■ Management
Best managers listed
Craig Barrett, chief executive officer of Intel Corp, the world's biggest computer-processor maker, was named one of the best business managers this year, Business Week reported in its "Top Managers of 2003" list. Some of the best executives, such as James McNerney at 3M Co, Orin Smith at Starbucks Corp, and Burberry Group Plc's Rose Marie Bravo, worked to instill financial discipline at companies that grew even as rivals faltered, the magazine said. Business Week named California Governor Arnold Schwarzenegger, Ann Fudge, head of WPP Group Plc's Young & Rubicam Inc advertising agency, Wal-Mart Stores Inc's Lee Scott and John Eyler of Toys "R" Us, among managers to watch this year.
■ Trade
China cuts tariffs
China yesterday started to slash its average import tariff rate to 10.4 percent from 11 percent in accordance with its concessions to enter WTO, state media said. The announcement was made after the planned tariff cuts were agreed to by the State Council, the Beijing Youth Daily reported. In the course of last year, China reduced its average import tariff rate from 12 percent to the present level. The previous year marked a steeper cut from a 15.3 percent average import tariff rate. The tariff cuts announced yesterday mean China has nearly completed the lowering of tariffs that was part of the requirements for entering the WTO. China joined the WTO as its 143rd member in December 2001, promising to cut average import tariffs to 9.8 percent by 2010.
■ Credit Card
Debt at record high
Credit card rollover balances have reached a historic high while the number of cards in Singapore has also hit a new peak, official statistics showed on yesterday. The Monetary Authority of Singapore (MAS) said the rollover balances, the amount not paid off by customers in full at the end of each month, hit S$2.6 billion (US$1.5 billion) at the end of November last year. It was a significant surge from the S$2.4 billion (US$1.41 billion) level for the corresponding period in 2002. The earlier record of S$2.5 billion came in February of 2003. The total number of credit cards rose to a new high of 2.45 million main cards and 947,239 supplementary cards. Industry sources attributed the higher level of rollover balances to pay cuts and job losses stemming from the slowing economy.
■ Petroleum
India approves privatization
India said on Wednesday it had appointed bankers to manage the proposed offers of 10 percent stakes in state-run exploration firm Oil and Natural Gas Corp Ltd (ONGC) and natural gas supplier Gas Authority of India Ltd (GAIL). "The Cabinet Committee on Disinvestment met and gave an in-principle approval to sell 10 percent equity in GAIL and ONGC," said the privatization ministry. "The issues are being targeted within this financial year to March 2004." Kotak Mahindra Capital Co Ltd, DSP Merrill Lynch Ltd and Morgan Stanley Private Ltd have been selected to manage the proposed public offer of up to 10 percent in highly profitable ONGC, said the ministry. Privatization Minister Arun Shourie had earlier told reporters the offers would be made in the domestic market and were likely to net the government around 125 billion rupees (US$2.66 billion) at current prices.
Super Typhoon Kong-rey is the largest cyclone to impact Taiwan in 27 years, the Central Weather Administration (CWA) said today. Kong-rey’s radius of maximum wind (RMW) — the distance between the center of a cyclone and its band of strongest winds — has expanded to 320km, CWA forecaster Chang Chun-yao (張竣堯) said. The last time a typhoon of comparable strength with an RMW larger than 300km made landfall in Taiwan was Typhoon Herb in 1996, he said. Herb made landfall between Keelung and Suao (蘇澳) in Yilan County with an RMW of 350km, Chang said. The weather station in Alishan (阿里山) recorded 1.09m of
STORM’S PATH: Kong-Rey could be the first typhoon to make landfall in Taiwan in November since Gilda in 1967. Taitung-Green Island ferry services have been halted Tropical Storm Kong-rey is forecast to strengthen into a typhoon early today and could make landfall in Taitung County between late Thursday and early Friday, the Central Weather Administration (CWA) said yesterday. As of 2pm yesterday, Kong-Rey was 1,030km east-southeast of Oluanpi (鵝鑾鼻), the nation’s southernmost point, and was moving west at 7kph. The tropical storm was packing maximum sustained winds of 101kph, with gusts of up to 126 kph, CWA data showed. After landing in Taitung, the eye of the storm is forecast to move into the Taiwan Strait through central Taiwan on Friday morning, the agency said. With the storm moving
NO WORK, CLASS: President William Lai urged people in the eastern, southern and northern parts of the country to be on alert, with Typhoon Kong-rey approaching Typhoon Kong-rey is expected to make landfall on Taiwan’s east coast today, with work and classes canceled nationwide. Packing gusts of nearly 300kph, the storm yesterday intensified into a typhoon and was expected to gain even more strength before hitting Taitung County, the US Navy’s Joint Typhoon Warning Center said. The storm is forecast to cross Taiwan’s south, enter the Taiwan Strait and head toward China, the Central Weather Administration (CWA) said. The CWA labeled the storm a “strong typhoon,” the most powerful on its scale. Up to 1.2m of rainfall was expected in mountainous areas of eastern Taiwan and destructive winds are likely
The Central Weather Administration (CWA) yesterday at 5:30pm issued a sea warning for Typhoon Kong-rey as the storm drew closer to the east coast. As of 8pm yesterday, the storm was 670km southeast of Oluanpi (鵝鑾鼻) and traveling northwest at 12kph to 16kph. It was packing maximum sustained winds of 162kph and gusts of up to 198kph, the CWA said. A land warning might be issued this morning for the storm, which is expected to have the strongest impact on Taiwan from tonight to early Friday morning, the agency said. Orchid Island (Lanyu, 蘭嶼) and Green Island (綠島) canceled classes and work