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International Business News
China unveils new jumbo
jet company
AFP, Beijing
China unveiled its own jumbo jet maker in Shanghai on Sunday, state press reported, in a move that could eventually rival /Xirbus and Boeing.
The new company, Commercial Aircraft Corporation of China (CACC), will be responsible for researching, developing. manufacturing and marketing a made-in-China large passenger aircraft. Xinhua news agency said.
China announced early last year that it planned to develop a 150-scat passenger aircraft, which could eventually compete against planes made by Boeing and Airbus, the world's two dominant commercial jet makers.
CACC has a registered capital of 19 billion yuan (2.7 billion dollars), Xinhua said, with the government investing 6 billion yuan to become the largest shareholder.
State press reported in January that China's two major aircraft makers, both state-owned, were expected to consolidate their commercial aircraft manufacturing businesses and set up a firm to make a domestic passenger jet.
New GCC law to ensure safety of foreign housemaids
PTI, Dubai
The GCC countries are planning to formulate a new law that will ensure the safety’ of foreign housemaids working in the Gulf countries.
A committee consisting of representatives from all the six GCC countries is working on the proposed law, Bahrain's Labour Minister Dr Majeed Al Alawi said.
“Such a joint move was initiated because the maids are not covered under the labour laws of the individual member countries of the GCC. We do not know how long it will take to draft the law and get it approved. Once it is in force, the law will be considered as a reference document for all the GCC countries," the minister was quoted as saying by the Gulf Daily News.
Though the housemaids do not come under the purview of the labour law in Bahrain, they are free to register complaints with the Labour Ministry if they face any exploitation, Alawi said.
Global slowdown batters
Philippine exports
ANN/ Philippine Daily Inquirer
Philippine export earnings fell 6.8 per cent year-on-year in March, after a 10.5-per-cent growth posted in February, as shipments of electronic products decreased sharply because of the US-led global economic slowdown.
"Our export revenues for the first quarter improved only by 2.7 per cent, still a long way from the 8-per-cent target for 2008,” Augusto B Santos, acting socioeconomic planning secretary and director general of the National Economic and Development Authority, said in a memorandum he sent to President Gloria Macapagal-Arroyo on Friday.
First-quarter export earnings were flat at US$12.52 billion, compared with $ 12.201 billion last year.
Export earnings in March fell to $4.18 billion from $4.49 billion a year earlier as shipments to the US, traditionally the Philippines' biggest export market, hardly increased.
Japan became the top market, accounting for 17 per cent of total exports as against 16.3 - per-cent share of the United States.
Malaysia to spend more on subsidies than development
AFP, Kuala Lumpur
Malaysia says it will spend more money subsidising oil and gas this year than on developing the country with Prime Minister Abdullah Ahmad Badawi calling for a review of all major projects.
Abdullah said the government would spend 45 billion ringgit (14 billion dollars) on fuel subsidies this year, state news agency Bernama reported late Saturday.
This will exceed its annual 40 billion ringgit budget for major development and infrastructure projects under the country's ninth development plan.
"It is five billion ringgit more, we need to look for more money, " Abdullah told the agency.
Volkswagen, Sanyo to develop lithium-ion battery
AFP, Tokyo
Volkswagen AG will join forces with Japan's Sanyo Electric to develop a lithium-ion battery, a key component of hybrid and electric cars, the Nikkei newspaper reported Sunday.
The German automaker hopes to start importing the battery for use by 2012, the paper said, citing company sources.
By working with Sanyo. Volkswagen hopes to catch up with rivals in eco-friendly vehicles, the newspaper said.
Lithium-ion batteries are widely used in personal computers and mobile phones, and Sanyo has the largest global market share for them.