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News : Asia-Pacific Business Week

Last Updated: Sep 17, 2008 - 1:21:19 PM

Asia-Pacific Business News Week March 22, 2008: Taiwan votes for closer links with China
By Finfacts Team
Mar 23, 2008 - 3:10:57 PM

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Chinese Nationalist Party (KMT) candidate Ma Ying-jeou and his running mate Vincent Siew scored an overwhelming victory in Saturday's fourth direct election for president, taking nearly 60% of the vote to defeat Democratic Progressive Party (DPP) - - Taiwan is ethnically mainly Chinese and many people there feel close to China. Taiwan became a Japanese colony in 1895 in the aftermath of a war with the crumbling Chinese empire. In the 1940s, the island became a base for the Nationalists, who retreated there after their defeat by Mao's Communist forces. Since then, Taiwan has had an ambiguous status: the island has its own government, currency and armed forces, although because of pressure from China few other countries recognize it as a sovereign state since the mid-1970's following the end of the siege economy on the Mainland.

The Wall Street Journal reports that Taiwan's voters signaled their desire for an economic rapprochement with mainland China, handing Ma Ying-jeou, the candidate of the opposition Nationalist Party, a broad victory in the island's presidential elections Saturday.

Mr. Ma pledged to create closer ties with mainland China in hopes of revitalizing Taiwan's economy, which has lagged its Asian neighbors in the boom of the last few years. That platform helped him garner 58% of votes cast, as against 42% for his opponent Frank Hsieh, the candidate of the ruling Democratic Progressive Party, the official Central Election Commission said. About 17 million Taiwanese people were eligible to vote in the election, and turnout was around 76%.

The Wall Street Journal also reports that the value of assets held by Japanese households fell in 2007 for the first time in five years, as the country's stock markets declined, Bank of Japan data show.

The total value of households' financial assets was 1,544.8 trillion yen ($15.574 trillion) at the end of December, compared to 1,553.9 trillion yen in 2006, the first drop since 2002.

Taipei Times

Reflecting a plunge in stock prices, the value of equities held by households decreased to 164.7 trillion yen in 2007, from 198 trillion yen in the previous year. The benchmark Nikkei Stock Average fell to as low as 14837.66 during 2007 after opening the year at 17353.67.

Xinhua, China's State news agency reports that the country's economy faces the potential risk of drastic economic fluctuation, while tackling the biggest challenges of soaring prices and mounting inflationary pressure, Premier Wen Jiabao said on Tuesday.

"We need to blaze a trail in between," he said at a press conference after the closing meeting of the First Session of the 11th National People's Congress.

Wen, who was reappointed premier on Sunday, said his government will ensure rapid yet stable economic development and at the same time to effectively hold down inflation and address problems of "unstable, uncoordinated and unsustainable" development.

Secondly, he said the Chinese government needs the courage and determination to further free people's mind in order to make new breakthroughs in the reforms of the economic and political systems.

Thirdly, he said it's important for his government to strengthen social justice and equity, which means to respect everyone, protect the lawful rights and interests of all, and ensure everyone enjoys equal opportunities for development.

"If the development of economy and improvement of the people's livelihood are the bounding duties of the government, then the promotion of social justice and equity is the conscience of the government."

Chinese Premier Wen Jiabao answers questions at a press conference after the closing ceremony of the First Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, China, March 18, 2008. The annual NPC session closed on Tuesday. Photo: Xinhua Photo

Xinhua also reports that only 26,000 large industrial companies in China applied for patents from 2004 to 2006, statistics show.

The National Bureau of Statistics released the statistics on Monday. This accounts for only 8.8 percent of the total number of large industrial companies in China.

Urging domestic companies to pay more attention to their own intellectual property rights, the statistics showed that among nearly 300,000 large companies in China, only 73,000 have registered their trademarks.

Large industrial companies' production values accounted for more than 90 percent of the total in 2006.

According to the statistics, 20.7 percent of the large industrial companies have internal protection systems to keep technical secrets safe and 34.8 percent of them have own brands with full intellectual property rights.

One finding from the statistics has attracted researchers' attention: 20.8 percent of the companies invested in by Hong Kong, Macao and Taiwan capital and 20.6 percent of the joint ventures with foreign investors applied for patents in 2006, lower than the ratio of the domestic companies of 27.5 percent.

According to a statistic released earlier by the State Intellectual Property Office, China had registered a total of 850,043 valid patents by the end of 2007, 16.9 percent up on the total of the end of 2006.

The Financial Times reports that the new government of South Korea, among the world’s largest emitters of greenhouse gases, plans to cap emissions at 2005 levels for the next five years despite Seoul’s exemption from cuts under the Kyoto protocol.

The environment ministry presented the proposal to freeze emissions until 2012 on Friday in a report to Lee Myung-bak, president, in an effort to join international efforts to fight global warming.

Although South Korea is the world’s 12th largest economy, it is classified as a developing country under Kyoto and therefore not required to make cuts. The UN agreement has made it mandatory for industrialised nations to reduce emissions by an average of 5 per cent between 2008 and 2012 from 1990 levels.

“We want to join international efforts to cut emissions, following the international agreement in Bali last December,” said Park Chun-kyu, a manager at the ministry’s department of climate change.

The FT also reports that a ruling party grandee has launched a challenge to Abdullah Badawi’s leadership of the United Malays National Organisation after the party’s worst election setback in 50 years.

The move by Razaleigh Hamzah to confront Mr Abdullah, Malaysian prime minister, could trigger a split in UMNO, which leads the National Front coalition government, and is likely to be supported by Mahathir Mohamad, Mr Abdullah’s long-serving predecessor.

Reports that some National Front members of parliament might defect to the opposition, headed by Anwar Ibrahim, are adding to Mr Abdullah's troubles as he fights to survive in power.

The Sydney Morning Herald said that Australian airline Jetstar's stalled long-haul expansion plans are again under threat, amid fears Boeing's 787 Dreamliner program could suffer another six-month delay in its delivery schedule.

Boeing has been forced to respond to concerns raised by the largest customer of the 787, the International Lease Finance Corp, that design changes to the centre wing-box of the jet meant the first Dreamliner would not be delivered until the second half of next year.

The first 787 was originally due to be delivered to the Japanese airline ANA in May.

Qantas's low-cost subsidiary has based its long-haul expansion plans into north Asia, North America and Europe on the jet. The delivery date to Jetstar has already been pushed back from August to May next year.

Ruth Williams in the Sydney Morning Herald writes that if the candid admissions in a new report are to be believed, men and women in modern workplaces operate through a miasma of unacknowledged misunderstanding and distrust. As one of the senior male managers quoted in the study explains: "When I employ someone, it's got to be someone I trust. That's why I might employ men. Blokes trust blokes."

Sexual discrimination is illegal in Australia, and any chief executive will deny that his (it is, almost always, a "his") company discriminates on the basis of sex.

And yet, every year brings with it another series of depressing figures about women at work. There's the 16% pay gap in full-time earnings. There's the 44% median pay gap between senior male and female executives. There's the mere peppering of female talent among ASX 200 CEOs and board members.

FINFACTS ASIA-RELATED STORIES:

China's economy forecast to be world's largest in 2015 - regaining position it lost in 1890
The Chinese edition of the OECD Development Centre’s Chinese Economic Performance in the Long Run will be published on 25 March in Beijing at a ceremony presided over by OECD Secretary-General Gurría. The book, produced in association with the Shanghai People’s Press, is an update of the 1998 best-selling volume by Professor Angus Maddison for the Centre. For this edition, Professor Maddison has extended his projections for China to the year 2030 and revised some of his growth figures upwards.

Asian software parks attract foreign investment but do not foster innovation says report; Despite efforts to promote R&D, Ireland deals mainly in mature technology that others have developed elsewhere
While Asian software parks have attracted foreign software firms and created job markets for technology workers, ultimately they have not become the hubs of innovation that policy-makers hoped they would be. These are the main conclusions of a new report entitled Parks and valleys: Growing Asia’s software industries published this week by the Economist Intelligence Unit, the business-to-business arm of the Economist Group, which publishes The Economist magazine. The report was sponsored by the Business Software Alliance (BSA).

Dublin fourth most expensive city of 71 global cites - Kuala Lumpur cheapest according to UBS report
Dublin is fourth most expensive city of 71 global cites and Kuala Lumpur is the cheapest published according to a report published by Swiss banking giant UBS, on Tuesday. In 2006, Dublin was the 13th most expensive city surveyed now it ranks number four, just in front of Zurich.

Global House Price Inflation was 8.2% in 2007; Price falls in Estonia, Ireland and Latvia; Impressive rates of growth in Bulgaria, Russia, Poland, Hong Kong and Singapore
Price growth across the markets covered in the Knight Frank Global House Price Index fell in the final quarter of 2007 on a year on year basis. Globally, price inflation over the year was 8.2%, compared to 9.7% recorded in Q4 2006. Falling annual price inflation to the final quarter 2007 in markets such as Estonia, Ireland and Latvia have more than compensated for the continued strong performance seen in Bulgaria and the impressive rates of growth seen in Russia, Poland, Hong Kong and Singapore.

NEWS FROM OTHER SOURCES:

Friday

Australia's BHP Evacuates Neptune Oil Platform in U.S. Gulf on `Anomalies' - - BHP Billiton Ltd., Australia's biggest oil and gas producer, said it evacuated workers from its Neptune oil platform in the U.S. Gulf after detecting ``anomalies'' in the hull.

Asian Trade Helps Support Economies Amid U.S. Slowdown, Central Banks Say - - Intra-regional trade within Asia and domestic demand will help reduce the effects of a U.S. slowdown, while continued efforts to diversify financial markets may also soften the impact, South East Asian central bankers said.

Sri Lanka to Keep `Tight Monetary Policy' This Year, Central Banker Says - - Sri Lanka's central bank will maintain its ``tight monetary policy'' through the end of this year on concern surging oil prices may fan inflation in the $27 billion economy.

Asian Stocks Decline for Third Week as Commodity Prices Tumble; BHP Falls - - Asian stocks fell this week, led by BHP Billiton Ltd. and Mitsubishi Corp., after commodities prices dropped on concern a U.S. recession will cut demand for raw materials.

Thai Baht Makes Weekly Gain on Interest-Rate Gap; Malaysian Ringgit Falls - - Asian currencies rose this week with the Thai baht posting its second consecutive five-day gain on speculation U.S. interest rate cuts are luring investors to the region's higher-yielding assets.

Japan's 10-Year Bonds Fall as Stock Gains Damp Demand for Safety of Debt - - Japan's 10-year bonds completed a weekly decline as the nation's main stock index rose for three straight days, damping demand for the relative security of government debt.

Suzuki Plans to Introduce Midsize Sports Sedan in North America by 2010 - - Suzuki Motor Corp., Japan's second- largest minicar maker, will release a midsize vehicle in North America in 2010 to retain existing customers upgrading from compact models.

Rio Tinto's Chief Executive Sees Opportunities for China Joint Ventures - - Rio Tinto Group, the world's third- largest mining company, may pursue additional joint ventures with China's state-owned companies as demand for raw materials rises.

Indian Finance Minister hits out at reforms critics - - Justifying the UPA's economic reforms, finance minister P Chidambaram indirectly hit out at the Left parties, saying those who claim that the growth only helps the rich are the "worst enemies of the poor''.

Inflation stalks global economy- - India’s is not a solitary battle against inflation. Policymakers across the world are confronting a spike in commodity prices amid fears of a recession in the US. As India’s wholesale price-based inflation rate rose to a 10 month-high of 5.92 per cent in the week ended March 8, China's headline inflation rate sprinted to 8.7 per cent in February, the highest in 11 years. In the US, the world’s largest economy, inflation is forecast at 3.5 per cent in 2008.

Thursday

China's Stocks Decline; Metal Shares, Zhongjin Gold Fall With Commodities - - China's stocks fell for a third time this week after commodities ranging from oil to gold plunged. Zhongjin Gold Corp., China's largest publicly traded gold miner by market value, led metals shares lower, tumbling by the 10 percent daily limit.

ICBC, Standard Chartered May Bid for Wing Lung Bank, People Familiar Say - - Industrial & Commercial Bank of China Ltd. and Standard Chartered Plc are among banks that may bid for a $1.9 billion stake in Hong Kong's Wing Lung Bank Ltd., two people familiar with the matter said.

Industrial Bank to Take 57% Stake in Fund Management Venture With Natixis - - Industrial Bank Co., part-owned by a unit of HSBC Holdings Plc, plans to take a controlling stake in a fund venture with France's Natixis Global Asset Management SA and may set up a 2 billion yuan ($280 million) leasing company.

China Vanke Profit Doubles to $685 Million on Increase in Apartment Sales - - China Vanke Co., the country's largest property developer by market value, said profit more than doubled last year as the company sold more apartments to take advantage of surging residential prices.

Yuan Gains to Highest Since Peg Ended as China Seeks to Cool Price Growth - - The yuan climbed to the highest since the end of a dollar peg in 2005 on speculation China will quicken the pace of appreciation to cool inflation.

Fortis Agrees to Sell Half of Asset Management Unit to Ping An Insurance - - Fortis, Belgium's biggest financial-services company, agreed to sell half of its asset- management unit to Ping An Insurance (Group) Co. for 2.15 billion euros ($3.4 billion) as it seeks to raise capital.

Hong Kong `Mass Market' Home Prices May Surge on Wages, Rates, Survey Says - - Hong Kong's mass market home prices may jump 25 percent this year, outpacing luxury apartments for the first time since the city's property boom started in 2003, as incomes rise and interest rates fall, a survey of analysts showed.

PetroChina Declines in Hong Kong After Earnings on Drilling Cost Concerns - - PetroChina Co., the world's biggest company by market value, dropped in Hong Kong trading after 2007 profit rose less than estimated because of higher drilling costs and losses at its refineries.

Making a Play for China's Online Games- - A report by KPMG says that growth in Chinese online gamers is now paralleling that of the Internet and mobile markets

State Bank of India Seals First Share Sale in More Than Decade, People Say - - State Bank of India Ltd., the nation's largest, raised 167 billion rupees ($4.1 billion) in its first share sale in more than a decade, weathering a slump in equity markets, three people familiar with the offer said.

India Plans to Cut Import Duty on Palm Oil to Contain Record Inflation - - India, the world's biggest buyer of vegetable oil after China, plans to cut import duties on palm oil to ensure adequate domestic supplies and curb inflation.

Short Selling to Start April 21, Securities & Exchange Board of India Says - - India's capital markets regulator said individual and institutional investors will be able to start short-selling stocks, lifting a six-year ban, on April 21.

Rupee Rises on Speculation Fed Reduction to Boost Capital Flows Into India - - India's rupee advanced for a second day on speculation lower U.S. interest rates will prompt overseas funds to increase holdings of higher-yielding assets in the region.

Larsen & Toubro May Switch Dollar Debt to Rupee to Reduce Currency Risk - - Larsen & Toubro Ltd., India biggest engineering company, may seek to convert as much as $200 million of its debt into rupees to negate currency risk.

Sensitive Index Rises Led by Larsen & Toubro; YES Jumps Most in 5 Months - - India's Sensitive Index rose, paced by Larsen & Toubro Ltd., after the company said it would increase capacity to make large turbines and may convert a part of its foreign currency debt into rupees to negate currency risk.

Government Bonds Decline; Auction by India's States to Cut Demand for Debt - - India's benchmark bonds declined, pushing yields to the highest level in almost a month, on concern that an auction of debt by 10 states on March 26 will reduce demand for existing securities.

Tata Steel Outlook Raised by Moody's on $3.1 Billion Bridge Loan Repayment - - Tata Steel Ltd., India's largest steelmaker, had its outlook raised by Moody's Investors Service after the company repaid $3.1 billion of bridge loans used to fund its takeover of U.K.'s Corus Group Plc.

Shirakawa, BOJ's Accidental Leader, May Cut Interest Rates as Growth Fades - - Masaaki Shirakawa will be able to lead the Bank of Japan during the global financial crisis even though he's an acting chief named only because two earlier nominations collapsed, economists said.

Yen Extends Advance as Declining Commodities Spark Exit From Carry Trades - - The yen rose for a second day against the euro on speculation investors will reduce holdings of commodities financed with loans from Japan.

Toyota Says Union Vote at Ontario Factory Is Canceled on Lack of Support - - Toyota Motor Corp., which has kept unions out of its Canadian and U.S. factories, said a representation vote set for tomorrow at its Cambridge, Ontario, plant was canceled after the Machinists withdrew its request.

Takeda to Pay Abbott $1.5 Billion Over Five Years as TAP Venture Divided - - Abbott Laboratories and Takeda Pharmaceutical Co. agreed to end their TAP Pharmaceutical Products joint venture and divide its value.

Toshiba Cut to `Hold' at Nikko Citi on Worse-Than-Expected Profit Forecast - - Toshiba Corp., Japan's largest chipmaker, had its investment rating reduced to ``hold'' at Nikko Citigroup Ltd., which cited a worse-than-expected profit forecast.

Bank of Japan May Cut Rate by April Even Without Head, Goldman Sachs Says - - The Bank of Japan may cut borrowing costs next month to revive the economy even if the political dispute over the selection of a replacement for Governor Toshihiko Fukui isn't resolved, Goldman Sachs Group Inc. said.

Mitsubishi Heavy Plans to Sell Passenger Jet Built in Japan, Nikkei Says - - Mitsubishi Heavy Industries Ltd. is planning to start commercial production of Japan's first passenger jet aircraft if it gets enough orders for the planes, Nikkei English News said.

Toyota's Scion Brand May Expand Beyond Three Models to Combat Sales Slump - - Toyota Motor Corp. is considering additions to its lineup of youth-oriented Scion vehicles to win over a wider range of U.S. buyers, the brand's chief said.

Could Japan Shrug Off the Dollar's Dive?- - The yen's surge hurts export-driven growth. But trade with China, slashed commodity costs, and resurgent consumer spending may ease Japan's pain

Toshiba cuts 2007 profit forecast over HD DVD exit- - Toshiba Corp. said Wednesday it has cut its projection for group net profit for the business year ending March 31 to ¥125 billion from the previously projected ¥180 billion mainly because of its withdrawal from the HD DVD business.

Australia Stocks Fall, Led by BHP, Newcrest as Commodities Prices Decline - - Australian stocks declined, led by BHP Billiton Ltd., Newcrest Mining Ltd. and Woodside Petroleum Ltd. after copper, gold and oil prices fell.

Lihir to Buy Equigold for $1 Billion, Adding Mines in Australia and Africa - - Lihir Gold Ltd., the second-largest producer of the metal on the Australian Stock Exchange, agreed to buy Equigold NL for A$1.1 billion ($1 billion), increasing production a quarter by adding mines in Africa and Australia.

Foster's Stops Making High Alcohol Beverages Amid Binge-Drinking Backlash - - Foster's Group Ltd., Australia's biggest liquor maker, will stop producing high alcohol and added energy pre-mixed spirit drinks.

Newcrest Leads Decline in Asian Gold Producers as Price of Bullion Slumps - - Newcrest Mining Ltd., Australia's largest gold mining company, dropped the most in 14 months in Sydney trading, pacing a decline in bullion producers after the price of the precious metal slumped.

Australian, New Zealand Dollars Poised for Weekly Fall on Commodity Prices - - The Australian and New Zealand dollars are both poised for a weekly decline as a slump in gold, wheat and oil prices prompted investors to avoid the currencies of economies that rely on commodity exports.

Hedge Funds Reject Claims of Market Manipulation, Back Stricter Disclosure - - The Australian hedge funds industry, under investigation over allegations market manipulation pushed stocks lower in recent weeks, said it supports greater disclosure when investors sell borrowed shares.

New Zealand Net Wealth Falls First Time in 7 Years as House Prices Decline - - The average net wealth of New Zealand consumers fell for the first time in seven years as house prices declined and rising interest rates increased debt.

Perilya, CBH Resources Stock Halted Pending Possible Takeover Announcement - - Perilya Ltd. and CBH Resources Ltd., in talks to combine, halted their shares from trading in Sydney before an announcement about a possible transaction.

Wednesday

China Mobile's Fourth-Quarter Profit Rises on Record Addition of New Users - - China Mobile Ltd., the world's largest wireless operator by users, increased fourth-quarter profit 37 percent, beating analysts' estimates, after the company added record subscribers by cutting rates.

China's Stocks Gain for First Time in Six Days on Stronger Yuan; Vanke Up - - China's stocks rose for the first time in six days, led by property developers, on expectation a strengthening yuan will boost overseas demand for assets priced in the local currency.

Kerry Properties' 2007 Profit Rises 40% on Sales Growth in Mainland China - - Kerry Properties Ltd., a Hong Kong- based builder controlled by the family of Malaysian tycoon Robert Kuok, said profit rose 40 percent last year on property sales in China and gains in asset values.

Alibaba's Shares Jump After Reporting Quadrupled Profit, Beating Estimates - - Alibaba.com Ltd., China's largest online commerce company, rose the most in six weeks in Hong Kong trading after profit quadrupled and on speculation management will seek to defend its independence against Microsoft Corp.

Chinalco Considers Acquisitions, Could Fund Up to $14.5 Billion, Xiao Says - - Aluminum Corp. of China, the nation's biggest producer of the metal, is considering acquisitions to take advantage of a slump in global stock markets that reduced the price of potential targets.

Midwest Chief Oliver Says Sinosteel Needs to Boost Acquisition Offer 25% - - Midwest Corp., target of a A$956 million ($890 million) hostile bid from Sinosteel Corp., said the Chinese company needs to raise its bid by at least 25 percent to acquire the Australian iron ore producer.

Pudong Bank to Raise No More Than $2.8 Billion in Sale of Additional Stock - - Shanghai Pudong Development Bank Co., part owned by Citigroup Inc., said it will raise no more than 20 billion yuan ($2.8 billion) selling shares under current market conditions.

Hong Kong Cuts Base Rate to 3.75 Percent, Tracking Federal Reserve's Move - - The Hong Kong Monetary Authority cut its base rate to 3.75 percent, suggesting lenders in the city may reduce borrowing costs.

World Sneezes, China's Just Fine - - Economists say a global slowdown will largely spare a mainland economy still based on domestic consumption and cushioned by vast cash reserves

State Bank of India Seals First Share Sale in More Than Decade, People Say - - State Bank of India Ltd., the nation's largest, raised 167 billion rupees ($4.1 billion) in its first share sale in more than a decade, weathering a slump in equity markets, three people familiar with the offer said.

Asian Stocks Surge as U.S. Rallies on Lehman, Goldman Earnings, Fed Cut - - Asian stocks rose the most in a month after the Federal Reserve cut interest rates and China Mobile Ltd. reported higher-than-expected earnings, easing concern that a U.S. recession will derail profit growth.

Sensitive Index Rises; YES Bank, HDFC, Jet Airways, Maruti Suzuki Advance - - The Bombay Stock Exchange's Sensitive Index, or Sensex, surged 529.04 points, or 3.6 percent to 15,362.50 as of 10:07 a.m. local time in Mumbai, its biggest percentage gain in more than a month.

Rupee Rises on Speculation Overseas Funds May Increase Holdings of Stocks - - India's rupee advanced for a second day on speculation lower U.S. interest rates will prompt overseas funds to increase holdings of higher-yielding assets in the region.

Sri Lanka's Central Bank Holds Benchmark Rate at 10.5% to Combat Inflation - - Sri Lanka's central bank kept its benchmark interest rate unchanged at the highest level since 2002 in a bid to cool inflation running above 20 percent.

Scomi Engineering Shares Rise After Mumbai Rail Contract Shortlist Report - - Scomi Engineering Bhd. jumped the most in six months on the Kuala Lumpur stock exchange after the Business Times said the company and a partner were shortlisted for a 5 billion-ringgit ($1.6 billion) Mumbai monorail project.

Crude Oil Declines as Dollar Rallies on Federal Reserve Interest Rate Cut - - Crude oil fell in New York after the dollar gained yesterday against the euro and yen, reducing the demand for commodities as an inflation hedge.

Cairn India Raises $650 Million in Share Placement - - The subsidiary of Cairn Energy issued shares to Malaysia's Petronas and Singapore investor Orient Global in a deal that depressed Cairn India's share price on the local bourse

Stocks Rise Most in a Month as Nomura Holdings Leads Advance by Brokerages - - Japanese stocks surged after U.S. investment bank earnings eased concern more global brokerages will fail and a Federal Reserve interest-rate cut led to the dollar's biggest rally against the yen in nine years.

Shirakawa Likely to Serve as Interim Central Bank Chief, Economists Say - - Masaaki Shirakawa, a former central bank official who becomes a Bank of Japan deputy governor tomorrow, will probably serve as acting chief to fill the vacancy left by Toshihiko Fukui at the end of today, economists said.

Upper House Rejects Prime Minister Fukuda's Central Bank Governor Nominee - - Prime Minister Yasuo Fukuda failed for the second time in a week to appoint a central bank chief, assuring a vacancy at a time of global financial turmoil and suggesting he's unable to bring political stability.

Toshiba Cuts Profit Forecast 31% on Lower Chip Prices, Scrapping of HD DVD - - Toshiba Corp., Japan's largest chipmaker, cut its full-year profit forecast by 31 percent because of falling prices for flash memory and costs to withdraw from the HD DVD business.

Dollar Falls on Speculation Housing Slump Will Swell Credit-Market Losses - - The dollar fell against the euro, losing most of yesterday's gains, on speculation the worst U.S. housing slump in a quarter of a century will swell credit-market losses.

Goldman Sachs Wins Members' Approval for Narita Golf Club Rehabilitation - - Goldman Sachs Group Inc., the biggest U.S. securities firm, won approval from creditors for a plan to rehabilitate Narita Golf Club, one of Japan's most expensive golf courses.

Japan's Private Equity Market Will See Little Subprime Impact, Folsom Says - - Japan's private equity market will see a ``steady flow'' of transactions even as rising funding costs cripple deals elsewhere, said the co-founder of the nation's largest buyout fund.

Rio, BHP Billiton Have Sold Spot Iron Ore to China This Year, Merrill Says - - Rio Tinto Group and BHP Billiton Ltd., the second- and third-largest exporters of iron ore, made cash sales of the raw material to China this year even as the nation slows approvals for import licences, Merrill Lynch & Co. said.

Exxon Mobil Venture May Seek $9.9 Billion in Debt Funding for LNG Project - - Exxon Mobil Corp. and its partners in a proposed liquefied natural gas project in Papua New Guinea may seek about $9.9 billion in debt funding to cover construction, financing, interest and initial operating costs.

Australian, New Zealand Dollars Strengthen on Fed Rate Cut, Stock Gains - - The Australian and New Zealand dollars rose after the Federal Reserve cut its benchmark interest rate for the sixth time since September, encouraging investors to buy higher-yielding assets.

Deutsche Expects New Zealand Rate Cut in December as Economic Growth Slows - - New Zealand's central bank will cut the benchmark interest rate by half a percentage point in December as economic growth slows sharply this year, according to Deutsche Bank AG.

Australia Needs to Sell More Bonds to Cover $58 Billion Deficit, AFMA Says - - The Australian government should boost sales of sovereign bonds to cover a shortfall of as much A$63 billion ($58 billion), which is threatening the nation's financial markets, Australian Financial Markets Association said.

Midwest Says Sinosteel Needs to Boost $890 Million Hostile Takeover Offer - - Midwest Corp., target of a A$956 million ($890 million) hostile bid from Sinosteel Corp., said the Chinese company needs to raise its bid by at least 25 percent to acquire the Australian iron ore producer.

Australian Company Bond Risk Has Biggest Fall on Goldman, Lehman Earnings - - The risk of Australian companies defaulting had its biggest fall after better-than-expected earnings from Lehman Brothers Holdings Inc. and Goldman Sachs Group Inc. allayed concern banks will fail amid credit market turmoil.

Wesfarmers to Retain Kmart Discount Department Store Unit Following Review - - Wesfarmers Ltd., which completed the record Australian takeover of Coles Group Ltd. in November, will keep its Kmart discount department store unit after completing a strategic review of the division.

Record 52 million cell phones sold in 2007 - - A record 52.34 million cell phones were sold in 2007 thanks to the release of new models capable of playing music and receiving terrestrial digital broadcasts, known as One-Seg programs, a research institute said Tuesday.

BOJ: Who's at the Wheel?- - As Japan lurches toward recession, the current Bank of Japan boss is out; his successor may be blocked by pols averse to Finance Ministry candidates

Tuesday/Monday

Citic Securities to Scrap $1 Billion Stake in Bear Stearns, Chairman Says - - Citic Securities Co. canceled a proposed $1 billion investment in Bear Stearns Cos. after the Wall Street brokerage was bought by JPMorgan & Chase Co., said the chairman of Citic's parent company.

Yuan Soars to Post-Peg Record as China May Raise Rates to Curb Inflation - - China's yuan rose to the highest level since a dollar peg was ended in July 2005 on speculation the nation is using gains in the currency to limit inflation.

China Imported 1.7% Less Refined Copper, Alloy in First Two Months of 2008 - - China's imports of refined copper and alloys, the biggest in the world, declined 1.7 percent in the first two months this year from a year earlier, the Beijing-based customs office said.

China's Internet Users Surpassed U.S., Google Chief Executive Schidmt Says - - Google Inc., owner of the world's most popular Internet search engine, said the number of Web users in China has exceeded that in the U.S.

China Stocks Tumble, Breaching 4,000 Point Level, on Interest Rate Concern - - China's stocks tumbled the most in seven weeks, with the benchmark index breaching 4,000 points, on speculation the government will increase borrowing costs to counter escalating consumer prices such as oil.

Shenhua Plans 33% Increase in 2008 Spending to Boost Coal Supply to China - - China Shenhua Energy Co., the nation's biggest coal producer, plans to increase spending 33 percent this year as it expands output to meet rising demand from power generators and steelmakers.

Air China, Asian Airlines Shares Decline on Fuel Prices, Travel Outlook - - Air China Ltd., the nation's biggest international airline, fell the most in more than a month in Hong Kong trading as rising oil prices and concerns about the global economy sparked a sell-off of Asian carriers.

Google's Schmidt Says China Has Overtaken U.S. in Number of Internet Users - - Google Inc., owner of the world's most popular Internet search engine, said the nation has surpassed the U.S. as the world's biggest Web market by users.

China's insurance sector records gross assets of 2.92 trillion yuan- - The insurance sector in China had accumulated 2.92 trillion yuan in gross assets (411.8 billion U.S. dollars) by the end of January, according to the China Insurance Regulatory Commission (CIRC).

Malaysia's Ratings Stable Despite Political Earthquake- - The ruling coalition has suffered an upset in elections, but Moody's says the country's rating and outlook will not be affected

Hong Kong's Flu Scare Adds to Property Concerns- - The outbreak reminiscent of SARS could curtail the activities of home buyers, resulting in quieter Hong Kong market

Indonesia raises fuel prices for industrial uses- - Indonesia's state-run oil and gas firm Pertamina announced Saturday it has increased fuel prices by between 1.1 percent and 4.6 percent for corporate customers effective from the same day.

U.S. Futures, Asian Stocks, Dollar Tumble on Fed Cut, Sale of Bear Stearns - - U.S. and European stock index futures, Asian equities and the dollar tumbled after the Federal Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for $2 a share. Bonds, gold and crude oil climbed.

Cummins India Predicts Profit Growth Will Slow on Higher Costs, Rupee - - Cummins India Ltd., the local arm of the U.S. diesel-engine maker, predicted profit will gain at a slower pace in the next financial year as raw material costs increase and the rupee climbs higher against the dollar.

Cairn India to Raise $625 Million From Petronas, Orient to Fund Pipeline - - Cairn India Ltd., the local unit of Cairn Energy Plc, plans to sell 25.3 billion rupees ($625 million) of stock to Petroliam Nasional Bhd. and New Zealand billionaire Richard Chandler's investment group.

Asian Corporate Bond Risk Surges After Bear Stearns Sale, Fed Rate Cut - - The cost to protect corporate bonds in the Asia-Pacific region from default surged to records after the Federal Reserve cut its discount rate in an emergency decision and funded a bailout of Bear Stearns Cos.

ONGC Says Production From Domestic Fields to Be `Almost Flat' This Year - - Oil & Natural Gas Corp., India's biggest fuel producer, said oil and gas production from domestic fields will be ``almost flat'' in the year ending March 31.

National Hydroelectric of India Plans to Revive Initial Public Offering - - National Hydroelectric Power Corp., India's largest producer of electricity from water, may sell shares by August to help fund a planned doubling of capacity.

India's NTPC, Power Finance May Sign Power Exchange Agreement Next Week - - NTPC Ltd., India's biggest generator, and Power Finance Corp. may sign an agreement next week to set up a power exchange.

Rupee Falls Most in 2 Weeks on Concern Stock Losses to Spur Fund Outflows - - India's rupee fell by the most in two weeks as deepening financial turmoil in the U.S., the world's biggest economy, increased concern funds will reduce their holdings in emerging markets.

Dollar Slumps Below 96 Yen to 12-Year Low on Credit Market Losses, Fed Cut - - The dollar fell below 96 yen for the first time in 12 years on concern that credit-market losses will widen after an emergency discount interest-rate cut by the Federal Reserve and the sale of Bear Stearns Cos. to JPMorgan Chase & Co.

Stocks Drop to the Lowest in Two Years on Fed Rate Cut, Bear Stearns Sale - - Japan's stocks plunged to the lowest in more than two years after JPMorgan Chase & Co. agreed to buy Bear Stearns Cos. for $2 a share and the U.S. Federal Reserve cut lending rates to banks at an emergency meeting.

Fukuda Will `Try' to Resolve Standoff Over Bank of Japan Appointment Today - - Japanese Prime Minister Yasuo Fukuda is negotiating with the country's largest opposition party to avoid a leadership vacuum at the central bank, the government's top spokesman said.

Asian Corporate Bond Risk Increases After JPMorgan to Buy Bear Stearns - - The cost to protect corporate bonds in the Asia-Pacific region from default surged to records after the Federal Reserve cut its discount rate in an emergency decision and funded a bailout of Bear Stearns Cos.

Five-Year Notes Advance on Speculation Federal Reserve Efforts Will Fail - - Japan's five-year bonds rose, pushing yields to match a 2 1/2-year low, on speculation the Federal Reserve's efforts to aid the economy will fail to ease turmoil in global financial markets.

Bank of Japan Adds Funds to Financial System After Fed Cuts Discount Rate - - The Bank of Japan added 400 billion yen ($4.1 billion) to the financial system as the Federal Reserve reduced the rate on direct loans to commercial banks by a quarter-point to ease strains on financial markets.

NTT Cuts Profit Forecast 4.7%, Citing Costs at Networking Unit NTT Data - - Nippon Telegraph & Telephone Corp., Japan's largest fixed-line phone operator, cut its profit forecast for the current fiscal year by 4.7 percent, partly because of reduced contributions from subsidiary NTT Data Corp.

Takefuji Cuts Profit Forecast 69% on Subprime Mortgage-Related Losses - - Takefuji Corp., Japan's third- largest consumer lender by market value, cut its full-year profit forecast 69 percent, citing subprime-related losses.

Australia, Japan Company Bond Risk Surges on Bear Stearns Sale to JPMorgan - - The cost to protect corporate bonds in the Asia-Pacific region from default surged to records after the Federal Reserve cut its discount rate in an emergency decision and funded a bailout of Bear Stearns Cos.

Uranium Miners May Invest $24 Billion in Up to 30 South Australia Projects - - Uranium mining companies in South Australia may invest A$25 billion ($24 billion) in as many as 30 projects and developments, including BHP Billiton Ltd.'s planned expansion of its Olympic Dam mine, a state minister said.

Air New Zealand Raises Fares on Local, Australia Flights, Citing Fuel Cost - - Air New Zealand Ltd., the nation's biggest carrier, will raise fares on domestic services and flights to Australia and the Pacific Islands next week because of higher jet fuel costs.

Sky City Entertainment Reviews Adelaide Casino Expansion Plan to Cut Costs - - Sky City Entertainment Group Ltd., New Zealand's largest casino operator, is reviewing expansion plans for its Adelaide casino in South Australia in a bid to limit the cost of the A$55 million ($51 million) project.

Australia, New Zealand Dollars Drop as Federal Reserve Cuts Discount Rate - - The Australian and New Zealand dollars fell for a second day after the Federal Reserve unexpectedly cut its discount rate before Asian trading began, fueling concern U.S. financial-market turmoil will deepen.

New Zealand's Consumer Confidence Slumped to Lowest in 19 Months in March - - New Zealand consumer confidence fell to a 19-month low in March, adding to signs that record-high interest rates are slowing economic growth.

Babcock Power, Infrastructure Shares Fall Amid Debt Refinancing Concerns - - Babcock & Brown Power, Australia's biggest publicly traded power producer, had its biggest decline for a week in Sydney on investor concerns about its ability to refinance debt and fund expansion.