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" Supporting Asian and Minority Businesses" |
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04/15/02 AABR BUSINESS BULLETIN (Vol. XXI, No. 42)
o The Israeli-Palestinian conflict is not just a battle between 2 peoples over a piece of land; it is a self-destructive contest of national wills. In such a war, fanaticism is a potent weapon, and there the Palestinians and their growing legions of suicide bombers have the edge. There is no military way to fight suicide-bombers. o Does the Bush Adm. have a policy on the Middle East, especially vis-à-vis the Israeli humiliation and persecution of the Palestinians? State and DOD do not send out the same statements. The Bush Doctrine is one of "hesitancy, inconsistency and ambiguity." Colin Powell is right that the Israeli offensive won’t work. o In the past months, the price of crude oil has increased 35% on spot markets while at the pump the price is already up 20%. Should the shortage persist, higher energy prices could put a brake on the recovery. With tech and telecom sector still down and corporate profits anemic, the economy remains vulnerable to any kind of shock to consumer and business confidence. o Most states (29 of 44 respondents) disagree with the Bush Plan to revise the nation’s welfare system, requiring more people t get jobs as a condition of Govt assistance. The believe the proposal would be counterproductive, disrupting and draining money from their past efforts to move more poor people from Govt dependence. o Since the Enron bankruptcy, the public estimation of the ethical standards of business executives has plummeted. Americans’ rating of heads of companies fell from 33% in 1995 to 24% this year. o Just as speech is silver but silence is golden, it can cost more to block a mobile phone than it does to buy one.
o The Carlyle Group is weighing a bid for Asian Global Crossing, a Hongkong-based affiliate of giant Global Crossing which filed for bankruptcy protection and is the subject of federal investigation into its accounting. o Nextel took a $1.6 billion charge in the 4th Q. to restructure its international unit. The company said NII Holdings may be forced to file for bankruptcy protection if it cannot reorganize. Nextel had postponed its 4th Q. earnings report while it tried to settle on the amount of the charge, and its shares fell t an all-time low. o A new survey shows that Internet-filtering software blocks only about 80% of pornographic images accessed on web-sites. o WorldCom is planning to cut 10% of its workforce, but not 20,000 employees at MCI Communications, its long-distance business. It also said it would redeem $700 million of bonds, issued by MCI, but said it had no plans to cut the dividend paid to MCI shareholders or repurchase the tracking stock.
o USDA is urging the Philippine Govt to scrap an administration order affecting meat imports, while hinting it has not ruled out the possibility of elevating the matter to the dispute settlement body of the WTO. o IRS mistakenly aid out more than $30 million in erroneous refunds I 2000 and 2001 from more than 100,000 tax returns seeking nonexistent slavery tax credits. Claims for the "reparation credits" totaled $2.7 billion in 2001, according to IRS. o SEC is investigating the accounting of Adephia Communications afer the cable company kept $2.3 billion in debt off the books. o GAO has produced its tally of how many Clinton Adm. political appointees converted to career service (burrowed in); 100, not counting 11 from Capitol Hill. Of the 111 positions, 95 were GS-12 and above at 21 agencies, including EPA, DOI, DOL, DOC & DOD.
o Business integrator specialist Mercator Software is taking on a series of projects with Asian financial institutions that are migrating to a new global messaging standard this year. o Premier Zhu Rongji once said the greatest threat to Communist Party rule came not from labor unrest but a run on the banks. o The banking consortium which operates Jetco network of automatic teller machines in Hongkong is aiming for a major mainland expansion. o Taiwan plans to allow its semiconductor makers to invest in China will not trigger a mass exodus of capacity and jobs to the mainland, according to industry analysts and observers. o Ailing builder Nissan Construction of Japan has filed a court protection from creditor with about 14.7 billion yen (HK$6.73 billion) in liabilities. o South Korea’s Shinhan Financial Group and KorAm Bank are engaged in merger talks to create the country’s second-largest bank. o The Philippine Govt continued to defend its "4-day workweek" program with the Labor Secretary saying it was more advantageous than its critics dared to admit. Return to Top |
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