lending on real economic demand and properly manage the pace and quality of
lending signalling an attempt to defuse concerns over new loan guidelines
oil was mixed tuesday after suffering big losses at the end of last week and on
monday
new york main contract light sweet crude for february delivery was cents
higher at dollars barrel while brent north sea crude for february
delivery eased cents to dollars
the dollar slipped to yen in tokyo afternoon trade from late monday
in europe while the euro edged up to dollars from but declined to
yen from
in hong kong gold closed higher at us dollars an ounce from
monday close of dollars
in other markets
singapore closed flat edging up points to
the index seems somewhat undecided at this point in time however the range
in which the index is trading in is shrinking said phillip securities
analyst phua ming weii
singapore airlines was up cents to dollars and singapore telecom eased
three cents to
taipei closed down percent or points at
formosa plastics fell percent to taiwan dollars and asustek was down
percent at
wellington fell percent or points to
auckland international airport fell one cent to dollars declining total
of percent since news on monday last week it would buy quarter share in
north queensland airports
kuala lumpur gained percent or points to
food company nestle rose percent to ringgit as public bank climbed
percent to ringgit
manila shed or points to
telecom giant philippine long distance telephone co dropped percent to
pesos
jakarta gained percent or points to
coal miner bumi resources jumped percent to while bank rakyat
indonesia climbed percent to rupiah
bangkok lost points or percent to close at points
coal producer banpu fell to close at baht and energy firm ptt plc
closed baht lower to baht
sweden urges us style eu bank tax
brussels jan afp
sweden called on tuesday for european tax on banks similar to new us scheme
in bid to fix broken public finances and build buffer against future
financial crises
finance minister anders borg arrived at brussels talks with european union
partners seeking to impose bloc wide levy which he says would pay for the
impact the rescue measures have had on our public finances
borg also condemned the national debt mountain in greece and economic mis
reporting as fraudulent and cost for the whole of europe
on the banking sector he insisted that the eu can no longer accept the
situation where the banks are running away from the bill
he said this is something that has been introduced in the united states and
we already have similar system in sweden
this is tax fee that could bring substantial revenues for dealing with the
public finance situation but also to take care of future banking crises
borg said that tax on final balance sheets different from tax on
individual transactions as mooted since the would get round the problem
of banks moving to more favourable locations
you can move your balance sheet out of the country so it much more
logical model he inisted claiming support among several of my colleagues for
this idea
in letter to fellow ministers borg said the financial system should pay for
the actual cost it incurs on society in move he said would legitimise bailout
action among public opinion
he said the swedish model introduced in comes in at percent of
final balance sheets and is already equal to percent of swedish gross
domestic product with target value of percent of gdp in years
the advantages are obvious he insisted compared to transaction or turnover
tax smaller liabilities are encouraged as they incur lower actual fee
britain chancellor alistair darling told the scotsman newspaper at the weekend
that london would not match president barack obama plans to recover every
single dime taxpayers shelled out to rescue wall street
the head of the country eurozone jean claude juncker has also warned that
it would be difficult to adopt common approach because tax matters are
reserved for national decision making across the eu
china calls for stronger trade ties with india
beijing jan afp
china on tuesday called for stronger trade and investment ties with india
stressing the world two most populous nations were friends and not enemies
the scale and level of bilateral trade is far from enough given the size of our
two economies chinese commerce minister chen deming told news conference
after meeting his visiting indian counterpart anand sharma
there is great potential and room for growth in investment between the two
nations
trade between china and india reached billion dollars in down from
billion dollars in accounting for about two percent of china total
global trade official figures show
earlier chen told forum on china and india trade and investment cooperation
that the asian neighbours should eliminate misunderstandings and bias and work
towards more balanced trade relationship
china and india are friendly neighbours and cooperative partners we are not
rivals nor enemies chen said
the world has enough room for cooperation between us in our pursuit for
development
india which saw its trade deficit with china increase to billion dollars in
from billion dollars in expressed concern about the trade
imbalance
balance of exports and imports is important and surplus is sometimes
difficult to deal with sharma said at the news conference
we have very frankly discussed all these issues and also the measures required
to ensure that there is balance between india and china economic
engagements
sharma said beijing had encouraged indian firms in the information technology
pharmaceutical and construction sectors to work with local partners to have
more presence and access in china
separately sharma said new delhi had agreed to double to the cap on the
number of foreign engineers and support staff working single project in india
following chinese requests
urgent un says still hope to find survivors after haiti quake
geneva jan afp
there is still hope to pull more survivors from the debris from haiti
earthquake week after the disaster struck the united nations said tuesday
alert
un says still hope to find survivors seven days after haiti quake
cadbury agrees to billion pound takeover from kraft
london jan afp
british confectioner cadbury has agreed to takeover from us food giant kraft
worth billion pounds billion euros billion dollars the pair
said tuesday
the new firm will provide large cost savings and create global market leader
in food and confectionery with annual sales totalling more than million
dollars they added
the board of kraft foods is pleased to announce the detailed terms of
recommended final offer for cadbury and the board of cadbury unanimously
recommends cadbury security holders to accept the terms statement said
news of friendly takeover marks the end of bitter war of words over control
of cadbury which began life as small grocer shop in birmingham central
england in
the takeover will end more than years of history for the colourful maker of
dairy milk chocolate bars and trident chewing gum
kraft previous cash and shares offer had valued the iconic british firm at
about billion pounds
kraft foods believes combination with cadbury will provide the potential for
meaningful cost savings and revenue synergies from which cadbury securityholders
will benefit the statement added
kraft foods believes combination represents strong and complementary
strategic fit creating global confectionery leader with portfolio of more
than confectionery brands each with annual sales in excess of million
dollars
prior to tuesday cadbury had repeatedly rejected the previous offer from kraft
arguing that it was derisory and had undervalued the london listed firm
however the chocolate firm welcomed news of the improved takeover bid on
tuesday
we believe the offer represents good value for cadbury shareholders and are
pleased with the commitment that kraft foods has made to our heritage values
and people throughout the world said chairman roger carr
we will now work with the kraft foods management to ensure the continued
success and growth of the business for the benefit of our customers consumers
and employees
cadbury the world second biggest confectionery company behind mars also
produces chocolate bar brands crunchie fudge flake and wispa it now employs
staff in countries
dairy milk is the most popular chocolate bar in britain and the company sells
more than million bars every year in countries around the world
other top selling brands include cadbury creme eggs halls throat lozenges and
milk tray chocolate boxes
kraft the world second biggest snacks group after nestle makes numerous
well known products including dairylea cheese milka and toblerone chocolate and
oreo cookies
the us firm proposes to pay pence in cash and new kraft foods shares
per cadbury share that would value each cadbury share at pence or about
billion pounds
in addition cadbury shareholders will be entitled to receive pence per
cadbury share by way of special dividend following the date on which the final
offer becomes or is declared unconditional the statement added
this recommended offer represents compelling opportunity for cadbury
shareholders providing both immediate value certainty and upside potential in
the combined company added kraft boss irene rosenfeld on tuesday
for kraft foods shareholders it transforms the portfolio accelerates long term
growth and delivers highly attractive returns while maintaining financial
discipline
the friendly takeover deal comes after months of hostility between the two
groups
kraft had made billion pound offer for cadbury back in september
however cadbury led by american chief executive todd stitzer rejected the
bid saying that it fundamentally undervalued the group
cadbury insisted recently that its performance was outstanding claim
which was dismissed by kraft as underwhelming
but the us firm has subsequently improved the offer after selling its north
american pizza division to swiss rival nestle for billion dollars
the kraft tie up also faced opposition in britain with protest from senior
ministers over the attempt by huge american firm to take over homegrown
company
there have also been fears about british job losses with trade union unite
warning kraft would be saddled with huge debts leading them to axe posts
at cadbury and at the company sub contractors
meanwhile us chocolate maker hershey had also been considering counter offer
for cadbury the wall street journal reported last week adding that it planned
to bid at least billion dollars
hong kong unemployment rate dips to percent
hong kong jan afp
job creation in the construction import export and hotel sectors drove hong
kong unemployment rate below five percent for the first time since late
the government said tuesday
the city jobless rate fell to percent between october and december which
was also the fourth consecutive decline since the start of the global financial
crisis the census and statistics department said
the seasonally adjusted jobless rate fell from percent in the september to
november period the government said
hong kong said it last recorded jobless rate below five percent in the period
between november and january
in the most recent period the number of jobless declined by to
while the overall workforce fell slightly from to in the
three months ending december the government said
matthew cheung secretary for labour and welfare said hong kong could see
further drop in unemployment as firms hire staff for the busy chinese new year
holiday next month
but solid recovery of the labour market in the longer term would hinge on
the pace of job creation in the corporate sector he warned in statement
despite the continued decline of the unemployment rate in recent months the
economic outlook is still subject to uncertainties we shall remain vigilant and
continue to monitor closely the labour market situation
cheung comments come less than week after hong kong financial secretary
warned that the city economy could take hit if turnaround in the united
states fails to take hold
the city chief executive donald tsang has also warned that the financial hub
economy could be in for tumble by mid
nigerian city under hour curfew over religious violence
kano nigeria jan afp
authorities slapped hour curfew on the nigerian flashpoint city of jos on
tuesday after deadly clashes between christians and muslims state spokesman
told afp
the government has placed hour curfew on jos and bukuru small town on
the fringes of jos following the resumption of violence in parts of the city
plateau state information commissioner gregory yenlong said
weekend clashes in the city left at least people dead hundreds wounded and
thousands homeless
all residents are hereby directed to stay indoors as security agents work
towards restoring peace said yenlong as residents heard gunshots and saw smoke
billowing from parts of the city
the curfew announcement was relayed repeatedly over the radio
from here can hear gunshots and see burning buildings from neighbourhood in
the northern part of the city ibrahim mudi resident of sabon fegi suburb
told afp
it seems that jos north is completely on fire added mudi who spoke on the
phone from his veranda
fighting erupted on sunday when christian youths protested the building of
mosque in christian majority area of nigeria th largest city which has
population of houses and vehicles were set ablaze
the red cross said more than people were seriously injured in the fighting
and had been displaced
on monday troops and police were deployed on the streets and then enforced
hour dusk to dawn curfew in the central city where hundreds of people were
killed in religious clashes last year
yenlong vowed the state governtment will do all it takes to ensure the return
of normalcy to the city
russians plunge into icy water for epiphany
moscow jan afp
scantily clad orthodox christians braved freezing temperatures throughout russia
on tuesday to immerse themselves in ice holes in rivers and lakes to celebrate
the epiphany religious holiday
to orthodox believers water blessed by priest on epiphany has miraculous
powers belief harking back to christ baptism in the river jordan jumping
into the water is optional but is popular ritual among the faithful
water blessed on epiphany never goes stale sick people who touch it are
healed devils are driven out and people are given strength patriarch kirill
head of the russian orthodox church said monday during trip to kazakhstan
around people immersed themselves in ice holes in moscow overnight the
ria novosti state news agency reported citing city police
the emergency situations ministry said it had posted over lifeguards at
lakes and rivers around the russian capital to help prevent tragedies
just after midnight on tuesday morning worshippers gathered at golf club
outside moscow braving temperatures of minus celsius minus fahrenheit
to leap into an ice hole an afp journalist witnessed
around people followed priest in candle lit procession to nearby
river their breath throwing up clouds of steam they then stripped to swimming
trunks or wore long white shirts to complete the ritual bathing
the well off worshippers had paid rubles dollars for holiday
package that included felt boots and shirt to wear during immersion as well
as performance by cossack choir and buffet afterwards
six percent of russians were planning to jump into ice holes for epiphany
according to poll published monday by the levada centre the country most
respected polling firm
more cautious percent planned to visit church to collect water blessed by
priest the poll said
the holiday is favourite with politicians who reinforce their reputation as
devout russian orthodox believers by jumping into the ice in previously
announced photo opportunities
tennis rejuvenated baghdatis into open second round
melbourne jan afp
unseeded cypriot marcos baghdatis said he was fitter than ever after cruising
into the second round of the australian open on tuesday
the finalist here continued his good early season form by beating italy
paolo lorenzi in just on two hours in front of some boisterous
fans
baghdatis faces testing second round match against th seeded spaniard david
ferrer
speaking after the win he said the injuries that hindered him in and saw
the former world number eight ranking plummet to were now behind him
the year old now ranked st said he was in better shape than when he
reached fourth round of the australian open last year
can say much much better he said
last six months didn have any injuries so could work in the right way
could build up my body and feel much fitter than last year
the first round result followed on from baghdatis success in sydney last week
when he won the medibank international to claim his fourth atp title and build
on his improved form late in
baghdatis who hit winners against lorenzi has nine uncles and cousins
living in australia and welcomed the vocal support he received from sections of
the crowd
it feels like you re playing at home he said
when the support is there it feels good it does make difference
airbus chief warns of hit from weak dollar
berlin jan afp
the head of plane maker airbus said tuesday he expected to be very
difficult year with currency fluctuations knocking one billion euros
billion dollars off company results
we already know today that the weak dollar alone will weigh on our results by
around billion euros thomas enders said in an interview with the hamburger
abendblatt daily
he said the firm battered by the global economic slump that has hit airlines
hard would need few years to return to profitability but added it not
going to take decades
enders has threatened to scrap the military transport plane unless
seven nato countries that have ordered it germany spain france britain
turkey belgium and luxembourg stump up more money
the latest round of talks on the troubled project which is three years behind
schedule and an estimated billion euros over budget is due to take place in
berlin on thursday
enders in addition backtracked in tuesday interview on previous airbus goal
to manufacture four superjumbos per month
not dreaming of four month our next objective is two machines
every month he was quoted as saying
storm causes ship to run aground off istanbul
istanbul jan afp
heavy storm beating turkey biggest city istanbul on tuesday caused ship
to run aground and two others to request help near the busy bosphorus strait
that divides asia and europe officials said
moldovan flagged bulk carrier orcun beached at kilyos at the northern end
of the bosphorus after drifting for some time in choppy waves and strong winds
the head of turkey coastal safety directorate salih orakci told the ntv news
channel
the ship strong crew among them turkish nationals were rescued he
said
he also said there was minor leak from the fuel tanks of vessel which split
into two with the impact of the accident efforts were under way to erect
barriers around the spill and empty the tanks of the vessel which was not
carrying any cargo
the directorate announced that they had sent two ships to help piper maltese
flagged bulk carrier which radioed that it was under threat of sinking due to
engine failure off the northern entrance of the bosphorus
the crew managed to repair the engine and the vessel was being escorted back to
the bosphorus
vessels were also dispatched to aid the romanian registered tanker papur that
was difting off kilyos close to the shore the directorate said on its website
the bosphorus the only maritime access for the oil rich black sea to the rest
of the world is one of the world busiest waterways
the narrow and sinuous strait with treacherous currents is particularly
difficult to navigate and istanbul authorities live in constant fear of major
accident that could have disastrous results for the city
saudi man beheaded for murder
riyadh jan afp
saudi man was beheaded on tuesday for the murder of his wife and son the
interior ministry announced
sultan bin ali bin abdullah al qahtani was put to death by the sword in the city
of abha after being convicted of shooting the two said statement carried by
the official spa news service
it was the kingdom fourth announced execution of after people were
put to death last year and in
under the strict version of islamic sharia law enforced in saudi arabia the
death penalty can be imposed for rape murder apostasy armed robbery and drug
trafficking
iran arrests four after prosecutor assassinated report
tehran jan afp
iran has arrested four people over the assassination of prosecutor which an
official said has been claimed by the separatist kurdish group pjak the mehr
news agency reported on tuesday
attackers on monday gunned down vali haji gholizadeh the prosecutor of the
northwestern town of khoya on his doorstep
unfortunately the hostile and terrorist group of pjak claimed responsibility
for the assassination of khoy prosecutor fakhrali nikbakht local interior
ministry official was quoted as saying
ebrahim mohammad lou governor of khoy where security forces have been battling
kurdish separatists for years said police had arrested four suspects
pjak the party of free life of kurdistan is closely allied with the turkish
kurdish rebel group the kurdistan workers party pkk which is listed as
terrorist group by ankara and much of the international community
according to fars news agency the slain prosecutor had been threatened in the
past few days
the agency said the attackers fled the scene after the murder and apparently
left behind no traces
haji gholizadeh had brilliant record in battling counter revolutionaries
land grabbing and moral corruption fars reported
northwestern iran which has sizeable kurdish population has seen deadly
fighting in recent years between iranian security forces and pjak members as
well as other kurdish rebels operating from bases in neighbouring iraq
iraq iran syria and turkey all have significant ethnic kurdish minorities
malaysia petronas says asked to develop east timor gas
kuala lumpur jan afp
malaysia national energy firm petronas said tuesday it has been asked by east
timor to develop offshore gas resources from the country vast sunrise field
the government of timor leste has invited us to participate in the development
of the gas field petronas president and chief executive hassan marican said
they have approached us and we are studying it he told reporters
hassan remarks come after dili rejected development proposal from
consortium led by australian energy group woodside petroleum for the sunrise gas
field last week
woodside had proposed plan to build the world first floating lng plant
which would process gas from the sunrise field
the field is estimated to hold more than trillion cubic feet of gas and
associated condensate it was discovered more than three decades ago but its
location has frustrated several previous development attempts
sunrise lies partly within the joint petroleum development area between
australia and east timor while the remainder straddles the two countries
territorial waters
hassan said petronas had been providing the government of east timor advice on
how the offshore gas resources should be and can be developed for quite some
time now
we have been playing an advisory role to the timor leste government he added
iran urges france to free engineer wanted by us
tehran jan afp
tehran urged the french authorities on tuesday to free an iranian engineer
facing extradition to the united states for allegedly breaking the trade embargo
on iran
according to us authorities year old majid kakavand sent electrical
components and measuring devices bought in the united states to iran via
company in malaysia
kakavand was arrested at charles de gaulle airport in paris in march after
holidaying in france and the appeal court in the french capital is due to rule
on washington extradition application on february
he is going on trial despite being innocent we denounce france act foreign
ministry spokesman ramin mehmanparast told reporters
this is due to political pressure from the united states and it is illegal
they should take some serious action and free him as soon as possible he said
the united states says the equipment had both civilian and military uses and
therefore permission was needed to export it to iran
but an expert called by kakavand legal team said the equipment was not of
high enough standard to be used in the defence or space industries
mehmanparast insisted that documents used against kakavand are forgeries based
on political motives and wrong attitudes pursued by the united states
iran arrested french researcher clotilde reiss during the post election unrest
in july and has put her on trial over taking part in anti government protests
the revolutionary court is expected to rule on her fate this week
both iranian and french authorities have rejected the possibility of swapping
the pair
asian shares mixed as jal files for bankruptcy
hong kong jan afp
japan airlines filed for bankruptcy protection on tuesday as it battles to
overcome crippling debts while uncertainty over us bank earnings led to mixed
day for asian markets
asia biggest carrier will receive billions of dollars in public aid to keep it
flying as it undergoes painful revamp that will see it cut about jobs
about third of its staff
management at japan airlines jal formally began proceedings tuesday afternoon
making it one of the highest profile victims yet of japan economic woes
soon after its filing the tokyo stock exchange said the company would be
delisted from the bourse on february
the firm has estimated debts of about two trillion yen billion dollars and
as well as cutting jobs will also look to slash routes and sell assets
as dealers expected the decision which came after the stock market closed jal
shares hit an all time low of three yen three us cents cutting its market
value to about million dollars far less than the cost of new jumbo jet it
finished flat at five yen
the nikkei ended down percent or points at
investors are expected to be left out of pocket if jal goes bust although tokyo
says it will stay in the skies during the restructuring which is expected to be
similar to the process used for us auto giant general motors
the government has prepared various support measures transport minister seiji
maehara told reporters we want to help jal to recover while operating
safely he added
with wall street closed for public holiday on monday markets elsewhere in the
region were given little direction and dealers were looking ahead to us banks
fourth quarter reports
jp morgan chase last week announced fourth quarter net earnings quadrupled and
profits doubled for the full year but the news came in below many analysts
expectations weighing on the stock on friday
while investor sentiment started with flourish mixed dose of us
corporate earnings has seen risk appetite fade little danica hampton
forex strategist at bank of new zealand told dow jones newswires
citigroup is set to announce its results later tuesday with bank of america
morgan stanley and wells fargo to follow later in the week
sydney fell percent or points to
financials ended percent lower while the materials sector including miners
rio tinto and bhp billiton dropped percent
the market opened the session slightly higher but by mid morning the
financials had begun to lead the sell off said ig markets analyst ben potter
seoul closed flat with the index edging down points to
but shanghai and hong kong rose helped by banks and property developers due to
easing concerns over monetary tightening in china dealers said
hong kong rose percent or points to
and the shanghai composite index which covers both and shares was up
percent or points to
oil majors were also helped by slight upturn in crude prices
china banking regulator said overnight it had always required banks to base
lending on real economic demand and properly manage the pace and quality of
lending signalling an attempt to defuse concerns over new loan guidelines
oil was mixed tuesday after suffering big losses at the end of last week and on
monday
new york main contract light sweet crude for february delivery was cents
higher at dollars barrel while brent north sea crude for february
delivery eased cents to dollars
the dollar slipped to yen in tokyo afternoon trade from late monday
in europe while the euro edged up to dollars from but declined to
yen from
in hong kong gold closed higher at us dollars an ounce from
monday close of dollars
in other markets
singapore closed flat edging up points to
the index seems somewhat undecided at this point in time however the range
in which the index is trading in is shrinking said phillip securities
analyst phua ming weii
