China insurer gets $4b

BEIJING: China’s biggest reinsurance company, China Reinsurance Group Co., has received a $4 billion capital injection from a government agency in preparation for a stock market debut this year, a state news agency said on Monday. The money came from Central Huijin Investment Co, owned by the Chinese central bank, the Xinhua News Agency said. State-owned China Re acts as an insurer for China’s insurance companies. —AP

Less jobless in Taiwan

TAIPEI: Taiwan’s jobless rate fell to 3.81 per cent in December, the lowest in eight months, as number of first time jobseekers and resignations dropped, government statistics agency said. The jobless rate was 3.86 per cent in November. On a seasonally adjusted basis, Taiwan’s jobless rate was 3.92 per cent in December, up from 3.89 per cent in November, said the Directorate-General of Budget, Accounting and Statistics. — AP

Saudi oil for S Korea

SEOUL: Saudi Arabia pledged to work for stability in international energy supplies, South Korea’s presidential office reported. It said President Roh Moo-Hyun asked visiting Saudi Oil Minister Ali Al-Nuaimi to help in providing a stable supply of petroleum and liquefied petroleum gas to South Korea. “In response, the Saudi minister promised to do his best to maintain stability in his country’s energy supply for South Korea, as well as in international markets,” the office said in a statement.—AP

Dollar keeps rising

TOKYO: The dollar held firm against the yen as yen-selling pressure remained strong after last week’s controversial Bank of Japan decision not to raise super-low interest rates, dealers said. The dollar rose to 121.33 yen in Tokyo morning trade from 121.21 in New York late Friday. The euro was at 1.2967 dollars against 1.2965 dollars late Friday and at 157.38 yen, up from 157.13 yen. “Yen-selling pressure continued on expectations that Japanese interest rates are likely to remain low for some time,” said Saburo Matsumoto, chief forex strategist at Sumitomo Trust Bank.—AFP

S Korea, Japan ties

SEOUL: Top oil refiners in South Korea and Japan Monday announced a strategic 10-year alliance to cooperate in all business areas including a future investment in the region. The alliance between SK Corp and Nippon Oil Corp (NOC) will cover exploration, refining, transportation, petrochemicals and lubricants, SK officials said. SK, Asia’s fourth largest refiner, and Nippon Oil, the third largest, will maximize “efficiency and business growth” in overseas markets through cooperation in investment and marketing, they said.—AFP

GMG flies to Malaysia

KATHMANDU: GMG Airlines, a private airline from Bangladesh, is set to extend its operations to Malaysia beginning January 23. Following this operation, Nepali travelers are expected to benefit while flying to Kuala Lumpur. In a press release, Virendra Nautiyal, director, commercial and international operations, said Nepali travelers can now avail the facility of flying to Kuala Lumpur via Dhaka, as the Kathmandu-Dhaka flight is connected to Dhaka-Kuala Lumpur with just an hour’s short transit time. The flights, in the beginning, will be operated three times a week on Tuesday, Thursday and Sunday, stated the company press release. — HNS

Workshop organised

KATHMANDU: International Institute of Development Management (IDMAT), Delhi organised a five-day long workshop on strategic planning theme for development intervention in Kathmandu. G S Kany, chief secretary of government of Bihar and Dr Nagendra Sing, director general of IDMAT, attended the opening session of the workshop. They highlighted various aspects related to strategic thinking ranging from project designing to implementation. A large number of delegates from countrieslike Afghanistan, India and Nepal participated in the workshop and shared their views. — HNS