RI, Johor forge tourism pact
RI, Johor forge tourism pact
KUALA LUMPUR: Malaysia's southern Johor state on Monday inked an agreement with the Indonesian government to jointly promote tourism in the state.
The deal will increase tourist arrivals to Johor and Indonesian regions around the area through joint cultural shows and sporting activities, said the state's tourism council general manager, Karim Hassan.
Karim said Indonesians made up the second highest tourist arrivals in the state after Singaporeans.
"Since early this year until September, half a million visitors from Indonesia entered Malaysia," he was quoted as saying by the official Bernama news agency.
The tourism industry, which is Malaysia's second highest foreign exchange earner, was badly hit earlier this year by the outbreak of the deadly Severe Acute Respiratory Syndrome (SARS). -- DPA
;AFP; ANPAf..r.. Money-China-forex-ratings China forex rating upgraded JP/16/Money
China forex rating upgraded
SHANGHAI: Fitch Ratings said on Monday it has revised the outlook for China's A-minus long-term foreign currency rating to positive from stable, based on exceptionally strong external finances.
Despite the revision, the agency also warned the ratings remain constrained by domestic weakness, notably in the banking sector, and by fears over unsustainable rapid rates of credit and investment growth.
These problems, combined with expectations of an appreciation in the yuan are a continuing risk to an economy in danger of overheating.
China's A long-term local currency rating remains on a stable outlook, Fitch said.
China's official foreign currency reserves have been boosted by a continuing strong balance of payments and are likely to exceed US$400 billions by year-end.
The figure is twice as large as China's gross external debt, and up from $286.4 billion at the end of 2002. Fitch said this level of reserves offers "a virtually unassailable liquidity cushion against external shocks." -- AFP
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Japan eyes FTA talks with SKorea
TOKYO: Japan will propose starting talks for a free trade agreement (FTA) with South Korea later this month, Japanese foreign minister Yoriko Kawaguchi said in an interview published on Monday.
"We would be extremely happy to start negotiations with South Korea soon and we couldn't be happier if we could announce that we will start talks at the (upcoming) APEC summit," Kawaguchi told the Financial Times newspaper.
Her interview with the newspaper was published after reports that a senior South Korean official said Seoul was also hoping to announce the start of the FTA talks with Japan at the Asia- Pacific Economic Cooperation (APEC) summit, with an aim to conclude the deal by the end of 2005.
The APEC summit will take place on Oct. 20-21 in Bangkok, where Japanese Prime Minister Junichiro Koizumi is expected to meet South Korean President Roh Moo Hyun.
Japan has so far concluded only one FTA, with Singapore, removing import and export tariffs on 98 percent of goods traded between the two nations. -- AFP
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Taiwan to allow more Chinese workers
TAIPEI: Taiwan plans to allow increased employment of mainland Chinese high-tech workers both by local companies and foreign firms operating here, a Mainland Affairs Council (MAC) official said on Monday.
The cabinet recently instructed relevant government agencies to work on the liberalization in response to growing demand in the technology industry for high-quality and low-cost workers, the official said.
Separately, the Economic Daily News said the authorities plan to remove current regulations which limit private firms to hiring no more than 20 percent of their research and development personnel from China.
In addition, companies would be permitted to recruit Chinese professionals directly from the mainland rather than only from those living abroad, the newspaper said, adding that the easing of the rules is expected next month.--AFP
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China to launch money market fund
SHANGHAI: China is set to launch its first money market fund by the end of the year, potentially adding to the limited number of investment channels for mainland investors, state press reported on Monday.
Pending final approval by China Securities Regulatory Commission (CSRC), the launch would open the commercial money markets -- until now reserved for mainland banks -- to investment funds and securities groups.
Money market funds would allow investment in short-term paper, certificates of deposit, bond repurchase agreements, time deposits and central bank bills, the China Daily reported, citing draft regulations.
Traded on secondary markets, money market funds are often considered a highly liquid and safe short-term investment alternative which tend to provide higher yields than bank deposits.
Securities companies have been pressing for new investment vehicles since the government announced a massive sell-off plan of state shares that led to a slump in the domestic stock markets. -- AFP