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Kyodo economic news summary -4-.

TOKYO, Nov. 4 Kyodo

---------- Nippon Keidanren eyes letting Okuda serve 2nd-term

TOKYO - The Japan Business Federation (Nippon Keidanren) is considering letting Chairman Hiroshi Okuda serve a second term when his current two-year term expires next May, Nippon Keidanren officials said Tuesday.

Nippon Keidanren plans to make a final decision on the matter after Sunday's House of Representatives election and an announcement is expected later this month.

---------- Japan's tax revenues down 3.3% on year in Sept.

TOKYO - Japan's tax revenues in September fell 3.3% from a year earlier to 2,086.17 billion yen, due in part to decreases in liquor and tobacco tax revenues, the Finance Ministry said Tuesday.

Cumulative tax revenues since the start of fiscal 2003 in April totaled 12,705.69 billion yen, down 2.5% from the same period a year earlier, the ministry said.

---------- Shin-Etsu Chemical to buy Swiss firm's cellulose operation

TOKYO - Shin-Etsu Chemical Co. said Tuesday it has agreed with Clariant AG to buy the cellulose operations of the leading Swiss chemical manufacturer for about 31 billion yen.

The acquisition will boost Shin-Etsu Chemical's production capacity of methylcellulose to 47,000 tons a year, making the company the world's largest methylcellulose manufacturer by leapfrogging Dow Chemical Co. of the United States.

---------- Mitsui agrees to pay $53 mil. to settle U.S. vitamin antitrust case

TOKYO - Mitsui & Co. said Tuesday it and two of its U.S. subsidiaries have agreed to pay a combined $53 million (5.8 billion yen) to settle a class-action lawsuit in the United States in connection with alleged vitamin price-fixing.

The two Mitsui subsidiaries are Mitsui & Co. (U.S.A.) in New York and the Ohio-based Bioproducts Inc.

---------- China's Lianhua Supermarket forms alliance with Japan's Izumiya

HONG KONG - China's largest supermarket chain operator Lianhua Supermarket Holdings Co. said Tuesday it has signed a deal with Japan's Izumiya Co. to sell each other's products and jointly develop goods under their brands.

Under the alliance agreement, the Shanghai-based Lianhua Supermarket will export more than 200 types of goods with sales revenue of 500 million yuan (US$60.5 million) to Izumiya, the eighth largest retail chain in Japan, by 2005.

---------- Tokyo stocks surge on buying of export-oriented shares

TOKYO - Tokyo stocks surged Tuesday on buying of export-oriented shares following the yen's depreciation against the dollar and U.S. stocks' overnight rise to their highest levels this year.

The 225-issue Nikkei Stock Average jumped 288.38 points, or 2.73%, to close at 10,847.97. The broader Tokyo Stock Price Index (TOPIX) of all First Section issues on the Tokyo Stock Exchange gained 26.65 points, or 2.55%, to 1,070.01.
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Publication:Japan Weekly Monitor
Geographic Code:9JAPA
Date:Nov 10, 2003
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