Goodyear counts flood cost

The flood waters have fully receded, allowing the company to assess the damage to the facility and the impact on its overall business. However, it remains difficult to provide any firm estimates regarding the extent of damage, Goodyear said in a statement.
The company targets a restart of the factory between March and May 2012. As a result, its production and sales in the fourth quarter of 2011 and the first quarter of 2012 will be adversely affected, it said. – The Nation

China seeks trilateral FTA
China is pushing for a free-trade agreement (FTA) with Japan and South Korea and hopes negotiations will start next year, officials said on Thursday.
“China, Japan and South Korea are all important countries in East Asia, but with different international divisions of labour. A free-trade zone among the three countries, if established as soon as possible, would benefit the economic development of all through developing trade and investment potential in East Asia,” said Shen Danyang, the spokesman for China’s Ministry of Commerce, at a regular briefing in Beijing recently.
A free-trade zone would also help economic integration among the three countries, Shen said.
“China is actively pushing forward an investment accord with Japan and South Korea. As for the progress on the FTA, representatives of the three countries are currently in South Korea conducting the last round of talks on the feasibility of the free-trade zone. The talks have made positive progress,” he said.
Wang Zaibang, vice-president of the China Institute of Contemporary International Relations, said he is “very optimistic” about the proposed FTA.
“The economies of the three countries are closely related and the establishment of a free-trade zone, including the reduction of tariffs, will benefit all three economies in the future. That is why all three countries are positive about the prospects for the zone,” Wang said. – China Daily/ANN
 
THAI draws up 2-year plan
Thai Airways International (THAI) has developed a strategic plan to deal with expected problems over the next two years after its financial results dipped into the red this year in the wake of hikes in the oil price and the recent flooding.
THAI president Piyasvasti Amranand said the company’s management is drawing up new plans for 2012-2013, as the period is expected to be a difficult one for the aviation sector. Threats include continued increases in the price of jet fuel, and more natural disasters.
He said the airline needed better and clearer plans to deal with the problems expected over the next two years. “The oil price climbed 40 per cent from January to November this year compared to the same period last year. However, we hope to deal with the situation much better [next year] than this year.”
The airline has already hedged 60 per cent of its fuel requirements for the next quarter and 80 per cent in the last quarter of 2012. – The Nation.Therefore, the airline still considers economic turn down in Europe that might reflect to the demand of oil in the region. – The Nation.