EIU Country Analysis

Industry Report Automotive United Arab Emirates June #### Economist Intelligence Unit ## Red Lion Square London WC#R #HQ United Kingdom Economist Intelligence Unit The Economist Intelligence Unit is a specialist publisher serving companies establishing and managing operations across national borders

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Sony Corp. (####) has vigorously pushed ahead with cost-cutting and other streamlining measures in the last three months under the new management team headed by Chairman and President Howard Stringer, going a

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Automotive Report for this country There are few figures published on the number of car registrations within the UAE as a whole and the Economist Intelligence Unit

FROM DIALOG NEWSEDGE [Daily Telegraph (UK)] LORD Mandelson, the Business Secretary has indicated that the Government will outsource more of its nuclear energy work to the private sector as it looks to pare back its spending. "Apart from the enduring

FROM DIALOG NEWSEDGE [AFP World News (English)] Australia announced its third death related to swine flu Wednesday as the virus spread rapidly through Aboriginal communities and the country#;s tourists were warned off Indonesia#;s popular Bali island. A ##

FROM THE ECONOMIST Credit-default swaps are pitting firms against their own creditors. SIX FLAGS, an American theme-park operator, filed for Chapter ## bankruptcy protection on June ##th, bringing its long ride to reduce debt obligations to an abrupt

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Financial Services Report for this country The exchange rate of the New Taiwan dollar is generally left to market forces, but the Central Bank of China (CBC

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Automotive Report for this country Demand. Data on purchases of commercial vehicles are sparse, but demand is thought to have expanded rapidly in recent years in conjunction

FROM ECONOMIST INTELLIGENCE UNIT Chile#;s new Quintero terminal is expected to receive its first shipment of liquefied natural gas (LNG) from Trinidad on June ##th. The UK#;s BG has a ##-year contract to supply Chile with LNG

FROM DIALOG NEWSEDGE [Marketwatch] Oracle Corp. delivered a slightly better-than-expected fiscal fourth quarter, in part due to its current customers who paid for product updates and technical support, one of the bread and butter revenue streams for the

FROM DIALOG NEWSEDGE [Interfax] Shareholders in Rosneft voted at their annual general meeting in Moscow on Friday to pay dividends of #.## rubles per share for ####, or ##% more than what was paid for ####. The company will

Lonza (Switzerland) in May #### announced that it will construct a new cell therapy manufacturing facility in Singapore. Total investment in the first phase will be Swfr##m and the facility is expected to be operational by ####. Abbott (USA) in

FROM DIALOG NEWSEDGE [New York Times] A small biotechnology company facing possible bankruptcy and liquidation has been awarded a $## million federal contract to develop a faster way to make vaccines for pandemic influenza. The award of the contract to

FROM DIALOG NEWSEDGE [AFP World News (English)] China#;s banking regulator has urged lenders to ensure new loans are helping the economy after concerns that stimulus cash is being used to speculate on stocks and property, state media said Wednesday

FROM DIALOG NEWSEDGE [SeeNews] Sales of new passenger cars in Romania fell by ##.#% on the year to ##,### in the first five months of ####, the Romanian Car Producers and Importers Association, APIA, said on Tuesday. Sales

FROM DIALOG NEWSEDGE [Scotsman, The (Scotland)] Shoppers are set to increase the amount they spend online by ### per cent by the end of #### - as high street sales plummet, a new report has claimed. Online payment service PayPal forecast

FROM THE ECONOMIST INTELLIGENCE UNIT The economy and finance ministry also received European Commission approval on June #rd to introduce a EUR#bn programme to support businesses of all sizes that may be facing financial difficulties because of the economic downturn

FROM THE ECONOMIST INTELLIGENCE UNIT Yangzhou, a thriving river port city in Jiangsu province, is less exposed to the global economic downturn than its coastal counterparts, but it is nevertheless investing heavily in fall-back options, such as solar energy

FROM DIALOG NEWSEDGE [Star, The (South Africa)] NOVARTIS would look at developing small local enterprises in the pharmaceutical industry as part of its black economic empowerment (BEE) contribution, but only when drug manufacturing output improved in the country, Glen Sullivan

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Financial Services Report for this country Taiwan is now one of the largest insurance markets in Asia. The insurance sector in Taiwan is composed of life and

FROM DIALOG NEWSEDGE [AFP World News (English)] European nations need to find a "credible exit strategy" for their public finances as the aid shelled out to shore up banks could reach ##.# percent of GDP, an EU report warned

FROM DIALOG NEWSEDGE [United Press International] The European Union, the International Monetary Fund and other financial regimes are working to avert a summer gas crisis stemming from Ukrainian economic woes. A January dispute between Russian gas giant Gazprom and Ukrainian

FROM THE ECONOMIST Appetite for risk may have returned, but the crisis is not over. LOW interest rates are intended to ease the burden on debtors, discourage saving, encourage spending and thereby revive the economy. But they also have a

FROM DIALOG NEWSEDGE [AFP World News (English)] A new Coca-Cola bottling plant opened in China#;s eastern Jiangxi province Tuesday, the ##th facility in the country for the US soft-drink giant#;s products, state media reported. Costing ###

FROM THE ECONOMIST INTELLIGENCE UNIT The Middle East and Africa region is incomparably diverse when it comes to incomes and the development of the retail market. But this year, all the countries in the region will share one trend - a

FROM DIALOG NEWSEDGE [Marketwatch] Apple Inc. Chief Executive Steve Jobs again has apparently had major, potentially life-threatening surgery without breathing a word to shareholders. That said, Jobs seems to have recovered well. At least, he appears to be retaining

FROM DIALOG NEWSEDGE [Gulf News (United Arab Emirates)] The Ministry of Economy will start an extensive campaign to monitor the food market and prices of consumer goods in order to check monopolistic practices, especially before Ramadan, Dr Hashim Al Nuaimi

FROM THE ECONOMIST Slow progress against snail-fever PAINT flakes off the signs that dot the shore of Poyang lake, rendering the faded red characters unreadable. But local villagers know the message all too well: "Danger! Don#;t touch the

FROM DIALOG NEWSEDGE [AFP World News (English)] Russia and Venezuela signed a deal Tuesday to set up a new bank with starting capital of four billion dollars (#.# billion euros) to fund joint projects as Moscow ramps up its

FROM DIALOG NEWSEDGE [Banking Newslink (UK)] The chairman and CEO of the United Bank of India, S.C. Gupta, told reporters that the bank was undertaking some financial restructuring which would be complete by the autumn. This work was to

FROM THE ECONOMIST INTELLIGENCE UNIT Despite the downturn, stress tests by the Czech National Bank (CNB, the central bank) show that the domestic financial system has remained resilient to a number of risk scenarios, according to the CNB#;s financial

FROM THE ECONOMIST INTELLIGENCE UNIT Growth opportunities are clearly shifting away from China#;s coastal economies to inland provinces, which are increasing their share of the national economy China stands out as an oasis of growth amid the current global

FROM THE ECONOMIST INTELLIGENCE UNIT The acquisition of Brazil#;s generic drugs maker Medley by French pharmaceutical group Sanofi-Aventis is opposed by Brazilian watchdog authorities SDE and SEAE. The regulators claim that excessive market concentration in some drug categories

FROM DIALOG NEWSEDGE [Daily Mail (London, England)] MARKS & Spencer boss Sir Stuart Rose has given up more than GBP#m of his share bonus after a backlash from investors. But Rose could still face a fresh shareholder revolt at the forthcoming

FROM DIALOG NEWSEDGE [Associated Press] Chip manufacturing equipment maker Applied Materials Inc. and semiconductor fabrication equipment supplier Dainippon Screen Mfg Co. said Tuesday that they have agreed to revise the ownership structure of their joint venture company. Under the new

FROM DIALOG NEWSEDGE [Associated Press] Intel Corp. and Nokia Corp. said Tuesday they#;re joining forces to build better technology for smart phones and other mobile Internet devices. The deal is significant for Intel because it will help the world

FROM DIALOG NEWSEDGE [Datamonitor Energy/UtilitiesWire] Swedish power utility Vattenfall has announced that European competition authority approved its acquisition of Dutch power and gas utility Nuon. The European competition authority has cleared the sale of Nuon shares to Vattenfall, on

FROM DIALOG NEWSEDGE [Associated Press] An Italian court on Tuesday postponed the trial against four Google executives accused of defamation and violating privacy for allowing a video to be posted online showing an autistic youth being abused. All four deny

FROM DIALOG NEWSEDGE [Marketwatch] Motorola Inc.#;s flagging wireless business is likely to get shot of adrenalin before the end of the year with the release of a new handset lineup based on Google software, according to one brokerage. Analyst

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Financial Services Report for this country Demand. The pension-fund industry is underdeveloped in Taiwan. Investment-trust companies have grown rapidly, and have channelled increasingly large amounts

FROM DIALOG NEWSEDGE [Economic Times (India)] The Essar Group has rejigged its shareholding in Vodafone Essar, its joint venture with UK#;s Vodafone, in order to raise $#.# billion for domestic expansions by monetising its stake in India#;s

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Spurred by billions of dollars in new government aid, car makers are racing to deliver battery-powered vehicles to the mass market -- although whether enough consumers are interested in electric cars remains untested

FROM THE ECONOMIST INTELLIGENCE UNIT PSA has a new management team led by Philippe Varin, but the founding Peugeot family retains its presence PSA Peugeot Citroen, France#;s number one vehicle manufacturer, and Europe#;s second largest, has shaken up

FROM DIALOG NEWSEDGE [United Press International] Supporters of the Nabucco gas pipeline for European markets are being forced to re-examine the project as potential suppliers balk on their commitments. Nabucco would transit #,### miles from the Caspian Sea

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Financial Services Report for this country Taiwan#;s financial services industry is large, and there is strong demand for sophisticated products. However, the industry is fragmented, and

FROM DIALOG NEWSEDGE [Associated Press] Energy company GCL-Poly Energy Holdings said Tuesday it was buying a Chinese maker of solar-power materials for $#.# billion. The ##.# billion Hong Kong dollars acquisition of Jiangsu Zhongneng Polysilicon Technology

FROM DIALOG NEWSEDGE [Asia In Focus] Australia#;s ANZ BANKING GROUP LTD (ASX:ANZ) says it is offloading its A$# billion ($US###.# million) infrastructure arm, whose assets include Sydney#;s Olympics stadium, to a consortium led by Australian

Under the Companies Act of ####, basic corporate forms and organisational requirements follow the British and Australian pattern. A firm may be incorporated with members#; liability unlimited or limited by shares or by guarantee, and it may be public or

FROM DIALOG NEWSEDGE [New York Times] By all accounts, Palm#;s new Pre smartphone is elegant and powerful. On sale for just a few weeks, it has a crisp touch screen, a pull-out keyboard aimed at e-mail devotees

FROM DIALOG NEWSEDGE [Interfax] Russia reserves "the right to take action" in the event that Ukraine does not pay for gas supplies by the deadline of July #, Prime Minister Vladimir Putin said at a government meeting on June ##

All industries are open to foreign investment in Singapore#;s free-enterprise economy. The Ministry of Trade and Industry#;s #### Economic Survey of Singapore reported that fixed-asset investment commitments reached S$##bn in ####, ##.#% higher than

FROM DIALOG NEWSEDGE [Independent Television News Limited (UK)] The head of the City#;s financial watchdog has warned MPs that banks are already in danger of forgetting the lessons of the financial crisis. Lord Turner, who is the chairman of

FROM THE ECONOMIST INTELLIGENCE UNIT Singapore#;s consumer prices fell by #.#% year on year in May, the second successive month of decline, albeit less than the #.#% contraction seen in April. Transport and communication costs fell for

FROM DIALOG NEWSEDGE [Independent (UK)] Tho Fennell - the jewellery designer once dubbed the "King of Bling" for his diamond-encrusted crucifixes and silver Marmite lids - is returning to rescue the company he founded from falling sales and a creative dead

FROM THE ECONOMIST China#;s capital spending could soon be bigger than America#;s. DESPITE falling exports, China#;s economic growth has remained relatively strong this year thanks to a surge in investment sparked by the government#;s stimulus measures

FROM DIALOG NEWSEDGE [BusinessWeek Online] Hewlett-Packard (HPQ) has a new salve for its ailing printer business. Beset by falling demand for hardware and pricey ink, the division that once accounted for most of the computer maker#;s profit has

FROM DIALOG NEWSEDGE [Bangkok Post (Thailand)] The government will call on the House of Representatives to reaffirm its support for an increase in oil taxes after the Senate rejected the executive decree. Prime Minister Abhisit Vejjajiva yesterday said a special

FROM DIALOG NEWSEDGE [Economic Times (India)] State-owned utility National Thermal Power Corporation (NTPC) and the largest coal producer Coal India are in advanced stages of acquiring mining assets in Mozambique, Indonesia and Australia, as the new government firms up

FROM DIALOG NEWSEDGE [New York Times] Markus O. Haring, a former oilman, was a hero in this city of medieval cathedrals and intense environmental passion [Basel, Switzerland] three years ago, all because he had drilled a hole three miles deep

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Almost half of the nation#;s retailers plan to lower prices this fiscal year amid anemic consumer spending and intensifying price competition, according to the results of a Nikkei Inc. survey. The Nikkei

FROM THE ECONOMIST INTELLIGENCE UNIT South Africa#;s consumer prices rose by #.#% in May from the previous month, taking the annual rate of inflation down to #% (its lowest level since December ####). However, the annual rate had

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Global insurance industry regulators are set to begin talks this week on creating the first common rules on solvency requirements for international insurers in an effort to prevent crises like that which nearly

FROM THE ECONOMIST INTELLIGENCE UNIT Financial services report: Overview Taiwan#;s financial services industry is large, and there is strong demand for sophisticated products. However, the industry is fragmented, and is subject to government interference and control. Officials have been

FROM DIALOG NEWSEDGE [Associated Press] About #,### more salaried workers at General Motors Corp. will lose their jobs by the end of the year as the automaker continues to downsize. The company notified its more than ##,### U

FROM THE ECONOMIST INTELLIGENCE UNIT The Ministry of Economy and Finance insists that it will not seek derogation from its commitments under the EU#;s excessive-deficit procedure (EDP) to reduce its general government deficit to #.#% of GDP

FROM THE ECONOMIST INTELLIGENCE UNIT The monthly economic activity index from INDEC (Argentina#;s national statistics office) suggested that the economy weakened further in April. The index rose by just #% year on year that month, down from #.#

FROM DIALOG NEWSEDGE [Asia Pulse Businesswire] Indonesia is set to reject ratification of the tobacco convention despite protests from non governmental organizations. Industry Minister Fahmi Idris said Indonesia will not ratify the framework convention on tobacco control (FCTC) on a

FROM DIALOG NEWSEDGE [Colorado Springs Business Journal, The (CO)] This morning the New York Times reported that rhe Justice Department may drop a closely watched legal case aimed at forcing the Swiss bank UBS to divulge the names of ##

FROM THE ECONOMIST INTELLIGENCE UNIT The issue of compensation for senior managers of wholly or partly state- owned companies has come to the fore again recently, with a working group having presented its report to the government in mid-June

FROM THE ECONOMIST INTELLIGENCE UNIT Leading Polish lender PKO BP plans to pay out almost ###% of its #### profit in dividend. At its AGM due on June ##th, PKO BP will recommend earmarking Zl #.###m (US$#.###m

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Japan#;s Astellas Pharma Inc. (####.TO) will invest Y### million in selling and marketing its products in India, a senior executive at the company#;s local unit said Wednesday. "We have a

FROM DIALOG NEWSEDGE [New York Times] President Obama made a detailed case on Tuesday for a new government-administered health insurance plan, but he did not rule out signing a bill that lacks such an option if he cannot win

FROM DIALOG NEWSEDGE [New York Times] Medtronic disclosed on Tuesday that it had received a Justice Department subpoena seeking information about its ties with a company consultant, a former Army doctor accused of falsifying a favorable medical journal article about

FROM DIALOG NEWSEDGE [Associated Press] The insurance industry Tuesday laid down a marker on health care, warning in stark terms that a proposed government insurance plan would dismantle the employer coverage Americans have relied on for a half century and

FROM THE ECONOMIST Hard times on the streets of Caracas. GLOBAL capitalism may be in crisis, but thanks to "##st-century socialism" Venezuela#;s economy is "armour-plated" and the country#;s poor have nothing to fear. That has been

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Automotive Report for this country Demand. There are few indications of the extent of growth in the automotive components sector. The Middle East branch of BMW, a

FROM THE ECONOMIST INTELLIGENCE UNIT The central bank cut its rates by another percentage point in June, to #.##%. Inflation has declined, helped not only by soft domestic demand but also by a firm Real. Analysts expect another easing

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Suning Appliance Co., a listed firm within China#;s leading volume appliance retailer Suning Appliance Chain Store (Group) Co., will invest #.# billion yuan (##.# billion yen) by the end of

FROM DIALOG NEWSEDGE [New York Times] After all those losses and bailouts, rank-and-file employees of Citigroup are getting some good news: their salaries are going up. The troubled banking giant, which to many symbolizes the troubles in the

FROM THE ECONOMIST INTELLIGENCE UNIT Singapore has traditionally been a transshipment point for much of South-east Asia, and it is the world#;s second-busiest port (after Hong Kong) in terms of tonnage of ships handled. Singapore has virtually

FROM THE ECONOMIST INTELLIGENCE UNIT Despite being virtually dependent on state guarantees to survive, the UK#;s financial sector remains resistant to reform. A return to "business as usual" will only delay the inevitable. As one of the leading global

FROM DIALOG NEWSEDGE [PNG Post-Courier (Sydney, Australia)] OIL Search and ExxonMobil have cemented themselves as the frontrunners in the race for the regions next big gas export scheme after signing agreements to sell more than $US# billion (K#.##

FROM DIALOG NEWSEDGE [New York Times] The House approved legislation on Tuesday that is intended to prevent delays in federal financing for veterans#; health care programs, a problem that has disrupted services provided by the Department of Veterans Affairs for

FROM DIALOG NEWSEDGE [United Arab Emirates News Agency] The UAE government is to export Islamic financial products and services from the Emirates to Australia. In line with the current trend of incorporating Islamic banking into the Australian financial system a

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Nissan Motor Co. (####) shares rose early Wednesday morning, the day after the U.S. government said it will offer a low-interest loan of #.# billion dollars (### billion yen) to

FROM THE ECONOMIST INTELLIGENCE UNIT The following is an extract from our full Financial Services Report for this country Demand. The largest and oldest bourse in Taiwan is the Taiwan Stock Exchange (TSE). As with other exchanges across the world

FROM DIALOG NEWSEDGE [Nikkei English News (Japan)] Tata DoCoMo Ltd. said Wednesday it has started offering mobile phone services based on the global system for mobile communications, or GSM, technology in India. The company introduced the service in the southern

FROM DIALOG NEWSEDGE [United Press International] The European Union, the International Monetary Fund and other financial regimes are working to avert a summer gas crisis stemming from Ukrainian economic woes. A January dispute between Russian gas giant Gazprom and Ukrainian

FROM DIALOG NEWSEDGE [New York Times] Officials in Miami reported breaking a Medicare fraud ring that they say spanned five states, used ## fake storefronts and tried to steal $### million from Medicare and Medicare Advantage. Eight defendants were charged

FROM THE ECONOMIST INTELLIGENCE UNIT (Forecast closing date: July ##th ####) Rapid population and economic growth, high GDP per head, good living standards, high oil prices and a rapidly expanding construction industry make the UAE an important market for the

FROM THE ECONOMIST INTELLIGENCE UNIT Singapore has had a goods and services tax (GST) since #### that is similar to the value-added tax common in Europe. The objective is to shift reliance from direct taxation to indirect taxation and

FROM THE ECONOMIST INTELLIGENCE UNIT One of the world#;s oldest telecoms companies is on its knees. Nortel boss Mike Zafirovski seems to be readying his farewell speech. Last week he revealed he was in advanced talks with Nokia-Siemens

FROM DIALOG NEWSEDGE [BNamericas (English)] Brazil#;s federally controlled Banco do Brasil (BB) and the government of the state of Espirito Santo have decided to break off negotiations for the government#;s ##% stake in bank Banestes, according to a

FROM THE ECONOMIST INTELLIGENCE UNIT The Bulgarian banking sector remained profitable in April, but at a much lower level than a year earlier, and lending activity was minimal. Despite the minimal credit activity, larger expenditure on provisions and an increase

FROM THE ECONOMIST Britain#;s offshore financial centres race for respectability BERMUDA, a British territory in the North Atlantic, proudly announced this month that it had made it on to the OECD#;s white list of benign tax regimes. That

FROM DIALOG NEWSEDGE [St. Louis Post-Dispatch (MO)] Peabody Energy Corp. said it is considering an investment in a large new surface mine in the coal-rich Xinjiang Uygur autonomous region of northwestern China. Purchasing a stake in the Shaxi

FROM DIALOG NEWSEDGE [Interfax] The oil arm of Russian gas giant, Gazprom Neft, announced at its AGM on June ## that it plans to retain oil production at the #### level. Alexander Dyukov, the company#;s president, told journalists that

Under the Building Control Act of ####, a company seeking to build a new facility or expand an existing one must obtain written permission from the Commissioner of Building Control of the Urban Redevelopment Authority. This entails submitting plans and

FROM DIALOG NEWSEDGE [Economic Times (India)] The country#;s largest bank, State Bank of India (SBI), is looking at expanding its international footprint. SBI is looking at buying a mid-sized overseas bank, and the deal size could be between