[July 15, 2008]

Kyodo news summary -7-+

(Japan Economic Newswire Via Acquire Media NewsEdge) NEW YORK, July 15_(Kyodo) _ ---------- GM aims to raise extra $15 billion under new restructuring package

NEW YORK - General Motors Corp. announced an additional restructuring package Tuesday, which the carmaker says would help it raise $15 billion through 2009.

The package, the second of its kind in the past six weeks, is in response to slumping auto sales and the subsequent deterioration of its earnings amid soaring gasoline prices.

---------- Dollar falls to lower 104 yen level in N.Y.

NEW YORK - The U.S. dollar fell to the lower 104 yen level in New York on Tuesday, its lowest level relative to the yen since early June here, on renewed concern over the financial sector.

At 5 p.m., the dollar traded at 104.66-76 yen against 105.41-42 yen in Tokyo at 5 p.m. It fell to as low as 104.16 yen at one point.

---------- U.N. envoy to Myanmar Gambari invited to visit Myanmar in mid-August

NEW YORK - The United Nations said Tuesday its envoy to Myanmar has received an official invitation to travel to the country in mid-August.

Ibrahim Gambari, U.N. Secretary General Ban Ki Moon's special adviser, received a letter of invitation to visit the country from Myanmar's authorities in mid-August, according to Marie Okabe, the international body's deputy spokeswoman.

---------- Key N.Y. crude oil contract sheds over $6 on expected demand fall

NEW YORK - Crude oil futures in New York plunged Tuesday with the key contract losing more than $6, reflecting an expected demand fall due to the shaky U.S. economy.

The August futures contract for West Texas Intermediate crude oil ended at $138.74 per barrel on the New Mercantile Exchange, down $6.44 from the previous day's close.

---------- Dow Jones ends below 11,000 for 1st time in 2 years

NEW YORK - New York stocks finished below 11,000 Tuesday for the first time since late July 2006 due to deepening concern over the financial sector.

The 30-issue Dow Jones Industrial Average ended at 10,962.54, down 92.65 points from Monday, dropping for the third consecutive day.

---------- U.S. economy sees 'numerous' risks, Fed chairman Bernanke says

WASHINGTON - Federal Reserve Board Chairman Ben Bernanke said Tuesday the Fed has revised upward its 2008 outlook for the U.S. economy but it faces "numerous" difficulties including inflation risks and an unstable financial sector.

The economy "continues to face numerous difficulties, including ongoing strains in financial markets, declining house prices, a softening labor market, and rising prices of oil, food, and some other commodities," Bernanke said in a semiannual forecast to Congress.

---------- Cambodia claims Thai soldiers entered Cambodia

PHNOM PENH/BANGKOK - About 170 Thai soldiers illegally crossed into Cambodia Tuesday, Cambodian government sources said.

Government spokesman Khieu Kanharith, who is also minister of information, told Kyodo News that the movement of Thai troops was considered a "violation of Cambodia's sovereignty."

---------- New British ambassador to Japan looks forward to challenges ahead

LONDON - Britain's new ambassador to Japan, David Warren, said Tuesday he is "enormously looking forward" to engaging with the Japanese on the various challenges facing the two countries as Japan and Britain built on the work of the recent Group of Eight summit, when he takes up his position in Tokyo at the end of July.

---------- Gov't not to shift Food Safety Commission to new Consumer Agency

TOKYO - The government has decided not to place the Food Safety Commission, an entity under the Cabinet Office, under the planned Consumer Agency, government sources said Tuesday.

The Consumer Agency is set to be launched in fiscal 2009 as a means of unifying administrative functions on consumer affairs. It will be established as an external organ of the Cabinet Office and will serve as what Prime Minister Yasuo Fukuda calls the "control tower" of the administration of consumer affairs.

---------- Bush to study sanctions against Zimbabwe

WASHINGTON - U.S. President George W. Bush said Tuesday Washington will study whether to impose sanctions on Zimbabwe following the U.N. Security Council's failure to adopt a sanction resolution on the African country due to the exercising of veto by Russia and China.

Bush told a news conference he was "disappointed" by the veto. "I think the thing we need to do now is for us to analyze whether or not we can have some more bilateral sanctions on the regime leaders."

Copyright ? 2008 Kyodo News International, Inc.

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