■ Satellites
Thailand says not meddling
Thailand's military-backed government would not intervene in a dispute over the sale of a satellite concession to Singapore's government investment arm, Temasek Holdings, and would leave the matter to the private sector, a news report said yesterday. Thai Prime Minister Surayud Chulanont told Malaysia's national news agency Bernama on Friday that the government would not get involved and that the private sector should decide if it was a wise investment to buy back Shin Corp, Thailand's largest telecommunications company, which includes Shin Satellite. Shin Satellite owns five satellites, including iPStar, the world's largest commercial satellite.
■ Oil
Crude price soars
World oil prices vaulted above US$61 a barrel on Friday to year-highs on news of a slide in reserves of US gasoline, with tensions in crude producers Iran and Nigeria also unnerving the market. New York's main oil futures contract, light sweet crude for delivery in April, advanced US$0.19 to close at US$61.14 a barrel. The contract came off US$61.80, New York's highest level of the year. Dealers said the market focus switches toward gasoline, with the US driving season beginning in May. Thursday's US weekly inventory report showed that gasoline inventories fell by 3.1 million barrels last week to 222.1 million in the week ending last Friday.
■ Automobiles
Nissan to build plant in India
Japanese automaker Nissan Motor plans to build a car plant in the Indian port city of Chennai with its French partner Renault SA and local firm Mahindra and Mahindra Ltd, a news report said yesterday. This plant, which is expected to start operating in 2009, will aim to turn out around 500,000 units a year, the Nikkei Shimbun said, adding that an official announcement is expected tomorrow. The newspaper did not report the size of the investment. The venture will likely be set up with the Nissan-Renault alliance putting up half the necessary investment and Mahindra and Mahindra providing the rest, the newspaper said.
■ Taiwan
Loan program continues
The government will continue to cooperate with several domestic banking institutions to provide a total of NT$1.42 billion (US$43.16 million) in business start-up loans for young entrepreneurs this year, Council for Economic Planning and Development (CEPD) officials said yesterday. With the loans, the government aims to help 1,500 young entrepreneurs and create 5,900 jobs this year. Under a similar program last year, 2,078 young entrepreneurs were granted a total of NT$1.72 billion in business start-up loans, the CEPD said. Among last year's loan recipients, 92.1 percent started up businesses in the service sector.
■ Gaming
Casino must pay teenager
Macau's gaming bureau has ruled that the Sands Macao casino must pay an under-age player's HK$740,000 (US$94,900) jackpot winnings to her mother, a local daily said yesterday. The Gaming Inspection and Coordination Bureau made the decision after meeting the 16-year-old girl and her mother, Hong Kong's South China Morning Post reported. Macau's gaming legislation states that persons under the age of 18 are barred from casinos, but it is unclear about how gaming venues should respond if minors gain entry and win.
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