IV. International (05-01-06)
.
Macau
is the gambling capital of Asia, but Las Vegas investors
are moving in, changing the contour of the land, e.g.,
Sands Macao Casino ($265 million), MGM Grand Macao ($1.1
billion), Macao Venetian Casino Resort ($4.5 billion),
and Wynn Resorts ($1.2 billion).
.
New investors are trying
to change its image from a place synonymous with
prostitution, money laundering and binge gambling into a
hive of trade shows, restaurants, shopping and
entertainment in which gambling is but one piece of a
glitzy resort experience for the masses.
.
Macau had 1,388 gambling tables at the end of last year
but is on track to have more than 4,000 by 2009,
according to the South China Research Ltd. in Hong Kong.
The number of visitors to
Macau
rose from 11.2 million in 2003 to 11.7 million last
year.
. Clearly
irritating US economic officials, the IMF faulted the US
for its budget and trade deficits and its failure to
provide universal health insurance, predicting that the
dollar would inevitably decline in value against the
world’s other currencies.
. China’s
trade surplus ballooned to $11.2 billion in March, up
35% vs. February, and making international relations
sticky as China’s president prepares to visit Washington
to discuss trade policy.
.
Research in Motion Ltd.
(RIM), the maker of the iconic BlackBerry device
said it expects to launch its wireless email service
with China
Mobile (Hong Kong) Ltd.
by mid-year.
. Shanghai
Automotive Industry Corp, a government-owned
company, has worked side by side with GM and
Volkswagen AG to build cars for the Chinese market.
Now it is getting ready to make its own high-end sedan.
. China’s top
3 makers of personal computers have agreed to ship their
products loaded with legitimate copies of Microsoft
Corp’s window operating system, addressing some of the
privacy concerns straining commercial ties with the
US.
.. Google
Inc. expects substantial revenue growth in China, a
market that the Internet giant sees among the most
promising but one in which censorship laws run counter
to some of the firm’s core values.
. Japan’s
Financial Services Agency imposed strict
preventive measures against JP Morgan for the 3rd
time ordering it to suspend new business in real estate
trusts for 6 months and improve internal control.
. The Bank
of Japan held interest rates at 0% and refrained
from saying when rates could rise. Japanese high-bond
yields have hit a 2-year high on view that BOJ which has
started to take excess cash out of the financial system,
could start to hike rates in upcoming months.
. Japan’s
direct investment in China rose 19.8% to a record $6.53
billion last year despite anti-Japanese demonstration in
China last April, said the
Japan External Trade
Organization.
.
In a strong development
in the ports business, Singapore PSA
International said it is buying for $4.388 billion a
20% in the port assets of
Hong Kong
conglomerate Hutchison Whampoa, the world’s
biggest port operator.
.
Despite shareholder pressure at Isetam’s AGM,
Chairman Toshiaki Nakagawa said he will not lease or
sell its retail space in the Wisma Atria Mall.
.
A day after the general election was called, the
Singapore Democratic Party faced legal action for
alleging that PAP leaders knew about the problems at the
National Kidney Foundation, but deliberately covered
them up.
.
The latest squabble
between South
Korea and
Japan over a group of islets is bad news for Washington
in the region at a time when they are struggling to
prevent a united front in China’s military rise and
North Korea’s nuclear belligerence.
.
Both countries maintain
centuries-old claim to the area, which is coveted for
fishing rights. South Korea views Japan’s 1905 move to
enforce its control over the islets as a precursor to
its invasion and 35-year occupation of the Korean
Peninsula, from
1910 to 1945.
.
South Korean and Japan are additionally locked in a
testy diplomatic battle over the name of the body of
water surrounding the islets—called
Sea of Japan by Tokyo
and the East Sea by Seoul.
.
The Philippine
SEC has directed the Government Social Insurance
System (GSIS) to disclose the “mystery buyer” of
shares in Equitable PCI Bank to prevent
speculation on stocks and safeguard the interest of
investors.
.
Planters Development Bank posted a net income of
P600 million base on the newly-implemented International
Accounting Standards (AIS) in 2005 said the bank’s top
official. It made P320-million profit last year, lower
than the P400-million in 2004.
.
Sharp (Philippines) Corp is still optimistic of
growing its domestic sales of washing machines and
television sets, according to Hiroshi Hatano, Asst. VP
and division general manager for domestic sales, after
experiencing a stagnant year for its FY 2005.
. Thai
PM Shinawatra stepped down even though he won the snap
election. Anger grew over his tax-free sale of a 49%
stake in Shia Corp to Temasek Holdings of
Singapore.
.
The Election
Commission dissolved 2 small parties for allegedly
helping the Thai Rak Thai Party dodge the 80%
vote requirement to win House seats by fielding their
candidates in “so-called competition.” The commission
has not yet decided whether to take action against the
TRT Party.
.
The government will not
intervene in gas prices and electricity costs but will
let them move in line with the market, according to the
caretaker deputy PM & commerce minister. It has moved to
cushion the impact of high oil prices on selected
sectors, such as farming, fisheries and small
enterprises.
.
Post Publishing Plc, publisher of Bangkok Post
and Post Today dailies, projects steady growth in
advertising revenues this year even though the outlook
for the overall industry looks flat.
.
Property developer
Talam Corp of
Malaysia
has struck a deal to restructure a major portion of its
RM1.2 billion debt. Its main financier has allowed Talam
to defer payment on about RM800 million debt until it
completes 12,000 units of houses that have been stalled.
.
Contracts worth some $88.5 billion (RM324 billion) await
Malaysian companies in the Middle East
(Bahrain, Qatar,
Kuwait, Saudi Arabia, UAE & Oman), especially in
construction and property-related activities,
Bahrain Malaysia
International (BMI) Sdn Bhd
says.
. Naza’s
new automotive plant, comprising a manufacturing
facility and a vendor park, is expected to create 6,000
jobs in Bertam and changes the lifestyle there
somewhat.
.
Bank Internasional
Indonesia
(BII) is hoping to become the country’s second largest
credit-card issued in terms of card holder numbers this
year, notwithstanding growing competition in the market.
.
The rupiah hit a 21-month high against the US
dollar as overseas investors continued seeking out the
local currency in an ongoing splurge on stocks & bonds
in Indonesia’s high-yielding capital markets.
.
The Indonesian economy remains exposed to possible
slower economic growth this year as government spending,
which plays a key role in fueling the economy, continues
to fall far behind schedule.
.
Maoist women are taking
up arms in
India. They
claim to fight for the rights of the rural dispossessed
and have been responsible for a wave of the killings
this year as they step up their battle with the state of
West Bengal. Other areas hit are the states of
Bihar,
Jharkhand, Orissa and Chhattisgarh.
.
Around 150 women, drawn from 3,000 women believed to be
among the rebel ranks, have been trained to handle
sophisticated weapons and explosives, officers say. The
Maoists have 20,000 armed fighters backed by hundreds of
thousands of supporters.
.
The Asian Center for Human Rights said in a
recent report that 235 people were killed in fighting
across 9 states in the first 3 months of this year. The
women brigade is under the direct command of senior
militant commanders from Andra Pradesh, and
travel along jungle paths in bands of 10 to 12.
.
1500 people clashed with police, accusing officials of
negligence after a fire at a consumer goods firm in
Meerut
killed at least 51 and injured dozens.
. Pakistan’s
foreign minister called on the president of
Turkey
and held in-dept consultations on national and
international issues, including Iran, Iraq, Afghanistan,
and Pakistan-India relations.
.
India and Pakistan agreed not to levy import duties of
more than 5% on products traded within the South
Asian Free Trade Area (Safta).
. A
delegation of US business leaders headed by Jay Collins,
Chairman of US-Pakistan Business Council, visited
Pakistan April 24-26 to explore opportunities with the
Pakistani private sector.
. Sri Lanka’s
candidate (Jayantha Dhanapala) for UN Secretary General
said he believed his expertise on terrorism and WMD made
him the best person to succeed Kofi Annan and deal with
Iran.
.
The Excise Department will deploy special
investigative teams throughout the island to seize those
found selling liquor during the Vesak season (May
9-15).
.
Construction will begin 5 major irrigation projects to
cost Rs. 20 billion within the next 2 years providing a
boost to rice cultivation. It covers 28,500 hectares of
rice lands benefiting 35,300 farmer families.
. Nepal’s
King Gyanendra, facing sweeping anti-monarchy protests,
is handing over political power to the people and asked
a 7-party alliance to choose a new prime minister.
Protesters on the streets want to go further, calling
for the monarchy to be abolished.
