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ข่าวประจำสัปดาห์
.หัวข้อ:Ericsson sees more trouble aheadโดย:4202680858STOCKHOLM, Sweden (CNN) -- Ericsson posted on Friday its seventh consecutive quarterly loss and said sales of equipment to power mobile phone communications would continue to decline. Its stock lost more than a fifth of its value after announcing details of a deeply discounted share sale to prop up its balance sheet. Ericsson also said it would save an additional 10 billion crowns ($1 billion) a year and cut another 5,000 jobs to help return to profitability. The world's biggest producer of mobile phone networks made a second-quarter loss of 3.5 billion crowns ($379 million), or 0.34 crowns a share. That compares to a loss of 14.1 billion crowns, or 1.81 crowns a share, in the same period a year ago. Analysts polled by Reuters had expected a loss for the three months to June 30 of 4 billion crowns. Ericsson said it now expected sales of mobile systems to fall by more than 15 percent -- down from more than 10 percent forecast in April. Rival Motorola (MOT) expects sales of wireless infrastructure to drop 18 percent this year, while Nokia (NOK) sees the networks market down 10 percent. It also predicted global sales of mobile phones would be "flat to down slightly" compared to last year's 390 million units, down from its previous industry sales estimate of 400 to 420 million this year. Ericsson, which has slashed 42,000 jobs and joined forces with Japan's Sony to make mobile phones, made its first annual loss in 2001 and has said it would not return to the black until sometime in 2003. Mobile phone makers and telecom equipment makers have been hit hard by stagnating sales of mobile phones. At the same time, telecom operators have slashed spending on wireless equipment as they manage their balance sheets after spending heavily on expansion and high-speed mobile phone licences. "We continue to plan our expansion to return to profit at some point in 2003. In light of our lowered market expectations for this year, we have intensified the cost reductions that we started last year and are substantially ahead of schedule," Chief Executive Kurt Hellstrom said in a statement. "We will continue reducing our costs until we can break even at sales levels around 120 billion crowns." But the company's first-half sales fell 28 percent to 75.5 billion crowns. Ericsson's orders for mobile systems, which rose 11 percent quarter-on-quarter in the first three months of the year, tumbled 19.3 percent in the April-June period. Second-quarter sales rose 4 percent from the previous quarter to 38.5 billion crowns, but analysts were expecting a figure of 40 billion crowns. Its stock, which has lost two-thirds of its value this year, plunged 20 percent to 11.50 crowns in Stockholm on Friday. To see it through the current period of weak demand, Ericsson plans to raise $3.2 billion through the sale of new stocks to shareholders. The new shares were priced on Friday at 3.8 crowns each, a discount of 74 percent. Ericsson plans to repay 8 billion crowns of short-term debt and 14 billion crowns of long-term loans over the next six quarters. "The subscription price is pretty low. Sales and order books look rather disappointing and handsets and infrastructure are definitely underperforming. The share price will probably collapse today,'' Thomas Langer, analyst at WestLB Panmure, told Reuters before the Stockholm market opened for trade on Friday. July 19, 2002 Posted: 6:35 PM HKT (1035 GMT) 7/21/2002 1:50:48 AM หัวข้อ:Russia gives up plan to raise cai import tarriffs โดย:4202680874 The Russian government has given up a plan to raise tariffs on automobile imports after it faced strong opposition from Japan and other countries, diplomatic sources in Moscow said yesterday. As a result, the tariffs will be left unchanged at the current 25% over the next seven years, the sources said. The decision was formalised with Prime Ministrer Mikhail Kasyanov's signing of documents specifying tariff rates, the sources said. Russia has notified Japan and other countries of its intention to raise tariffs on vehicle imports to 35% from 2005 when discussion this spring its future accession to the World Trade Organisation(WTO). The plan was intend ed to protect Russia's auto industry. Since tariff cuts will be required after Russia joins the WTO, Moscow apparently wants to minimize the adverse effects of the cuts by raising tariffs before hand In fact, the United States has demanded Russia cut the tariffs to 10% to 15% as a condition for its entry into the WTO. 7/21/2002 3:42:12 PM หัวข้อ: โดย:4202681773 รายงาน : ส่งออกเอเชียยังแกร่ง แม้การฟื้นตัวยังน่ากังขา โตเกียว - ภาวะผันผวนของวอลล์สตรีท อาจทำให้โอกาสส่งออก ไปยังตลาดสำคัญอย่างสหรัฐ ของผู้ส่งออกเอเชีย ตกอยู่ในภาวะที่มืดมน แต่นักเศรษฐศาสตร์จำนวนมากยังเชื่อมั่นว่า ความต้องการในภูมิภาคที่กำลังเฟื่องฟู โดยเฉพาะอย่างยิ่งในจีน จะช่วยชดเชยได้ อย่างน้อยก็ในช่วงที่เหลือของปีนี้ การส่งออกสินค้าที่ไม่ใช่น้ำมันของสิงคโปร์ ปรับตัวลง 0.6% เมื่อเดือน มิ.ย.ที่ผ่านมา เทียบกับตัวเลขการขนส่งสินค้าทางเรือในเกาหลีใต้ที่เพิ่มขึ้นเพียง 0.5% ยิ่งสนับสนุนความเชื่อมั่นของนักวิเคราะห์บางรายที่ว่า การฟื้นตัวอย่างแข็งแกร่งด้านส่งออกของเอเชียในปีนี้ ถึงจุดสูงสุดแล้ว ความกังวลส่วนใหญ่อยู่ที่ว่า ผลกระทบจากภาคธุรกิจสหรัฐ และความเชื่อมั่นของผู้บริโภคจากราคาหุ้นที่ผันผวน และเรื่องอื้อฉาวด้านบัญชีที่เกิดขึ้นเป็นระลอก จะทำให้ความต้องการจากสหรัฐลดลง โดยเฉพาะอย่างยิ่งหากตลาดอสังหาริมทรัพย์ที่กำลังเฟื่องฟูหดตัวลง แต่สหรัฐ ซึ่งยังคงเป็นผู้บริโภครายใหญ่สุดของเอเชีย เป็นเพียงส่วนหนึ่งของเรื่องราวทั้งหมดเท่านั้น โดยแรงขับเคลื่อนด้านส่งออกที่แท้จริงของช่วงขาขึ้นในปัจจุบันนี้ คือ ความต้องการจากประเทศที่เหลือในภูมิภาค นายพีเค บาสุ จากเครดิต สวิส เฟิร์สต์ บอสตัน (ซีเอสเอฟบี) ในสิงคโปร์ ชี้ว่า ในช่วงที่เหลือของปีนี้ ภาคส่งออกเอเชียจะแข็งแกร่งอย่างมาก และควรจะมีการเติบโตอย่างมีเสถียรภาพ ด้วยการขยายตัวด้วยเลขสองหลัก และมีแนวโน้มที่จะมีอัตราการเติบโตโดยเฉลี่ย 15 - 25% นายบาสุ กล่าวด้วยว่า การส่งออกภายในภูมิภาคเอเชียเติบโตค่อนข้างแข็งแกร่งในช่วง 6 เดือนที่ผ่านมา โดยปรับตัวขึ้นกว่า 10% เมื่อเดือน พ.ค.ที่ผ่านมา เมื่อเทียบกับปีที่แล้ว ซึ่งหากว่าการขยายตัวเดือนต่อเดือน มีเสถียรภาพต่อไปอีก 3 หรือ 4 เดือน การส่งออกภายในเอเชียในช่วงครึ่งหลังของปีนี้ ก็น่าจะเติบโตขึ้นประมาณ 20% เบื้องหลังความเฟื่องฟูเหล่านี้ คือ แนวโน้มในการจัดทำเอกสารที่ดีสำหรับบริษัทต่างๆ เพื่อการส่งออกชิ้นส่วนที่มีมูลค่าสูงไปยังจีนแผ่นดินใหญ่ที่มีค่าใช้จ่ายต่ำ เพื่อดำเนินกระบวนการผลิต และประกอบให้เป็นสินค้าสำเร็จรูปเพื่อส่งออก การอ่อนตัวของเงินดอลลาร์ กับการตรึงค่าเงินหยวนของจีน สามารถขยายแนวโน้มนี้ออกไปได้มากพอ โดยข้อมูลของเลห์แมน บราเธอร์ส ระบุว่า การส่งของไต้หวันมายังจีนเมื่อเดือน มิ.ย.ที่ผ่านมา เพิ่มขึ้นถึง 98% ขณะที่การขนส่งทางเรือทั้งจากญี่ปุ่น และเกาหลีใต้ ก็ขยายตัวมากกว่า 20% ขณะที่ตอนปลายของวงจรลูกโซ่ คือ จีน ก็มีตัวเลขส่งออกไปทั่วโลก เพิ่มขึ้น 18% อย่างไรก็ตาม ห่วงโซ่การผลิตภายในภูมิภาคที่มีความซับซ้อนเพิ่มขึ้น ก็ไม่ใช่ทั้งหมดเช่นกัน นายไมค์ นิวตัน จากเอชเอสบีซีในฮ่องกง ประเมินว่า การค้าในปัจจุบันมุ่งเป้าไปที่การรองรับความต้องการภายในภูมิภาค ซึ่งกำลังมีรากฐานแข็งแกร่งขึ้นทั่วเอเชีย สำหรับในกรณีของจีนเป็นผลมาจากการลดภาษีศุลกากรหลังเข้าเป็นสมาชิกองค์การการค้าโลก (ดับบลิวทีโอ) เมื่อเดือน ธ.ค.ปีที่แล้ว ถ้าดูตัวเลขการค้าของเอเชีย จะเห็นบทบาทที่เพิ่มขึ้นของจีน ทั้งในฐานะผู้บริโภค และห่วงสุดท้ายในห่วงโซ่อุปทานของภูมิภาค โดยในช่วง 5 เดือนแรกของปีนี้ ชาติเอเชียส่งออกไปจีนเพิ่มขึ้น 4.8% จากช่วงเดียวกันของปีที่แล้ว ขณะที่การส่งออกไปยังส่วนอื่นๆ ของโลกลดลง 3.5% แม้ว่าเอเชียจะประสบความสำเร็จในการพัฒนาแหล่งเติบโตของตนเอง แต่ก็ไม่มีรายใดคิดว่าตัวเองจะรอดพ้นจากภาวะวิกฤติที่กลับมาเล่นงานสหรัฐอีกครั้ง เกรแฮม พาร์รี จากเลห์แมน บราเธอร์ส ในกรุงโตเกียว กล่าวว่า สมดุลความเสี่ยงเปลี่ยนไป แม้ว่าดัชนีชี้นำของสหรัฐหลายตัวจะยังไม่บีบบังคับผู้ส่งออกเอเชียมากนัก แต่ความคืบหน้าของสถานการณ์ในสหรัฐยังเป็นที่มาของความวิตกกังวลในเอเชียอยู่ดี "ท้ายที่สุดแล้ว แนวโน้มการลงทุนของบริษัทอเมริกันก็จะเป็นตัวกำหนดสิ่งต่างๆ อยู่ดี" นายพาร์รี กล่าว 7/21/2002 6:25:42 PM หัวข้อ:Saddam scorns threats to Iraq โดย:4202680023 Iraqi leader Saddam Hussein has said that "evil tyrants and oppressors" will not be able to unseat him and his government. The US has branded Iraq part of an "axis of evil" supporting terrorism, and President George W Bush has vowed to pursue the Iraqi leader's removal. The wind will blow away foreign rattling as the noise of an evil covetous tyrant Saddam Hussein "You will never defeat me this time. Never!" said Saddam Hussein, speaking in a televised address. "Even if you come together from all over the world, and invite all the devils as well, to stand by you," he added. The Iraqi president did not make specific mention of the US or threats of military action, but he implicitly warned other Arab countries not to back any US campaign. Iraq has denied US allegations that it is developing weapons of mass destruction. The prospect of US military action increased earlier this month, when talks between Iraq and the United Nations on the return of UN weapons inspectors to Baghdad broke down. Anniversary Saddam Hussein was speaking on the 34th anniversary of the 1968 coup d'etat which brought his Baath Party to power. The BBC's Kim Ghattas in Baghdad says that the speech was less fiery than usual, and less forceful had been expected. The revolution "returns to us ... to meet the level of your struggle and your jihad. But its resolve, this time, is deep-rooted," he said. "It will not succumb to, or be shaken by, the propaganda of foreign powers," Saddam said. "The wind will blow away foreign rattling as the noise of an evil covetous tyrant, the enemy of Allah." Baghdad has been hung with defiant banners for the occasion, and the press has reinforced the president's line. The state-run Al-Iraq newspaper said: "US plans against Iraq will meet with failure". The US administration is "seeking to export its internal crises to cover up financial scandals and its failures in Afghanistan," said Ath-Thawra. 7/21/2002 6:56:18 PM หัวข้อ:WTO rules against US anti -dumping law โดย:4202680734 Reuters OTTAWA ั The World Trade Organisation has issued an interim ruling against the US over an anti-dumping law giving US firms cash from punitive duties applied on foreign companies, Canada said on Wednesday. Canadian International Trade Minister Pierre Pettigrew said he was าvery pleasedา by the ruling against the so-called Byrd Amendment which he said encouraged US firms to seek damages from foreign companies. Canada was one of several countries to challenge the amendment, which allowed the US Customs Service to distribute revenues from anti-dumping and countervailing duties to those US firms that originally filed for import protection. The WTOีs final ruling will be issued some time in September and the US said that if necessary, it would launch an appeal. In that case a definitive decision would be announced sometime early next year. าIf the final report reflects the arguments brought forward by Canada, this is very good news... this legislation is potentially harmful and disruptive to the international trading environment,า Pettigrew said in a statement. Last November the US Customs Service distributed more than $200 million to companies under the first year of the program. The US Congress passed the amendment - formally known as the Continued Dumping and Subsidy Offset Act (CDSOA) - in 2000 as part of an annual spending bill. Other challengers at the WTO included Australia, Brazil, Chile, the EU, Japan, Thailand, Indonesia, India, Mexico and South Korea. The WTO panel said that while there were a number of ways in which the US could make the Byrd amendment conform with international trading rules, scrapping it altogether would make most sense. าFor this reason, we suggest that the US bring the CDSOA into conformity by repealing the CDSOA,า it said. News of the interim ruling will undoubtedly be greeted with relief by Canadian lumber firms, which were hit earlier this year by US countervailing duties and anti-dumping fees averaging 29 percent. Ottawa argued that Canadian firms would be doubly punished if the punitive duties leveled on them were then paid directly to their competitors in the US. The ruling is likely to increase tension between the US and other WTO members over anti-dumping rules. The administration of US President George W Bush is already under pressure from Congress to not agree to any changes in a proposed new WTO trade pact that would weaken Washingtonีs ability to impose anti-dumping measures. Talks on the pact were launched last year in Doha. Leading US lawmakers have criticized previous WTO rulings as going beyond what members had agreed to do in the area of anti-dumping. NEWS FOR 22-28/07/02 FROM BUSINESS DAY 7/21/2002 7:43:02 PM หัวข้อ:ไทยเสียตลาดส่งออก จีนชิงส่วนแบ่งหลังบาทแข็งค่า โดย:4202680130 ประเมินสถานการณ์ส่งออก หลังบาทแข็งค่าต่อเนื่อง เตือนระวังจีนคู่แข่งสำคัญ ชิงตลาดสำคัญจากไทยได้ เหตุตรึงค่าเงินกับดอลลาร์ เตรียมเรียกประชุมผู้ประกอบการอีก 2 สัปดาห์ พร้อมทบทวนตัวเลขส่งออกใหม่ นายบรรพต หงษ์ทอง อธิบดีกรมส่งเสริมการส่งออก เปิดเผยว่า อุตสาหกรรมที่ใช้วัตถุดิบในประเทศมาก เป็นกลุ่มที่ได้รับผลกระทบจากการแข็งค่าของเงินบาทมากที่สุด โดยเฉพาะอุตสาหกรรมอาหารทะเล ไก่แช่แข็งและไก่แปรรูป เฟอร์นิเจอร์ไม้ ยางพารา ข้าว สิ่งทอและเครื่องนุ่งห่ม เนื่องจากต้องแข่งขันสูงในตลาดโลก โดยผู้ผลิตยังไม่สามารถขอปรับราคาสินค้าได้ ทำให้รายได้ในรูปเงินบาทลดน้อยลง บางรายอาจจะประสบปัญหาขาดทุนได้ นอกจากนี้ ค่าเงินบาทที่ผันผวนเร็วเกินไป ทำให้ผู้ส่งออกวางแผนขายสินค้าได้ลำบาก ซึ่งผู้ส่งออกบางรายต้องชะลอการส่งออกเพราะกลัวขาดทุนจากอัตราแลกเปลี่ยน และยังขาดความมั่นใจเสถียรภาพค่าเงินบาทในช่วง 1-2 เดือนข้างหน้า มีผลทำให้การส่งออกของไทยชะลอตัวลง ทั้งนี้ ศูนย์วิจัยกสิกรไทยประเมินว่า เงินบาทที่แข็งขึ้นทุก 1 บาทต่อดอลลาร์สหรัฐจะมีผลกระทบให้การขยายตัวทางเศรษฐกิจลดลง 0.2% "ภาวะการส่งออกของไทย เมื่อเปรียบเทียบกับสินค้าของประเทศคู่แข่ง โดยเฉพาะคู่แข่งที่ตรึงค่าเงินดอลลาร์สหรัฐกับเงินสกุลตัวเอง อย่างจีน มาเลเซีย ฮ่องกง แล้ว สินค้าไทยจะถูกกดดันและเสียเปรียบด้านราคาในตลาดโลก เพราะค่าเงินของทั้ง 3 ประเทศอ่อนตัวลงตามค่าเงินดอลลาร์สหรัฐ ในขณะที่ค่าเงินบาทของไทยแข็งค่าขึ้น" นายบรรพตกล่าว พร้อมทั้งระบุว่า และส่วนใหญ่แล้ว สินค้าส่งออกของประเทศดังกล่าวก็คล้ายกับสินค้าออกของไทย ในหลายรายการ จึงมีแนวโน้มที่ไทยจะเสียตลาดส่งออกบางส่วนให้กับจีนที่มีต้นทุนค่าแรงงานต่ำกว่าไทยอยู่แล้ว ยังมาได้เปรียบค่าเงินเพิ่มขึ้นอีกต่อหนึ่ง จีนจึงเป็นคู่แข่งที่น่ากลัวที่สุด เขากล่าวด้วยว่า ผลกระทบจากค่าเงินบาทที่แข็งขึ้นนั้น กรมส่งเสริมการส่งออกจะเชิญผู้ส่งออกเข้าหารือในช่วง 2 สัปดาห์ข้างหน้า พร้อมกับประเมินเป้าหมายการส่งออกใหม่อีกครั้ง 21 กรกฎาคม 2545 7/21/2002 8:07:33 PM หัวข้อ:Ringgit fall hitting Proton, rivals โดย:4202680882 July 17, 2002 KUALA LUMPUR Ringgit fall hitting Proton, rivals Higher import cost of Japanese parts seen denting profits PERUSAHAAN Otomobil Nasional Bhd, Malaysia's No 1 carmaker known as Proton, and its local rivals' profits will be dented this year as the falling ringgit raises the cost of imported components, analysts said. The ringgit has dropped 13 per cent this year against the yen, leaving carmakers with a bigger bill for imported Japanese engines and other components. Japanese components make up more than a quarter of Proton's parts costs. 'Everybody was forecasting that the yen would be cheaper,' said Raymond Tang at C M S Dresdner Asset Management Sdn. 'But now the yen has strengthened and so profits that were expected to be made from the exchange gain have actually become an exchange loss.' Malaysia's ringgit is pegged to the tumbling US dollar, leaving importers exposed to rising costs of purchases in Japan and Europe. The country's automakers, several of which have Japanese shareholders, are among the most exposed manufacturers to the currency's drop, prompting at least one analyst to lower recommendations for the industry. For every one per cent weakening of the ringgit against the yen, profit will probably fall 3 per cent at Proton and 4 per cent for other carmakers that are more reliant on Japanese parts, said Azam Yahya, an auto analyst at G K Goh Research Sdn. Proton shares, which gained about 22 per cent this year, have fallen 5.8 per cent in the last seven days. Proton imports engines and gearbox transmission parts from Mitsubishi Motors Corp, which together with Mitsubishi Corp owns 16 per cent in the Malaysian carmaker. Proton and Perodua account for 91 per cent of the cars sold in Malaysia. Daihatsu Motor Co owns 25 per cent of Perodua directly and through its local unit. The country's vehicle sales rose by a fifth in May to 38,682 units from a year earlier, helped by lower interest rates. S G Securities Sdn analyst Vincent Khoo last week cut his rating on Proton to 'sell' from 'buy', and his rating on UMW to 'sell' from 'underperform'. The ringgit recently bought 30.4 yen compared with an average of 33.9 yen so far this year. The Malaysian currency has been pegged at 3.8 ringgit to the US dollar since September 1998. The yen's impact on earnings may be limited by carmakers' hedging contracts, which allow them to secure a fixed yen rate. 'We are closely monitoring the yen, but we are not importing totally from the Japanese,' said Meor Mohar Azhar, group financial controller at UMW Holdings. 'I don't think it would be a problem this year.' 'So long as the yen remains at this level, it takes up all the possibility of an earnings upgrade and earnings momentum play,' Mr Khoo said. 'This sector is no longer attractive on that basis.' - Bloomberg 7/21/2002 9:14:23 PM หัวข้อ:Japanese Energy Is in Need of a Boost โดย:4202680353 Japanese Energy Drink Is in Need of a Boost By KEN BELSON TOKYO, July 18 For four decades, Lipovitan D, the pep drink made by the Taisho Pharmaceutical Company, has been the pick-me-up of choice for legions of salarymen working late, partying hard or battling a hangover. Almost by itself, the elixir packed with vitamins, amino acids and a jolt of caffeine created an "energy drink" market now worth $1.7 billion in annual sales. But as Japan ages, spending sags and tastes change, Lipovitan needs a boost of its own. The sluggish economy means less pocket change for luxuries like tonics; besides, with companies trimming overtime, fewer workers face a need for Lipovitan D to get them through the wee hours. And younger workers wanting a jump-start now tend to turn to Starbucks, not to potions with exotic ingredients like royal jelly, jujube and ginseng that claim to cure everything from common colds to impotence. The dilemma facing Taisho has also bedeviled Coca-Cola, McDonald's and others struggling to keep their hallmark brands fresh: alter an icon and risk alienating loyal customers, or stand pat and risk being eclipsed by rivals. Often, managers try to find a middle way by tinkering with a brand rather than overhauling it. Coca-Cola's addition of Vanilla Coke to its stable is an example. For Taisho, tinkering has not been much of an option. Its core customers middle-aged men are spending less, but the low-calorie and light versions of the drink, introduced to attract women and teenagers, have not found any traction, in part because Taisho has been unwilling to alter the main Lipovitan product's macho and, some say, outdated image. Taisho depends on its 24 power drink products for 42 percent of its sales, so last year's 3.1 percent slide in sales of Lipovitan D is worrisome. Over all, Taisho has forecast no growth in sales or profits this year; its stock sank to a seven-year low in June, more than 60 percent below its 1999 peak. "It's a classic situation of a staid old brand that's going from growth to maturity," said George Fields, an expert on marketing in Japan. "People associate Lipovitan with better times, but that's now pass้." Taisho is fighting back by seeking new retail outlets for its energy drinks, including vending machines and train-station kiosks. Taisho and its rivals got a big boost from a regulatory change in 1999 that allowed the drinks to be sold in convenience stores, rather than just pharmacies. The wider retail exposure initially reinvigorated sales, but it also drove down prices and eroded profit margins, though the margins can still exceed 80 percent. The change also damaged the mystique of Lipovitan D, one of the world's best selling over-the-counter remedies, by making it a get-it-anywhere commodity rather than something a bit special and hard to find. "The biggest challenge since the market was deregulated is how to appeal to new users," said Takaaki Ono, Lipovitan's brand manager. "But Lipovitan is our identity, and we won't change it." Taisho also hopes for greater sales overseas. Lipovitan first arrived in Southeast Asia in the 1960's and is now sold in 18 countries. But foreign sales fell by half in the Asian financial crisis of the late 1990's and never recovered. The drink is sold in two American states, California and Hawaii, but it never really took off there. In Europe, Australia and the Middle East, Japanese energy drinks face strong competition from Red Bull, an Austrian brew that doubles as a high-octane mixer. International sales make up just 5 percent of Taisho's drink revenue. That leaves the home market, where Chiovita, made by Taiho Pharmaceutical, and S-Cup, made by SSP, are gaining market share from Lipovitan D. All three drinks retail for the equivalent of $1.25 for a single bottle, but Chiovita and S-Cup are easily found for half that price if bought in a 10-pack box. They now have more than 10 percent of the market each, pushing Lipovitan D's share below 60 percent. Lipovitan D's sales at pharmacies are now falling faster than their growth at new outlets. To keep up, Taisho is sacrificing profits by cutting its own prices, according to Hiromi Kitano, who covers the industry at Lehman Brothers in Tokyo. Taisho, meanwhile, is moving to bolster its nondrink product lineup, including Ri-Up, the Japanese version of the hair-loss treatment Rogaine developed by Pharmacia. Still, there is no mistaking Lipovitan's fading popularity. Introduced in 1962, the drink was an instant hit with the workers driving the country's economy, which at that time was growing about 10 percent a year. Taisho installed refrigerated displays in pharmacies so that the drink could be served chilled to promote sales during the summer, an innovation at that time, and it hired Sadaharu Oh, Japan's home run champion, to promote it. By 1965 Taisho was selling more than 100 million bottles a year; volume doubled by 1970 and again by 1980. In 1977, Taisho started one of Japan's longest running advertising campaigns. In 15-second skit commercials that have become institutions on television, two male athletes tumble through hair-raising outdoor adventures like rock climbs and whitewater rafting. In each ad, Popeye-style, one of the pair downs a bottle of Lipovitan D and is reinvigorated, pulling his buddy off a ledge as they yell "Fight-o, ippatsu!," roughly meaning "Charge!" But there are limits to how high these intrepid fellows can lift Taisho without an economic revival. "If the unemployment rate were low and workers did overtime, more people would drink them," Ms. Kitano of Lehman Brothers said. "But that's not the case now." 7/21/2002 10:03:18 PM หัวข้อ:U.S. to appeal WTO ruling โดย:4202680148 U.S. to appeal WTO ruling Objects to override of 'Byrd Amendment' letting U.S. companies keep fines levied on overseas firms.July 18, 2002: 2:06 PM EDT GENEVA (AP) - The United States said Thursday it would appeal a ruling that declared illegal a U.S. law giving American companies fines collected from non-U.S. firms they accused of unfair pricing. In a confidential ruling late Wednesday, the World Trade Organization said the so-called "Byrd Amendment'' breaks international trade rules and should be repealed. Canada, the first of 25 countries that complained to the WTO about the U.S. law, welcomed the "interim'' decision. The report released to give governments a chance to comment is not yet final but is unlikely to change before it is formally released, probably in September. The United States is likely to appeal the panel's decision, a senior U.S. official told reporters on condition of anonymity. He said the U.S. government was reviewing the WTO report but continued to believe that the law was legal. Sen. Robert Byrd (D-W. Va.), who introduced the legislation, described the ruling as "appalling.'' "The WTO has decided that it and not the U.S. Congress has the authority to determine how American tax dollars are spent,'' he said in a statement. Under the Byrd Amendment, passed in 2000, tens of millions of dollars in fines collected by the U.S. government are handed over to companies that lodge complaints against non-U.S. exporters judged to be "dumping'' products at artificially low prices. The move provoked a record number of complainants to file formal disputes with the WTO, including: the 15-nation European Union, Australia, Brazil, Chile, India, Indonesia, Japan, South Korea, Thailand, Canada and Mexico. Related Stories WTO opens with agriculture WTO agrees to new round The protesting nations claim that the law punishes exporters to the United States twice because first they are fined and then those fines are handed to their competitors. They also said U.S. rules allow the money to be used for a wide range of purposes, including purchase of equipment, research, training, health care and pension benefits. Canadian Trade Minister Pierre Pettigrew said he was very happy with the WTO ruling. "This legislation is potentially harmful and disruptive to the international trading environment. It means that the Byrd Amendment gives U.S. businesses a vested interest in having their government impose duties, because they would get a direct cut,'' Pettigrew said. "If the final report reflects the arguments brought forward by Canada, this is very good news. It will mean that the U.S. government will have to conform to international law by eliminating this unfair practice.'' But Sen. Byrd said non-U.S. companies would not be hit by the law if they obeyed international trade rules in the first place. "The only reason that the Customs Service collects these fines is because foreign countries break the very trade agreements that they negotiated with the United States. To invalidate this law basically gives these countries a 'get out of jail free' card,'' he said. 7/21/2002 10:07:35 PM หัวข้อ:MS Lost Billions on Telecom/ โดย:4202612588 Microsoft has had to write down $9 billion in its last two fiscal years due to losses on telecom company investments, but the company's outlook remains promising, analysts said. Still, an after-tax charge of $806 million stemming mostly from investments made in AT&T (ATT) and other telecommunications companies helped push Microsoft's fourth-quarter profit below analysts' expectations, despite easily surpassing its bare-bones profit from a year ago. Microsoft (MSFT) said that for the quarter ended June 30, it had profits of $1.53 billion, or 28 cents per share, compared with a profit of $65 million, or 1 cent a share, in the same period last year. Microsoft said that for the quarter that ended June 30, it had profits of $1.53 billion, or 28 cents per share, compared with a profit of $65 million, or 1 cent a share, in the same period last year. --- DT cuts costs: Deutsche Telekom's new head Helmut Sihler has no plans to break up the debt-ridden company he took over from Ron Sommer, the caretaker CEO said. Sihler, who will serve as CEO for no more than six months, will push ahead instead with cost cuts already initiated by Sommer, including cutting more than $503.9 million in costs at the information technology division, while the search for a permanent successor goes on, a company official said. With Deutsche Telekom (DT) going through a gray zone of interim management, Sihler said he stood by the four main business areas, fixed-line, mobile, Internet and IT services, and would not push for the dramatic disposals seen at peers such as British Telecom (BTY) Ericsson's losing streak: Ericsson priced a $3.25 billion rights issue at a 74 percent discount in a move to reduce debt and help it through a period of weak demand, driving its shares down by one fifth. The world's biggest maker of mobile networks also announced its seventh straight quarter of losses and 5,000 further job cuts, as it struggles with weak demand amid a slow world economy. Ericsson (ERICY), which has been hit hard by the slump in spending by cash-strapped telecom operators, said it expected a deeper than previous fall in mobile network sales in 2002 but still expects to return to profit in 2003. Ask Jeeves ads: Hoping to end its history of losses, Ask Jeeves said its online search engines will start listing advertising-driven results provided by its more popular rival, Google, in a deal expected to generate sales of at least $100 million during the next three years. The partnership represents Google's latest victory in an intensifying battle with Overture Services (OVER), pioneers of the concept that auctions off a section of most Internet search engines to the highest bidder. Ask Jeeves (ASKJ) anticipates earnings of $1 million on $21 million in revenue during the fourth quarter, said Google CEO Skip Battle. Although it has developed one of the Web's best-known brands, Ask Jeeves has lost $694 million since its inception, including a second-quarter loss of $8.5 million. AP and Reuters contributed to this report. 7/21/2002 10:42:07 PM หัวข้อ:MS Lost Billions on Telecom/wired news report โดย:4202612588 Microsoft has had to write down $9 billion in its last two fiscal years due to losses on telecom company investments, but the company's outlook remains promising, analysts said. Still, an after-tax charge of $806 million stemming mostly from investments made in AT&T (ATT) and other telecommunications companies helped push Microsoft's fourth-quarter profit below analysts' expectations, despite easily surpassing its bare-bones profit from a year ago. Microsoft (MSFT) said that for the quarter ended June 30, it had profits of $1.53 billion, or 28 cents per share, compared with a profit of $65 million, or 1 cent a share, in the same period last year. Microsoft said that for the quarter that ended June 30, it had profits of $1.53 billion, or 28 cents per share, compared with a profit of $65 million, or 1 cent a share, in the same period last year. --- DT cuts costs: Deutsche Telekom's new head Helmut Sihler has no plans to break up the debt-ridden company he took over from Ron Sommer, the caretaker CEO said. Sihler, who will serve as CEO for no more than six months, will push ahead instead with cost cuts already initiated by Sommer, including cutting more than $503.9 million in costs at the information technology division, while the search for a permanent successor goes on, a company official said. With Deutsche Telekom (DT) going through a gray zone of interim management, Sihler said he stood by the four main business areas, fixed-line, mobile, Internet and IT services, and would not push for the dramatic disposals seen at peers such as British Telecom (BTY) Ericsson's losing streak: Ericsson priced a $3.25 billion rights issue at a 74 percent discount in a move to reduce debt and help it through a period of weak demand, driving its shares down by one fifth. The world's biggest maker of mobile networks also announced its seventh straight quarter of losses and 5,000 further job cuts, as it struggles with weak demand amid a slow world economy. Ericsson (ERICY), which has been hit hard by the slump in spending by cash-strapped telecom operators, said it expected a deeper than previous fall in mobile network sales in 2002 but still expects to return to profit in 2003. Ask Jeeves ads: Hoping to end its history of losses, Ask Jeeves said its online search engines will start listing advertising-driven results provided by its more popular rival, Google, in a deal expected to generate sales of at least $100 million during the next three years. The partnership represents Google's latest victory in an intensifying battle with Overture Services (OVER), pioneers of the concept that auctions off a section of most Internet search engines to the highest bidder. Ask Jeeves (ASKJ) anticipates earnings of $1 million on $21 million in revenue during the fourth quarter, said Google CEO Skip Battle. Although it has developed one of the Web's best-known brands, Ask Jeeves has lost $694 million since its inception, including a second-quarter loss of $8.5 million. AP and Reuters contributed to this report. 7/21/2002 10:42:57 PM หัวข้อ:U.S. to appeal WTO ruling โดย:4202681013 GENEVA (AP) - The United States said Thursday it would appeal a ruling that declared illegal a U.S. law giving American companies fines collected from non-U.S. firms they accused of unfair pricing. In a confidential ruling late Wednesday, the World Trade Organization said the so-called "Byrd Amendment'' breaks international trade rules and should be repealed. Canada, the first of 25 countries that complained to the WTO about the U.S. law, welcomed the "interim'' decision. The report released to give governments a chance to comment is not yet final but is unlikely to change before it is formally released, probably in September. The United States is likely to appeal the panel's decision, a senior U.S. official told reporters on condition of anonymity. He said the U.S. government was reviewing the WTO report but continued to believe that the law was legal. Sen. Robert Byrd (D-W. Va.), who introduced the legislation, described the ruling as "appalling.'' "The WTO has decided that it and not the U.S. Congress has the authority to determine how American tax dollars are spent,'' he said in a statement. Under the Byrd Amendment, passed in 2000, tens of millions of dollars in fines collected by the U.S. government are handed over to companies that lodge complaints against non-U.S. exporters judged to be "dumping'' products at artificially low prices. The move provoked a record number of complainants to file formal disputes with the WTO, including: the 15-nation European Union, Australia, Brazil, Chile, India, Indonesia, Japan, South Korea, Thailand, Canada and Mexico. The protesting nations claim that the law punishes exporters to the United States twice because first they are fined and then those fines are handed to their competitors. They also said U.S. rules allow the money to be used for a wide range of purposes, including purchase of equipment, research, training, health care and pension benefits. Canadian Trade Minister Pierre Pettigrew said he was very happy with the WTO ruling. "This legislation is potentially harmful and disruptive to the international trading environment. It means that the Byrd Amendment gives U.S. businesses a vested interest in having their government impose duties, because they would get a direct cut,'' Pettigrew said. "If the final report reflects the arguments brought forward by Canada, this is very good news. It will mean that the U.S. government will have to conform to international law by eliminating this unfair practice.'' But Sen. Byrd said non-U.S. companies would not be hit by the law if they obeyed international trade rules in the first place. "The only reason that the Customs Service collects these fines is because foreign countries break the very trade agreements that they negotiated with the United States. To invalidate this law basically gives these countries a 'get out of jail free' card,'' he said. 7/21/2002 11:44:08 PM หัวข้อ:US sees tame price rises โดย:4202612208 Prices paid by US shoppers began rising again in June but the small size of the increase reassured economists that inflation is under control. Economists have begun to forecast that low inflation may encourage the US Federal Reserve to keep interest rates at their current 40-year low for the rest of the year. Central bank president Alan Greenspan has hinted in the past that interest rates could rise in the second half of this year. The consumer price index edged up 0.1% in June, after remaining steady in May, figures from the US Labor Department showed. It was up 1.1% on June last year. The rise was less than expected - economists had been predicting an increase of 0.2%. 'No pressure' The undershoot was "great", said John Lonski, chief economist at Moody's Investors Service in New York. "There is hardly any inflation to speak of, thus the Fed is under absolutely no pressure to hike interest rates any time soon," he said. Core inflation, which strips out prices for food and energy, rose by 0.1% in May and by 2.3% from a year ago, figures which were also below forecasts. The US travel and tourism sectors' woes were visible in a steep 1.1% fall in the price of housing away from home - most of which is hotel rooms. The drop was "an indication that the travel industry is resorting to price breaks to attract business", said SG Economic Research. Clothing prices also fell, dropping 0.9% in June from the previous month and 2.6% in a year. Housing and medical prices rose but in both cases the gains were "modest", said SG Economics' analyst team. 7/21/2002 11:45:13 PM หัวข้อ:California to Sell Bonds to Make Up Huge Deficit โดย:4202680163 New York Times : July 20 California plans an $11.1 billion bond sale, believed to be the largest one-time borrowing by a government agency in American history, to alleviate a deficit built during the state's electricity crisis of 2000 and 2001. The money is intended to replace $6.5 billion California spent for electricity in the winter and spring of 2001 and to repay a $4.3 billion loan also used to buy power. Lawmakers also are counting on the bond sale to help the state make ends meet as a $23.6 billion shortfall in the overdue state budget looms. Without the sale, the state would have to take out short-term loans to keep cash flowing. Within weeks, Wall Street rating agencies expect to grade the riskiness of buying the California bonds. "This is a very unique situation," Dan Aschenbach, senior vice president for Moody's Investors Service, one of three major Wall Street rating agencies, told The Los Angeles Times. "I don't think there's any other type of bond issue that's had to be put in place to resolve an issue as significant as a $6 billion deficit to the state," Mr. Aschenbach said. The cost of retiring the new bonds is built into utility rates, so the debt will be paid off gradually as customers of Southern California Edison, Pacific Gas & Electric and San Diego Gas & Electric get their bills over the next 20 years. The bond sale is intended to spread the financial pain of an extraordinary year of blackout threats and astronomical power prices. The state treasurer, Philip Angelides, had sought to sell the bonds 14 months ago, but a deal was delayed by concerns over possible lawsuits and by a dispute between the California Public Utilities Commission and the administration of Gov. Gray Davis. Even with an "A" rating and interest rates between 5 percent and 6 percent, over the next two decades utility ratepayers will pay nearly as much in interest on the bonds as the $11.1 billion the state borrowed. 7/22/2002 12:06:45 AM หัวข้อ:ศก.จีนบูมกระตุ้นท่องเที่ยวเอเชีย โดย:4202681294 ศก.จีนบูมกระตุ้นท่องเที่ยวเอเชีย Monday, July 08, 2002 โดย MGR ONLINE ขณะที่เพื่อนบ้านพากันหวาดผวาว่า การเข้าสู่องค์การการค้าโลก (ดับเบิลยูทีโอ) จะทำให้จีนขยายอิทธิพลครอบงำภูมิภาคไว้ในกำมือ แต่ขณะเดียวกัน การเข้าร่วมระบบการค้าโลกเปิดช่องให้จีนได้นำเสนอโอกาสใหม่ โดยเฉพาะสำหรับอุตสาหกรรมการท่องเที่ยวของเอเชีย แต่ละปีชาวจีนเดินทางออกนอกประเทศกว่า 10 ล้านคน จากจำนวนประชากรทั้งสิ้น 1,300 ล้านคน และมีแนวโน้มว่าจำนวนนักเดินทางจะเพิ่มขึ้นเรื่อยๆ แม้รัฐบาลจีนยังจำกัดการเดินทางของประชาชน และคนจีนส่วนใหญ่ยังชีพด้วยเงินวันละไม่ถึงดอลลาร์ แต่ประเทศแห่งนี้กำลังผลิตชนชั้นกลางออกสู่สังคมในจำนวนที่อาจมากกว่าจำนวนประชากรของหลายประเทศด้วยซ้ำ ฮ่องกง สิงคโปร์ และไทย คือจุดหมายปลายทางยอดนิยมในหมู่นักท่องเที่ยวจีน เรามีลูกค้าคนจีนเพิ่มขึ้น 20-30% ส่วนใหญ่มากับกรุ๊ปทัวร์ หรือไม่ก็มาฝึกงาน แฮร์รี่ เหลียง ผู้จัดการทั่วไปของริเวอร์ วิว โฮเต็ลในสิงคโปร์ กล่าว สุเมธ เกรียงชัยพฤกษ์ เลขาธิการใหญ่กิตติมศักดิ์ของสมาคมสำนักงานท่องเที่ยวไทย เสริมว่าในไตรมาสแรกของปีนี้ มีนักท่องเที่ยวจีนเดินทางมาเมืองไทยเพิ่มขึ้น 13% และคาดว่าตลอดปีตัวเลขจะเพิ่มขึ้นเป็น 800,000 ราย โดยส่วนใหญ่มาจากเมืองใหญ่อย่างปักกิ่งและกวางโจว แต่ขณะนี้เริ่มมีนักท่องเที่ยวจากมณฑลอื่นๆของจีนมาเที่ยวเมืองไทยมากขึ้น จากข้อมูลของธนาคารเพื่อการพัฒนาเอเชีย (เอดีบี) ระบุว่าเกือบครึ่งของตำแหน่งงานในอุตสาหกรรมการท่องเที่ยวทั่วโลกอยู่ในเอเชีย และอุตสาหกรรมนี้คิดเป็นสัดส่วน 10% ของเศรษฐกิจเอเชีย ในฮ่องกง นักท่องเที่ยวจีนแซงหน้าอเมริกันชนในฐานะแขกกระเป๋าหนัก ฮ่องกงคาดว่าจำนวนผู้มาเยือนจากแผ่นดินใหญ่ในปีนี้จะเพิ่มขึ้น 7.9% เป็น 14.81 ล้านคน โดยเฉพาะหลังจากที่จีนยอมขยายจำนวนกรุ๊ปทัวรที่เดินทางมาฮ่องกงตั้งแต่ต้นปี ดอนนา มอนแกน ผู้จัดการฝ่ายประชาสัมพันธ์ของคณะกรรมการการท่องเที่ยวฮ่องกง เผยว่านักท่องเที่ยวจีนไม่ค่อยเน้นเรื่องที่พัก แต่ไปหนักกับการช้อปปิ้งและอาหาร คนเหล่านี้ยังชอบซื้อผลิตภัณฑ์ไฮเอนด์อย่างเครื่องเพชรเครื่องทองกลับบ้าน ในเอเชียตะวันออกเฉียงใต้ นักท่องเที่ยวจีนเริ่มกลบช่องว่างที่มีกับนักท่องเที่ยวญี่ปุ่นที่เคยใช้จ่ายไม่อั้นจนกระทั่งเศรษฐกิจในประเทศตกกับดักภาวะถดถอยเมื่อปีที่แล้ว คณะกรรมการการท่องเที่ยวสิงคโปร์เผยว่า ค่าใช้จ่ายเฉลี่ยต่อหัวของนักท่องเที่ยวจีนในปี 2000 ตกวันละประมาณ 201 ดอลลาร์สิงคโปร์ (113 ดอลลาร์สหรัฐฯ) เทียบกับ 128 ดอลลาร์สิงคโปร์สำหรับนักท่องเที่ยวญี่ปุ่น โดยสินค้าที่ชาวจีนนิยมซื้อคือนาฬิกาโรเล็กซ์ 7/22/2002 8:28:09 AM หัวข้อ:The crash of 2002 โดย:4202612380 The crash of 2002 Stocks' four-month slide has left investors battered and bloodied. How bad will it get. July 19, 2002: 7:16 PM EDT By Justin Lahart, CNN/Money Staff Writer NEW YORK (CNN/Money) - Ten trading days, 1,360 points off the Dow. Let's start calling the "sell off" what it is. Let's call it a panic. Let's call it a crash. Indeed, after rallying following Sept. 11, the markets topped out in March, and have been careening downward ever since: The Dow is down 25 percent since then; the S&P 500 is down 27 percent, and the Nasdaq is down 32 percent. People worry that, with $7.7 trillion knocked off U.S. market capitalization since March 2000 ($750 billion in the past week alone!), the selling will bleed into the economy, not just snuffing the recovery but sending the country into a deflationary episode like the one Japan labors under. Or like the U.S. strained under in the 1930s. The fear breeds selling, the selling breeds more fear. Some economists have even begun to talk about how the Fed could step in and cut rates to try and stanch the bleeding -- while at the same time they worry that for the Fed to do that would only stoke the market's fears. Remember 1998? This script is starting to look familiar, says James Padinha, economic strategist at Arnhold & S. Bleichroeder. It's starting to feel like 1998, when fears ran high that financial crisis would seize up the economy. "It's just eerie," he said. "We have exactly the same kind of thing going on." In the latter half of 1998 a debt crisis in Russia and hedge funds, which were almost as profoundly overleveraged as they were mispositioned, sparked a global flight to safety in the markets. It was a slow growing panic -- you would think it was going to get better and it just kept getting worse. As the market deteriorated investors began fearing not only that the U.S. would slip into recession, but that it would enter its first deflationary episode since the Great Depression. The Fed cut rates three times in an attempt to shore things up. The fears never came true, of course. The hurt that got put on markets never turned up in the economy -- heck, economic growth actually accelerated through the entire episode. And now, even though all the indicators are pointing toward economic growth, people are starting to worry stocks could snuff the recovery. "There's this alternative scenario where the financial crisis starts to bleed into the economy in a major way," said Lehman Brothers economist Ethan Harris. "It's a major risk and it should be given more play." Harris thinks the decline in stocks since March will trim 1.5 percentage points off growth in the economy -- a third off what the rate would have been. If the market keeps tanking, he thinks the Fed is going to have to cut rates. Padinha, however, thinks the notion that the market could tank the economy is just wrong, an idea bred by Wall Street economists who are a little too close to stocks. Take a look at the economy, and it's clear that things are getting better. Sales and industrial production are gaining ground. Inventories, slashed to the bone, have begun to grow again. "If it turns out all this economic data is wrong," said Padinha, "this is going to be the biggest misread in economic history." The nightmare scenario Padinha probably has it right, thinks Aeltus Investment Management strategist Jim Griffin. But he worries about the off chance that this really is going to be much worse than 1998 experience. There are differences. Coping with the bear market Strategies and picks for picking back up the pieces. "In 1998 it was somebody else's problem, with their blood splashing on our trousers," he said. "This time we're ankle deep in our own blood." Unlike 1998, the current crisis is rooted in the United States. It's our stock market bubble that popped. The U.S. was attacked, and our CEOs cooked the books. In 1998 U.S. investors were staring out at the world and wondering where it would end. Now the world's investors are staring at the U.S. and wondering the same thing. Griffin can imagine, he said, a Japanese-style pullback from risk in the U.S., in which investors give up, banks refuse to lend and the economy languishes. He can imagine other countries, accustomed to the United States' role as the world's economic locomotive, not taking up the standard. He can imagine a crisis of capitalism of a 1930's order. Griffin thinks the people talking about deflation are probably wrong, but he doesn't think they're crazy. We can be smug now, and say the 1987 crash, when the Dow dropped 30 percent in two days, was all about the way investors were using portfolio insurance. But at the time it seemed much bigger than that. At the time people were seriously entertaining the idea of a depression. We're not there quite yet, thinks Padinha, but we're on our way. He can see the panic growing, see the 1930s references getting progressively more ink. He can imagine the Fed cutting and people arguing that lower rates won't do a thing. That moment -- and who knows how far down from here it is -- will be the sign. "Right there is the bottom," he said. "The bottom for the funds rate, the bottom for the market, the bottom for everything." 7/22/2002 8:31:00 AM หัวข้อ:STREETWISE: Savings bonds a win-win boon โดย:4202680437 STREETWISE: Savings bonds a win-win boon Published on Jul 22, 2002 Last week savers and foundations snapped up all of the government savings bonds worth Bt300 billion on offer in a matter of just three days. That was quite a speedy record for the biggest bond issue in the history of the Kingdom. The savings bonds without a doubt present a good investment alternative for investors, who do not have a lot of choices in the under-developed capital market. But the particular beauty of this bond issue is that it can also tackle the financial problems of the country and win some votes for the government all at the same time. The Bank of Thailand introduced the bond issue in a way that keeps institutions out of subscribing to the bonds. Otherwise, they would not lend money out to borrowers, but idly stash their money in the government bonds. The central bank then designed a put option for bondholders, giving them the right going forward of selling the bonds back to the government before they mature. This put option amounts to a big bonus. Holders can sit on the bonds and reap attractive yields on them. Once interest rates perk up again and drive down bond prices in the market, the holders can always dump their savings bonds on the central bank's hands. Savers who have been complaining about the low deposit rates offered by commercial banks can put on a big smile. They have good reason to be grateful to the government for coming up such a rewarding scheme. This is how the government can win a lot of votes from small investors. The proceeds from the bond sale will go to refinance the debts of the Financial Institutions Development Fund. You might not like the idea that the FIDF has to shoulder this huge debt burden of more than Bt2 trillion that will be repaid over a period of 30 years by both the Finance Ministry and the Bank of Thailand. But this was a national problem that could not be swept under the rug. 7/22/2002 8:46:21 AM หัวข้อ:อนาคตเงินยูโร : เดินหน้าหรือถอยหลัง ? โดย:4202 ศูนย์วิจัยกสิกรไท การอ่อนตัวค่าดอลลาร์สหรัฐฯ ซึ่งทำให้เงินบาทไทยค่าแข็งขึ้นช่วงนี้ ส่งผลผู้ส่งออกไทยต้องปรับตัว เพื่อรับสถานการณ์ทิศทางค่าดอลลาร์และบาทระยะต่อไป ทำให้นายกรัฐมนตรี พ.ต.ท. ทักษิณ ชินวัตรแสดงความห่วงใยเรื่องนี้ แนะแนวทางเพื่อบรรเทาผลกระทบด้านการค้าระหว่างประเทศของไทย เนื่องจากความผันผวนค่าดอลลาร์สหรัฐฯ ผู้ส่งออกไทยควรกระจายการค้าขายกับต่างประเทศรูปเงินตราสกุลอื่นๆ เพิ่มขึ้น อาทิ เงินยูโรกลุ่มสหภาพยุโรป และเงินเยนญี่ปุ่น ทดแทนการพึ่งพาดอลลาร์สหรัฐฯ เป็นหลัก เพื่อการส่งออกไทยจะลดความเสี่ยงจากอิทธิพลดอลลาร์สหรัฐฯ ช่วยให้การส่งออกของไทยยืดหยุ่นยิ่งขึ้น ขณะที่บาทค่าเข้มแข็งขึ้นราว 8.8% เมื่อเทียบดอลลาร์สหรัฐฯ นับตั้งแต่ต้นปี บาทกลับอ่อนตัวประมาณ 3.6% เมื่อเทียบเงินยูโร ค่าลดราว 3.8% เมื่อเทียบเยน จะเป็นผลดีต่อสินค้าส่งออกไทยที่ค้าขายรูปสกุลเงินยูโรและเงินเยนช่วงนี้ เพราะทำให้สินค้าไทยราคาถูกลงในสายตาผู้ซื้อต่างชาติ หากผู้ส่งออกไทยติดต่อค้าขายกับประเทศคู่ค้ารูปสกุลเงินยูโรและเยนเพิ่มขึ้น จะมีส่วนช่วยชดเชยผลเสียจากการที่บาทแข็งค่าขึ้นเทียบดอลลาร์สหรัฐฯ อย่างไรก็ตาม การปรับเปลี่ยนกลยุทธ์การค้าขายสินค้ากับต่างประเทศที่โน้มเอียงสู่เงินตราสกุลยูโร ควรทำค่อยเป็นค่อยไป ประเด็นสำคัญที่ต้องคำนึงถึง คือ กลุ่มประเทศยุโรปที่ใช้เงินยูโรร่วมกัน หรือที่เรียกกันว่า กลุ่มยูโรโซน จะยินดีขยายบทบาทของตนเวทีเศรษฐกิจและการค้าโลกมากน้อยแค่ไหน รวมทั้งเพิ่มพูนความสัมพันธ์เศรษฐกิจ-การค้ากับไทยเพียงใด ช่วงที่ผ่านๆ มา สหรัฐฯ มีความสำคัญด้านเศรษฐกิจ การค้า การลงทุน และการเงินภูมิภาคเอเชีย รวมทั้งในไทย มากกว่ากลุ่มยุโรป ส่งผลดอลลาร์สหรัฐฯ มีอิทธิพลต่อเศรษฐกิจและการค้าระหว่างประเทศของไทยอย่างมาก ประมาณว่าการค้าระหว่างประเทศของไทยในรูปดอลลาร์สหรัฐฯ มากกว่า 80% ของมูลค่าการค้าทั้งหมดของไทย เมื่อเทียบกับสายสัมพันธ์เศรษฐกิจของไทยกับกลุ่มประเทศยุโรป ซึ่งมักค้าขายภายในภูมิภาคเดียวกันเป็นหลัก ส่งผลให้การใช้เงินยูโรยังไม่แพร่หลายเท่าใดนักในกลุ่มประเทศเอเชีย รวมทั้งไทย ปัจจุบันการส่งออกสินค้าของไทยไปกลุ่มสหภาพยุโรป (EU) ประมาณ 15% ของมูลค่าส่งออกทั้งหมดของไทย เทียบสัดส่วนส่งออกไปสหรัฐฯ ราว 20% เงินยูโร เป็นเงินตราสกุลใหม่ที่เปิดตัวสู่ตลาดการเงินโลกปี 2542 ฐานะเป็นเงินตราสกุลเดียวประเทศสมาชิกสหภาพยุโรป 12 ชาติ จากจำนวนสมาชิกทั้งหมด 15 ชาติ เนื่องจากอังกฤษ สวีเดน และเดนมาร์ก ยังไม่ร่วมใช้เงินตราสกุลนี้ หลังจากกลุ่มยูโรโซนนำเงินยูโรออกใช้หมุนเวียนระบบเศรษฐกิจ ตั้งความหวังว่าเงินตราสกุลเดียวยุโรปจะสวมบทบาทแทนเงินตราสกุลเดิมประเทศสมาชิก EU 12 ชาติ มีบทบาทสำคัญวงการการค้าและระบบการเงินโลก อาทิ บทบาทสื่อกลางการค้า คาดเงินยูโรจะเป็นเงินสกุลหลักที่ใช้ ประกอบธุรกรรมการค้าระหว่างประเทศ ราว 1 ใน 5 ของมูลค่าการค้าโลก เทียบดอลลาร์สหรัฐฯ ที่นิยมใช้แพร่หลายมากที่สุด สัดส่วนประมาณครึ่งหนึ่งมูลค่าการค้าโลก ส่วนเยนบทบาทค่อนข้างน้อย ราว 5% เท่านั้น บทบาททุนสำรองระหว่างประเทศ คาดว่าประเทศต่างๆ ถือครอง เงินยูโร ในฐานะทุนสำรองเงินตราต่างประเทศ ประมาณ 20% ของปริมาณทุนสำรองฯทั้งโลก เทียบกับทุนสำรองเงินตราต่างประเทศที่อยู่ในรูปดอลลาร์สหรัฐฯ ราว 63% เยน 6% บทบาทสื่อกลางในตลาดตราสารหนี้ของโลก เงินยูโรบทบาท ค่อนข้างโดดเด่นในตลาดตราสารหนี้ต่างประเทศ ตราสารหนี้ที่ซื้อขายกันรูปสกุลเงินยูโรประมาณ 35% ของมูลค่าตราสารหนี้ในตลาดโลก ใกล้เคียงสัดส่วนการค้าตราสารหนี้รูปดอลลาร์สหรัฐฯ ระดับ 37% และการซื้อขายตราสารหนี้รูปสกุลเยน 17% เงินยูโรเป็นเงินตราสกุลหลักอีกสกุลหนึ่งแวดวงการค้าและการเงินโลก ที่มีโอกาสทาบรัศมีดอลลาร์สหรัฐฯ เนื่องจากสหภาพยุโรปประชากรถึง 300 ล้านคน แนวโน้มสมาชิกเพิ่มขึ้นเรื่อยๆ ทำให้การใช้เงินยูโรมีโอกาสเติบโตต่อไป 7/22/2002 8:54:12 AM หัวข้อ:อนาคตเงินยูโร : เดินหน้าหรือถอยหลัง ? โดย:4202612653 การอ่อนตัวค่าดอลลาร์สหรัฐฯ ซึ่งทำให้เงินบาทไทยค่าแข็งขึ้นช่วงนี้ ส่งผลผู้ส่งออกไทยต้องปรับตัว เพื่อรับสถานการณ์ทิศทางค่าดอลลาร์และบาทระยะต่อไป ทำให้นายกรัฐมนตรี พ.ต.ท. ทักษิณ ชินวัตรแสดงความห่วงใยเรื่องนี้ แนะแนวทางเพื่อบรรเทาผลกระทบด้านการค้าระหว่างประเทศของไทย เนื่องจากความผันผวนค่าดอลลาร์สหรัฐฯ ผู้ส่งออกไทยควรกระจายการค้าขายกับต่างประเทศรูปเงินตราสกุลอื่นๆ เพิ่มขึ้น อาทิ เงินยูโรกลุ่มสหภาพยุโรป และเงินเยนญี่ปุ่น ทดแทนการพึ่งพาดอลลาร์สหรัฐฯ เป็นหลัก เพื่อการส่งออกไทยจะลดความเสี่ยงจากอิทธิพลดอลลาร์สหรัฐฯ ช่วยให้การส่งออกของไทยยืดหยุ่นยิ่งขึ้น ขณะที่บาทค่าเข้มแข็งขึ้นราว 8.8% เมื่อเทียบดอลลาร์สหรัฐฯ นับตั้งแต่ต้นปี บาทกลับอ่อนตัวประมาณ 3.6% เมื่อเทียบเงินยูโร ค่าลดราว 3.8% เมื่อเทียบเยน จะเป็นผลดีต่อสินค้าส่งออกไทยที่ค้าขายรูปสกุลเงินยูโรและเงินเยนช่วงนี้ เพราะทำให้สินค้าไทยราคาถูกลงในสายตาผู้ซื้อต่างชาติ หากผู้ส่งออกไทยติดต่อค้าขายกับประเทศคู่ค้ารูปสกุลเงินยูโรและเยนเพิ่มขึ้น จะมีส่วนช่วยชดเชยผลเสียจากการที่บาทแข็งค่าขึ้นเทียบดอลลาร์สหรัฐฯ อย่างไรก็ตาม การปรับเปลี่ยนกลยุทธ์การค้าขายสินค้ากับต่างประเทศที่โน้มเอียงสู่เงินตราสกุลยูโร ควรทำค่อยเป็นค่อยไป ประเด็นสำคัญที่ต้องคำนึงถึง คือ กลุ่มประเทศยุโรปที่ใช้เงินยูโรร่วมกัน หรือที่เรียกกันว่า กลุ่มยูโรโซน จะยินดีขยายบทบาทของตนเวทีเศรษฐกิจและการค้าโลกมากน้อยแค่ไหน รวมทั้งเพิ่มพูนความสัมพันธ์เศรษฐกิจ-การค้ากับไทยเพียงใด ช่วงที่ผ่านๆ มา สหรัฐฯ มีความสำคัญด้านเศรษฐกิจ การค้า การลงทุน และการเงินภูมิภาคเอเชีย รวมทั้งในไทย มากกว่ากลุ่มยุโรป ส่งผลดอลลาร์สหรัฐฯ มีอิทธิพลต่อเศรษฐกิจและการค้าระหว่างประเทศของไทยอย่างมาก ประมาณว่าการค้าระหว่างประเทศของไทยในรูปดอลลาร์สหรัฐฯ มากกว่า 80% ของมูลค่าการค้าทั้งหมดของไทย เมื่อเทียบกับสายสัมพันธ์เศรษฐกิจของไทยกับกลุ่มประเทศยุโรป ซึ่งมักค้าขายภายในภูมิภาคเดียวกันเป็นหลัก ส่งผลให้การใช้เงินยูโรยังไม่แพร่หลายเท่าใดนักในกลุ่มประเทศเอเชีย รวมทั้งไทย ปัจจุบันการส่งออกสินค้าของไทยไปกลุ่มสหภาพยุโรป (EU) ประมาณ 15% ของมูลค่าส่งออกทั้งหมดของไทย เทียบสัดส่วนส่งออกไปสหรัฐฯ ราว 20% เงินยูโร เป็นเงินตราสกุลใหม่ที่เปิดตัวสู่ตลาดการเงินโลกปี 2542 ฐานะเป็นเงินตราสกุลเดียวประเทศสมาชิกสหภาพยุโรป 12 ชาติ จากจำนวนสมาชิกทั้งหมด 15 ชาติ เนื่องจากอังกฤษ สวีเดน และเดนมาร์ก ยังไม่ร่วมใช้เงินตราสกุลนี้ หลังจากกลุ่มยูโรโซนนำเงินยูโรออกใช้หมุนเวียนระบบเศรษฐกิจ ตั้งความหวังว่าเงินตราสกุลเดียวยุโรปจะสวมบทบาทแทนเงินตราสกุลเดิมประเทศสมาชิก EU 12 ชาติ มีบทบาทสำคัญวงการการค้าและระบบการเงินโลก อาทิ บทบาทสื่อกลางการค้า คาดเงินยูโรจะเป็นเงินสกุลหลักที่ใช้ ประกอบธุรกรรมการค้าระหว่างประเทศ ราว 1 ใน 5 ของมูลค่าการค้าโลก เทียบดอลลาร์สหรัฐฯ ที่นิยมใช้แพร่หลายมากที่สุด สัดส่วนประมาณครึ่งหนึ่งมูลค่าการค้าโลก ส่วนเยนบทบาทค่อนข้างน้อย ราว 5% เท่านั้น บทบาททุนสำรองระหว่างประเทศ คาดว่าประเทศต่างๆ ถือครอง เงินยูโร ในฐานะทุนสำรองเงินตราต่างประเทศ ประมาณ 20% ของปริมาณทุนสำรองฯทั้งโลก เทียบกับทุนสำรองเงินตราต่างประเทศที่อยู่ในรูปดอลลาร์สหรัฐฯ ราว 63% เยน 6% บทบาทสื่อกลางในตลาดตราสารหนี้ของโลก เงินยูโรบทบาท ค่อนข้างโดดเด่นในตลาดตราสารหนี้ต่างประเทศ ตราสารหนี้ที่ซื้อขายกันรูปสกุลเงินยูโรประมาณ 35% ของมูลค่าตราสารหนี้ในตลาดโลก ใกล้เคียงสัดส่วนการค้าตราสารหนี้รูปดอลลาร์สหรัฐฯ ระดับ 37% และการซื้อขายตราสารหนี้รูปสกุลเยน 17% เงินยูโรเป็นเงินตราสกุลหลักอีกสกุลหนึ่งแวดวงการค้าและการเงินโลก ที่มีโอกาสทาบรัศมีดอลลาร์สหรัฐฯ เนื่องจากสหภาพยุโรปประชากรถึง 300 ล้านคน แนวโน้มสมาชิกเพิ่มขึ้นเรื่อยๆ ทำให้การใช้เงินยูโรมีโอกาสเติบโตต่อไป 7/22/2002 8:56:05 AM หัวข้อ:U.S. Hotels Still Waiting on Recovery โดย:4202680445 By Doug Young LOS ANGELES (Reuters) - Six months after predicting recovery for their industry in the second half of 2002, hotel companies and experts are rolling back the red carpet en masse until early next year, if not later. After a disastrous downturn in the initial months after Sept. 11, the nation's hotel industry showed a remarkable resilience that led many hotel companies and analysts to predict a sector-wide recovery in the second half of 2002. Amid the wave of optimism, companies and analysts predicted that average revenues per hotel room -- the most widely watched industry benchmark -- would come on strong in the back half of this year, resulting in annual gains of 3 percent to 4 percent over 2001 levels. But that chugging recovery stalled in April, as an expected return of business travelers to the road failed to materialize, taking the air out of previous rosy predictions. Most analysts now believe 2002 room revenues will be flat to down slightly. Industry leader Marriott International Inc. MAR.N provided the first glimpse of trouble ahead in mid-May, when it said room revenues for the second quarter would come in at the lower end of its previous expectations. The final 8 percent drop it reported last week was actually off the previously forecast range of a 5 percent to 7 percent decline. In late May, shortly after Marriott's first words of caution, consultant PricewaterhouseCoopers raised more warning flags when it announced a major downward revision of its 2002 industry forecast. Under the revision, PricewaterhouseCoopers said it expected revenue-per-room to actually contract 0.7 percent for the year, compared with a previous forecast just a month earlier of 3 percent growth. "Many of us thought that with the very positive signs at the end of 2001 ... we'd be back in business no problem by the time summer 2002 came around," said Chase Burritt, head of the hotel consulting practice for Ernst & Young. "Now all of us think it's probably going to be around 2003." SLEW OF WARNINGS The cautionary words by PricewaterhouseCoopers and Marriott in May have been followed by a flood of similar warnings from virtually every other major company in the business. Two of the nation's top hotel owners, FelCor Lodging Trust Inc. FCH.N and MeriStar Hospitality Corp. MHX.N last month revised down their room revenue and earnings forecasts for the quarter. Their biggest competitor, Host Marriott Corp. HMT.N , joined their ranks this week when it revised down its outlook for the year. Previously, Hilton Hotels Corp. HLT.N also scaled back its second-quarter room revenue outlook, saying it now expects to report a 5 percent decline instead of the 1 percent to 2 percent drop previously forecast. The company will report its second-quarter results on July 30. In the string of delayed recovery announcements, nearly all the chains blamed the failure of business travelers to return to the road as corporations continued to rein in spending until signs of a stronger economic recovery takes hold. "The question is, will we have to push down further," said Bjorn Hanson, who heads the hotel consulting practice for PricewaterhouseCoopers. Hanson added the expectation for a recovery early next year is largely based on historical precedent, and has little or no basis in current trends. "Are there really strong indicators it will happen in the first quarter?" he said. "At some point it has to, and we do have good data on recovery from prior recessions. If it takes until the first quarter (of 2003), this will be an unusually long recession" for the industry. 7/22/2002 8:58:11 AM หัวข้อ:Boeing Sees Sector Weakness Until '04 โดย:4202680726 By Kathy Fieweger LONDON (Reuters) - Alan Mulally, chief executive of Boeing Co.'s commercial airplanes unit, said he sees softness in the U.S. airline sector and accompanying weakness in commercial aircraft production continuing probably until 2004. "I think everybody in the industry knows that it's going to be slower than what we originally thought a year ago," Mulally said in an interview with Reuters. "What we said a year ago and what we're saying now is that the low point would be 2003. But I think most people are thinking it could be a little bit later." In contrast, European civil jet maker Airbus SA told reporters in Ireland last Friday it will probably deliver more than 300 aircraft in 2004, brushing aside fears of a slump. For 2002, it has forecast 300 deliveries and another next year. Philippe Camus, co-chief executive of Airbus' parent EADS, said the manufacturer's target is to return quickly to levels seen in 2001, a record year. EADS was formed in 2000 from the merger of aerospace firms in France, Britain and Spain and owns 80 percent of Airbus. The rest is held by BAE Systems. Boeing, the world's largest commercial jet manufacturer based in Chicago, plans to deliver 380 planes this year and between 275 and 300 in 2003. So far, it has not put a target on 2004's output. In 2001, it delivered 527 jets. Mulally said the pattern of new orders follow countries' gross domestic product figures, travel and then profitability of the airlines. "Most people think that GDP is coming back slower, they think travel is coming back slower and they think airlines' return to profitability is coming back slower." DOG DAYS OF SUMMER Major U.S. airlines last week posted a record $1.4 billion aggregate loss in the second-quarter, on top of $2.4 billion in the first quarter and more than $7 billion in 2001. The disastrous financial performances followed the Sept. 11 attacks on New York and Washington, although economics had already been before that because of the weak U.S. economy. Mulally declined to say whether additional layoffs at Boeing would be needed. "We're going to size Boeing to support the customers," he said. The company, which is also the No. 2 U.S. defense contractor, is in the process of laying off 30,000 workers to cope with the downturn in production. Boeing has also begun contract negotiations with the International Association of Machinists and Aerospace Workers, a powerful union which is concerned about job security and pension pay. The union recently took the unusual step of meeting with Wall Street analysts to press its side of the case. Mulally, heading up Boeing's side of the delegation, called initial talks "very positive." The 25,0000 IAM workers this month authorized a strike if contract talks fail to produce a deal by the Sept. 1 deadline. While air traffic will continue to grow long-term worldwide, Mulally said consolidation among airlines will occur in both the United States and Europe. Despite the U.S. airline industry downturn, no major carriers there have filed for bankruptcy protection as yet. Even if they do, ceasing flight operations happens only after long periods of time if at all, with capacity and routes picked up by competitors. SONIC CRUISER LIVES ON, FOR NOW There has been speculation that Boeing's proposed next-generation plane called the Sonic Cruiser -- designed to fly about 20 percent faster than current jets -- may never get off the ground. Boeing hasn't built a new jet since the 777 debuted in 1995. "The Sonic Cruiser is our highest priority product development," Mulally said. "What we're really concentrating on now is the value of speed ... because we know we can make it work technically." But he added airlines have a "great set of airplanes" and don't need a new one right now. Airbus, betting on demand from airlines seeking to carry even larger passenger loads, is set to introduce a 555-seat A380 megajet, the largest in history, in 2006. 7/22/2002 8:59:42 AM หัวข้อ:Gold shines as stocks fade โดย:4202680551 Gold shines as stocks fade Prices hit three-week high as investors look for a safe haven amid stock declines, dollar's slump.July 19, 2002: 2:17 PM EDT NEW YORK (CNN/Money) - Gold prices jumped to a three-week peak Friday as Wall Street continued its downward spiral and the U.S. dollar weakened following some bearish economic data. Gold for August delivery rose $6.10 per ounce to $323.20 on the New York Mercantile Exchange, its highest level since June 26. U.S. stocks tumbled Friday as bleak forecasts from technology leaders Sun Microsystems and Microsoft pulled the Nasdaq lower, while a federal probe into medical firm Johnson & Johnson cast a pall over the Dow. Geopolitical instability also prompted some investors to stock up on safe-haven gold as violence flared this week in the Middle East, with militant Islamic group Hamas spearheading a campaign of suicide bombings in Israel. One gold broker attributed the rise to investors covering short positions as stock levels continued to erode, the dollar weakened, and violence continued in the Middle East. Economic data released earlier added some luster to precious metals. "The data too -- the trade deficit, the weak dollar-- it is all of that," said AG Edwards commodity commentator James Quinn. The U.S. government said the trade deficit set a record in May for the second straight month, as strong American demand for autos, food and consumer goods lifted the gap to $37.64 billion, above expectations for a rise to $35.23 billion. The June U.S. Consumer Price Index, the main U.S. inflation gauge, rose a mere 0.1 percent, showing inflation was tame. It was expected to rise by 0.2 percent, after a flat reading in May. Falling stocks threw the U.S. dollar on the defensive against the euro and the yen. The euro bought $1.01, a slight change from late Thursday. The dollar purchased ¥115.74, down from ¥116.57 cents late Thursday. 7/22/2002 9:04:14 AM หัวข้อ:Mercedes probed for price fixing โดย:4202680049 Mercedes probed for price fixing Filing says German luxury automaker's U.S. arm has received subpoena related to pricing suit.July 19, 2002: 6:33 PM EDT NEW YORK (CNN/Money) - U.S. regulators are investigating possible price fixing by luxury automaker Mercedes-Benz, according to filing with the Securities and Exchange Commission. The filing said the U.S. Justice Department has notified the automaker that it is conducting a criminal investigation in connection with the allegations made in a civil class action lawsuit pending in the United States District Court for the District of New Jersey. It said the company and its units have been served with a grand jury subpoena. The civil suit charges Mercedes-Benz USA LLC (MBUSA) and its wholly-owned subsidiary Mercedes-Benz Manhattan, Inc. (MBM) participated in a price fixing conspiracy among Mercedes-Benz dealers. "MBUSA and MBM intend to defend themselves vigorously," the filing said. Mercedes-Benz is a unit of DaimlerChrysler AG, whose holdings also include Chrysler Group, its North American unit that operates the nation's No. 3 automaker. Mercedes-Benz USA operates independently of Chrysler Group. U.S. shares ofDaimlerChrysler (DCX: down $3.90 to $43.65, Research, Estimates) were off 5 percent at midday following reports of the filing. 7/22/2002 9:05:21 AM หัวข้อ:Continued Economic Growth Forecast For Lao PDR โดย:4202610574 MANILA, PHILIPPINES - Fueled by regional economic recovery and recent increased investment in the hydropower sector, economic growth in the Lao People's Democratic Republic (Lao PDR) is seen picking up to 5.8 percent in 2002 and 6.1 percent in 2003 from 5.5 percent posted in 2001. This is the view of the Asian Development Outlook 2002 (ADO), an annual publication analyzing and forecasting economic trends, released today by the Asian Development Bank. In 2001, growth was well balanced, with agriculture, industry and services all registering a moderate rise in output. Agriculture, which employs 85 percent of the population and accounts for half of the economy, grew at an estimated rate of 3.9 percent in 2001. This represents a slowdown after several years of strong expansion led by investment in irrigation and expanded cross-border trade in agricultural commodities with Thailand. Industry was the fastest growing sector, with construction and garments playing a key role. The services sector, accounting for about a quarter of the economy, saw steady growth of about 6 percent in 2001. Tourism, the ADO says, continued to play a vital role in the economy contributing both to GDP growth and the balance of payments. In recent years, foreign investment has focused mainly on hydropower and tourism. In 2001, foreign investment was estimated at $30 million. Evidence suggests that economic growth has had a positive effect on poverty reduction, though not equitably, notes the ADO. New investment will have to concentrate more on providing physical and social infrastructure and to adjust the macroeconomic policy environment so that the poor are able to better capture the benefits of growth. 7/22/2002 9:25:58 AM หัวข้อ:US to sanction eight Chinese firms โดย:4202612463 -------------------------------------------------------------------------------- WASHINGTON - The United States has decided to impose economic sanctions on eight Chinese companies for selling destabilizing arms and germ-weapons materials to Iran, The Washington Times reported. . The report said the sanctions would be formally announced in the next few days and involve three cases of sales of advanced conventional arms and chemical- and biological-weapons components. The sales occurred between September 2000 and October 2001 and violated the Iran-Iraq Nonproliferation Act of 1992, said The Times, which cited an unnamed State Department official. The act mandates sanctions against companies or governments that make sales that "could materially contribute to either country's acquiring chemical, biological, nuclear, or destabilizing numbers and types of advanced conventional weapons." The State Department notified the Chinese government of the sanctions on Thursday, according to the report. The measure bars the companies from doing business with the US government and prohibits US officials from issuing export licenses to US companies that seek to sell goods to the sanctioned firms, the paper said. The companies have not been identified but will be named when the formal announcement of the sanctions is made, according to the report. AFP 7/22/2002 9:26:49 AM หัวข้อ:Mazda fighting for lower tax on pickup โดย:4202611515 Mazda fighting for lower tax on pickup Published on Jul 22, 2002 Mazda insists its new Fighter Freestyle Cab pickup should be classified as a stretched cab and therefor eligible for 3-per-cent excise duty. Both Mazda and Ford have introduced extra panels that give access to the rear of the cabin in their latest pickup trucks - the Fighter and the Ranger respectively. The Excise Department says the panels should be considered as doors and the trucks therefore subject to 12-per-cent double-cab excise duty. "The excise duty for the Fighter Freestyle Cab should be only 3 per cent because when compared to other stretched-cab models, the cabin and pickup beds are the same size, and there are no rear seats or seatbelts," said David Grakul, president of Mazda Sales (Thailand) Co. "The panels make life much easier for the customer. We believe it's the right choice for Thailand because of the technology," he said. If the Excise Department insists on using the 12-per-cent tax on the Freestyle model, Mazda will maintain prices that were announced yesterday for up to 6 to 12 months, Grakul said. If the tax ruling is unfavourable, prices will be raised. "However, we will appeal to the government for the 3-per-cent tax," he said. Mazda is planning to double sales of its Fighter pickup thanks to the introduction of the Freestyle Cab. During the first half of this year, the company sold an average of 600 units per month, but it expects to sell as many as 1,200 to 1,500 units per month with the new Freestyle Cab as its major seller. There are a total of 20 Fighter models on offer, with the best-selling models coming with additional equipment such as four-wheel ABS brakes with EBD ("electronic brake-force distribution"), airbags, chrome door handles and side-view mirrors, and side steps. The company says prices have not gone up with the added features. "We didn't just add in the prices of the additional equipment but looked at the competitors' prices and what we wanted to do with our sales," Grakul said. Prior to the introduction of the Fighter, Mazda carried out a customer survey as well as an analysis of the competition, including Toyota, Isuzu, Nissan, Mitsubishi and Ford. "We sent the analysis to Mazda Motors in Japan where it was decided whether we put the right value into the new truck," he said. As a result of the survey, one model kept the same price, four increased in price and 15 were reduced in price. "Mazda now has a good chance to grow its volume thanks to the new prices," Grakul said. Kingsley Wijayasinha THE NATION 7/22/2002 3:41:04 PM หัวข้อ:Worldcom files for bankruptcy โดย:4202680072 WORLDCOM, WHICH has $35 billion in annual revenue but is now nearly out of money, filed under Chapter 11 of the U.S. Bankruptcy Code. The filing, which shields the company from its creditors as it reorganizes, was made in the U.S. Bankruptcy Court for the Southern District of New York. The company intends to continue its normal operations. WorldComs board had unanimously approved the step at a meeting Sunday afternoon. WorldCom, parent of MCI, is the nations second-largest long-distance provider and serves 20 million consumers and thousands of corporate customers. In its filing, the company, based in Clinton, Miss., lists assets valued at $107 billion, making the bankruptcy filing by far the largest in U.S. corporate history. Enron Corp., which had been the largest bankruptcy until now, listed assets of $63.4 billion. Analysts believe, however, that WorldComs assets today may be valued at less than $15 billion. The shame of it all is that underlying the debt and the restatement and the alleged fraud is a really great company that will ultimately survive, said Chief Executive John Sidgmore in an interview Sunday. If we can emerge from bankruptcy without the debt load, we can have a strong position in the industry. We might emerge with the strongest balance sheet. WorldComs list of creditors, which reads like a whos who of Wall Street, is made up mostly of bondholders and bank lenders. The largest noteholder is J.P. Morgan Chase & Co.s J.P. Morgan Trust Co. which, as a trustee, lists $17.2 billion. As a trustee, J.P. Morgan Trust doesnt necessarily own the bonds, but it is simply an administrator for the investor that owns the bonds. As expected, the banks that loaned WorldCom $2.65 billion in May, just weeks before WorldCom imploded, are on the list, with Deutsche Bank AG, the largest bank loan creditor, seeking $241 million. ABN Amro Bank NV is owed $203 million. The filing was made by WorldCom and its roughly 180 domestic subsidiaries, but it doesnt include the companys foreign affiliates. WorldCom intends to sell off nonessential assets and focus on key businesses so it can emerge from bankruptcy protection as a viable company. As part of the court process, WorldCom creditors, including bondholders and banks, will jockey for payment. The bankruptcy almost certainly will wipe out common shareholders, who are last in line among stakeholders in such a proceeding. WorldCom has about three billion common shares outstanding. WorldCom plans to continue serving its residential and business customers, but it faces a major challenge to hang on to them, as some have begun voicing concern that the companys financial condition could impact service. Mr. Sidgmore, who took over after veteran CEO Bernard Ebbers was ousted in April, plans to remain in charge, though some bondholders in interviews have raised the possibility that they will seek new management to start fresh. The company will hire a restructuring adviser, who would report to Mr. Sidgmore, to handle relations with the creditors committee and help keep management from becoming so distracted by the bankruptcy details that it cant run the company. WorldComs longer-term tasks will be more difficult. It has to protect the rapidly eroding value of its brand. And it has to decide what its core business should be. WorldCom doesnt have a group of assets it can easily spin off to raise billions of dollars. Some minor assets, such as the companys Brazilian and Mexican operations, could be easily disentangled from the rest of the company, but they wouldnt raise much money. The expected bankruptcy filing caps a spiraling series of troubles that culminated in disgrace last month when WorldCom admitted to what could turn out to be the biggest accounting fraud ever. WorldCom misstated $3.8 billion in expenses over five quarters in a way that allowed it to report profits when it actually lost a total of about $1.2 billion in that period. The company will have to restate financial results for 2001 and the first quarter of 2002. The move placed WorldCom at the front of a growing line of scandal-tinged flameouts among major companies that have undermined investors faith in the market and sent stocks reeling. WorldCom, whose high-profile former CEO Mr. Ebbers once boasted that his companys stock was more valuable than cash, had a market capitalization of about $120 billion at its peak in the summer of 1999. By Friday, with expectations widespread of its impending bankruptcy filing, WorldComs market capitalization had dwindled to $280 million, a good deal less than Mr. Ebberss $408 million loan from the company. Bondholders are the dominant creditors and will have one of the loudest voices in determining the companys fate. One of the first things WorldCom will do now that it has filed will be to ask the bankruptcy-court judge to approve a $2 billion bank loan in the form of senior secured debtor-in-possession financing. WorldCom said Sunday it has secured $750 million of the $2 billion to use in the interim. One of the stipulations the banks made is that WorldCom hire a chief restructuring officer to shepherd WorldCom through what has the potential to be a daunting reorganization. WorldComs debtor-in-possession funding was arranged by lead bank Citigroup Inc. along with J.P. Morgan Chase and General Electric Co.s financial-services arm, GE Capital. Providing the financing gives these institutions what is called super-priority status among WorldCom creditors, which means they will be repaid for the new loans before anyone else. Another early step will be for WorldCom to seek authority to pay bills outstanding to some creditors-so-called critical trade vendors-before it pays bills owed to other creditors. That step is taken to ensure good relations and critical service. An early court battle could occur over how WorldCom categorizes the regional Bell companies, which provide much of the nations local-phone service. The Bells could be categorized as utilities and therefore wouldnt have to be paid immediately for past bills. But the Bells could argue that without the ability to connect to local phone networks, WorldCom wouldnt be able to function. The regional Bells are: Verizon Communications Inc., SBC Communications Inc., BellSouth Corp. and Qwest Communications International Inc. WorldCom owes Verizon, which the largest of the Bells, $121 million, according to the filing. The Bells, which are also WorldComs competitors, have been demanding upfront payments, as have other suppliers, as the companys fortunes slumped. That demand sharply accelerated the rate at which WorldCom burned through its remaining cash and hastened a bankruptcy filing that already seemed inevitable. Even with WorldCom in bankruptcy-court protection, the regional Bells seem inclined to take a tough stance. We will take an aggressive approach to protecting the interests of our shareholders, said Peter Thonis, a spokesman for Verizon. Some people familiar with the situation say that WorldComs cash flow could improve significantly because of the protection a Chapter 11 filing provides and that the company may not need much of the $2 billion in loans that will be available. For example, WorldCom wont have to pay $500 million in estimated quarterly interest expenses that go to WorldComs bondholders. Working capital could actually shift to be a significant help to WorldComs operations, said Banc of America high-yield analyst Trent Spiridellis. There is some desire among bondholders for Mr. Sidgmore to step down, said people familiar with the bondholders views. Such changes are common in bankruptcies, particularly if the existing management is tainted in any way. Mr. Sidgmore has denied any knowledge of the accounting improprieties, but some bondholders believe he lacks the heavyweight management credentials the company needs and was too close to Mr. Ebbers and fired Chief Financial Officer Scott Sullivan. Mr. Sidgmore said he doesnt believe his departure would benefit the company. If you believe the company is going to be liquidated, then thats what you need, he said. If you believe that the company is going to be rebuilt, then I think theyre dead wrong. We havent heard any outcry to displace management, said Marcia Goldstein, a senior partner at Weil Gotshal & Manges, which is handling the WorldCom bankruptcy procedures. The most important thing is to ensure stability of the operations, says Daniel Golden, the Akin Gump Strauss Hauer & Feld LLP lawyer for the bondholders making up the informal creditors committee. To preserve WorldComs network of customers and suppliers, speed is key. At Sundays meeting, WorldComs board approved two new board members to succeed Mr. Ebbers and Mr. Sullivan. The company named Nicholas Katzenbach, 80 years old, a former undersecretary of state, attorney general, and Yale Law School professor; and Dennis Beresford, a 64-year-old professor of accounting at the University of Georgia who formerly served as the chairman of the Financial Accounting Standards Board. Some of the stakeholders in the bankruptcy say once WorldComs balance sheet is clean, it could become an attractive acquisition target for the Bells or other competitors. Mr. Sidgmore said some would-be buyers are interested enough to have hired investment bankers to assess possible deals. But so far, some prospective buyers are still intensely wary of the companys weakening core business and the many unknowns that still could lurk in the companys books. 7/22/2002 4:01:18 PM หัวข้อ:STREET WISE: Governance to the forefront โดย:4202610749 As WorldCom Inc was filing for protection from its US$30-billion (Bt 1.2-trillion) debt load, representing the largest bankruptcy case in US corporate history, local officials were yesterday scrambling to polish Thailand's reputation for good corporate governance. The Securities and Exchange Commission (SEC) will join with five institutional investors, with a combined investment portfolio of Bt1 trillion, to form Thailand's first alliance to promote good corporate governance. The new organisation will be called the Institutional Investor Alliance. One senses the guiding hand of Deputy Prime Minister and Finance Minister Somkid Jatusripitak - a long-time advocate of good corporate governance - behind the move. After working to improve the economy, putting a lid on public debt, and introducing a package to repay the Financial Institutions Development Fund's debts, Somkid has shifted his efforts towards making good corporate governance the defining feature of the development of the capital market. Transparency will ensure the inflow of foreign capital into local equity markets at a time when funds are fleeing the US. The Institutional Investor Alliance will encourage its members to invest in companies that practice good corporate governance. The alliance groups the Government Pension Fund (Bt180 billion under management), the Social Securities Office (Bt160 billion), the Association of Investment Management Companies (Bt300-Bt400 billion), the Association of Provident Funds (Bt200 billion), and the Thai Life Association (Bt260 billion). SEC deputy secretary-general Chali Chanthanayingyong was present at the announcement of the alliance yesterday to offer his vote of confidence. "The government really would like to push for corporate governance. Investors should learn how to use their rights to protect themselves. Apart from the legal means, we'll be relying on social pressure and market forces to make corporate governance happen," he said. Cloud over TAT Although the Tourism Authority of Thailand (TAT) is accepting applications from people wanting to be its new governor, Pradech Payakvichine, who was sacked from the post, has not yet received an official order for his removal. A source close to Pradech said that an order had not been issued because the former TAT governor had done nothing wrong by owning a stake in Ase, a TAT contractor. He said Pradech was filing a lawsuit over the sacking, which he believed was unfair. Another source said delays in issuing the removal order caused some confusion in the TAT's financial department last month. As a result, Pradech received his salary much later than other staff. The delay has also raised concerns among the applicants for the post, said the source. Regardless of the uncertainty over Pradech's status, TAT deputy governor for marketing and acting governor, Juthamas Siriwan, said she would enter the race. 7/22/2002 9:50:04 PM หัวข้อ:Investors have rushed to apply for shares in Bank of China โดย:4202612646 Hong Kong, in what could prove to be a rare stock market success story.Bank officials have more than tripled the number of shares on offer to the public - from 10% to 35% of the total - after the offer was 26 times oversubscribed. On Saturday, institutional investors bought more than US$2bn-worth of shares, and bid for twice as many. Bank of China Hong Kong, the overseas arm of China's biggest foreign-exchange bank, is floating up to 25% of its shares in what promises to be the biggest Hong Kong market debut since 2000. Its shares are due to begin trading on 25 July. People's choice Bank of China Hong Kong's share offering was always predicted to be a bigger hit with the public than with financial institutions. While many international investors are drawing in their horns at present, retail demand has been boosted by the bank's strong client base in the territory. Many of the retail investors are account-holders, drawn by the fact that the likely yield on the shares is higher than the bank's deposit rates. With the Hong Kong and Chinese stock markets relatively lacklustre at present, there have been few opportunities on the scale of the Bank of China offering. Retail investors are getting their shares at 8.08 Hong dollars (?0.66; $1.04) apiece, a 5% discount to the price struck by institutional investors. Wobbles The sale has not been without controversy. The firm's debut wobbled in January when the former president of the Beijing parent company was arrested over corrupt loans during his time there. The bank's listing prospectus said that Wang Xuebing was now facing "prosecutorial action" in China. The arrest of Mr Wang shocked international financiers because the 49-year-old banker had been seen as a financial reformer and a prot?g? of China's Premier Zhu Rongji. Some investors also have concerns about becoming involved in the banking system on the Chinese mainland, which is weighed down with bad debt from technically bankrupt state firms 7/25/2002 1:02:14 PM หัวข้อ:NEC retires 5000 staff โดย:4202680114 NEC 's traditional markets suffer from weak demand Japanese electronics giant NEC has offered early retirement to one sixth of its headquarters and telecoms workforce. The news reflects the tough times that are being had by high technology firms due to the global economic weakness and hesitant spending by companies on telecoms equipment and computers. The offer has gone out to anyone over 45 who works at the NEC headquarters and at its telecoms divisions which include its computer and optic fibre network business. Up to 5,000 of the 30,000 people NEC employs in these areas will be able to retire. The company did not want to speculate on how many would apply. "We have not set any target," a spokesman said. NEC cut 16,000 jobs, mostly in its chip units, during the 12 months to March this year. 7/25/2002 3:52:35 PM หัวข้อ:Disney tipped to open Shanghai park โดย:4202680379 Disney tipped to open Shanghai park Friday, 19 July, 2002, 10:33 GMT 11:33 UK , BBC NEWS Entertainment giant Walt Disney has signed a tentative deal to build its fourth Asian theme park in the Chinese city of Shanghai, the Hong Kong Economic Times has reported. Neither the company nor the Shanghai government has yet confirmed the report, but Shanghai has long been high on Disney's list of target destinations. Disney has boosted its Asian presence in recent years, announcing plans for a new park in Hong Kong, and investing heavily last year to add a new park in its 20-year-old Tokyo Disney Resort. Three years ago, when Disney signed its deal to enter the Hong Kong market, the city government of Shanghai was hoping it would simultaneously set up shop there, but the US firm left its options open. "We have always stated that two parks in China is a possibility in the future," a Disney spokesman said. Tale of three cities According to the newspaper, Disney is still wavering between Shanghai - China's most prosperous city - and Beijing. Until this report, it seemed more likely to opt for the capital, despite its lower average incomes. A park in Shanghai, not a huge distance by Chinese standards from Hong Kong, could draw visitors away from a park on the territory. The $1.8bn planned investment in Disney's Hong Kong park is based on the assumption that it will draw huge volumes of visitors from the mainland. The Hong Kong government is firm in its opposition to a Shanghai park, and even Shanghai authorities have questioned whether it would be economically viable. Asian dreams Disney sees Asia as the key growth market for its otherwise mature theme parks business. The region's dense population, rising incomes and proven taste for public amusements has made it a target for multinational entertainment companies. But things have not always run smoothly. Tokyo Disneyland is well established, but has been hit hard by the country's decade-long economic slump. Disney's Hong Kong park, not due to open until 2006, has already hit all sorts of problems. Environmentalists are angered by the water pollution caused by the early stages of construction, and taxpayers grumble that their money is going to subsidise a private-sector venture, including building a dedicated rail link at public expense. 7/26/2002 1:23:23 PM หัวข้อ:U.S. to appeal WTO ruling โดย:4202680148 U.S. to appeal WTO ruling Objects to override of 'Byrd Amendment' letting U.S. companies keep fines levied on overseas firms.July 18, 2002: 2:06 PM EDT GENEVA (AP) - The United States said Thursday it would appeal a ruling that declared illegal a U.S. law giving American companies fines collected from non-U.S. firms they accused of unfair pricing. In a confidential ruling late Wednesday, the World Trade Organization said the so-called "Byrd Amendment'' breaks international trade rules and should be repealed. Canada, the first of 25 countries that complained to the WTO about the U.S. law, welcomed the "interim'' decision. The report released to give governments a chance to comment is not yet final but is unlikely to change before it is formally released, probably in September. The United States is likely to appeal the panel's decision, a senior U.S. official told reporters on condition of anonymity. He said the U.S. government was reviewing the WTO report but continued to believe that the law was legal. Sen. Robert Byrd (D-W. Va.), who introduced the legislation, described the ruling as "appalling.'' "The WTO has decided that it and not the U.S. Congress has the authority to determine how American tax dollars are spent,'' he said in a statement. Under the Byrd Amendment, passed in 2000, tens of millions of dollars in fines collected by the U.S. government are handed over to companies that lodge complaints against non-U.S. exporters judged to be "dumping'' products at artificially low prices. The move provoked a record number of complainants to file formal disputes with the WTO, including: the 15-nation European Union, Australia, Brazil, Chile, India, Indonesia, Japan, South Korea, Thailand, Canada and Mexico. Related Stories WTO opens with griculture WTO agrees to new round The protesting nations claim that the law punishes exporters to the United States twice because first they are fined and then those fines are handed to their competitors. They also said U.S. rules allow the money to be used for a wide range of purposes, including purchase of equipment, research, training, health care and pension benefits. Canadian Trade Minister Pierre Pettigrew said he was very happy with the WTO ruling. "This legislation is potentially harmful and disruptive to the international trading environment. It means that the Byrd Amendment gives U.S. businesses a vested interest in having their government impose duties, because they would get a direct cut,'' Pettigrew said. "If the final report reflects the arguments brought forward by Canada, this is very good news. It will mean that the U.S. government will have to conform to international law by eliminating this unfair practice.'' But Sen. Byrd said non-U.S. companies would not be hit by the law if they obeyed international trade rules in the first place. "The only reason that the Customs Service collects these fines is because foreign countries break the very trade agreements that they negotiated with the United States. To invalidate this law basically gives these countries a 'get out of jail free' card,'' he said. 7/28/2002 8:08:18 PM หัวข้อ:Shanghai unlikely to see HK-style bubble โดย:4202680874 Office rents will continue to rise Erin Prelypchan Shanghai, Reuters Residential property proces in Shanghai, China'boomim\ng commercial hub, will rise 15% this year and office rents will cintinue to climb as existing towers blocks fill up, property consultant FPD Savills said. But despite astunning influx of foreign cash, Shanghai's property market will not see the kind of bubble that has sent property prices in rival Hong Kong soaring and tumbling over the past decade, thefirm said. "I think a bubble is unlikely" Randall Hall. the company's regional director for agency operations in China, told Reuters in an interviwe on Wednesday. "In a market like Hong Kong you've got a finite supply, whereas here, you've got significant amounts of land. Hong Kong-style speculation...is really not possible. Foreign investment in Shanghai property jumped 316% year on year in the frist haft of 2002 to $661 million, according to the official Xinhua News Agency. Overseas Chinese from Singapore, Taiwan and Hong Kong have dominated the city's ranks of foreign buyers, eyeing robust economic growth and rising incomes, both given a boost by China's entry to the World Trade Organisation last December. The top tier of Shanghai's property market - the segment which generally interests foreign buyers- is about 20% of the price of London or New York. fuelling hopes that price have room to rise further. "There's been a lot of interest from (Hong Kong, Singapore and Taiwan), but tou can't play the Hong Kong game here," Hall said. Hong Kong's speculation-backed residential prices started to drop in Otober 1997 during the Asian economic crisis and a combination of an oversupply and they are now down about 70% since then due in part to a weak economy. "Everybody believed Hong Kong needed a correction. It was the third most expensive city in the world," Hall said. Luxury housing prices in Shanghai, by contrast, have rebounded 50% since they took a besting in 1997. Shanghai's land area is about three and a half times the size of Hing Kong's only about 5% of Shanghai's eastern riverbank has been developed. "The Shanghai government is very clever, because they also maintain a hold on supply," Hall said. "I think we're seeing healthy growth in Shanghai." Helping keep the mass housing market in check this year will be an end to a scheme in which the city government encouraged home purchases by giving buyers 20 to 30% of the price back in tax rebates, property analysts say. 7/28/2002 8:12:16 PM หัวข้อ:Media giant accounts under scrutiny โดย:4202 The world's largest media firm, AOL Time Warner, has admitted the US financial watchdog is investigating its accounting practices. News of the investigation overshadowed the fact that the firm has reported its first profit since completing its mega-merger. Despite the strong results, fears over the inquiry sent AOL shares 7% lower in after-hours trade, despite the broad gains in the rest of the markets. The investigation by the Securities and Exchange Commission (SEC)is in response to allegations in the Washington Post that the firm boosted online advertisement revenue through a series of "unconventional" deals between 2000 and 2002. The SEC is cracking down on corporate fraud, and also on Wednesday announced an investigation into 12 investment banks over the conduct of their securities analysts. No proof The AOL investigation is still at the preliminary "fact-finding" stage. That means there is no proof that AOL has been involved in the same sort of accounting deceptions that brought down Enron and WorldCom. But such a fact-finding investigation was the first step that unravelled those firms. AOL Time Warner has said in a statement that all its transaction have been in accordance with generally accepted accounting principles. AOL user growth The news of the inquiry came in a conference call regarding AOL Time Warner's financial results for April, May and June. The firm reported profits of $394m, compared to a net loss of $734m the previous year. Despite the improvements, sales growth at the AOL internet unit was much slower than had been expected. The company has been struggling with a slowdown in advertising spending and subscriber growth. Its share price has been hammered 65% so far this year, as investors have begun to doubt that its merger would pay-off. During the first three months of the year, the firm was forced to make a record write-down of $54bn, effectively admitting that it had over-valued the assets it had bought. 7/28/2002 8:19:16 PM << End of file >>
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