. Two
major carriers in the Asia
Pacific region are joining forces to provide
third-generation (3G) mobile technology. NTT DoCoMo and Singapore Telecom plan to integrate their 3G
networks to improve roaming between Japan & Singapore.
. China’s economy
in Q2 fell 2% from Q1 due to worsening SARS crisis and efforts
to curb it, JP Morgan said.
. China’s first invitation to the G-8 talk was
justified by the fact China’s growth has far outpaced that of
G-8 members, and its expert strength is a key concern of Japan
and other powers.
.
China has replaced Argentina as the home of the cheapest
burger ($2.71 in US vs. $1.20 in China). That implies China’s
currency, the yuan, is
undervalued by 56% against the dollar. US, Japan & South
Korea recently complained about China’s currency.
. China has failed to include cases at military
hospitals in its official reports of the flu-like SARS-virus,
WHO said and called for full disclosure.
. The
sacking of China’s health minister and Beijing’s mayor
should be a warning to Hongkong’s
. Chief Executive over his handling of SARS,
according to academics and an NPC member.
. Hongkong’s hospitals will allow use of traditional
Chinese medicine for the first time since World War II, the
city’s health authority said.
. Hongkong is doing everything possible to halt the
spread of SARS; controversial travel warnings by WHO will help,
a top infectious disease expert said.
. Taiwan will
suspend for one month issuing landing visas to Hongkong
residents to curb spread of deadly SARS virus.
. Taiwan Dept. of Health said it would give T$2,500
(US$72) to every person who reported a probable or suspected
case of SARS.
. TAIEX suffered its biggest drop 9 months on concern
over spread of SARS.
. Japan cell
phones fell in ’02. The 39.39 total is down 3% vs. ’01, the
second straight decline, said Gartner
Dataquest.
. Japan’s exports fell 2.4% from March, hurt by war
in Iraq and Asia’s SARS outbreak.
. Sony plunged 13% after warning it’ll earn $1.08
billion this year, 29% below earlier projections. It’ll spend
$2.5 billion on a 3-year streamlining push.
. The number of firms filing for bankruptcy fell 12.3%
to 1,568 in March vs. a year ago, according to Teikoku Databank.
. Large Japanese companies plan to hire 0.4% more new
college graduates in FY’04 than they did in FY’03. Nihon Keizai Shimbun and Nikkei
Research said.
. Honda’s net profit rose 17.6% to $$3.54 billion
for the year ended March 31.
. North Korea has ballistic missiles capable of
reaching Japan, but it is not clear they can carry nuclear
warheads.
. South Korean and
Japanese nuclear experts expressed doubt over North Korea’s
claim about its nuclear capability, saying they could be used to
force concessions from the US.
. The EU’s decision against Hynix Semiconductor (33%
levy on memory chips) follows a similar decision by US Dept. of
Commerce.
. North Korea’s recent claim that it has nuclear
weapons could alienate China, a major provider of food
& fuel, and the North’s only friend, analysts said.
.
North Korea’s Air Force has begun long-distance flight
training in moves seemingly aimed at countering US fighter jet
tactics used in the war in Iraq, the South’s Defense Ministry
said.
. Singapore cut
its ’03 GDP growth outlook to 0.5%-2.5%. It had forecast 2%-5%
growth. The Govt. unveiled a $129.3 million relief package to
help firms affected by SARS.
. The
national police arrested 10 members of al Quaeda-linked Jemaah
Islamiah that operates in southern Philippines
(Mindanao) and Indonesia.
. Dept. of Energy has hinted significant rollback in
domestic pump prices as crude price in the world market
continues to post substantial declines.
. Board of Investments is studying whether
infrastructure & service-oriented projects can avail of the
proposed 3 bonus years of income tax holiday for companies which
are able to hurdle certain criteria in an effort to smoothen out
its incentive policy & attract investors.
. Charoen
Pokphonal Foods, PLC of Thailand
has lowered its expected sales to less than the earlier target
of 10% due to falling meat prices in the domestic & export
markets.
.
Shareholders of Telecom Asia PLC have approved the issue of
up to 22.5 billion baht
in debentures with terms of up to 20 years to help refinance
existing baht-dominated
loans.
. Its agricultural exports will rise 13.5% from last
year to $13.90 billion despite global economic sluggishness
brought on by SARS.
. The
Govt. of Malaysia is
not changing its economic growth forecast of 4.5% this year
despite war in Iraq and anticipated impact from mysterious SARS.
. Net profit jumped 16.1% in Q1 of 2003 as sales at
its service unit leapt. Net profit rose $1.38 billion from $1.19
billion a year before, IBM said.
. The deal with Toyota will bring various benefits,
e.g., technology transfer, lower overhead costs, improved staff
training & production standards. It will also boost
perception of Perodua-made cars, sales of which are expected to
fall short of target this year.
. US
State Dept. said families of US Embassy staff in Indonesia
can return to Jakarta because security has improved
following crackdown on terrorism.
. Idea
Cellular, a joint venture between the Tatas, Birlas and AT&T
will consider the acquisition of cellular circles that are
aligned & contiguous to its current operations in India.
. One section of India Inc. has little hope that its
firms will be able to grab any significant share from the spoils
of the Iraq war.
. The Cabinet Committee on Disinvestment formally took
Air India and Indian Airlines off the disinvestment list paving
the way for the public sector carriers to modernize their fleet.
. An
anti-terrorism court indicted 4 Islamic militants and a former
paramilitary fighter for last year’s attempted assassination
of Pres. Pervez Musharraf of Pakistan.
. SARS has hit Pakistan with the death of a youth at
Sir Agha Khan Hospital, who just returned from South Africa.
. Pakistan’s Foreign Minister warned India of
massive retaliation if it launched a preemptive attack.
. US
and Vietnam have signed a trade pact to limit growth in Vietnamese
textile exports to US, US officials said.
. American
Apparel & Footwear Assn. announced it would lobby for a
total ban on textiles, apparel & footwear from Burma
because of poor labor conditions, e.g., using forced labor,
including children, and a ban on labor unions.
. Robert
Pitts is Pres. Bush’s choice for ambassador for Papua
New Guinea, Solomon Islands and Republic
of Vanuatu. He was previously Chief of Mission to
Philippines.
