■ Banking
Morgan Stanley to invest
Morgan Stanley plans to invest as much as US$900 million in Taiwanese banks by 2008 through its equity fund, a Chinese-language newspaper reported, citing Gary Kuo (郭冠群), the company's head of investment banking in Taiwan. The US bank may invest in three Taiwan banks by 2008, with an investment amount of US$150 million to US$300 million each, the Taipei-based newspaper said, citing Kuo. The company is in contact with two candidates, the newspaper said, quoting Kuo. Morgan Stanley is optimistic about the outlook of Taiwan's financial industry in view of the market consolidation, the report said, citing Kuo. New York-based Morgan Stanley is the world's largest securities firm by market value.
■ Recycling
Thailand awash in e-waste
Thailand must pass legislation forcing manufacturers of electronic products to take responsibility for the disposal and recycling of discarded items, Greenpeace said yesterday. The international conservation group said Thailand is faced with a growing problem of how to discard mounting volumes of electronic scrap, or "e-waste," which is now accumulating in junkyards nationwide. "At the moment, local governments, taxpayers and communities are bearing the burden for dealing with discarded materials, and yet manufacturers who profit from the production and deployment of these products into the market are getting away scot-free without any kind of liability," said Kittikhun Kittiaram, toxics campaigner for Greenpeace Southeast Asia. Thailand's use of personal computers is expected to increase exponentially in the coming years, while industry sources estimate that half the population will be using mobile phones by the end of this year.
■ Internet
Google mulls payment plan
Online search-engine leader Google Inc is preparing to introduce an electronic payment system later this year in a move that would pose a financial threat to one of its biggest advertisers, Internet auctioneer eBay Inc. The Wall Street Journal reported Google's plans on its Web site late Friday, citing sources familiar with the Mountain View-based company's plans. The Journal did not provide any details about Google's strategy. A Google spokesman declined to comment on the report.
■ Macroeconomics
Singapore fears recession
Singapore's key monthly export figure has fallen for the first time in nearly three years, raising fears that this trade-dependent island republic could fall into a recession if the number drops again. Last month, Singapore's non-oil domestic exports -- a key indicator of economic health -- plunged by 5.6 percent from the same month last year to S$10.39 billion (US$6.22 billion), according to International Enterprises Singapore, a government unit that provides economic data. The figure had grown by 6.7 percent in April from the same month last year. Reduced exports of semiconductors and pharmaceutical were behind the decline, the government unit said. Singapore's economy depends heavily on international trade. If exports drop again in June, it could cause quarterly economic growth to contract from the previous quarter for the second time in a row -- making the country technically in a recession -- said economists interviewed by Dow Jones Newswires.
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