.
While
Asia
has long depended on the
Middle East
for oil & gas: the nature of that relationship is
changing. Frequently overlooked is the growing web of
ties between these 2 regions. The most prominent strand
of this affiliation is energy.
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Asia has become an ever more voracious consumer of oil
and gas which increased its relationship with the Middle
East, while ties
to its traditional energy partner (US)
have been increasingly strained.
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Today Chinese, Indian, Malaysian and Japanese energy
companies are winning exploration and co-production
contracts in the region.
. China
UnionPay
which has sole responsibility for mainland China’s
bank-card transactions, plans to expand its network to
10 more countries (US, Germany, France, Japan,
Australia, New Zealand, Vietnam, Indonesia, Malaysia and
Philippines) by the end of the year, said a company
executive.
. China’s
central military command center was off-limits to DOD
Secretary Rumsfeld when he visited China last month.
Little is know about the huge underground military
facility in Beijing, known as the
Western Hills Command
Center. It is
known as China’s Pentagon and has been couched in
secrecy for decades.
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Secretary Rumsfeld
questioned China’s motives in underreporting its defense
spending. He mentioned no figures, but the Pentagon said
last summer that China may be spending $90 billion on
defense this year—3x the announced total.
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Taiwan’s
president dismissed 2 senior advisors (Chen Che-nan and
Chen Min-hsien) in an attempt to silence allegations of
government corruption threatening to destroy the clean
image that helped bring his party to power.
. Pres. Chen
said some retirees’ pensions are as much as 30% greater
than their previous salaries and the government must
correct this situation.
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An opposition legislator alleged that former
presidential advisor (Chen Chen-nan) and Ministry of
Economic Affairs Vice Minister (Hou Ho-hsiung) illegally
forced the navy and China Shipbuilding Corp to
allow Jong Shyn Shipbuilding Co. to participate
in building boats for the navy.
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Taiwan may propose this month to produce bird-flu
vaccine at the APEC summit in an effort to help combat
the spread of the deadly disease, Vice Minister of
Foreign Affairs Michael Kao said.
. Japan’s
geeks, socially derided as “Otaku” (1.92 million
nationwide) for their single-minded focus on their
hobbies are becoming a formidable economic force, spend
$3.51 billion annually.
. GM is
selling its stake in Japan’s Fuji Heavy Industries,
maker of Subaru cars, ending another of a string
of disastrous investment.
. After years
of stagnation, the economic upswing is boosting salaries
and cutting unemployment, prompting consumers to spend.
. South Korea
needs to increase labor market flexibility and overhaul
R&D to ensure it does not stagnate, the Organization
for Economic Cooperation & Development said.
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Samsung,
the world’s largest maker of memory chip for computers
and other electronic gadgets, has agreed to plead guilty
to price-fixing and pay a $300 million fine, US
officials said.
. Korea looks
to get out the long shadow of Qualcomm, a
US-based mobile giant that retains the source of code
division multiple access (CDMA) by developing its own
modem chips via Korea’s SK Telecom.
. Singapore
sentenced 2 ethnic Chinese citizens to jail for racist
comments they made online about ethnic Malays.
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Companies in Singapore
are ill-prepared to cope with the challenges that come
with having one of the world’s fastest-aging populations
(60% of labor participation rate from 50-64 years old),
says a human capital expert.
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Lebroy Marine signed another shipbuilding
contract from Belden Shipping Group of Norway
with $42 million for the construction of a cement
carrier for delivery in 2007.
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More than 350 foreign
employers from transnational companies in Taiwan,
Australia, the Middle East, Japan, the Caribbean, Europe
and North America will meet with licensed recruitment
and manning agencies this month to identify and select
Filipino professionals and high-skilled specialists
for overseas employment.
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Philippines’
PNOC is now tapping a strategic partner to go
into a joint venture with PNOC-Energy Development
Corp to undertake offshore drilling in
Gambia.
It’s exploring export of food products to the country.
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In a recent study by the World Bank, it said that
for every 10% rise in the dollar vis-à-vis the peso
leads to a 0.6% decline in poverty levels, as remittance
by Filipino migrant workers prevent their families from
falling into
poverty.
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Users of unregistered
prepaid mobile phones in the 3 southern border provinces
of Thailand
won’t be able to use them, starting 11/15, said a
government spokesman. Tourists to these 3 southern
provinces will be affected as well.
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Hopes for 30% increase as bird flu scares in Europe
divert buyers to Asia. Overseas demand for Thai chicken
should remain strong despite worldwide fears about
bird-flu, according to Charoen Pokphand Food Plc
(CFC).
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The decision by PTT Plc and other natural gas
producers to cut prices at their own expense effectively
brought down the full tariff increase from the Oct
2005-Jan 2006 period to 10 satang per unit from
26 satang.
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Authorities have
permitted universal brokers (UBs) in
Malaysia
to become investment banks by taking over discount
houses, a decision that allows these brokers to compete
with existing merchant banks.
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H&I Niaga, that won a RM320 million contract from
Bank Negara Malaysia, has filed its 2002 and 2003
accounts. Its balance sheet in a net current assets
position and its net gearing improved to 1.5 times in
2003 for 1.7 times in 2002.
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Tekala Corp Bhd, a maker of plywood flooring
products, is expected to post healthy pre-tax profits
for FY 2006-2007 ending March 31 due to higher sales to
the Japanese market.
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Electricity of
Vietnam
(EVN) inaugurated the country’s second 500 kilovolt (KV)
high voltage wire 3 months ahead of schedule, saying the
new section would help stabilize the national grid and
meet increasing demand for electricity across the
nation.
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The government’s
Program 135 for the socio-economic development of
extremely poor mountainous and remote communities had
reduced the number of poverty-stricken households by 40%
since 1998, the National Assembly has been told.
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As the market for robots in Vietnam grows, the domestic
robotic industry scrambles to develop new technology to
keep up with demand.
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Cisco Systems Inc.
will spend $1.1 billion in
India
over the next 3 years in the company’s largest
investment outside the US, said its CEO.
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India will offer some of its strengths in information
technology to help the Vietnam National
Administration of Tourism redesign its Website.
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The Ministry of Finance (MoF) has reported the
government will cancel this year’s reimbursement plan
for slow infrastructure projects that are using
government bonds in a bid to tackle the sluggishness
riddling this type of capital.
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Tea farmers will now be given priorities for loans from
Bank of Agriculture and Rural Development of Vietnam
(BARDV) as part of a project on increasing tea
plantations in the northern midland province of
Phu Tho.
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The death toll in
Pakistan’s
devastating earthquake rose to nearly 40k while snow,
rain and frigid temperatures compounded the misery of
millions of homeless victims. Heavy rain and snow
disrupted efforts to help an estimated 2 million people
ahead of the harsh Himalayan winter.
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Pakistan intends to import gas from regional countries
to meet its rapidly increasing industrial requirements,
said its president Gen. Musharraf.
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Pakistan’s rejection of Israel’s aid confirms observers
view that despite Musharraf’s military uniform and US
backing, he doesn’t feel strong enough to challenge
radical Islam’s sway on more than 70% of Pakistan
