Mumbai Against Wal-Mart, Reliance Entry - - Thousands of small shop owners, street vendors and workers protested in Mumbai today against the entry of companies such as Wal-Mart Stores Inc. and the expansion of Reliance Industries Ltd. in India's retail industry.
India wants 'more inclusive' globalisation - - Warning against social consequences of increasing phenomenon of jobless growth in developing nations, India has said partnerships between governments and private sector can explore means of corporate social responsibility as an instrument for achieving productive employment and decent work for all.
Sony Financial Rises in $2.7 Billion Listing, Biggest Japan IPO This Year - - Sony Financial Holdings Inc. gained as much as 6 percent on its first day of trading in Tokyo after raising 320 billion yen ($2.7 billion) in Japan's largest initial public offering this year.
Japan Shipping Stocks Advance; Consumer Lenders Decline, Led by Takefuji - - Japanese shipping stocks advanced, led by shipping companies including Kawasaki Kisen Kaisha Ltd., after the Baltic Dry Index rose above 10,000 for the first time.
Yen Trades Little Changed Before Bank of Japan's Interest-Rate Decision - - The yen was little changed before the conclusion of a Bank of Japan interest-rate meeting at which economists expects policy makers to keep borrowing costs at the lowest of any major economy.
Japanese Government Bonds May Decline on Speculation Fed Won't Cut Rates - - Japan's government bonds may fall for a third day as signs the U.S. economy is weathering the housing slump reduced speculation that the Federal Reserve will cut borrowing costs this month.
Japan's August Machinery Orders Decline 7.7 Percent After Surging in July - - Japan's machinery orders fell in August after climbing at the fastest pace in almost four years in July.
Nintendo: Calling All Players - - The maker of the Wii now aims to capture both die-hards and newly hooked casual gamers, possibly blurring the line between the two audiences
Prime Time for Japan's Automakers - - The Tokyo Motor Show is a chance for Toyota, Honda, and others to strut their stuff. But there's no escaping slumping demand in Japan
Wednesday
How India Clusters Growth - - By applying new management tools to traditional hubs of manufacturing—such as Tamil Nadu's leather trade—local firms boost competitiveness and quality
Positioning for Power at China's Communist Congress - - No one in the party has the clout to anoint a successor to Chinese leader Hu Jintao, says Hamilton College professor Li Cheng
Sony to launch new PS3, price cuts - - Sony Corp.'s game division said Tuesday it will slash prices of its PlayStation 3 game consoles in Japan by about ¥5,000 next week in step with the launch of a new model equipped with a 40-gigabyte hard disk ahead of the yearend shopping season.
Nissan eyes 2008 entry into Korea - - Nissan Motor Co., looking to counter falling domestic demand, said Tuesday it plans to challenge Hyundai Motor Co. in South Korea's growing vehicle market by introducing Nissan brand models there next year.
Negative factors seen foiling BOJ interest rate hike this week - - The Bank of Japan will probably not raise interest rates this week because confidence at small companies has deteriorated and policymakers are still assessing the effect of the U.S. housing slump on economic growth.
Son of former NEC chief arrested - - The 47-year-old son of former NEC Corp. Chairman Tadahiro Sekimoto was arrested Tuesday on suspicion of embezzling about ¥56 million related to contracts for temporary staffing operations, police said.
Chinese Product Recalls Prompt U.S. House to Raise Cap on Fines Fivefold - - The U.S. House of Representatives, reacting to a surge in recalls of Chinese-made goods, voted to raise fivefold the fines a U.S. consumer watchdog agency can levy against makers of unsafe products.
Asian Stocks Climb in U.S. Trading After Fed Minutes; Cnooc, BHP Advance - - Asian stocks rose in U.S. trading after minutes from the Federal Reserve eased concern the world's largest economy will fall into a recession. BHP Billiton led a rally among commodity shares.
GD Power Development Prices Planned Share Sale, Sets Cap at $413 Million - - GD Power Development Co., a unit of one of China's five largest electricity producers, priced a planned stock sale at 17.52 yuan a share and said the deal will be capped at 3.1 billion yuan ($413 million).
U.S., China Face Five-Year EU Industrial-Salt Tariffs of Up to 72 Percent - - The European Union imposed five-year tariffs as high as 71.8 percent on industrial salts from the U.S., China and Taiwan, targeting exporters including DuPont Co. in a bid to protect German manufacturers.
Excellence, Chinese Property Developer, Plans $1 Billion IPO, People Say - - Excellence Group, the largest property developer in the Chinese city of Shenzhen's Central Business District, may raise $1 billion in a Hong Kong initial public offering, said two people with direct knowledge of the matter.
Chinese share prices close above 5,700 points - - Chinese share prices continued to rise on Tuesday with the benchmark Shanghai Composite Index closing well above 5,700 points.
China's business climate index remains high in Q3 - - China's business climate index, a key gauge of corporate performance, remained high in the third quarter despite a decline following a series of government measures to cool the economy.
Benchmark India Sensex Tops 18,000, Led by Reliance: World's Biggest Mover - - India's Sensitive Index rose above 18,000 for the first time after buying from overseas funds added 1,000 points in only eight sessions. The billionaire Ambani brothers' companies including Reliance Industries Ltd. led gains.
India Needs Employment Law Changes to Achieve 10 Percent Growth, OECD Says - - India may struggle to reach its target of 10 percent annual growth by 2011 unless the government gives companies more freedom to hire and fire workers, the Organisation for Economic Co-operation and Development said.
IAEA Confident of `Fruitful' Talks with India Amid Spat with Communists - - International Atomic Energy Agency chief Mohamed ElBaradei said he is confident of ``fruitful'' talks with India as tensions mount between the government and its communist allies over the country's nuclear policy.
Rupee Rises to 9 1/2-Year High as Benchmark Stock Index Climbs to Record - - India's rupee rose to the highest in 9 1/2 years as the benchmark stock index's rally attracted more investors from abroad.
India's Credit Rating Won't Be Lowered Solely on Nuclear Spat, S&P Says - - India's ruling party's rift with its communist coalition partners may not lead to a cut in the nation's sovereign credit rating from investment grade if the government keeps spending in check, Standard & Poor's said.
India can sustain 10% growth rate: OECD - - India's economic growth can reach a sustainable 10 per cent and be spread more evenly across the country if the government pursues ambitious and wide-ranging economic reforms, Organisation for Economic Cooperation and Development (OECD) has said in a survey.
Indian-Air India merger row reaches SC - - National Aviation Company of India Ltd, the new entity formed after the merger of Indian and Air India, today moved the Supreme Court seeking consolidation of the cases challenging the merger of the two state carriers.
Economy to grow by 9% in '07: S&P - - International ratings agency Standard and Poor's said on Tuesday it expects India's economy to grow by 9 per cent in 2007 and 8.8 per cent in 2008.
Indian cos raise $2.7 bn on AIM in 2006 - - India-related companies and investment funds raised to the tune of 2.7 billion dollar on the Alternative Investment Market (AIM) in 2006.
Yen Trades Near 8-Week Low Versus Dollar as Stock Gains Spur Carry Trades - - The yen traded near an eight-week low against the dollar as gains in global stocks gave traders confidence to increase holdings of higher-yielding assets funded with money borrowed in Japan.
Options Traders Grow More Bearish on Yen as Fed Cut Boosts Risk Appetite - - Options traders are the most bearish on the yen in three months as lower volatility and the Federal Reserve's move to cut interest rates have boosted investor confidence in the global economy and demand for risky assets.
Tuesday/Monday
China Shenhua Energy's Shares Surge in First Day of Trading in Shanghai - - China Shenhua Energy Co., the nation's biggest coal producer, jumped as much as 91 percent on its first day of trading in Shanghai after investors applied for a record 2.66 trillion yuan ($354 billion) of stock.
EU Ministers Seek Stronger Chinese Yuan After Failing to Agree on Dollar - - European finance ministers said China should allow the yuan to appreciate against the euro after failing to find a common position on their currency's rally to a record against the dollar.
GD Power Nine-Month Output Rises 13 Percent on Higher Electricity Demand - - GD Power Development Co., a unit of one of China's five largest electricity producers, increased output in the first nine months of this year by 13 percent to meet rising domestic demand.
MTR Shareholders Vote on Hong Kong Rail Tie-Up Plan Today; Shares Halted - - MTR Corp., the operator of Hong Kong's subway system, will seek minority shareholders' approval today to take over the operations of the city's other train company.
Chinese Mining Companies Are Likely Buy Assets Overseas, Citigroup Says - - Mining companies in China, the largest consumer of copper, iron ore and coal, are likely to buy more metal deposits and oilfields in Africa, Latin America and Australia to feed rising domestic demand, Citigroup Inc. said.
Chinese shares surge to new high on back of investor confidence - - China's benchmark Shanghai Composite Index closed at a new high of 5692.76 points on Monday, the first trading day after the week-long National Day holiday.
Retail sales of consumer goods hit 350 bln yuan in weeklong holidays - - The retail sales of consumer goods in China rose 16 percent year-on-year to almost 350 billion yuan (46.7 billion U.S. dollars) during the week-long National Day holiday, said sources with the Ministry of Commerce on Sunday.
China steps up efforts to promote troubled dairy industry - - China's top economic planner on Monday urged local governments to implement new measures to support dairy farmers by the end of the year.
China's oil, gas pipelines extend 62% over four years - - China saw its oil and gas pipelines extend by 62 percent in the last four years to 48,000 kilometers, according to the National Bureau of Statistics.
China's patent applications exceed 268,000 in first half of 2007 - - China received 268,926 patent applications in the first six months of 2007, up 7.3 percent from the corresponding period last year, according to China Council for the Promotion of International Trade (CCPIT).
Don't Know Li-Ning? Ask Shaq - - The Beijing sportswear company is giving Nike and Adidas a run for the money on the mainland, and its stock is up 300% over the past year
Helping Build Chinese Brands - - J. Walter Thompson's Tom Doctoroff talks about helping companies like Nokia and Lenovo get their messages across to Chinese consumers
Why India's Internet connections are falling - - Here’s some weird news from India: At a time when Internet usage is supposed to be on the rise, the number of Net connections in the country actually dropped in the second quarter, falling from 9.27 million to 9.22 million. As a somewhat incredulous Economic Times reporter comments, “India is possibly the only country in the world where internet connections are falling.”
India's Industrial Production Growth May Slow on Missing Export Target - - India's industrial production growth may slow this year after the government said a stronger currency would make its export target ``difficult to achieve.''
Asian Stocks Rise to a Record, Led by Honda Motor; BHP Billiton Declines - - Asian stocks rose, led by Japanese exporters after the yen weakened against the dollar. BHP Billiton Ltd. and Inpex Holdings Ltd. declined following the biggest slides in copper and crude oil prices in seven weeks.
IAEA Chief ElBaradei Commences Visit to India Amid Nuclear-Policy Spat - - International Atomic Energy Agency chief Mohamed ElBaradei starts a visit to India today that may exacerbate tensions between the government and its communist allies over the country's nuclear policy.
Rupee Weakens on Speculation Central Bank Will Sell Currency to Curb Rally - - India's rupee fell the most this month on speculation the central bank will sell the currency to curb a rally that's eroding export earnings.
Japan's huge ad market still slowing foreign firms - - It's no secret that Japan's advertising market is one of the world's largest. Indeed, the world's biggest advertising firm is a Japanese one.
Chinese suffering from poverty, uneven development, experts say - - The widening economic divide between rural and urban China — and between its coastal and western regions as well — will only get worse as its spectacular economic growth continues, a Chinese scholar warned at a recent symposium in Tokyo.
Sony's Bravia Links the Web to TV - - Sony's gadget wizardry has enabled it to come up with a simple Internet-to-TV bridge, but it will need more content deals to really hook viewers
Stocks Advance in Tokyo on U.S. Outlook, Weaker Yen; Honda, Nintendo Rise - - Japanese stocks gained after a pickup in U.S. hiring supported expectations the world's biggest economy will avoid a recession and the yen weakened against the dollar, boosting the value of exporters' overseas sales.
Bank of Japan May Keep Rate Unchanged as Small Companies' Confidence Wanes - - The Bank of Japan will probably refrain from raising interest rates this week after confidence at small companies deteriorated and as policy makers assess the effect of the U.S. housing recession on economic growth.
Yen Rises as European Officials May Press Asia Nations For Currency Gains - - The yen gained for a second day against the euro as European finance ministers press Asian nations to allow faster currency appreciation.
Simplex Shares Poised to Surge by Limit on Goldman Sachs $1.1 Billion Bid - - Shares in Simplex Investment Advisors Inc., which manages about 200 properties in Japan, were set to rise by their daily limit after Goldman Sachs Group Inc. offered a 43 percent premium in a takeover bid, sending real estate stocks higher.
Sega Sammy Shares Plunge After Video Game Maker Posts Second-Quarter Loss - - Sega Sammy Holdings Inc., creator of the Sonic the Hedgehog video-game character, was bid lower on the Tokyo Stock Exchange after posting a second-quarter loss and saying it may revise its annual profit forecast.
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