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Tuesday September 18, 9:07 PMKyodo economic news summary -6-(Kyodo) _ ---------- Toyota mulling building new plant in JapanTOKYO - Toyota Motor Corp. President Katsuaki Watanabe said Tuesday the automaker is considering setting up a new plant in Japan. "We have not made a decision. But it is true that we're considering it," Watanabe told reporters in Tokyo at an event to unveil a fully redesigned version of the Land Cruiser sport utility vehicle. ---------- Abu Dhabi gov't to become top shareholder of Japan's Cosmo Oil TOKYO - Cosmo Oil Co. said Tuesday the government of Abu Dhabi will become its top shareholder with an equity stake of about 20 percent through the allotment of new shares early next month. The Japanese oil distributor said it will enter into a capital and business alliance with International Petroleum Investment Co., an investment company wholly owned by the Abu Dhabi government, in a bid to forge a strong partnership with the oil-producing country and to secure a stable oil supply. ---------- Japan, China hold 1st high-level talks on cooperation for African aid TOKYO - Japan and China held their first high-level talks Tuesday to discuss how the two countries can cooperate in providing development assistance to Africa, Japanese government officials said. Japan is hoping to use the meeting to explore possible cooperation on aid for Africa with China, having in mind the fourth Tokyo International Conference on African Development that will be hosted by the city of Yokohama in May next year. ---------- KDDI to ally with Kyocera, Intel, 3 others for new wireless service TOKYO - Telecommunications company KDDI Corp. said Tuesday it will ally with five firms, including its largest shareholder Kyocera Corp. and U.S. major chip maker Intel Corp., to bid for a license for next-generation, high-speed wireless communications services. The six partners will invest in Wireless Broadband Planning K.K., a preparatory company set up by KDDI at the end of August for the new business, later this month. ---------- Seiyu to cut 450 jobs via early retirement program TOKYO - Struggling supermarket chain Seiyu Ltd. said Tuesday it will shed 450 jobs through an early retirement program in a bid to cut back on labor costs. As the program is estimated to cause an extraordinary loss of 4.5 billion to cover additional retirement benefits and other related costs, Seiyu revised its projected group net loss to 10.4 billion yen for the year to next Feb. 29, up from 5.9 billion yen in its earnings forecast released in August. ---------- JAL to sell nearly half of shares in JAL Card TOKYO - Japan Airlines Corp. has decided to sell nearly half of its shareholding in wholly owned subsidiary JAL Card Inc. as part of efforts to revive its sagging aviation business, sources close to the matter said Tuesday. JAL is expected to spend the proceeds of about 50 billion yen on renovating its aging fleet of aircraft, the sources said. ---------- EU urges China to take stronger action on trade surplus BEIJING - European Union Monetary Affairs Commissioner Joaquin Almunia on Tuesday urged China to take stronger action to reduce its massive trade surplus with the rest of the world. Almunia told reporters in Beijing the global trade imbalance is posing a risk to the global economy and a more "vigorous" approach is needed from China to solve the problem. ---------- Japan's education spending-GDP ratio 2nd lowest in OECD TOKYO - Japan's public educational spending against gross domestic product came to 3.5 percent in 2004, the second lowest level among the 30 member states of the Organization for Economic Cooperation and Development, according to an OECD report released Tuesday. The ratio -- the second lowest after 3.3 percent for Greece -- was well below the OECD average of 5.0 percent and down from 3.7 percent in 2003, said the report, "Education at a Glance 2007." |
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