06 July 2007 02:00 [Source: ICIS news]
Asahi Shimbun, Japan (online edition) ?xml:namespace>
Yokohama Rubber cut deal for immunity
Yokohama Rubbersnitched on its former partners in collusion in exchange for immunity, allowing the US Justice Department to smash an international price cartel that included domestic rival Bridgestone Corp., sources said.
The information Yokohama Rubber supplied to the US Justice Department led to the arrests in early May of eight senior officials of rubber hose makers in Japan, Britain, France and Italy.
Ozawa promises to step down if ruling coalition wins election
Ichiro Ozawa, president of opposition Minshuto (Democratic Party of Japan), vowed Thursday to step down if the ruling coalition maintains its majority in the July 29 Upper House election.
"I want to change the political current by winning a majority. If it is not accomplished, there will be no point for me to serve as the leader," Ozawa told reporters. "I am working resolutely toward my goal."
Business & Industry
Airlines add a touch of class to make the wait worthwhile
Airlines, in their unending quest to woo well-heeled customers and attract new ones, have been rushing to give their airport lounges here a makeover--with the emphasis on luxury.
In fact, roughly half of all airlines that operate lounges at this gateway into Japan have renovated or expanded their facilities during the past year.
Wii overwhelms PS 3 in domestic sales
1The Wii video game console of Nintendooutsold rival PlayStation 3 of Sony Computer Entertainment Inc. 3 to 1 in domestic sales in the first half of this year.
According to video game magazine publisher Enterbrain Inc., about 1.77m Wii models were sold, compared with about 500,000 PlayStation 3s.
China stocks plunge as investor faith remains low
Chinese stocks nosedived more than 5% on Thursday as more investors stayed away from the market, which has been highly volatile in the past month.
The benchmark Shanghai Composite Index fell 5.25% to close at 3,615.87 points, extending Thursday's 2% loss.
Dead official expelled from party
China's disciplinary watchdog on Thursday expelled senior political advisor Song Pingshun from the Communist Party of China (CPC) for "dissolute lifestyle and serious violation of Party discipline", according to an announcement.
Song, former chairman of the Tianjin Municipal Committee of the Chinese People's Political Consultative Conference (CPPCC), a local advisory body to the parliament in the northern port city of Tianjin, was discovered dead on 3 June.
Business & Industry
Textile machinery imports enjoy preferential duties
China will carry out its policy of preferential duties on parts and components imports in 16 key technical equipment fields and the policy will be first implemented on textile machinery, according to the Ministry of Finance. The document on policy implementation details was released recently.
From January 1, 2007, China implemented rebates on import tariffs and value-added taxes for some key parts and components imported by domestic companies to develop and manufacture high-speed air-jet looms and automatic winders. The rebates were treated as national investment used mainly in product development and technological innovation.
Shanghai index plunges 5.25% amid panic selling
Chinese shares continued yesterday's decline and dived sharply Thursday as lack of confidence and worries about further tightening policies drove investors into panic selling.
The benchmark Shanghai Composite Index opened at 3,769.64 points, 46.53 lower than yesterday's close. Without a decent effort to recover yesterday's losses, the index dove further to 3,697.97 points in the morning session. Panic grew further in the last trading hour, knocking the index down to around 3,600. The index closed at 3,615.87, nearly the day's lowest point, tumbling 200.29 points or 5.25 percentage points.The daily transaction volume remained at a low level of yuan (CNY)73.76bn ($9.7 billion).
Premier says he will accept decision on NCC appeal
Premier Chang Chun-hsiung said yesterday that he will accept any decision the Council of Grand Justices makes on an appeal by the National Communications Commission which is seeking to reverse the Executive Yuan's decision to overturn the NCC's approval for the Kuomintang to sell Broadcasting Corporation of China to a former legislator.
A spokesperson for the secretariat of the Executive Yuan confirmed that his office had handed over evidence to the prosecutor's office for further investigation and referred individuals and other parties suspected of involvement in what he called the illegal BCC deal.
Yeh to campaign for DPP during visit to Japan, US
Former vice premier and ex-Kaohsiung City acting Mayor Yeh Chu-lan announced yesterday that she will depart tomorrow for Tokyo and will also visit the San Francisco Bay area later this month in order to campaign for Democratic Progressive Party presidential candidate Frank Hsieh.
Backed by a banner featuring the phrases "Say Yes" and "Joint Rule by the Two Genders," the 58-year old Miaoli County native also reaffirmed her willingness to "light the torch" and spark active support for the DPP presidential candidate in the Hakka community and among women if Hsieh chooses her as his running mate.
Business & Industry
European stocks end lower
Europe's main stock indexes ended lower Thursday as the European Central Bank hinted at further interest-rate hikes, while Vodafone Group shares weakened amid worries that it isn't in line for a deal to handle the European launch of Apple's iPhone.
The German DAX index closed down 1.1% at 7,987.13, the French CAC-40 index lost 0.6% to 6,059.53 and the U.K.'s FTSE 100 index slipped 0.6% to 6,635.20.
Venezuela still optimistic about joining Mercosur despite hysterical right
Venezuela is still optimistic it will be able to join a South American trade bloc despite opposition from the "hysterical right" in some member countries, the country's top diplomat said Thursday.
Foreign Minister Nicolas Maduro said President Hugo Chavez's government is "acting in good faith" and hopes Venezuela's entry into the Mercosur trade bloc will be formalized soon.
Alas, PyeongChang bid fails again
The Russian city of Sochi was chosen yesterday to host the 2014 Winter Olympics, leaving its rival Korea in shock and disappointment.
The Black Sea resort defeated PyeongChang by 51-47 in the second round of voting by the International Olympic Committee.
Specialty motor shows in Seoul
Two specialty motor shows , the Seoul Auto Salon and Seoul Truck Shown opened yesterday at COEX in southern Seoul. Both exhibitions will be open to visitors until 8 July.
The Seoul Auto Salon is the largest exhibition for automotive aftermarket products held in Korea. Aftermarket products refer to vehicular components designed to replace parts installed by the manufacturers and range from sound systems to equipment designed to enhance performance of the vehicle.
Business & Industry
Samsung regrets failed Olympic bid
Aide to Samsung Group chairman Lee Kun-hee yesterday expressed regret over PyeongChang's failure to win the right to host the 2014 Winter Olympic Games.
Lee, who also serves as a member of the International Olympic Committee, has been one of the staunchest promoters of the Korean city's second bid for the Winter Games. As a major corporate sponsor, Samsung is also closely linked to the Olympic Games.
Korean economy is in recovery
The Korean economy is showing signs of overall improvement, the Korea Development Institute said yesterday.
The state-run think tank said that in May, industrial output and the service industry maintained the steady growth rates seen in April, indicating that the economic recovery is picking up pace.
Kerala govt in a fix over Tata land row
The Left Democratic Front (LDF) government in Kerala was in a tight spot today, with Revenue Minister KP Rajendran informing the Assembly that the land reported as recovered from the Tatas in Munnar was, in fact, land owned by the department of forest.
The statement by the Communist Party of India (CPI) man in the CPI(M)-led ministry has spurred widespread criticism against the VS Achuthanandan government. Kerala Pradesh Congress Committee chief Ramesh Chennithala lost no time in launching a flurry of rebukes against the government “flaw”
KP Singh 4th richest Indian post DLF issue
Shares of DLFdebuted on the Bombay Stock Exchange today at Indian rupee (Rs)582 ($13.15) apiece, making promoter and chairman Kushal Pal Singh the fourth richest Indian. The listing was nearly 11% above the issue price of Rs525.
DLF is the first real estate company to become one of the top 10 Indian companies by market capitalisation and is ninth with a valuation of Rs962.85bn, based on today’s closing price of Rs570. DLF’s entry into the top 10 removes Bhel from the list.
Economy & Policy
EU may not put human rights condition for FTA
The European Union may back off from its insistence on including non-trade issues like human rights in the proposed free trade pact with India.
Indian trade officials met their EU counterparts last week at Brussels for the first round of negotiations for the free trade agreement (FTA), nearly nine months after agreeing to talk.
Franchise deals not bound by FDI norms
Finance ministry officials are of the view that current restrictions that prohibit FDI in multi-brand retail cannot be extended to franchise agreements between an Indian company and an overseas partner.
Franchise agreements are basically service agreements and in the case of services there can be no distinction between retail and wholesale, hence the present guidelines can only apply to retail in goods and not franchise agreements, hold ministry officials.
Building costs climb with industry boom
The construction sector may be hitting the high notes but the simple truth is that one can't get building materials for a song. Their price has climbed with the boom in the industry.
While the cost of concreting sand came under the microscope earlier this year, a detailed study has revealed that, away from the headlines, the cost of other key materials like structural steel, clay bricks and ready mix concrete has also been going up.
Market may correct but no shadow of crisis
Monetary Authority of Singapore (MAS) chairman Goh Chok Tong does not see a financial crisis coming, even if there's some correction in the stock market.
'I don't think a financial crisis will happen,' he told the British Broadcasting Corporation in an interview marking the 10th anniversary of the Asian financial crisis. 'But whether the stock market will continue to go up and share prices go up the way they have gone up, I don't know.'
Business & Industry
Spotlight on Tajudin as Air Maldives sues MAS
Malaysia's national carrier, Malaysian Airline System (MAS), is being sued by Air Maldives, over an alleged breach of a management contract inked between the two about a decade back.
The Maldivian government, the majority owner of Air Maldives, has itself launched its own suit - over a related deal - against Naluri Corporation, the former flagship company of Malaysian businessman Tajudin Ramli, who used to be MAS's chairman.
Building material suppliers in crunch too
Singapore may be just in the nascent stage of the current construction boom but the strain on resources is becoming a concern even for suppliers.
TV Narendran, deputy president (operations) of NatSteel Asia, said: 'In Singapore, the industry practice is to hold prices for seven to twelve months and this means that the steel supplier has to bear the risk of fluctuating input costs and market prices.'
Activists urge war on snacks
The National Economic and Social Advisory Council (Nesac) yesterday called for prompt government measures to control snack and junk food advertisements in the interests of children's health.
The council made the statement during a seminar it organised to follow up on the government's work in tackling junk food problems.
Baht on express elevator
The Thai baht on Thursday hit a yet another 10-year high against the US dollar amid growing concerns that the strengthening currency is scaring away foreign investment in the kingdom.
Foreign exchange traders said the baht, boosted by an influx of foreign funds into the Stock Exchange of Thailand over the past three days, had hit 34.03 to the dollar, its highest rate since August 1997.
Business & Industry
Nuclear plants must wait for changes to law
The government needs to amend a law regarding nuclear energy development to cover power production or Thailand cannot build any nuclear power plants in the future. Only small-scale activities without military applications, such as medical treatment and food preservation, are allowed to use nuclear energy under the country's Atomic Energy for Peace Act 2004, according to Kamol Takabut, director of the mechanical engineering division at the Electricity Generating Authority of Thailand (Egat).
''Therefore, the scope of activities must be revised to cover nuclear power plants, too,'' said Dr Kamol, who is one of 10 experts in nuclear technology in Thailand.
100 Family Mart stores to close
Siam Family Mart Cowill close 100 convenience stores this year to strengthen its business foundation and improve bottom-line revenues. Takeshi Takasugi, the company's chief executive officer, said the Japanese convenience store chain would shift its focus to strengthening significant areas including operations, services and product assortment.
''Most of our weakness in 15 years in Thailand stems from our working fundamentals, and our first priority is to make them strong and solid enough before we are concerned about any rapid expansion,'' Mr Takasugi said yesterday.
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