Economy: Japan barely expanding
Japan's economy probably expanded in the second quarter, pulling the country out of recession, thanks to growing exports that are fueling factory production, government reports this week are expected to show. A gross domestic product report on Friday will probably show the world's second-biggest economy grew 0.2 percent in the three months ended June 30, according to the median of 19 forecasts in a Bloomberg News survey. That would be the second quarter of growth following three quarters of contraction. Toyota Motor Corp, Sharp Corp and other exporters are leading Japan from its third recession in a decade. Economists expect another report Friday to show industrial production rose 1 percent in July, putting third-quarter output on track to match or better a 3.8 percent increase in the previous three months.
Industrial park: Creative plans abandoned
Singapore's Creative Technology Ltd and Dragon Land have abandoned a US$100 million industrial park they were jointly developing in China, the Business Times reported, citing a statement from the companies. Creative, the world's biggest sound-card maker and Dragon Land, a real estate developer, joined in September 2000 to build and develop the 250-hectare park, based on California's Silicon Valley in Shandong province of eastern China, northwest of Shanghai, the newspaper said. The two companies said yesterday they had to dissolve the partnership because of changes in the global economy and investment climate and the high level of competition in building industrial parks in China, the newspaper reported.
Flat monitors: Sony prepares big order
Sony Corp, the world's second-largest consumer electronics maker, may order 700,000 flat-panel computer monitors from Taiwan suppliers, including Benq Corp and Delta Electronics Inc, Chinese-language media reported, citing company officials. Sony will place an order with one supplier in Taiwan or South Korea by the third quarter for delivery in the first quarter next year, the report said. No officials at Benq or Delta were available to confirm the report. Screen sizes of the monitors will range from 38cm to 53cm diagonally, the report said. Taiwan's production of flat screens will increase 20 percent this year to NT$264 billion (US$7.7 billion) from a year ago, according to a forecast by Taiwan's government-run Industrial Technology Research Institute.
Economy: Mugabe sacks minister
Zimbabwe President Robert Mugabe sacked his Finance Minister Simba Makoni, state radio ZBC said. Makoni was seen by many as more moderate than other members of Mugabe's Cabinet, coming into conflict with the president over devaluing the local currency. Former Trade Minister Herbert Murerwa takes over the post. Zimbabwe has come under international pressure over its land-reform policies and flaws in recent elections. Mugabe retained ministers who supported his seizure of land owned by white farmers and a crackdown on civil liberties, it said. The country is in the fourth year of a recession caused in part by the seizure of farms and the worst drought in a decade. The local currency has weakened to more than 700 Zimbabwe dollars to the US dollar from 300 in May, with inflation running at more than 100 percent.
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