- IV.
International
.
Asian economies, Japan in particular but also Hongkong &
Taiwan, were at risk in worsening deflation, according to IMF.
.
In terms of business, this is the rating by PERC of the countries in the region:
Malaysia, South Korea, Thailand, China, Vietnam, RP, India &
Indonesia.
.
In the political arena: Singapore, US, Australia, Hongkong, Japan, Malaysia
& South Korea.
.
In the field of transparency of Govt. policy, quality of laws & regulations, quality
of governmental policy,
leadership & efficiency of economic policy execution: Taiwan,
China, Vietnam, Thailand, RP, India & Indonesia.
.
Terror cells of the al-Quaeda are about to launch more attacks
in SE Asia, particularly
in Indonesia, Malaysia and
Philippines.
.
To capture a sizeable share of the Asian
regional market, Universal Rubina Corp is allotting between P3
to 4 billion for its 2-year capital expenditure program.
.
China’s economy grew 8.9% in April from a year ago, China’s
Central Television reported on
its Web site, citing the National
Bureau of Statistics.
.
China has emerged as
an increasingly powerful competitor in global markets but its
military technology remains at least 2 decades behind that of the
US, according to Council on
Foreign Relations.
.
China had a record
trade surplus with the US in 2002. American manufacturers
complained to Congress because of China’s weak currency &
low enforcement of US trade laws.
.
Four major Shanghai hotels are closing for as long as 3 months because they
have had few guests
during the SARS outbreak.
.
China rejected US
accusations that a major Chinese conglomerate, e.g., Norinco,
a major exporter, helped Iran’s missile program. Iran’s Shahab
3 missile has an 800-mile range.
.
WHO lifted travel warning over SARS last week for non-essential
travel to Hongkong and Guangdong
province.
.
Unemployment jumped 0.3 percentage points as companies laid
off workers or delayed hiring because of plunging sales.
.
An ailing HK dollar, geopolitical concerns and a gloomy outlook for the global
economy have conspired to take gold back within $20 of its Feb,
6—1/2 year high at $388.50.
.
Taiwan’s health authorities say they are overwhelmed by the
burden of tracking suspected and confirmed SARS cases. Until late
April, it was almost SARS-free.
.
Taiwan’s overall
business environment is the 6th best in the Asia
Pacific region, and the 4th best in Asia, according to
HK’s Political &
Economic Risk Consultancy Co. (PERC).
.
Japan is cracking down on companies that have long been
suspected of providing North Korea with equipment that can be used
to produce WMD, Japanese officials said.
. Bank
of Japan eased monetary policy in a bid to support the economy
and steady stock & currency markets hit by concerns about SARS
and a Govt. bailout of Resona
Bank.
.
Motorola and its
employees have donated some $1.4 million in communications
equipment & cash to China to help prevent spread of SARS. It
is investing $90 million to establish a research Center
in Beijing.
.
Nissan earned $4
billion in the year ended March 31. Sales rose 10.2% to $58.8
billion. Japan &
North America offset a drop in Europe.
.
Isuzu lost $1.2
billion, its 4th straight annual loss, tripling prior
year’s shortfall. Sales fell 15.5% to $11.5 billion, in line
with a lowered forecast.
.
The Govt. of South Korea said it needs to confirm that the rice aid it provides North
Korea is distributed to the people before discussing further
aid. Last year it sent 400,000 tons of rice.
.
South Korean
frustration was apparent at economic meetings in Pyongyang after North
Korea
warned
of unspeakable disaster if the South
confronts the Communist state over its nuclear development.
.
The production of heroin & methamphetamines in North
Korea comes to about a ton each per
month,
with exports earmarked for China,
Hongkong, Macao, Russia & South Korea, according to
defectors living in Japan.
.
The travel industry in Singapore,
Thailand & Vietnam has recently been hit by SARS.
.
Shoppers are in for a treat the next 6 weeks as ailing
retailers sell out better discounts on wider range of goods in the
hope of matching last year’s Great Singapore Sale.
.
NatSteel says its
earnings plunged 29.5% to $9.6 million in Q1, reflecting the
disposal of its majority stake in electronic maker NatSteel
Broadway.
.
The case of ousted Philippine
president Joseph Estrada is a sanctimonious self-proclamation of
innocence despite his plunder charges for amassing more than P4
billion during his 31-month
corrupt
rule, embezzling state
funds, profiting from insider trading and using the proceeds for
himself & his mistresses.
.
97 MILF rebels who surrendered to the Govt. last week were
young boys aged 17 & under; MILF is desperate for soldiers.
.
Pres. Bush offered RP Pres.
GMA $30 million in new aid for training & equipping RP
armed forces.
.
US & RP finance officials have signed an MOI to reduce the cost of
sending dollars to RP through
the US financial system.
.
RP is optimistic
that US will grant its request for higher garments and textile
quotas.
.
After 40 years, RP will get out of IMF to become a net depositor. Its deposits in
IMF are now bigger than its debts.
.
Malaysia will not condone any attempt by Muslim rebels in
Mindanao to press their demands outside scope of RP Constitution,
according to Malaysian Defense Minister.
.
Govt. allocated RM500 for the new technology investment fund
to help manufacturing sector which is the 2nd largest
contribution to country’s economic growth.
.
Single mothers will be given special consideration for
purchase of a new house.
.
Thailand is upset with Australia’s latest travel advisory
warning its nationals to avoid Pattaya as a possible terrorist
target, and may retaliate by urging Thais to stop visiting
Australia.
.
PM Thaksin Shinawatra rules against shuffle of cabinet stating
his Govt. enjoys unity & stability.
.
Justice Minister Pongthep Thepkanchana has floated an idea of
evening & weekend detention to ease problem of overcrowding in
prisons.
.
Five of world’s biggest sugar exporting countries, e.g.,
Thailand, Australia, Brazil, S. Africa & Guatemala, agreed
last week to coordinate efforts to boost prices.
.
Concern by Asia Pacific countries regarding al Quaeda-linked
terrorist activities was a major
topic
of a 39-nation conference on human trafficking & transnational
crime, held last month in Bali, Indonesia.
.
Govt. forces captured 2 islands from rebels in Aceh province
while thousands of refugees fled the fighting.
.
Bangalore, India hosted a 2-day World Bank conference on development, the first
time it being held in a developing country.
.
The French global leader in high quality leather fashion has
launched an aggressive campaign in India
to confiscate duplicate products.
.
The Communications Minister urged Daewoo to assist Bangladesh
private sector by supplying environment-friendly vehicles,
including double-decker buses & other light vehicles.
.
In the absence of a tax provisioning system for bad &
doubtful debts, leasing companies are forced to pay more income
tax than commercial banks.
