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Last Updated:
Apr 24, 2009 - 5:31:05 PM |
Asia-Pacific Business & Finance News w/e Nov 30, 2008: China warns about impact of global financial crisis; Japan's biggest business organization wants workers to have more sex
By Finfacts Team
Dec 2, 2008 - 7:03:54 AM
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| India's Prime Minister, Manmohan Singh chairing an All Party meeting in New Delhi on November 30, 2008, to discuss the terrorist attacks in Mumbai.
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The Wall Street Journal reports that for workers accustomed to a decade of double-digit growth, China's sudden downturn has come as a shock to the system. Migrant workers -- estimated to make up a tenth of the country's population -- have powered China's economic success in the three decades since free-market reforms began.
They supply the low-cost labor for the country's rapidly growing infrastructure and dominant low-priced exports. The wages they send home have helped spread prosperity from the booming cities into the relatively poor countryside. But the global slump threatens a precarious balance if unemployment continues to grow. Already it has caused China's construction industry to seize up and prompted many factories that once churned out toys, electronics and clothing to cut work forces or close up shop.
Meng Jianzhu, China's minister of public security, told a conference of regional government officials late last month that there are "lots of social problems affecting stability under the current circumstances," the official Xinhua news agency reported. Among the major problems to address, Mr. Meng said: "Work should be improved on serving and managing the floating population." Beijing has been warning local officials to take extra efforts to ensure stability, focusing their efforts on re-employment programs.
The Journal says national statistics on how many migrant workers have been laid off and returned home aren't available, but regional numbers are significant. Yin Weimin, minister of human resources and social security, estimated at a news conference this month that about 300,000 of the 6.8 million migrant workers from one province, Jiangxi, to the south of Mr. Fan's Anhui province, have returned home.
Chinese President Hu Jintao warned on Saturday that the global financial turmoil will make it harder for China to maintain the pace of its economic development in the near future.
State news agency Xinhua, reports that China is under growing tension from its large population, limited resources and environment problems, and needs faster reform of its economic growth pattern to achieve sustainable development, Hu saidwhen addressing members of the Political Bureau of the Communist Party of China (CPC) Central Committee.
The nation should maintain a stable and relatively fast economic growth, accelerate structural readjustment for sustainable development, and stick to reform and opening up, said Hu, also general secretary of the CPC Central Committee.
Hu underlined the importance of efficient resource utilization and environmental protection in China's industrialization and modernization strategy, and asked for the overall development in both rural and urban areas.
The nation should not only seek fast and sound economic growth, but also promote the comprehensive development of society and its people, said Hu.
He also noted that with the spread of the global financial crisis, China is losing its competitive edge in the world market as international demand is reduced.
International competition is fiercer than ever and protectionism has started to increase in investment and trade, said Hu.
In October, China's export growth slowed to 19.2 percent from 21.5 percent in September.
Bloomberg reports that Keidanren, Japan's biggest business organization, is worried the nation's workers aren't having enough sex.
The group urged its 1,632 member companies to start so- called family weeks that give employees more time for playing with the kids and having more children to reverse a declining birth rate. A survey by Japan's Family Planning Association of about 3,000 married people under age 49 shows couples are having less sex because long work days leave them with too little energy.
In a country where people over 65 will outnumber children two-to-one in five years, companies say they eventually won't have enough workers. Japan's birth rate has been falling since 1972 and threatens to shrink the labor force 16 percent by 2030 from 66.6 million workers in 2006, according to the health ministry.
Keidanren paper on declining population
The Press Trust of India reported on Sunday that Home Minister Shivraj Patil resigned today, taking moral responsibility for the failure to prevent terror attacks such as the one in Mumbai. After being subject to severe criticism at last night's Congress Working Comittee (CWC) meeting, Patil met Prime Minister Manmohan Singh and submitted his resignation.
Political sources said that 74-year-old Patil has been of the view that the Congress party and the government should not suffer because of the terror attacks and that is why he had taken this decision.
They felt that Patil did not want officers of his Ministry to be made scapegoats. After so much criticism about his failure, he also felt a sense of relief by stepping down.
The 74-year-old Patil was inducted into the Union Cabinet despite his defeat from Latur in Maharashtra in the 2004 Lok Sabha polls and has been a target of the opposition as also the detractors within the party over his handling of the internal security situation in the country.
Patil had told the CWC meeting that as the Home minister he "takes the responsibility and whatever the CWC decides, I am ready to do", the sources said.
Patil's remarks came in the wake of criticism by several leaders, including Union Ministers P Chidambaram, Kamal Nath, Kapil Sibal and H R Bhardwaj, they said.
The refrain of these leaders at the meeting was that a strong action is needed in the wake of the Mumbai terror strikes and accountability has to be ensured at the higher as well as lower levels.
The Far Eastern Economic Review reports that gun battle between terrorists and Indian commandos is still going on in two of Bombay's premier hotels as I write this. The full-scale of the tragedy is not yet known. It will a while before we find out who is behind this outrageous assault on India's commercial capital. Leaders—international and India's own—have issued boilerplate condemnations.
This morning, newspapers have been delivered, joggers, flower-sellers and hawkers are on the streets and buses are running on the city's typically misty late autumn morning, and the milk delivery has not been disrupted. Men and women are back at work, while schools remain closed.
For a long time, many of us, myself included, have praised this resilience as a symbol of the city's indomitable spirit. It has been attacked often—in 1993, a series of bomb blasts exploded at the stock exchange, the passport office, and the Air India Building, killing 257 people. In 2003, two blasts killed 46 people. In 2006, coordinated blasts destroyed the city's suburban trains, killing over 200 people. And now, this.
The city, also known as Mumbai, has always risen from these assaults, with Sisyphean determination, carrying on as if it is business as usual, that life must go on. Indeed, that spirit persists, and it is admirable. It would not be Bombay if it took out its rage on those who had nothing to do with the atrocities. To understand that attitude, turn to words that anyone who has spent some time in Bombay understands: bindas (brave) or khadoos (stubborn). (After the 1993 blasts in which the explosive Semtex was used, and the Sensex, the stock market index, stabilized quickly, Bombay's brokers joked: it takes more than Semtex to shake Sensex.)
The FEER also reports that since the end of World War II, businesses in Japan have seemed intent on fighting a rear-guard action to rewrite the wartime history of their country. This recurring tendency has a pernicious effect on Japan’s postwar relationships and undermines its corporate citizenship efforts.
The latest example of rewriting is the “True Modern Japan” essay contest, sponsored by the hotel and condominium developer APA Group. Gen. Toshio Tamogami, Japan’s air force chief of staff, won the contest with a paper asserting that Imperial Japan fought a just war that was forced upon it by a Soviet-manipulated American president.
Although Gen. Tamogami was promptly dismissed, his public writing is not an isolated incident. Many Japanese companies, including the successor to Prime Minister Taro Aso’s family firm, have promoted their own idealized versions of the Asia Pacific War.
In 1975, to mark the centennial of the family business empire, Taro Aso as president and CEO of Aso Cement Company oversaw the publication of its history. The resulting 1,500-page book glorifies Aso Mining’s role in the Japanese war effort and suggests, like the winning APA Group essay, that Japan was tricked into attacking the United States.
The “Aso Fights” section of the book states that top U.S. leaders had detailed knowledge of Japanese military plans prior to Dec. 7, 1941. Japan was purposely allowed to strike the first blow, in this telling, so that “Remember Pearl Harbor” could become a rallying cry for Americans. Like Gen. Tamogami, the Aso historians conclude that “this cleverly united American opinion for war against Japan.”
The Wall Street Journal reports that Chinese President Hu Jintao warned that the global financial crisis is sapping China of its competitive advantage in trade and that it will test the government's ability to steer the country.
Mr. Hu's remarks, carried Sunday in the official People's Daily newspaper, were a relatively candid, and relatively bleak, assessment from a leader who doesn't frequently make public pronouncements on the economy. Speaking to a regular study session of top Communist Party officials, Mr. Hu also warned that deepening economic troubles may push countries to become protectionist, in turn affecting China's economy.
Mr. Hu's comments underscore the anxiety in China's leadership amid a sharp slowdown in China's economic growth that is causing rising unemployment after years of widening prosperity. The downturn is a particular challenge for Mr. Hu, because he has staked his administration's credibility on improving social and economic upgrading for average people.
"Whether we can turn the pressures into momentum, transform challenges into opportunities and maintain stable and fairly fast economic development is a test of our ability to ride out the complications and a test of the party's ability to govern," said Mr. Hu, who is also Communist Party chief.
The Wall Street Journal also reports that Thailand's protracted political crisis is choking its economy and deeply scarring the country's image as a popular global tourist destination.
As a siege of Bangkok's two main airports by anti-government protesters continued Sunday amid escalating violence, the country of 65 million faced coping indefinitely without its main air links to the outside world.
The standoff between Thai authorities and thousands of protesters occupying the airports intensified through the weekend. More than 50 protesters were injured in a series of explosions Sunday, including a grenade attack at the offices of Prime Minister Somchai Wongsawat, which anti-government protesters have occupied since August.
At least four victims were in serious condition at local hospitals, according to the Associated Press.
On Saturday, a convoy of 400 protesters attacked a police checkpoint near the country's biggest international airport, Suvarnabhumi, smashing police-car windshields. The protesters have threatened to blockade Thai seaports, as well, if the government doesn't resign.
Prime Minister Somchai declared a state of emergency at Bangkok's airports Thursday and ordered police to clear them of protesters. But the government backed off the next day, apparently fearing that it would require force to drive the protesters out. Political analysts said Mr. Somchai couldn't count on the full support of police and Thailand's powerful military commanders to end the airport sieges, which began Tuesday.
Thailand is a major international hub for light manufacturing, including electronics and auto parts, and a critical link in many multinational companies' supply chains. It's also among of the world's largest exporters of rice, sugar and other agricultural products.
The Bangkok Post reports that at Sanam Luang, a rally in red vowed to prevent a "silent coup" by the judiciary. At the airports, yellow-clad protesters were "willing to die" to bring down the government. In the streets, two-thirds of citizens say they are embarrassed and ashamed for the country.
An estimated 4,000 men and women in red rallied at the traditional parade and political grounds on the Chao Phraya River banks in support of Prime Minister Somchai Wongsawat and a government that has been chased out of Bangkok to Chiang Mai.
Wearing red headbands emblazoned with the words "No Coup", United Front of Democracy against Dictatorship (UDD) raised fears of violence with their first rally since deadly rivals of the People's Alliance for Democracy seized and shut the two Bangkok international airports.
"We gather here today to protect the democratic system, to say we don't want a coup," said Jatuporn Prompan, a leader of the pro-government group known as the "Red Shirts", adding that they would stay there until Thursday.
The PAD, clad in yellow, have vowed to keep Thailand cut off from the world until Mr Somchai, the brother-in-law of the hated ex-premier Thaksin Shinawatra, steps down.
(The PAD, representing the urban middle class, support a parliament with 70% of its members appointed by the king, to prevent rule by governments supported by rural voters.)
On Dec 2nd, China's State news agency Xinhua reported that Thailand's Constitution Court on Tuesday ruled the three ruling parties in the coalition government-- People Power Party (PPP), Chart Thai Party and Matchima Thipataya Party were guilty of electoral fraud charges and ordered them to be dissolved.
All the three party's executives were banned from politics for five years as punishment in line with the 2007 Constitution.
The Constitution Court began to read the verdict at around noon Tuesday after hearing the closing statements from both the prosecutors and the defendants -- two political parties in the coalition government, on electoral fraud charges in the morning.
The PPP didn't attend the summation session.
As a result of the verdict, Prime Minister Somchai Wongsawat, who is acting leader of PPP, will lose his premiership according to the Constitution.
FINFACTS ASIA-PACIFIC REPORTS:
China's and India's manufacturing sectors contracted in November
World Bank cuts 2009 forecast for China's economic growth to 7.5%
London’s West End and Moscow remain world’s two most expensive office markets; Dublin rents at 14th rank are almost double Brussels'
Substantial slowdown in Asia amid global turmoil says IMF; Pakistan to get $7.6 billion loan
News Links to Other Sources:
Friday
China's Stocks Decline on Growth Concern; Pudong, Shenzhen Banks Retreat - - China’s stocks fell, led by financial and commodity companies, on renewed concern earnings growth will decline in a slowing economy.
Gome Replaces Billionaire Chairman, CFO Amid Beijing Security Bureau Probe - - Gome Electrical Appliances Holdings Ltd. replaced Chairman Huang Guangyu, moving to distance itself from the company’s billionaire founder after he was detained by Chinese police.
Cathay Pacific Slashes Capacity Growth Plans, Offers Workers Unpaid Leave - - Cathay Pacific Airways Ltd., Hong Kong's biggest carrier, slashed growth plans for next year and offered staff unpaid leave as travel demand plunges on a global recession.
HSBC Said to Shed About 500 Jobs in London Headquarters, U.K. Next Week - - HSBC Holdings Plc, Europe’s biggest bank, is to eliminate about 500 jobs in Britain, including positions at its head office in London, two people familiar with the plan said.
China's Small Businesses Face `Tough Winter,' Closures, Association Says - - China’s small businesses face a tough winter, helped “only a little” by the government’s $586 billion stimulus package, said Li Zibin, chairman of the China Association of Small and Medium Enterprises.
Kaba to Make More Digital Locks in China as Asian Demand Expected to Grow - - Kaba Holding AG, the largest Swiss maker of locks and security doors, will boost production of digital cylinder locks in China, as demand from Asia may rise 10-fold within five years, Chief Executive Rudolf Weber said.
Aluminum Slumps by Limit in Shanghai on Speculation Output Won't Decline - - Aluminum slumped by the exchange- imposed daily limit in Shanghai on speculation producers in China, the world’s biggest supplier, may not reduce output as much as expected as input costs drop.
Baosteel Faces `Most Difficult' Period Since 1978 as Global Economies Slow - - Baosteel Group Corp., China’s biggest steelmaker, is facing its “most difficult” period since its founding 30 years ago as global economies grapple with a slowdown and credit crisis, an executive said.
Mumbai Jewish Center Hostages Are Killed; Commandos Free 200 From Oberoi - - Hostages taken at a Jewish center during attacks across Mumbai two days ago were killed, while commandos freed more than 200 people from the Indian city’s Oberoi-Trident hotel complex, officials said.
Mumbai Terror Attacks at Taj, Oberoi Hotels Hit Tourism at Start of Season - - The Mumbai terrorist attacks struck India’s tourist industry at the start of peak season, compounding problems for airlines and hotels that were already facing the slowest growth in visitor numbers in five years.
Mobius Still a Bull on India Stocks After Terror Attacks; Sensex Rebounds - - India’s first terrorist attack against foreigners has done nothing to dent Mark Mobius’s confidence in the stock market of the world’s second-fastest growing major economy.
Islamic Militants Shift Target in India to Foreigners, Economy in Attacks - - The terrorist attacks in Mumbai show India’s home-grown Islamic militant movement is aligning its campaign with those in the broader Muslim world, while seeking to hit economic interests, intelligence analysts said.
India Extends Refinance Facility for Banks to June 30 to Boost Liquidity - - India’s central bank today extended the refinance facility for banks to June 30, 2009, to increase liquidity in the banking system, the Reserve Bank of India said in a statement e-mailed from Mumbai.
Economy Grows at Slowest Pace in Four Years, Indian Rates May be Cut Again - - India’s economy grew at the slowest pace since 2004 last quarter, increasing pressure on the central bank to cut interest rates.
Israel Monitoring Operation to Rescue Hostages at Jewish Center in Mumbai - - The Israeli Foreign Ministry said it is monitoring an operation by Indian security forces to free hostages held at the Chabad-Lubavitcher Center in Mumbai.
Yes Bank Chairman Ashok Kapur Missing After Terror Attack on Oberoi Hotel - - Ashok Kapur, chairman of YES Bank Ltd. that’s partly owned by Rabobank of the Netherlands, has been missing in the Oberoi since terrorists attacked the luxury Mumbai hotel two days ago, his bank said.
Japan's Recession Deepens as Factory Output Slumps, Consumers Cut Spending - - Japan’s recession deepened last month as companies cut production, consumers spent less and fewer people looked for work.
Stocks Post Best Weekly Rally in a Month; Panasonic Drops on Forecast Cut - - Japan stocks rose, capping their best weekly gain in a month, on expectations governments will take more steps to pull the global economy out of recession.
Shinsei Plans to Invest $300 Million to Gain Control of Taiwan's Jih Sun - - Shinsei Bank Ltd., the Japanese buyer of General Electric Co.’s local consumer-finance businesses, plans to invest NT$10 Billion ($300 million) to gain control of Taiwan’s Jih Sun Financial Holdings Co.
Japan Post Bank Delivers $1.58 Billion Profit, Beating Its Listed Rivals - - Japan Post Bank Co., the world's biggest deposit holder, reported half-year profit of 150.1 billion yen ($1.58 billion), beating listed rivals that have been struck by rising bad loans and investment loses.
JFE Forms $700 Million Venture in Middle East to Secure Iron Ore Supplies - - JFE Steel Corp., Japan’s second- largest maker of the metal, will form a venture with Bahrain- based steelmaker Foulath to make iron ore pellets in Oman, aiming to secure raw material supplies.
Panasonic Shares Fall After Profit Forecast Slashed by 90% on Demand Slump - - Panasonic Corp., the world’s largest consumer-electronics maker, fell to the lowest in more than five years in Tokyo trading after the company slashed its full-year profit forecast by 90 percent.
Japan Pension Fund Reports $44.5 Billion Investment Loss in Third Quarter - - Japan’s Government Pension Investment Fund reported a market investment loss of 4.24 trillion yen ($44.5 billion) for the three months ended Sept. 30, more than double the loss a year earlier, as global stock markets declined.
Japan's 10-Year Bonds Complete Third Weekly Gain as Factory Output Falls - - Japan's 10-year government bonds completed a third weekly gain after a report showed factory output declined, signaling a recession in the world's second- largest economy is deepening.
AWB, Australia's Biggest Wheat Exporter, Is In Merger Talks With ABB Grain - - AWB Ltd., Australia’s former monopoly wheat exporter, and ABB Grain Ltd. are in talks to create the nation’s biggest grain shipper as industry deregulation attracts global trading companies.
`Rate Cut' Rory Bets Hike to Australia's Highest Peak on Housing Outlook - - An Australian academic predicting a collapse in house prices has made a bet with Macquarie Group Ltd. economist Rory Robertson that commits the loser to walk from Canberra to the top of the nation’s highest mountain.
Centro Continues Talks on $4.5 Billion Debt as Receivership Deadline Looms - - Centro Properties Group, the owner of 794 shopping malls in the U.S., Australia and New Zealand, is continuing talks with lenders to extend more than $4.5 billion of borrowings by Dec. 15 after failing to raise new capital.
Australian, New Zealand Currencies Advance on Rate Cuts, Stimulus Packages - - The Australian and New Zealand dollars headed for their first weekly advance in three as traders speculated a fresh round of rate cuts and stimulus packages will prompt investors to buy the nations’ higher-yielding assets.
New Zealand Home-Building Approvals Slump to Record, May Prolong Recession - - New Zealand home-building approvals fell to a record low in October, adding to pressure on the central bank to cut interest rates and temper a declining property market that threatens to prolong a recession.
Macquarie Chairman David Clarke Takes Six-Month Leave for Cancer Treatment - - Macquarie Group Ltd., Australia’s biggest investment bank, said Chairman David Clarke will take leave for six months to undergo treatment for cancer.
Virgin Blue Hedges to Cut Profit $131 Million as Fuel Price, Currency Fall - - Virgin Blue Holdings Ltd.'s pretax profit will be cut by A$200 million ($131 million) after Australia's second-biggest airline, made wrong-way bets on moves in fuel prices and currency rates.
Warehouse to Add Smaller Stores as N.Z. Recession Limits Consumer Spending - - Warehouse Group Ltd., New Zealand’s biggest discount retailer, will expand its general merchandise business for the first time in three years, adding smaller stores as a recession forces consumers to cut costs.
Thursday
China's Economy Deteriorating, `Forceful' Measures Are Needed, NDRC Says - - China’s economy is deteriorating more quickly as the impact of the global financial crisis spreads, underscoring the need for “forceful” measures to support growth, the nation’s top planner said today.
Chinalco Plans to Weather Credit Crunch With $8.8 Billion Cash, Lu Says - - Aluminum Corp. of China, the nation’s largest producer of the metal, will weather the global credit crunch and economic slowdown with a cash hoard of as much as 60 billion yuan ($8.8 billion), an executive said.
China Textile Makers Said to Renege on Cotton Orders After Prices Plummet - - China's textile producers and cotton traders have reneged on purchase contracts for as much as 20,000 metric tons of overseas cotton after prices plummeted in the past three months, two global trading executives said.
Stocks in China Rise in U.S. After Interest-Rate Cuts; Bonds May Advance - - China’s stocks rose after the central bank cut its key lending rate by the most in 11 years to spur growth in the world’s fastest-growing major economy. Government bonds gained the most in three weeks.
China Plans to Have 60,000 Alternative-Energy Vehicles on Roads by 2012 - - China, the world’s second-biggest oil user, plans to have 60,000 alternative-energy vehicles on the roads in 10 cities by 2012 to cut pollution and fuel imports.
China Vanke, Poly Real Estate, Developer Stocks Surge on Interest Rate Cut - - China Vanke Co., Poly Real Estate Group Co. and other Chinese property developers gained in Shanghai and Shenzhen trading after the nation’s biggest interest-rate cut in 11 years.
Biggest Interest Rate Cut in 11 Years Signals Alarm at Job Cuts, Slowdown - - China’s biggest interest-rate cut in 11 years highlights government concerns that the country risks spiraling unemployment, social unrest and the deepest economic slowdown in almost two decades.
Indian Commandos Free Hostages at Mumbai Taj Hotel After Attacks Kill 101 - -At least 101 people were killed in Mumbai in terrorist attacks on two luxury hotels as Indian commandos freed hostages held by gunmen at one of the buildings. The assault left 290 injured.
India's Stock Index Futures, Rupee Forwards Fall After Terrorist Attacks - - India’s stock index futures and rupee forwards fell while credit-default swaps rose after militants killed 101 people in Mumbai, taking hostages in the nation’s first terrorist attack against foreigners.
Merrill, Morgan, HSBC Shut Mumbai Offices as Terrorists Target Foreigners - - Hindustan Unilever Ltd. and Indian units of financial companies such as Merrill Lynch & Co. shut their Mumbai offices today after terrorists killed 101 people in the financial hub of the world’s second-fastest growing economy.
Bond Default Risk Rises on India Terror Attacks, Chinese Exports Concern - -The cost of protecting bonds from default rose in Japan, Australia and India as terrorists attacked Mumbai and investors speculated China’s biggest interest rate cuts in 11 years won’t be enough to stimulate the economy.
India Inflation Slows to Six-Month Low, Raising Prospects for Rate Cuts - - India’s inflation slowed to a six- month low, giving the central bank room to reduce borrowing costs to shore up investor confidence after yesterday’s terror attacks in Mumbai’s business district.
Oberoi Says 200 Guests, Staff May Still Be Inside Mumbai Hotel Buildings - -The Oberoi Group said about 200 people may be inside its Mumbai hotel buildings that were attacked by terrorists.
Indian Rupee's Terror-Inspired Slide May Be Short-Lived: Chart of the Day - -A decline in the Indian rupee following terrorist attacks in the financial hub in Mumbai may be short-lived judging by the market reactions after previous strikes in Asia.
India Terror Attacks Carried Out By Groups Linked to Al-Qaeda, Experts Say - - The terrorist attacks that killed at least 101 people in Mumbai late yesterday displayed a level of coordination and choice of targets that indicate international involvement, security experts say.
Japan Stocks Jump After China Rate Cut Spurs Commodity Rally; Inpex Rises - - Japan stocks rose, led by resource and shipping lines, on speculation commodities demand will recover after China cut interest rates by the most in 11 years to spur growth.
Norinchukin to Seek $10.5 Billion in Biggest Fundraising by Asian Company - - Norinchukin Bank, the Japanese agricultural bank stung by wrong-way bets on credit derivatives, will seek more than 1 trillion yen ($10.5 billion) in Asia’s biggest capital-raising since the global credit crisis began.
Toyota, Nissan Cut Global Production as Recession Erodes Vehicle Demand - - Toyota Motor Corp. and Nissan Motor Co., Japan's largest and third-largest carmakers, cut global production last month as the intensifying financial crisis stifled car sales.
Panasonic Cuts Full-Year Profit Forecast 90% on Strong Yen, Demand Slump - - Panasonic Corp., the world's largest consumer-electronics maker, slashed its full-year profit forecast by 90 percent as the global recession damped demand and product prices fell.
Sony, Shoko Chukin Have Most Debt in Asia Maturing During Next 30 Days - -Sony Corp. and Shoko Chukin Bank Ltd. are Asia’s biggest corporate borrowers with bonds maturing in the next 30 days as investor appetite for new debt wanes on global recession concern.
Nipponkoa Raises Profit Target, to Cut Costs After Shareholder Pressure - - Nipponkoa Insurance Co., Japan's fourth-largest casualty insurer, raised its profit target and vowed to cut costs and increase sales in response to pressure from its biggest shareholder, Southeastern Asset Management Inc.
Euro Rises Against Dollar as Stocks Advance, German Unemployment Declines - - The euro rose against the dollar as European stocks advanced for a fourth day and a report showed unemployment declined in Germany, the region’s largest economy.
Mizuno Opposed Bank of Japan's Interest-Rate Cut in October, Minutes Show - - Bank of Japan board member Atsushi Mizuno voted against the Oct. 31 decision to cut interest rates, saying the central bank should focus on measures to promote the flow of money through the financial system, minutes show.
BHP's Argus Says Rio Purchase Would Have Created `Unacceptable' Debt Load - - BHP Billiton Ltd., the world’s largest mining company, said buying Rio Tinto Group would have elevated its debt to “unacceptable” levels amid the worst credit crisis since the Great Depression.
Qantas's Joyce May Reduce Capacity, Defer Plane Orders, on World Slowdown - - Qantas Airways Ltd., Australia’s largest carrier, may further cut passenger capacity or defer orders of new planes if the global recession continues to reduce demand for air travel.
QBE Raises $1.3 Billion in Share Sale at 11% Discount Following Purchases - - QBE Insurance Group Ltd., Australia’s biggest property and casualty insurer, raised A$2 billion ($1.3 billion) to shore up its capital and pay for acquisitions abroad.
New Zealand Annual Trade Gap Widens as Oil Shipments Drive Record Imports - - New Zealand’s annual trade deficit widened in October as higher oil shipments pushed imports to a record, outpacing a gain in exports.
Fortescue Workers Lose Free Lunch as Plunge in Iron Ore Prices Hits Home - - Workers at Fortescue Metals Group Ltd. are finding there’s no such thing as a free lunch.
Australian October Newly Built Home Sales Rose on Rate Cuts, Cash Handouts - - Australian sales of newly built homes jumped in October after the central bank cut borrowing costs by one percentage point and the government boosted cash handouts to first-home buyers.
BHP's Chairman Argus, Past `Use-By Date', Should Retire, Shareholders Say - - BHP Billiton Ltd. Chairman Don Argus should retire after the world’s largest mining company this week abandoned a $66 billion bid for Rio Tinto Group, shareholders said at today’s annual meeting.
Australia, N.Z. Dollars Gain 4th Day as U.S. Stocks Rise, China Cuts Rates - - The Australian and New Zealand dollars advanced a fourth day, the longest winning streak in more than two months, as investors bought higher-yielding assets after gains in equities and China’s biggest rate cut in 11 years.
Wednesday
China Cuts Key Lending Rate by Most in 11 Years to Support Slowing Economy - - China lowered its key lending rate by the most in 11 years, extending efforts to prevent an economic slump less than three weeks after unveiling a 4 trillion yuan ($586 billion) stimulus plan.
China Southern Parent Gets $439 Million, Paving Way for Airline Fund Boost - - China Southern Airlines Co.’s state-owned parent will get 3 billion yuan ($439 million) from the government, paving the way for a capital injection that may allow the carrier to repay debts and buy new planes.
Morgan Stanley Loses to JPMorgan in China With Deals Defining World Order - - When JPMorgan Chase & Co. investment banker Brian Gu called a prospective client in China four years ago, he was told his colleagues had already been to visit. It wasn’t until Gu was shown their business cards that he realized they were from Morgan Stanley.
China Eastern Fuel-Hedging Losses Surge Sixfold in a Month as Prices Sink - - China Eastern Airlines Corp.’s losses from wrong-way bets on fuel costs jumped sixfold in a month because of falling prices.
Chinese Steelmakers to Benefit From BHP's Dropped $66 Billion Bid for Rio - - BHP Billiton Ltd.’s decision to scrap its $66 billion takeover of Rio Tinto Group will strengthen the price bargaining position of Chinese steelmakers, the world’s largest buyer of iron ore.
China Stocks Rise for First Time in Five Days; Huaneng Gains on Coal Price - - China’s stocks rose for the first time in five days, led by power producers, after a domestic coal-price benchmark fell and Industrial Securities Co. upgraded its rating on the industry.
Benchmark Qinhuangdao Coal Prices Decline 30% in a Month on Weaker Demand - - China’s coal prices at Qinhuangdao, a domestic benchmark, fell by 30 percent in a month because of weaker demand for the fuel.
China's Shipyards May Scrap Downpayments to Win Orders, Researcher Says - - Shipyards in China, seeking to overtake South Korea as the biggest shipbuilding nation, may stop asking customers for downpayments as they vie for orders in a global recession.
India Bond-Swap Spread Offers `Bounty' for HDFC as Subbarao Plans Rate Cut - - India's government bond yields have never been higher in relation to interest-rate swap rates, prompting HDFC Bank Ltd., Standard Chartered Plc and Sundaram BNP Paribas Asset Management Co. to bet the gap will narrow.
Asian Stocks Decline as Rio Takeover Derailed, Loan Rates Rise; Rio Slumps - - Japanese and Australian stocks declined after Toyota Motor Corp.'s debt rating was cut and BHP Billiton Ltd. dropped a bid for Rio Tinto Group. South Korean banks rose as regulators said risks are being controlled.
Indian Rupee Heads for Biggest Gain in Three Weeks on Equity Fund Inflows - - India's rupee headed for the biggest gain in three weeks on speculation overseas funds will buy local shares, which are trading at the cheapest levels relative to earnings in at least five years.
NHPC Defers India Initial Share Sale; Garg Says Markets Are Not Conducive - - NHPC Ltd., India’s largest producer of electricity from water, has postponed a plan to sell shares following the decline in stock prices, Chairman S.K. Garg said.
Stocks in India Climb; Reliance Industries, ICICI, Metal Producers Gain - - Indian stocks rose after China slashed its key lending rate and the U.S. committed as much as $800 billion to unfreeze lending, boosting optimism the global economy will weather the recession.
Government Bonds End Two-Day Decline as Oil Fall May Cool Indian Inflation - - India's 10-year bonds gained, pushing yields to the lowest in almost three years, as declines in oil prices fanned speculation inflation will slow.
Money Market Rates Advance in Asia as Deepening Recession May Slow Lending - - Funding costs in Asia’s biggest financial markets increased as concerns about a deepening global recession overshadowed U.S. efforts to revive consumer credit, prompting banks to slow lending.
Crude Oil Rises After China Cuts Interest Rates to Boost Slowing Economy - - Crude oil rose in New York after China cut interest rates for the fourth time in 10 weeks to boost the country’s slowing growth.
Japan Stocks Drop on U.S. Home Price Plunge; Toyota, Sumitomo Trust Slump - - Japan’s stocks slumped as concern falling home prices will curb U.S. spending overshadowed a Federal Reserve plan to commit an additional $800 billion to unfreeze credit markets.
Toyota's Credit Rating Cut to AA From AAA by Fitch, With Outlook Negative - - Toyota Motor Corp.'s debt rating was cut by Fitch Ratings, the automaker's first downgrade in 10 years, as the slump in U.S. car sales drags down earnings at the company with the industry's best credit.
Yen Rises Versus Euro, Dollar as Global Economic Slump Curbs Carry Trades - - The yen rose against the euro and the dollar as investors pared holdings of higher-yielding assets funded in Japan before reports that may add to evidence of a deepening U.S. recession.
Government Should Maintain Goal of Balancing Books by 2011, MOF Panel Says - - Japan should maintain its goal of balancing its budget by 2011 to help reduce the world’s largest public debt, a Finance Ministry panel said.
Goldman Sachs Ends Discussions With Panasonic on Selling Its Sanyo Stake - - Goldman Sachs Group Inc., the largest U.S. securities company to convert to a bank, said it broke off negotiations yesterday to sell a stake in Sanyo Electric Co. to Panasonic Corp. because of disagreements over terms.
Sparx to Exit U.K., Retreat From Some U.S. Businesses as Withdrawals Mount - - Sparx Group Co., Asia’s biggest hedge-fund manager with $8.8 billion in assets, will close its U.K. office and some U.S. operations as it cuts costs to cope with investor withdrawals and declining earnings.
Japanese Notes Advance as Economic Outlook Overshadows Fed's Lending Plan - - Japan’s 10-year bonds rose, with yields matching a seven-week low, as the worsening global economic slump overshadowed the benefits of an $800 billion U.S. plan to revive lending.
DoCoMo, Nippon Steel Pay Higher Yield Premiums on Corporate Bond Sales - -NTT DoCoMo Inc., Japan’s largest mobile-phone operator, and Nippon Steel Corp. paid higher yield premiums when they sold a combined 145 billion yen ($1.5 billion) in bonds today amid waning demand for corporate debt.
Australia to Avoid Recession on Rate Cuts, Government Spending, OECD Says - - Australia’s economy will avoid a recession next year, helped by lower interest rates, government spending and exports, the Organization for Economic Cooperation and Development said.
QBE to Acquire Four Insurers in U.S., Europe, Sell $1.36 Billion in Stock - - QBE Insurance Group Ltd., Australia’s biggest property and casualty insurer, will spend $695 million on four acquisitions abroad, including U.S. insurer ZC Sterling Corp., to stem slowing profit growth.
Chinese Steelmakers to Benefit From BHP's Dropped $66 Billion Bid for Rio - - BHP Billiton Ltd.’s decision to scrap its $66 billion takeover of Rio Tinto Group will strengthen the price bargaining position of Chinese steelmakers, the world’s largest buyer of iron ore.
BHP Must Seek New Acquisition Targets After Failed Rio Bid, BlackRock Says - - BHP Billiton Ltd., the world’s largest mining company, must target other acquisitions to replace the growth its failed hostile bid for Rio Tinto Group would have provided, said BlackRock Inc.
Australia's Guaranteed Bank Deposits Offer Better Returns Than State Debt - - Australia's fixed-income investors are better off putting funds in term deposits at banks, credit unions and building societies, which are on the verge of being guaranteed by the government, than buying state debt.
David Jones Revenue Falls 6.3%, Forecasts Sales Worse Than Last Recession - - David Jones Ltd., Australia's second-biggest department store chain, said first-quarter sales fell 6.3 percent as a slowdown in consumer spending curbed demand for clothing.
Australian, New Zealand Dollars Gain a Third Day on $800 Billion Fed Plan - - The Australian and New Zealand dollars advanced for a third day as the U.S. Federal Reserve committed $800 billion to unfreeze credit markets, prompting speculation that investors will buy higher-yielding assets.
Citigroup Australia Cuts Its Coverage of 9 Stocks as Sanjay Magotra Leaves - - Citigroup Inc., the U.S. bank cutting 52,000 jobs globally, dropped coverage of nine infrastructure stocks in Australia and New Zealand after the departure of analyst Sanjay Magotra.
Tuesday
World Bank Slashes China Growth Estimates, Urges Rebalancing of Economy - - China should do more to rebalance its economy from investment, exports and industry to consumption and services as it rolls out a $586 billion stimulus package, the World Bank said.
Chinalco Says BHP's Dropped Takeover for Rio Benefits Chinese Steelmakers - - Aluminum Corp. of China, the largest shareholder in Rio Tinto Group, said BHP Billiton Ltd.’s dropped bid for the world’s second-largest iron ore supplier would benefit Chinese steelmakers.
China Has More Room to Loosen Monetary Policy as Growth Weakens, OECD Says - - China has room to keep loosening monetary policy to support growth as the global economy weakens, the Organization for Economic Co-operation and Development said.
China Inflation May Drop to 3 Percent in 2009, Central Bank Official Says - - China’s inflation may be under 6 percent this year and fall to 3 percent for 2009, said Zhang Jianhua, the head of the central bank’s research bureau.
China Should Permit More Yuan Bond Sales in Hong Kong, HKMA's Yam Says - -China should allow a wider range of companies to sell yuan debt in Hong Kong, to promote wider use of its currency in global markets, said Joseph Yam, chief executive of the Hong Kong Monetary Authority.
Asian Stocks Jump as Commodity Prices Rally, Citigroup Rescued; BHP Rises - - Asian shares rose, led by financial companies and commodity producers, as the U.S. government's rescue of Citigroup Inc. shored up confidence in banks and the world's biggest economy.
China's Stocks Decline, Reversing Gain; Haitong Securities, Lujiazui Drop - - China’s stocks fell for a fourth day, reversing earlier gains. Haitong Securities Co. and Shanghai Lujiazui Finance & Trade Zone Development Co. led the declines.
Russia May Agree Oil Supply Deal With China By Year-End in Return for Loan - - Russia may strike a crude oil supply agreement with China by the end of the year, Energy Minister Sergei Shmatko said, in return for a multi-billion dollar loan for Russian oil companies.
GE Betting on India's Rail, Power Shortage to Meet $8 Billion Sales Target - - General Electric Co., the world’s biggest provider of power-generation equipment, is betting that India’s electricity shortages and the need to replace aging locomotives will help triple sales there in the next two years.
Sri Lanka Unexpectedly Reduces Bank Reserve Ratio to 7.75% to Boost Growth - - Sri Lanka’s central bank unexpectedly reduced the amount of cash lenders need to keep as deposits for the second time in five weeks to make up for a “prolonged liquidity shortfall” and boost growth.
Benchmark Sensitive Index Declines, Led by Reliance Industries, State Bank - - Indian stocks declined, with the benchmark index reversing earlier gains, as selling by overseas funds overwhelmed investor optimism about the U.S. government's rescue of Citigroup Inc.
Citigroup's India Equity Head Brown Quits Brokerage, Adding to Bank Exits - - Citigroup Inc.’s head of securities for India, Brian Brown, said he had resigned, adding to departures from the bank that received a bailout from the U.S. government yesterday.
Jindal Steel & Power to Add Hydro, Wind Electricity Plants to Meet Demand - - Jindal Steel & Power Ltd., owner of the biggest non-state electricity generation plant in India, aims to add hydroelectric, nuclear, wind and solar projects to its larger steel business as demand for power increases.
India Must Back Growth to Boost Confidence as Inflation Slows, Jalan Says - - India must support flagging economic growth as inflation slows, said Bimal Jalan, former governor of the Reserve Bank of India.
Citigroup to Keep Emerging Market Assets, Focus on Growth, Crittenden Says - - Citigroup Inc. Chief Financial Officer Gary Crittenden said the bank will hold onto assets in emerging markets as it focuses on faster-growing regions after receiving a $20 billion government cash injection.
Oil & Natural Gas Plans to Complete Imperial Energy Purchase by June 2009 - - Oil & Natural Gas Corp., India's biggest explorer, plans to complete the purchase of the U.K.'s Imperial Energy Plc. by June 2009.
Japan's Stocks Surge on Speculation Citi Rescue Will Ease Credit Markets - - Japan stocks climbed the most in two weeks, led by real estate and financial companies, on speculation the U.S. government’s rescue of Citigroup Inc. will calm credit market turmoil and foster lending growth.
Bank of Japan Cuts View of Economy, Saying Growth `Increasingly Sluggish' - - The Bank of Japan downgraded its assessment of the economy for the first time in three months, saying growth is becoming “increasingly sluggish.”
Yen Gains as Deepening U.S. Recession Cuts Demand for High-Yielding Assets - - The yen rose before U.S. reports today that economists say will show a recession is deepening in the world’s largest economy, prompting investors to cut holdings of higher-yielding assets financed with borrowings in Japan.
Nippon Steel Will Double Production Cuts to 2 Million Tons, Muneoka Says - - Nippon Steel Corp., the world’s second-largest maker of the metal, will double planned production cuts because of waning demand from carmakers and builders.
Cosmo Oil to Sell Baldness Remedy in Aging Japan as Fuel Demand Wanes - -Cosmo Oil Co., a Japanese crude oil refiner partly owned by the government of Abu Dhabi, said it will branch out into selling a baldness remedy to profit from the country’s aging population as demand for fuel sags.
Ten-Year Government Bonds Decline as Stocks Rally on Citigroup Rescue Plan - - Japan's five-year notes declined after stocks in New York posted the biggest two-day rally since 1987 on the U.S. government's plan to guarantee $306 billion of troubled Citigroup Inc. assets.
Japan Corporate-Service Prices Fall for First Time in 2 Years as Oil Eases - - Japan’s corporate service prices fell for the first time in two years in October as oil costs dropped, adding to evidence inflationary pressure is easing.
H3 Japan Hedge Fund Returned 2.1% in October Betting on Foreign Exchange - -H3 Japan Fund, run by Sydney-based hedge fund H3 Global Advisors Pty, returned 2.1 percent in October as it avoided volatile equity markets and based its bets on the yen.
BHP Billiton Withdraws $66 Billion Stock Offer for Rio Tinto, Cites Crisis - - BHP Billiton Ltd. abandoned its year-long pursuit of Rio Tinto Group, blaming the rout in commodities prices and the credit-market squeeze for derailing the biggest hostile takeover.
Australia Stocks Jump Most in 11 Years; Citigroup Rescue Boosts Confidence - - Australia’s benchmark stock index rose the most in 11 years as the U.S. government’s rescue of Citigroup Inc. boosted confidence in the global financial system.
Chinalco Says BHP's Dropped Takeover for Rio Benefits Chinese Steelmakers - - Aluminum Corp. of China, the largest shareholder in Rio Tinto Group, said BHP Billiton Ltd.’s dropped bid for the world’s second-largest iron ore supplier would benefit Chinese steelmakers.
Harvey Norman Shares Fall in Sydney After First-Quarter Earnings Drop 32% - - Harvey Norman Holdings Ltd., Australia’s largest furniture and electronics retailer, fell the most in two weeks in Sydney trading after first-quarter earnings dropped 32 percent.
Qantas Says Profit May Fall 64% on Slowing Flight Demand, High Fuel Costs - - Qantas Airways Ltd., Australia’s largest carrier, said full-year profit may fall 64 percent to the lowest in six years as demand for international travel slows.
Australia, New Zealand Dollars Rise Most in 3 Weeks on Citigroup's Rescue - - The Australian and New Zealand dollars pared gains, after advancing the most in more than three weeks, as investors speculated the U.S. government’s rescue of Citigroup Inc. won’t avert a global economic slowdown.
Tim Smeallie, Sanjay Magotra Said to Leave Citigroup Equity Research Team - - Tim Smeallie, rated Australia’s top telecommunications analyst two years ago, was among four departures at Citigroup Inc.’s local operations as the U.S. bank cuts 52,000 jobs globally, people familiar with the matter said.
CVC Set to Win Lender Approval for PBL Media Debt Restructuring, CEO Says - - CVC Asia Pacific Ltd. will probably win the lender support it needs to restructure PBL Media Ltd.’s debt as it seeks to protect the Australian magazine publisher from default, according to PBL’s chief executive officer.
Monday
HSBC Would Consider Buying `Right' Citigroup Assets, Chairman Green Says - - HSBC Holdings Plc Chairman Stephen Green said the London-based bank would consider buying the “right” assets of Citigroup Inc., as the U.S. bank faces the threat of a breakup or sale.
Standard Chartered Raises $2.7 Billion of Capital From Temasek, Investors - - Standard Chartered Plc, the U.K. bank that gets more than three-quarters of its profit in Asia, plans to raise 1.8 billion pounds ($2.7 billion) in a rights offer to bolster its finances as the global economic recession deepens.
Cnooc May Spend $29 Billion to Develop South China Sea Oil, Gas Deposits - - Cnooc Ltd. and its partners may spend about 200 billion yuan ($29 billion) to develop fuel deposits in the South China Sea in the nation's biggest push to tap reserves off the coast.
China's Stocks Drop for Third Day; Air China, Merchants Property Retreat - - China’s stocks fell for a third day, led by airlines, after the nation’s largest international carrier said fuel hedging losses tripled. Developers retreated on speculation interest rates may stay unchanged.
China's Gome `Verifying Allegations' Against Billionaire Chairman Huang - -Gome Electrical Appliances Holdings Ltd. is making inquiries into allegations against billionaire Chairman Huang Guangyu, China’s second-richest man, after media reports said he has been detained.
Air China Shares Drop After Tripling Hedging Loss Forecast to $454 Million - - Air China Ltd., the nation's largest international carrier, had its biggest plunge in almost a month in Shanghai trading after saying losses on hedging contracts tripled because of wrong-way bets on fuel prices.
Yuan Little Changed as China Eases Gains to Aid Exporters as Economy Slows - - China's yuan was little changed against the dollar on speculation policy makers are keeping the currency trading within a narrow range to aid exporters as recessions take hold in the U.S., Europe and Japan. Bonds fell.
China's `Stimulus Package 2' May Help Economy to Expand 8%, Citigroup Says - - Plans for a second Chinese stimulus package show the government’s determination to sustain growth and may help the economy expand more than 8 percent for each of the next two years, Citigroup Inc. said.
Indian Growth 'Fairly Robust' Amid Global Recession, Finance Ministry Says - - India’s economic growth outlook is “fairly robust” even as the global recession deepens, the finance ministry said, highlighting the strength of local consumer spending.
Asian Stocks Fall on Higher Lending Costs, Bank Losses; Suncorp Declines - - Asian stocks fell on mounting signs the credit crisis is hurting profits at financial companies as recessions in the world’s biggest economies deepen.
India Emerging for Mobius Followers Picking Bottom in Global Stock Market - - Mark Mobius is leading a return of fund managers to India as the nation's biggest banks say demand for cars and homes will help them ride out a global recession.
Benchmark Stock Index Drops in India; Lenders Fall as Software Makers Gain - - India's Sensitive Index fell, with ICICI Bank Ltd. leading financial shares lower after JPMorgan Chase & Co. cut its earnings estimates for lenders.
Rupee Declines on Signs Emerging Markets' Capital Outflows Are Increasing - - India's rupee declined on signs investors are taking money out of emerging markets as financial institutions worldwide face mounting credit-market losses.
Jindal Steel Rules Out Production Cut, Bets Demand to Revive on Spending - - Jindal Steel & Power Ltd., making the largest investment in Bolivia, expects metal demand in India to revive in the next few months as the government increases spending on roads, bridges and ports.
Government Bonds Drop on Speculation Three-Year Low Yields to Deter Buyers - - India’s 10-year bond yields held at the lowest in almost three years on speculation slowing inflation will allow the central bank to cut interest rates for a third time since Oct. 20.
Sterlite May Lose 23,000 Metric Tons Copper After Tuticorin Plant Shutdown - - Sterlite Industries (India) Ltd. expects to lose 23,000 metric tons of copper production for a month after damage to a cooling tower shut its southern Indian smelter, the nation’s biggest, said a company executive.
Yen Advances Against Dollar as Bank Bailout Concern Chokes Carry Trades - -The yen rose against the dollar as Citigroup Inc. received government help, sapping appetite for higher-yielding assets funded by loans from Japan.
Asian Stocks Fall on Higher Lending Costs, Bank Losses; Suncorp Declines - - Asian stocks fell on mounting signs the credit crisis is hurting profits at financial companies as recessions in the world’s biggest economies deepen.
Crude Oil, Copper, Corn Advance on Citigroup Guarantee, Weaker U.S. Dollar - - Crude oil, copper and corn rose as a government rescue of Citigroup Inc. shored up global investor confidence and a weaker U.S. dollar enhanced the appeal of commodities invesments.
Asia-Pacific Leaders to Push for December Breakthrough in Doha Trade Talks - - Leaders of 21 Pacific Rim nations said the world financial crisis may force a breakthrough on a global trade deal that’s been stalled for seven years, and warned against protectionism as they headed home from a summit in Lima.
Recession's Grip Forces U.S. to Flood World Economy With Even More Dollars - - The world needs more dollars. The United States is preparing to provide them.
Mitsubishi Estate, Rivals Raised to `Buy' by UBS as Shares Are Undervalued - - Mitsubishi Estate Co., Japan’s biggest developer by market value, and its closest rivals had their ratings upgraded to “Buy” from “Neutral” by UBS AG, which said investors have undervalued the stocks.
Tingyi Parent to Pay $280 Million for 10% Stake in Asahi-Itochu Venture - -Ting Hsin, the parent of Tingyi (Cayman Islands) Holding Corp., China’s biggest maker of packaged food, agreed to buy a stake in a joint venture between Asahi Breweries Ltd, Itochu Corp. and Tingyi.
Asahi, Suntory May Bid for Australia's Independent Liquor, Dow Jones Says - - Asahi Breweries Ltd. and Suntory Ltd. approached the owners of Independent Liquor about a possible sale of the Australian and New Zealand drinks group, Dow Jones Newswires reported.
Australia, New Zealand Dollars Rise on Citigroup Bailout, Asian Stock Drop - - The Australian and New Zealand dollars slid as investors dumped higher-yielding currencies funded in Japan as a U.S. government rescue of Citigroup Inc. highlighted widening bank losses.
Transfield Services Seeks $242 Million by Selling Shares to Pay Down Debt - - Transfield Services Ltd., an Australian provider of maintenance services to miners, is seeking to raise A$385 million ($242 million) by selling shares and will use the proceeds to pay off debt.
Indonesia Cuts Bond Sales, to Use World Bank, Australia to Fund Budget Gap - - Indonesia plans to cut rupiah bond auctions by a third and borrow from the World Bank and Australia to fund its 2009 budget gap as a global financial crisis damps investor appetite, said a finance ministry official.
Suncorp Shares Fall After Bank Boosts Bad Debt Forecast on Babcock Loans - - Suncorp-Metway Ltd., an Australian banking and insurance company, fell in Sydney trading after increasing a forecast for bad debt in preparation for the potential collapse of asset manager Babcock & Brown Ltd.
Rio Tinto's Skinner Says Finance Crisis to Extend Into 2009, China to Slow - - Rio Tinto Group, the third-biggest mining company, said the global financial crisis will extend into 2009, when China’s metal demand may start to rebound.
OZ Minerals Director Hegarty Forced to Sell Shares to Cover Margin Loans - - Owen Hegarty, a director of the world’s second-largest zinc mining company OZ Minerals Ltd., was forced to sell 10 million shares to cover lending requirements.
New Zealand to Cut Key Rate to 5% Next Month Amid Recession, Goldman Says - - New Zealand’s central bank will cut the benchmark interest rate by 1.5 percentage points in December amid a deepening domestic recession, Goldman Sachs JBWere Ltd. said today.
Lihir, Newcrest Shares Pace Gains in Gold Miners After Bullion Prices Jump - - Lihir Gold Ltd., the second-largest gold mining company on the Australian Stock Exchange, rose the most in more than three weeks in Sydney trading, pacing gains by precious metal producers after bullion prices jumped
