October 9, 2008

Xinhua Asia-Pacific News Summary at 0600 GMT, Oct. 8

Xinhua Asia-Pacific news summary at 0600 GMT, Oct. 8

HONG KONG -- The Hong Kong Monetary Authority announced on Wednesday that it is to adjust the methodology for determining the base rate starting from Thursday, which will amount to a base rate cut by 100 basis points.

"As a result, there will be a cut in the Base Rate, effective tomorrow, from 3.5 percent to 2.5 percent," said Joseph Yam, Chief Executive of Monetary Authority. (Hongkong-Base rate)

---- JAKARTA -- Indonesian President Susilo Bambang Yudhoyono is establishing a special team composed of economic ministers, bankers, business players and experts to mitigate impacts of the global financial crisis, according to the Jakarta Post on Wednesday.

The team will be under the direct supervision of the President, said the Chamber of Commerce and Industry chairman Mohammad Hidayatm on Tuesday. (Indonesia-Financial crisis)


KATHMANDU -- A Nepal Yeti Airlines domestic plane on Wednesday morning caught fire while landing at Lukla airport in the east of Nepali capital Kathmandu, and 18 might have been dead, said the Lukla airport authority.

"Altogether there were 19 people on board, pilot and stewardess included, most of them were foreign tourists," an official in the Lukla airport told Xinhua reporter, "and 18 might have died while the other is in serious condition but still breathing." (Nepal- Plane-Crash)


TOKYO -- Tokyo stocks tumbled Wednesday afternoon with the key Nikkei index briefly nosediving more than 9 percent.

The benchmark Nikkei average sank below 9,200 line following the breaking of the 10,000 mark Tuesday. (Japan-Stocks)

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