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Kyodo economic news summary -6-+
(Japan Economic Newswire Via Acquire Media NewsEdge) TOKYO, Oct. 10_(Kyodo) _ ---------- Limits on share buybacks to be lifted in rest of year: Aso
TOKYO - Prime Minister Taro Aso said Friday the government plans to remove restrictions on share buybacks by listed companies in the rest of the year to help prop up plunging stocks.
"I've just instructed" the Financial Services Agency to introduce the temporary measure, Aso told reporters.
---------- Aug. U.S. trade deficit down 3.5% on decreased imports
WASHINGTON - The U.S. deficit in global goods and services trade in August narrowed 3.5 percent from the previous month to $59.14 billion as imports fell faster than exports, the Commerce Department said Friday.
The politically sensitive deficit in goods and services trade with China gained 1.8 percent to $25.33 billion, the highest since October last year, but that with Japan was down 24.7 percent to $4.77 billion, the lowest since May 2003, the department said in a preliminary report.
---------- TSE head calls for investors to stay calm after global stock plunges
TOKYO - Atsushi Saito, president of Tokyo Stock Exchange Group Inc., on Friday called on investors to stay calm in their trading following global stock plunges amid widening financial fears.
"We ask investors and market participants to take a cool-headed investment approach," Saito said in a statement. TSE Group is the operator of the Tokyo Stock Exchange.
---------- Mayor of London's City district calls on Japan to take 'major role'
TOKYO - David Lewis, mayor of London's City financial district, called on Japan on Friday to take a "major role" in solving the current global financial turmoil.
During his visit to the Tokyo Stock Exchange, he said the fundamental problem of the current financial crisis stems from a lack of trust in the banking industry and that it is essential for the world to work together to restore the trust.
---------- Itochu reports over 50 bil. yen in dubious transactions
TOKYO - Major Japanese trading house Itochu Corp. said Friday a former employee conducted dubious transactions in which the company paid more than 50 billion yen for heavy machines disguised as having been sold to a Mongolian company.
Itochu said it also suspects similar transactions with another firm involving more than 40 billion yen in payments.
---------- Japan ready to host G-8 summit to deal with financial crisis: Aso
TOKYO - Japan is ready to host a meeting of leaders from the Group of Eight major industrial countries and others if necessary to deal with the widening global financial crisis, Prime Minister Taro Aso told reporters Friday.
While saying that he would like to see the outcome of the meeting of finance ministers and central bank governors of the Group of Seven economies to be held Friday in Washington, Aso said, "If there is a need to hold a G-8 summit, Japan is ready to host it."
---------- IEA downgrades oil demand forecast for 2008 amid economic downturn
LONDON - The International Energy Agency on Friday revised downward its forecast for global oil demand for 2008 to 86.50 million barrels per day, 240,000 less daily than its previous estimate in September.
The downward revision came as the financial turmoil stemming from the U.S. subprime mortgage crisis has had negative effects on major economies while dampening demand for oil.
---------- Daiei group net profit plunges 92.7% in March-August
TOKYO - Daiei Inc. said Friday its consolidated net profit in the first half of its fiscal year through February plunged 92.7 percent from a year earlier to 3.36 billion yen due to sluggish consumer spending and impairment losses on fixed assets.
In the March-August period, its pretax profit jumped 25.8 percent to 1.74 billion yen, however, as the mass retailer reduced its interest-bearing debt through asset sales. But group sales slumped 12.3 percent to 526.28 billion yen.
Copyright ? 2008 Kyodo News International, Inc.
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