Sony buys full control of mobile phone venture Sony Ericsson

STOCKHOLM (Reuters) – Sony Corp is to take full control of its Sony Ericsson mobile phone joint venture with Swedish mobile phone network gear maker Ericsson as it seeks to catch up with other makers of smartphones and boost its offering of consumer eletronics, the companies said on Thursday.

Ericsson is to receive 1.05 billion euros in cash for its 50 percent share of the venture, which was set up in 2001. It initially thrived with an array of camera and music phones, but later lost out in the smartphone race.

UK phone hacking: Probe may reach Murdoch door

LONDON: News Corp chairman Rupert Murdoch may personally get embroiled in the probe into the scandal involving his now defunct British tabloid the News of the World if it emerges that he knew about emails showing several of its journalists hacking mobile phones and making payments to police officers.

Murdoch’s UK subsidiary, News International, handed over the 2007 emails to police last week. The key question now is whether Les Hinton, one of Murdoch’s closest colleagues for 50 years, was aware of the emails in 2007, as a section of British media suspect he was. If that’s borne out, then Australia-born American media magnate would have been sure to know also.

It also emerged on Monday that the tabloid purchased royal family members’ personal contact details from a police officer deployed for their protection. In effect, Queen Elizabeth’s security was allegedly compromised. This is a serious offence under the UK law and anyone who knew about this and took no action is liable to prosecution and if found guilty likely to be imprisoned. This is apart from the serious criminality of tapping phones.

The tabloid hacked cell phones of a number of celebrities, including film stars, politicians and sports figures. The emails revealed the extent of hacking and also that the tabloid’s operatives reportedly deleted messages from a 13-year-old murder victim’s phone giving her parents false hope that she was still alive.

This particularly fuelled outrage and led to advertizers withdrawing ads forcing the 168-year-old tabloid’s closure.

News Corp chairman Rupert Murdoch’s son, James, too, is in danger of facing charges in the UK and the US under prevention of corruption laws. James Murdoch is News International’s executive chairman and Star TV head in Asia and is said to have authorized at least one settlement running into hundreds of thousands of pounds to a victim of phone interception in exchange for signing a gagging agreement.

Murdoch Sr is currently in London on a damage-control exercise. He is also attempting to hold on to his UK chief executive, Rebekah Brooks, even as British prime minister David Cameron also called for her resignation. Opposition leader Ed Miliband described News International’s inaction as a “cover up on a massive scale”. He also demanded that New International’s multi-billion bid to wholly own BSkyB, Britain’s leading DTH operator, from its current holding of 39%, be halted. He found support from the ruling coalition when deputy PM and Liberal Democrats leader Nick Clegg urged Murdoch to withdraw his proposal.

Even Cameron of the pro-Murdoch Conservative party was forced on to the defensive, as UK government referred Murdoch’s request to the independent regulator Ofcom for an opinion on whether News International can be a “fit and proper” 100% owner of BSkyB, with no time limit for a response. PM is somewhat embroiled in the scandal as he employed editor of the paper under whose watch many of wrongdoings occurred.

Some Americans think opposition to Obama’s policies is based on racism

Washington, Sep. 18 (ANI): Some Americans, including former President Jimmy Carter, believe that those who are opposing US President Barrack Obama’s policies have a racial element against him instead of simple disagreement.

According to a recent Fox News poll, 65 percent Americans think that opposition to Obama’s policies is based on honest disagreements, while 20 percent say it is mostly motivated by racism.

However, Black voters are twice as likely to say the opposition is motivated by race, with 63 percent citing racism as the reason for opposition and 27 percent say it is based on honest disagreements.

Most white voters (71 percent) say the opposition comes from honest disagreements.

Most Republicans (87 percent) and independents (69 percent) believe that opposition to Obama’s policies is based on honest disagreements, while 48 percent Democrats say honest disagreements and 34 percent say it is motivated by racism, the poll found.

Opinion Dynamics Corp. conducted the national telephone poll of 900 registered voters with a 3-point margin of error.

The poll also found that 54 percent of Americans think Obama is a “new kind” of politician, while a large 39 percent minority says he is a “typical” politician.

As for Obama’s handling of health care, 44 percent approved and 48 percent disapproved.

Obama received better ratings on his handling of the economy (55 percent approve) and on the war in Afghanistan (51 percent).

By a wide 60 percent to 27 percent margin, Americans think the country has become more divided rather than more united since Obama took office in January, the poll found. (ANI)

Teens exposed to too much alcohol advertising on cable TV

Washington, Aug 21 (ANI): A new US study has revealed that ads for beer, spirits and ‘alcopop’ are frequently aired when more teens were watching television.

This is the first study to demonstrate an association between ad placement and teen cable TV viewership.

“Alcohol advertisers have pledged to avoid audiences made up of more than 30 percent underage viewers – such as children’s programming,” said David H. Jernigan, director of the Centre on Alcohol Marketing and Youth and an associate professor at the Johns Hopkins Bloomberg School of Public Health.

“However, many other shows have adolescent appeal. This research suggests that ads are aimed at groups that include a disproportionate number of teens and that the alcohol industry’s voluntary self-monitoring is not working to reduce adolescent exposure to ads,” he added.

The study showed that audiences with a higher percentage of youth between the ages of 12 and 20 were exposed to a higher frequency of alcohol ads, even after accounting for other factors that might explain ad placement decisions.

Each 1-percentage-point increase in adolescent viewership was associated with a 7-percent increase in beer ads, a 15-percent increase in spirits ads and a 22-percent increase in ads for low-alcohol refreshers/alcopops – flavored alcoholic beverages that taste similar to juice or soda.

However, wine ads decreased by 8 percent with each 1-percentage-point increase in adolescent viewership.

This finding suggests that alcohol advertisers can, in fact, successfully avoid adolescent audiences.

“This study did not examine whether alcohol advertisers are intentionally overexposing adolescents,” said lead study author Dr. Paul J. Chung, assistant professor of pediatrics at Mattel Children’s Hospital UCLA and a senior natural scientist at the RAND Corp.

“The alcohol industry has consistently denied actively targeting teens, and our study isn’t designed to test that claim. However, the ultimate effect of their advertising strategies, intentional or not, appears to be greater exposure than might be expected if adults were the sole targets of ads,” he added.

The study appears online in American Journal of Public Health. (ANI)

Multi-billion dollar fraudster Madoff’s request for soft-touch prison rejected

New York, July 15 (ANI): Wall Street’s biggest fraudster Bernard Madoff will serve his jail term along with an Israeli spy and an Islamic terrorist at a North Carolina prison, where he was transferred on Monday after the US Bureau of Prisons rejected his request to spend the rest of his life at the Otisville Correctional Institute, an easygoing prison.

Now Prisoner No 61727-054, Madoff, 71, is serving his 150-year sentence for running a 65 billion dollar ponzi scheme at the Butner Federal Correctional Complex, 480 miles from New York, where Madoff’s wife and two sons. adoff’s sons have cut off all contact with their father since he admitted to running Wall Street’s biggest fraud, but a Madoff adviser says that the estrangement is “lawyer enforced” because of the continuing investigation, Times Online reports.

The fraudster hopes eventually to receive visits from his sons.

The Butner complex comprises two mediumsecurity prisons and a low-security facility in the same place, which could make it easier for Madoff to transfer to a lower security jail in the future.

Among the inmates at the complex is Jonathan Pollard, the former US navy officer convicted of spying for Israel in 1987, who is scheduled for release in 2015. Omar Abdel-Rahman, the blind Egyptian sheikh jailed for life in 1995 for plotting a “day of terror” in New York.

Butner does house other white-collar criminals, such as John Rigas, the founder of Adelphia Communications, and his son, Tim, the company’s chief financial officer, who were convicted of fraud. Franklin Brown, the former vice-chairman of Rite Aid Corp, is serving a ten-year sentence at Butner.

Butner was named one of America’s ten cushiest prisons by Forbes magazine.

The magazine noted, however, that it is “no Club Fed”. Federal prisons, sometimes dubbed Club Fed because of their easygoing rules and lack of a fence, are only for inmates serving less than ten years.

Madoff is likely to be held in solitary confinement, at least at the beginning of his sentence, because he is considered at risk of revenge attacks. (ANI)

MJ’s memorial service to hit movie theatres in 20 US States

London, Jul 8 (ANI): Late King of Pop Michael Jackson’s memorial service will be beamed into movie theatres in 20 U.S. states, it has been revealed.

Cinedigm Digital Cinema Corp. bosses will broadcast the event live to an estimated 17,000 people in theatres equipped with digital projection systems and satellite dishes, reports the Daily Express.

In total, 37 cities will air the footage of the memorial ceremony on the big screen.

The company will be using the same feed sent out from Staples Center in Los Angeles to TV networks, and displaying it in high definition on big screens.

One cinema, which will not be showing the footage, is the Mann Chinese Six Theatre in Los Angeles, which cancelled the show due to security concerns.

The cinema is yards away from the site of Jackson’s star on the Hollywood Walk of Fame. (ANI)

Furore over Burger King’s ‘raunchy’ sandwich ad

Washington, July 1 (ANI): A print advertisement of Burger King’s sandwich in Singapore has come under fire because of its “distasteful” and unappetizing references to oral sex.

The ad for the “BK Super Seven Incher” shows the “mind-blowing” sandwich near the open mouth of a wide-eyed, red-lipsticked woman accompanied by the suggestive tagline: “It’ll blow your mind away.”

“Fill your desire for something long, juicy and flame-grilled,” Fox News quoted the ad as saying further.

The ad is a limited time promotion in Singapore-a society known around the world for its strict government controls of social conduct.

And now advertising experts have said that the ad leaves little to the imagination and should be discontinued.

Mark Duffy, a blogger and an advertising copywriter at a major New York City firm, said that the advertisement was among the “worst” he had ever seen in more than 17 years of his experience.

“I’ve seen a lot of sexual innuendo ads and this is about the worst, especially for something as mainstream as Burger King. I was a little repulsed by it. It’s really misogynistic to women and it’s also unappetizing,” said Duffy.

Duffy said that the woman’s face in the advertisement appeared to have been retouched to make it look like a doll, and that the American cheese on the sandwich seemed a little too white.

“It’s outlandish. They obviously didn’t hire a top-notch food photographer,” he said.

Duffy, who called on Burger King to terminate the ad, said: “It’s really distasteful on the appetite level and on the social level. The ad pretty much speaks for itself. How much more do they have to spell it out for you?”

Lauren Kuziner, a spokeswoman for Burger King, said that the campaign was produced by a local Singaporean agency, and not by the company’s U.S. advertising firm, Crispin Porter plus Bogusky.

“Burger King Corp. values and respects all of its guests. This print ad is running to support a limited time promotion in the Singapore market and is not running in the U.S. or any other markets. The campaign is supported by the franchisee in Singapore and has generated positive consumer sales around this limited time product offer in that market,” said Kuziner in a statement.

He, however, refused to identify the Singapore-based firm, and did not respond to requests for comment on whether Burger King had received complaints in connection with the ad. (ANI)

Bush misses Air Force One, White House food after leaving office

London, May 29 (ANI): Former US President George W Bush misses flying on Air Force One, eating meals prepared by the White House kitchen staff and drawing inspiration from his encounters with US military personnel.

The often-tearful meetings with relatives of fallen soldiers were “in some ways… very hard and in some ways, it was very uplifting,” The Telegraph quoted him as saying for the first time after demitting office.

The speech at The Economic Club of Southwestern Michigan was one of the first made by the former president since leaving office in January. About eight people protested outside the venue, carrying signs that called him a murderer and a traitor.

Bush, America’s 43rd president, spoke to 2,500 people about “the fog of war” that followed the terror attacks of September 11, 2001, the economic downturn and his return to life as a regular citizen.

“It was a roller coaster of emotions, it really was,” he said of the terror attacks. “I think about it now at times, but I definitely thought about it every day as president.”

Bush talked about the economy, blaming a lack of responsible regulation in the lending industry for the recession, and said that the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corp., or Freddie Mac, shouldn’t have engaged in certain financial practices.

He also said he believes he was right to depose Saddam Hussein and that it may lead to the spread of democracy throughout the Middle East.

The audience, which gave Bush a warm welcome at his arrival, cheered when he said he wanted to be remembered as a president who showed up in office with a set of principles and he was unwilling to sacrifice his soul for the sake of popularity. (ANI)

Martha’s Vineyard prepares for possible Obama vacation

Washington, May 5 (ANI): Though the White House says President Obama and his family have “no plans” to vacation on Martha’s Vineyard this August, businesses on the island for the rich and famous are preparing for a possible “First Family” visit.

Well-connected residents of Martha’s Vineyard, a seashore paradise, say President Obama has rented a home in the East Chop neighborhood of Oak Bluffs — a town on the island’s northeastern shore that is rich in African-American history.

Notable black Americans have owned homes in Oak Bluffs, including writer Dorothy West, former Massachusetts Sen. Edward Brooke, and New York Rep. Adam Clayton Powell Jr., the first African-American congressman from the East Coast since Reconstruction.

Other celebrities, including Spike Lee and Oprah Winfrey, have been frequent guests in the island community, Fox News reports.

Oak Bluffs is gearing up for Washington royalty as the Obamas’ popularity on the island is palpable.

Art galleries lining Vineyard Haven’s main street are adorned with paintings of the president. The Crocker House Inn is arranging a Michelle Obama “welcome bag” filled with island delicacies and local flowers. And Mocha Mott’s coffee shop is brewing a special roast called “Mochabama” — a blend of black and white chocolates, store owner Tim Dobel told FOXNews.com.

“His visit would be great for business,” said Andrew Gilmore, a worker at the island’s landmark retail store, The Black Dog.

Martha’s Vineyard Chamber of Commerce executive director Nancy Gardella could not confirm that the president will be staying here this summer, but said “people are definitely talking about it.”

Gardella said she is working to create a Web site where islanders can post activity suggestions for the first family, such as a kayaking trip out to Cape Poge in Chappaquiddick or a trip to the island’s most popular ice cream store.

“The vineyard has a long history of presidential hospitality, and we would be thrilled to welcome the president and his family,” she said.

Bill and Hillary Clinton made several trips to Martha’s Vineyard in the 1990s, often staying at friends’ homes in Edgartown.

Though the island has an eclectic mix of people, Gardella and others said Martha’s Vineyard has long appealed to the rich and famous because “you can walk around without having a shave and nobody cares.”

While residents express excitement over a possible presidential visit, the question most whispered in local taverns is: From whom might Obama be renting a vacation home?

“No oyster knife has cracked that one open just yet, but all bets are on Ron Davenport, Wayne Budd, or Charles Ogletree,” said a local businessman, speaking on condition of anonymity.

Obama, who does not own a vacation home, visited Martha’s Vineyard last August to attend a campaign fundraiser at the waterfront home of Ron Davenport — chairman of Pittsburgh-based Sheridan Broadcasting Corp., the largest African-American-owned communications network in the United States.

The president has stayed at the Oak Bluffs home of Harvard Law professor Charles Ogletree — a close confidant — on several occasions, beginning in 2004 after the Democratic National Convention in Boston. Obama adviser Valerie Jarrett also has a home in Oak Bluffs.

Planned visit or not, residents say the buzz over an Obama retreat is a boost to the island’s economy. (ANI)

Pioneer to raise 25 million dollars in fresh capital from Honda

Tokyo – Pioneer Corp plans to raise 2.5 billion yen (25.85 million dollars) in fresh capital from one of its business partners, Honda Motor Co, the firm said Tuesday. Honda will pay 170 yen for each of Pioneer’s 14.7 million new shares and to become the second-largest shareholder with a 6.54-per-cent stake after Sharp Corp, according to Japan’s business daily The Nikkei.

The Japanese electronics maker aims to boost production of car-electronics devices, Pioneer said, adding that it needs to raise a total of about 40 billion yen to implement its management plans including business restructuring.

Pioneer expects a net loss of 129 billion yen and an operating loss of 55 billion yen for the current fiscal year. (dpa)

Sharp incurs net loss of 1.3 billion dollars in fiscal year 2008

Tokyo – Sharp Corp incurred a net loss for fiscal 2008 after the company introduced inventory control, cost-reduction measures and structural reforms, it said Monday. The Japanese electronics company reported a net loss of 125.82 billion yen (1.3 billion dollars) the fiscal year that ended March 31, a reversal from the profit of 101.92 billion yen the previous fiscal year.

It also incurred operating losses of 55.48 billion yen, compared to operating profits of 183.69 billion yen the year before. Sales fell 16.7 per cent to 2.85 trillion yen.

The firm attributed its losses to the yen’s surge and harsher price competition, as well as to declining consumption.

For the current fiscal year, Sharp projected a net profit of 3 billion yen, operating profit of 50 billion yen and sales of 2.75 trillion yen.(dpa)

Kids who feel racial discrimination more prone to mental health problems

Washington, April 28 (ANI): Kids who feel racial or ethnic discrimination are more likely to suffer from mental health problems, according to a new study.

Racial and ethnic discrimination and their effect on mental health have been studied in adults and adolescents, but less is known about the effects of perceived discrimination on children’s mental health.
The new study involving UCLA and the RAND Corp. has shown that 15 percent of children surveyed reported experiencing what they perceived as discrimination and that the vast majority of these encounters occurred at school.

The study also found that children who reported feeling discrimination were more likely to have symptoms of one or more of four different mental health disorders: depression, attention-deficit hyperactivity disorder, oppositional defiant disorder and conduct disorder.
“It was surprising to see positive associations between perceived racial and ethnic discrimination in the children and symptoms of all four examined mental health conditions,” said lead author Dr. Tumani R. Coker, clinical instructor of pediatrics at Mattel Children’s Hospital UCLA and an associate natural scientist at RAND.

“Parents, clinicians and teachers should be aware that children may experience racial and ethnic discrimination in and out of school and that there may be detrimental effects on their mental health,” Coker added.
For the study, researchers analyzed data from a 2004-06 study of 5,147 fifth-graders and their parents from public schools in Los Angeles, Houston and Birmingham, Ala.
They found that a greater percentage of African American children (20 percent), Hispanic children (15 percent) and children identified as “other” (15 percent) reported perceived racial or ethnic discrimination than white children (7 percent).
The strongest and most consistent association of discrimination with mental health symptoms involved symptoms of depression in African American, Hispanic and “other” children reporting discrimination. This association was not significant for whites.
The study will be published in the May issue of the American Journal of Public Health and is currently available online by subscription. (ANI)

Toyota 09/10 output seen down 12 percent: report

TOKYO (Reuters) – Toyota Motor Corp (7203.T) will likely produce about 6.2 million vehicles globally in the business year to March 2010, a newspaper reported, down more than 12 percent amid a global sales slump and helping send its shares skidding over 4 percent.

Automakers around the world have been grappling with a sudden drop in demand since late last year, but the pain is especially pronounced at Toyota, which is saddled with too much capacity after years of building new plants to keep up with demand.

Toyota, the world’s largest automaker, has been lowering output in the face of mounting inventories and had said production levels would hit bottom in January-March 2009.

But the Yomiuri newspaper said Toyota’s daily production in Japan was unlikely to return to 12,000 vehicles, the minimum needed for a profit, until after October.

The paper said Toyota’s domestic production for the current business year would be around 2.8 million vehicles, a fall of more than 30 percent since its peak two years ago and slipping below 3 million for the first time in 31 years.

“The reported (global) production plan seems to be largely in line with market expectations … I think the output of 2.8 million units in Japan would exceed demand,” said analyst Yoshihiko Tabei at Kazaka Securities.

“The stock market’s focus now is not so much on how many cars Toyota plans to roll out but on how Toyota, as well as other carmakers, would rationalize production facilities by such measures as early depreciation and plant closures.”

Carmakers’ shares will likely remain top-heavy until the companies announce plans to book costs on their manufacturing facilities, he said.

A Toyota spokesman could not immediately confirm the Yomiuri report.

Toyota shares fell 4.4 percent to 3,700 yen, also pushed down by a stronger yen. The transport equipment subindex .ITEQP.T fell 4.2 percent.

The Yomiuri said the expected slide in production could make it hard for Toyota to keep its work force at current levels.

The Nikkei business daily reported this month Toyota’s sales could tumbled to about 6.5 million vehicles in the current financial year, falling below 7 million for the first time in six years.

The Nikkei also said Toyota’s operating loss could balloon to over 500 billion yen ($5.10 billion) in the year to March 2010.

Toyota forecast it would make 3.4 million vehicles in Japan and 3.68 million overseas on a parent-only basis in the financial year that ended on March 31, which would be down 20 percent and 17 percent from the previous year, respectively.

($1=98.04 Yen)

(Additional reporting by Yumiko Nishitani; Editing by Michael Watson)

Research and Markets: Name, Website, Stock Code, Main Business, Revenue and Profit in Past 5 of the Global Top 500 Companies Report for Mining and Metal – 2008-2009 Edition

DUBLIN–(Business Wire)–
Research and Markets
(http://www.researchandmarkets.com/research/b0c6d9/global_top_500_rep) has
announced the addition of the “Global Top 500 Report of Mining and Metal,
2008-2009″ report to their offering.

This top 500 report is based over 1,000 mining companies (excluding coal,
petroleum and natural gas) and metal companies (excluding metalworks) are listed
over 50 stock exchanges in the world, by downloading their latest annual reports
and financial reports, and according to the indices such as the turnover, net
profit and total assets.

With the increasingly processing of industrialization and urbanization, China’s
demand for mineral resource remained strong. China has accelerated its move of
oversea acquisitions and enhanced its mineral resource reserves since 2009. For
example, Aluminium Corporation of China Limited plans to invest CNY19.5 billion
over Rio Tinto, the tender offer from China Minmetals Corp over Oz Minerals with
a sum of US $1.7 billion, and the Loan-for-Oil agreements with Brazil and
Russia.

In addition, the large steel corporations like Wisco, Nonfemet, Angang, and
Shougang have also accelerated their move of oversea mineral resource
acquisition. The iron ore producer of NMDC and the zinc producer of BINANI from
India are also planning their oversea acquisitions.

This report firstly gives the full picture of the turnover, net profit and total
assets, of global top 500 mining and metal companies in FY 2007, considering
some companies have not issued their FY 2008 annual reports yet, the 2008 data
will be released in a few months.

Followed by the description of mining industry and investment in different
continents, and recommend 23 countries rich in mineral resources, and deserving
to invest.

Then the profile of global top 500 including the company name, website, stock
code, main business, revenue and profit in past five years.

Finally, the series gives an in-depth analysis of global top 120 including their
financial results, operations and products besides company profile.

Notes:

1 The rank was by turnover in FY2007.

2 All the local currencies are converted into US dollar according to the
exchange rate in Jan, 2008.

Key Topics Covered:
1 Global Top 500 Mining and Metal Companies
2 Australia
3 Asia
4 Europe
5 Africa
6 America
7 Overview of Global Top 500 Mining and Metal Companies
8 Analysis of Global Top 120 Mining and Metal Companies

For more information visit

http://www.researchandmarkets.com/research/b0c6d9/global_top_500_rep

Research and Markets
Laura Wood
Senior Manager
press@researchandmarkets.com
Fax from USA: 646-607-1907
Fax from rest of the world: +353-1-481-1716

Copyright Business Wire 2009

GM may give away stake in European unit -FT

LONDON, April 20 (Reuters) – General Motors Corp (GM.N) could give away a controlling stake in its European unit as it decides whether to file for bankruptcy, the Financial Times newspaper reported on Monday.

Rather than seeking money for Opel/Vauxhall, the automaker would ask any buyer to pledge to invest directly in a new company formed from its European operations, the report said, citing two unnamed people familiar with the plans.

An investor will be asked to pay at least 500 million euros ($655.5 million) in equity, but GM will realise no financial gain as the money will be injected directly into Opel, the report said.

The company is also prepared to sell its Swedish brand Saab, for nothing, the report added.

No one at GM’s UK unit Vauxhall could immediately be reached for comment on the report.

GM has been operating under $13.4 billion of emergency U.S. government aid.

Under the terms of the rescue, the company has until June 1 to prepare deep cuts in its debt, labor costs, dealership network and brands to return to profitability. (Reporting by Peter Griffiths; Editing by Jan Paschal)

PRESS DIGEST – Hong Kong – April 20

HONG KONG, April 20 (Reuters) – These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

HONG KONG ECONOMIC TIMES

– China is in talks with Hong Kong about launching new routes for cruise lines to allow mainland tourists to travel to Taiwan, the director of the China National Tourism Administration said.

SING TAO DAILY

– More than 10 insurance companies have filed cases with the police of possible insurance fraud. The firms say that some clients exaggerated their claims to receive higher compensation.

SOUTH CHINA MORNING POST

– The president of China National Offshore Oil Corp (0883.HK), the nation’s dominant offshore oil and gas producer, said a rising tide of global protectionism had dealt a setback to mainland firms seeking to invest abroad.

– Jiangsu-based Wuxi Lida Gear Manufacturing plans to raise as much as $200 million from an initial public offering in Hong Kong as early as the end of the year, sources said.

– Denmark’s Novozymes A/S (NZYMb.CO), together with China’s COFCO and Sinopec (0386.HK) could invest up to 90 billion yuan ($13.17 billion) in a biofuel project.

THE STANDARD

– About 850 Lehman Brothers minibond investors called for Chief Executive Donald Tsang to step down in a protest march on Sunday, saying he failed to help them recover their money.

HONG KONG ECONOMIC JOURNAL

– Airport Authority chairman Marvin Cheung said Hong Kong International Airport needed to open a third runway and was studying the feasibility of building it.

WEN WEI PO

– Interested buyers are willing to pay 700 million pounds for the Asian assets of Royal Bank of Scotland (RBS.L), according to media reports.

(Editing by Jonathan Hopfner)

For Chinese newspapers, see……………[PRESS/CN]

For Taiwan newspapers, see…………[PRESS/TW] ($1=6.832 Yuan

GM and SAIC Promote Fuel Cell Propulsion Technology

Introduce Shanghai Brand Vehicle Powered by GM System

Shanghai – General Motors Corp. and Shanghai Automotive Industry Corp. Group
(SAIC) announced today the launch of SAIC’s Shanghai Brand Fuel Cell Vehicle,
which is powered by GM’s latest fourth-generation fuel cell propulsion
technology.

The vehicle from SAIC uses the same 700 bar high-pressure hydrogen fuel cell
system adopted in the Chevrolet Equinox Fuel Cell. Ten Shanghai Brand Fuel
Cell Vehicles will be built. The zero-emission high-tech vehicles will join
the Equinox Fuel Cell as part of a fleet of both GM and SAIC vehicles to
shuttle VIPs at World Expo 2010 Shanghai.

“The Shanghai and Chevrolet Equinox Fuel Cell vehicles will be featured in the
most extensive fuel cell demonstration program ever conducted in China. This
follows the government’s call for the creation of a sustainable transportation
system,” said GM Group Vice President and GM Asia Pacific President Nick
Reilly. “GM supports China’s move toward sustainability, and we are providing
our latest fuel cell technology in line with our overall strategy of in China,
with China, for China.”

SAIC engineers have been co-located at GM facilities in Germany and GM
engineers have been co-located at SAIC facilities in China to produce the
vehicles. The original Equinox fuel cell propulsion system has been modified
and improved to fit into the Shanghai Brand Fuel Cell Vehicle.

GM and SAIC are the exclusive joint global automobile partner of World Expo
2010 Shanghai. In line with the exposition’s theme of “Better City, Better
Life,” GM and SAIC plan to showcase their solutions for sustainable
transportation while promoting the vehicles of tomorrow at their corporate
pavilion.

The two automakers, which operate eight joint ventures in China, earlier
signed a pair of agreements to promote advanced vehicle technology. Their
Shanghai GM joint venture began selling the Buick LaCrosse Eco-Hybrid last
year as part of its Drive to Green strategy. China is slated to become one of
the first markets for the Chevrolet Volt extended-range electric vehicle in
2011.

GM has deployed more than 100 Equinox Fuel Cell vehicles around the globe,
making it the largest fuel cell electric vehicle fleet to date. Vehicles are
being driven by a wide range of customers, businesses, government agencies,
celebrities and media as part of Project Driveway.

General Motors Corp. (NYSE: GM), one of the world’s largest automakers, was
founded in 1908, and today manufactures cars and trucks in 34 countries. With
its global headquarters in Detroit, GM employs 243,000 people in every major
region of the world, and sells and services vehicles in some 140 countries.
In 2008, GM sold 8.35 million cars and trucks globally under the following
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, Hummer, Opel,
Pontiac, Saab, Saturn, Vauxhall and Wuling. GM’s largest national market is
the United States, followed by China, Brazil, the United Kingdom, Canada,
Russia and Germany. GM’s OnStar subsidiary is the industry leader in vehicle
safety, security and information services. More information on GM can be
found at www.gm.com.

Contact: Sophia Luan
General Motors China
(+86-21) 2898-7631
(+86) 139-0183-4073
sophia.luan@gm.com

/PRNewswire — April 19/

SOURCE General Motors Corporation

Nikkei dips 0.4 percent as techs fall

TOKYO (Reuters) – Japan’s Nikkei average fell 0.4 percent on Monday, weighed down by Toshiba Corp’s (6502.T) tumble after a report on its plans to raise capital, while a stronger yen hurt shares in exporters.

Consumer lender Promise (8574.T) tumbled 16.2 percent to 1,310 yen after warning it faces an annual net loss of $1.3 billion as it sets aside more money to meet repayment claims from customers.

Despite upbeat results from banks such as Citigroup (C.N), Japanese banking shares fell. A top adviser to President Barack Obama said on Sunday that stress tests of the top 19 U.S. banks would expose some “very serious problems” but the administration has what it needs to confront the challenge.

“Investors can’t cheer U.S. bank earnings without qualms because although their profits from core operations appear to be improving, the issue of bad assets still remains,” said Takahiko Murai, general manager at Nozomi Securities.

“Ahead of U.S. banks’ earnings peak this week, investors are cautious and taking a wait-and-see stance.”

U.S. banks, which began reporting earnings last week, will continue to be in the spotlight, with results including Bank of America (BAC.N), Wells Fargo (WFC.N) and Bank of New York Mellon (BK.N).

The benchmark Nikkei .N225 slipped 37.07 points to 8,870.51. It had climbed 1.7 percent on Friday but lost 0.6 percent on the week, snapping a five-week rising streak.

The broader Topix .TOPIX inched down 0.3 percent to 843.20.

The Dow Jones industrial average .DJI finished up 0.1 percent on Friday, after General Electric (GE.N) and Citigroup (C.N) both posted better-than-expected results, lifting the broader market. .N

The Dow rose 22.7 percent over the past six weeks, making advances each week for the largest six-week gain since July 29, 1938.

Toshiba shares fell 6 percent to 312 yen after a newspaper said it plans to raise about 500 billion yen ($5 billion) in capital as early as June to prop up its finances, battered by loss-making chip operations and tax credit costs.

On Friday it widened its net loss estimate for the year ended March 31 by 25 percent to 350 billion yen after writing down 85 billion yen in deferred tax assets, cutting its shareholders’ equity ratio by more than half from a year ago to 8.2 percent.

Japan’s top lender Mitsubishi UFJ Financial Group (8306.T) fell 1.8 percent to 503 yen.

Advantest, the world’s biggest maker of semiconductor testers, declined 0.7 percent to 1,585 yen, Tokyo Electron Ltd (8035.T) fell 0.5 percent to 4,270 yen and Nikon Corp (7731.T) slid 2.8 percent to 1,290 yen.

The book-to-bill ratio for Japanese chip-making equipment hit a record low in March, an industry group said on Friday, as chip makers continued to cut spending as demand for electronics goods stayed weak.

Investors fret over a firmer yen as it curbs exporter profits when repatriated. In early Asia trade, the euro struck a three-week trough versus the yen.

(Reporting by Aiko Hayashi; Editing by Michael Watson)

Enzyme maker in $13 billion biofuel deal

HONG KONG (Reuters) – Industrial enzyme maker Novozymes A/S, which has teamed up with China’s COFCO and Sinopec for a biofuel project, will jointly invest up to 90 billion yuan ($13.17 billion) with the two companies in the deal, the South China Morning Post reported on Monday.

Denmark’s Novozymes — the world’s biggest producer of industrial enzymes — together with China National Cereals, Oil and Foodstuff Corporation and top Asian refiner China Petroleum and Chemical Corp, would develop an industry chain to collect agricultural waste, process it into bioethanol and distribute the clean fuel through petrol stations, Novozymes Chief Executive Steen Riisgaard was reported as saying.

The project was aimed at capitalizing on China’s demand for clean fuels and the need to cut carbon dioxide emissions, Riisgaard said.

(Reporting by Sui-Lee Wee; Editing by Chris Lewis)