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Posts Tagged ‘reports’

Japan to approve record budget: reports

In Uncategorized on December 24, 2010 at 5:56 am

 The cabinet of Japanese Prime Minister Naoto Kan is on Friday expected to approve a record budget of 92.40 trillion yen (1.11 trillion dollars) for fiscal 2011, according to local media reports.

The cabinet of Japanese Prime Minister Naoto Kan (pictured) is on Friday expected to approve a record budget of 92.40 trillion yen (1.11 trillion US dollars) for fiscal 2011, according to local media reports

The budget is expected to be slightly larger than the initial budget for 2010, which stood at 92.30 trillion yen, Jiji Press and Kyodo News said.

The budget will include more than 44 trillion yen from issuing new government bonds, a second straight year that bonds have exceeded tax revenue as a source of income, the reports said.

The draft budget, which covers the financial year starting in April, was expected to be approved at a special cabinet meeting later on Friday.

Kan took office in June promising to slash spending and work towards cutting Japan’s massive public debt, which accounts for nearly 200 percent of gross domestic product, but the state of the economy has complicated his task.

Source: SGGP

Investors trapped with market reports, stock experts say

In Uncategorized on November 27, 2010 at 11:20 am

Many securities companies and institutional investors were trying to trap investors with their inaccurate analysis and unreliable recommendations, experts say.

Investors watch share prices at the Ho Chi Minh Securities Corporation (Photo: Minh Tri)


The Ho Chi Minh City Stock Exchange’s VNIndex may climb as high as 700 “at some point during this year,” and return within two years to the 1,000 level that it last touched in 2007, Kevin Snowball, chief executive of PXP, said in an interview in July.


But financial experts said the fund’s analysis was unreliable as the gauge of 270 companies and five mutual funds listed on Vietnam’s biggest stock market remained gloomy, closing at 439.85 points on Thursday.


PXP Vietnam Emerging Equity Fund Ltd. is among the big sellers this month. According to the Ho Chi Minh City Stock Exchange’s website last week, the fund failed to sell its shareholding in Southern Seed Corporation (SSC), Binh Thanh Import Export Production and Trade Joint Stock Company (GIL) and Transforwarding Warehousing Joint Stock Corporation (TMS) because of plunging share prices.


VN Direct Securities Ltd. last week warned in its report that the market was experiencing “a short-term panicky time” due to increasing interest rates and pressures on repaying loans against shares. Therefore some brokers and investors will sell shares strongly, the Hanoi-based broker said.  


“There is no way to know which amounts of money flowing on the market are individual investments or loans against shares. So how could VN Direct be sure that the market is under pressure on repaying loans against shares?” a stock market analyst, who wants to be unnamed, said.


He also said securities firms shouldn’t release incorrect analysis, which could hit the market’s sentiment.  


Some big shareholders in listed companies announced on the Ho Chi Minh City Stock Exchange that they would buy back shares as share price is pretty low, according to the exchange’s website.


But financial experts said some listed companies’ directors tried to restore investors’ confidence by negotiating with big shareholders, buying back shares from to sell shares at low prices and then sell out when the market recovers.


Investor confidence was also anxious by market analysis of brokers, which are run by listed companies.


Petro Vietnam Securities Incorporation (PSI) early last week recommended investors to buy PFL shares of the PetroVietnam Finance Land JSC, which was predicted to increase to VND18,559 per share. The construction firm, listed on the Hanoi Stock Exchange, remained unchanged at VND12,000 on Thursday.


Many investors however didn’t buy the broker’s recommendation as they were afraid it was trying to help PFL shareholders to sell out in the recent slumping market. “Both PSI and PFL are subsidies of the gasoline maker Petro Vietnam, which sold its holdings in listed subsidies recently. So I think there will be a strong selling of PFL shares soon,” said an individual investor in Ho Chi Minh city.   


A director of a HCMC-based broker disclosed many securities firms tended to release optimistic market reports in an attempt to keep their clients.  

Source: SGGP

Japan to join Pacific free-trade talks: reports

In Uncategorized on November 6, 2010 at 7:20 am

Toyota to start Prius production in Thailand: reports

In Uncategorized on August 7, 2010 at 11:21 am

AFP file

TOKYO, Aug 7, 2010 (AFP) – Toyota Motor will start producing the Prius hybrid in Thailand this year, stepping up overseas output of the fuel-sipping vehicles amid swelling global demand, reports said Saturday.

Toyota, the front-runner in hybrid cars that use two power sources — a petrol engine and another source such as an electric motor — launched the Prius, the world’s first mass-produced hybrid car, in 1997.

It will make the latest model of the Prius in Thailand, the second hybrid car following the hybrid version of the Camry sedan, the Nikkei daily and Jiji Press said without citing sources.

Local subsidiary Toyota Motor Thailand Co. will oversee the Prius production, with the technology-sensitive hybrid system including batteries and engines to be supplied from Japan, the reports said.

The world’s biggest automaker wants eventually to export the hybrid cars from Thailand to quickly expanding Asian markets, the reports said.

Sales of hybrids have been brisk in recent years because of high petrol prices and increasing public awareness of global warming.

Last year, Toyota recalled 437,000 Prius and other hybrid vehicles to repair a flaw in the braking system, as part of around 10 million recalls worldwide that have tarnished its previously stellar reputation for quality.

However, the Prius has retained the popularity, being the most-selling cars in Japan for the past year, according to the Japan Automobile Dealers Association.

Source: SGGP

Quake strikes Iran for second day: reports

In Uncategorized on August 1, 2010 at 3:19 pm

TEHRAN, July 31, 2010 (AFP) – A 5.8 magnitude earthquake struck southern Iran on Saturday, reports said without providing details on any casualties, a day after a weaker quake injured over 270 people in the country’s northeast.

The latest temblor rattled the southern province of Kerman at 11:22 am (0652 GMT), the website of state television reported, citing the geophysics department of Tehran university.

It disrupted communications, but there were no immediate reports of casualties.

Fars news agency said the epicentre was in the town of Negar in southwest Kerman. It also said there were no immediate reports of casualties, and added the area where the quake struck was rural.

On Friday, a 5.7 magnitude quake rattled northeastern Khorasan Razavi province, leaving at least 274 people injured, ILNA news agency reported, adding only 12 victims were hospitalised.

Iran, including the capital Tehran, sits astride several major fault lines in the earth’s crust, and is prone to frequent earthquakes, many of which have been devastating.

The worst in recent times, of magnitude 6.3, hit the southern city of Bam in December 2003, killing 31,000 people — about a quarter of its population — and destroying the city’s ancient mud-built citadel.

Source: SGGP

Top leader of Mexico’s Sinaloa drug gang killed: reports

In Uncategorized on July 30, 2010 at 3:19 am

Ignacio “Nacho” Coronel, a top leader of Mexico’s Sinaloa drug gang, was killed in a military raid in the suburbs of the western city of Guadalajara, according to media reports.

The military targeted Coronel, a close partner of Mexico’s most wanted man Joaquin “El Chapo” Guzman, in a raid in the suburb of Zapopan on Thursday, the main Mexican newspapers reported.

Handout picture released by Mexico’s Attorney General Office in May shows gold and silver-plated, diamond-incrusted guns believed to belong to allies of the powerful Sinaloa drug gang, seized by Mexican security forces in Zapopan, Jalisco.

A military source confirmed the raid to AFP but declined to give more information before a news conference scheduled for 7:30 pm (0030 GMT Friday).

Coronel is also known as the “King of Crystal” for his dominance of crystal methamphetamine production and trafficking as well as cocaine.

The US and Mexican governments both have outstanding arrest warrants for him, while US authorities had offered a five-million-dollar reward for information leading to his capture.

One of Coronel’s nieces reportedly married Guzman, the fugitive head of the Sinaloa gang, in 2007.

Source: SGGP

Floods wash 3,000 chemical barrels into China river: reports

In Uncategorized on July 29, 2010 at 7:17 am

BEIJING, July 29, 2010 (AFP) – Floodwaters have washed 3,000 barrels of explosive chemicals into a major waterway in northeastern China, state media said Thursday, much more than originally reported.

Water supplies to the nearby city of Jilin were cut after the incident, leaving 4.3 million people dependent on bottled water, but the local government said the move was unrelated and caused by an electricity maintenance project.

Chinese women mourn relatives buried in a flood-triggered landslide in southwest Sichuan province’s Hanyuan county on July 27, 2010. AFP

The chemicals were among 7,000 barrels washed into the Songhua River in Jilin province on Wednesday after days of heavy rain, the official Xinhua news agency reported, citing the local government.

The barrels came from the Xinyaqiang chemical plant near the city and contained more than 510 tonnes of combustible chemicals, reports said.

Xinhua has said the chemical was methyl chloride, a highly explosive colourless gas. It said Thursday that 7,000 barrels were swept into the river, with 3,000 barrels containing the chemical while the rest were empty.

A report Wednesday had said some barrels contained trimethyl chloro silicane, a pungent, flammable liquid that gives off hydrochloric acid when it reacts with water.

More than 200 workers were trying to recover the barrels and had retrieved 400 so far, reports said.

Jilin is the latest province to be hit by deadly floods that have killed 333 people since July 14 and left another 300 missing, according to the latest official figures.

Local environmental protection authorities monitoring the water quality of the Songhua river have so far detected no contamination, the China Daily said.

Despite assurances that local water was safe to drink, authorities cut the supply to the city of 4.3 million on Wednesday, the newspaper said, triggering a run on bottled water.

In 2005, millions of people in northeastern Heilongjiang province were left without water for four days after an explosion at a benzene factory spilled the carcinogenic chemical into the Songhua River.

Source: SGGP

India interested in buying BP assets in Vietnam: reports

In Uncategorized on July 22, 2010 at 11:18 am

NEW DELHI, July 21, 2010 (AFP) – Energy-hungry India is interested in buying BP’s assets in Vietnam, an Indian government minister said Wednesday, as the country looks to obtain more energy supplies for its fast-growing economy.

“We are trying,” Oil Minister Murli Deora told Dow Jones Newswires by telephone from Vietnam.

Deora said Indian state-run firms would hold talks with PetroVietnam — the largest oil producer and second-largest power producer in Vietnam — about acquiring BP assets, Dow Jones reported.

The Press Trust of India reported separately that India is pitching to buy the British energy giant’s stake in the 1.3-billion-dollar Nam Con Son gas project in Vietnam, one of the country’s biggest foreign investment projects.

The oil major operates the Nam Con Son gas project, which includes Lan Tay and Lan Do gas fields, as well as a pipeline and a gas-fired power plant.

India’s state-run ONGC already holds 45 percent of Nam Con Son’s Block 06.1, while BP has 35 percent and state-run PetroVietnam holds 20 percent.

The consortium produces about 12-14 million standard cubic meters of gas a day, supporting 30 percent of Vietnam’s power generation capacity, according to India’s oil ministry.

China’s CNOOC and Sinopec, as well as Thailand’s PTTEP may also be interested in BP’s stake in the Vietnam project, media reports said.

India relies heavily on overseas oil and gas — the nation imports 80 percent of its crude oil needs.

BP’s asset sale plans to help pay for damages stemming from the Gulf of Mexico oil spill disaster presents an investment opportunity for India.

“This is a great opportunity for us,” Deora told the Press Trust of India in Hanoi.

Deora travelled to Vietnam for a meeting of east Asia energy ministers. 

Source: SGGP

Australian PM poised to call August election: reports

In Uncategorized on July 16, 2010 at 4:46 pm

SYDNEY, July 16, 2010 (AFP) – Australia’s new Prime Minister Julia Gillard is poised to call a general election for late August, media said Friday, as she moves to legitimise her rule after being catapulted to power in a party coup.

Gillard, who became the country’s first woman leader after ousting her predecessor Kevin Rudd just three weeks ago, was expected Saturday to ask the country’s governor general to set an August 28 poll date, the ABC said.

(FILES) A file photo taken on June 24, 2010 shows Australia’s new prime minister Julia Gillard (R) and deputy prime minister Wayne Swann (L) at a press conference. AFP

“Labor sources have told the ABC Ms Gillard is expected to visit Governor General Quentin Bryce in Canberra tomorrow morning to set an August 28 election date,” the public broadcaster said, quoting ruling Labor Party sources.

Rival Sky News quoted sources as saying the poll could be called for either August 28 or a week earlier on August 21.

Both the ABC and Sky News however said the centre-left prime minister would return to Canberra on Saturday to ask Bryce to dissolve parliament and issue writs calling for an election.

Gillard was tight-lipped about the timing of the looming poll.

“I’m not engaging in election speculation,” she told reporters in the island state of Tasmania. “But whenever the election is called it will be a very clear choice about whether Australia moves forward or back.”

As a constitutional monarchy, Australia’s electoral system requires the prime minister to ask the governor general — Queen Elizabeth II’s official representative — to call an election at least 33 days before the polling date.

The election for members of the lower House of Representatives and half of the Senate will see Gillard pitted against conservative Liberal Party opposition leader Tony Abbott for the nation’s leadership.

Analysts have speculated for weeks that Gillard would call a late August vote in order to cash in on an opinion poll “bounce” her party has enjoyed since ejecting Rudd, whose popularity had plummeted over policy missteps.

A Nielsen and Galaxy opinion poll last week gave Labor a narrow but election-winning 52-48 percent lead over the opposition Liberal-National coalition, up from 33 percent in early June.

But the flame-haired prime minister has already hit political turbulence as she battles to win support for her policies on the core issues of asylum seekers, the economy and climate change.

Gillard promised polls this year after taking over from Rudd, who was ruthlessly toppled by party colleagues less than three years into his first term, following the spectacular collapse of his public popularity.

Since being sworn in she has been frantically trying to clear the decks of thorny policy issues that could cost her government re-election, including a disputed mining tax and how to stem an influx of boatpeople that has angered the public.

Gillard, who was Rudd’s deputy, has also been anxious to defuse concerns over her loyalty and the legitimacy of her rise to power after Rudd’s ignominious dismissal.

After being elected as the new Labor leader, she said she would not move into the official prime ministerial residence until she had been elected by the people in her own right.

The straight-talking former industrial lawyer has been scrambling to tackle the core issues that led to Rudd’s implosion: the controversial 40 percent mining tax, refugee arrivals and plans to fight climate change.

But while she quickly struck a deal with major miners on a new and less onerous tax, her bid to tackle the asylum seeker issue backfired amid confusion over where a mooted regional processing centre would be based.

The prime minister is also expected to unveil her plans for fighting global warming, after Rudd’s government fatefully shelved plans to introduce a carbon emissions trading scheme in the face of staunch opposition from Abbott.

Welsh-born Gillard, 48, is a self-confessed atheist and is seen as a liberal on social issues, a political pragmatist and consensual leader; devout Catholic Abbott is a social and political conservative known for his gaffes and colourful language.

The election is expected to be played out in marginal seats in the populous eastern states of Queensland, New South Wales and Victoria.

Source: SGGP

Malaysia seizes endangered reptiles: reports

In Uncategorized on July 16, 2010 at 8:47 am

KUALA LUMPUR, July 16, 2010 (AFP) – Malaysian officials seized hundreds of endangered radiated tortoises, tomato frogs and chameleons days after a major wildlife bust of thousands of rare birds, reports said Friday.

Customs officials at the Kuala Lumpur international airport found the wildlife in the hand luggage of two Madagascan women, the Star daily reported.

Wildlife and National Parks department head Abdul Rasid Samsuddin told the paper they found 369 radiated tortoises, five Madagascar tortoises, 47 tomato frogs and several chameleons.

“The tortoises were bound with masking tape to prevent them from moving, while the chameleons were stuffed into socks to prevent detection,” he told the Star, adding that the animals were worth 250,000 ringgit (78,000 dollars).

Malaysian police stumbled across a massive haul of endangered wildlife, including a pair of valuable birds of paradise, as they raided a warehouse of stolen cars on Wednesday.

More than 20 protected species were found in the “mini zoo” in the capital’s suburbs.

Source: SGGP