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China tries to curb lending and avoid overheating
Chinese authorities ordered some big banks to curb lending for the rest of January, intensifying their efforts to prevent the world’s third-largest economy from overheating. The news weighed down stocks in Asia and Europe and oil fell towards $78 a barrel on fears that demand in China, the world economy’s main source of growth, may now slow down as authorities tighten policy. China’s central bank told some banks, including Citic Bank and Everbright Bank, to increase their reserve requirement ratio by half a percentage point, banking sources told reporters. A surge of new lending in January has triggered a series of intensifying steps by... -
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Japan Inc set to file for bankruptcy
Japan Airlines Corp is set to file for one of the country’s largest ever bankruptcies on Tuesday, marking the failure of the former state-owned carrier that once symbolised Japan Inc’s international aspirations. JAL, Asia’s largest airline by revenues, will remain in the skies under a state-backed restructuring plan as it tries to free itself from about $16bn in debt in exchange for slashing a third of its 47,000 staff and shedding unprofitable routes, sources have said. JAL, which has been bailed out by the Japanese government three times in the past 10 years, must now look to reinvent itself through painful operation cuts and tough de... -
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Uganda awaits formal oilfield deal from firms
Uganda’s oil minister said Kampala was waiting for documents about the sale of Heritage Oil’s assets, and stressed that neither Heritage nor partner Tullow Oil had consulted the government on the deals. Tullow has exercised a right to buy Ugandan oil fields from Heritage, potentially derailing ambitions to expand in Africa by Italy’s Eni, which had previously agreed to buy them for up to $1.5bn. “The government has not formally received documents pertaining to that sale. Once we receive the documents, we’re going to look through them and decide to approve it or not,” Minister Hillary Onek told reporters. “Neither Heritage consul... -
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China fuel exports seen flat to lower
February gasoline exports will likely remain steady versus January levels due to high refinery runs, though icy weather has disrupted some cargo flows at northeastern ports, they said. Other than this, the key refineries in the northeast have so far seen few disruptions to inbound crude cargoes or outbound fuel shipments, industry sources said, after massive sea ice floes built up following a cold snap early n January. At least four plants – Jinzhou, Jinxi, WEPEC and Dalian – all under PetroChina that regularly import crude and export gasoline and diesel, are located in the areas hit by the cold front. Diesel outflows are expected to be s... -
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UN to launch Haiti appeal for $550m
Thousands of people injured in Tuesday’s massive earthquake in the Caribbean country spent another night waiting for help, many lying on sidewalks, as their despair turned to anger. A spokeswoman for the UN Office for the Coordination of Humanitarian Affairs (OCHA) said 17 search and rescue teams were deployed in the capital Port-au-Prince, with six more on their way, but no further teams were needed for now. “There are pockets of survival, we shouldn’t give up hope,” spokeswoman Elisabeth Byrs said. “They are working around the clock.” No further field hospitals were required but medical teams including surgeons and medicines wer... -
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Car makers may face tougher CO2 curbs
The 27-country bloc has set manufacturers a goal of cutting emissions from new cars by around 15 percent by 2015, after a lengthy battle that pitted environmentalists against auto-making nations France, Germany and Italy. “It can be important to try and review – did we go far enough at the time? Because this is a field where technology is really moving very fast,” Connie Hedegaard told a European Parliament hearing to evaluate her for the job of climate chief. “Often we’ve seen industry will protest and say it’s going to be extremely difficult, in fact it’s almost impossible,” the Dane said. “But then it turns out that when ... -
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UN sanctions no deterrence for Eritrean mining
Eritrea is seen on the threshold of a mining boom, with hopes it may boost an agriculture-based economy that has suffered from irregular rainfall. The UN voted last year to punish Eritrea for its alleged support of Islamist insurgents in Somalia. The decision initially weighed on Nevsun’s shares. Stanley Rogers, the head of the Bisha project, however said the industry was not feeling the heat and all eyes were on the movement of the price of gold. “There has been no slowdown whatsoever since the announcement, the momentum has continued. I don’t expect anything to change with respect to our project. Our production start date remains the ... -
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Japan retail mutual funds value jumps in 2009
The value of Japanese trust funds aimed at retail investors rebounded 18 percent in 2009 as global share prices and economies recovered from the previous year’s financial crisis, an industry group announced recently. Japanese individuals, who hold $15trn in savings – with much of that parked in low-yielding accounts – shifted some of their savings into overseas and emerging market funds to diversify their portfolios and get higher returns. The value of retail investment trust funds, or toushin, totaled $674.2bn in 2009, up 17.7 percent from a year earlier, the Investment Trusts Association of Japan said. Net fund inflows by retail inves... -
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Greece pledges to cut deficit
Greece’s three-year fiscal consolidation plan targets a budget deficit of 2.8 percent of GDP in 2012, the finance minister has announced. Greece, whose fiscal ills have prompted ratings downgrades and higher borrowing costs, is under pressure from markets and EU peers to take drastic action to restore its public finances. “According to the plan, the deficit in 2010 will be cut by four percentage points, from 12.7 to 8.7 percent of GDP,” George Papaconstantinou told a cabinet meeting. “In 2011 it will be cut further by three percentage points to 5.6 percent of GDP. In 2012, by 2.8 percentage points, falling to 2.8 percent of GDP.” Th... -
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Manila may issue up to $1bn in Samurai bonds
The Philippines may raise up to $1bn from a planned Samurai bond issue, up from its previous plan of $500m, if it gets favourable pricing and good demand, a senior government official said recently. “If we can raise $1bn through samurai, we will do that,” Finance Undersecretary Rosalia de Leon told reporters. “We will try to maximise whatever we can from the Samurai bond market,” she later said. The government secured a large portion of its foreign debt needs after it sold $1.5bn worth of dollar bonds early in the month, the first sovereign debt issue in Asia this year which was met by strong demand from investors. It also plans to us...
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