Thailand to sign Myanmar natural gas purchase deal

July 30, 2010 By Leave a Comment

July 29 (Reuters) – Thailand will sign on Friday an agreement to buy natural gas from the Zawtika field at the offshore Block M9 in the Gulf of Martaban in Myanmar from late 2013, Energy Minister Wannarat Charnnukul said.

State-controlled PTT PCL (PTT.BK), as a buyer, will sign the gas deal with sellers, which include state-owned Myanmar Oil and Gas Enterprise and PTTEP International, a unit of PTT Exploration and Production (PTTEP) (PTTE.BK), he told a news conference.

PTTEP’s subsidiary owns 100 percent of Block M9, located about 300 km (185 miles) south of Yangon.

PTTEP is expected to supply an initial 300 million cubic feet per day (mmcfd) from M9, of which 240 mmcfd would be delivered to Thailand and the rest to Myanmar. It is expected to have petroleum reserves of 1.4 trillion cubic feet per day.

Myanmar natural gas accounts for about 30 percent of Thailand’s consumption, mostly in power generation.

About 965 mmcfd of gas from the nearby Yetagun and Yadana fields is exported to Thailand.

The output from the Zawtika field will raise Thailand’s natural gas import from Myanmar to 1.2 billion cubic feet per day, sufficient to meet rising power demand in Thailand, Wannarat said. (Reporting by Khettiya Jittapong; Editing by Jason Szep)

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Japan LDP says doubtful of inflation targeting

July 28, 2010 By Leave a Comment

July 27 (Reuters) – The leader of Japan’s main opposition Liberal Democratic Party said on Tuesday he was doubtful of the effectiveness of an inflation targeting policy.

The comment by Sadakazu Tanigaki came as Japan’s Your Party, a small opposition party that made strides in an upper house election on July 11, has vowed to submit a bill to parliament to revise the law governing the Bank of Japan.

The bill would require the government and the central bank to sign an accord on shared policy goals to end deflation, including inflation targeting. [ID:nTOE66D05R]

“We are now in deflation, so I have doubts that inflation targeting would be effective,” Tanigaki told a news conference. (Reporting by Yoko Nishikawa)

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India develops world’s cheapest “laptop” at $35

July 24, 2010 By Leave a Comment

July 23 (Reuters Life!) – India has come up with the world’s cheapest “laptop,” a touch-screen computing device that costs $35.

India’s Human Resource Development Minister Kapil Sibal this week unveiled the low-cost computing device that is designed for students, saying his department had started talks with global manufacturers to start mass production.

“We have reached a (developmental) stage that today, the motherboard, its chip, the processing, connectivity, all of them cumulatively cost around $35, including memory, display, everything,” he told a news conference.

He said the touchscreen gadget was packed with Internet browers, PDF reader and video conferencing facilities but its hardware was created with sufficient flexibility to incorporate new components according to user requirement.

Sibal said the Linux based computing device was expected to be introduced to higher education institutions from 2011 but the aim was to drop the price further to $20 and ultimately to $10.

The device was developed by research teams at India’s premier technological institutes, the Indian Institute of Technology and the Indian Institute of Science.

India spends about three percent of its annual budget on school education and has improved its literacy rates to over 64 percent of its 1.2 billion population but studies have shown many students can barely read or write and most state-run schools have inadequate facilities.

(Reporting by Reuters Television, Editing by Belinda Goldsmith)

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Greece, Spain bonds good for China -EU trade chief

July 23, 2010 By Leave a Comment

July 22 (Reuters) – China’s purchases of bonds from Greece and Spain are a good investment and will keep their value, European Trade Commissioner Karel De Gucht said on Thursday.

The several hundreds of millions of euros bought pose no risk for China, De Gucht told reporters at a news conference. (Reporting by Farah Master; Writing by Jacqueline Wong; Editing by Edmund Klamann)

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UPDATE 1-Fast Retailing, Toray in $4.6 bln supply deal

July 21, 2010 By Leave a Comment

TOKYO, July 20 (Reuters) – Japan’s Fast Retailing (9983.T), operator of the Uniqlo casual clothing chain, said its procurement from textile maker Toray Industries (3402.T) would reach 400 billion yen ($4.6 billion) in the five years to 2015.

That will mark a 70 percent increase from the 240 billion yen in business during the previous five years of their partnership, which has helped Fast Retailing develop hit products and fuelled its global expansion.

Toray supplies Fast Retailing with textiles and has been working with the apparel giant on new fabrics, including the material used in its popular heat-trapping clothing.

Fast Retailing President Tadashi Yanai told a joint news conference he wants to strengthen their partnership as it accelerates a push into overseas markets, where it still gets less than 10 percent of its sales.

“I personally think in some countries we would like to do everything together from production to sales,” Yanai said. (Reporting by Taiga Uranaka; Editing by Michael Watson)

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UPDATE 1-Japan steel output falls in June from May

July 21, 2010 By Leave a Comment

TOKYO, July 20 (Reuters) – Japan’s crude steel output fell 3.8 percent in June from the previous month, data showed on Tuesday, and the industry association head warned that a build-up of inventories in China had clouded the outlook for exports.

Crude steel output came to 9.35 million tonnes in June, down 3.8 percent from May but marking a 35.9 percent rise from June last year, the Japan Iron and Steel Federation said. The figures are not seasonally adjusted.

Eiji Hayashida, chairman of the federation and president of JFE Steel Corp, told a news conference that inventories of cars and other steel-using products have been rising in China since late June, somewhat clouding the outlook for exports.

Japan’s government had forecast last month that Japan steel output would total 26.82 million tonnes in the July-September quarter, up 10 percent from the same period a year earlier but down 4.3 percent from the previous quarter. [ID:nTOE65H020]

Signs of a slowdown in China’s property sector have led to heavy inventory correction in the region and stronger downward pressure on prices since mid-April, raising concerns that Japanese steelmakers will be forced to cut back on their exports.

Japanese steelmakers, including Nippon Steel Corp (5401.T), the world’s fourth biggest, and No.5 JFE Holdings Inc (5411.T) now generate nearly 50 percent of their steel revenues from exports as domestic demand remains sluggish. (Reporting by Yuko Inoue)

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Japan steel export outlook a tad murkier-assoc head

July 21, 2010 By Leave a Comment

July 20 (Reuters) – Uncertainty over the outlook for exports of Japanese steel has increased slightly, partly due to a bulid-up of inventories in China, the head of Japan’s steel industry association said on Tuesday.

Eiji Hayashida, chairman of the Iron and Steel Federation of Japan, told a news conference that inventories of cars and other steel-using products have been rising in China since late June.

Hayashida is also president of JFE Steel Corp (5411.T), Japan’s second-largest steel maker. (Reporting by Yuko Inoue)

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China H1 insurance premiums up 33.6 pct y/y -CIRC

July 20, 2010 By Leave a Comment

July 19 (Reuters) – China’s overall insurance premiums in the first six months rose 33.6 percent from a year earlier to 799.9 billion yuan ($118 billion), the China Insurance Regulatory Commission (CIRC) said at a news conference on Monday.

That was slower than the 38.6 percent rise in the first quarter of the year. (Reporting by Aileen Wang and Simon Rabinovitch; Editing by Ken Wills) ($1=6.775 Yuan)

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Orion Oyj: Orion invites analysts and media to Q2 news conference on Tuesday 10 August 2010

July 20, 2010 By Leave a Comment

Orion will publish its Interim Report January-June 2010 on Tuesday, 10 August 2010
approximately at 12:00 Finnish time (EEST). The release and related presentation
material in Finnish and in English will be available on the Group’s homepage at
www.orion.fi/en http://www.orion.fi/en promptly after the publishing.

News conference for analysts and media on Tuesday 10 August 2010 at 14:30 EEST

A news conference for analysts and media on the Q2 result will be held on Tuesday 10
August 2010 at 14:30 EEST atHotel Kämp, address Pohjoisesplanadi 29, Helsinki. President
and CEO Timo Lappalainen will give a brief presentation in English on the financial
review.

Live webcast and conference call

The event can be followed live as a webcast accessible at www.orion.fi/en
http://www.orion.fi/en . Questions can be asked also through conference call lines
after the result presentation.

The conference call ID is 869,772 and the phone numbers to participate the conference
are:
when calling from the United States +1 334 323 6203
when calling from other countries +44 (0)20 7162 0125

News conference recordings

A recording of the event in English will be available later the same day via a link on
the Orion website. A recording of the presentation by the President and CEO in Finnish
will be available on the Orion website later the same day.

Silent period

The silent period preceding the publication of the Q2 report is ongoing and continues
until the disclosure.

Orion Corporation

Timo Lappalainen Jari Karlson
President and CEO CFO

Publisher:
Orion Corporation
www.orion.fi/en http://www.orion.fi/en

Orion is an innovative European R&D-based pharmaceutical and diagnostic company with a
special emphasis on developing medicinal treatments and diagnostic tests for global
markets. Orion develops, manufactures and markets human and veterinary pharmaceuticals,
active pharmaceutical ingredients and diagnostic tests. Orion’s pharmaceutical R&D
focuses on the following core therapy areas: central nervous system drugs, cancer and
critical care drugs, and Easyhaler® pulmonary drugs.

The Group’s net sales in 2009 amounted to EUR 772 million. The Company invested EUR 95
million in research and development. At the end of 2009, the Group had a total of 3,100
employees, of whom 2,500 worked in Finland and 600 in other European countries. Orion’s
A and B shares are listed on NASDAQ OMX Helsinki.

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Uganda police say suicide bombers carried out attacks

July 19, 2010 By Leave a Comment

July 18 (Reuters) – Twin bomb attacks in Uganda’s capital that killed 73 people last week were carried out by suicide bombers, the head of police said on Sunday.

Somali al Shabaab insurgents linked to al Qaeda have said they carried out the attacks on a crowded restaurant and a rugby club in the Ugandan capital while fans watched the World Cup final on television last Sunday.

However, it said the attacks were not the work of suicide bombers. [ID:nLDE66C0U7]

“These attacks were carried out by suicide bombers. The evidence is overwhelming … two heads have not been claimed, neither have they been identified. It can’t be a coincidence,” Inspector General of Police Kale Kayihura told a news conference.

The al Qaeda-linked group al Shabaab said it was avenging the killing of civilians by African Union peacekeepers. Ugandan forces form the backbone of the 6,100-strong contingent in Somalia. (Reporting by Elias Biryabarema, Editing by George Obulutsa and Alison Williams)

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World Cup plays key role in South Africa rebrand: Jordaan

July 11, 2010 By Leave a Comment

(Reuters) – The World Cup has played a key role in the rebranding of the country and forging unity among South Africans, 2010 World Cup chief executive Danny Jordaan said on Saturday.

In a media briefing in Sandton on the impact of the World Cup, Jordaan said the organizing committee had five objectives which have enabled the country to be rebranded positively, leave a sense of pride and achieve social cohesion among black and white South Africans.

“(We have achieved the) rebranding of the country. People look at South Africa with new eyes and new understanding and now embrace people of this country,” Jordaan said.

He told a news conference the objective of nation building and social cohesion were achieved by soccer’s biggest tournament as black and whites celebrated the tournament side by side at fan parks and stadiums.

“It was a moment of special unity,” he said.

Jordaan, who hopes that the World Cup will have a powerful impact in bringing the races together in a country where they are still often divided, said South African people have felt a sense of pride and have walked tall during the tournament.

He said this was an incredible benefit after they were told for many years that they were inferior.

World Cup organizers also hoped that the tournament would increase tourism and strengthen the investment case for South Africa.

Jordaan said the World Cup has created 115,000 jobs for the poor and has provided them with skills that they could use in expected future infrastructure investment in the country.

South Africa estimates tourism will add 10 billion rand ($1.32 billion) to the economy, almost 10 times what the hosts spent on marketing in the past four years.

Overall, the hosts spent about 40 billion rand on the one-month event but Jordaan said the social benefits were far greater than the investment.

“What we cannot quantify is the generation of pride in South Africa as a nation, the unity, the sharing of a single vision,” Jordaan said, adding that these must be mobilized to address social ills facing the country such as health, education and poverty.

(Editing by Jon Bramley)

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Soccer-World-Cup plays key role in South Africa rebrand: Jordaan

July 11, 2010 By Leave a Comment

July 10 (Reuters) – The World Cup has played a key role in the rebranding of the country and forging unity among South Africans, 2010 World Cup chief executive Danny Jordaan said on Saturday.

In a media briefing in Sandton on the impact of the World Cup, Jordaan said the organising committee had five objectives which have enabled the country to be rebranded positively, leave a sense of pride and achieve social cohesion among black and white South Africans.

“(We have achieved the) rebranding of the country. People look at South Africa with new eyes and new understanding and now embrace people of this country,” Jordaan said.

He told a news conference the objective of nation building and social cohesion were achieved by soccer’s biggest tournament as black and whites celebrated the tournament side by side at fan parks and stadiums.

“It was a moment of special unity,” he said.

Jordaan, who hopes that the World Cup will have a powerful impact in bringing the races together in a country where they are still often divided, said South African people have felt a sense of pride and have walked tall during the tournament.

He said this was an incredible benefit after they were told for many years that they were inferior.

World Cup organisers also hoped that the tournament would increase tourism and strengthen the investment case for South Africa.

Jordaan said the World Cup has created 115,000 jobs for the poor and has provided them with skills that they could use in expected future infrastructure investment in the country.

South Africa estimates tourism will add 10 billion rand ($1.32 billion) to the economy, almost 10 times what the hosts spent on marketing in the past four years.

Overall, the hosts spent about 40 billion rand on the one-month event but Jordaan said the social benefits were far greater than the investment.

“What we cannot quantify is the generation of pride in South Africa as a nation, the unity, the sharing of a single vision,” Jordaan said, adding that these must be mobilised to address social ills facing the country such as health, education and poverty.

(Editing by Jon Bramley)

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Iranian planes are getting fuel: foreign ministry

July 7, 2010 By Leave a Comment

(Reuters) – Iranian planes are getting fuel at airports around the world, Foreign Ministry spokesman Ramin Mehmanparast said on Tuesday, denying reports that some countries were refusing supplies due to sanctions.

“No such limitation has been imposed,” he told a news conference, saying reports that fuel supplies had been blocked were part of a propaganda war against the Islamic Republic.

On Monday, the secretary of the Iranian Airlines Union was quoted on Iran’s ISNA news agency as saying Iranian planes had been refused fuel at airports in Britain, Germany and UAE because of U.S. sanctions.

The German Transport Ministry said there was no ban on refueling Iranian flights in Germany and a British government source said London was not aware of any cut to supplies and that any such a decision would be up to private companies.

A source in the UAE familiar with the issue said a private company there had refused to refuel an Iranian plane, but the UAE had imposed no ban of its own.

(Reporting by Robin Pomeroy; editing by David Stamp)

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Iran planes are getting fuel — foreign ministry

July 7, 2010 By Leave a Comment

July 6 (Reuters) – Iranian planes are getting fuel at airports around the world, Foreign Ministry spokesman Ramin Mehmanparast said on Tuesday, denying reports that some countries were refusing supplies due to sanctions. [ID:nLDE66418N]

“No such limitation has been imposed,” he told a news conference.

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UPDATE 1-Japan bank min knocks plan to ease lending rules

July 7, 2010 By Leave a Comment

TOKYO, July 6 (Reuters) – Japan’s banking minister on Tuesday rapped a local prefecture’s plan to ease tough new consumer lending regulations, saying that the rules should be enforced across the country and that no one area should be exempt.

Osaka prefecture, the business hub of western Japan, plans to create a special district where the new regulations for consumer lenders will be relaxed, aimed at helping individuals and small firms with financing as well as preventing an increase in the use of illegal money lenders.

Shares of Acom Co (8572.T) and other consumer lenders, which have been struggling for survival amid a cut in the rates they can charge as well as claims for reimbursement of past excess interest payments, jumped on news of the plan the previous day.

But Shozaburo Jimi, the banking minister, said such a move by Osaka would be unfair and go against the spirit of the new rules. [ID:nTOE66403R]

“It would be inappropriate to relax lending caps and other rules in some particular regions since laws should be applied equally in Japan,” he told a news conference.

A set of regulations that went into effect in June fixed the ceiling for interest rates the lenders can charge at 20 percent, down from 29.2 percent, and limited the amount an individual can borrow, in a fresh blow to the industry. [ID:nTOE65D02B]

The stricter regulations, designed to protect borrowers, have also raised concern that those who cannot get additional loans under the new rules might resort to illegal lenders.

Shares of consumer lenders fell on Tuesday after surging the previous day. Acom Co Ltd (8572.T) dropped 4.4 percent, after jumping 26 percent on Monday. Promise (8574.T) lost 4.7 percent after leaping 17 percent the day before.

The Osaka prefectural government is set to unveil details of the plan later on Tuesday. (Reporting by Noriyuki Hirata and Taiga Uranaka; Editing by Chris Gallagher)

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UPDATE 1-Sawai: to mull capital tie-up with bigger drugmaker

July 1, 2010 By Leave a Comment

June 29 (Reuters) – Sawai Pharmaceutical (4555.T), Japan’s No.1 generic drug maker, said it will need to consider a capital tie-up with a bigger drugmaker in the future as it will need a larger budget for product development.

Stocks | Healthcare

“Our sales are strong now, but when it comes to several years from now, we will have to think about that,” Hiroyuki Sawai, Sawai Pharmaceutical’s chairman, told a news conference on Tuesday.

Sawai is faced with intensifying competition, especially from new foreign entrants to Japan’s generic drug market.

U.S. firm Pfizer Inc (PFE.N), the world’s biggest drugmaker, plans to enter Japan’s generic market, while France’s Sanofi Aventis (SASY.PA) is teaming up with Japan’s Nichi-iko Pharmaceutical (4541.OS) in the Japanese generic drug business.

Israel’s Teva Pharmaceutical (TEVA.TA), the world’s No.1 generic drug maker, began marketing in Japan earlier this year through a joint venture, targeting a 10 percent share of the Japanese generic drug market, which it expects to grow to 1 trillion yen ($11 billion) by 2015. (Reporting by Yumiko Nishitani)

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Sawai: to mull capital tie-up with bigger drugmaker

July 1, 2010 By Leave a Comment

June 29 (Reuters) – Sawai Pharmaceutical (4555.T), Japan’s No.1 generic drug maker, said on Tuesday it will need to consider a capital tie-up with a bigger drugmaker in the future, as it will need a larger budget for product development.

Healthcare

“Our sales are strong now, but when it comes to several years from now, we will have to think about that,” Hiroyuki Sawai, Sawai Pharmaceutical’s chairman, told a news conference. (Reporting by Yumiko Nishitani)

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Injured Ghana goal hero faces race against time

June 28, 2010 By Leave a Comment

(Reuters) – Ghana goal hero Kevin-Prince Boateng faces a week of intensive therapy in a bid to get fit for the World Cup quarter-final after suffering a hamstring injury.

Sports

Boateng scored a fifth minute goal on Saturday to set his side on the way to a 2-1 win over the United States in their second round match in Rustenburg but later limped off in the second half.

Coach Milovan Rajevac said the Germany-born midfielder would face intensive treatment in a bid to be ready for the match against Uruguay at Soccer City in Johannesburg on Friday.

Boateng was among several Ghana players limping after the exertions of the extra time triumph over the Americans at the Royal Bafokeng Stadium.

“Boateng was injured against Germany already. It is going to be a huge problem to get him ready for the next game,” said Rajevac following the record-equaling performance by Ghana, only the third African country to reach the last eight of the World Cup.

NIGGLING INJURIES

Rajevac said there were also other players with niggling injuries. Dede Ayew will also miss the match through suspension after picking a second caution of the tournament.

“We are going to see how the players react in the next days. For me the priority now will be to try and get them all ready for Friday. There is a lot of work ahead for the medical staff.”

The Serbian-born coach praised the efforts of his players who he said had learnt how to compete.

“We played in the African Nations Cup this year without eight important players and managed to reach the final. The team learnt how to compete. The most important thing at this level is to know how to compete,” he said.

“Each victory counts and this is very dear. Ghana is now among the best eight teams in the world. This is fantastic,” he added, keeping a stoical face at the post-match news conference but then breaking into a broad smile once it was over.

Ghana are the only African side left at the World Cup and for a second successive tournament the only team from the continent to get past the first round.

“I think we can claim to be the best team in Africa now if you consider that, plus the fact we reached the Nations Cup final,” added captain John Mensah.

(Editing by Michael Holden)

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Silent Slovakia aim for more surprises

June 26, 2010 By Leave a Comment

(Reuters) – Slovakia have already exceeded expectations by reaching the last 16 in their first World Cup and hope to repeat the lively performance that beat holders Italy when they face Netherlands in the next round.

Sports | Italy

After the feeble showing in a 2-0 defeat by Paraguay, in which they had just one shot on target, Slovakia transformed themselves on Thursday into an unrecognizable outfit that worked together as a fluid unit to stun Italy 3-2 and send them home.

The debutants finished second behind the South Americans in Group F and will face Group E winners Netherlands on Monday.

“Let’s hope we can play a similar game to today but of course the Netherlands are among the favorites for this World Cup,” double goalscorer Robert Vittek told a news conference.

The tall striker finds himself joint top scorer with Argentina’s Gonzalo Higuain on three goals after heading Slovakia’s goal in their opening 1-1 draw with New Zealand. “It’s not about me, for all of us the victory is important,” said the modest 28-year-old.

“Of course being voted man of match is important but I would like to cut this trophy into pieces and share it with my team mates. I was lucky I was in the right place at the right time.”

The players had said before the tournament that their biggest weapon was their ability to work well as a team. That showed not only on the pitch but afterwards when they all stuck together to avoid the media.

Their decision to stay silent when walking past reporters came after a difficult week with the media with players frustrated over criticism they were receiving at home over their performances.

With no harsh words possible after such a shining performance against Italy, they may decide to draw a line under the standoff, especially since the country’s soccer federation has said they need to improve relations.

No matter what happens next, the team have already broken new ground for their country on soccer’s biggest stage.

“It is the first time in our history, it is very important, also for the future it’s important,” coach Vladimir Weiss said.

(Additional reporting by Mark Meadows; Editing by Michael Holden)

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I did not prepare Italy fully, says Lippi

June 26, 2010 By Leave a Comment

(Reuters) – Italy coach Marcello Lippi took full responsibility for their humiliating World Cup group stage exit on Thursday although the players also accepted their share of the blame for a dreadful campaign.

Sports | Italy

The holders lost 3-2 to World Cup debutants Slovakia, who qualified for the last 16 with Paraguay from what had looked an easy-looking Group F for Italy.

“I take all responsibility. I haven’t prepared this team well enough,” an ashen-faced Lippi told a news conference without even being prompted by a question.

“I didn’t think we could win the World Cup but I though we would do better.”

In a strikingly honest assessment of what went wrong, Lippi pummeled himself verbally for 15 minutes.

“I failed to train the team well enough, they weren’t ready for such an important match. For an hour and 15 minutes, for psychological reasons I think, nothing worked,” he said.

The 62-year-old, a national hero when he led the Azzurri to 2006 World Cup glory, had already announced he would step down again after the finals. He will be replaced by Cesare Prandelli.

Lippi first quit straight after their triumph in Germany but returned in 2008 after Italy’s disappointing European Championship campaign under Roberto Donadoni.

“I don’t regret coming back, I came back with great enthusiasm,” he added.

His stark words took some of the sting out of the Italian reporters who were waiting to savage a campaign that began with two 1-1 draws.

“I have no intention of getting straight back into coaching and training after this,” added Lippi. “I’ll take some months off and we will see.”

At previous tournaments, Italy have often blamed controversial refereeing decisions for causing their exit but this time they all collectively hung their heads in shame.

“When we won the World Cup we all got given national medals of honor. Now they’ll give us medals of shame, which is right,” midfielder Gennaro Gattuso told reporters having played his last game for the Azzurri before international retirement.

“Italian football must examine its conscience. Tonight we have reached rock bottom,” he added.

Midfielder Andrea Pirlo, who said he would not quit Italy but feared a cycle had ended, echoed Gattuso’s views.

“We have done something shameful,” he said. “We haven’t won a game. It’s everyone’s fault.”

(Editing by Ken Ferris)

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