■ Monetary policyBush wants Greenspan
US President George W. Bush said he supports the reappointment of Alan Greenspan as chairman of the Federal Reserve when Greenspan's term expires in 2004. In an interview with financial reporters, Bush complimented Greenspan's performance and said: "I think Greenspan should get another term," according to a White House transcript. The Fed chairman, who underwent prostate surgery today, had come under fire from administration officials for his recent criticism of Bush's tax cut package. That had raised speculation about how long the 77-year-old would run monetary policy in the world's largest economy.
■ SARS
Internet sales soar
Sohu.com Inc, Sina Corp and other Chinese Internet companies are selling more surgical masks, kung-fu videos and other products as Chinese consumers turn to online shopping to protect themselves from severe acute respiratory syndrome (SARS). Beijing-based Sohu recorded a 40 percent jump in Internet orders this month from the same period last year as people shun shopping in stores. Sina sales rose, and a fifth more people browsed its shopping site. Sohu's shares have risen 14-fold the past year, making them the third best performer on the Nasdaq Composite Index. Netease ranks first and Sina sixth.
■ Retail
Kmart goes to creditors
Kmart Corp won a US federal judge's approval to conclude the largest retail bankruptcy in US history by early next month and transfer ownership of the company to creditors. US Bankruptcy Judge Susan Pierson Sonderby's approval will let Kmart, the third-largest US discount retailer, wipe out about US$7.8 billion in debt. During four days of hearings that started last week and resumed on Tuesday, the Troy, Michigan-based company resolved more than 188 objections from creditors including Wal-Mart Stores Inc.
■ China
SARS closes show
Shanghai's heavily hyped biennial car show is to shut today, three days ahead of schedule, as officials try to block the spread of severe acute respiratory syndrome (SARS) in the city. The move coincided with a visit by World Health Organization experts in Shanghai, where there have been two confirmed and 10 suspected cases of SARS. "Now is a crucial period in preventing SARS," the Shanghai International Exhibition Co Ltd said in a statement. "The government has decided to safeguard people's health and close the show early," organizers said, stressing no one at the exposition had come down with the virus. Hundreds of thousands were expected to visit the exhibition, which opened on Monday. More than 86,000 turned up on the first two days.
■ Russia
Pirated goods rule market
Russia is the second largest market for pirated goods after China, the director of Russian certification agency Rospatent declared Tuesday. Over 90 percent of computer software sold in Russia is pirated, along with 40 to 50 percent of books and 80 to 90 percent of CDs and videos.In December, the Russian interior ministry estimated annual sales of pirated consumer durables in Russia at over US$20 billion. Criminal gangs in Russia have well-equipped factories for producing counterfeit products.
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