IV. International (July 15, 2006)
.
China’s economic reforms
go back to the 1980s when Premier Deng Xiao-ping
declared it was glorious to be rich. With only a third
of the economy now directly-state-controlled,
China
has turned itself into
an economic juggernaut that has become the world’s
second biggest exporter, after Germany.
.
It recently surpassed Japan as having the world’s
largest currency reserves and is already the world’s
third-larges car market. China keeps getting bigger even
while standing still. Last year the government increased
its GDP by 17% through a bit of statistical magic.
Assuming present trends continue, China will be world’s
largest economy in 30 years.
.
As impressive as Shanghai’s skyline is, many of its
skyscrapers stand empty. If it weren’t for country’s
woefully non-commercial banking system, most of these
buildings would never have been built in the first
place.
. China and
Saudi Arabia are reportedly discussing an agreement to
import oil from Saudi Arabia to fill China’s strategic
oil reserves. The goal was to have about 800 million
barrels in the reserve versus all-time high reserves of
700.7 million barrels.
.
The total crude oil
price in expected to top $107 per barrel by 2025, the
Chung-Hwa Institute for Economic Research
(CHIER), one of
Taiwan’s
major private think-tanks said in its weekly report on
international economic conditions.
.
Taiwan Semiconductor Manufacturing Co (TSMC), the
world’s largest made-to-order chipmaker announced June
sales grew 35.8% on a year-over-year basis and 2% from
May.
.
The Minister of Agriculture Su Jia-chyuan is
determined to track down dishonest farmers and traders
who have recently spoiled Taiwan’s mango exports to
Japan with mangoes containing excessive pesticide
residue.
. Japan
is considering whether a
pre-emptive strike on North Korea’s missile bases would
violate its constitution, signaling a hardening stance
ahead of a possible UN Security Council vote on Tokyo’s
proposal for sanction against the regime.
.
Tokyo police raided the
offices of Mizutani Kensetsu Company in Kuwana
Mie Prefecture
and arrested two men (Shigeyuki Nakamura and Fumio Obi)
on suspicion of evading 230 million yen in taxes.
.
The Ground Self Defense Force (GSDF) will leave
behind most of its facilities in Samawah, Iraq as
a farewell gift to the locals and speed up its
withdrawal from the country, officials said.
. North Korea’s
missile arsenal consists of--Taepodong-2: said to
be North Korea’s
most advanced missile with a range of up to 9,320 miles.
Experts estimate it could potentially hit the mainland
US with a small payload. The missile is unlikely to be
accurate.
.
Taepodong-1: North Korea is believed to have
test-launched this long-range missile in August 1998.
The second stage landed off Japan’s eastern coast. It
has an estimated range of up to 1,800 miles.
. Nodong:
As many as 200 Nodong missiles are in North Korea’s
arsenal. With a range of about 620 miles (998 kms.),
Japan is their most likely target. The missiles can be
fired from mobile launchers.
.
Scud:
North Korea is
reported to have more than 600 Scud-type missiles that
are relatively short-range and would potentially target
South Korea.
.
Senate President
Franklin Drilon of the
Philippines
was elected Chair of the Committee on Human Rights
of Parliamentarians of the Inter Parliamentary Union,
which investigates human rights violations of lawmakers
throughout the world. He is the first Filipino elected
to the post since its founding in 1889.
.
Sony Philippines is aiming at 40% revenue growth
for its car stereos and audio products for 2006,
following the opening of 2 stores dubbed Xplod
centers at Banawe in Quezon City.
.
Dept. of Science & Technology (DoST) is
finalizing a human resources development (HRD) plan to
solve the problem of “brain drain” in the country’s
science & technology sector brought about by scientists
and researchers moving to other countries to work.
.
One of the region’s
biggest and most sophisticated syabu-producing
laboratories with international links was busted when
police seized syabu & ecstasy pills worth RM14 million
from a factory in Taman Makmur, Lunas, Kedah in
Malaysia.
.
The soon-to-be-launched Silver Book will outline the
framework for corporate social responsibility
(CSR). It is a guide that defines donations,
contributions and other monies that are given out in the
companies’ efforts to give back to society.
.
KNM Group Bhd believes that electric power, palm
oil and biomass industries are potential growth areas
for the company, especially in the second phase of its
plant expansion in China.
.
Petroliam Nasional Bhd (Petromas) has made a firm
offer to take up a stake in Russian oil company
Rosneft’s initial public offering (IPO), said
Financial Times.
. Thailand
plans to introduce tough new measures to strip the
country of its infamous label as the world’s top
producer of fake foreign passports.
.
The state auditor has stepped in to investigate the
Government Lottery Office (GLO) spending and
possible tax evasion that may have cost the state around
10 billion baht over the past three years.
.
Master forger Satian Saisin, in his second year behind
bars, may not know it but he inspired Lt. Gen. Sophorn
Sarapat who busted him to become an expert in bootleg
passports. Today, he is the International Airport
Immigration office’s expert on passport, official
document and bank note fraud.
.
The House of
Representatives in
Indonesia
is putting pressure on the government and the leadership
of the Indonesian Military to come clean about its
investigation into recent discovery of a large illegal
arms stash.
.
Jose Ramos-Horta’s inauguration as the new prime
minister of Timor Leste is a step in the right
direction for improving relations with Indonesia,
analysts believe.
.
Lawyers for the government and the diversified
Rajawali Group were locked in a marathon meeting
this week as they rushed to finalize a deal for the sale
of Cemex SA’s shares in state-controlled cement
producer PT Semen Grasik (SG) to Rajawali.
.
Direct attempts to
eradicate
Vietnam’s
forests were not the only military activities to affect
its environment. The estimated 14 million tons of bombs
or cluster-bombs dropped on northern and southern
Vietnam, Laos
and
Cambodia left
an estimated 10 to 15 million large bomb craters.
.
Cooperation between Vietnam Fatherland and its Cambodia
counterpart would be constructively strengthened to
achieve practical results for the development of both
countries, according to the Central Committee president
Pham The Duyet.
.
While Vietnam is rapidly integrating into the global
economy, the country’s southern key economic region
still faces a challenge in the form of a shortage of
human resources, particularly skilled and
university-trained workers.
.
About 36% of the power
consumed in
New Delhi,
India
is stolen, according to Delhi Power Ministry.
Culprits include slum-dwellers, small illegal factories,
middle-class homeowners, storeowners, affluent
businessmen, and even a Hindu temple recently.
.
To cut down on losses, the distribution companies are
slowly upgrading the city’s transmission network,
installing new meters equipped with computer chips and
modems, so that tampering can be detected from remote
locations. But technology is only part of the solution
to purloined power. The other part consists of
old-fashioned gumshoeing.
.
A controversial deal to help India develop civilian
nuclear facilities cleared another hurdle in the US
Congress, boosting its chances of winning full approval
in the coming weeks.
.
Sycamore employees discussed how they could manipulate
the dates of stock-option grants to make them more
lucrative while keeping their actions hidden from the
firm’s auditors, according to an internal memo attached
to a recent lawsuit.
.
Iran’s warning that it
will not sell gas to both
India
and Pakistan
unless its nuclear dispute with the US is resolved has
shaken the authorities concerned in Pakistan.
.
Balochistan’s budget indicates the province’s
precarious financial condition and shows just how
harmful violence and conflict are economically. Poverty
and an unemployment rate of 30% would further fuel their
simmering discontent and resentment against the national
government and its policies.
.
The State Bank of
Pakistan (SBP)
said consumers’ inflation rate rose 7.1% during May 2006
after recording declines during the previous three
months.
.
The property market in Islamabad had been dull these
days as investor have disappeared since the announcement
of the budget, said real estate dealers of the capital.
.
The government in
Sri Lanka
has to enact new laws for the recovery of bad debts for
defaulters to State Banks for evading repayment
of the principal sum plus interest to State Banks.
.
The 15-member multi-ethnic advisory board, a body of
legal and constitutional experts tasked with
facilitating a power-sharing plan met under Pres.
Mahinda Rajapaksa’s chairmanship following government
efforts to explore a home-grown solution to the ethnic
crisis.
.
The need to activate the Sri Lanka National
Accreditation Board with required funding and staff
was emphasized at a seminar organized by the National
Chamber of Commerce of Sri Lanka on “EU Food Safety
Regulations for Sri Lanka exports.”
.
P.M. Shaukat Aziz has expressed satisfaction over the
privatization of Karachi Electric Supply Corp
(KESC) and its performance and asked its management
to take all possible measures to increase power
generation.
