Asia Africa Intelligence Wire articles from February 2005, page 5

Asia Africa Intelligence Wire archives from February 2005

Tokyo, Feb. 28 (Jiji Press)--Stocks advanced in early trading on the Tokyo Stock Exchange Monday, with the benchmark Nikkei average topping 11,700 for the first time in about eight months.
February 28, 2005... (From Jiji) Tokyo stocks were supported by Friday's ascent of U.S. stocks as well as by the strong outcome of Japan's industrial output for January, market sources said. The Japanese government announced early in the morning that the...

Tokyo, Feb. 28 (Jiji Press)--The dollar slipped below 105 yen in early trading in Tokyo Monday following an announcement of Japan's stronger-than-expected industrial production data for January.
February 28, 2005... (From Jiji) After falling as low as 104.81 yen, the greenback stood at 104.83-85 yen at 9 a.m., down from 105.25-27 yen at 5 p.m. Friday. The early morning's high was 105.31 yen. The euro was quoted at 1.3249-3252 dollars, up from...

Tokyo, Feb. 28 (Jiji Press)--Shares of "gyudon" beef bowl restaurant chain operators Zensho Co. and Nakau Co. drew investors' appetite in morning trading on the Tokyo Stock Exchange Monday, following Saturday's media reports that Zensho will place Nakau u.
February 28, 2005... (From Jiji) Zensho shares rose 140 yen from Friday's close to hit a year-to-date high of 3,590 yen, renewing the previous high of 3,570 yen marked on Feb. 17. Nakau shares advanced to 871 yen, up 70 yen, in early morning, but lost...

Tokyo, Feb. 28 (Jiji Press)--Oil stocks were broadly higher on the Tokyo Stock Exchange Monday morning, backed by higher crude oil prices in New York.
February 28, 2005... (From Jiji) Nippon Oil Corp. , TonenGeneral Sekiyu K.K. , Teikoku Oil Co. and Nippon Mining Holdings Inc. rewrote their respective one-year highs. Nippon Oil rose 14 yen to 790 yen, TonenGeneral 22 yen to 1,082 yen, Teikoku Oil 47 yen to...

Beijing, Feb. 27 (Jiji Press)--China on Sunday agreed to redouble its diplomatic efforts to urge North Korea to return promptly to the stalled six-way talks on its nuclear ambitions.
February 28, 2005... (From Jiji) China will step up its diplomatic efforts with a sense of urgency, Chinese Vice Foreign Minister Wu Dawei said in a meeting here with Kenichiro Sasae, director-general of the Japanese Foreign Ministry's Asian and Oceanian...

Tokyo, Feb. 28 (Jiji Press)--Japan's industrial production in January rose a preliminary 2.1 pct from the previous month as output increased moderately at a broad range of industries, a government report showed Monday.
February 28, 2005... (From Jiji) The preliminary data was mostly within expectations by economists and analysts. The median estimate by nine private research institutions polled by Jiji Press stood at a growth of 1.7 pct, with their forecasts ranging from a...

Tokyo, Feb. 28 (Jiji Press)--Steel stocks drew popularity on the Tokyo Stock Exchange Monday morning, with buying induced by Japan's stronger-than-expected industrial output in January.
February 28, 2005... (From Jiji) Nippon Steel Corp. advanced 6 yen from Friday to another year-to-date high of 284 yen and Kobe Steel Ltd. 3 yen to 188 yen, also a new year-to-date high. The January industrial production index increased a preliminary 2.1...

Tokyo, Feb. 28 (Jiji Press)--The benchmark Nikkei average rose to an eight-month high above 11,700 on the Tokyo Stock Exchange Monday morning, as Japan's upbeat industrial production report and U.S. stocks' solid performances on Friday spurred broad-based.
February 28, 2005... (From Jiji) At the morning close, the 225-issue Nikkei average stood up 81.27 points from Friday at 11,739.52, topping 11,700 for the first time since July 2 last year on an intraday basis. On Friday, the Nikkei rose 127.10 points. ...

Tokyo, Feb. 28 (Jiji Press)--Toshiba Corp. said Monday its thumb-sized fuel cell has been officially certified by Guinness World Records as the world's smallest of its kind.
February 28, 2005... (From Jiji) The direct methanol fuel cell measures 2.2 centimeters by 5.6 centimeters and is 0.45 centimeter thick. Despite its small size, the fuel cell boasts a power output of 100 milliwatts and is capable of operating an MP3...

Tokyo, Feb. 28 (Jiji Press)--Mitsui Engineering & Shipbuilding Co. said Monday it has reached a basic agreement with two Chinese shipbuilders to establish a Shanghai-based joint venture for manufacturing and selling low-speed diesel engines for ships.
February 28, 2005... (From Jiji) The major Japanese shipbuilder aims to launch a plant for the venture in the latter half of 2007. The name of the new company for the joint venture is yet to be decided. The company will be capitalized at 480 million...

Tokyo, Feb. 28 (Jiji Press)--The dollar dropped below 105 yen in Tokyo Monday morning, with yen buying prompted by the announcement of stronger-than-expected figures for Japanese industrial production in January.
February 28, 2005... (From Jiji) At noon, the greenback stood at 104.80-82 yen, down from 105.25-27 yen at 5 p.m. Friday. The euro was quoted at 1.3272-3274 dollars, up from 1.3197-3199 dollars late Friday. After hitting a high of 105.31 yen, the dollar...

Tokyo, Feb. 28 (Jiji Press)--The Bank of Japan needs to be alert to whether "excessive movements" are seen in the economy and on the financial markets under its quantitative monetary easing regime, BOJ Governor Toshihiko Fukui said Monday.
February 28, 2005... (From Jiji) "When pursuing an unprecedented quantitative easing policy such as this," the Japanese central bank will not be "complacent about 'excessive movements'--that is, phenomena which are not consistent with the sustainable growth...

Tokyo, Feb. 28 (Jiji Press)--Chugai Pharmaceutical Co. said Monday it plans to spin off its production operations into a new affiliate company in January 2006 in a move to concentrate its corporate resources on development of new drugs.
February 28, 2005... (From Jiji) Chugai will take the step as the government will allow drug makers to consign their whole production process to other companies under the revised pharmaceutical business law that will come into force in April. In a...

Tokyo, Feb. 28 (Jiji Press)--Japan has not been informed of North Korea's reported intention of returning in June to multilateral talks on Pyongyang's nuclear development programs, top government spokesman Hiroyuki Hosoda said Monday.
February 28, 2005... (From Jiji) Hosoda, chief cabinet secretary, told a press conference that he has not heard of such a move at all. He indicated that the six-nation talks should be held at an early timing. June sounds too remote to imagine, he said....

Tokyo, Feb. 28 (Jiji Press)--Housing starts in Japan in January increased 6.9 pct from a year before to 94,944 units, the Ministry of Land, Infrastructure and Transport said Monday.
February 28, 2005... (From Jiji) The figure translates into a seasonally adjusted annual rate of 1,302,000 units, the ministry said. Construction starts for owner-occupied houses dipped 0.5 pct to 23,549 units, the fifth straight decline, while those for...

Tokyo, Feb. 28 (Jiji Press)--Bank of Japan Governor Toshihiko Fukui said Monday that recent economic data in Japan do not signal further economic slowdown, referring to gross domestic product and the diffusion indexes of economic indicators.
February 28, 2005... (From Jiji) There are few risks that the economy is falling into a recession, Fukui said in a question-and-answer session after delivering a speech at a seminar of the Research Institute of Japan, a Jiji Press affiliate. Japan's...

Tokyo, Feb. 28 (Jiji Press)--Bank of Japan Governor Toshihiko Fukui on Monday reiterated the central bank's pledge to continue its ultraeasy monetary policy as long as core the nation's core consumer price index remains weak.
February 28, 2005... (From Jiji) The BOJ is examining whether its liquidity target level is in line with the current financial reality, but the bank will not change its current easing stance, Fukui said in a question-and-answer session at a seminar of the...

Tokyo, Feb. 28 (Jiji Press)--Japan's money supply is expected to continue weak growth due mainly to the progress of structural reform measures by companies, Bank of Japan Governor Toshihiko Fukui said Monday.
February 28, 2005... (From Jiji) Fukui was referring to the recent year-on-year growth of around 2 pct in the country's key money supply gauge, represented by M2--cash in circulation and demand and time deposits--plus certificates of deposit. He was speaking...

Tokyo, Feb. 28 (Jiji Press)--Bank of Japan Governor Toshihiko Fukui said Monday that the foreign exchange market is constantly cautious about global imbalances.
February 28, 2005... (From Jiji) The issue of global imbalances continues to be an undercurrent on the exchange market, Fukui said in a question-and-answer session that followed his speech before the Research Institute of Japan, a Jiji Press affiliate. ...

Tokyo, Feb. 28 (Jiji Press)--The benchmark Nikkei average spurted to an eight-month high above 11,700 on the Tokyo Stock Exchange Monday, as Japan's upbeat industrial production report brightened the market outlook.
February 28, 2005... (From Jiji) Extending its winning streak to a third day, the 225-issue Nikkei average ended up 82.35 points from Friday at 11,740.60, the highest close since July 1. The key market gauge surged 127.10 points on Friday. The TOPIX...

Tokyo, Feb. 28 (Jiji Press)--The benchmark 10-year Japanese government bond yield shot up to a three-month high here Monday afternoon after Bank of Japan Governor Toshihiko Fukui fired a warning shot against bond prices' excessive rise.
February 28, 2005... (From Jiji) The yield on the newest 267th issue of 10-year JGBs, carrying a 1.3 pct coupon, accelerated its rise to hit 1.490 pct in interdealer trading, the highest level since Nov. 16 last year. Late Friday, the yield stood at 1.425...

Tokyo, Feb. 28 (Jiji Press)--Bank of Japan Governor Toshihiko Fukui said Monday the Japanese central bank will continue to closely monitor the impact of crude oil price rises on the nation's economy.
February 28, 2005... (From Jiji) High-flying crude oil prices remain the common issue facing the global economy, Fukui said in a question-and-answer session that followed his speech to a seminar sponsored by the Research Institute of Japan, a Jiji Press...

Tokyo, Feb. 28 (Jiji Press)--The deflationary impact of the supply-demand gap in Japan has been receding, Bank of Japan Governor Toshihiko Fukui said Monday.
February 28, 2005... (From Jiji) Japan's consumer prices had been pressured by weak demand before, but the situation has now changed, Fukui said in a question-and-answer session at a seminar of the Research Institute of Japan, a Jiji Press affiliate. ...

Tokyo, Feb. 28 (Jiji Press)--NTT DoCoMo Inc. said Monday it has revised down its estimates of group profits for the year through March due to losses related to its personal handy phone system services.
February 28, 2005... (From Jiji) The major mobile operator said it will stop accepting new subscriptions for PHS services as of April 30. The company expects to report a group net profit of 722 billion yen for the current business year, down from an...

Tokyo, Feb. 28 (Jiji Press)--An increasing number of young entrepreneurs are trying to follow in the footsteps of Takafumi Horie, president of Internet service provider livedoor Co. , which has initiated a tug of war with Fuji Television Network Inc. for.
February 28, 2005... (From Jiji) Young entrepreneurs, especially those in the information technology-related business, are set to engage in "money games" focused on corporate mergers and acquisitions, or M&As. Horie took Livin' on the EDGE Co. public on...

Tokyo, Feb. 28 (Jiji Press)--Standard & Poor's said Monday it has changed its outlooks on the debt ratings on Japanese railway operators Kintetsu Corp. , Hankyu Corp. and Nagoya Railroad Co. to stable from negative.
February 28, 2005... (From Jiji) The U.S. credit rating agency said it affirmed the long-term debt ratings it assigns to the three firms. Kintetsu's rating is BB plus, and Hankyu's rating is BB. Nagoya Railroad's rating is BBB minus. S&P said the...

Tokyo, Feb. 28 (Jiji Press)--Teikoku Piston Ring Co. said Monday it will participate in a planned automotive piston ring joint venture in Beijing.
February 28, 2005... (From Jiji) Teikoku Piston will own 35 pct of the joint venture, named China United Piston Ring Co, which will be capitalized at 11 million dollars. Major South Korean engine parts maker Yoosung Enterprise Co., to which Teikoku Piston...

Tokyo, Feb. 28 (Jiji Press)--Bank of Japan Governor Toshihiko Fukui on Monday called on the government to step up efforts for fiscal revamping in order to forestall sudden, steep rises in Japanese long-term interest rates.
February 28, 2005... (From Jiji) It is important for the government to achieve a primary budget surplus in the long run, Fukui said in a question-and-answer session after delivering a speech at a seminar of the Jiji Press-affiliated Research Institute of...

Tokyo, Feb. 28 (Jiji Press)--Japanese government bonds slid on Monday, dragged down by Japan's upbeat industrial production report and Bank of Japan Governor Toshihiko Fukui's warning against an excessive flattening of the yield curve.
February 28, 2005... (From Jiji) In futures trading on the Tokyo Stock Exchange, the key March contract on 10-year JGBs closed down 0.45 at 138.19, after slipping as low as 137.98, the first fall below 138 in some four months. Volume surged to 45,197...

Tokyo, Feb. 28 (Jiji Press)--Standard & Poor's said Monday it has affirmed its long-term corporate ratings on Sankyo Co. and Daiichi Pharmaceutical Co. following the two drug makers' announcement on a business integration on Friday.
February 28, 2005... (From Jiji) Sankyo is currently rated A plus, while Daiichi Pharmaceutical is given an A rating. The outlooks on the ratings remain negative, S&P said. Sankyo and Daiichi Pharmaceutical announced Friday that they will integrate...

Tokyo, Feb. 28 (Jiji Press)--Sumitomo Mitsui Financial Group Inc. is set to mull increasing its capital by more than 100 billion yen by the end of March to cope with an expected increase in bad loan disposal costs, informed sources said Monday.
February 28, 2005... (From Jiji) Sumitomo Mitsui Financial has already been asking institutional investors, including life insurers, to provide the funds through purchases of preferred shares to be issued by the major banking group and other means, the...

Tokyo, Feb. 28 (Jiji Press)--Daiwa Securities SMBC Co. said Monday it decided the same day to sell its holdings of 2,625,000 shares in Nippon Broadcasting System Inc. to Fuji Television Network Inc. , responding to the major commercial TV network's tender.
February 28, 2005... (From Jiji) The shares account for 8.0 pct of outstanding shares in the radio station, the target of the takeover battle between Fuji Television and Internet service company livedoor Co. . Fuji Television, which had about 12 pct of...

By Makiko Yamazaki.
February 28, 2005... (From Jiji) Tokyo, Feb. 28 (Jiji Press)--With the takeover war between Fuji Television Network Inc. and livedoor Co. over Nippon Broadcasting Inc. having moved to court, equity analysts are increasingly worried about the possible damage...

Tokyo, Feb. 28 (Jiji Press)--Global orders for Japanese-made chipmaking equipment in January plunged 26.4 pct from a year earlier to 101.8 billion yen, posting the fifth straight year-on-year decline, an industry group said Monday.
February 28, 2005... (From Jiji) Orders increased in North America, Europe and South Korea, but dropped in Japan, Taiwan and China, the Semiconductor Equipment Association of Japan said. By product, orders for wafer-processing equipment dropped 19.9 pct...

Tokyo, Feb. 28 (Jiji Press)--Olympus Corp. said Monday it has set up a cancer research laboratory jointly with the Japanese Foundation for Cancer Research.
February 28, 2005... (From Jiji) Olympus will spend an annual 100 million yen to provide microscopes and other equipment for the laboratory, set up inside the foundation's chemotherapy center in central Tokyo. The 31-square-meter laboratory is to have a...

Tokyo, Feb. 28 (Jiji Press)--The dollar dropped to around 104.50 yen in Tokyo Monday, as players moved to buy the yen in the wake of stronger-than-expected Japanese industrial production data for January.
February 28, 2005... (From Jiji) At 5 p.m., the greenback stood at 104.57-59 yen, down from 105.25-27 yen at the same time Friday. The U.S. unit traded most actively at 104.73 yen, against Friday's 105.33 yen. The euro was quoted at 1.3250-3252 dollars,...

Tokyo, Feb. 28 (Jiji Press)--Sumitomo Mitsui Financial Group Inc. said Monday it expects to incur a group net loss of 240 billion yen in the year to March 31, a turnaround from its previous forecast of 180 billion yen in profit.
February 28, 2005... (From Jiji) Sumitomo Mitsui Banking's bad loan ratio is expected to come to around 3.5 pct at the end of March, down from 4.4 pct at the end of last September. The bank is thus steadily on course to achieving a government-set target...

Tokyo, Feb. 28 (Jiji Press)--Sumitomo Mitsui Financial Group Inc. sees a need to consider increasing its capital to help beef up its businesses in and after fiscal 2005, a company executive said Monday.
February 28, 2005... (From Jiji) But the major banking group has decided nothing about the matter, Vice President Teisuke Kitayama said at a press conference to announce a downward revision to its earnings estimates for fiscal 2004 ending March 31. ...

Tokyo, Feb. 28 (Jiji Press)--A Merrill Lynch Japan Securities Co. economist has questioned the Bank of Japan's pledge to maintain its ultraeasy policy linked to the core consumer prices index.
February 28, 2005... (From Jiji) The recent fall in the index, excluding fresh food, stems from special factors such as weather conditions and the government's deregulatory policy, rather than from demand shortages reflecting structural problems in Japan's...

Tokyo, Feb. 28 (Jiji Press)--"Gyudon" beef bowl restaurant chain operator Zensho Co. said Monday it has agreed to acquire a 33 pct stake in smaller rival Nakau Co. from trading house Sojitz Corp. on March 2.
February 28, 2005... (From Jiji) The deal will make Zensho, the operator of the "Sukiya" chain, the second largest gyudon chain in Japan following Yoshinoya D&C Co. , unseating Matsuya Foods Co. . Zensho and Nakau together operate 845 outlets nationwide at...

Tokyo, Feb. 28 (Jiji Press)--Bank of Japan Governor Toshihiko Fukui on Monday warned against "excessive" buying of long-term government bonds as he expects the Japanese economy to move onto a sustainable growth path, rattling the bond market in Japan.
February 28, 2005... (From Jiji) While the BOJ maintains its quantitative monetary easing policy, it needs to take heed of excessive market movements that are not consistent with economic recovery, Fukui said in a speech at a seminar hosted by the Research...

Tokyo, Feb. 28 (Jiji Press)--Japanese trader Sojitz Holdings Corp. said Monday it will merge with its unit Sojitz Corp. on Oct. 1.
February 28, 2005... (From Jiji) The merger is aimed at making it sure that the Sojitz group will achieve its business targets included in its three-year program announced in September last year, the holding company said. Sojitz Holdings also said it...

Tokyo, Feb. 28 (Jiji Press)--Mitsubishi Heavy Industries Ltd. has teamed up with Westinghouse Electric Co. of the United States to bid for contracts to build nuclear power plants in China, it was learned Monday.
February 28, 2005... (From Jiji) The consortium will participate in an auction for contracts to build four one-million-kilowatt nuclear reactors in the provinces of Zhejiang and Guangdong, Mitsubishi Heavy officials said. Each reactor is expected to cost...

Tokyo, Feb. 28 (Jiji Press)--The Bank of Japan hopes to sell shares it bought from banks under a program that ended last year while trying to cut as much as possible the impact from the action on the stock market, BOJ Governor Toshihiko Fukui said Monday.
February 28, 2005... (From Jiji) The central bank will sell those shares in a manner not to cause losses on the bank, Fukui also told a meeting of the House of Representatives' committee on fiscal and financial affairs. The BOJ bought some 2 trillion...

Tokyo, Feb. 28 (Jiji Press)--Shipments of DVD recorders in Japan in 2004 surged 2.1-fold from the previous year to 4.03 million units, a private research institute said Monday.
February 28, 2005... (From Jiji) By manufacturer, Matsushita Electric Industrial Co. retained the top position for the second straight year, although its market share decreased 12.8 percentage points from the previous year to 28.3 pct, the MM Research...

Tokyo, Feb. 28 (Jiji Press)--Following is a summary of remarks by Bank of Japan Governor Toshihiko Fukui in the question-and-answer session following his speech at a seminar sponsored by the Research Institute of Japan, a Jiji Press affiliate, in Tokyo Mo.
February 28, 2005... (From Jiji) Q: What are the BOJ's next policy steps in the short and long term? (Osaka University Prof. Masaaki Honma) A: The BOJ will not change the basic framework of its monetary policy until Japan's core consumer price index posts...

Tokyo, Feb. 28 (Jiji Press)--Standard and Poor's said Monday that Sumitomo Mitsui Financial Group Inc.'s downward revisions of its fiscal 2004 earnings estimates would not affect the ratings of its banking unit, Sumitomo Mitsui Banking Corp.
February 28, 2005... (From Jiji) Sumitomo Mitsui Financial said Monday it expects to incur a group net loss of 240 billion yen in the year to March 31, weighed down by an increase in bad-loan disposal costs. The holding company earlier expected to chalk up a...

Q: What is behind the BOJ's view that the Japanese economy remains on a recovery track, while recent weak economic indicators, such as gross domestic product data for October-December, suggest that the economy has entered a cyclical downtrend? Can the eco.
February 28, 2005... (From Jiji) A: Recent statistics, such as GDP and economic DIs, indicate the possibility of the economy heading down further in the short term. But it is important to note that a more careful look at those data provides various...

Tokyo, Feb. 28 (Jiji Press)--Nissan Motor Co. said Monday that it plans to quadruple sales of vehicles fitted with advanced types of continuously variable transmission, or CVT, over the next three years.
February 28, 2005... (From Jiji) In fiscal 2007, ending March 2008, the major Japanese carmaker plans to sell around one million units of CVT-fitted models worldwide, up from an estimated 250,000 units in the current fiscal 2004. Jatco Ltd., a Nissan...

Q: Why hasn't the core consumer price index risen above zero pct yet, and what do you think about the impact of phasing out fixed-rate tax cuts?
February 28, 2005... (From Jiji) (Rikkyo University Prof. Seiichiro Saito) A: Until one to two years ago, the core CPI was falling mainly because of the gap between demand and supply. But companies have recently reduced supply capacities through...

Tokyo, Feb. 28 (Jiji Press)--Mitsubishi Motors Corp. is considering realigning its sales network in Japan possibly by March 2006 to revamp flagging domestic sales, President Osamu Masuko said in an interview with Jiji Press on Monday.
February 28, 2005... (From Jiji) "The 34 sales companies that are wholly owned by Mitsubishi Motors call for further streamlining," Masuko said, indicating that the struggling Japanese automaker may create umbrella organizations region by region to take over...

Q: What do you think about the fact that borrowings by the government are supporting the growth of Japan's money supply? Does the promotion of fiscal reconstruction bear a risk of a fall in the money supply?
February 28, 2005... (From Jiji) None of major Japanese banks are currently rated A, B or C by Moody's Investors Service Inc., but they are rated D or E. Isn't it cruel to have depositors make a choice from them after the government's blanket bank deposit...

Tokyo, Feb. 28 (Jiji Press)--Bank of Japan Governor Toshihiko Fukui might be attempting to dip a toe in the water when he issued an unusually clear warning against excessively low levels of long-term interest rates in Japan, analysts said.
February 28, 2005... (From Jiji) In a speech delivered at a lecture meeting hosted by the Research Institute of Japan, a Jiji Press affiliate, Fukui said that the BOJ needs to constantly watch whether bond market players are betting too heavily that its...

Tokyo, Feb. 28 (Jiji Press)--Kobe Steel Ltd. said Monday that it has received a 28-billion-yen order from Qatar Steel Co., or Qasco, to construct a plant to convert iron ore into high-purity direct reduced iron, or DRI.
February 28, 2005... (From Jiji) The plant will have an annual output capacity of 1.5 million tons and is expected to begin operating in June 2007, Kobe Steel said. Qasco, a major steelmaker in Qatar, is a joint company formed in 1974 between the...

Tokyo, Feb. 28 (Jiji Press)--Trading house Sumitomo Corp. said Monday it has become the first Japanese company to have a project for trading greenhouse gas emission credits recognized as a Clean Development Mechanism activity by a U.N. organization.
February 28, 2005... (From Jiji) Under the project, Sumitomo is collaborating with a British chemical maker to collect and decompose HFC23, a by-product of HCFC22, a hydrochlorofluorocarbon used as a substitute for CFCs, at an Indian chemical plant, gaining...

Tokyo, Feb. 28 (Jiji Press)--North Korea will eventually return to the negotiating table to discuss its nuclear weapons program with Japan, the United States and other countries, former U.S. Deputy Secretary of State Richard Armitage said Monday.
February 28, 2005... (From Jiji) The view was echoed by Shinzo Abe, acting secretary-general of the ruling Liberal Democratic Party, during a panel discussion they attended here. "My view is as long as we stay firm in the six-party talks and patient,...

Tokyo, Feb. 28 (Jiji Press)--Sumitomo Mitsui Financial Group Inc. said Monday it expects to incur a group net loss of 240 billion yen in the year to March 31, in a reversal from its previous forecast of 180 billion yen in profit.
February 28, 2005... (From Jiji) The revision came as the megabank group sharply increased bad loan disposal costs related to poorly performing borrower companies, apparently in response to the Financial Services Agency's instructions following its...

Berlin, Feb. 28 (Jiji Press)--The Czech joint venture of Toyota Motor Corp. and PSA Peugeot Citroen began operating Monday as a supply base for the western European market.
February 28, 2005... (From Jiji) Toyota Peugeot Citroen Automobile started auto production at its plant in Kolin, east of Prague. The plant is expected to reach full capacity early next year and churn out 300,000 small passenger cars a year. Toyota and...

Geneva, Feb. 28 (Jiji Press)--The World Trade Organization on Monday set up a dispute-settlement panel over Japan's complaint against the U.S. method of calculating antidumping duties in dumping cases.
February 28, 2005... (From Jiji) Japan requested the establishment of the panel in early February as its bilateral talks with the United States at the WTO, launched in November 2004, had failed to produce agreement. Japan argues that the United States,...

SHARE MARKET OPENS HIGHER.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Share prices on Bursa Malaysia opened higher today in brisk trade on expectations of broader support from investors including fund managers, analysts...

MAJOR CURRENCIES HIGHER AGAINST RINGGIT IN EARLY TRADE.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Major currencies were higher against the ringgit in early trade today as the U.S. dollar weakened sharply against the yen after the release of strong...

SHORT-TERM RATES TO STABILISE.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Short-term rates are expected to be stable with Bank Negara intervening in the money market to siphon off excess funds from the flushed system today. ...

KLCI FUTURES OPEN HIGHER.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- The Kuala Lumpur Composite Index (KLCI) futures on Bursa Malaysia Derivatives opened higher on buying support, analysts said. The analysts said the...

MMC CORP UPBEAT OVER 2005 OUTLOOK AS CORE BUSINESSES PERFORM WELL.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Diversified group MMC Corporation Bhd, which chalked up an impressive 108 percent increase in pre-tax profit to RM459 million last year, is confident of...

INTERNATIONAL RESERVES AT US$69.647 BILLION END JAN 2005.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Malaysia's total international reserves as at end-January 2005 amounted to US$69.647 billion, comprising official reserve assets of US$69.143 billion and...

MALAYSIAN-KOREAN VENTURE TARGETS RM19 MILLION EXPORTS TO UAE.
February 28, 2005... (From Bernama The Malaysian National News Agency) Byline: Shakir Husain DUBAI, Feb 28 (Bernama) -- Keonsae Corporation Sdn Bhd is looking to export oil pipeline components worth US$5 million (RM19 million) to the United Arab Emirates...

OCBC APPOINTED LEAD ARRANGER OF BSA SYNDICATED TERM LOAN FACILITY.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- OCBC Bank (Malaysia) Bhd has been appointed Lead Arranger for BSA International (Labuan) PLC's US$22 million (RM3.80 = US$1.00) Syndicated Term Loan...

PROMINENT SPEAKERS TO SHARE VIEWS AT ANGVA 2005.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Prominent speakers will share and discuss their views at the inaugural Asia-Pacific Natural Gas Vehicles Association (ANGVA) conference and exhibition to...

KIC AIMS TO BE MAJOR REGIONAL SUPPLIER OF BUNKER FUEL OIL.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Labuan off-shore company, KIC Oil & Gas Ltd aims to be a major regional player in the supply of bunker fuel oil, via its joint venture with a Swiss-based...

GST VITAL FOR 9MP, SAYS NG.
February 28, 2005... (From Bernama The Malaysian National News Agency) PETALING JAYA, Feb 28 (Bernama) -- Deputy Finance Minister, Datuk Dr Ng Yen Yen, says that the implementation of the goods and services tax (GST) is vital in properly executing the Ninth...

MALAYSIAN PORTS TO BE MAJOR HUB FOR BUNKER SUPPLY IN REGION.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Malaysia will be a major hub for bunker supply in the region through the efficiency of its ports and availability of competitive infrastructures,...

MAYBAN SECURITIES PLACES BUY CALL ON I-POWER.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Mayban Securities has placed a "buy" call on I-Power Bhd which specialises in e-business solutions. In a statement today, Mayban said it has set a...

GOVT TO CONTINUE HANDHOLDING APPROACH TO HELP FOREIGN INVESTORS.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- The government will continue its handholding approach to facilitate potential foreign investors in exploring investments in Malaysia, Deputy Minister of...

GREAT POTENTIAL FOR SHRIMP FARMING IN MALAYSIA, SAYS A CANADIAN DELEGATE.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Malaysia has great potential to expand and develop shrimp farming without destroying the natural environment, particularly the mangrove areas, as coastal...

ECONOMY GROWS BY 7.1 PCT IN 2004, 5.6 PCT IN Q4.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- The economy has turned in a robust growth of 7.1 percent last year, beating earlier expectations, against 5.3 percent in 2003 with gross domestic product...

GOVT TO GRADUALLY REDUCE FUEL SUBSIDIES TO LIGHTEN BURDEN.
February 28, 2005... (From Bernama The Malaysian National News Agency) PUTRAJAYA, Feb 28 (Bernama) -- The government will gradually reduce fuel subsidies to lighten its financial burden, said the Minister in the Prime Minister's Department, Datuk Mustapa...

MONETARY POLICY CONTINUES TO PLAY A SUPPORTIVE ROLE.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Monetary Policy will continue to play a supportive role in ensuring that the Malaysian economy continues to grow at close to its potential, says Bank...

TH GROUP'S MSC STATUS IT COMPANIES BAG TWO KEY PROJECTS.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- iTech Worldwide Sdn Bhd, one of TH Group Bhd's two MSC status subsidiary companies, recently obtained a letter of award from the Indonesian subsidiary of...

TA SECURITIES TO OPEN TWO MORE OUTLETS.
February 28, 2005... (From Bernama The Malaysian National News Agency) PETALING JAYA, Feb 28 (Bernama) -- Stockbroking company TA Securities Holding Bhd plans to open two more outlets by year-end as part of its expansion, said its executive director of...

MAJOR CURRENCIES HIGHER AGAINST RINGGIT IN LATE TRADE.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Major currencies were higher against the ringgit in late trade today while the US dollar weakened against the yen after the release of...

MVCA SHOWCASE ATTRACTS 119 ENTRIES.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- The Showcase for High Growth & Technology Companies has attracted 119 applications. Launched by the Malaysian Venture Capital Association (MVCA), 67...

M'SIA'S RIGHT TO AWARD O&G EXPLORATION CONCESSIONS TO SHELL, SAYS SYED HAMID.
February 28, 2005... (From Bernama The Malaysian National News Agency) PUTRAJAYA, Feb 28 (Bernama) -- Foreign Minister Datuk Seri Syed Hamid Albar says that Malaysia has the right to award the oil and gas (O&G) exploration concessions at two oil and gas wells...

TAKAFUL MALAYSIA'S CPA RATING UPGRADED TO AA3.
February 28, 2005... (From Bernama The Malaysian National News Agency) KUALA LUMPUR, Feb 28 (Bernama) -- Rating Agency Malaysia Bhd (RAM) has upgraded the rating of Syarikat Takaful Malaysia Bhd's claims-paying ability to AA3 from A1. The rating outlook...

RAFIDAH ARRIVES IN NORTH CAROLINA FOR MISSION'S SECOND LEG.
February 28, 2005... (From Bernama The Malaysian National News Agency) Byline: Mohd Kamel Othman RALEIGH (North Carolina) Feb 28 (Bernama) -- International Trade and Industry Minister Datuk Seri Rafidah Aziz arrived here Sunday for the second stop of a...