Japan may trigger global stock crash
TOKYO: The president of Toyota Motor Corp wanted Thursday that Japan's economic woes could trigger a gobal stock market crash un-ss the country rapidly reforms its banking sector, the Financial Times reported Friday.
"There is a possibility of Japan triggering a worldwide financial crisis, such as a steep stock market plunge involving a Europe and the US," the Financial Times quoted Hiroshi Okuda as saying.
To avoid that, (solving) the bad loan problem is an urgent task."
Okuda was addressing Japan's Employers' Federation, of which he is vice-chairman, the newspaper said.
Officials at both the Employers' Federation and Toyota said they couldn't confirm Okuda's remarks.
Taiwanese exports fall 16.3 pc
TAIPEI: Taiwan's exports plunged 16.3 per cent in July to US 8.96 billion dollar — the largest decline in 22 years _ because of Asia's economic turmoil, the government said Friday.
The decline was adjusted for seasonal factors, the Finance Ministry said.
Imports fell 22.1 per cent in July to US 7.90 billion dollar, because domestic consumption dropped and demand for foreign raw materials and spare parts fell in anticipation of export declines, officials said.
Hsu Kuo-chung. a Finance Ministry official, said exports are expected to drop 8 per cent in 1998, which would be the biggest annual drop since 1982 when exports fell 1.8 per cent.
Hsu said economic growth is expected to reach 5 per cent this year because the government has pledged to spend more on infrastructure projects to stimulate domestic investment and consumption.
The forecast is down from the 5.49 per cent the government predicted only two weeks ago. Early this year, it projected 6.02 per cent annual growth.
IRRI calls for saving water
MANILA: Strategies to save water during rice production are needed to cope with the shrinking supply, a Philippinebased international rice research body warned Thursday.
Agricultural specialists who attended a recent International Rice Research Institute (IRRI) workshop stressed "that it is imperative that strategies and practices to increase water use efficiency in rice production are developed and promoted." an IRRI statement said.
The institution noted that with 50 per cent of the world's irrigated areas devoted to rice, demand for water for the crop is expected to increase by nearly 50 per cent in 20 years
This has Increased the competition for water sources, the group said, warning that "the potential for developing additional sources (of water are) very limited.”
Russia toughens stance on oil cos
MOSCOW: The government on Thursday threatened to seize the assets and possibly reduce export quotas of three large oil companies that have failed to pay back taxes.
Desperate to increase tax revenues, the government has toughened its stance toward tax-dodging oil companies, which are among the country's biggest export earners.
Russian oil companies Sidanko. Slavneft. Eastern Oil Company and Onako have not paid taxes incurred between May and July, said Vladimir Popov, a department head at the Federal Tax Service.
Sidanko. Eastern and Onako face the possible seizure of their assets. Popov said, declining to explain why Slavneft did not.
US, Vietnam to sign trade pact
HANOI: Vietnam and the United States hope to expedite a trade agreement when they meet for the sixth round of talks next month. Foreign Ministry officials said Thursday.
The deal, widely considered as an important step in Vietnam further opening its economy and pursuing membership in the World Trade Organisation. has been bogged down in a number of issues. The last round of negotiations was held In May.
Stanley Roth, assistant secretary of state for East Asia and the Pacific, is visiting Vietnam to talk about progress on the pact and a number of other economic and humanitarian Issues.
They include living conditions for Vietnam's ethnic hill tribes, stymied talks on an agreement for direct lights between the two countries, and the long-term effects of Agent Orange. a toxic defoliant heavily used by US forces In the Vietnam War.
—- A P reports