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Kyodo news summary+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Oct. 4_(Kyodo) _ ---------- Facing crisis, G-7 likely to reaffirm readiness to cooperate
TOKYO - In the face of an ever-worsening global financial crisis, the Group of Seven major economies will likely reaffirm next week their readiness to cooperate with each other to stop the turmoil from developing into a world depression, but they are not expected to pledge any concrete actions, observers say.
Former senior Japanese financial officials say the G-7 nations are preoccupied with their day-to-day emergency responses to the quickly expanding financial panic, and will stop short of announcing collective measures, such as coordinated cuts of interest rates by their central banks.
---------- Allianz, other Western insurers consider buying AIG's Japan units
TOKYO - The Allianz Group of Germany and other major Western insurers are considering the purchase of American International Group Inc.'s three life insurance units in Japan, sources close to the matter said Saturday.
On Friday, AIG said it intends to sell American Life Insurance Co., which operates Alico Japan as its Japanese branch, as well as AIG Edison Life Insurance Co. and AIG Star Life Insurance Co., both of which are AIG group firms in Japan.
---------- U.S. nuclear envoy in Beijing to brief China on N. Korea talks
BEIJING - Top U.S. nuclear envoy Christopher Hill arrived in Beijing on Saturday to brief his Chinese counterpart on the results of his talks with North Korea this week over the six-party denuclearization process.
The assistant secretary of state for East Asian and Pacific affairs was scheduled to meet with Chinese Vice Foreign Minister Wu Dawei, the chair of the multilateral talks aimed at ending North Korea's nuclear ambitions.
---------- Japan minister welcomes passage of U.S. financial bailout bill
TOKYO - Finance Minister Shoichi Nakagawa on Saturday praised the U.S. Congress' passage of a financial bailout bill as "a plus for the U.S. and global financial situation," but private-sector economic experts were skeptical about the bill's effectiveness in easing market concerns.
Nakagawa, who also serves as financial services minister, told reporters that the revamped $700 billion bill is "extremely ambitious" in that it contains not only the purchase of bad mortgage-related securities but also tax cuts and measures to increase bank deposit insurance.
---------- U.S. plans to sell $6.5 bil. in arms to Taiwan
WASHINGTON - The Defense Department on Friday notified Congress of a plan to sell Taiwan arms worth up to $6.5 billion, including advanced interceptor missiles, Apache helicopters and submarine-launched missiles, in a move likely to anger China.
The plan was shown in a notification to Congress by the Defense Security and Cooperation Agency, a Pentagon arm. The sales will go ahead if no objections are filed by lawmakers within a 30-day commenting period.
---------- Cambodia protests Thai armed confrontation
PHNOM PENH - The Cambodian government sent a letter to Thailand on Saturday to protest an armed confrontation Friday with Thai troops near a disputed border temple that resulted in casualties on both sides.
In a diplomatic note to the Thai Embassy in Phnom Penh, the Cambodian Foreign Ministry said it "strongly protests against this deplorable and intentional armed provocation by Thai soldiers."
---------- Japanese wins int'l flute contest
TOKYO - A Japanese flutist won the 8th Jean-Pierre Rampal International Flute Competition held recently in Paris, contest sources said Saturday.
Seiya Ueno, a 19-year-old student at Tokyo University of the Arts, was awarded the grand prize of the contest named after the late renowned French flutist, the sources said.
Copyright ? 2008 Kyodo News International, Inc.
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