Crude oil: Bombing boosts prices
Crude oil rose as much as 1.3 percent in New York after US jets bombed Iraqi facilities, raising concern allied forces are gearing up for a full-scale attack that could disrupt Middle East oil supplies. The US military, which enforces a "no-fly zone" across southern Iraq, Sunday struck two radar and missile sites. A mobile radar installation in the southern city of Basra was struck for the second time since Wednesday. On Saturday, Iraq rejected new US and UK proposals for UN weapons inspections. The gain in crude oil extended last week's 3.1 percent advance after Iraq said it won't accept any new conditions for weapons inspections, and tropical storms disrupted oil production and deliveries in the Gulf of Mexico. Crude oil for November delivery rose as much as US$0.40 to US$30.94 in after-hours electronic trading on the New York Mercantile Exchange.
US economy: Gore fights Bush's policy
Al Gore, who launched a broad attack on President George W. Bush's Iraq policy last week, will give a policy speech on the US economy in Washington on tomorrow. Stepping up his political profile as he prepares to make a decision on another run for the presidency, Gore will give the address at Washington's Brookings Institution, spokesman Jano Cabrera said. Gore's Iraq speech in San Francisco last week said Bush's focus on Iraq was a distraction in the war on terror and the president should make more of an effort to gain UN backing for a move against Iraq. The speech on economic policy comes as Democrats are desperately trying to switch attention away from Iraq and back to "kitchen table" domestic issues like the economy and jobs in the run-up to the Nov. 5 congressional elections. Democrats plan a series of events in connection with this week's release of unemployment figures and quarterly retirement account records.
Pocket PC: ViewSonic gets cheap
Microsoft Corp, the software maker trying to extend its dominance beyond personal computers, said ViewSonic Corp will sell a Pocket PC for US$299, the lowest price yet for the hand-held device. ViewSonic's V35 Pocket PC, which goes on sale on Nov. 1, weighs 4.9 ounces and comes with a 3.5-inch display screen, said Ed Suwanjindar, product manager for Microsoft mobile devices. Like Pocket PC products made by companies such as Hewlett-Packard Co and Toshiba Corp, the V35 uses a version of the Windows operating system modified for small devices. The world's biggest software maker is trying to sell more programs and services for hand-held devices as demand for PCs slows. Palm Inc and Handspring Inc generally sell competing products that cost less, putting pressure on Redmond, Washington-based Microsoft to lower the price of the Pocket PC.
Toy industry: Indonesia sees slump
Indonesia's toy industry, which earned the country US$213 million in export revenue in 1996, has seen 60 companies go under since the economic crisis struck in 1997 and should earn only US$100 million in exports this year, news reports said Monday. Indonesian Toy Association chairman Widjanarko Tjokroadisumarto said the local industry has been hard-hit by cheaper-priced goods from China over the past five years and the government's policy of hiking minimum wage.
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