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Kyodo economic news summary -7-.

TOKYO, March 22 Kyodo

---------- Mitsubishi Electric develops high-resolution LCD

TOKYO - Mitsubishi Electric Corp. said Monday it has developed a liquid crystal display (LCD) that is three times as bright as existing high-resolution LCDs and 1.5 times better in color reproduction.

The LCD, jointly developed with NEC-Mitsubishi Electric Visual Systems Corp., can be used for the printing and photographic industries as well as for medical purposes, the company said.

---------- Bridgestone to raise prices of tires for Japan shipment June 1

TOKYO - Bridgestone Corp., Japan's biggest tire maker, said Monday it will raise prices of tires for shipment in Japan, effective June 1, to cover higher prices of natural rubber and other raw materials.

Prices of tires for passenger cars and small trucks will be raised by 5% and those for large trucks and buses by 6%, said Bridgestone, which last hiked prices in February 1991 in response to higher crude oil prices caused by the Persian Gulf War.

---------- Japan's convenience store sales down 2.9% in Feb. on year

TOKYO - Sales at convenience stores in Japan dropped 2.9% on a same-store basis in February from a year earlier for the 12th straight monthly decline, the Japan Franchise Association said Monday.

The association attributed the fall mainly to reaction to one-time demand for prepaid highway cards in February last year ahead of the end of sales by Japan Highway Public Corp. of 30,000-yen and 50,000-yen cards with high premiums at the end of February.

---------- Unitika Managing Director Onishi to head textile firm in April

OSAKA - Unitika Ltd. said Monday that Managing Director Otofumi Onishi will become president of the textile company on April 1.

President Masahide Hirai will become chairman with the rights to represent the company on the same day, Unitika said.

---------- Japan's 1st weather derivative against high waves goes on sale

TOKYO - Sompo Japan Insurance Inc. on Monday launched what it claims to be Japan's first weather derivative product against high waves.

The product, developed jointly with Chiba Kogyo Bank, is intended for corporations involved in fishing, tourism and marine entertainment such as pleasure boat operators, the nonlife insurer said.

---------- Nippon Keidanren to punish MMC over recall if necessary

TOKYO - The Japan Business Federation (Nippon Keidanren) said Monday it will take punitive action against Mitsubishi Motors Corp. (MMC) if any illegal deeds are confirmed in connection with a recall of large vehicles by Mitsubishi Fuso Truck and Bus Corp. due to a series of accidents.

''It's extremely regrettable'' that wheels came off big MMC vehicles while they were in motion, Hiroshi Okuda, chairman of Japan's most powerful business lobby, said at a press conference.

---------- Philippine peso closes at record low for 2nd consecutive day

MANILA - The Philippine peso closed at 56.42 to the dollar Monday, the second trading day in a row that the currency closed at an all-time low over increased demand for the U.S. currency and lingering political uncertainties, dealers said.

Philippine Central Bank Governor Rafael Buenaventura said the peso was dragged down by a number of factors, notably the weakening of other currencies in the region.

---------- Mitsubishi Heavy to install flue gas desulfurization system in China

TOKYO - Mitsubishi Heavy Industries Ltd. said Monday it and trading house Mitsubishi Corp. have jointly received a 4 billion yen order for a large-scale flue gas desulfurization (FGD) system from a Chinese power company.

The system will be installed at a plant operated by Datang Hancheng No. 2 Power Plant Co., based in Shaanxi Province, which is slated to start operation in early 2006, Mitsubishi Heavy said.

---------- Mitsubishi Fuso's imminent recall to include route buses

TOKYO - Mitsubishi Fuso Truck and Bus Corp.'s imminent recall of large vehicles is likely to include route buses excluded from its initial recall plan following a series of accidents involving its vehicles, sources familiar with the case said Monday.

Subject to the recall will be some 8,000 of around 10,000 buses made by Mitsubishi Fuso, which was spun off from Mitsubishi Motors Corp. in January 2003, they said.
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Publication:Japan Transportation Scan
Geographic Code:9JAPA
Date:Mar 29, 2004
Previous Article:Bridgestone to raise prices of tires for Japan shipment June 1.
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