Wednesday, October 17, 2012

Top Stories: Asia

The following are today's top stories from Asia:


Business
1.  Asian Stocks Rise as Euro Strengthens on German Bailout Stance
2.  China Job Needs Show Why GDP Slowdown May Be Tolerated: Economy
3.  Thailand Unexpectedly Cuts Rate as Global Outlook Worsens
4.  Chinese Company May Still Pursue A123 After Bankruptcy Filing
5.  Japan to Hold Special Cabinet Meeting After Economy Downgraded
6.  Larsen Dollar Yield Near Zero as Orders Increase: India Credit
7.  Ten Slumps to Record Low, Says Eye Sale Pact Ends: Sydney Mover
8.  Scaramucci to Raise Hedge-Fund Bets as SALT Comes to Asia
9.  Citigroup Said to Hire Seven Bankers in Japan on M&A Outlook
10. Brewers Plagued by Water Shortage Give Farming Lessons: Retail
11. Softbank's Son Seeks to Skirt Cross-Border Failure History
12. Vietnam Economic Rise Threatened as Middle-Income Trap Looms

General
13. Hong Kong Homes Unaffordable After Price Surge, Leung Says
14. Chinese Show Rising Concern Over Corruption in Pew Survey
15. Suicide Car Bomber Attacks Afghan-U.S. Base, 1 Child Killed
16. Hong Kong Ex-Development Secretary Mak Charged With Fraud
17. Iran, Australia Win World Cup Qualifiers; Argentina Pulls Clear

Opinion
18. As Global Economy Sags, Political Leaders Are AWOL: Clive Crook
19. Hilary Mantel Becomes Repeat Winner of $81,000 Man Booker Prize

Business
1)  Asian Stocks Rise as Euro Strengthens on German Bailout Stance
    (Bloomberg) -- Asian stocks rose the most in a month and the euro strengthened as speculation grew of a Spanish bailout and a report showed better-than-forecast U.S. industrial output. Metals advanced. The MSCI Asia Pacific Index gained 0.9 percent as of 11:37 a.m. in Tokyo as Standard & Poor's 500 Index futures added 0.1 percent. The euro appreciated 0.3 percent to $1.3096 and the South Korean won traded at its highest level in almost a year. Copper in London rose ...
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2)  China Job Needs Show Why GDP Slowdown May Be Tolerated: Economy
    (Bloomberg) -- The slowdown in China's economy isn't making it any easier for Liu Fenglin to hire 10 experienced welders this year for his heating-equipment maker. Liu has managed to find just three employees even with the economy in its deepest slowdown since the global financial crisis. "The scenario when migrant workers will throng around your desk after you hang the job poster is long gone," said Liu, 46, whose company is in the southern city of Zhuhai. ...
Full story: {FIFW NSN MC0Q0O0UQVI9 <GO>}

3)  Thailand Unexpectedly Cuts Rate as Global Outlook Worsens
    (Bloomberg) -- Thailand's central bank unexpectedly cut its benchmark interest rate for the first time since January as a faltering global economy damps exports, days after the governor said there was no need to ease policy. The Bank of Thailand cut its one-day bond repurchase rate by a quarter of a percentage point to 2.75 percent, it said in Bangkok today. The decision was predicted by ...
Full story: {FIFW NSN MC16FB1A74E9 <GO>}

4)  Chinese Company May Still Pursue A123 After Bankruptcy Filing
    (Bloomberg) -- The Chinese auto-parts maker that previously bailed out A123 Systems Inc., the U.S. electric-car battery maker that filed for bankruptcy protection yesterday, said it's still interested in taking over the company. The bankruptcy filing may turn A123 into a more attractive investment because the court proceedings would clear out legal risks, Ni Pin, president of Wanxiang Group Corp.'s U.S. operations, said in a phone interview today. The automotive ...
Full story: {FIFW NSN MC177L6KLVRR <GO>}

5)  Japan to Hold Special Cabinet Meeting After Economy Downgraded
    (Bloomberg) -- Japan will hold a special cabinet meeting amid pressure to spend more to stimulate an economy that is at risk of contraction this quarter. The government will hold the meeting at 5 p.m. today, Chief Cabinet Secretary Osamu Fujimura told reporters in Tokyo, while declining to say what would be discussed. Prime Minister Yoshihiko Noda said in September an extra budget is needed to shore up the economy. Pressure is rising on policy ...
Full story: {FIFW NSN MC10UK6K50YM <GO>}

6)  Larsen Dollar Yield Near Zero as Orders Increase: India Credit
    (Bloomberg) -- Dollar borrowing costs for Larsen & Toubro Ltd. are approaching zero as Indian Prime Minister Manmohan Singh's most aggressive opening of the economy boosts orders for Asia's largest construction company. The yield on the company's 3.5 percent dollar convertible bonds due 2014 slid 347 basis points since June to 0.14 percent on Oct. 12, the lowest level in more than a year, prices from Jefferies Group Inc. show. Comparable ...
Full story: {FIFW NSN MC172L6S9730 <GO>}

7)  Ten Slumps to Record Low, Says Eye Sale Pact Ends: Sydney Mover
    (Bloomberg) -- Ten Network Holdings Ltd., Australia's third-ranked television broadcaster, slumped to the lowest level on record after Champ Private Equity said it's ending plans to buy the Eye Corp. billboard unit. Ten received the formal notice from Outdoor Media Operations Pty Ltd., owned by Champ, according to a statement today. Ten remains in discussions with Outdoor Media with the aim of agreeing amended sale terms, the statement said. Ten fell 7.5 percent to ...
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8)  Scaramucci to Raise Hedge-Fund Bets as SALT Comes to Asia
    (Bloomberg) -- SkyBridge Capital LLC, the $6.7 billion fund of hedge funds that organizes the biggest industry event in the U.S., plans to increase investments in Asia as it kicks off its first conference in the region. SkyBridge will seek to boost allocations to Asia-based managers to about 30 percent of total capital over the next decade, from about $250 million now, said Managing ...
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9)  Citigroup Said to Hire Seven Bankers in Japan on M&A Outlook
    (Bloomberg) -- Citigroup Inc. is hiring seven bankers in Japan in anticipation that more companies will make cross-border acquisitions and restructure, two people with knowledge of the situation said. The recruits include two senior and five junior staff, said the people, who asked not to be named as the information is private. Masao Yoshikawa will join Citigroup as managing director and head of Japan ...
Full story: {FIFW NSN MC12VR6KLVSP <GO>}

10) Brewers Plagued by Water Shortage Give Farming Lessons: Retail
    (Bloomberg) -- SABMiller Plc doesn't buy any grain from farmer Ram Singh Yadav. Yet the world's second-largest brewer says it's important to teach the 62-year-old Indian to grow his millet and sorghum with less water. By showing Yadav how to drip-irrigate and suggesting alternative plants that thrive in arid areas, SABMiller has helped the farmer boost yields on his farm in the Indian state of Rajasthan, where the water table has sunk ...
Full story: {FIFW NSN MC07WG1A1I4H <GO>}

11) Softbank's Son Seeks to Skirt Cross-Border Failure History
    (Bloomberg) -- Softbank Corp. President Masayoshi Son is betting $20 billion he can add value by buying control of Sprint Nextel Corp. in the biggest Japanese purchase of a foreign company. There's 26 trillion yen ($330 billion) that says he can't. That's the net amount of market value lost within 12 months after deal announcements in the 10 biggest overseas purchases by Japanese ...
Full story: {FIFW NSN MC12N96S9729 <GO>}

12) Vietnam Economic Rise Threatened as Middle-Income Trap Looms
    (Bloomberg) -- Vietnamese coffee farmer Le Thi Do looks up at the five-meter-high (16-foot) ceiling of her six- bedroom, yellow house and then points to a small, squat building next door and says: "We used to live in that tiny one." Do, 71, has been a barometer of Vietnam's fortunes since the French left in 1954. As the country divided, her family fled to the south, surviving the war, Communist victory and a ...
Full story: {FIFW NSN MC15A66S973B <GO>}

General
13) Hong Kong Homes Unaffordable After Price Surge, Leung Says
    (Bloomberg) -- Hong Kong Chief Executive Leung Chun-ying pledged more measures to tackle record home prices, after a surge this year made accommodation unaffordable for many people in the city. The number of applicants on the city's public housing waiting list is approaching 200,000, Leung said today in his first address to the Legislative Council since taking office on July 1. About 65,000 private ...
Full story: {FIFW NSN MC14EN0D9L36 <GO>}

14) Chinese Show Rising Concern Over Corruption in Pew Survey
    (Bloomberg) -- Chinese people are increasingly worried about growing income inequality and official corruption, according to a Pew Research Center survey released weeks before a once-a-decade leadership transition. Forty-eight percent of 3,177 adults surveyed said the gap between rich and poor in China is a "very big problem," up seven percentage points from a 2008 survey, the Pew Global Attitudes Project found. ...
Full story: {FIFW NSN MC0SRO6JTSEU <GO>}

15) Suicide Car Bomber Attacks Afghan-U.S. Base, 1 Child Killed
    (Bloomberg) -- A suicide bomber blew up his car in front of a U.S.-Afghanistan base in the eastern province of Paktiya this morning, injuring several dozen Afghan soldiers and killing a child. "The suicide attack was very powerful and smashed windows in nearby houses," Paktiya deputy governor Abdul Rahman Mangal said in a phone interview. "At least 45 Afghan troops were injured," he said, adding that a ...
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16) Hong Kong Ex-Development Secretary Mak Charged With Fraud
    (Bloomberg) -- Hong Kong's former secretary for development Mak Chai-kwong and an assistant director of the highways department have been charged with a housing fraud involving more than HK$700,000 ($90,296). Mak and the other official, Tsang King-man, face a joint charge of conspiracy to defraud the Hong Kong government between 1985 and 1990, the Independent Commission Against Corruption said in a statement on its ...
Full story: {FIFW NSN MC0T4I1A74E9 <GO>}

17) Iran, Australia Win World Cup Qualifiers; Argentina Pulls Clear
    (Bloomberg) -- Iran beat South Korea 1-0 to share their group lead at the halfway mark of Asia's final qualifying stage for the 2014 soccer World Cup. Argentina beat Chile to pull three points clear atop the South American group. Javad Nekonam scored in the 76th minute in Tehran last night as the host joined South Korea on seven points in Group A, though the Koreans keep first place because of a superior goal difference. Uzbekistan is two points behind ...
Full story: {FIFW NSN MC0NNW0D9L35 <GO>}

Opinion
18) As Global Economy Sags, Political Leaders Are AWOL: Clive Crook
    (Bloomberg) -- I keep reading that politics right now is all about the economy -- in the U.S., in Europe, in China, in India, wherever. The U.S. presidential election is focused so fiercely on the economy, in fact, that actual policy making has been shut down for months. Apparently it's not possible to worry about the economy and do something about it at the same time. Here's an odd thing, though. ...
Full story: {FIFW NSN MC09DZ0YHQ0X <GO>}

19) Hilary Mantel Becomes Repeat Winner of $81,000 Man Booker Prize
    (Bloomberg) -- Hilary Mantel won the Man Booker Prize last night with "Bring Up the Bodies," the second installment in her Thomas Cromwell trilogy, which began with 2009's winner, "Wolf Hall." She's the first woman and first British author to be given the award twice, and the first to win for two books in a row. "You're only as good as your last paragraph, and I haven't even written one of those today," Mantel said at a press conference ...
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