I.
General
. The
nation’s retailers lost about $32.5 billion because of employee
theft (No. 1 problem), refund fraud (gaining ground as criminals
become more sophisticated and deceptive), shoplifting and other
forms of retail crime, according to a U. of FL study.
. The
US is one place to record more jobs lost in 2001 that it has in the
past 9 years. Through the end of Nov, close to 1.8 million jobs were
lost last year (3x more than in 2000). Thousands have received no
assistance with their healthcare costs. Over 800,000 workers have
exhausted their unemployment benefits.
. After
begging Congress to bail them out with billions of dollars, after
failing at their responsibility for proper security measures, the
airlines have the audacity to try to blow the implementation of
Govt. regulations. They
even hired a lobbyist for that purpose. Whose money is it that
Congress plans to give them?
. Historical
record shows that every effort in modern times to apply
sharia (Islamic law) in its entirety, e.g., Saudi Arabia, Sudan,
Libya, Iran & Pakistan, ended up disappointing the
fundamentalists, for realities eventually had to be accommodated.
They pose special problems to govts. Because they insist, adamantly
and often violently, on an impractical program.
. Many
different groups of Islamic fanatics view their militant actions as
a response against an enemy whom they believe started it all in the
first place. Their extremism is not for love of violence. Their
revolution is against foreign domination and encroachment in every
aspect of their lives, symbolized most often by the US.
II.
Private Sector
. EchoStar is not cutting back satellite-based high-speed Internet service as
insiders had speculated. The company, which has agreed to purchase Staples,
will pay at least $1 billion in expanding Spaceway
as the satellite service is called.
. Some
1200 independent cable companies are watching from the sidelines as
the merger in their industry is getting bigger and bigger. They say
that the mergers will not promote competition but squelch it on the
local level.
. 2001
may go down in Internet history as the year that the dot-coms
learned the were not immortal. Many a highflyer has to cut staff,
merge with a larger company, or just plain go out of business over
the past year.
. Top
Lucent executives won’t get bonuses, but the company is making
retention payments from $1 million to $4.5 million to some officers.
. Priceline.com has struck its first major marketing deal with AOL Time Warner at a time where many companies have shied away from
Internet advertising.
III.
Federal Government
. In
an undercover sting, the team of FAA
agents managed to break through different airport security points
446x out of 450x, meaning the “bad guys” were successful 99.1%
of the time.
. The
American Federation of Govt. employees, which represent 600k federal
workers, is seeking to win collecting bargaining rights for the 28k
people DOT will soon hire to screen bags.
. Travelocity.com,
the online travel agency of Sabre, said it expects a revenue
increase of 20%-30% in 2002 over the previous year. Sabre disclosed
the news in an analyst call and SEC
filing.
. As
part of the Appropriation Bill, DOD’s
procurement must use one of their own GWACs, and cannot use GSA’s
GWACs anymore.
. IRS will
waive customary penalties for taxpayers who voluntarily disclose
their use of improper tax shelters and the name of the shelter’s
promoter. The shelter cost Treasury
an estimated $10 billion a year in tax revenue.
IV.
International
. China’s
top trade diplomat has assured SE
Asia that China’s entry into WTO and growing economic clout
will not retard growth in neighboring states.
. China’s stock market regulators have tightened the rules governing the
delisting of unqualified market players to comply with international
standards.
. Hongkong’s economy may be facing the prospect of o growth at all in 2001, but some
competing economies across the region are in far worse shape.
. After
a decade-long bid to enter the global trading club, Taiwan’s
accession to WTO is raising hopes for better ties with its giant
mainland neighbor.
. Microsoft
is buying $500 million stake in Korea
Telecom, giving it 3.2% of the Govt-controlled company.
. A
leading economist thinks Japan
should apply the lessons it taught the US in the 1980s and open up
its banking sector to foreign competition.
. The Malaysian Govt. took over the national airline, a key sewerage
management company and a giant dam project guarantee services to the
public, not to protect the interests of any individuals, according
to a minister.
. The
RP has overcome instability, and also avoided recession woes of
other Asian economies, with the Govt. predicting GDP growth of
between 4.0% to 4.5% in 2002.
. The
National Wages Council of Singapore
is likely to call on workers to accept an aggressive round of
paycuts as the Govt. battles its toughest recession in a generation.
