| Most of her billions will go to China
She had made arrangements for three people to take over the administration of her US$4.2 billion ($6.3b) fortune and the running of her empire, Hong Kong's Standard newspaper reported today. The trio includes her younger sister, Madam Kung Yan-Sum, and two long-serving employees whose names were not released. .
BSP net up to K111.62million
BANK South Pacific Ltd has reported an after tax profit of K111.62 million for 2006, up 12% from K99.22 million the previous year, reflecting a strong banking system growth and sustained economy.
In the banks financial report for last year submitted to the Port Moresby Stock Exchange yesterday, bank chairman Noreo Beangke said total assets increased from K2.95 billion to K4.74 billion last year, a massive increase of 60.68%.
Growth in loans and receivables also continued, he said.
A 44.51% increase from K873.54 million to K1.26 billion was achieved, thus, maintaining the BSP market share of 54% of the total commercial bank loan outstanding at year end.
Mr Beangke said a further improvement in the efficiency ratio also featured during 2006.
The cost-to-income ratio reduced from 54.71% to 52.40% during the year.
IMF, OECD see signs of slowdown in US economy
BERLIN (Reuters) - The International Monetary Fund has revised down its forecast for U.S. economic growth by 0.4 percentage points, a German newspaper reported in its online edition on Friday. A report from the Organisation for Economic Cooperation and Development also pointed to a slowdown in the world's largest economy, and signaled a weaker outlook for G7 economies as a whole. The Financial Times Deutschland said it had seen a draft of the IMF's World Economic Outlook, to be published next Wednesday, which said the U.S. economy is likely to grow by about 2.2 percent this year. This compared with growth of 2.6 percent predicted in preliminary IMF figures last month. The newspaper said the draft sees U.S. growth picking up in 2008 to about 2.8 percent, down from 3.0 percent given in the previous figures.
Japanese Yen And Equities Hold Off On Risk Aversion For Tankan Numbers
The most closely watched business sentiment gauge from the Japanese economic arsenal, the various Tankan surveys will be a mixed bag for traders that have largely shunned data in favor of the flashy carry trade. Scheduled to print early Monday morning in Tokyo (typically a period of low volatility and thin liquidity), both the key Large Manufacturers and All Industry Capital Expenditures indices are expected to print lower as economists grow concerned over tepid export and production levels. Key to the manufacturing report's strength is US demand over the same period. The largest consumer of Japanese exports, the United States has shown holes in demand on both the consumer and producer level. The more noticeable drop in bookings will be from firms though as higher energy prices and monthly contractions in the American manufacturing sector trims orders at the Japanese door step.
Global Mobile Carriers Focus on Sourcing 3G Handsets and from China
ASIA : Tianjin Economic-Technological Development Area ("TEDA") announces that seven leading overseas mobile carriers plan to come to Tianjin, China. The organizing committee of International Mobile Industry Exhibition and Forum 2007 (IMIE 2007) has said that these seven carriers plan to purchase mobile phones and related products, including the latest HSDPA devices in May. Aimed towards the launch of 3G services, China's telecommunications industry has entered a new period of high growth. China has become a mobile industry center, with the world's largest mobile phone manufacturing base, mobile service subscriber base and consumption market. In 2006, around 46.9% of the world's mobile phones were made in China, with one-third of this total shipment sold in China's domestic market and the rest being exported.
Russia begins to protect its national interests
MOSCOW. (RIA Novosti) - From a speech by Russian Foreign Minister Sergei Lavrov at the 15th meeting of the Russian Council for Foreign and Defense Policy, held on March 17, 2007. Global developments, Russian diplomatic moves of the past few years, and the speeches made by President Vladimir Putin on foreign policy issues, notably in Munich, clearly demonstrate that the Russian political leadership has a well thought-out and tested foreign policy strategy. The dissolution of the Soviet Union seemingly made Russia a candidate for another territorial and political re-division, a situation it had faced in the early 18th century, when the problem was solved through an accelerated modernization of the country. This time, we are fighting the challenge with radical political and economic reforms.
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