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International Business News
Half of Chinese expect inflation to worsen
AFP, Baling
Half the people living in China's cities expect prices to continue to rise in coming months, state media reported Thursday, citing a central bank survey.
The survey. which covered nearly 20,000 people in 49 cities, found that for the second quarter of the year 50.5 percent thought inflation would still go up in the next three months, the China Daily said.
People deeming prices "too high” reached 45.0 percent, up 15.5 percentage points from a year ago. but declining for the first time since 2007 from the 49.2 percent recorded in the first quarter of this year, it said.
Inflationary expectations are important, because they often turn into self-fulfilling prophecies.
If people expect inflation to remain high, they may hurry to purchase items they plan to buy anyway before they get more expensive, pushing up demand and boosting prices.
China's inflation hit 7.7 percent in May. easing only slightly from 8.5 percent in April and still lingering at 12-year highs
Sony pins hopes on fast-growing emerging markets
AFP, Tok-yv
Japan's Sony Corp, said Thursday it aimed to double its sales in die fast-growing markets of Brazil, Russia, India and China over the next three years and ramp up investment to keep its recovery on track.
The electronics icon also sketched out a vision of the future where consumers download Sony movies and music through televisions and other electronic goods produced by the company.
The upbeat plan is in marked contrast to the group's previous three-year business strategies that involved heavy job cuts and plant closures to try to turn around its financial fortunes.
Sony aims to boost its annual revenue in the so-called BRIC countries of Brazil. Russia, India and China two-fold by March 2011 to two trillion yen (18.5 billion dollars).
"The BRIC countries are some of the fastest-growing economies worldwide. This is where the world's next billion consumers live, " Sony chief executive Howard Stringer said at a press conference on the group's midterm strategy.
Maldives to lease 19 more islands for development
AFP, Colombo
The Maldives, one of the world's most exotic holiday destinations. plans to lease 19 uninhabited coral islands to be developed as upmarket resorts, officials saidThursday.
The new resorts will add to the 44 islands that are either to be leased out this year or at various stages of development, Tourism Minister Mahamoud Shougee told AFP by telephone from the capital of Male.
"Once the new investors are identified, they have four years to build the resort," Shougee said.
The Maldives is famed for its exclusive tourists, where guests pay thousands of dollars a night to snorkle, dive and sleep in wooden cabins built over turquoise waters.
In 2006, President Maumoon Abdul Gayoom's government leased 35 islands to foreign and local investors for resort development. Only two of those are currently in operation.
Asean encourages collective farming
Ann/Vientiane Times
Asean nations want Laos to reintroduce collective farming, a system which was abolished in this country more than 20 years ago.
Encouragement of this type of agricultural cooperative was the focus of an Asean regional business forum, which opened onTuesday in Vientiane.
Lao delegate, Inthanongsith Kommameuang, said Asean had agreed cooperative farming would help farmers in the region earn higher profits.
“The idea of having cooperative farms is not new, in fact, we have been discussing the issue for many years although this is the first time Laos has hosted a forum on the topic,” she said.