. Russia will
continue to boost oil output and confirmed a pipeline
will go first to China and later t the Pacific Coast.
. RP has one
of the least SME-friendly regulatory environments in
Southeast Asia, said a joint report by the World
Bank and International Financial Corp (IFC).
. China’s
global trade surplus is projected to quadruple this
year, adding pressure on its leaders to further resolve
its currency, said a new report from Manufacturers
Alliance/MAPI.
. China’s
surplus with the world could hit $140 billion, up from
$32 billion last year. Its trade surplus with the US has
ballooned in recent years, though its overall trade
picture has remained relatively stable with moderate
surpluses.
. China’s two
biggest banks: ICBC and Bank of China,
each secured preliminary deals for foreign investment of
about $3 billion.
. CNOOC’s
first half net profit rose 69% to $1.46 billion, as high
oil prices and strong domestic demand boosted China’s
dominant offshore oil producer.
. Matching style
with substance, Japan’s Prime Minister Koizumi’s
landslide victory is seen as clearing the way for
economic reform.
. He made
promises to tear apart the old structure of the
Liberal Democratic Party (LDP) which has ruled for
all but 10 months since 1955 with a support base of
businesses, merchants and farmers.
. By putting
Japan Post in private hands, he hopes to shift
the nation’s savings away from funding often-wasteful
public works projects, including infamous “bridges to
nowhere” and airports few people use.
.
Singapore’s
Parkway Chairman says the acquisition of
Pantai Holdings for RM312 million to expand its base
of business and grow its presence in Malaysia.
.
Twenty-five percent of Parkway is also owned by US
private equity fund Newbridge Capital.
.
The Ministry of Manpower (MOM) says 49,500 jobs
were created in the first 6 months of this year, double
the gain in the first half of 2004, and the highest
number in four and a half years
. Temasek
Holdings’ net profit rose to about $7.6 billion in
the financial year ended 3/05, from $7.4 billion the
year before, according to figures made available to
investors ahead of its first-ever bonds sale this month.
.
North Korea
has proposed that Lotte Tours, a tourism unit of
South Korea’s Lotte Group, participates in the
joint tourism project between the 2 Koreas, said Lotte
officials.
.
Hyundai Elevator, a de facto holding company of
Hyundai Group, has been under a tax probe,
raising speculation that it may be the beginning of
full-pledged government scrutiny into Hyundai’s NK
tourism projects.
.
Lotte Group, South Korea’s 10th largest
conglomerate, faces some 7.8 billion won ($7.64
million) in taxes for holding land in Seoul.
.
Defense Ministry wants 11.1% increase in military
spending per year over the next 10 years as part of
measures to build more future-oriented armed forces,
said the Defense Minister.
.
Koreans heading to the US next month will be allowed to
enter the country only after providing the addresses
where they intend to stay before boarding.
. GMA’s
administration awarded a multimillion dollar contract to
Venable LLP, a US lobby firm, to help secure funding for
Charter and push the country’s interest in Washington.
It will pay Venable $75k a month, not including travel
expenses, telephone, fax and copying. Quarterly payments
will be made in advance.
. Agents of
the FBI arrested Michael Aquino, former aide of Sen.
Panfilo Lacson, former National Police Chief, for
“spying on classified information and documents” coming
from FBI files. The classified information originated
from an FBI intelligence analyst of Filipino descent (Leandro
Aragoncillo) on Philippine government officials
and former leaders.
. Foreign
investments had jumped the first 6 months of 2005,
before a political scandal involving Pres. Arroyo
spooked the financial markets.
. Shell
Philippines Exploration, a member of a consortium
developing a natural gas field on the outskirts of
Palawan province, is looking at potential oil and gas
revenues further north of the province, an official of
Pilipino Shell Petroleum Corp told the Manila
Times.
. No more
impeachment for GMA! The House vote were overwhelming to
her favor at 1158 in favor of killing the impeachment,
51 against, and 6 abstaining.
.
European MPs brought joy
to Thai farmers highlighting both the restoration
of Thai shrimps to Generalised System of Preferences
(GSP) status and the newly reached agreement on down
tariffs for Thai rice among the host of issues on the
table. The shrimp industry suffered some $500 million in
damage to hatcheries and property in the December
tsunami.
.
The CEO of GMM Media PLC said he has intention to
interfere in news reporting in employee fringe benefits
at hs newly acquired companies: Matichon and
Post Publishing.
.
A Senior Executive VP revealed progress of
Suvarnabhumi Airport Construction is almost 100%
complete and should be ready for use by the end of this
month.
.
At the Malaysia
Global Road show in London, top corporate names, e.g.,
Datul Azman Mokthar, Tan Sri Francis Yeoh, Datuk Tony
Fernandes, told fund managers they should put their
money in their country. From London, they headed to New
York to do the same sales pitch for Malaysia as the best
place to invest in Asia.
.
TMNet, the Internet unit of Telekom Malaysia,
is undergoing trials with ntv7 and TV3 to offer some
television content to broadband users.
.
Malaysia’s Second Finance Minister Tan Yakcop says
Malaysia will meet its target of trimming this year’s
budget deficit to 3.8% of gross domestic product amidst
higher fuel prices.
.
Rising oil prices and declining construction are
hampering the government’s efforts to reduce the budget
deficit, now in its eighth year.
. Indonesia’s
central bank raised key rates and promised fresh
measures to stabilize its sliding currency, a response
highlighting the risk of developing economic from high
oil prices.
. India
and Pakistan agreed to free hundreds of fishermen
who strayed outside territorial waters, latest in a
series of territorial goodwill overtures.
. Cisco
Systems Inc.,
the largest maker of Internet equipment, sees India at
the top of its list of markets to work in, said its
senior VP H. Charney.
. Expecting
farm output to be better this year, the Finance Minister
said agriculture has to grow 3% to 4% for the economy to
sustain a high 8% growth.
.
The State Bank of
Pakistan (SBP) allowed commercial banks to re-lend
loans to Non-Banking Finance Companies (NBFCs)
under its Locally Manufactured Machinery Scheme (LMM).
.
Pakistan International Airlines has spent much more on
the maintenance of six old A300B4 aircraft which they
tendered for sale on an “as is where is” basis before
delivery to buyers and the price they were finally sold
for.
.
The Central Executive Committee of Pakistan Sugar
Mills Assn. (PSMA) met mid-September to discuss
undue delay in the delay in the implementation of
Ethanol Fuel Project and the upcoming visit of PSMA
delegation to Australia.
.
Bangladesh
police raided hotels, conducted random checks on the
streets and detained about 25 people across the country
to try to thwart more attacks after a wave of bombings.
.
World Bank Nepal Office
refuted the recent news putting Katmandu on the top of
17 Asian cities with the dirtiest air pollution, saying
the fact was misrepresented by the press.
.
Indian security personnel detained Ishwor Pokharel,
Standing Committee member of CPN-UML in New Delhi to
question him for his alleged meeting with Maoist leaders
in India.
. The cold
wave that has been gnawing Nepal’s western and central
plains is likely to continue for “some time” before
possibly moving soon to the eastern Terri belt,
according to Western Forecasting Division (WFD).
