1. curren (4 x 8)<\/p>\n
Most Asian
\ncurrencies
\ndown late
\non Monday<\/p>\n
A Bank of Japan survey showing a sharp deterioration in
\nbusiness sentiment was the catalyst for a mild sell off in most
\nAsian currencies Monday, with the closure of some markets and the
\napproach of a key meeting of U.S. Federal Reserve policy makers
\nlimiting activity.<\/p>\n
The Thai baht, Singapore dollar, Philippine peso and
\nIndonesian rupiah were all lower in late Asian trade, while
\nfinancial markets in South Korea, Taiwan and China were closed
\nfor national holidays.<\/p>\n
The session began with a batch of bad news from the BOJ, which
\nreported that the main diffusion index in its latest tankan
\nsurvey of business sentiment registered a minus 33 reading for
\nlarge manufacturers, compared with minus 16 three months ago.<\/p>\n
It was the biggest drop over three months since March 1998,
\nwhen the region was in financial crisis and Japan was verging on
\na meltdown of its banking system. Also, some 25 percent of
\nsurveyed companies sent in their responses before the Sept. 11
\nterrorist attacks in the U.S., the BOJ said. That probably
\nsuggests the latest tankan didn't fully reflect the sort of
\nnegative fallout from the attacks that recently prompted the
\nInternational Monetary Fund to slash its forecast for world
\neconomic growth this year to 2.6 percent.<\/p>\n
2. Rate (2 x 21)<\/p>\n
Asia to follow Fed,
\nsome doubt the point<\/p>\n
Asia set to follow Fed, but some doubt the point<\/p>\n
Most Asian central banks are ready to take interest rates to
\nthe chopping block assuming the Federal Reserve delivers a widely
\nexpected easing in U.S. policy when it meets on Tuesday.<\/p>\n
But analysts say it's a \"damned if you do, damned if you
\ndon't\" choice for many since those that cut will not see much
\ndifference in their sputtering economies given stubbornly laggard
\ndomestic demand. And those that don't may undermine market
\nconfidence.<\/p>\n
\"Policy measures probably have not helped much in the last
\nyear or so given the nature of the global economic downturn,\"
\nsaid Andrew Fung, Head of Treasury at Rabobank in Singapore.<\/p>\n
\"The problem is if they don't ease, they send the wrong signal
\nto the market ... If there is anything to be gained from easing,
\nit would show that the central banks at least recognise that
\neconomies are weak,\" he argued.<\/p>\n
3. Tankan (1 x 30)<\/p>\n
'Business confidence falls'<\/p>\n
Business confidence falls in Bank of Japan's Tankan survey<\/p>\n
Japan's central bank said Monday its latest Tankan survey
\nshowed business confidence to September fell for the third
\nconsecutive quarter, with the large manufacturers' index plunging
\nto minus 33 from minus 16.<\/p>\n
In the September survey, the index of large non-manufacturers'
\nconfidence skidded to minus 17 from minus 13 in April-June, the
\nBank of Japan said.<\/p>\n
Figures for the past three months offer the first indication
\nof business sentiment in Japan since the deadly terrorist attacks
\nin the United States, with a portion of the data collected after
\nSept.11.<\/p>\n
The Nikkei-225 average of the Tokyo Stock Exchange dropped on
\nthe news, taken as confirmation that confidence in Japan Inc. was
\ndeteriorating fast, dealers said.<\/p>\n
The headline index fell 1.5 percent in the first 18 minutes to
\ntrade at 9,624.40 points at 9:18 am (0018 GMT or 7.18 a.m.
\nJakarta time).<\/p>\n
4. Osama (2 x 20)<\/p>\n
U.S. to widen financial
\nassault on Bin Laden<\/p>\n
U.S. set to widen financial assault on Bin Laden: NYT<\/p>\n
Widening the financial assault on Osama bin Laden,
\nadministration officials are preparing to freeze the assets of
\nabout two dozen more charities and other organizations that are
\nsuspected of providing money and support to his terrorist
\noperations, government officials said yesterday, The New York
\nTimes reported in its Monday editions.<\/p>\n
Officials tracking bin Laden's Al Qaeda network say they have
\nfound a sophisticated financial infrastructure that stretches
\nfrom the United Arab Emirates to Europe to Indonesia, and uses
\nmechanisms as varied as charitable organizations, manufacturing
\ncompanies and credit card fraud to raise money and move it around
\nthe globe.<\/p>\n
The Times said a new list of suspected organizations, under
\nreview by a group of officials led by Treasury Department
\nrepresentatives, includes charities in Saudi Arabia and Chicago,
\nan Arab bank and at least three 'hawalas,' the informal money-
\nlending networks common in the Arab world. The list is expected
\nto be announced within two weeks.<\/p>\n
5. G3 (1 x 50)<\/p>\n
Japanese firm starts world's first 3G phone service<\/p>\n
Japanese firm starts world's first 3G cell phone service<\/p>\n
The world's first superfast cell phone service started Monday
\nin Tokyo from top Japanese mobile carrier NTT DoCoMo, although
\nwithout its biggest promised attractions - the relay of video
\nclips and music downloads.<\/p>\n
Even in gadget-crazy Japan, boasting some of the most advanced
\ncell phones in the world, things were a bit anticlimactic for the
\nstart of so-called 3G, or third generation, that relays
\ninformation 40 times the speed of current cell phones and
\nincludes a videophone.<\/p>\n
\"It's a new technology so I wanted to try it out,\" said
\nTatsuya Shiratori, 26, among the handful of people who showed up
\nat a Tokyo DoCoMo outlet to buy a 70,000 yen (US$585) phone.<\/p>\n
But analysts say DoCoMo intends a slow start for 3G and will
\nhave no problem meeting its target to sell 150,000 handsets by
\nMarch.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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