• Business Day (South Africa): Emerging markets

finance ministers, ECB policy makers and central bankers to attend the 2007 Annual Meetings of the World Bank Group and the International Monetary Fund (to Oct. 21). Link: http://www.imf.org/external/am/index.htm
TATE LIVERPOOL, United Kingdom - Turner Prize 2007 exhibition (to Jan. 13, 2008). LINK: http://www.tate.org.uk/liverpool/exhibitions/turnerprize200 /default.shtm
SATURDAY, OCT 20
WASHINGTON - 2007 Annual Meetings of the World Bank Group and the International Monetary Fund (to Oct. 21).
ST. DENIS,France - SPORT- RUGBY - Rugby World Cup Final.
SUNDAY, OCT 21
POLAND - Parliamentary elections are expected to be held on Oct. 21 or Nov. 18 following a blow up in July between the conservative ruling and their volatile mix of leftist and far-right partners.
WASHINGTON - 2007 Annual Meetings of the World Bank Group and the International Monetary Fund (final day).
CUBA - General municipal elections.
TURKEY - The first possible date for holding referendum on a constitutional reform for the direct election of Turkey's future presidents by the people.
SLOVENIA - Presidential elections.
MONDAY, OCT 22
STRASBOURG - EU parliament plenary session (to Oct. 25).
LISBON - EU-Canada Troika meeting.
LUXEMBOURG - EU Agriculture and Fisheries Council meeting (to Oct. 23).
LOME - Mandate of Togo's National Assembly due to expire.
TUESDAY, OCT 23
CAPE CANAVERAL, Fla., - (TENTATIVE) NASA scheduled to launch space shuttle STS-120 to the International Space Station.
WEDNESDAY, OCT 24
MILAN - Trial resumes of seven Italians and 26 Americans -- the latter, all believed to be CIA agents, in absentia -- on charges of kidnapping a terrorism suspect in Milan in 2003 and then flying him to Egypt, where he says he was tortured.
LISBON - European Conference on the Fight against Doping in Sport.
THURSDAY, OCT 25
SINGAPORE/SYDNEY - The first commercial flight on the new Airbus A380, the world's biggest passenger plane, is due to fly from Singapore to Sydney.
BEIJING - Seventh World Conference on Sport and Environment (to Oct. 27).
FRIDAY, OCT 26
MAFRA, Portugal - EU-Russia Summit.
ALGARVE, Portugal - 6th European Tourism Forum (to Oct. 27).
SATURDAY, OCT 27
CHIBA CITY, Japan - The world's largest automotive event - Tokyo Motor Show (to Nov. 11).
SUNDAY, OCT 28
ARGENTINA - Presidential elections.
SOFIA - Bulgaria holds local elections.
SARAJEVO - Terry Davids, the Secretary-General of the Council of Europe, visits Bosnia. ** EUROPE - Daylight Saving Time (DST) ends.
MONDAY, OCT 29
LOS ANGELES - The Internet Corporation for Assigned Names and Numbers (ICANN) holds 30th international public meetings (to Nov. 2). Link: http://sanjuan2007.icann.org/
BANGALORE, India - 10th edition of IT and Telecom event "Bangalore IT.in", billed as biggest in Asia.
TUESDAY, OCT 30
LONDON - (TENTATIVE) Saudi Arabia's King Abdullah to visit the United Kingdom.
WEDNESDAY, OCT 31
UNITED NATIONS/SUDAN - Mandate of the U.N. Mission in Sudan (UNMIS) expires.
KABUL/TOKYO - Mandate of a Japanese naval mission in the Indian Ocean that provides rear-guard support for U.S.-led military operations in Afghanistan due to expire.
IVORY COAST - Deadline for Ivory Coast to hold elections. The U.N. Security Council resolution extended the transitional government for a second year and shifted power from president to its prime minister to guide the volatile West African nation to long delayed elections by Oct. 31.
NOVEMBER 2007
SINGAPORE - ASEAN annual summit.
ALGIERIA - Algerian municipal elections.
CROATIA - Croatia expected to hold national elections.
WASHINGTON - The Labor Department will issue in November a rule requiring businesses to provide personal safety equipment to workers free of charge. ** WASHINGTON - Panel created by President George W. Bush administration in July will recommend steps to ensure the safety of imported foods and other products.
THURSDAY, NOV 1
PARIS - A commission of politicians and experts led by former prime minister Edouard Balladur is expected to make proposals for a reform of France's constitution by Nov. 1.
POMUCH, Mexico - Day of the Dead festival (to Nov. 2) - Mayan tradition in the flatlands of Mexico's Yucatan peninsula of exhuming the dead after three years in the grave and displaying them in wooden boxes, and every subsequent year in a two-day ritual preceding the Nov.1-2 festival, families gather to spruce up the remains.
SATURDAY, NOV 3
WESTERN U.S. - Final event of the Urban Challenge Robot Car race. Link: http://www.darpa.mil/grandchallenge/schedule.asp
CAIRO - The ruling National Democratic Party holds its fourth annual conference (to Nov. 5).
SUNDAY, NOV 4 ** UNITED STATES/CANADA - Daylight Saving Time (DST) changes take effect.
MONDAY, NOV 5
LISBON - 9th EuroMed Ministerial Meeting of Ministers of Foreign Affairs (to Nov. 6).
LISBON - EU Ministerial Troika with the Palestinian Authority.
HELSINKI - Swedish Prime Minister Fredrik Reinfeldt is among speakers at Nordic cooperation association's seminar "Nordic countries will age - what to do?"
WEDNESDAY, NOV 7
BRUSSELS - The European Commission's next annual progress report on Turkey is due to be released.
NASHVILLE, Tn., - 41st Annual Country Music Association (CMA) Awards (0200 on Nov. 8). Link: http://www.cmaawards.com/2007/
THURSDAY, NOV 8
LAS VEGAS - Eighth Annual Latin Grammy Awards.
FRIDAY, NOV 9
WORLDWIDE - Guinness World Records Day.
SUNDAY, NOV 11
ROME - Energy Future in an Interdependent World, 20th World Energy Congress, organised by the World Energy Council (to Nov 15).
MONDAY, NOV 12
STRASBOURG - EU parliament plenary session (to Nov. 15).
NAIROBI - Third conference of the African Ministerial Council on Science and Technology (to Nov. 16).
WINDHOEK - Extradition hearing of fugitive U.S. millionaire Jacob "Kobi" Alexander, who is wanted in the United States on charges of manipulating stock options.
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WORLD-DIARY/|LANGEN|AFA|CSA|LBY|RWSA|RWS|REULB|GNS|G|RBN|DIA|RNP|PGE|PMF|WORLD-DIARY/=2|LANGEN|AFA|CSA|LBY|RWSA|RWS|REULB|GNS|G|RBN|DIA|RNP|PGE|PMF|WORLD-DIARY/=3|LANGEN|AFA|CSA|LBY|RWSA|RWS|REULB|GNS|G|RBN|DIA|RNP|PGE|PMF|WORLD-DIARY/=4|LANGEN|AFA|CSA|LBY|RWSA|RWS|REULB|GNS|G|RBN|DIA|RNP|PGE|PMF|WORLD-DIARY/=5|LANGEN|AFA|CSA|LBY|RWSA|RWS|REULB|GNS|G|RBN|DIA|RNP|PGE|PMF|WORLD-DIARY/=6|LANGEN|AFA|CSA|LBY|RWSA|RWS|REULB|GNS|G|RBN|DIA|RNP|PGE|PMF|chained
Document LBA0000020070821e38l0004q
Investments_in_Country_Hit_$35_Billion.'>This Day (Nigeria) - AAGM: Foreign Investments in Country Hit $35 Billion.
Kunle Aderinokun

1,205 words

20 August 2007

This Day (Nigeria)

AIWTHD

English

The Financial Times Limited. Asia Africa Intelligence Wire. All material subject to copyright. This Day (Nigeria) (c) 2007 All rights reserved
The Nigeria Investment Promotion Commission (NIPC) has said the country is fast becoming the preferred destination for investors, with the total foreign direct investments (FDIs) into the economy now at about $35 billion. Out of this, China's investment alone accounts for $10 billion.
This is set to be boosted with the possible injection of another $375 million into the economy by Standard Bank of Africa if its proposed deal with IBTC Chartered is approved by the Nigerian bank's shareholders today.
The FDI inflow, according to the NIPC, is now growing at a rapid rate and translates to an average of about $4 billion over eight years, starting from 1999 to 2007.
Disclosing this in an exclusive interview with THISDAY in Abuja, the Executive Secretary of NIPC, Engr. Mustapha Bello, said most of the investments came from telecoms and oil and gas sectors.
According to Bello, "as at 2002, the World Economic Forum reported that Nigeria received about $22 billion FDI and substantial part of it came from oil and gas, followed by the telecoms sector. That was about the time we had the auction of the GSM licences and GSM companies began to move in their foreign capitals to be able to establish the infrastructure to support the distribution of GSM service.
"But as at today, we are in the neighborhood of $33 to $34 billion. Even going by the CBN record, it's an average of $2 to $3 billion a year but if we are able to fast-track our growth to a target of 10 per cent, we must be able to drive a minimum of $3 billion a year, then we can keep pace with the 10 per cent growth. If we are able to make much more than that, then we should see a growth of 10 per cent just like the Chinese.
"Again we can only talk relatively because we have 10 per cent of Chinese population and the land area is 10 per cent. Even if we are able to achieve 10 per cent, it doesn't mean 10 per cent growth of Chinese. That means we can on year-in, year-out be removing a certain class out from poverty. Between 1999 and 2007, we have taken up $33 billion over 8 years. An average of $4billion," he added.
Bello however said if the nation could focus more on the non-oil sector, it would experience faster growth in FDIs into the economy, which would in turn translate to higher gross domestic product (GDP) growth.
"If we get more into the non-oil which is the target of the government now, then we would even see much faster growth because what investment of $5 million in the non-oil will do, that of $50 million in the oil and gas will not do. Because $5 million in the non-oil gas in the non-oil and gas should be able to create at least 500 jobs. Our drive is to get more into that," he said.
He said, "currently the Central Bank said that remittances or transfers into the economy from Nigerians in Diaspora was $8 billion, but you will notice most of it have come in to invest in the petroleum sector, small percentage of it goes into helping parents, relations."
Bello argued that "we don't really need that kind of money to go into those areas, we need it to go into other productive sector to support non-oil and gas activities particularly value addition.
"Take for example, our cocoa, it about $1,800 per ton. If you can add value to the same cocoa, you would be able to sell it 10 times faster, people will get employed. If we consume it here, you can get more than 20 times because if you sell out, it is regulated by the global commodities market, but if you sell locally, it depends on availability."
On China's investment in the economy, Bello said the Asian tiger's commitment in Nigeria jumped from $26 million in 1999 to $10 billion in 2007.
While saying many had expressed discontentment at some un-scrupulous Chinese companies, which had been corrupting the economy, Bello, however, advised that the country should find ways of dealing with the bad eggs, so that they would not affect the thriving Nigeria-China investment and business relationship.
According to him, "actually, if you look at the total investment of China in Nigeria, I think it moved from $26 million as at 1999/2000 but today when you include even the facilities the Chinese Gover-nment has given Nigeria, it is over $10 billion. If Chinese authorities can commit that to help us develop our railways, which is a major infrastructure, develop dams to be able to produce about $12,000 MW, this is our friendly country. Whatever some of their citizens are doing, we must try to find ways of tolerating them and then stopping them from misbehaving. If I come in to work and I give you over $10 billion, then you have to find ways of making me your friend so that I can give additional billions of dollars.
"Whatever they have done, then you would be prepared to moderate and make them realise what they are doing is wrong. The Chinese Government has been making effort to assist this country build infrastructure, in building capacity. Some of their IT enterprises are helping us develop rural telephony, ZTE, Huwaei Technology amongst others. I believe we are getting a lot more than whatever problems we have with the Chinese and I believe what we need to do is to continue to engage ourselves."
Meanwhile, as the IBTC Chartered Bank Plc tender offer, which is expected to culminate in the merger with Standard Bank of South Africa, ends today, it is not clear if the latter would secure 51 per cent controlling stake in the enlarged institution.
This is because securing the 51 per cent controlling stake would to a large extent depend on the willingness of some of the big shareholders of IBTC Chartered Bank to sell their shares. If the shareholders decide to hold back and Stanbic does not secure 51 per cent stake, it would have to renegotiate with IBTC Chartered Bank.
This does not, however, stop Stanbic from being the biggest shareholder in the enlarged IBTC Chartered Bank Plc.Stanbic Bank will now have to enter into a management agreement with IBTC Chartered.
But if Stanbic Bank succeeds, portfolio investment worth about N50.3 billion will flow into the country.
The first leg of the merger of the two institutions had commenced September 22 last year when Standard Bank Africa signed a Memorandum of Understanding (MoU) with IBTC Chartered Bank. The second leg is the Court-Ordered Meetings of shareholders of Stanbic Bank - Standard Bank's local subsidiary and IBTC Chartered, which is billed to hold in Lagos today. Shareholders of both institutions are expected to vote for the merger.
The third leg is the tender offer by shareholders of IBTC Chartered Bank, which also holds today.
Distributed by AllAfrica Global Media. (allafrica.com)
FTDL58122379
Document AIWTHD0020070820e38k0001k

Greater China economic and corporate news summary
986 words

20 August 2007

Xinhua Financial Network (XFN) News

XIFINN

English

(c) 2007 Xinhua Financial Network, Ltd. All rights reserved
BEIJING (XFN-ASIA) - A summary of Greater China economic and corporate news at 1000 GMT
HONG KONG: -Monetary Authority says will not cut rate to follow US Fed move -May-July unemployment rate 4.1 pct, down from 4.2 pct in April-June
- HSBC unit in talks for possible acquisition of majority stake in Korean bank -China National Bldg Material to form 3.5 bln yuan cement JV -Sino Land to invest 2.12 bln yuan in Chongqing property JV -Fosun signs deal on 1.5 bln yuan iron ore JV with Hainan Steel -Hopson Devt to buy Shanghai site for 1.41 bln yuan - CLP Holdings Jan-July electricity sales volume up 1.9 pct yr-on-yr -Shenhua Energy H1 net profit 10.32 bln yuan vs 8.61 bln - China Resources Power H1 net profit 1.41 bln hkd vs 1.0 bln - China Resources Power H1 net up 41 pct on higher electricity output -Tingyi (Cayman Islands) H1 net profit 95.82 mln usd vs 66.5 mln -Shenhua H1 net profit up 19.8 pct on strong coal sales, prices - Beijing Capital Land H1 net profit 102 mln yuan vs 86.74 mln
CHINA: -China allows individuals to invest directly in overseas stock markets -China central bank launches yuan currency swap trading -China CPI growth still under control; other imbalances remain - stats bureau -2007 GDP growth forecast raised to 10.8 pct from 9.8 - Lehman Brothers -China not facing refined oil shortage - China National Petroleum -China investigates hotels owned by central govt-controlled enterprises -China steelmakers in Brazil to begin 2008 iron ore price talks-commerce ministry -China, Kazakhstan agree on Sino-Kazakh oil pipeline extension to Caspian Sea -Shanghai stock exchange sets new rules to curb wide stock price moves -Q2 TD-SCDMA network market value 7.2 bln yuan - Analysys Intl -China starts work on 12 bln yuan wind farm in Hebei -Russian oil crucial for development of China's northeast - China NDRC official - Bank of America names top China executive
-Hong Kong-listed China Mobile adds 5.6 mln subscribers in July - China Unicom end-July GSM mobile subscribers 113.68 mln vs 112.57 mln end-June - China Telecom July net new subscribers 60,000, down sharply vs June -Sinopec plans 14.23 mln tons of crude oil throughput in Aug -WuXi PharmaTech completes US IPO -Beijing Construction Engineering to issue 400 mln yuan in 1-yr discount bills -Baosteel to cut prices of major steel products in the fourth quarter -Chinalco to acquire 49 pct stake in Yunnan Copper Group - China Southern Airlines resumes flights to Nigeria -Honda China joint ventures' July auto sales 33,006 units, up 43.6 pct yr-on-yr -COFCO suspends plan for fund management JV with Morley, UK's Aviva unit -Beijing Capital Intl Airport July passenger traffic up 13.9 pct yr-on-yr -Longyuan Power starts building 1.58 bln yuan wind farm in Inner Mongolia -Hong Kong-based Global Sources acquires Blue Bamboo China Ventures -HK-listed Bank of East Asia (China) to offer private banking service by year-end -American Dairy plans to buy 49 pct of Ausnutria (Hunan) -Denmark's Saxo Bank opens Beijing rep office -Yanzhou Coal H1 net profit 1.11 bln yuan vs 1.36 bln - CAS -Industrial Bank H1 net profit 3.64 bln yuan vs 1.75 bln -Jiangsu Expressway H1 net profit 784.71 mln yuan vs 548.71 mln - CAS -Bank of Nanjing H1 net profit 349.39 mln yuan vs 315.84 mln -China State Shipbuilding H1 net profit 199.34 mln yuan vs 106.67 mln -Xinjiang Bayi Steel H1 net profit 134.53 mln yuan vs 61.96 mln -China Shen Zhou Mining Q2 net profit falls to 1.3 mln usd on interest expenses -China Medicine Q2 net profit rises 328 pct yr-on-yr on robust drug sales - Jinpan International H1 net profit more than doubles on strong China sales -Industrial Bank H1 profit more than doubles; to issue bonds, MBS -China State Shipbuilding H1 net profit up 86.87 pct on engine demand -China GrenTech Q2 net profit down 60 pct to 2.1 mln on higher R&D costs - Yucheng Technologies Q2 net profit up 50 pct yr-on-yr -Jiangsu Expressway H1 net profit up 43 pct on higher toll road traffic -China Ritar Power Q2 net profit up 43 pct at 1.0 mln usd on battery sales -China Kangtai Cactus Q2 net profit up 42 pct yr-on-yr as revenue rises 49 pct -China Shenghuo Pharma Q2 net up 29.3 pct yr-on-yr on 52 pct growth in revenue -Yanzhou Coal H1 net profit down 18.4 pct on higher costs -Bank of Nanjing H1 net profit up 10.6 pct on increased lending -Sinovac swings to H1 net profit of 3.5 mln usd on strong drug sales -Aida Pharmaceuticals swings to Q2 net loss on lower sales - China Development Bank issues 15 bln yuan in 1-yr fixed-rate bonds -Gui Zhou Tyre issues 400 mln yuan of 1-yr discount bills on Aug 16 -CITIC Guoan bond issue plan approved by regulator
TAIWAN: -Q2 current account surplus 4.98 bln usd vs revised yr-earlier 4.51 bln -Taiwan prosecutors confirm appealing acquittal of opposition leader Ma
-UMC names COO to oversee 12-inch-wafer operations -Chinatrust to inject 12.50 bln twd into banking unit -Hon Hai group says unaware of any interest in Elan Electronics -Taiwan Glass H1 parent net profit 1.28 bln twd vs 1.13 bln - China Airlines says all passengers, crew members safe after Naha fire - China Airlines ratings not affected by aircraft fire - Taiwan Ratings -Taiwan orders China Airlines to inspect B737-800 airplanes after Naha fire
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Document XIFINN0020070820e38k007sl

Greater China economic and corporate news summary
986 words

20 August 2007

AFX Asia

AFXASI

English

(c) 2007, AFX Asia. All rights reserved.
BEIJING (XFN-ASIA) - A summary of Greater China economic and corporate news at 1000 GMT
HONG KONG:
-Monetary Authority says will not cut rate to follow US Fed move
-May-July unemployment rate 4.1 pct, down from 4.2 pct in April-June
- HSBC unit in talks for possible acquisition of majority stake in Korean bank
-China National Bldg Material to form 3.5 bln yuan cement JV
-Sino Land to invest 2.12 bln yuan in Chongqing property JV
-Fosun signs deal on 1.5 bln yuan iron ore JV with Hainan Steel
-Hopson Devt to buy Shanghai site for 1.41 bln yuan
- CLP Holdings Jan-July electricity sales volume up 1.9 pct yr-on-yr
-Shenhua Energy H1 net profit 10.32 bln yuan vs 8.61 bln
- China Resources Power H1 net profit 1.41 bln hkd vs 1.0 bln
- China Resources Power H1 net up 41 pct on higher electricity output
-Tingyi (Cayman Islands) H1 net profit 95.82 mln usd vs 66.5 mln
-Shenhua H1 net profit up 19.8 pct on strong coal sales, prices
- Beijing Capital Land H1 net profit 102 mln yuan vs 86.74 mln
CHINA:
-China allows individuals to