Asia-Pacific Business Week
Asia-Pacific Business News - - Week October 05, 2007
By Finfacts Team
Oct 6, 2007, 14:48

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Kim Jong Il, North Korean Chairman of the National Defense Commission, greets Roh Moo-hyun, South Korean President, in Pyongyang, capital of the last remaining hardline communist dictatorship, the Democratic People's Republic of Korea. In the background, are handpicked members of the brutalised population, in a choreographed reception, waving artificial bunches of Kimjongilia, the national flower, which is a type of begonia. - - "The Declaration on the Advancement of South-North Korean Relations, Peace and Prosperity, signed by South Korean President Roh Moo-hyun and North Korean Chairman Kim Jong Il of the National Defense Commission, has opened a new era of peace and prosperity in the inter-Korean relations.

Through signing the Declaration, President Roh and Chairman Kim have reconfirmed their firm will for the establishment of peace on the Korean Peninsula and denuclearization of the peninsula. The two leaders agreed to speed up the construction of a common economic bloc for the South and the North to seek co-prosperity through economic cooperation in various fields."

Asia-Pacific general and business news this week was dominated by the Korea summit but it was reported that South Korea is expected to face difficulties in securing funds to finance a range of large-scale economic cooperation projects agreed to between the leaders of the two Koreas on Thursday.

The Roh Moo-hyun administration has said it will attract funds from the World Bank and other international financial institutions, as well as from the private sector, for the envisioned inter-Korean projects.

But many bankers and analysts here say that most international financial organizations are reluctant to provide funds because of uncertainness associated with the Stalinist state, including its nuclear weapons development program. More - The Korea Times.

The Wall Street Journal Asia says that China's growing prominence in launching European-built commercial satellites is sparking criticism and even tentative calls for retaliation from some U.S. lawmakers and aerospace-industry officials.

The criticism is focused on the thriving partnership between Thales SA, a French commercial-satellite manufacturer, and China's state-run rocket industry, which aims to become a major launch provider for civilian spacecraft. In addition to questions about competition, the debate has stirred broader U.S. national-security and export-control issues because Thales has a dual role as a subcontractor on certain sensitive Pentagon programs. Critics of the alliance say China could end up with U.S. technology though the relationship.

Thales, which has erected internal firewalls and other safeguards to protect U.S. technology, said it "continues to be fully transparent with U.S. government officials" regarding the company's commercial-space activities world-wide. It said all units doing business with U.S. customers "work closely with government officials to adhere" to U.S. export controls.

To expand in rapidly developing economies, Boston Consulting's Jim Hemerling says, global companies can't limit themselves to the market's top end.

Consider the following five countries: China, India, Brazil, Russia, and Mexico. With a combined population of approximately 2.9 billion people, they have nearly 10 times the U.S. population. Their combined gross domestic product approaches $5.8 trillion—nearly half the U.S. GDP. Several of the economies are growing at breathtaking rates: approximately 11% last year in China and more than 9% in India, far exceeding the 3.3% U.S. growth rate. They have expansive industrial sectors—accounting for 48% of China's GDP, 19% of India's, 20% of Brazil's, 26% of Mexico's, and nearly 37% of Russia's. And their domestic markets are hungry for Western products and technology, with China alone importing some $780 billion worth of goods last year, Mexico importing $253 billion, India $188 billion, Russia $171 billion, and Brazil more than $91 billion. (These statistics are from the CIA World Factbook and the Economist Intelligence Unit.) More - Business Week Asia.

The Financial Times reports that Taiwan has held talks with some of the world’s leading exchanges over potential tie-ups as it prepares its stock market for an initial public offering.

The government decided this week to bring Taiwan Stock Exchange, Taiwan Futures Exchange (Taifex), the over-the-counter market and the Taiwanese clearing house under a common holding company next year, called Taiwan Securities Exchange, which would then be listed.

India remains the most favoured outsourcing destination, according to CyberMedia's Global Services survey on Emerging Outsourcing Destinations in 2007.

Even as fears that the rupee appreciation and rising wage costs would blunt its edge, India still boasts of the largest number of cities (6) which figure among the top 50 emerging cities, followed by China (5), Brazil (3), the Philippines (3) and USA (3), among others.

The study identified Asia and East Europe as the favoured destinations for information technology (IT) and business process outsourcing (BPO), as 19 Asian and 12 East and Central European nations featured in the list of the top 50 emerging outsourcing cities globally. Bangalore, New Delhi, National Capital Region (NCR), Manila, Mumbai and Dublin dominated as the top five cities that have established themselves as prime outsourcing cities by servicing the global corporate world for over a decade, the study said.

The study, conducted in association with investment advisory firm Tholons, shows that outsourcers consider process maturity, availability of relevant skills and costs in the individual city as the top reasons before deciding on the location for IT and BPO services outsourcing. Avinash Vashistha, Chairman and CEO, Tholons points out, ""With the demand-supply gap widening, newer tier II cities will play a critical role in re-engineered globalisation models."

The top three emerging outsourcing cities world-wide from India are Chennai, Hyderabad and Pune. While Kolkata ranked fifth, followed by Kolkata in the ninth spot. The list aslo features three cities from China and two from Vietnam. With most of the large IT companies setting up base there, Chennai was identified as an established location for automotive engineering services, product development, FAO and health-care BPO. While Hyderabad gained its place due to the preference of the large corporates and the support of the government that is planning to create 250,000 new IT jobs in the next two years.

China's Permanent Representative to the UN said on Friday that the current situation in Myanmar (Burma) does not pose any threat to international or regional peace and security, and that the Security Council should adopt a prudent and responsible approach while handling the issue.

Pune also earned its place as an outsourcing destination due to lower operating costs and low attrition rates compared to the other metros. And Kolkata’s IT industry is growing at 70% per annum, along with sound educational infrastructure, lower costs and even lower attrition rates helped it to gain the fifth spot. Owing its ninth place to its planned facilities like telecom, power and road infrastructure and new Chandigarh Technology Park Chandigarh is home to major IT companies like, like Dell, Quark, Net Solutions, Netsoft Global Solutions.

In terms of function, Bangalore topped the list for Application Development and Maintenance and Testing. NCR was took the top spot as the established destination for business analytics, contact centres. While Mumbai dominated the finance and accounting space.

FINFACTS REPORTS THIS WEEK RELATED TO ASIA-PACIFIC

Dr Peter Morici: Why the Europeans should take their Complaints about the Weak US Dollar to Beijing; Economic Forecasts Weeks Oct 8th and 15th
The euro has risen about 10 percent against the dollar and the yen over the last year, and this is giving European exporters and politicians fits. Predictably, US Treasury Secretary Henry Paulson is getting pressure from European colleagues to take action.

OECD Composite Leading Indicators signal a weakening outlook for most major global economies
The latest composite leading indicators (CLIs) suggest that a moderation in economic expansion lies ahead in the OECD area. August 2007 data show weakening performance in the CLI’s six month rate of change in all the major seven economies. The latest data for major OECD non-member economies point to moderating expansion in China, India and Brazil, but an improved outlook for Russia.

New Power Brokers - petrodollar investors, Asian central banks, hedge funds, and private equity - playing increasingly important role in the world’s financial markets
McKinsey Global Institute (MGI), a unit of US consulting firm McKinsey, says that four actors—petrodollar investors, Asian central banks, hedge funds, and private equity—are playing an increasingly important role in the world’s financial markets. Although none are new, their rapid growth since 2000 has given them unprecedented clout.

World Bank: India increasingly becoming a top Global Innovator but can do much more to reach its full innovation potential
India is increasingly becoming a top global innovator for high-tech products and services, but the country can do much more to reach its full innovation potential, especially by bringing the benefits of innovation to the poor, says a World Bank report released today.

US Republican Party voters join Democrats in opposing free trade; Foreign trade is seen as bad for the US economy
The overseas earnings of large US companies may well be shielding the US economy from a recession at a time when the housing market is in a steep slump but voters of the traditionally pro-business Republican Party, by a nearly two-to-one margin, believe free trade is bad for the US economy, a shift in opinion that mirrors Democratic views and suggests trade deals could face high hurdles under a new president.

China's manufacturing sector accelerated in September; Threat of sharp downturn after the Olympics in 2008
Latest survey data, published in Hong Kong on Tuesday, highlighted a robust and accelerated rate of improvement in the health of the Chinese manufacturing sector in September.

ACCESS TO NEW REPORTS FROM OTHER SOURCES

Friday

Roh and Kim ended - - their summit, the second ever between leaders of North and South Korea, by signing an agreement to continue talking about economic opportunities and a formal peace treaty.

The big steel - - Spot prices for gold and iron ore have shot up on the back of China's construction boom, challenging the tradition of price benchmarking

Asian Stocks Advance for Third Week as U.S. Credit-Market Concerns Ease Asian stocks gained for a third week and reached a record after former U.S. Federal Reserve Chairman Alan Greenspan and Citigroup Inc. suggested that losses in credit markets will abate.

Japan's Forex reserves increase to record of $946 billion - - Japan's foreign-exchange reserves hit a record $945.60 billion in September, up for the fourth consecutive month due to valuation gains in holdings of U.S. Treasuries driven by a fall in interest rates, the Finance Ministry said Friday.

Japanese Bonds Post Weekly Decline as Stock Gains Erode Demand for Debt Japan's government bonds posted a weekly decline, pushing 10-year yields up by the most since Sept. 21 as a rally in global stocks reduced demand for the relative safety of government debt.

Philippine Peso Gains to 10-Week High; Malaysian Ringgit, Rupiah Advance The Philippine peso rose to the highest in 10 weeks against the dollar on speculation the central bank prefers a strengthening currency.

BG, Partners Boost Gas Output From Fields Off Western India by 48 Percent BG Group Plc, the U.K.'s third- biggest natural-gas producer, and its partners have boosted gas output from fields off western India by 48 percent to feed the nation's growing demand for energy.

More work to do before poll: PM - - Prime Minister John Howard has effectively ruled out calling the federal election on Sunday as Australia's largest bookmaker tipped up to 18 coalition seats would fall to Labor.

Reserve may need to lift rates twice - - Australia's Reserve Bank could raise interest rates twice by as soon as early next year, amid continuing signs the economy is sailing unscathed through the tumult in global credit markets.

IBA Health hits the big time with takeover of iSOFT - - IBA HEALTH has won shareholder approval for its £166 million ($411 million) takeover of its ailing British counterpart, iSOFT

Burgeoning Indian companies go for growth - - SKYROCKETING stockmarkets and a surging rupee are creating publicly traded behemoths in India. These new giants have swiftly overtaken some long-established Western competitors in terms of market value. Their lightning-fast growth may usher in a new round of foreign partnerships, overseas takeovers and competition for resources and talent.

Sumo stable boss axed for death - - Ailing sport least served by bullying that killed

Meltdown of a neocon: Abe's last hurrah - - Japan's first premier born after World War II was an unmitigated disaster. Former Prime Minister Shinzo Abe will be remembered for the most precipitous and humiliating political meltdown in Japan's modern history.

Japan's Farm ministry busts Wikipedia 'otaku' - - The farm ministry has reprimanded six bureaucrats for shirking their duties after an internal probe found they spent work hours contributing to Wikipedia — including 260 entries about cartoon robots.

Hybrid shipments surged 47% in '06 - - Shipments of gasoline-electric hybrid vehicles surged by 47.6 percent in fiscal 2006 from the previous year to reach 90,410 units, the Japan Automobile Manufacturers Association said Friday.

Boost for contract workers as Toyota union admits 4,000 - - The employee union at Toyota Motor Corp. plans to take in some 4,000 contract workers with at least one year of service at 12 of the automaker's domestic factories next spring, union officials said in a statement Thursday.

Slump abroad could hurt growth: Iwata - - Bank of Japan Deputy Gov. Kazumasa Iwata said financial market turmoil and a slowdown in the United States or Europe could hurt the world's second-largest economy.

Fast track for 'My 2nd Home' apps - - Applications for the Malaysia My Second Home (MM2H) programme will be fast-tracked for those who had bought properties worth RM1 million and above in Malaysia.

Astro surges, biggest gain in 4 years - - Market talk in kuala Lumpur has it that cable TV service Astro may be taken private in a deal expected to be unveiled by month-end, an analyst with OSK Investment Research says

Sub-prime crisis: Is it over? - - New Zealand: When the sub-prime crisis rocked world markets on July 27, New Zealand's sharemarket followed the same dismal path as Wall Street. It sank almost 10 per cent in less than a month. But the NZX-50 index stopped just short of a fresh closing high on Tuesday and overseas markets have also recovered…

Liam Dann: Clash due between export and home sectors: News that two economists are now picking New Zealand Reserve Bank Governor Alan Bollard to lift interest rates again next year will send a further chill down the spine of some homeowners.

China Digital TV listed on NYSE - - China Digital TV was listed on the NYSE Friday under the symbol "STV."

China's coal industry urged to speed up energy saving - - China's coal mining industry has been urged to be more efficient in energy consumption so as to realize the goal of saving 60 million tons of standard coal set in the government's 11th Five-Year Plan (2006-2010).

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).

China's software revenue up 22.9% in first eight months - - China's software industry reported a revenue of 343.89 billion yuan (45.73 billion U.S. dollars) for the first eight months of this year, up 22.9 percent year-on-year, according to the latest statistics from the Ministry of Information Industry.

China's leading trade port realizes freight turnover of 200 million tons - - Qingdao in east China's Shandong Province, the second largest external trade port of the country, achieved a freight turnover of more than 200 million tons from Jan. 1 to Sept. 30, surpassing the annual volume for 2005, a communication ministry source has said.

Thursday/Wednesday

New Nissan Skyline boasts pedestrian protection - - Nissan Motor Co. on Tuesday took the wraps off an all-new Skyline Coupe featuring a "pop-up engine hood" that in the event of a collision lessens the impact to a pedestrian, especially the head.

Accord Fuels Honda Sales Surge - - The redesigned sedan drove Honda to a September sales record and a 13.8% gain for the month. GM sales were up a bit, but Ford's fell 21%

In the Land of the Dear Leader - - Patriotic gymnastics, daily study of Kim Jong Il—alongside the personality cult, North Korea shows growing pragmatism and foreign investment

Stocks May Fall in Tokyo, Led by Advantest, on Outlook for Memory Chips - - Japanese stocks may fall, led by chip-related shares including Advantest Corp., after Morgan Stanley told investors to sell shares of Intel Corp. and Advanced Micro Devices Inc., and Micron Technology Inc. posted a third straight quarterly loss.

Euro May Decline Against Dollar for Fourth Day Before ECB Rate Decision - - The euro may extend its drop against the dollar to a fourth day on speculation the European Central Bank will hold its target lending rate at 4 percent.

Government Bonds Advance on Concern U.S. Reports to Signal Global Slowdown - - Japanese bonds rose, pushing down 10- year yields from near the highest in more than six weeks, on speculation a U.S. economic slowdown will prompt the Bank of Japan to hold off raising interest rates this year.

Citigroup to complete Nikko Cordial acquisition - - Citigroup Inc. of the United States said Tuesday it will use a triangular merger to acquire the rest of brokerage Nikko Cordial Corp. by the end of January, turning it into a wholly owned subsidiary.

KDDI, DoCoMo to cut fees, hike handset prices - - Mobile phone service provider KDDI Corp. plans to offer a new subscription package for buyers of au handsets that cuts calling charges by an average of 20 percent but hikes handset prices about ¥20,000, KDDI officials said Tuesday.

Seoul stock market hits new high on inter-Korean summit - - South Korea's benchmark Korea Composite Stock Price Index (KOSPI) hit a record high Tuesday on the back of the second inter-Korean summit.

China rejects U.S.-made bacteria-infected sardines - - A Chinese coastal city has rejected 47 tons of frozen sardines infected with disease-inducing bacteria which were originally manufactured in the United States.

Chinese firm to build power plant in Laos next year - - China Southern Power Grid plans to begin work on the Nam Tha 1 hydroelectric project in Laos' northern Bokeo province early next year, Lao newspaper Vientiane Times reported Tuesday.

China sees record capital raising in first nine months - - A total of 425.04 billion yuan (56.7 billion U.S. dollars) was raised on China's equity markets through initial and secondary public offerings in the first nine months of this year, China Securities Journal has reported.

PetroChina to invest $1.3 bln in new energy by 2010 - - PetroChina, the country's largest oil and gas producer, will invest 10 billion yuan (1.3 billion U.S. dollars) in building facilities for new energy production by 2010, a senior company official has said.

Federal Reserve Economists Say China Exports Have `Mixed Effects' in U.S. - - Faster productivity growth in China creates ``winner and losers'' in the U.S. economy, including tame inflation and heightened competition that leads to job losses, two researchers with the Federal Reserve Bank of New York wrote in an online report.

China May Bar Global Securities Firms From Running Brokerages, People Say - - China may prevent foreign investors from taking control of domestic brokerages, a setback to Wall Street's ambitions to tap the world's fastest-growing stock market, people familiar with the planned rules said.

Lee Shau-kee's Henderson Land Will Pay $5.5 Billion for Stake in Towngas - - Henderson Land Development Co., the Hong Kong developer controlled by billionaire Lee Shau-kee, agreed to acquire Henderson Investment Ltd.'s biggest asset after failing in two attempts to buy out the company's shareholders.

Wynn Resorts, Las Vegas Sands Shares Decline as Macau Revenue Falls Short - - Wynn Resorts Ltd. and Las Vegas Sands Corp., the U.S. casino companies making the biggest bets in Macau, both fell more than 9 percent in U.S. trading after Morgan Stanley said September gaming revenue in the Chinese region was lower than estimated.

We Are Fast Losing the Race With China - - J.J. Irani of Tata Sons warns that regulations and political indecision are hurting India's competitiveness, especially in the energy sector

Why Huawei Wants a Part of 3Com - - When it comes to big overseas acquisitions, the Chinese track record is pretty spotty. There have been some big flops – TCL’s deals with Thomson and Alcatel, for instance. Some, like Haier plan for Maytag and CNOOC’s for Unocal, never got off the ground. The best of the lot has been Lenovo’s purchase of IBM’s PC division, and the verdict is still out on that. So what to make of the news that Huawei Technologies is teaming up with Bain Capital in a $2.2 billion deal to take 3Com Corp. private? At first, this seems like a classic case of the Chinese getting suckered into buying something that nobody else wants.

Private Equity Parties Hearty in India - - The total value of '07 deals is at a record level as Blackstone and other foreign firms chase investment opportunities in the hot Indian economy

DLF Surges Most Since Trading Debut After Winning Order With Dubai World - - DLF Ltd., India's largest real estate developer by value, had its biggest gain after winning a contract with Dubai World to develop a $15 billion township near Bangalore, the nation's technology hub.

India May Produce Record 29 Million Tons of Sugar, Boosting Global Surplus - - Sugar output in India, the world's second-biggest producer, may reach a record this year, boosting prospects for a bigger surplus.

Benchmark Stock Index Rises to Record; Reliance, Tata Power Lead Advance - - India's Sensitive Index climbed to its 10th straight record after share purchases by overseas funds were the highest in three months. Reliance Industries Ltd. led gains.

Ranbaxy to Take Control of Zenotech to Tap $65 Billion Biotech Drug Market - - Ranbaxy Laboratories Ltd., India's second-biggest drugmaker, agreed to take control of Zenotech Laboratories Ltd. to gain access to the $65 billion market for biotechnology treatments.

Oil & Natural Board Approves $1.44 Billion Spending to Increase Production - - Oil & Natural Gas Corp., India's biggest oil explorer, said its board approved a plan to spend 57.13 billion rupees ($1.44 billion) to boost output from its biggest field and meet the Asian nation's rising demand.

Tuesday

A Rare Look Inside North Korea - - In the runup to the Oct. 2 summit with South Korea, reporters are tolerated, but shown only what their guides let them see

Asia Finds Security in Open Source - - For businesses in Australia, China, India, and Korea, security is the No. 1 reason to buy open-source software, an IDC survey says

Chinese Policymakers Turn to the Lawyers - - A new antitrust rule caps China's push to set up a body of commercial and private property laws. The next challenge: enforcing them

Hong Kong's Retail Sales Probably Rose in August on Tourism, Higher Wages - - Hong Kong's retail sales probably rose more than 10 percent for a fourth straight month as tourists flooded the city and rising incomes boosted spending by local consumers.

Huawei to Buy 16.5 Percent of 3Com, Becoming Second-Largest Shareholder - - Huawei Technologies Co., China's largest maker of equipment for telecommunications networks, will acquire 16.5 percent of 3Com Corp. to become the U.S. company's second-largest shareholder.

China's Manufacturing Activity Accelerates in September, Survey Shows - - Manufacturing activity in China, the world's fastest-growing major economy, expanded at a quicker pace in September, according to a survey of purchasing managers.

SK Energy Plans Subsidiary to Run China Asphalt Business, May Sell Shares - - SK Energy Co., South Korea's biggest oil refiner, plans to start a subsidiary to oversee its asphalt business in China and may sell shares in the unit.

WPP Buys 51 Percent of Chinese Marketing Company Dawson to Tap Asia Demand - - WPP Plc, the world's second-biggest advertising company, will buy a 51 percent stake in China's Dawson Integrated Marketing Communications to tap demand for its services in Asia.

Pakistan's Stocks Jump Most in a Year as Court Clears Musharraf Election - - Pakistan stocks surged the most in a year after the Supreme Court ruled that President Pervez Musharraf will be able to seek a second five-year term in an Oct. 6 election. Oil & Gas Development Co., the nation's largest company by market value, led the advance.

Bajaj, TVS Count on New Motorbike Models to Arrest Sales Slump in India - - Bajaj Auto Ltd. and TVS Motor Co., India's second- and third largest motorcycle makers, are counting on new models during the peak sales season to counter the worst slump in at least five years.

Benchmark Indian Stock Index Advances to Record, Led by Reliance Energy - - India's benchmark Sensitive Index rose for the 10th straight day, its longest winning streak in more than two years. Reliance Energy Ltd. led the gains after its board approved a plan to sell shares in a unit.

Lilly Withstands Court Challenges to Zyprexa Patent From Dr. Reddy's, Teva - - The U.S. Supreme Court let stand a decision upholding Eli Lilly & Co.'s patent on Zyprexa, the world's top-selling schizophrenia drug, rejecting appeals by two companies seeking to offer generic versions.

India Trade Deficit Widened to $6.8 Billion in August on Machinery Imports - - India's trade deficit widened in August as companies stepped up imports of oil and machinery to meet demand in the world's second-fastest growing major economy.

Consumer uncertainty sends new vehicle sales to 33-year low - - Domestic sales of new vehicles fell to a 33-year low of 1.59 million units in the April-September half, down 8.8 percent for the second consecutive year-on-year fall.

Yen Trades Near Seven-Week Low Against Euro as Stocks Fuel Risk Appetite - - The yen traded near the weakest in seven weeks against the euro as rallying stocks encourage carry- trade investors to borrow in Japan to buy higher-yielding assets elsewhere.

Bonds May Fall on Concern Gains in Stocks to Sap Demand at 10-Year Auction - - Japan's bonds may fall on speculation gains in global stocks will limit demand for government debt.

Australia lags in talent stakes: survey - - AUSTRALIA is behind the pack in attracting and developing talent and is likely to slip further because of the education system, a global study has found.

India's Aug exports rise 18.9% y/y - - India's exports rose 18.9 percent in August from a year earlier to $12.69 billion, steady from the previous month, data showed on Monday.

Mattel's clarification of recalled Chinese toys applauded - - Some experts and media have welcomed Mattel's clarification of its recalls of Chinese toys as concern is growing that the design flaws have damaged the "Made in China" label.

China's external debts reach $327.8 bln by June - - Outstanding of China's external debts rose by 4.8 billion U.S. dollars in six months to 327.8 billion dollars by the end of June 2007, according to statistics released by the State Administration of Foreign Exchange (SAFE) here Saturday.

China, Australia set up light alloy research center - - A Chinese aluminium company and an Australian university signed an agreement here Saturday to set up an international light alloy research center.

Chinese firm wins patent lawsuit against Schneider - - A Chinese low-voltage product company won a patent infringement lawsuit against France's Schneider Electric and its Chinese sales agent on Saturday, which involves 330 million yuan in compensation.

Beijing to cut subway fares to boost public transport - - The Beijing government has finally decided to cut subway fares by about 30 percent amid efforts to boost public transport, ease road congestion and improve air quality ahead of the Olympics.

Monday

Suzuki's Surge Against Giants - - Investment in gas-sippers and emerging markets has pushed Suzuki's market cap within sight of Ford's. Now the Japanese automaker wants to expand in the U.S.

Asia Needs Stronger Data Breach Laws - - An executive at software company CA calls for laws across Asia to ensure businesses improve security of customer data

Philips Eyes More Money From Green IT - - The Dutch electronics giant wants sales of green products, many from its Singapore campus, to supply 30% of total revenues by 2012

China Investment, $200 Billion Sovereign Wealth Fund, Begins Operations - - China Investment Corp., the nation's $200 billion sovereign wealth fund, starts operations today as the government seeks to boost returns on the world's biggest foreign-exchange reserves.

Buffett Cuts PetroChina Stake for Fourth Time After Sevenfold Stock Gain - - Warren Buffett's Berkshire Hathaway Inc. sold PetroChina Co. shares for the fourth time in three months, banking an almost sevenfold gain since the U.S. billionaire first invested in China's largest oil producer.

China's Monetary Policy to Be `Moderately Tight' to Cap Growth, PBOC Says - - China's central bank said it will maintain a ``moderately tight'' monetary policy in the last quarter of 2007 to curb inflation, limit asset prices and prevent the economy from overheating.

India's Market Regulator Pursuing 20 Companies on Corporate Governance - - The Indian stock market regulator has in the past two weeks issued notices to 20 large companies that have not complied with corporate governance regulations.

Rupee Has Biggest Monthly Gain Since April on Stock Rally, Economic Growth - - India's rupee climbed the most in a month since April on optimism the nation's economic growth and rallying stock market will attract increased investment from abroad.

Asian Stocks Rose to Record This Week on Optimism U.S. Will Lower Rates - - Asian stocks climbed this week, driving a regional benchmark to a record, on speculation the U.S. Federal Reserve will trim borrowing costs to help avert a recession in the world's biggest economy.

Bharat Heavy Aims to Win $8.7 Billion of Orders This Year, Same as Last - - Bharat Heavy Electricals Ltd., India's biggest power-equipment maker, said it expects to win more than 350 billion rupees ($8.7 billion) of orders in the year ending March 31.

Tankan Business Confidence Index Holds Near Two-Year High; Outlook Drops - - Sentiment among Japan's largest manufacturers unexpectedly held near a two-year high last quarter as exports expanded even as U.S. economic growth cools.

Shares Advance in Tokyo as Business Confidence Holds Near Two-Year High - - Japanese stocks rose after business sentiment unexpectedly held near a two-year high, suggesting companies are confident exports will keep growing even as expansion in the U.S. economy slows.

Fuji Electric Shares Poised to Plunge After First-Half Loss, Forecast Cut - - Fuji Electric Holdings Co. was poised to plunge on the Tokyo Stock Exchange after the electric machinery maker cut its full-year net income forecast and said it had a first-half loss.

Ten-Year Bond Futures Fall After Bank of Japan Tankan Exceeds Expectations - - Japan's bond futures fell after a central bank report showed confidence among the nation's largest manufacturers unexpectedly held near a two-year high.

Australia could lose market lure - - AUSTRALIA may lose its "political stability premium" if Labor wins the federal election, a stock analyst said.

China's elite fail to share fruits of growth - - Li Changping was 20 years old when he was appointed secretary of his local commune in Hubei province. That was 1983, and he arrived in time to participate in what was probably the greatest welfare improvement the Chinese countryside had seen in 5000 years.