IN BRIEF (Page 16)
Unanimous decision
Bank of Japan Policy Board members agreed at their March meeting that the central bank should adjust interest rates gradually based on the economy and prices, while maintaining accommodative monetary conditions for the time being, the minutes of the meeting showed yesterday.
The nine-member board voted unanimously at the March meeting to keep monetary policy unchanged.
Pipeline in pipeline
Malaysia gave its blessing yesterday to plans to build a $7 billion crude-oil pipeline across the country, providing a short-cut between Middle East producers and East Asian consumers.
The new line, which would also feature a new refinery at its western end and huge storage tanks for use by Asian nations, would bypass the crowded and piracy-prone Malacca Strait.
Deal sealed?
Mexico's Cemex looked to have sealed its $14 billion takeover of Australian building materials maker Rinker Group Ltd yesterday, analysts said, after a key investor moved to accept the offer.
Cemex, the world's No 3 cement maker, also lowered the level of acceptances needed for a successful bid from 90 percent to 50 percent.
Modest rise
Wages in New Zealand rose less than expected in the first quarter, data showed yesterday, suggesting a possible easing in the labor market and backing views the central bank would not raise interest rates further.
The key labor cost index of private wages rose 0.6 percent on the previous quarter, its weakest pace of growth since the June quarter 2006.
All-time high
US average retail gasoline prices rose to an all-time high over the past two weeks, due to a number of refinery outages, according to the latest nationwide Lundberg survey.
The national average price for self-serve regular unleaded gas was $3.0684 a gallon on May 4, an increase of 19.47 cents per gallon in the past two weeks, according to the survey of about 7,000 gas stations.
'Arab champions'
Gulf and Lebanese investors have set up a $300 million buyout firm to merge companies that have done well locally and turn them into "Arab champions", one of the firm's founders said.
Growthgate Capital, based in Bahrain, made its first acquisition last month -- a 49 percent stake in E-Freight, a logistics company based in Dubai, Karim Souaid told Reuters.
Piracy declines
The use of pirated software in computers in most Asian countries is declining but more enforcement is needed to make a significant impact on the problem, industry officials said yesterday.
The Business Software Alliance (BSA), which represents computer software and hardware firms worldwide, said figures showing the use of illegal software had registered an overall decline.
Confidence up
Australian business confidence rose in April as fears that an interest rate hike would cut into activity lessened, figures released yesterday showed.
The National Australia Bank (NAB) index, which measures expectations for the following quarter, rose to 13.0 points in April from 10.0 in March.
Sector defended
The International Air Transport Association (IATA) yesterday defended the aviation sector from criticisms it is among the worst offenders in emitting man-made carbon dioxide.
IATA Vice-President
Andrew Drysdale said the sector was being unfairly labelled as a big pollution offender despite only accounting for two percent of heat-trapping carbon emissions globally.
Agencies
(China Daily 05/08/2007 page16)
