S&P raises outlook for RP banks<\/p>\n
MANILA: Banks in the Philippines now earn more, are better
\nmanaged, and seeing their asset quality improve six years after
\nthe Asian crisis, Standard and Poor's (S&P) said on Friday,
\nraising its outlook for the sector to stable from negative.<\/p>\n
"The change acknowledges the stabilizing of the banking sector
\nin terms of asset quality that is evident from the tapering
\ngrowth rates in non-performing assets" as well as improved
\nprofits, the U.S.-based credit rating outfit said in a statement.<\/p>\n
Owing to low interest rates, the banks are better able to
\nmanage their funding costs as well as carrying costs for the
\nsoured loans, it said.<\/p>\n
"This is in contrast to a period of aggressive loan growth
\nprior to the 1997 Asian financial crisis and weak risk management
\npractices that led to a deterioration in commercial banks' asset
\nquality."<\/p>\n
S&P credit analyst Sim Wee Kiat however said the level of non-
\nperforming loans remained high by international standards, and
\nthe system "still faces some challenges, as reflected by the high
\nindustry risks in the country, compared with other developed
\nbanking markets." --AFP<\/p>\n
;;
\nANPAf..r..
\nMoneyMatter-Japan-economy
\nJapan's indicator points to recovery
\nJP\/16\/Japan<\/p>\n
Japan's indicator points to recovery<\/p>\n
TOKYO: Japan's forward-looking index of economic activity
\nstood at 77.8 points in July, suggesting the economy will remain
\non track to recovery, the Cabinet Office said on Friday.<\/p>\n
With the latest data, the leading index has stayed above the
\n50-point mark, regarded as the dividing line between growth and
\ncontraction, for three straight months.<\/p>\n
The index for June was revised down to 75.0 points from 80.0
\npoints.<\/p>\n
Japan's leading index is based on a series of financial
\nfigures such as commodity indices, new car registrations and the
\nnumber of new home building projects.<\/p>\n
The coincident index measuring the current state of the
\neconomy also came in at 77.8 points in July.<\/p>\n
The June coincident index was revised down to 63.6 points from
\n66.7 points.--AFP<\/p>\n
;;
\nANPAf..r..
\nMoneyMatter-UN-rice
\nUN to buy Vietnam rice for Iraq
\nJP\/16\/Rice<\/p>\n
UN to buy Vietnam rice for Iraq<\/p>\n
HANOI: The United Nations has agreed to buy 60,000 tons of
\nVietnamese rice to export to Iraq under the "oil- for-food"
\nprogram, according to the Ministry of Agriculture and
\nDevelopment.<\/p>\n
The delivery will be made in September, a ministry official
\nsaid.<\/p>\n
In May, the UN. allowed Vietnam to resume exports of rise to
\nIraq under the "oil-for-food" program, which was disrupted by the
\nwar.<\/p>\n
Iraq was the biggest importer of Vietnamese rice in 2002,
\ntaking 800,000 tons or more than 27 percent of the country's
\ntotal exports.<\/p>\n
In the first eight months of this year, Vietnam exported more
\nthan 2.9 million tons of rice, an increase of 23.5 percent
\ncompared with the same period last year thanks to a massive
\nincrease in demand from African countries.<\/p>\n
Vietnam is the world's third largest rice exporter after
\nThailand and India, with 2002 shipments totaling 3.2 million
\ntons.--AFP<\/p>\n
;;
\nANPAf..r..
\nMoneyMatter-Thailand-bond
\nThailand to issue up to $735m in bonds
\nJP\/16\/bond<\/p>\n
Thailand to issue up to $735m in bonds<\/p>\n
BANGKOK: Thailand plans to issue 20 to 30 billion baht (490 to
\nUS$735 million) in bonds from the Financial Institution
\nDevelopment Fund (FIDF) to non-residents within the next two
\nmonths, a report said on Friday.<\/p>\n
The Ministry of Finance will offer the bonds at special prices
\nand not levy a withholding tax as an incentive to attract more
\ninvestors, according to the Business Day newspaper.<\/p>\n
Thai Finance Minister Suchart Chaovisit has submitted the plan
\nto Prime Minister Thaksin Shinawatra, the daily said citing Olarn
\nChaipravat, an adviser to Suchart.<\/p>\n
The bond issue is part of the ministry's plan to issue about
\n200 billion baht in bonds by next year, he said.<\/p>\n
Olarn said the bond plan was proposed on Wednesday during a
\nmeeting among officials from the Asia-Pacific Economic
\nCooperation forum in Phuket, with the aim of disseminating
\ninformation on Thai bond conditions.<\/p>\n
The government said during the meeting that there will be
\nwithholding tax exemptions for non-residents who buy the new
\nbonds, Olarn told the daily.<\/p>\n
He said many foreigners previously found it difficult to
\ninvest in Thailand due to foreign exchange control mechanisms and
\nother regulations--AFP<\/p>",
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