. Statistics from the Asian Development Bank and
available economic indicators show that many of the East
Asian economies have started to perk up, lifted by a
stronger domestic demand, renewed confidence, exports that are
starting to turn around, and the short-term easing of fiscal and
monetary policies.
.
Coca-Cola
will eliminate 900 more jobs mainly closing a 275-employee juice
plant in Hightstown, NJ and combining bottling operations in Asia.
.
China announced
a revamp of its system of export tax rebates that will reduce
incentives for companies in high-profile sectors, such as
textiles & toys to sell abroad.
.
President Hu Jintao of China was the first Asian leader to address
Australia’s Parliament, urging the country to play a
constructive role in unifying Taiwan with the Chinese mainland.
.
China
Telecom Corp, Ltd. is planning to expand its subscriber
base to half a billion people. It will purchase six fixed-line
network owned by its Govt.-controlled parent for $1.32 billion
up front and $4.22 billion over 10 years.
. Chindex International of Bethesda, MD, exporter of medical
equipment to China and owner of two hospitals in that country,
wants to increase the number of authorized common shares to 6
millions, from 2.3 million.
.
China plans to launch a satellite to survey the moon within 3 years as
it gears up to build a space station and send a man to the moon
by 2020.
.
A court in southeastern China sentenced Li Jianfeng, a former court
official, to 12 years in prison on charges of incitement to
subvert state power, a human rights group said.
.
Motorola has seen a slowdown in demand overall as well as increased
competition from China.
.
Ford
and its Japanese affiliate Mazda will invest $540 million
in their joint-venture plant in Thailand, Ford Chairman said.
.
Sony plans to cut 15,000 to 20,000 or 10% of its
workforce by end of March 2006, the Nikon Keizai
reported.
. Bank of Japan upgraded its assessment of Japanese recovery for
the second consecutive month but hinted at the threat a
strengthening of the yen poses to recovery.
.
“We are doing this [send troops and help fund the
reconstruction of Iraq] not as a favor to the United States.
We’re doing this because it’s in Japan’s interest, it’s
in the region’s interest, it’s in the world’s interest.”
(P.M. Junichiro Koizumi)
. Hitachi reported a 5% profit decline for the first half of 2003,
while rival Fujitsu trimmed its losses.
.
Carlyle
Group and
LG Group offered $1.3 billion in investments and loans to
Honaro Telecom, South Korea’s second-largest
high-speed Internet service provider
.
South Korean mobile carrier LG Telecom
reported Q3 net profit of $33.8 million, and the turnaround was
aided by lower marketing costs.
.
US
officials said they were not alarmed by North Korea’s statements
toward a new round of nuclear talks, asserting a long history of
contradictions between the country’s rhetoric and its actions.
.
Seasoned
investors expect a fair degree of volatility for the Philippines,
but paralyzing political infighting before next May’s election
threatens to push the country off the radar of acceptable risk.
.
The Committee on Elections (Comelec) extended the
deadline for registration of new voters and transferees from
Oct. 31 to Nov. 9 to accommodate more first-time voters who have
not yet registered.
. Mindanao businessmen have pressed the Govt. to push
for the inclusion of fresh agricultural products from Mindanao
in the US-General System of References (GSP) in next year’s
review of GSP eligible products to boost Mindanao’s exports to
the US.
.
P.
M. Mahathir Mohammad of Malaysia said he will not meddle
in running the country after his retirement, believing his
successor should be allowed to pursue the job without
intervention.
.
Microfair (Nov. 14-16) is a one-stop technology event to promote and showcase the
latest IT in Relau, Penang (11:00am-10:00pm). Admission is
free!
.
Prospects look promising for the local banking industry as
Malaysia continues charting strong economic growth that will
spur lending activities, analysts said.
.
Pres.
Bush expressed the strong support of the US for Indonesia’s
progress toward becoming a mature & stable democracy. Both
presidents agreed that Indonesia is a powerful example that
democracy and Islam can go hand in hand.
.
Hewitt
has zeroed in on India to meet the growing requirement
for its Fortune 500 clients for BPO.
.
The first Indian employee at Microsoft says IT job
opportunities in India are better than in the US.
.
Move over Asian Tigers! India and China are the firm engines of the
emerging geography, New Asia.
. The Bill & Melinda Gates Foundation said
it would double to $200 million the funds for HIV and AIDS
prevention that Microsoft founder promised India in a visit last
year.
.
India proposed a plan to normalize relations and
increase cross-border traffic with Pakistan.
.
India’s booming software industry, which is increasingly doing work
for US companies, will surpass the US software and tech-service
job by 2010, said Intel Chairman Andrew Grove.
.
Pakistan
said
it plans to repay $1.08 billion of its debt to the World Bank
and Asian Development Bank ahead of schedule to
free up money for social programs.
.
Pakistan has agreed to reopen talks in restoring air links
with India and expressed support for a resumption of sport ties,
offering its first formal response to proposals from New Delhi
at improving relations.
.
While
Brunei’s overall economic outlook remains visibly
buoyant with a predictable 3.4% growth for the current year,
certain sectors of the economy, e.g., hotel and restaurant
sectors, seems to be in almost dire straits.
. Following recent consumer complaints & surveys,
the RTB Consumer Unit advises householders, especially
the elderly, to be on their guard against door-to-door salesmen
.
“The Philippines recognizes Brunei’s crucial role and invaluable
assistance in the OIC Committee of Eight to help expedite the
peace process between the Philippine Govt. and the MILF in the
months ahead.” (Philippine President GMA)
.
P.M.
BK Zia of Bangladesh directed the Commerce Minister to
take all necessary steps to keep the price of essentials stable,
under control and within the buying capacity of the common
people during the month of Ramadan.
. Officials and employees of Bangladesh Agricultural
Development Corporation (BADC) are
passing their days in panic as the authorities have decided
retrench 1,200 more of its officers and employees by December
this year.
.
The Govt. confirmed the appointment to three key posts in three
gas companies with higher pay and perks than usual as per a
donor agency’s suggestion, official sources said.
.
The
population of Cambodia lacks education and productive
skills, especially in the countryside, which suffers from almost
total lack of basic infrastructure.
. Recurring political instability, corruption within
Govt. discourage foreign investments and delay foreign aid.
.
Govt. is addressing these issues with assistance from bilateral
and multilateral donors; so long as political stability lasts,
the economy is likely to grow at a respectable pace.
