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
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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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Money-Japan-SKorea-trade
Japan eyes FTA talks with SKorea
JP/16/Money
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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Money-Taiwan-China-workers
Taiwan to allow more Chinese workers
JP/16/Money
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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Money-China-money-fund
China to launch money market fund
JP/16/Money
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