China considers same tax rate for domestic, overseas firms (AFP)
AFP - Chinese lawmakers have mulled a draft law that would impose a 25 percent income tax on both domestic and foreign firms, eliminating the preferential rate for overseas companies, according to state media.
Tokyo stocks dive 11.4 percent, worst loss in two decades (AFP)
2008.10.16Thu Oct 16, 2:43 AM ET
TOKYO (AFP) - Tokyo's Nikkei stock index plunged more than 11 percent Thursday, the biggest loss in two decades, as growing fears of a global recession hammered world markets.
The benchmark index lost 1,089.02 points, or 11.41 percent, to end at 8,458.45, wiping out most of its gains earlier in the week.
It was the Nikkei's second-largest percentage loss ever and the steepest fall since the "Black Monday" crash in October 1987.
The rout came after Wall Street suffered its worst percentage drop in two decades and its second-largest points loss in history overnight.
After such a brutal US selloff, it was "inevitable" that Japanese stocks would slide, said Hiroaki Hiwata, a stock market strategist at Toyo Securities.
Wall Street's Dow Jones index sank 7.87 percent Wednesday after US retail sales fell much more than expected and Federal Reserve chairman Ben Bernanke said a recovery from the financial crisis "will not happen right away."
"The key to the outlook is whether investors focus on the financial strength of some Japanese companies rather than on external factors," Hiwata said.
Japan's central bank pumped 600 billion yen (6.0 billion dollars) into the short-term money market to try to keep credit flowing.
Most analysts now say that a US recession appears virtually certain as a crippling credit crunch and housing meltdown drags down the rest of the economy despite a 700-billion-dollar banking sector rescue plan.
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China says to continue stable monetary policy (Reuters)
Reuters - China's central bank said on Monday that it would continue to take steps to keep investment and credit growth in check, while pressing ahead with efforts to make the value of its currency more market-driven.
Reuters - China's central bank said on Monday that it would continue to take steps to keep investment and credit growth in check, while pressing ahead with efforts to make the value of its currency more market-driven.
Economic growth concerns drag down indexes (Reuters)
Reuters - U.S. stocks dropped on Friday as concerns about slowing economic growth persisted, causing investors to sell shares of bellwether companies such as plane maker Boeing Co. and leaving all three major indexes in the red for the week.
Reuters - U.S. stocks dropped on Friday as concerns about slowing economic growth persisted, causing investors to sell shares of bellwether companies such as plane maker Boeing Co. and leaving all three major indexes in the red for the week.
Russia tax office files suit vs PWC on YUKOS audit (Reuters)
Reuters - Russian tax authorities have filed a suit against the local branch of PricewaterhouseCoopers (PwC) accusing it of producing a false audit for fallen oil company YUKOS, the auditor said on Monday.
Reuters - Russian tax authorities have filed a suit against the local branch of PricewaterhouseCoopers (PwC) accusing it of producing a false audit for fallen oil company YUKOS, the auditor said on Monday.
Japan keeps view that economy is recovering (Reuters)
Reuters - The Japanese government kept its assessment of the economy unchanged in a monthly report on Monday, after downgrading it for the first time in almost two years last month.
Reuters - The Japanese government kept its assessment of the economy unchanged in a monthly report on Monday, after downgrading it for the first time in almost two years last month.
