IN BRIEF

Fast Retailing cuts forecast for 2012

TOKYO: Fast Retailing Co lowered its full-year forecast below market estimates yesterday after a drop in sales at its Uniqlo casual-clothing chain in Japan, underscoring the need for Asia's biggest apparel retailer to step up its global expansion. The Japanese firm has embarked on a major overseas push in its quest to become the world's top apparel retailer by 2020 and reduce its reliance on its home market. In the latest quarter, sales at its Uniqlo stores overseas soared more than 60 per cent from a year earlier, compared with a 1 per cent drop in overall domestic Uniqlo sales but still accounting for only about 17 per cent of total revenue.

Laos vows to address Mekong dam fears

BANGKOK: Laos has pledged to stall construction of a controversial multi-billion dollar dam on the Mekong river until all its neighbours' environmental concerns have been answered, state media said yesterday. The US$3.8 billion hydroelectric project at Xayaburi, led by Thai group CH Karnchang, has sharply divided the four Mekong nations Laos, Vietnam, Cambodia and Thailand — who rely on the river system for fish and irrigation. "The Xayaburi project will develop one of the most transparent and modern dams in the world," Deputy Minister of Energy and Mines Viraphonh Viravong told state-run Vientiane Times.

M'sia 5th most popular FDI destination in Asia

KUALA LUMPUR: Malaysia emerged as the fifth most popular destination for foreign direct investments (FDIs) in Asia last year, ranked after China, Hong Kong, Singapore and Indonesia, local media reported yesterday. According to the figures released by United Nations Conference on Trade and Development this week, the country attracted US$11.97 billion, a 31.5 per cent increase from 2010.

Bank Negara reserves at RM428.8b as of June

KUALA LUMPUR: Bank Negara Malaysia's (BNM) international reserves amounted to RM428.8 billion as at June 29, 2012. In a statement yesterday, BNM said the reserves position was sufficient to finance 9.4 months of retained imports and was 4.3 times the short-term external debt. "This reserve level has taken into account the quarterly adjustment for foreign exchange revaluation gains following the strengthening of major and regional currencies against ringgit during the quarter," it said. The central bank's total assets, including international reserves, stood at RM480.13 billion.

Agencies