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Kyodo economic news summary -5-+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Nov. 19_(Kyodo) _ ---------- 6 major nonlife insurers log 190 bil. yen loss on financial crisis
TOKYO - Japan's six major nonlife insurers marked a total loss of about 190 billion yen in connection with the global financial turmoil in the six months through September, their earnings reports showed Wednesday.
While declining premium revenues due to slumping sales of automobile insurance policies weighed on their balance sheets, five of the six firms booked sharp falls in their group net profit during the first half of the 2008 business year compared with levels a year earlier.
---------- Aso supportive of LDP's move to freeze gov't sale of postal shares
TOKYO - Prime Minister Taro Aso on Wednesday indicated his support for a possible freeze on the planned sale of state-owned shares in companies under Japan Post Holdings Co. as lawmakers in his ruling Liberal Democratic Party have begun studying the option.
The government "may well unload its shareholdings after (Japan Post) companies become profitable," Aso said against the backdrop of plunging Tokyo stocks.
---------- U.S. trade body admits Funai's claim that rivals infringed patents
TOKYO - Funai Electric Co. said Wednesday that a U.S. trade commission issued an initial determination endorsing Funai's claims that 14 rival companies infringed Funai's patents concerning technology for digital television products.
Based on the initial determination, an administrative law judge of the International Trade Commission will issue a recommended determination on remedy by Dec. 1 to the 14 companies, including U.S. and Taiwanese firms, to take measures to correct the situation, according to Funai.
---------- Japan's Oct. crude steel output drops 2.7%, 1st fall in 29 months
TOKYO - Japan's crude steel output in October fell 2.7 percent from a year earlier to 10.10 million tons, marking the first decline in 29 months, the Japan Iron and Steel Federation said Wednesday.
Shipments of crude steel used for automobiles, which had shown strong growth in the recent past, fell drastically amid a global economic slowdown and thus pulled down the production of crude steel, industry observers said.
---------- Audi to recall 53,800 vehicles in 44 models to repair spark coils
TOKYO - Audi Japan K.K., a subsidiary of German automaker Audi AG, said Wednesday it will recall a total of 53,814 units in 44 models of Audi-brand vehicles to fix their ignition coils free of charge.
In a report filed with the Ministry of Land, Infrastructure, Transport and Tourism, Audi Japan said the 44 models, imported between October 2000 and July 2006, include the popular A4 Avant station wagon and A4 Quattro sedan.
---------- JR Tokai aims to begin construction of maglev train by early 2010s
NAGOYA - Central Japan Railway Co. hopes to start building a magnetically levitated train system linking Tokyo and Nagoya by the first half of the 2010s to meet its plan to launch the service in 2025, the company's president said Wednesday.
"Given that it will take at least 10 years (for the train system) to be completed, we need to get started (on construction) as soon as possible," said Masayuki Matsumoto, president of the railway operator known as JR Tokai.
Copyright ? 2008 Kyodo News International, Inc.
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