■ Free trade
US works with Singapore
US trade representative Robert Zoellick joined officials in Singapore yesterday, seeking to resolve the final sticking points of a free trade agreement (FTA) which would become the first between Washington and an Asian country. Zoellick, who arrived on Sunday from Sydney where he attended a meeting of world trade ministers, was also scheduled to call on Prime Minister Goh Chok-tong, who has successfully pursued FTAs with Australia, New Zealand, Japan and the European Trade Association. A team of US negotiators has been in the city-state for more than a week holding the 11th round of talks. The US is Singapore's second-largest trading partner following Malaysia. A US-Singapore FTA is expected to be a model for other potential US pacts in the region.
■ Telecoms
Netcom to purchase assets
China Netcom Communication Group Corp, China's No. 2 fixed-line operator, plans to lead a group of investors to buy most of Asia Global Crossing Ltd, after the fiber-optic network operator filed for bankruptcy. Asia Global Crossing said China Netcom will set up a new company, which will probably include Newbridge Capital Ltd and Softbank Asia Infrastructure Fund, according to a statement on PRNewswire. The investors will provide US$120 million of equity to the new company and an undisclosed amount of loans. "We believe that the newly recapitalized company will be well positioned to capture a large share of the future data communications needs of carriers and enterprises in the region," Edward Tian, chief executive officer of China Netcom, said.
■ Airlines
Dragon users increase
Hong Kong Dragon Airlines Ltd, the smaller of the city's two carriers, handled more passengers and cargo in October than in the year-earlier month, helped by rising traffic in China. Dragonair's passenger volume rose 31 percent to 341,355 people last month from a year earlier, it said in a faxed statement. Its cargo volume jumped 58 percent to 19,020 tonnes last month from the year-ago period, a record monthly volume. In the first 10 months of the year, the airline carried 18 percent more passengers and 62 percent more cargo. "Passenger numbers overall continued to rise, with the bulk of that increase being accounted for by business traffic," Chief Executive Officer Stanley Hui said in the statement. "The amount of cargo carried in October was yet another monthly record for us -- the fifth monthly record we have seen set so far this year."
■ Economy
Singapore cuts forecast
Singapore cut its economic growth forecast for this year by at least a third as exports to the US falter and last month's bombing on the Indonesian island of Bali threatens to curb investment in the region. The city-state's economy will probably expand between 2 percent and 2.5 percent, the government said, cutting its forecast of between 3 percent and 4 percent growth. Exports to the US shrank 5.7 percent October as overseas shipments had their worst performance in four months, a separate report showed. The economy shrank at an annual pace of 10.1 percent in the third quarter from the previous three months, revised figures today showed, as sales slumped at companies such as Chartered Semiconductor Manufacturing Ltd.
Agencies
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