Bearish sentiment
Bearish sentiment
prevails, stocks
end lower
Most Asian stocks end down, local issues, attacks aftermath
Asian stock markets closed mostly lower Wednesday, weighed on
by various factors including profit-taking, stock-specific
concerns and a general feeling of uncertainty in relation to
possible U.S. military retaliation over the Sept. 11 terrorist
attacks.
"There are more reasons to keep selling stocks in Asia and
elsewhere compared to reasons to start buying them," a Singapore-
based regional investment strategist said.
Keeping sentiment bearish in Asian stock markets are an
expected delay in any recovery in exports - the main driver of
this region's growth in previous years - relatively low
liquidity, weak corporate earnings, a prolonged economic slump,
and rising unemployment.
2. Boeing (2 x 24)
Boeing signs deal for
30 aircraft for China
Boeing signs deal for 30 aircraft for China
U.S. aerospace firm Boeing announced plans Tuesday to sell 30
aircraft to Chinese airlines in a deal worth US$1.6 billion list
prices.
The deal was signed at the Commerce Department in Washington
between Boeing and China Aviation Supplies Import an Export
Corporation (CASK) for the firm order of 30 Boeing 737 jetliners.
Commerce Secretary Donald Evans and China's Vice Chairman of
the State Development Planning Commission Zhang Guobao led the
Chinese delegation.
"Today's announcement reflects an expansion in bilateral trade
between China and the United States and it underscores the
strength of Sino-U.S. relations," Zhang said. "China is
modernizing its commercial fleet to improve airline efficiency
and profitability."
3. Maha (2 x 18)
'Malaysia won't fully
deregulate markets'
Mahathir: Malaysia won't fully deregulate markets
Malaysia won't fully deregulate its markets for global trade,
and even Southeast Asian regional Free Trade Area agreements
should be reviewed, Prime Minister Mahathir Mohamad said.
In a television interview broadcast late Tuesday, Mahathir
said developed countries claim that "markets are about making
profits" and a failure to address social issues is a reason for
rejecting full liberalization.
Developed countries "are not interested in social work, so we
cannot have that, we have to regulate the market," Mahathir said
in the interview, as quoted by national news agency, Bernama.
4. Cross (1 x 24)
Crossair expected take over
Swissair short-medium flights
Crossair to take over Swissair short and medium-haul flights
Crossair was authorized to immediately take over short and
medium-haul flights in Europe from Swissair on Tuesday night, the
Swiss Federal Office of Civil Aviation (OFAC) announced.
Swissair's long-haul flights still remain grounded but the
formal transfer of routes between Swissair and Crossair has been
set in motion.
The authorization deals with routes which Crossair already
serves for Swissair as well as 11 European Swissair destinations.
The OFAC said it had to act quickly after Swissair was forced
to suspend its flights early Tuesday because oil companies
refused to sell it fuel.
5. Rail (1 x 21)
US$2.5b needed to build TAR
Study: ASEAN needs to spend US$2.5 billion on Trans Asian Railway
Southeast Asian governments need to spend US$2.5 billion in
infrastructure costs to complete the Trans Asian Railway linking
Singapore to China, a study said on Wednesday.
Commissioned by the Malaysian government, the study published
in The Business Times newspaper indicated most of the work on the
"missing links" of the route needs to be done in Laos and
Cambodia.
Recommendations from KL Consult Associates earmarked the $2.5
billion tab for the rail construction on lines in Thailand,
Myanmar (Burma), Cambodia, Vietnam and Laos.
"As far as Malaysia is concerned, we are 100 percent for the
railway," Transport Minister Ling Liong Sik was quoted as saying.