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International Business News
Samsung Group strives to get back on track
Ann/ The Korea Herald
Samsung Group is planning to speed up decisions on major investment and recruitment plans for (his year, v^hich have been delayed due to the recent corruption investigation into the conglomerate.
The group on Tuesday announced a package of measures to revamp its management, including the resignations of group chairman Lee Kun-hee, his son and apparent heir Jae-yong, and several top executives.
The move came after an independent prosecutor last week indicted chairman Lee and nine other former and current executives in one of the country’s most prominent corporate corruption scandals.
Samsung Group said on Wednesday that it plans to finalize a shakeup of its top executive lineup and the annual promotion process next month, which has been delayed due to the probe.
VW plans two new Chinese plants
AFP, Frankfurt
Volkswagen, the biggest European carmaker, plans two new production sites in China to meet growing demand there, a press report said Thursday.
Manager Magazin cited company sources as saying that VW chief executive Martin Winterkorn sought to sell 2.4 million vehicles in China by 2018, compared with 946,000 last year.
It gave the information in a pre-release of an article to be published on Friday.
The report said one site would be built in Chengdu with an annual capacity of200,000 to 300,000 vehicles.
The German carmaker recently acquired a site in Nanjing from Italian peer Fiat.
High costs slow Vietnam's construction projects
Ann/Viet Nam News
A sharp increase in the cost of construction materials and difficulties in land clearance led to the slow disbursement of basic construction capital in the first quarter of2008, according to Pham Sy Liem, deputy chairman of Viet Nam Federation of Civil Engineering Associations.
"Although the Government has had corresponding policies for contractors to deal with the high costs of construction materials, it takes time for them to come into effect," Liem toldViet Nam News.
The Ministry of Transport (MoT) reported that they spent less capital on basic construction in the first three months of the year than targeted.
Only 651 billion dong (US$40.7 million) was disbursed out of 742 billion dong ($46.4 million) spent from the budget, meeting only 10.5 per cent of the year's plan.
China cuts stamp tax to revive stock market
Ann/ China Daily
China slashed the trading cost for stock investors on Wednesday in the latest attempt to rebuild confidence in its flagging equity market.
The stamp tax on stock trading was cut to 0.1 per cent from the current 0.3 per cent. The new measure will come into effect from Thursday, the China Central Television (CCTV) reported, citing the Ministry of Finance and the State Administration ofTaxation.
The measure was introduced after the country's stock market fell nearly 50 per cent from its peak in mid-October due to a mixture of factors, including the over valuation of shares, tight monetary policies, and concerns over the economy and corporate earnings due to a global economic slowdown.
Euro slides against dollar
AFP, London
The European single currency fell against the dollar on Thursday, retreating further from this week's record high after a disappointing survey on business confidence in Germany, analysts said.
In early European trading, the European single currency fell to 1.5749 dollars, from 1.5882 in New York late on Wednesday. It had struck a lifetime pinnacle of 1.6019 on Tuesday.
Against the Japanese currency on Thursday, the dollar rose to 103.80 yen from 103.51.
Ilie foreign exchange market was to focus on US new home sales and durable goods orders for March later in the day.
German business confidence posted a steeper-than-expected decline in April, a closely watched survey showed on Thursday, pointing to new pessimism in Europe's biggest economy.