Sat, Feb 22, 2003 page12

• World Business Quick Take

  • AGENCIES
  • • 
    • 
    • 

  ■ Semiconductors

  EU tariffs sought on Hynix

  The European Commission plans to bring punitive tariffs against South Korean semiconductor maker Hynix Semiconductor Inc for selling chips below production cost, German business daily Handelsblatt said, citing unidentified people from Trade Commis-sioner Pascal Lamy's office. Hynix has received "bil-lions" worth of subsidies from the South Korean government, allowing the world's third-largest chip maker to sell direct random access memory, or DRAM, semiconductors below production cost, the paper said. A spokesman for Lamy declined to comment, the report said. Industry experts expect a tariff of as much as 30 percent on Hynix's chips, the paper said.

  ■ Asia

  Domestic focus urged

  Asia will have to rethink its export-oriented growth formula and look more at domestic consumption if it wants to continue climbing up the economic ladder, a regional economist said yesterday. Against the backdrop of a volatile global economy, Asia will have to rely less on exports which have been the mainstay of the region's economic growth over the past decade, said Yuwa Hedrick-Wong. "The way forward I think is we have to ignite our own consumption revolution in the region," said Hedrick-Wong, an economic advisor to credit card giant MasterCard International. "We must create a much more balanced structure platform for growth in the Asia-Pacific," he said at a briefing in Singapore outlining the challenges facing the region. Citing South Korea, he said the surge in domestic demand had generated positive spin-offs for the economy, particularly in developing the services sector.

  ■ Telecoms

  FCC to let states decide

  The US Federal Communi-cations Commission approved new rules to give states more authority over the US$125 billion US local-telephone market, dealing a setback to the Baby Bells and FCC chairman Michael Powell. The FCC voted 3 to 2 for guidelines giving state regulators final say over what parts of local carriers' phone networks must be leased to rivals at discounts. The Bells, whose shares fell, won't have to share new fiber-optic lines for Internet access. The vote undercuts Powell's attempt to enact the biggest changes in phone regulations since the 1996 Telecommunications Act. He wanted the FCC to relax rules forcing the big local carriers to lease equip-ment at discounts, saying they discourage investment. But state regulators argued the low rates spur compe-tition and help companies such as AT&T Corp enter the local market.

  ■ China

  Anti-gum lotion sought

  China is developing a chemical weapon, under a project dubbed the "863 Program" by the Ministry of Science and Technology, for deployment in the war on a scourge that blights its public squares -- chewing gum. Eight research insti-tutions have applied for the 1 million yuan (US$120,000) project to come up with a lotion over the next 18 months that will dissolve discarded chewing gum stuck to the ground, the China Daily reported yesterday. The Chinese chew some 2 billion pieces of gum per year, the paper quoted experts as saying, noting that nearly 600,000 globules of gum were discarded in Tiananmen Square during the seven-day National Day holiday last October.
• Most Popular

  • 1

    Trump announces 32% tariffs on Taiwan

  • 2

    Michkov key as Flyers beat Predators

  • 3

    Third-tier Bielefeld stun Leverkusen to reach final

  • 4

    Magnitude 4.9 earthquake rocks Tainan

  • 5

    No reciprocal tariffs against US, Lai says