IV. International
(11-01-06)
.
Banco Delta Asia
in Macau was identified by US Treasury
Department as the main conduit for bringing North
Korean –made counterfeit US bills into the international
system. It is also reported to hold the private account
of Kim Jong Il and his family.
.
China’s effort in reining in North Korea that finally
paid off is partly dictated by its own national
interests to see that Japan is not forced to become a
nuclear power, and not by North Korea’s childish
immaturity for attention.
. Oil prices
fell despite Saudi cut. Saudi Arabia cuts November crude
sales by up to 8% in Japanese, Chinese and South Korean
refineries.
.
Delegates to the Burmese Convention, which met in
October, said they expected it to finish its work on a
new Constitution by next year, completing the first
stage of the military’s “7-stage path to democracy.”
.
Sending tourists into
orbit is just one of the galactic ambitions set out in a
new white paper on the future of
China’s
space program.
.
Ever since China banned sales of Japanese SK-ll
cosmetics for having toxic materials, other luxury
brands have rushed in to take advantage of the sales
vacuum. Noting that other Asian markets still permit
SK-ll sales, some think it is basically trade
retaliation. Some Chinese observers say prohibition was
a mistake.
.
Foreign institutional investors, undeterred by curbs
imposed by Beijing to discourage real estate
speculation, are still scrambling to snap up properties
in Shanghai.
. Hong Kong
is hot. Nothing
encapsulates this boom town feeling better than scenes
of retail investors clamoring to get a piece of the
latest IPO from mainland
China—the
Industrial & Commercial Bank of China (ICBC).
.
Hong Kong’s handover
coincided with the Asian crisis of 1997. Economic
malaise, political paralysis and dissatisfaction with
the new regime culminated on 07/01/03
when 500k protesters demanded change on the streets.
.
China’s influence looms large in Hong Kong,
dictating everything from ownership of the territory’s
telecom network to a stubborn refusal to countenance any
genuine political revolt.
.
The number of babies
born in
Japan
rose for the 7th consecutive month, raising
hopes for an upturn in the country’s plunging annual
birthrate.
.
The rising price of
imported Chinese chopsticks could result in the
Japanese making more themselves. In anticipation of
these more expensive utensils, some stores are already
charging for disposable chopsticks usually provided
free.
.
Tensions remain over Tehran’s alleged nuclear weapons
program have led to Japan’s Inpex Corp
dramatically reducing its stake in the Azadegan
oilfield, Iran’s largest onshore reserve and the world’s
second-largest among fields discovered since the 1980s.
.
Many think
N. Korea’s
purported nuclear test will prompt
Japan to build its own
nuclear arsenal. But for sound strategic reasons Tokyo
will continue to shun these weapons unless America’s
commitment to defend Japan wavers.
.
Numerous indicators say the Japanese economy is set to
mark its longest expansion but nobody seems to be
cheering, because this boom is weaker, while wages are
shrinking, wealth gap is widening and a slowdown is
looming.
. Pyongyang’s
sudden placatory remarks about its nuclear program are a
smokescreen. In the face of an immediate US position,
its options are dwindling. It is just a matter of time
before it engages in another nuclear test.
.
While
South Korea’s
bright lights are easily visible from outer space, North
Korea’s territory is little more than an ominous black
hole. The image stands as a metaphor for the contrasting
economic fates of the North and South.
.
While North Korea is a bankrupt rogue state trapped in a
time warp, South Korea has transformed itself into the
world’s 10th largest economy. South
Korea has transformed itself into the world’s 10th
largest economy. South Korean companies have been
synonymous with cutting edge technology, stylishly
designed mobile phones and flat screen TVs.
.
Automobile manufacturers have surpassed German Mercedes
and BMW in quality surveys. Investing in South Korea has
also been a winning proposition for US investors, with
the South Korean index practically doubling over the
past two years.
. Philippine
Agriculture
Secretary Domingo Panganiban was taken out and replaced
by former Agriculture Secretary Arthur Yap, who was
Chief of Presidential Management Staff. He was, in
turn, replaced by Secretary Cerge Bemonde who also heads
the Government Mass Media Group.
.
The 2004 Senate inquiry into RSBS raw manipulation by
the generals heading the military pension fund agency,
cost P3.3 billion. Most of the money was lent or
invested in questionable business ventures.
. From a
pledge to construct a pipeline to deliver fresh water to
building a tractor factory and a plant for making cheap
cement, Beijing is backing Manila’s efforts to improve
the infrastructure & provide economic development.
.
The new military
government in
Thailand
plans to investigate former Prime Minister Shinawatra’s
financial dealings. It would do to investigate his human
rights abuses and burnish its democratic credentials.
. At least
six people were killed in a series of bomb and gun
attacks in the rebellious Muslim south, despite a
post-coup government promising a peaceful solution on
the insurgency.
. The Thai
economy next year is expected to outgrow that of this
year, boosted by a strong export growth, declined
inflation rate, budget disbursement and stable interest
rate, said the Bank of Thailand.
.
It took pressure for
India’s
largest corporation (Reliance Industries Ltd) to
get the government to loosen up on visas for Chinese
technicians. Many remain wary of any Chinese presence
and try to block investment in strategic sectors.
. The Indian
government plans a new policy that will subject every
Chinese investment in the country to a security test and
possible disapproval, putting China on the same level as
Pakistan.
. Russian jet
engine manufacturer NPO Saturn will supply 200
miniature engines to India for Lakshya UAVs in
2007, according to Kommersant.
.
Gillete India reported a 161.25% increase in net
profit at Rs 50.5 crore for Q3 ended Sept 2006 as
compared to RS 19.33 crore in Q3 2006.
.
More than 40 people,
including a number of Air Force officers, have been
arrested in
Pakistan
on suspicion of planning a coup against Pres. Gen.
Musharraf. His pro-US line and apparent resolve to
finally crack down on Taliban supporters in the country
has broken its uneasy truce with hard line Islamists in
uniform.
. Islamabad
and Beijing have agreed to sign a free trade agreement
this month, but its implementation may take time as
officials sort out remaining issues.
. Sri Lankan
government and rebel group sent representatives to
Geneva for peace talks. Meanwhile, its navy destroyed
two insurgent boats approaching a naval base near the
volatile
Jaffna
peninsula, killing 6 on board.
. The
government further reduced the price of gasoline, diesel
and furnace oil—the 3rd successive time it
had done so in the immediate past.
.
Sri Lanka’s business leaders warmly welcomed the recent
signing of the MOU between the SLFP and UNP. They hoped
the MOU would form the basis of an era of peace,
prosperity and stability for the country.
.
Donations of free set
off stampedes in impoverished
Bangladesh
that left at least 7 women and a child dead, according
to news reports.
.
In a dramatic turn of events, 13 lawmakers of BNP, a
state minister and a host of former BNP lawmakers joined
former president B. Chowdhury to form a new party—Liberal
Democratic Party (LDP).
.
The government has issued a new policy guideline to
provide loans to farmers at a low interest rate in order
to facilitate more cultivation of Rabi crops—lentil, oil
seed, spices and maize-across the country.
