■ Automobiles
Firm announces PRC venture
DaimlerChrysler's US arm said on Friday it was joining forces with China's Chery Automotive Co (奇瑞) to build small cars in China that will be sold in the US and around the world. Chinese state media in Beijing also confirmed the deal. Chrysler spokesman Jason Vines said Chinese-produced vehicles would be sold under its Dodge, Chrysler and Jeep brand names. A letter of intent setting up the joint venture was signed two weeks ago, he said. Vines said further details would likely be released if the deal is approved by DaimlerChrysler's supervisory board.
■ Automobiles
Toyota tax troubles
Toyota Motor Corp failed to declare more than US$50 million income in three years through March 2004, news reports said yesterday. Toyota had undeclared income totaling about ?6 billion (US$50.4 million), partly due to deals with its Australian and Brazilian subsidiaries, the Asahi and Yomiuri newspapers said, both citing unidentified people familiar with the matter. Kyodo News agency carried a similarly sourced report. The Nagoya Regional Taxation Bureau ordered Toyota to pay ?2 billion (US$16.8 million) in back taxes and fines on the undeclared income, the reports said. Toyota has already corrected its tax returns, Kyodo News agency said.
■ Currency
China eases exchange rules
China will make it easier for individuals to make foreign-exchange transactions next year, setting a yearly quota instead of limits for each transaction, the central bank said yesterday. The move is part of the bank's efforts to streamline the foreign-exchange process, and comes as Beijing's trading partners urge it to ease strict currency controls. The People's Bank of China said on its Web site that from Feb. 1, individuals would be able to settle foreign exchange at banks throughout the year as long as they were within an annual quota. The bank did not specify the annual quota for foreign exchange settlements.
■ Insurance
Chairman quits amid probe
New China Life Insurance Co (新華人壽), which is part-owned by Zurich Financial Services AG, said that Chairman Guan Guoliang (關國亮) had quit amid a regulatory probe into the alleged misuse of funds. Guan left on Wednesday and his resignation has since been approved by the board, Li Qifu (李奇福), a spokesman for the Beijing-based company, said yesterday. Li declined to comment on the reason for Guan's departure. The China Insurance Regulatory Commission said last month it was looking into the financial affairs of New China Life. Guan earlier confirmed that he was being investigated. New China Life general manager Sun Bing (孫兵) was named interim chairman, Li said. The transition would not have much impact on the company's operations, he added.
■ Tourism
Thai revenue up 31 percent
Tourists shrugged off Thailand's political woes and poured into the country in record numbers this year, sending arrivals up 18.5 percent to 13.65 million, the tourism authority said yesterday. Despite a year marked by political protests and a coup, the Tourism Authority of Thailand said the US$13 billion industry has rebounded from the devastating effects of the tsunami two years ago. Tourism revenue also soared nearly 31 percent from the year before to 481 billion baht (US$13.36 billion).
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