■ Chip transistors
IBM makes world's fastest
International Business Machines Corp scientists have developed the world's fastest transistor for communications chips, which may make sending video and other applications over the Internet easier. The prototype can operate at speeds of 350GHz, more than three times faster than the speediest transistor IBM sells today, said Ronald Soicher, a director of business development at IBM's Microelectronics division. Details will be released at a technical conference in San Francisco next month. Mobile-phone makers and other companies may install the transistors in gear that sends information over a network to personal computers, phones and wireless devices. The transistors will be commercially available in about two years, Soicher said.
■ Free trade
Regional pact signed
Australia and Singapore have agreed on a free trade pact, which is expected to be signed in the next few months, Australian Trade Minister Mark Vaile said on Sunday. The Free Trade Agreement (FTA) news comes shortly after Singapore said it was prepared to open its banking sector further to foreign players as it moves closer to trade deals with major trading partners such as the US. The trade deal will be Australia's first bilateral FTA since the conclusion of the Australia-New Zealand Closer Economic Relations Agreement nearly 20 years ago, Vaile said in a statement. He said the deal with Singapore would create a wide range of opportunities for Australian business, open up markets worth "hundreds of millions of dollars", and send a "powerful" message to the rest of the region that Australia is open to negotiations.
■ China Telecom
IPO size may be cut
China's biggest fixed-line operator China Telecom Corp Ltd may cut the size of its initial public offering by half after having to delay the IPO last week due to poor demand, a report said yesterday. China Telecom may relaunch its IPO, which had been set to raise up to 3.68 billion dollars, on Tuesday at the earliest, reported the Chinese-language Hong Kong Economic Times, citing sources close to the deal. China Telecom said last week its Hong Kong public offering would not be completed as scheduled, amid weak share market sentiment, for telecoms stocks in particular. The company had been scheduled to release pricing details on Thursday last week for the dual listing in Hong Kong and New York.
■ Free trade
China proposes zone
China proposed establishing a free trade zone with Japan and South Korea, a Japanese official said yesterday. Chinese Premier Zhu Rongji raised the suggestion in a meeting with Japanese Prime Minister Junichiro Koizumi and South Korean Prime Minister Kim Suk-soo, said the official who briefed reporters on condition of anonymity. They agreed to let private-sector experts study the feasibility of the deal to strengthen ties between the world's biggest nation and two top industrialized economies, the official said A free trade deal would presumably facilitate commerce and investment by bringing down tariffs and other barriers. No timetable was set for reaching an agreement, according to the Japanese official. The leaders met during an ASEAN summit.
Agencies
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Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College
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