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China’s stock market closed on Thursday above the 5,000 points threshold for the first time, as investors remained unfazed about the uncertainty that has affected global capital markets in recent weeks. The Shanghai Composite index rose 1 per cent to close at 5,032.5 points on predictions of strong increases in second half earnings, continuing a rally that has fuelled a share price rise of 88 per cent so far this year. The market has continued to rise this week in spite of an increase in the key lending rate to 7.02% and new rules that allow Chinese citizens to invest money overseas. The index has risen 12.6 per cent since the begining of August and has been largely unaffected by the credit concerns that have hit most other markets, including much of the rest of Asia. On Friday, Bank of China Ltd. had its biggest market fall since going public last year after China's second- biggest bank said it holds almost $9.7 billion of securities backed by U.S. subprime loans, the most of any Asian company. Bank of China shares fell 5.4 percent to HK$3.87 at the market close in Hong Kong after earlier falling. Bank of China raised $11.2 billion in an initial public offering in June 2006. The bank set aside 1.15 billion yuan ($152 million) against possible losses on the subprime-related asset- backed securities. Industrial & Commercial Bank said this week net income jumped 62% to 41.04 billion yuan ($5.4 billion) on higher interest income and an expansion of new businesses. ICBC, which lists shares in Shanghai and Hong Kong, said the figures were based on international accounting standards. Bank of China said net rose 52% to 29.54 billion yuan, also based on international accounting standards. It cited higher interest income and robust growth in fee income. The results highlight the turnaround in China's banking sector from a few years ago, when most of the country's big banks were saddled with bad loans accumulated from years of lending to poorly run State companies. Singapore financial services group DBS Group Holdings Ltd. said Friday it has more exposure to collateralized debt obligations than previously reported, and the Singapore Exchange said it would investigate the matter. A spokeswoman for DBS, Southeast Asia's largest banking group by market capitalization, said the bank has 2.4 billion Singapore dollars ($1.58 billion) worth of exposure to CDOs, more than the 1.3 billion Singapore dollars exposure it initially disclosed Aug. 7 in the wake of the subprime mortgage meltdown in the U.S. The Chinese renminbi/yuan (Mandarin: renminbi - people's currency; yuan -unit) is undervalued and, if it were to float on world foreign-exchange markets, it would rise by as much as 20 per cent against the US dollar. While the rest of the world is grappling with a credit crunch, China’s strict controls on the flow of capital in and out of the country mean it is largely insulated from global financial markets. The People's Bank of China is actively draining liquidity from the financial system and even raising interest rates on Tuesday night.
US bank JP Morgan’s conservative estimate is that at least $100bn of the country’s $2,300bn in individual savings will leave China over the next year, with outflows increasing to $500bn within three years. The Chinese government is concerned to avoid the experience of Japan in the 1980s, when a global shopping spree for high-profile commercial properties and companies, in particular in the US, created resentment and inflated asset prices. The Associated Press reports that China accused the US of being an overly protectionist and uncooperative trading partner and urged the country to loosen its high-technology export controls if it wants to pare its trade deficit with Beijing. The US reported a trade deficit of $235 billion with China last year, and the figure is expected to widen this year. "Recently, the US side has taken a series of measures that betray a strong trade-protectionist sentiment," Assistant Minister of Commerce Wang Chao said at a news briefing. The Commerce Ministry criticized Washington's recent move that reversed 23 years of U.S. trade policy by treating China, which is classified as a nonmarket economy, in the same way that other U.S. trading partners are treated in disputes involving government subsidies. In Tokyo this week, the Bank of Japan kept its key interest rate on hold at 0.50%. An illustration of the tentative performance of the economy of the wealthiest nation on earth, is illustrated by data showing that tThe number of passenger cars owned per household in Japan fell in fiscal 2006, which ended on March 31,2007, for the first time since records started in 1975, sinking to 1.107 at the end of March due to sluggish sales of larger cars. The number of private cars owned by households came to 57.24 million as of March 31, up 0.7 percent from a year before, according to data compiled by the Automobile Inspection & Registration Information Association. Taiwan’s GDP grew by 5.07% in the three months to June 30 from a year earlier, the fastest pace in one and a half years, driven by a jump in private investment. With this momentum, the government raised its growth forecast for the full year to 4.58%, on the basis of a recovery in private consumption. But while analysts agreed that Taiwan will see faster growth this year than last, they cautioned that the boost is mostly a statistical recovery from the island’s crisis in unsecured consumer lending last year. Jonathan Soble writes in the Financial Times that Indian Prime Minister Manmohan Singh is paying a steep political price for his pursuit of a strategic partnership with the US. Domestic resistance to the Indo-US civil nuclear agreement, sealed last month in Washington after two years of gruelling negotiations, has suddenly hardened, exposing the extent to which India’s technocratic prime minister has underestimated the visceral anti-Americanism of the government’s communist allies and the opportunism of the Hindu nationalist opposition. Soble says that it is the gravest crisis to confront the prime minister since he took office at the helm of a minority Congress party-led coalition in May 2004. The left parties, whose support gives the United Progressive Alliance a thin parliamentary majority, have warned of “serious consequences” if the government “operationalises” the deal by starting negotiations on an accompanying safeguards agreement with the International Atomic Energy Association in September. In a report on the visit by Japan's Prime Minister Shinzo Abe to India, the FT says that the leaders of India and Japan on Wednesday pledged a “steady and qualitative” intensification of defence and security co-operation in the latest sign of the increasingly close ties between Asia’s two largest democracies as they grapple with the implications of China’s growing strength. Once again emphasising their “shared values” of democracy, respect for human rights and the rule of law in terms that pointedly excluded Beijing, Shinzo Abe, the Japanese prime minister, and Manmohan Singh, his Indian counterpart, said the Indo-Japanese bilateral relationship had the greatest potential of any in the world. China’s exports of steel and aluminium almost doubled in the first half of this year even while the government in Beijing is seeking to cut sales overseas of such energy-intensive products.The continued strength of the two industries in the face of measures designed to cut their export growth underlines the challenges of the government in refocusing the Chinese economy. Aluminium, steel and cement have been targeted because of the high use of energy in their production, and in the case of smaller and older mills and smelters, high levels of pollution. FINFACTS STORIES FROM ASIA-PACIFIC THIS WEEK: China overtakes UK as world’s second-biggest destination for venture capital investments in 2007 Japan's trade surplus fell in July as motor vehicle exports slowed; Car industry dependent on exports as domestic sales remain at 30-year low Bank of Japan keeps key interest rate on hold at 0.5% China raises benchmark lending rate to 7.02% - the sixth increase since April 2006 Ifo World Economic Climate Indicator signals robust world economy in the second half of 2007 ACCESS TO STORIES FROM OTHER NEWS SOURCES: Friday Japan, N.Z. may share oil in crises - - Japan, Asia's biggest economy, and New Zealand are in talks to share oil stockpiles during natural disasters and emergencies, the two countries said Thursday. $3 billion currency swap agreement reached with India - - Japan and India reached a basic agreement Wednesday to conclude a currency swap pact to help ward off financial crises, Japanese officials said. China to see investment slide: JETRO - - Japanese investment in China, which dropped in the first half of 2007, is unlikely to pick up in the near future as manufacturers scale down investments in the country, a Japanese trade organization said Thursday. Toyota, Isuzu to develop diesel engines for Europe - - Toyota Motor Corp. and its Japanese partner truck maker, Isuzu Motors Ltd., will develop and produce small diesel engines together for the European market, both sides said Thursday. IBM: Star of India - - From inking deals to hiring top workers, Big Blue is beating its tech services rivals The Bank of Japan's Even Keel - - The BOJ opts not to raise ultra-low interest rates amid the U.S. subprime mortgage crisis, even though they may encourage risky investments Stocks Fall in Tokyo on Renewed Concern U.S. Economic Growth May Contract - - Japanese stocks fell after the chief executive of the largest U.S. mortgage lender, said the nation's housing slump may lead to contraction of the world's largest economy. Dollar Set for Weekly Decline Against Euro on U.S. New-Home Sales Report - - The dollar headed for a weekly decline against the euro before a government report that's forecast to show sales of new homes in the U.S. dropped in July to the lowest in seven years. Government Bonds Advance as U.S. Subprime Concerns Revive Flight to Safety - - Japan's bonds rose, pushing 10-year yields toward the lowest in 18 months, on speculation losses tied to U.S. mortgages will slow global economic growth. Nippon Sheet Glass Shares Gain After Company Boosts Forecast on Weak Yen - - Shares of Nippon Sheet Glass Co., the world's biggest supplier of car windows, rose as much as 4.4 percent after the company increased its profit forecast, citing a weaker yen against the pound. Steel Partners Fails to Acquire Japanese Condiments Maker Bull-Dog Sauce - - Warren Lichtenstein's Japanese fund failed to win control of Bull-Dog Sauce Co. after receiving tenders for 1.89 percent of the condiments maker's common stock, it said in a statement today. Green Awareness Low But Rising in Asia - - A new study says governments, not vendors, will be the drivers of eco-friendly initiatives Bank of China Shares Fall in Hong Kong After Disclosure of Subprime Loans - - Bank of China Ltd. led shares of Chinese financial institutions lower after disclosing almost $9.7 billion of securities backed by U.S. subprime loans, the most of any Asian company. Sinopec May Post Biggest First-Half Profit Gain Since 2003 on Oil Refining - - China Petroleum & Chemical Corp., Asia's biggest oil refiner, may say first-half profit rose at the fastest pace in four years because of rising demand for gasoline and chemicals and falling costs for crude oil. PetroChina's Shares Fall in Hong Kong Amid Concern Over Costs, Spending - - PetroChina Co., Asia's biggest oil company by market value, fell in Hong Kong trading amid concern that increased costs and spending may trim earnings. Li Ka-Shing Uses Asset Sale to Keep Hutchison's Profit Growing -- Again - - Hong Kong billionaire Li Ka-shing used another asset sale to keep profit growing at his biggest company and cover a fourth year of losses on high-speed wireless services. Some investors aren't convinced he can keep it up. "Special war" launched to raise quality - - The government Wednesday declared a four-month "special war" against poor product quality and supervision after a spate of safety concerns over Chinese products worldwide. Chinese share prices hit new high with major index above 5,000 points - - Chinese share prices hit new high on Thursday, as major index closed above the 5,000-point mark since China established stock market 18 years ago. China's biggest bank ICBC reports 61-pct growth in profits - - The Industrial and Commercial Bank of China Ltd. (ICBC) on Thursday reported a 61.4 percent year-on-year increase in its first-half profit after tax. China's home appliance maker Haier reports 37-pct growth in profits - - Chinese home appliance maker Qingdao Haier on Thursday announced first-half net profits were up 36.9 percent from the same period last year as the company tried to expand the international high-end market. China: Pork price drops for two weeks, vegetable prices soar - - The average wholesale price of pork from Aug. 13 to 19 saw a week-on-week drop of 1.4 percent, according to the Ministry of Commerce. Kloppers Says BHP `Pushing Agressively' Into India as Metals Demand Gains - - BHP Billiton Ltd., the world's biggest mining company, is ``pushing aggressively'' into India as it seeks to boost sales in one of the world's fastest growing economies. Asian Stocks Snap a Four-Day Rally as BHP, Posco Slide; Canon Advances - - Asian stocks fell for the first time in five days after the chief executive of the biggest U.S. mortgage lender said the world's largest economy may be headed for a recession. Holcim Offers $1.34 Billion to Acquire Control of India's Ambuja Cements - - Holcim Ltd., the world's second- biggest cement maker, increased profit more than analysts estimated on expansion in China and India and may acquire a controlling stake in Ambuja Cements Ltd. of India. India Becomes Nokia's Second-Largest Market in First Half, Surpassing U.S. - - Nokia Oyj, the world's largest mobile-phone company, said India surpassed the U.S. in the first half of the year to become its second-largest market by sales after China. Thursday Toyota may draw a bead on India's small-car market - - Toyota Motor Corp. said Wednesday it may bring out a small car in India in two years as it tries to grab market share from Suzuki Motor Corp. in Asia's fourth-largest economy. Nissan's latest release: revamped X-Trail SUV - - Nissan Motor Co. introduced a revamped X-Trail sport utility vehicle Wednesday in a bid to slow a domestic sales slump. LCD TV sales unit debuts in Moscow - - Sharp Corp. has set up a sales unit in Moscow to improve sales of its Aquos liquid crystal display televisions in the fast-growing Russian market, company officials said Wednesday. Toyota aims to be first to sell 10 million vehicles in a year - - Toyota Motor Corp. plans to become the world's first automobile group to annually sell more than 10 million vehicles in 2009, company sources said Wednesday. Abe: India on FTA fast track - - Prime Minister Shinzo Abe called Wednesday for the rapid completion of a free-trade agreement with India and pledged to help finance a $90 billion freight corridor to spur a doubling of investment in the South Asian nation. No Stopping Chinese Stocks - - The CSI 300 index blasted through 5000 on Aug. 22 in spite of an interest-rate hike and market swoons elsewhere Broadband Flows Into Indian Homes - - According to JuxtConsult, the Internet population in urban India grew 28% between April 2006 and April 2007 The China Code - - Manufacturing in China seemed like a good idea. Then came poisonous pet food, faulty tires, and toxic toys. What to do now Chery to boost foreign plants - - Chery Automobile Co, the biggest Chinese passenger car brand by unit sales, will build more plants abroad as part of its overseas sales strategy. Quality labeling aims to curb illegal food exports - - Foreign food importers will be able to tell certified Chinese food products from fake ones thanks to a "CIQ" mark that all legal food exports are required to carry on their packaging from next month. China's trade promotion council to open representation office in Costa Rica - - China's Council for the Promotion of International Trade (CCPIT) will set up its representative office in Costa Rica by the end of 2007, the vice president of the council said here on Tuesday. Citic Securities to Raise $3.3 Billion in Share Sale to Fund Acquisitions - - Citic Securities Co., China's biggest publicly listed brokerage, may raise 25 billion yuan ($3.3 billion) selling stock to fund acquisitions and underwriting businesses in the world's best-performing stock market. Yangtze Power Plans $1.05 Billion Bond Sale to Repay Loans, Buy Generators - - China Yangtze Power Co., operator of the world's biggest hydropower project, plans to sell as much as 8 billion yuan ($1.05 billion) of domestic bonds to pay bank loans and buy generators. Monopoly Fails to Help China Communications Construction as Shares Stumble - - China Communications Construction Co. builds 90 percent of the ports in the world's fastest-growing major economy. That virtual monopoly is one reason investors bid the shares up faster than any of the 87 companies in the MSCI China Index from their December debut to July 31, when they peaked. Four U.S. Toymakers Recall China Products Including Books, Tops, Jewelry - - Four U.S. toy companies recalled more than 340,000 products made in China ranging from spinning Curious George tops to SpongeBob SquarePants journals due to lead-content levels that can be toxic for young children. Citic Bank's First-Half Profit Jumps 87 Percent on China's Growing Loans - - China Citic Bank Corp. said first- half profit rose 87 percent from a year earlier as it lent more to companies and received preferential tax treatment. Singh Expects India's Communists to Drop Opposition to U.S. Nuclear Accord - - Indian Prime Minister Manmohan Singh said he's confident of winning Communist support for a nuclear accord with the U.S., overcoming the resistance of allies who have demanded the government halt talks. Toyota May Sell First Small Car In India To Challenge Suzuki, Honda Motor - - Toyota Motor Corp., the world's biggest automaker by market value, may start selling a small car in India in two years to challenge Suzuki Motor Corp.'s dominance of Asia's fourth-biggest automobile market. Japan's Abe, India's Singh Pledge to Boost Trade, Security Ties at Summit - - Japanese Prime Minister Shinzo Abe and his Indian counterpart Manmohan Singh pledged to deepen ties in trade and investment and boost efforts to strengthen the region's defense and energy security. Air India to Join Global Alliance, Start Europe Hub to Take on Competition - - Air India Ltd., the nation's biggest overseas carrier, will join an alliance of global airlines and set up a hub in Europe to take on increasing competition for flights to North America. Canon's India Sales Rose 50 Percent in the First Half on Cameras, Copiers - - Canon Inc., Japan's most profitable office equipment maker, said sales in India rose 50 percent in the first half of this year as the fastest wage growth in Asia- Pacific buoyed demand for digital cameras and copiers. Abe misses N-word, talks of ‘broader Asia’ - - Unveiling his concept of "broader Asia", Japanese Prime Minister Shinzo Abe on Wednesday pitched in for closer cooperation between his country and India in defence, security and economic fields to create an "arc of freedom and prosperity" in the region. Stocks Climb as Concern Eases Over U.S. Loan Defaults; Honda, Banks Gain - - Japanese stocks advanced after Countrywide Financial Corp. gained new capital from Bank of America Corp., boosting investor confidence the fallout from increasing mortgage loan defaults will be contained. Yen Declines to One-Week Low as Global Stock Advance Spurs Carry Trades - - The yen fell to a one-week low against the dollar and the euro as gains in stocks gave investors confidence to borrow in Japan to buy riskier assets elsewhere in so-called carry trades. Government 10-Year Bonds Decline After Gain in Stocks Damps Debt Demand - - Japanese 10-year bonds fell on speculation a recovery in global stocks will cut demand for the relative safety of government debt. Skymark Airlines' Sales May Surge on More Low-Fare Passengers in Japan - - Skymark Airlines Inc., Japan's largest low-fare carrier, forecast a 22 percent increase in second-quarter sales as it flies more passengers. Mazda, Honda and Toyota Shares Rise as Yen Weakens Against Dollar, Euro - - Mazda Motor Corp., which exports about 75 percent of domestic production, and Honda Motor Co., Japan's second-largest carmaker, rose on the Tokyo Stock Exchange as the yen weakened against the dollar and euro. Wednesday Japan to ask ASEAN to eliminate tariffs - - The government will propose an agreement with the Association of Southeast Asian Nations that would scrap tariffs on 9,000 Japanese goods exported to the region, according to an official at the Ministry of Economy, Trade and Industry. Nippon Sheet to build India plant - - Nippon Sheet Glass Co. said Tuesday it will build a plant in India to manufacture glass for vehicles at a cost of about 15 million euro, or ¥2.3 billon, through its British subsidiary Pilkington Group Ltd. D&M acquires British audio firm - - D&M Holdings Inc. has acquired British audio manufacturer Calrec Audio Ltd. in a bid to offer commercial audiovisual equipment worldwide, the company said Tuesday. Mixed Reviews for Sony's E-Waste Plan - - Environmental groups criticize the tech giant because it won't bear the entire cost of recycling its products in the U.S. Samsung Expects Rise in Chip Earnings - - Third-quarter operating profit in its memory chip business should double or triple from the previous quarter China to raise benchmark interest rate by 27 basis points - - China will raise one-year deposit and loan interest rates by 27 basis points to 3.6 percent and 7.02percent respectively as of Aug. 22, the central bank announced on Tuesday. S Korea orders Hyundai Motor to recall Veracruz SUVs - - South Korea's Transportation Ministry ordered Tuesday Hyundai Motor Co. to recall 6,286 Veracruz sport utility vehicles (SUV) on South Korean market due to a fault in engine pump that could cause a fire in case of a head-on collision. Chinese share prices continue to hit record high - - Chinese share prices continued an upward trend on Tuesday as the benchmark Shanghai Composite Index went up 1.02 percent, or 50.35 points, to 4,955.20. China Southern Airlines orders 55 Boeing 737s - - China Southern Airlines said on Tuesday that it has signed a deal with Boeing to buy 55 Boeing 737s to meet rising market demand and renew its fleet. Company launches multilingual business search engine for China - - A U.S. company announced Monday it officially launched its China-based business search platform, from which internet users can search information about companies and businesses in English, Chinese and Spanish. India's new options luring World Inc - - More corporates from across the world are keen on setting up operations in India, ranked the top destination for investments and acknowledged as being strategically important to them by global businesses. China Raises Interest Rates for a Fourth Time This Year to Cool Economy - - China raised interest rates for the fourth time since March to cool the world's fastest-growing major economy after inflation surged to a 10-year high and the key stock index doubled. China Vanke Will Raise Up to $1.3 Billion Selling Yuan-Denominated Shares - - China Vanke Co., the nation's largest publicly traded developer, plans to raise as much as 10 billion yuan ($1.3 billion) selling new shares. Angang Steel's Second-Quarter Profit Rises 24 Percent on Alloy Price Gains - - Angang Steel Co., China's third- biggest steel producer, reported a 24 percent gain in second- quarter profit because of higher metal prices. Pudong Bank's First-Half Profit Jumps 59 Percent on China's Lending Growth - - Shanghai Pudong Development Bank Co., the Chinese partner of Citigroup Inc., said first-half profit rose 59 percent because of more loans and fees from financial services such as distributing mutual funds. Hutchison Telecom Says First-Half Profit Soars After India Stake Sale - - Hutchison Telecommunications International Ltd., a mobile-phone company controlled by billionaire Li Ka-shing, said first-half profit soared on a one- time gain from the sale of its stake in an Indian carrier. JSW Steel Will Spend $900 Million to Buy Mills in First U.S. Acquisition - - JSW Steel Ltd., India's fourth- biggest steelmaker by market value, said it plans to spend $900 million to buy mills in the U.S., its first acquisition in the world's biggest economy. Kingfisher Airlines Applies to Start Flights to San Francisco, New York - - Kingfisher Airlines Ltd., owned by India's biggest brewer, plans to start flights to the U.S. by April, becoming the first private Indian airline after Jet Airways (India) Ltd. to tap the lucrative North American market. Mukesh Ambani Expects Reliance to Earn Higher Profit From Refining Fuels - - Mukesh Ambani, chairman of Reliance Industries Ltd., India's most valuable company, expects to earn higher profit from processing crude oil into fuels on rising demand for gasoline and diesel. India Aims to Attract $5 Billion in Investment From Japanese Companies - - India aims to attract $5 billion in foreign investment from Japanese companies, Indian Commerce and Industry Minister Kamal Nath told the largest-ever Japanese business delegation to the country today. Siemens to Make India Global Sourcing Base, Double Sales in Three Years - - Siemens AG, Europe's largest engineering company, aims to double sales at its Indian unit in the next three years, Chief Executive Officer Peter Loescher said in Mumbai today. Japan's Trade Surplus Narrowed 21 Percent in July as Export Growth Slowed - - Japan's trade surplus narrowed in July as automobile exports cooled, heightening concern that growth in the world's second-largest economy may slow. Stocks Fall in Tokyo on Oil Price, Stronger Yen; Toyota, Nippon Oil Drops - - Japanese shares dropped, paced by commodity-related stocks after the price of crude oil fell below $70 a barrel for the first time since June. Mitsubishi Corp. led declines. Yen Extends Advance as Higher Volatility Raises Risk of Carry Trade Bets - - The yen advanced for a second day against the euro as rising volatility related to credit market turmoil increased the risk for investors to hold carry-trade bets financed by borrowing in Japan. Ten-Year Bond Futures Advance as Investors Seek Safety of Government Debt - - Japan's 10-year bond futures rose on speculation investors will seek the safety of government debt on concern the subprime loan crisis will keep spreading. Third Avenue Fund Manager Wadhwaney Sees `Great Value' in Japanese Stocks - - Amit Wadhwaney, a fund manager at New York-based Third Avenue Management LLC, says the secret of success to investing in Japan is patience. Tuesday Households owning fewer cars - - The number of passenger cars owned per household in Japan fell in fiscal 2006 for the first time since records started in 1975, sinking to 1.107 at the end of March due to sluggish sales of larger cars. Abe to lead huge biz entourage to India - - Prime Minister Shinzo Abe, who says relations with India may become more important than Japan's links with the U.S. or China, will lead his biggest corporate mission to the South Asian country Tuesday. Abe and Indonesia's Yudhoyono sign FTA - - Prime Minister Shinzo Abe and Indonesian President Susilo Bambang Yudhoyono signed a bilateral free-trade agreement Monday and confirmed a shared commitment to fighting global warming beyond 2012. Wild Market Ride Lifts Korean Exporters - - The recent turbulence put the brakes on the Korean won's steady gains against the U.S. dollar, a needed lift for Hyundai, Kia and Samsung Google Plans More Acquisitions in China - - The search giant plans to acquire one or two Chinese companies to gain ground on rival Baidu.com Mainland investors allowed to buy overseas shares - - Mainland residents will, for the first time, be allowed to directly invest in overseas securities under a pilot program to be launched in the northern port city of Tianjin. China stocks rise 5% as global markets rally - - China's main stock index jumped more than five percent on Monday, as global markets rallied after the U.S. Federal Reserve cut discount rate on loans to banks on Friday. Chalco's Profit Falls for First Time in Five Years on Alumina Price Cuts - - Aluminum Corp. of China Ltd., the world's second-biggest producer of alumina, reported its first profit decline in five years after cutting prices of the material used to make aluminum. China Southern Air Returns to Profit in First Half After Travel Increases - - China Southern Airlines Co., the nation's largest carrier, returned to profit in the first half, helped by a stronger yuan and growing travel. Google Invests in Chinese Social Network Site, Competing With Baidu.com - - Google Inc., owner of the most popular Internet search engine, invested in Chinese Web site Tianya.cn, heightening competition with Baidu.com Inc. China Oriental Sues Shareholder Chen in Takeover Battle for Steelmaker - - China Oriental Group Co. said it sued shareholder Chen Ningning, who seeks to take over the Chinese steelmaker, for breaching her duties as a director by giving false information to the company for personal gains. Abe Leads Record Japan Business Mission to India to Boost South Asian Ties - - Japanese Prime Minister Shinzo Abe, who says relations with India may become more important than links with the U.S. or China, leads his biggest corporate mission to the South Asian country tomorrow. Shares in India Rally After Fed Rate Cut Halts Global Equity Sell-Off - - Indian stocks rose, mirroring gains in the global markets after the U.S. Federal Reserve unexpectedly cut its discount rate, easing concern about a widening credit crisis in the world's biggest economy. Reliance Industries Ltd. and ICICI Bank Ltd. led advances. India's Credit Bureau to Evaluate 100 Million Borrowers to Curb Defaults - - Indian banks will be able to check starting November the creditworthiness of 100 million borrowers before extending fresh loans in the first nationwide rating system aimed at reducing defaults. Rupee Gains Most in Three Months on Optimism Funds Buying Local Stocks - - India's rupee rose by the most in more than three months on optimism overseas investors are returning to buy local equities after Asian stocks rallied today. Blackstone Group to Acquire 50.1 Percent Stake in India's Gokaldas Exports - - Blackstone Group LP, manager of the world's largest private-equity fund, plans to acquire a 50.1 percent stake in Gokaldas Exports Ltd., India's largest garment exporter, from the founders. Stocks in Tokyo Rise for Second Day, Led by Toyota; Inpex Drops With Crude - - Japanese stocks rose for a second day, led by Toyota Motor Corp., on continued speculation the worst of the turmoil related to subprime mortgage losses is over for global equity markets. Yen Strengthens as Increase in Volatility Diminishes Appeal of Carry Trade - - The yen gained against higher- yielding currencies such as the Australian and New Zealand dollars as rising volatility increased the risk of buying assets with money borrowed in Japan. Bonds May Fall for Second Day on Speculation Stock Gain to Cut Debt Demand - - Japanese bonds may fall for a second day on speculation a recovery in global stocks will reduce demand for the relative safety of government debt. Kenedix and Pacific Management, Running Out of Land Bargains, Mull Buyouts - - Kenedix Inc. and Pacific Management Corp., Japan's second- and third-largest real estate asset managers, may buy out smaller rivals as they find it harder to find bargains in Tokyo's resurgent property market. Bank of Japan Adds 800 Billion Yen to System, Sixth Injection in 8 Days - - The Bank of Japan added 800 billion yen ($6.97 billion) to the money market at 9:20 a.m. in Tokyo, one of the two scheduled times a day the monetary authority adjusts funds in the financial system. Monday Time for BOJ to reflect on role in U.S. credit market meltdown - - The problem with the U.S. subprime mortgage market — housing loans made to high-risk borrowers — had a global impact on markets this month, forcing monetary authorities in Japan, the United States and Europe to pump huge amounts of liquidity into money markets to prevent a credit crunch. China: The Economics of the Pork Biz - - A swine flu has decimated pig stocks and contributed to a big runup in food prices, though few see China's overall inflation rate getting too much out of hand China's Gold Medal Spin Doctors - - Beijing's Olympic organizers have responded with surprising public-relations savvy to controversies over forced labor and Darfur. Degussa expands operations in China - - Degussa, a specialty chemicals supplier from Germany, is expanding its operations in China, planning to boost sales in the country to 800 million euros in 2009. New rules for stock trading to curb irregularities - - The Shanghai Stock Exchange (SSE) on Sunday announced new rules for stock trading to prevent and curb irregularities. China to rectify and regulate drug market - - China's drug watchdog has ordered a scrutiny of the country's drug and medical devices market to unearth unlawful behaviors and curb corruption. Singaporean PM: Turbulence in financial markets may affect Asia - - Singapore's Prime Minister Lee Hsien Loong warned on Sunday night that the recent turbulence in global financial markets may affect economies in the United States, Europe and Asia in the coming three to six months. Chinese automakers report 65.8% rise in profits in first half - - Chinese automakers saw their total profits grow 65.8 percent in the first half of the year as the country's auto industry maintained strong growth momentum. Passengers of Chinese airlines jump 16.7% in 1st half - - Passengers carried by Chinese airlines rose 16.7 percent over the same period last year to 86.7 million in the first half of 2007, the civil aviation regulator said here Saturday. Indian lender gets nod to sell stake to foreign players - - Indian lender ICICI bank has won government approval to sell 24 percent of its stake in its subsidiary ICICI Financial Service to foreign players, the Economic Times said Saturday. First China-made 1.5 megawatt wind-power generator hits market - - China's first 1.5 megawatt (1, 500 kW) wind-power generator with completely independent intellectual property rights has rolled off the assembly line in the southern Guangdong province. Chinese SOEs, Australian firm team up to vie for railway and port project - - Five Chinese central state-owned enterprises (SOEs) have signed an agreement with Australian Yilgarn Infrastructure Ltd. to jointly compete for a railway and port project in Australia. New Zealand to invest $12 mln in China to expand trade - - New Zealand Trade and Enterprise (NZTE) is to invest 12 million U.S. dollars in China to boost trade and promote its businesses. Industrial Bank Plans $6.6 Billion Bond Sale in China to Replenish Capital - - Industrial Bank Co., China's best- performing banking stock, said it plans to raise as much as 50 billion yuan ($6.5 billion) in the nation's biggest bond sale to boost capital and finance loan growth. China's Stocks Rise Most in Seven Months; Industrial Bank, Lenders Gain - - China's stock index rose the most in seven months. Industrial Bank Co. led a gain among lenders after reporting profit doubled and disclosing plans to raise 50 billion yuan ($6.6 billion) in the nation's biggest bond sale to expand. Chalco May Report First Half-Yearly Profit Decline in Five Years on Prices - - Aluminum Corp. of China Ltd., the world's second-biggest producer of alumina, may report its first profit decline in five years after cutting prices of the material used to make aluminum. Yuan Swaps Trading to Start in China's Interbank Foreign Exchange Market - - China will start yuan swaps trading in the interbank foreign-exchange market to help companies hedge their currency risk, the central bank said on its Web site. China National Building $461 Million Venture to Develop Cement Business - - China National Building Material Co. agreed to form a 3.5 billion yuan ($461 million) venture to develop its cement business and acquire assets. Abe Leads Record Japan Business Mission to India to Boost South Asian Ties - - Japanese Prime Minister Shinzo Abe, who says relations with India may become more important than Japan's links with the U.S. or China, leads his biggest corporate mission to the South Asian country tomorrow. Shares in India Rally After Fed Rate Cut Halts Global Equity Sell-Off - - Indian stocks rose after the U.S. Federal Reserve unexpectedly cut its discount rate, halting a global equity sell-off that erased more than $5.5 trillion of market value. Reliance Industries Ltd. led advances. India Committed to Atomic Energy After Communist Allies Protest Agreement - - Prime Minister Manmohan Singh said India is committed to atomic power after his communist allies threatened to withdraw support to the ruling coalition because of a nuclear accord with the U.S. Pantaloon Retail to Raise Funds for New Stores; Plans IPO of Finance Unit - - Pantaloon Retail India Ltd., the nation's biggest publicly traded retailer, said it will sell shares and offer a stake in its finance unit to raise funds for new stores in the world's second-fastest growing major economy. Rupee Gains Most in Three Months on Optimism Funds Buying Local Stocks - - India's rupee rose by the most in more than three months on optimism overseas investors are returning to buy local equities after Asian stocks rallied today. India to grow at 8.5-8.7%: ASSOCHAM - - India's economic growth is expected to slow to 8.5-8.7 per cent in the year to March from 9.4 per cent a year earlier as high interest rates and erratic power supplies affect factory output, ASSOCHAM said in a report on Saturday.Shares in Tokyo Rally Most Since July 2006 on Fed's Rate Cut; Canon Surges - - Japanese stocks advanced by the most in more than a year after the Federal Reserve unexpectedly cut the discount rate to ease credit, boosting stocks in the U.S. and Europe. Yen Weakens Against Euro as Stock Markets Across Asia Rebound from Slump - - The yen fell against the euro and the dollar for a second day as a rebound in stock markets across Asia prompted investors to borrow in Japan to buy higher-yielding assets. Government Bonds Decline After Fed's Discount Rate Reduction Boosts Stocks - - Japanese five-year notes declined after a reduction in the Federal Reserve discount rate spurred a rebound in global stocks, damping demand for the safety of debt. Fukui Will Keep Pushing for Higher Rates, Defying Government, IMF Pressure - - Bank of Japan Governor Toshihiko Fukui may say no to an interest-rate increase this week. It won't be his last word on the subject. Canon Expects to Regain Top Share of Japan SLR Camera Market By Year-End - - Canon Inc. expects two new cameras to help the company reclaim its position as Japan's largest producer of digital single-lens reflex models from Nikon Corp. by year-end. © Copyright 2007 by Finfacts.com |
