28  theSun | WEDNESDAY DECEMBER 17 2008

business news

Asean inks trade pacts This was

aimed at
making
Asean the

to boost economy
preferred
destination
for foreign
direct
investment
(FDI) while
SINGAPORE: Asean economic Minister Tan Sri Muhyiddin Yassin. six months after all the remaining contributing
ministers met informally here Singapore’s Trade and Industry Asean member countries had towards
yesterday to sign three intra- Minister Lim Hng Kiang, who endorsed it. increasing
regional agreements to further chaired the meeting, told newsmen The ACIA streamlines and
liberalise trade and boost the later the ministers from the four enhances the existing Asean intra-Asean
grouping’s economy in the current countries were unable to attend investment agreements, namely the invest-
global slowdown. the meeting but had given their Framework Agreement on the Asian ments.”
The three agreements are the blessings for it to go on. Investment Area (AIA) and the – Muhyiddin
Asean Trade in Goods Agreement Lim said the agreements would Asean Agreement on the Promotion
(ATIGA), Asean Comprehensive be sent to them for signing later. and Protection of Investments (IGA).
Investment Agreement (ACIA) Lim said yesterday’s meeting was The ACIA, which takes into
and the Protocol to Implement the brought forward after the Asean account international best practices,
Seventh Package of Commitments Summit in Chiangmai, Thailand, will extend the benefits derived
under the Asean Framework scheduled for this month was from the agreement to Asean-based
Agreement on Services (AFAS). postponed to next February. foreign investors.
However, only six trade and Meanwhile, Muhyiddin told Muhyiddin said this was aimed
commerce ministers of the 10- a press conference that the at making Asean the preferred
member grouping, namely Malaysia, agreements which are expected destination for foreign direct
Singapore, Brunei, Cambodia, to be implemented next year, will investment (FDI) while contributing
Indonesia and Laos, who attended bring Asean another step closer to towards increasing intra-Asean
the meeting, inked the documents. the establishment of an integrated investments.
Thailand, Myanmar, Vietnam regional economic community in He said the ACIA complemented
and the Philippines were not 2015. Malaysia’s efforts to attract FDIs
represented. He said the agreements, which as well as to promote Malaysian
Malaysia was represented by are integral to Asean’s economic outward investments into the region.
International Trade and Industry integration, will come into force – Bernama. Shop in
S’pore
to vie
Goldman reports US$2.12bil loss for gold
WASHINGTON: Wall Street giant Goldman Sachs yesterday wafers
briefs reported a US$2.12 billion (RM7.63 billion) net loss in the
fiscal fourth quarter to November, the first loss since the
pg 31
investment firm went public in 1999.
Asian shares mixed It reported a loss per share of US$4.97, much more than
market expectations of US$3.50.
HONGKONG: Asian stock markets were mixed yesterday as It compared with a record net income of US$3.2 billion
investors awaited the outcome of a US Federal Reserve meeting (RM11.52 billion), or US$7.01 a share, a year earlier.
that some analysts predicted would see interest rates slashed Goldman and Morgan Stanley were the last of two
to close to zero. major independent investment banks which became bank
The Fed was expected to cut the base rate by at least 50 holding companies earlier this year in a bid to have easier
basis points to 0.50%, which would be an all-time low, although access to credit to survive the current financial crisis.
there were some pointers to a 0.75 percentage point cut.
Tokyo closed 1.12% down and Sydney lost 1%.
Goldman chief executive officer Lloyd Blankfein blamed
the firm’s first loss as a public company on the deteriorating
HSBC to cut 300 jobs in Taiwan
However, HongKong was 0.55% higher and Seoul’s KOSPI financial environment but emphasised that it remained profit- TAIPEI: HSBC bank said yesterday 150 of HSBC’s 3,000 employees
added 0.3%. able. “Our results for the fourth quarter reflect extra-ordinarily it would cut 10% of its staff in in Taiwan had so far signed up for
Regional markets had opened lower, tracking Wall Street, as difficult operating conditions, including a sharp decline in Taiwan, about 300 jobs, through a the programme.
a tumble in Japanese business confidence and new signs of a values across virtually every asset class,” he said. voluntary redundancy programme He added however that the
China slowdown underlined worries in the region. “While our quarterly performance obviously didn’t meet amid slower loan growth in the bank would in later months hire
“We think the case for cutting even further is very strong but our expectations, Goldman Sachs remained profitable global recession. more people again to work in new
(Fed chairman Ben) Bernanke and his colleagues may want to during one of the most challenging years in our industry’s HSBC Taiwan chief executive branches that it plans to open in
keep something in reserve.” – AFP history.” – AFP Nicholas G. Winsor said some the country. – AFP