■ US economy
Manufacturing stagnates
US manufacturing is limping along because consumers are cautious about spending and businesses are reluctant to buy equipment or add much to inventories until the economy gathers steam, a pair of factory reports this week is likely to show. "The economic picture will not brighten until manufacturing gets back on firmer ground,'' and that may take until some time next year," said Chris Rupkey, senior economist at Bank of Tokyo-Mitsubishi Ltd in New York. Intel Corp has said it will be 2003 or 2004 before the computer industry recovers.
■ Accounting fraud
SEC will meet deadline
Securities and Exchange Commission Chairman Harvey Pitt, facing calls for his ouster by Congressional Democrats over his inability to fill a new accounting oversight board, will meet the Oct. 28 deadline to name members, SEC Chief of Staff Mark Radke said. Pitt's decision to widen his search after a Republican lawmaker called for a "moderate" candidate prompted calls for Pitt's replacement. Now, with the three Republican and two Democrat commissioners split along party lines, and shareholders calling for accounting oversight to restore investor confidence in the wake of scandals at Enron Corp and WorldCom Inc, filling the board won't be easy.
■ Airport Security
Indonesia boosts measures
Indonesia will step up security at the airport and other ports of entry and will scrutinize cargo, after Saturday's terrorist attack on the island resort of Bali, Coordinating Minister for Political and Security Affairs Susilo Bambang Yudhoyono said. "Indonesia is among the countries that are not fighting terrorism intensely like many other countries," he said after an emergency cabinet meeting. "Indonesia will increase inspection at airports, immigration and of cargo as part of preventive measures. There are indications that the next terrorist target are Indonesia's energy facilities," Yudhoyono said.
■ Crude oil
Price remains stable
World oil prices stayed firm yesterday, hovering just below US$30 a barrel, as brokers speculated the weekend bombing in Bali would bolster international support for US President George Bush's stance against Iraq. The killing of at least 183 people on the Indonesian resort island on Saturday came a day after the US Congress gave Bush authority for the possible use of force to disarm Iraq of suspected biological and chemical weapons and topple Iraqi leader Saddam Hussein. US benchmark light crude was trading up US$0.10 at US$29.47 a barrel.
■ Biotechnology
Japan to boost funding
Japan's government plans to boost annual research funding for biotechnology five-fold to some Japanese yen 2 trillion (US$16.1 billion) by the year starting in April 2006, a newspaper said Monday. The move is part of a plan to enhance the competitiveness of the sector, which lags behind that of other developed countries, the Nihon Keizai Shimbun said. Tokyo wants to develop it into a major industry comparable to automobiles and information technology, aiming to establish a domestic biotechnology market worth Japanese yen 25 trillion by 2010 and creating some 1 million new jobs, it said. The Biotechnology Strategy Council headed by Prime Minister Junichiro Koizumi is due to finalise its plan on Friday.
Agencies
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