Asia-Pacific Business Week
Asia-Pacific Business News - - Week November 09, 2007
By Finfacts Team
Nov 10, 2007, 11:46

Malaysian Prime Minister Abdullah Badawi greeting delegates at the annual conference of the ruling UMNO party, in Kuala Lumpur - - The hiring of foreign workers in large numbers has become an “addiction” among Malaysian employers and this must stop, the PM told delegates. He said there was too much dependence on cheap, unskilled foreign labourers, be it legally or illegally.

Consumers in Asia are feeling the impact of rising oil prices as the crude price on the New York Mercantile Exchange heads to $100 a barrel. Governments are begining to roll back subsidies that have kept costs for gasoline and other fuel artificially low.

China raised gasoline and diesel prices by up to 10% last week in an effort to curb demand and ease pressure on refiners, who are being squeezed between the soaring value of crude oil and fixed prices for fuel.

In India, the ministers of finance and petroleum met to discuss higher oil prices, and some economists and government officials there now think an increase in consumer prices is inevitable.

In Malaysia, the Trade Minister, Rafidah Aziz, told the local news agency Bermama that the country might have to raise prices soon.

This week, Malaysian Prime Minister Abdullah Badawi said that subsidies that are now costing RM15 billion ringitts (€3.08 billion: $4.52 billion) would be reviewed.

“We cannot afford to go on this way. What we are doing is like being suicide bombers. Killing ourselves like this is stupid,” Badawih said in his winding-up speech at the close of the UMNO party conference on Friday. 

In the Middle East where subsidies are not a constraint for governments, demand grew 290,000 barrels per day (bpd) in 2006, accounting for over a third of global demand growth of 780,000 bpd, the International Energy Agency said.

Retail prices of petroleum-based products like gasoline, kerosene and diesel are highly subsidized in many Asian countries, in part to make them affordable to citizens who earn lower wages than in the developed world. Governments absorb the costs directly or pass them along to oil exploration and production companies. India, for example, estimates that it will pay IR500 billion rupees, or $12.7 billion, in fuel subsidies in the fiscal year ending in March 2008.

China will raise the reserve requirement ratio by 0.5 percentage points for commercial banks to 13.5 percent in an effort to cool the booming economy, the People's Bank of China said late Saturday.

It will be the ninth such move this year, aimed at "strengthening liquidity management in the banking system and checking excessive credit growth", the central bank said in a statement posted on its Web site.

This week, the Reserve Bank of Australia raised its key interest rate to 6.75% in the middle of the federal general election.

The Sydney Morning Herald says that home owners face the prospect of another two interest rate rises in the wake of this week's increase, but John Howard has seized on this threat as a sign of economic uncertainty and a reason to vote for the Coalition.

The National Australia Bank yesterday became the first bank to indicate it will lift its interest rates again before Christmas - regardless of another official increase by the Reserve Bank. NAB predicted yet another official rate rise by autumn, and the three increases would amount to an extra $150 a month in repayments on the typical $300,000 loan.

A new Herald/Nielsen online poll shows Labor maintaining its comfortable lead over the Coalition, but it gives the Government some reason to hope that it is turning the interest rate threat to its advantage.

Despite this week's rate increase being the sixth since the last election when Mr Howard promised to keep rates low, the poll found 43 per cent of voters trusted the Coalition on interest rates compared with 30 per cent for Labor. On the economy overall, 52 per cent trusted the Coalition and 29 per cent backed Labor.

The Aussie dollar is at a 23-year high against the US dollar.

The Wall Street Journal Asia reports that the South Korean government unveiled rule changes aimed at encouraging citizens to move more cash into US dollar-denominated assets, the latest official effort to curb the highflying won - concern that is also shared by other countries in Asia-Pacific.

The proposed measures won't likely lead to an immediate surge in demand for dollars but could spur increased outflow of capital from Korea in the mid- to long-term. That could help ease upward pressure on the won, which is at a decade high and threatens to hurt South Korean exporters.

The steps include reducing paperwork required of Koreans seeking to move large sums of capital outside the country, removing caps on how much Koreans can spend on foreign real estate and abolishing a requirement that companies must repatriate into won funds raised in foreign currencies. Private-equity firms and foreign investors also will have more freedom.

The Economist comments: A true dollar crisis has long been one of the more frightening possibilities for the world economy. If foreign investors suddenly abandon America's currency and the dollar collapses, financial markets could crash while the plunging currency constrains the Federal Reserve's ability to cut interest rates. That fear is exacerbated by rising concerns about higher crude oil and food prices.

The Wall Street Journal Asia reports that the head of Japanese electronics giant Sony Corp., Sir Howard Stringer, said the Blu-ray disc format the company has developed as the successor to the DVD is in a "stalemate" with the competing HD DVD format, chiefly backed by Toshiba Corp. and Microsoft Corp.

"It's a difficult fight," said Stringer, speaking at an event in New York City.

Toshiba has been selling its players for as low as $200 heading into the holiday season, while Blu-ray players cost more than twice as much. The HD DVD camp also scored a significant win in August, when it induced Paramount Pictures to drop most of its support for Blu-ray and put out high-definition movies exclusively on HD DVD.

The Wall Street Journal Asia also reports that Japan's economy is being hit by a housing problem -- one that has nothing to do with the U.S. mortgage-sector woes.

A change in building-safety regulations in June has caused delays in home-building projects, and suppliers -- such as steel companies, cement manufacturers, and even designer-kitchen makers -- are feeling the pinch. As a result, economists expect tepid growth in the world's second-largest economy during the latter half of this year, disappointing those who had hoped for a rebound after an unexpected contraction during the second quarter.

Economists, on average, estimate Japan's gross domestic product, the widest measure of economic activity, grew at an annualized pace of 1.8% during the July-to-September quarter, after an annualized contraction of 1.2% in the second quarter. The recovery was due primarily to higher exports. The government is scheduled to release preliminary GDP data for the quarter on Tuesday.

BusinessWeek Asia says: Call it the Bernanke effect. Federal Reserve Chairman Ben Bernanke’s warning that U.S. growth could “slow noticeably” hit Japanese stocks like a ton of bricks, sending them to a three-month low on Nov. 9. Leading the pack of losers for the day: Matsushita Electric Industrial, better known as the company behind the Panasonic consumer-electronics brand. Its shares dropped more than 4%, easily outpacing the bellwether Nikkei 225 Stock Average’s 1.1% fall.

The report asks, why did the Fed chairman send Matsushita’s investors running for cover? The whiff of a U.S. slowdown spells trouble for giant flat-panel TV makers. Those companies have watched with trepidation as high oil prices, a weak dollar, a softening housing market, and financial sector woes have ganged up to threaten U.S. growth. If the economy turns south, you can kiss good-bye to Americans’ appetite for big-ticket electronics.

Matsushita is especially vulnerable. At a time when other manufacturers of plasma-display TVs have put plans for new plants on hold, Matsushita has been on a rapid production ramp-up. The company is the world’s biggest plasma TV maker, accounting for about a third of unit shipments. It’s betting that scale will help it make big-screen TVs at a lower cost, which would keep it one step ahead of the rival flat-panel technology, liquid-crystal displays.

BusinessWeek Asia says in an article titled - -  India Stocks: When Will the Party End? New rules affecting foreign investors spooked the market in October, but the Sensex resumed its relentless climb, raising fears of a correction - - For months, India's stock market defied gravity. On Oct 29 the Sensex—the Bombay Stock Exchange's index of 30 top stocks—touched 20,000, up 1,000 points in just 11 trading sessions, and a gain of 41% since January. It's dropped 5% since, as markets worldwide have fallen amid renewed concern about subprime fallout from the U.S. Still, the stock market capitalization is now $1.3 trillion, much higher than India's gross domestic product of $900 billion.

Concerns about the Sensex's hard-charging run are barely audible on Mumbai’s Dalal Street, where the exchange (the oldest in Asia) has been based since 1875. Domestic investors are on a high, putting money into newly emerging sectors like infrastructure, manufacturing, and real estate. Foreign investors are following close behind. According to the Securities & Exchange Board of India (SEBI), in October alone foreign inflows touched $5 billion, compared to the $17 billion total inflow this year. In all, about $30 billion worth of foreign investment has poured into the market since February, 2006...

An article in China Daily asks: So how much do you think someone has to make to be categorized a white-collar employee?

China's central bank said suspected cases of money laundering jumped 12-fold to 387 billion yuan ($52 billion) last year as measures to monitor currency flows in the booming economy were tightened.

Police resolved more than 100 of 1,239 cases referred to them, involving 40 billion yuan, the People's Bank of China said in a report posted on its Web site yesterday. In 2005, the central bank reported 32.8 billion yuan of suspect transactions to police.

The jump in suspicious movements reflects China's efforts to prevent money laundering from undermining an economy that grew 11.5 percent in the first nine months of this year. The government is cleaning up the banking industry after spending almost $500 billion bailing out China's four biggest state-owned lenders hurt by bad loans, according to an estimate by Moody's Investors Service. Report

FINFACTS REPORTS THIS WEEK RELATED TO ASIA-PACIFIC

Dr. Peter Morici: US Stock Prices and the Trade Deficit; Forecasts for the Weeks of November 12 and November 19
Wall Street and American capitalism are suffering a crisis of confidence. Stock markets are in turmoil, because US banks are taking record losses from foolish bets on subprime mortgages, the dollar is tanking against the euro and some other currencies, and oil prices are rocketing.

US Federal Reserve Chairman Ben Bernanke says US economy will slow "noticeably" this quarter and only recover later in 2008
Federal Reserve Chairman Ben Bernanke said on Thursday that while the most recent data suggest a "resilient" US economy, growth should slow "noticeably" this quarter and into 2008 as the housing contraction accelerates.

Rising global food prices to hit consumption; UN's Food and Agriculture Organization forecasts continued high cereal prices
Global cereal prices are expected to remain at high levels for the coming year due largely to problems in production in several major exporting countries and very low world stocks, warns the latest Food Outlook report issued Wednesday by the Food and Agriculture Organization of the United Nations (FAO) in London.

World Energy Outlook 2007: International Energy Agency says energy needs to grow by 55% between 2005 and 2030; Chinese and Indian crude oil imports will almost quadruple
With the price of crude oil heading for the $100 a barrel benchmark, having risen in dollar terms by 61% and 45% in euro terms since January 2007, the International Energy Agency (IEA), the adviser to 26 industrialised countries including Ireland, said today that the world’s primary energy needs are projected to grow by 55% between 2005 and 2030, at an average annual rate of 1.8% per year. Chinese and Indian crude oil imports will almost quadruple by 2030, creating a supply ``crunch'' as soon as 2015,

Expansion of Global Manufacturing Production at weakest since July 2003, as contractions in the US and Japan offset robust growth in China and India
October PMI data pointed to the weakest growth of global manufacturing output for fifty-one months, following a further slowdown in the rate of expansion of incoming new orders.

Japan's Leading Index fall signals that economic growth may stall
Japan's Cabinet Office announced on Tuesday the the Index of Business Conditions, a broad indicator of the outlook for the economy fell to the lowest level since 1997, signalling that economic growth may stall.

ACCESS TO NEW REPORTS FROM OTHER SOURCES

Friday

China's Yuan Rises Most This Week Since Peg as Paulson Steps up Pressure  - - The yuan had the biggest weekly advance against the dollar since 2005, after U.S. Treasury Secretary Henry Paulson said China is ``out of step'' with the rest of the world's calls to let the yuan appreciate.

China May Earn $15 Billion Selling Carbon Emission Credits, Planner Says  - - China may earn $15 billion from selling carbon emission credits, a senior official with the nation's top planning agency said.

Disney Investigates Allegations of Unfair Labor Practices in China Factory  - - Walt Disney Co., the second-biggest U.S. media company, is investigating alleged labor abuse in one of its factories in China.

China October Trade Surplus May Exceed $30 Billion, Stoking Trade Tensions  - - China's monthly trade surplus probably topped $30 billion for the first time, adding fuel to U.S. complaints the yuan is undervalued.

China's Merchants Bank Cleared by Federal Reserve to Open New York Branch  - - China Merchants Bank Co. was cleared by the Federal Reserve Board to open a branch in New York, the first by a Chinese lender in more than 15 years, as the nation's banks line up to offer their services in the U.S.

Chinese share prices go further down - - Chinese share prices dropped Friday after failing to recover from a drastic dive the previous trading day following concerns about possible aggravated inflation.

State has reins of Shanghai stalwart - - The Shanghai International Group Co has become wholly state-owned, paving the way for consolidation of its holdings in financial companies.

China becomes Canada's third-largest export market - - Canada's exports to China surged by 43 percent in the first part of 2007, pushing China into a tie with Japan as the country's third-largest export market, national agency Statistics Canada said Thursday.

China's Wonder Auto Technology debuts on NASDAQ - - When the opening bell on the NASDAQ exchange sounded Wednesday Beijing Time, China's leading manufacturer of automobile electrical and suspension parts, Wonder Auto Technology Inc., staged a debut on the global stock market.

India Needs to Address Mounting Fuel, Food Subsidies, Prime Minister Says  - - India must cut ``mounting'' subsidies, Prime Minister Manmohan Singh said, adding to signs fuel prices may be raised next week for the first time this year.

Inflation in India Slows to a More Than 5-Year Low as Fuel Prices are Held  - - India's inflation rate fell below 3 percent for the first time in more than five years after the government refrained from raising fuel prices this year, when crude oil rallied to a record.

Palm Oil May Reach $1,000 a Ton on Vegetable Oils Shortage, Analysts Say  - - Palm oil may rise as high as $1,000 a ton next year because of increasing demand and a shortfall in supplies of vegetable oils, according to Derom Bangun, the head of the Indonesian Palm Oil Association.

Indian Production Probably Slowed in September as Interest Rates Climbed  - - India's industrial production growth probably slowed in September as the highest interest rates in a decade crimped consumer demand and a strengthening currency made exports less competitive.

Bombay Stock Exchange's Sensex Falls to Two-Week Low; ICICI, Reliance Drop  - - India's benchmark Sensitive Index dropped to a two-week low after U.S. financial companies announced more subprime mortgage related losses, heightening concern of slower growth in the world's largest economy. ICICI Bank Ltd. led declines.

Shares Slump on Report Mizuho Securities Merger With Shinko to Be Delayed  - - Japanese stocks dropped to the lowest level in three months after the Nikkei newspaper reported a merger between Shinko Securities Co. and a brokerage unit of Mizuho Financial Group Inc. will be delayed because of the latter's losses on subprime mortgage investments.

Dollar Falls as Slowing Economic Growth Increases Chances for Fed Rate Cut  - - The dollar declined against 10 of the world's 16 most-active currencies as traders raised bets the Federal Reserve will reduce its benchmark interest rate next month to bolster U.S. economic growth.

NTT's Second-Quarter Profit Falls 69 Percent as Earnings at DoCoMo Decline  - - Nippon Telegraph & Telephone Corp., the second-slowest growing company listed on Japan's Nikkei 225 Stock Average, posted a 69 percent decline in second-quarter profit as earnings fell at its mobile-phone unit.

Mizuho, Shinko Shares Slide in Tokyo on Nikkei Report on Merger Delay  - - Mizuho Financial Group Inc., Japan's second-largest bank, fell to a two-year low in Tokyo after Nikkei newspaper said a proposed takeover of Shinko Securities Co. may be delayed because of losses at Mizuho's investment banking unit.

Bank of Japan Will Probably Keep Rate Unchanged as Threats to Growth Mount  - - The Bank of Japan will probably refrain from raising interest rates next week amid concern that economic growth will slow and financial markets remain volatile.

Canon wins inkjet cartridge suit - - Canon Inc. prevailed Thursday in a lawsuit against a seller of recycled versions of its inkjet printer cartridges in a Supreme Court rejection of a lower court ruling that favored the defendant firm.

Consumer lenders back to black after gray-zone ills - - Major consumer lenders returned to the black in the six months to September after bleeding billions of yen in business 2006 due to a legal revision requiring them to eliminate so-called gray-zone interest rates.

Uniqlo opens flagship on Oxford Street - - Clothing retailer Uniqlo celebrated the opening Wednesday of two shops on Oxford Street, London's main shopping strip, including a flagship store.

Thursday

Wednesday

Dollar Falls to Record Against Euro on China's Plans to Diversify Reserves  - - The dollar slid to record lows against the euro and the Canadian dollar after a Chinese government adviser said plans to diversify foreign-exchange reserves will involve buying better-performing currencies.

China Says Nation's Foreign Currency Reserves Favor `Stronger' Currencies  - - China will favor stronger currencies over weaker ones when improving the structure of its $1.43 trillion in foreign-exchange reserves, Cheng Siwei, vice chairman of the National People's Congress, said.

ArcelorMittal to Buy Stake in Steelmaker China Oriental for $647 Million  - - ArcelorMittal, the world's largest steelmaker, agreed to buy a 28 percent stake in China Oriental Group Co. for $647 million, as part of its strategy to expand output in the biggest consumer of the alloy.

Macquarie Fund Buys Control of China's Hua Nan Expressway for $537 Million  - - Macquarie International Infrastructure Fund Ltd. bought an 81 percent stake in the Hua Nan Expressway in China for about 4 billion yuan ($537 million), its first toll road investment in the world's fastest growing major economy.

Everbright Bank Plans Initial Public Stock Sale After Government's Bailout  - - China Everbright Bank Co., awaiting a 20 billion yuan ($2.7 billion) capital injection from the government, plans to bring in foreign strategic investors and sell shares to the public.

Next Target for Alibaba: Consumers - - The Chinese B-to-B Internet company's public offering raises $1.5 billion, which will allow a buildup of its online auction and payment sites

Cisco China: Keen to Be Green - - The networking company's new billion-dollar investment initiative in China includes plans for its first global green technology center

Cashing in on China's Demand for Clean Water - - Water treatment could be clean tech's next big growth sector in the mainland, as economic expansion has led to shortages

China reviews anti-dumping duties on coated art paper from Japan, ROK - - China's Ministry of Commerce (MOC) has decided to reevaluate the necessity of maintaining anti-dumping duties imposed four years ago on coated art paper imported from the Republic of Korea and Japan.

HK remains global commerce and financial hub - - A Hong Kong official said that Hong Kong is well positioned to serve as the global commerce and financial center in the Asian time zone, according to a press release from the Information Services Department of Hong Kong Special Administrative Region government on Tuesday.

Chinese vice premier stresses innovations in industry - - China's Vice Premier Zeng Peiyan Tuesday sent a congratulatory letter to the opening of the 2007 China International Industry Fair (CIIF) in Shanghai.

Sri Lanka's Rajapkse Says Rebuilding War-Torn East to Spur Economic Growth  - - Sri Lankan President Mahinda Rajapaksa, delivering a budget constrained by Asia's highest borrowing costs, said rebuilding the nation's war-ravaged east will spur flagging economic growth.

Singapore Telecom Reports Surprise Profit Increase on Bharti Contribution  - - Singapore Telecommunications Ltd., Southeast Asia's largest phone company, posted a surprise increase in second-quarter profit, buoyed by record earnings in India and as Australian sales were boosted by a strong currency.

Sri Lanka to Boost Sugar Imports Next Year, May Help India Cut Stockpiles  - - Sri Lanka, South Asia's biggest sugar importer, may boost purchases next year after the government cut import tax to stem inflation and drought damaged the local crop.

Asian Shares Rise as Metals, Crude Oil Rally; BHP Billiton, Softbank Gain  - - Asian stocks rose for a second day after commodities prices rallied and Softbank Corp. and Singapore Telecommunications Ltd. reported higher earnings.

Bombay Stock Exchange Sensex Rises, Led by Reliance Industries, ICICI Bank  - - India's benchmark stock index, the Mumbai Stock Exchange Sensitive Index, rose 1.08 percent at 10:00 a.m.

Pakistani shares slumps - - Pakistani shares slumped 5 percent on Monday in their biggest one-day drop for 16 months, and the rupee currency eased, as investors reacted to emergency rule imposed by President Pervez Musharraf on Saturday, a move that could delay national elections due in January

Stocks Fall, Led by Orix on Earnings, Tokyo Electric Power on Oil Price  - - Japanese stocks fell for a fourth day, led by Orix Corp. after its profit dropped, and Tokyo Electric Power Co. as the price of crude oil climbed to a record, increasing costs.

Economy Probably Rebounded in Third Quarter; Expansion May Lose Momentum  - - Japan's economy probably rebounded last quarter from a contraction three months earlier, led by exports and business investment. The pace of expansion is likely to slow in coming months, economists said.

Dollar Falls to Record Against Euro on China's Plans to Diversify Reserves  - - The dollar slid to record lows against the euro and the Canadian dollar after a Chinese government adviser said plans to diversify foreign-exchange reserves will involve buying better-performing currencies.

Nissan Counts on Shift in U.S. Fuel-Economy Standards to Help Boost Sales  - - Nissan Motor Co., breaking ranks with other automakers to back new U.S. fuel-economy rules, is betting that its stand will help boost sales.

Orix Shares Fall as Profit Drops on Lending Costs; JPMorgan Lowers Target  - - Orix Corp. shares fell to their lowest in more than two years after first-half operating profit at Japan's largest non-bank financial company fell 27 percent and JPMorgan Chase & Co. lowered its target price on the stock.

Subaru Builds a Better Battery - - The auto manufacturer unveils a plug-in battery-electric commuter car that has a 124-mile range and can be topped up to 80% in only 15 minutes

Toyota powers on in battery race - - Global automakers are racing to develop the next generation of energy-saving lithium-ion batteries, but Toyota has already been quietly using the technology in one of its cars in Japan — although in small numbers.

Daimaru opens new store near Tokyo Station - - Daimaru opened a new department store Tuesday featuring about 50 Western and Japanese-style confectionery shops on its first floor in the new GranTokyo North Tower adjacent to JR Tokyo Station.

Tuesday

Alibaba Doubles on Debut to Become Asia's Second-Biggest Internet Company  - - Alibaba.com Ltd. more than doubled on its first day of trading in Hong Kong, pushing its market value past South Korea's NHN Corp. to become Asia's second-biggest Internet company after Yahoo Japan Corp.

Gold Production in China May Rise by 8 Percent This Year, Overtaking U.S.  - - China is likely to increase gold output by 8 percent this year, overtaking the U.S. as the world's second-biggest producer and challenging South Africa's century- long dominance, the country's industry association said.

Country Garden Sets Target Yield at 9.75 Percent for $1.5 Billion of Bonds  - - Country Garden Holdings Co., China's most profitable developer, offered a yield of as much as 9.75 percent for a bond sale that may raise $1.5 billion, according to an e-mail to investors.

China May Become Stainless Steel Net Exporter by Next Year, Baoshan Says  - - China may become a net exporter of stainless steel next year as output rises faster than demand growth, said Baoshan Iron & Steel Co., the nation's second-biggest producer of the alloy.

Sinopec Group, CNPC Delay Refinery Maintenance to Bolster Diesel Supplies  - - China National Petroleum Corp. and China Petrochemical Corp., the nation's two biggest oil refiners, will delay maintenance of some of their refineries to boost the production of oil products to ease market shortages.

ExxonWhat? PetroChina Is the New No. 1 - - A $1 trillion market cap, the world's largest, crowns the Shanghai trading debut of the Chinese state-controlled energy company

Musharraf Gambles with Pakistan's Future - - The President declares a state of emergency, but his army is no longer so popular and the U.S. may withdraw military aid

Dell Courts Singapore Retail Shoppers - - In a bid to attract first-time PC buyers, the computer maker will sell its wares at one of the island-state's largest megastores

PetroChina becomes world's largest listed company - - PetroChina, China's largest oil and gas producer, replaced Exxon Mobil as the world's largest listed company by market value on Monday as its share price surged 163 percent to close at 43.96 yuan on its first day of trading on the Shanghai Stock Exchange.

Another Chinese brand car debuts in Egyptian market - - Chief of a Chinese car maker announced here on Monday that one more brand model of his company came into the Egyptian market for the first time as an important step forward for the company's international marketing strategy.

China's major edible oil makers urged to stablize prices - - Executives of China's major edible oil manufacturers and guild leaders were summoned to Beijing on Monday for a closed door meeting at which the government required them to step up production to rein in the soaring market prices.

Asian Shares Rise for First Day in Three; Mitsubishi UFJ, Newcrest Advance  - - Asian stocks rose for the first time in three days, led by Japanese consumer lenders after Goldman, Sachs & Co. advised investors to buy Acom Co. and Takefuji Corp.

Microsoft, Reliance Sign $500 Million Contract for Internet TV in India  - - Microsoft Corp., the world's largest software maker, and Reliance Communications Ltd. agreed to jointly offer Internet-based television service in India.

Rupee Holds Near 9 1/2-Year High; Economic Growth to Boost Currency Gains  - - India's rupee held near the highest in 9 1/2 years after Finance Minister Palaniappan Chidambaram said the nation's economic growth will boost the currency's gains.

BRICs Prove Cheap to GDP as Greenspan Leads Warning of Speculative Bubble  - - For all the concern about stock-market bubbles in Brazil, Russia, India, China, the biggest emerging markets still may have more promise than anything in the developed world.

India's Key Sensitive Index Has Biggest Drop in Two Weeks; ICICI Declines  - - India's Sensitive Index fell, posting its biggest drop in two weeks, after Citigroup Inc. said it will increase writedowns, stoking concern U.S. subprime mortgage losses would further weaken the world's biggest economy.

India per capita income seen $1k '07/08: FM - - India's per capita income is expected to rise to $1,000 by the end of the 2007/08 fiscal year on the back of a 9 percent economic growth, Finance Minister Palaniappan Chidambaram said on Monday.

Samsung's Juke: Switchblade Cool - - A decently priced music phone that stands to lure the more forgiving listener

Topix Climbs; Consumer Lenders Jump on Goldman Call, Inpex Falls on Oil  - - Japan's Topix index climbed for the first time in three days after Goldman, Sachs & Co. boosted its recommendations on consumer lenders Acom Co. and Takefuji Corp.

Dollar Trades Near Record Low Against Euro on U.S. Interest-Rate Outlook  - - The dollar traded near a record low against the euro on speculation a slowing U.S. economy and finance industry losses will prompt the Federal Reserve to lower interest rates for a third time this year.

Toyota May Report Profit Rise as China, Europe Sales Counter U.S. Decline  - - Toyota Motor Corp., the world's second-largest automaker, may report net income rose for a ninth straight quarter as higher sales in China and Russia countered lower demand in the U.S.

Sumitomo Mitsui to Double Bankers Making Shipbuilding Loans Outside Japan  - - Sumitomo Mitsui Financial Group Inc. will double its overseas banking staff that works on financing for ship construction, as Japan's biggest arranger of such deals tries to take advantage of surging demand for vessels.

Chugai Pharmaceutical Shares Fall Most in Three Months on Tamiflu Outlook  - - Chugai Pharmaceutical Co., the Japanese unit of Roche Holding AG, fell the most in three months in Tokyo trading on declining demand for its Tamiflu medicine.

Monday

ChemChina, Blackstone Offer $2.8 Billion Cash to Buy Nufarm of Australia  - - China National Chemical Corp., backed by the world's biggest buyout fund Blackstone Group LP, agreed to pay A$3 billion ($2.8 billion) in cash for Nufarm Ltd., Australia's largest supplier of farm chemicals.

China Plan to Allow Hong Kong Stock Purchases May be Delayed, Wen Signals  - - Premier Wen Jiabao's comments on a plan to allow Chinese investors to buy Hong Kong stocks may signal a delay in its implementation, analysts said.

Goldman Stake Purchase in China's Fuyao Glass Blocked by Stocks Regulator  - - Goldman Sachs Group Inc.'s plan to buy 10 percent of China's Fuyao Group Glass Industries Co. was blocked by the securities regulator after a surge in Fuyao's stock since the proposed deal was announced.

Citic Securities Rises by Daily Limit After Trading Halt on Bear Stearns  - - Citic Securities Co., Asia's largest brokerage by market value, jumped by the 10 percent daily limit on its first day of trading in Shanghai since announcing a $1 billion cross-investment with Bear Stearns Cos.

China Southern, Airlines to Raise Surcharges on Increase in Jet-Fuel Price  - - China Southern Airlines Co., the nation's largest, and other Chinese carriers will be able to increase surcharges on domestic flights by as much as 25 percent after the government raised jet-fuel prices.

Salary size set for white-collar jobs in China - - So how much do you think someone has to make to be categorized a white-collar employee?

China to build efficient innovation mechanism with production, R&D integrated - - China should establish a market-oriented technical innovation mechanism taking enterprises at the core and able to better integrate institutions of higher education and R&D outfits, Vice Premier Zeng Peiyan said Sunday in a congratulatory letter to mark the inauguration of a special association.

Wal-Mart quadruples size of distribution center in N China - - An expanded distribution center for Wal-Mart in north China's Tianjin has been completed to meet the growing demand of the world's leading retailer's business in the Chinese market.

Survey: Chinese consumers increasingly shift to credit card rather than cash payment - - China has seen the use of credit cards spread quickly and reshape its people's shopping habits in the last few years, especially in cities, according to the Nielsen Company.

Beijing's bank defines "second" mortgage - - The Beijing branch of Bank of Communications (BOCOM) has recently given its own definition of a "second" mortgage, which will base on the house property of the applicant rather than the applicant's family.

A Business Best Seller in Japan - - The World's Easiest Problem-Solving Class, written by a former McKinsey consultant, is a runaway success in the author's home country

Cisco's $7.5 Billion China Spree - - Among the Asia telecom news this week, the U.S. networking equipment maker announced a multiyear China investment initiative

Venture Capital's Clean Dreams for China - - Clean technology has become the third-largest destination for venture capital in China, with $420 million invested in 2006

State Bank Rights Offer Gets Government Approval, Shares Rise by Record  - - State Bank of India, the country's largest, rose the most in more than three years as it got government approval to sell stock, helping meet demand for loans in the world's fastest-growing major economy after China.

Inflation in India Unexpectedly Slowed in October as Vegetable Prices Fell  - - India's inflation unexpectedly eased to the lowest in more than five years in the third week of October as the price of fruit and vegetables declined.

Benchmark Indian Sensex Advances; State Bank Leads on Share Sale Approval  - - India's Sensitive Index rose, reversing earlier losses, led by the State Bank of India, which got government approval for a planned rights offer.

India Halts Lafarge Limestone Shipment to Bangladesh, Press Trust Reports  - - Lafarge SA, the world's biggest cement maker, has been temporarily refrained by the Indian Supreme Court from shipping limestone to its plant in Bangladesh from a northeastern state, the Press Trust of India reported yesterday.

Nimbus Considers Share Sale to a Strategic Investor, Economic Times Says  - - Nimbus Communications Ltd., a media company which private equity firm 3i Group Plc. holds a stake in, may sell shares to a strategic partner, The Economic Times reported, without saying where it got the information.

Takeda May Predict Best Profit Gain in Six Years on Sales of Actos Therapy  - - Takeda Pharmaceutical Co., Japan's largest drugmaker, may forecast its biggest jump in full-year profit in six years on sales of the Actos diabetes pill it counts on for almost a third of revenue.

Nikkei Stock Average, Topix Index Fall; Mizuho, Mitsubishi UFJ Lead Drop  - - Japan's Nikkei 225 Stock Average fell 70.10, or 0.4 percent, to 16,447.38 at 9:02 a.m. in Tokyo. The broader Topix index dropped 2.54, or 0.2 percent, to 1,597.63.

Dollar Near Record Low Against Euro on Concern Credit Losses to Deepen  - - The dollar traded near a record low against the euro on concern deepening credit-market losses among U.S. banks will prompt the Federal Reserve to reduce interest rates a third time this year.

Lilly, Daiichi Clot Drug Has Bleeding Risk That May Limit Use, Doctors Say  - - Eli Lilly & Co. and Daiichi Sankyo Co.'s experimental prasugrel for blocking clot formation is potentially more dangerous than Plavix, the best-selling medicine for this condition, a study found.