Japan, US beef row

TOKYO: Japan told a top US envoy that the burden was on Washington to ensure its beef was safe and ordered fresh checks on imports after Tokyo imposed a new ban over mad cow disease concerns. US deputy secretary of State’s first visit to Tokyo since his appointment was overshadowed by Japan’s abrupt announcement late Friday it was suspending all further beef imports. — AFP

P’pines cuts deficit

MANILA: Higher revenues and cost-cutting measures allowed the Philippines government to trim its 2005 budget deficit to $2.77 billion. The figure was much lower than the official target and an actual deficit in 2004. Manila’s revenues rose to more than the target. President Gloria Arroyo’s government, which got Congress to pass several key tax laws, spent less than the official 2005 goal. The government is keeping its budget deficit target this year, which it intends to achieve primarily through a two percentage-point increase next month in the VAT. Manila began collecting the tax in November. — AFP

Jiabao to visit Fiji

WELLINGTON: Chinese premier Wen Jiabao will visit Fiji next month to open a conference of economic and trade ministers of China and Pacific island countries, his vice-commerce minister said. The visit was announced by Chinese vice-minister for commerce Ma Xiuhong who is in Suva finalising details of the forum. It will be Wen’s first visit to Fiji, and the forum is the first of its kind in Fiji to be attended by a Chinese head of state. It is understood the meet will launch a Chinese proposal for regular meetings to discuss trade and economic development for Fiji and other Pacific Island countries. — AFP

Aussie PPI increases

SYDNEY: Wholesale prices rose a lower-than-expected 0.8 per cent in the December quarter in a further sign that inflation is under control in Australia. Declining costs for petroleum refining and transport services offset increases for construction and agricultural inputs in the three months to December 31. The 0.8 per cent rise in the producer price index (PPI) compared to analysts’ consensus expectation of an 0.9 per cent increase. — AFP

GECF, Cosmos Bank

TAIPEI: GE Consumer Finance (GECF), a unit of General Electric Co, has agreed to take a 10 per cent stake in Taiwan’s Cosmos Bank for $86 million to form a strategic alliance. GE Consumer Finance will acquire the interest through a share subscription of 197 million common shares. GE Consumer Finance said it will retain rights to increase its total stake in Cosmos Bank to 24.9 per cent at a later date through a convertible bond structure. — AFP

Dalima’s new offer

KATHMANDU: Bhagwati Soap Industries Pvt Ltd — the manufacturer of Dalima washing soap — has launched a new consumer scheme. Under the new scheme, customers will get a packet of Dalima detergent for every purchase of Dalima soap, states a press release. This scheme is the first of its kind in the Nepali market, adds the release. — HNS

Boost domestic units

BIRATNAGAR: Newly elected chairman of Morang Trade Association, Jeevan Nepal, said that the government should think about sustaining Nepali industries and trades after the accession to the World Trade Organisation (WTO) and SAFTA. “The government should not ignore the demands of industrialists and traders,” he said. He said the association would always work for the rights and betterment of industrialists and traders in the region. — RSS

Taiwan jobless rate

TAIPEI: Taiwan’s unemployment rate fell to 3.86 per cent in December from 3.94 per cent in November due to a decline in first-time job seekers and the reduced business closures. The unemployment rate for the whole of 2005 averaged 4.13 per cent, down by 0.31 percentage points from 4.44 per cent a year earlier. — AFP

Vietnam’s inflation up

HANOI: Vietnam’s inflation rate increased by 8.8 per cent in January from a year earlier, due to the consumption craze ahead of the Tet lunar new year celebrations. In just one month, the consumer price index was up by 1.2 per cent. The increase should not come as a surprise as most Vietnamese people receive a bigger salary for Tet and spend to celebrate the new year. — AFP

EU trade concessions

BRUSSELS: The EU hinted that it is ready to make further offers, including on the sticky issue of agriculture, to unblock deadlocked talks but only if other countries do the same. “EU is ready to give more than others. But it should get something in return.”— AFP