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World Business Quick Take

■ Finance
China eases offshore rules
China is relaxing controls on companies seeking overseas financing in a move aimed at boosting development of private and high-tech companies, the country's foreign exchange regulator said. The change in policy will enable Chinese to set up offshore companies to raise funds and conduct mergers and acquisitions inside China. "After a period of fast growth, many private and high-tech companies wishing to expand face capital shortages," the State Administration of Foreign Exchange said in a statement seen yesterday on its Web site. ``This will make it more convenient to seek financing in the international capital market,'' the statement said. The revised rules, which take effect Nov. 1, require such offshore companies to transfer income back to China within 180 days after it is earned, it said. The change is also aimed at eliminating a loophole that made it hard for regulators to monitor cross-border capital flows.

■ Ratings
Fitch upgrades S Korea
Fitch Ratings yesterday raised South Korea's sovereign credit rating, saying that North Korea's promise last month to abandon its nuclear weapons program has reduced security risks on the Korean Peninsula. "South Korea's ratings have been constrained by concerns about threats posed by a nuclear-armed North," James McCormack, head of Asia Sovereigns at Fitch, said in a press release. The most recent round of six-party talks ended last month with Pyongyang pledging to abandon its nuclear program, which it claims has already yielded weapons. The upgrade of South Korea's long-term foreign currency rating to A+ from A puts Fitch's rating two notches above Moody's Investors Service's A3 and one above Standard & Poor's Ratings Services' A.

■ Automobiles
Japan's top three set record
Toyota Motor Corp, Nissan Motor Co and Honda Motor Co, Japan's three largest automakers, built a record number of vehicles in the first half as they attracted more buyers in North America and other markets. Toyota's overseas production exceeded that in Japan for the first time in the six months ended Sept. 30, surging 21 percent to 1.82 million units from a year ago, the firm said yesterday. Nissan built 1.03 million vehicles overseas, up 19 percent. Honda's rose 13 percent to 1.09 million units. The three firms are raising overseas production to respond more quickly to rising sales in the US, Europe and China. Making more cars abroad also helps shield the companies from currency fluctuations. "Japan's big three are increasing sales and profit from overseas, which allows them to strategically and effectively expand capacity when they need to," said Masayuki Kubota, who helps manage about US$8.5 billion at Daiwa Investments in Tokyo.

■ Aviation
Jetstar to fly to Phuket
Singapore-based budget airline Jetstar Asia said it will fly to Phuket in Thailand four-times weekly from today, further boosting the island's recovery from last year's tsunami disaster. "Phuket is solidly back on the map. All indications point to an economy that has settled down and is ready to accept a new phase in its tradition as a great resort destination," said Jetstar Asia chief executive Ken Ryan in a statement. Jetstar Asia, which is backed by Qantas, is offering a one-way fare without taxes of at least S$30 (US$17.75) for travel up to Dec. 15, the statement said.

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