. Thirty-five
percent of Asians
continued to defer purchases of selected items, although the
trend had stabilized. Number one item that they deferred to buy
was the mobile phone., followed by car, digital camera, extended
holiday, property, stocks/shares, and notebook PC. They have
also deferred or canceled travel within Asia.
. Consumers in the Asia-Pacific
region do not expect their economies to recover in the
second half of this year, but are optimistic of a rebound in
2004, according to a regional survey by ACNielsen.
. Asian borrowers have been coming to the corporate
bond market in growing numbers, attracted by falling financial
costs. The new issuance in the region is expected to grow by 20%
this year, according to Lehman
Brothers.
. China
has conducted 2 recent flight tests of its short-range missiles,
known as CSS-7, being deployed in large numbers within striking
distance of Taiwan in
a move described by the Pentagon as destabilizing.
. Chinese
intelligence services had concluded North Korea was producing
enough weapons-grade plutonium and had all the components needed
to make nuclear-tipped missiles.
. China’s middle
class is disillusioned with how the system has handled the SARS
epidemic, and foreign investors have lost a degree of confidence
in China’s lack of
transparency.
. Wal-Mart has 22 other stores in China, but Beijing’s Sam Club outlet marks its first in a major
city there.
. Lawsuits
by Disney, AOL’s Warner Bros., Vivendi and News Crops’ 20th
Century Fox constitute the first year litigation against illegal
copying, in one of the world’s pirate markets (China)
which amended its copyright law in 2001.
. Consumer
electronics maker Nam Tai Electronics
in Hongkong said
its earnings tripled Q2, fueled by a sharp rise in sales as the
company expanded its production facilities in China.
. Nam Tai
Electronics filed with SEC to sell 6 million shares and said
shareholders will sell an extra 3 million shares.
. The Kowloon-Canton
Railway Corp (KCRC) aims to complete its HK$35 billion Sha Tin to Central line within 2008-2011 window given the
Government’s 2000 rail development strategy.
. Chenghwa, Taiwan’s biggest telecom,
raised $1.37 billion in its first sale of American depository
sales.
. Eva Airways,
Taiwan’s
2nd largest commercial airline, expects its full-year
pre-tax profit to fall 94%, short of its March forecast, due to
SARS. It raises fears other airlines could be worse hit since
they rely on passenger revenues more heavily than Eva.
. Motorola eked out a small profit for the past quarter, despite a 10% dip in
sales. It blamed the SARS outbreak and earthquake damage to its Japanese
factory as part of the cause of the slump.
. Vodafone
will sell Japan Telecom
to Ripplewood Holdings
for $2.23 billion, the Nihon Kezai Shimbun said.
. Japan
canceled a computer hacking contest scheduled for this month
after complaints that it would encourage illegal activity.
. Japanese
health rules on imported US apples, that require American
growers to maintain a 545-yard buffer zone around orchards, are
illegal under international trade law, said WTO.
. Suicides are up in Japan, pushed by usurious lending at annual interest
rates in excess of 6,000%. Such predatory finance has grown
dramatically during Japan’s years of economic malaise, fueled
by spiraling debt loads and the expansion of organized trade
syndicates into the lucrative trade.
. Personal bankruptcies have quadrupled over the past
decade as wages have fallen, bonuses have been cut and
businesses have closed their doors.
. Mitsubishi will
delay by 6 months a $200 million expansion of its only North
American plant while the company evaluates its vehicle and
production plans.
. North Korea’s war plans call for an unprecedented artillery barrage into Seoul as
hundreds of thousands of ground troops invade the South.
. The
administration is considering a proposal to accept North Korean
refugees, from between 3,000 to 300,000 annually.
. The
biggest consumer concern in the Philippines
is the worsening economy, followed by health, job security,
terrorism, crime and threat of war.
. The jailbreak of convicted Jemaah Islamiyah bomber
al Ghoz1 is an embarrassment to RP’s
resolve to fight terrorism due to police bungling and
corruption.
. RP is the
laughing stock of Asia with its endless chain of coups or
rumored coups. This is not going to end unless the endemic
corruption, e.g., generals selling weapons to Muslim rebels,
percentage on hostage ransom, involvement in bombings for more
US aid, etc. is eliminated. This action by some of the highly decorated soldiers came out
of desperation.
. Overseas
Chinese should be more visible in the nation-building process of
their host country and form true partnerships with the locals,
said Prime Minister Mahathir Mohamad of Malaysia.
. Dai
Hwa decided to cut its losses and protect the interest of
the company and its shareholders The liquid crystal display
monitor manufacturer says the move is due to tough competition
and uncertainty in the global business environment.
. Former
executives of Singapore
Airlines (SIA) are considering setting up a budget airline to
compete against the state-owned carrier.
. From
the recent survey of ACNielsen,
Indians (61%) were the most optimistic, that a recovery would be
posted within a year.
. India
rejected a US request to send peacekeeping troops to Iraq saying
it would only consider doing so under an explicit UN mandate.
. With international auto majors outsourcing from
India, Bharat Forge is
expected to be a major beneficiary.
. Silver
Emporium, a
9-year old company belonging to the
Mehta Group and a leading manufacturer
and dealer in silverware and silver articles, has now
ventured into the international market.
. Pakistan’s Chairman of the Joint Chief of Staff Committee (Gen. Mohammed Aziz Khan)
called America at a public meeting as the number 1 enemy of the
Muslim World and is conspiring against Muslim nations all over
the world.
. The
final round in a highly charged trade dispute over catfish went
in favor of American catfish farmers last week against their
competitors in Vietnam in
a vote of 4 to 0 by the US International Trade Commission.
Duties on imported fillets will range from 37% to 64% of the
import prices.
. In
a month, sanctions against Myanmar
(Burma) will go into effect, banning imports from the
country. The ban is aimed especially at the crucial textiles
trade in an economy teetering on the brink of collapse.
