IV
IV. International
(06-01-06)
.
Much has been made of the rivalry between Asian super-powers
China
and India.
China’s GNP, at $1.6 trillion, is far larger than
India’s $692 billion. China leads by tenfold in direct
foreign investment
.
Forbes
found one area where India has bragging rights: the net
worth of its wealthiest citizens. India’s 10 richest
individuals are worth a collective $68 billion (up from
$44 billion last year), while their Chinese counterparts
are good for only $12 billion. Credit India’s
stronger financial institutions, better transparency and
emphasis on entrepreneurship.
. The sizzling Bombay Stock Exchange
index, up 39% in 2005, is fueling many Indian fortunes.
So also is demand for commodities, such as
petrochemicals and energy. India’s software and telecom
titans also continue to do well.
. China
welcomed a US invitation
to observe military exercises on Guam this month, saying
more contact between defense forces could increase
understanding.
. Two best-selling authors (Jed Babbin &
Edward Timperlake), in their new book Showdown,
assert that “China may soon have the capacity to shut
down the stock market, take out air traffic control &
telephone satellite networks, and hijack our electric
power grid.”
. China has released Shanghai property
tycoon Zhou Zhengyi last week after he completed a
3-year sentence for stock market fraud and falsifying
documents.
.
Finance Minister Sadakazu Tanigaki of
Japan
hinted last week that the
consumption tax must be raised no later than FY 2009,
backing down from his earlier suggestion that the tax be
hiked as early as 2007.
.
Leaders of Japan and Pacific Island nations gathered for
a 2-day conference for a 2-day summit in Nago, Okinawa
Prefecture to review the progress they made since they
last met in 2003 and adopted a set of common strategies
for the regional development in the areas of security,
environment, education, health, health & economic
growth.
.
Former Livedoor Co. executives pleaded guilty to
manipulating financial figures and are now poised to
testify against the former company president Takagumi
Horie who denied wrongdoing since his arrest in 1/06.
.
President Chen Shui-bian’s son-in-law, Chao Chien-ming, was detained
early last week by the Taipei District Court in
Taiwan
after hours of questioning over his involvement in an
alleged trading scandal.
.
Faced with the decision by the Chinese Nationalist
Party (KMT) to close the Central Daily News,
the newspaper’s union threatened to hold a protest if
the party failed to come up with a solid layoff plan.
The paper was established in 1951, is more than $1.5
million (NT$47 million) in debt and has become a
financial burden to the party.
.
Several nations with no diplomatic relations with China
(e.g., Australia, Canada, US, Mongolia) have argued in
its favor at this year’s World Health Assembly (WHA),
in which Taiwan has unsuccessfully tried to gain access
as an observer.
.
Las Vegas Sands
has won the bid ($3.85 billion) to develop the
Integrated Resort (IR) at
Marina Bay
in Singapore
which includes
the setting up of a casino.
.
Pacific Shipping Trust Co., the first ship-owning
business trust in Singapore, fell 5.6% on its first day
of trading last week amid concerns that shipping rates
will continue to slide.
.
Xpress Holdings, which prints prospectuses for
half the initial public offerings in Singapore said
China’s decision to lift a ban on IPOs would boost its
printing business in China.
. South Korea’s current account deficit in April exceeded $1.5 billion, the largest
since the 1997-1998 financial crisis, the national bank
reported, casting doubts on solid growth in the trade
front.
.
A professor (Kang Jeong-koo) got a suspended
2-year jail term last week after being convicted for
pro-North Korean remarks that sparked ideological and
legal disputes last year.
. The man (Ji Choong-ho) who attacked
opposition Grand National Party
leader Park Geun-hye, with a box cutter most probably acted alone, said
investigators after scrutinizing the suspect’s bank and
phone records.
.
The US Senate unanimously adopted an amendment to a proposed immigration
bill that “would allow the sons & daughters of
Philippine naturalized veterans to obtain a
family-sponsored immigrant visa without being subject to
direct numerical limitations.”
.
A similar measure was introduced by Rep. Ed Case (D-HI)
earlier this year. H.R. 901 would prioritize the
permanent immigration petitions of the sons & daughters
of Filipino World War II veterans who were extended an
offer of citizenship under the Immigration &
Naturalization Act of 1990.
. The Dept. of Budget & Management (DBM)
has authorized the creation of about 5,300 teaching
positions nationwide by the Dept. of Education (DepEd).
.
A powerful earthquake jolted Java in
Indonesia
killing more than 5,000 people (the number is rising)
and forcing thousands of terrified villagers to flee
homes reduced to rubble.
.
The Thai baht has appreciated by 7.4% since the end of
last year, a level comparable to other Asian currencies,
according to the Bank of
Thailand (BOT).
On average, the Asian currencies have appreciated 5-6
percent since the end of last year.
.
The Dept. of Export Promotion opened a 5-day
Thai Food Exhibition last week, aiming to attract
more foreign investors into the country’s food industry
and push for higher export value on Thai food and
beverage products, as well as related services.
.
A major Saudi Arabian hygienic firm has signed
agreements with 2 Thai private hospitals (Phya Thai
Hospital and Bangkok Hospital) aimed at
making Thailand a health service center for Saudi
Arabians.
.
National Assembly deputies agreed that standards and technical
specifications are key to maintaining norms in economic
and trade relations and in encouraging enterprises to
include the quality of products and services in
Vietnam.
.
Lao Prime Minister Bounyang Vorachit sent a
letter of condolence to Prime Minister Phan Van Khai
of Vietnam, offering sympathy for the loss of life
suffered during typhoon Charchu.
.
The conference of the Committee on Trade & Investment
(CTI) under the APEC meetings discussed its work
plan on support for the multilateral trading system and
considered how the CTI and its sub-fora would assist in
advancing the Doha Development Agency (DDA)
negotiations in the WTO.
.
Some Christians in India
are so incensed by the showing of the Da Vinci Code that
Nicolas Almeida offered $25k for the head of Dan
Brown.
.
Intel Corp, the world’s largest chip maker, said
last week it would spearhead an initiative to sell
cheaper computers in the country to increase usage in
Asia’s 3rd-largest economy. Its cheapest
desktop now costs about 10,000 rupees ($220).
.
India’s richest men:
Laksami Mittal, $20 billion (London); Azim Premji, $11
billion (Bangalore); Mukesh Ambani, $7 billion (Mumbai);
Anil Ambani, $5.5 billion (Mumbai); Kushal Pal Singh, $5
billion (Delhi); Sunil Mittal, $4.9 billion (Delhi);
Kumar Birla, $4.4 billion (Mumbai); Tulsi Tanti, $3.7
billion (Pune); Pallonji Mistry, $3.3 billion (Mumbai);
Anurag Dikshit, $3.1 billion (Gibraltar).
.
Prime Minister Shaukat Aziz said
Pakistan
would welcome the
European Parliament’s help in resolving the Kashmir
dispute.
.
Pakistan and Iran decided to establish a Joint
Investment Company to be based in Karachi with a
capital of $25 million to promote trade and economic
relations between the 2 countries.
.
President Pervez Musharraf underlined the
importance of the public sector development program (PSDP)
in setting pace for rapid socio-economic uplift of the
common man in providing employment and improving the
quality of life.
