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International Business News
Australia likely to cut immigration
AFP, S)Wno
Australia will likely cut the number of skilled immigrants allowed into the country next year, following the global economic downturn, the government said Monday.
"I expect the numbers of our programme to drop next year as a reaction to the economic circumstances," Immigration Minister Chris Evans told reporters.
He gave no indication of the size of the cut, but said the government would also reconsider which occupations should be on the critical skills list.
"We will probably have a formal look at that In the next couple of weeks," Evans said.
Around 190,300 migrants were projected to arrive over 2008/09, with skilled workers accounting for most places in a programme designed when the forecast was for rapid economic growth and a skills crisis.
But projections for growth have been slashed as the global economy slows, and some industries have already started cutting jobs.
Asian immigration has grown rapidly in recent years while the number of new arrivals from traditional source countries such as Britain and Italy has fallen, the latest census showed last month.
"Country-of-birth groups which increased the most between 1996 and 2006 were New Zealand (by around 98,000 people), China (96,000) and India (70,000)," according to the census.
Malaysian exports could drop 3-4pc
AFP, Kuala Lumpur
Malaysia's exports could fall as much as 3-4 percent this year as demand from its trading partners evaporates, Trade Minister Muhyiddin Yassin said Monday.
"The impact is now global and Malaysia is no exception, " he told a press conference.
"The best could be 0.5 percent (growth), but we fear it might be minus in the range of 3-4 percent," he said of 2009 export forecasts.
"That is also quite conservative and we won' t be able to know exactly until the first quarter is completed. Then we will reveal the situation."
Finance Minister Najib Razak said last week that Malaysia would have to cut its 3.5 percent growth forecast for 2009 if the decline in the country's exports hit double digits.
Malaysia's exports have been dropping in recent months, with a 2.6 percent fall in October followed by a 4.9 percent drop in November and a 14.9 percent slide in December.
An influential Malaysian think-tank has already slashed its 2009 economic growth forecast to 1.3 percent.
China busts 6,200 commercial bribery cases
AFP, Beijing
China busted more than 6,200 cases of commercial bribery involving hundreds of millions of dollars last year, state media reported on Monday.
Authorities cracked down on 6,227 business-related bribery cases totalling 1.65 billion yuan (241 million dollars) in 2008, the Xinhua news agency said, citing the State Administration for Industry and Commerce.
Some 726 cases related to medicine sales while 216 were linked to construction projects, the report said.
Regulators this year will keep a close eye for potential corruption emerging from the roll-out of China's four-trillion-yuan economic stimulus package and rebuilding projects of areas hit by last year's earthquake, Xinhua said.
The 8.0-magnitude earthquake hit China's southwest on May 12 last year, leaving up to 88,000 people dead or missing, and billions of dollars have been spent on reconstruction work.
Xinhua said that authorities also vowed to watch for graft in fields such as land transactions and resources exploitation — two areas that often trigger disputes or even social unrest in China.
Philly newspaper owner files for Chapter 11
AP, Philadelphia
The owner of The Philadelphia Inquirer and Philadelphia Daily News filed for Chapter 11 bankruptcy protection Sunday in an effort to restructure its debt load.
Philadelphia Newspapers Inc, owned by Philadelphia Media Holdings LLC, is the second newspaper company in two days, and fourth in recent months, to seek bankruptcyprotection.
"This restructuring is focused solely on our debt, not our operations," chief executive officer Brian P. Tierney said in a statement. "Our operations are sound and profitable."
The filing Sunday indicated the company has between $100 million and $500 million in assets and liabilities in the same range. The company said it will continue the normal operations of its newspapers, magazines and online businesses without interruption during the debt-restructuring process. In a story posted on its Web site Sunday, the company says it has a debt load of S390 million.