Singapore Media Watch

Thursday, October 19, 2006

Roundup of regional news - 19 October 2006

Financial Times

Chinese envoy ‘delivered message to Kim’

A special envoy sent by China to Pyongyang on Thursday delivered a “personal message” from Hu Jintao, China’s president, to Kim Jong-il, the North Korean leader, in an apparent effort to prevent further escalation of the nuclear crisis.

China’s foreign ministry said in a statement that the special envoy, led by Tang Jiaxuan, a state councillor and former foreign minister, exchanged opinions with Mr Kim over “relations between the two countries and the current situation on the Korean peninsula”. But it did not give details of the message from Mr Hu. (Read more...)


China Daily

China's economy grows 10.7% in first three quarters

China's economy grew by 10.7 per cent in the first three quarters of this year, the National Bureu of Statistics said on Thursday.

Li Xiaochao, NBS spokesman"According to preliminary estimation, the gross domestic product (GDP) of China in the first three quarters of this year was 14,147.7 billion yuan, a year-on-year increase of 10.7 per cent," Li Xiaochao, spokesman of the NBS, said.

The GDP growth was 0.8 percentage point higher than that in the same period of last year, Li told a press conference held by the State Council Information Office.

In the third quarter, GDP growth was 10.4 percent, down 0.9 percentage points from the second quarter he said." The tendency of the economy growing a little bit too fast has been brought under check," Li said. (Read more...)


Bangkok Post

Minister ponders nominee amnesty

The Commerce Ministry could offer an amnesty to foreign joint ventures in violation of the Foreign Business Act in order to resolve problems with the use of nominees, according to Commerce Minister Krirk-krai Jirapaet.

Authorities plan to review the Foreign Business Act and other laws to close loopholes and modernise regulations. An amnesty, meanwhile, would give joint ventures that currently use nominee vehicles time to restructure their indirect holdings to fully comply with the law.

"If it is necessary to [offer amnesties] due to economic reasons, and it does not violate the principle of law, then we will look at it," the newly appointed minister said yesterday in an interview with the Bangkok Post.

Such an amnesty would include the telecom giant Shin Corp, which is the subject of a criminal investigation over whether Singapore's Temasek Holdings used nominee vehicles to violate the 49% foreign shareholding limit, he said.

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