Lupe Lasano’s Dirty Gossip Burger

by Polly Hui HONG KONG (AFP) –

Leaders of Asia Pacific telecom giants meet in Hong Kong Wednesday for the industry’s top trade show in the region as they vie to dominate the world’s fastest-growing and most diverse mobile market.

Mobile operators, handset makers, software companies and media groups will put their latest innovations on display at Mobile Asia Congress, the Asian segment of the world’s premier telecom event held in Barcelona every year.

The number of mobile connections in the Asia Pacific is expected to cross the two billion mark this year, more than triple the 2003 figure, according to statistics released by organiser GSMA, a trade association for the global mobile industry.

By 2013, GSMA estimates that the number of mobile connections in the region will exceed three billion and account for half of the world’s connections.

“The figures say how important…

See the full post at Telecom giants converge at Asia\’s top mobile show

WASHINGTON, Nov. 17 (UPI) –

As U.S. President Barack Obama traveled in China a CNN/Opinion Research Corp. survey indicated most Americans see the Communist country as an economic threat.

The findings released Monday found 71 percent of Americans consider China an economic threat to the United States, while two-thirds of the respondents said China is a source of unfair competition for U.S. companies, CNN reported.

The survey found 51 percent of Americans consider China a military threat, with 47 percent disagreeing. The report said the 4-point margin was within the poll’s 4.5 percent sampling error.

Obama met with Chinese President Hu Jintao behind closed doors Tuesday in Beijing.

Later addressing a joint news conference, Hu said any national differences between the two countries were normal, China’s state-run Xinhua news agency reported.

We have both agreed to conduct dialogues and exchanges on issues including human rights and religion, in the spirit of eq…

See the full post at Americans see China as economic threat

BEIJING, Nov. 17 (UPI) –

Chinese President Hu Jintao, after his meeting with U.S. President Barack Obama, said Tuesday their countries must accommodate each other’s core interests.

Obama, on the third day of his first China visit as president, met with Hu behind closed doors after receiving an honor guard at Beijing Great Hall of the People, CNN reported.

Speaking at a joint news conference after their meeting, Hu said any national differences between the two countries are normal, China’s state-run Xinhua news agency reported.

We have both agreed to conduct dialogues and exchanges on issues including human rights and religion, in the spirit of equality, mutual respect and non-interference in each other’s internal affairs, so as to boost understanding, mitigate differences and broaden consensus, Hu said.

Obama, speaking to students in Shanghai Monday, had stressed the importance of basic rights including freedom of information, expression, worship and political…

See the full post at Hu says China-U.S. differences normal

TOKYO, Nov. 16 (UPI) –

Japan’s economy, aided by stimulus measures and exports, grew at an annual 4.8 percent rate in the third quarter, more than expected, the government said.

The July-September quarterly GDP expansion was the largest since the January-March quarter of 2007, pointing to the country’s recovery from its worst post-war recession. But Deputy Prime Minister Naoto Kan, speaking to reporters, cautioned against too much optimism as the country continued to face severe employment, falling prices and other downside risks, Kyodo News reported.

The latest numbers, announced Monday by the Cabinet Office in its preliminary report, were far higher than the average 2.6 percent forecast in its survey, the report said.

In the latest quarter, consumer spending — which makes up about 60 percent of Japanese GDP — rose a real 0.7 percent from the previous quarter, for the second straight quarter of growth. The higher spending was credited to tax breaks on low-emission cars a…

See the full post at Japanese economy grows 4.8 percent

WASHINGTON, Nov. 16 (UPI) –

U.S. auto giant General Motors Co. is set to announce it will start repaying $6.7 billion it borrowed from the federal government, The Washington Post reported.

Citing a source who spoke on condition of anonymity, the newspaper said GM was expected to announce Monday it will repay $1 billion each quarter beginning next month until the loan is paid off. The payoff was scheduled for July 2015.

The repayment plan covers only the $6.7 billion debt the U.S. government holds, not the $50 billion Washington invested in GM. In exchange for the $50 billion the government received $2.1 billion in preferred stock and a 61 percent interest in GM.

The company’s future stock value will determine how much of the overall amount will be recovered by taxpayers.

The Post’s source said the repayment plan to be announced Monday is evidence GM’s performance has exceeded projections.

Obviously, the company has a long way to go and a lot of important th…

See the full post at GM said set to start repaying U.S. loan

NEW YORK, Nov. 15 (UPI) –

Bernard Madoff’s name gave extra value to his onetime possessions Saturday as they were auctioned for more than $1 million in New York.

The auction conducted under the eye of U.S. marshals at the New York Sheraton Hotel and Towers brought in twice the expected amount, The Wall Street Journal reported. The 200 lots of possession once owned by Madoff and his wife, Ruth, included Rolex watches and diamond jewelry along with clothing and old yard signs.

Some of the Rolexes failed to sell. But an online bidder offered $14,500 for Bernard Madoff’s personalized Mets jacket, almost 30 times its low estimate, and his class ring from Hofstra University, with a low estimate of $240, went for $6,000.

Manhattan jeweler Kimmeron Lisle looked at a pair of Ruth Madoff’s Chanel boots.

I’m going to walk one day in her shoes and then judge her, Lisle said.

The money will go to help reimburse victims of Madoff’s Ponzi scheme. But even the larger-…

See the full post at Madoff possessions fetch $1M at auction

TOKYO (AFP) –

US Treasury Secretary Timothy Geithner said here Wednesday that a strong dollar was “very important” to the United States, seeking to reassure Asian nations concerned about the greenback’s recent slump.

“I believe deeply that it’s very important for the US and the economic health of the US that we maintain a strong dollar,” Geithner told reporters.

US officials regularly express their backing for a “strong dollar” but have done nothing to arrest its slide, which many see as necessary to reduce the big US trade deficit.

The dollar has plunged about 15 percent against a basket of six other major currencies from a peak earlier this year, sparking concern among Asian countries who have big holdings of dollars in their foreign exchange reserves.

The dollar’s weakness is also bad news for many Asian exporters, which are struggling to maintain their competitive…

See the full post at Strong dollar \’very important\’ for US: Geithner

SEOUL (AFP) –

The leaders of South Korea and Chile agreed Wednesday that a free trade pact signed five years ago should be revised to further strengthen economic ties, officials said.

President Lee Myung-Bak and his Chilean counterpart Michelle Bachelet said they would work together to further improve and develop the FTA, citing changes in conditions since the signing, according to a statement from Lee’s office.

South Korea ratified the Chile pact — its first free trade deal — in February 2004 despite violent protests from its farmers who feared the impact of cheaper food imports.

Seoul since then has signed a series of other such deals.

Bilateral trade quadrupled from 1.85 billion dollars in 2003 to 7.16 billion dollars last year, according to Lee’s office.

Bachelet expressed satisfaction with the high level of cooperation between the two nations since the pa…

See the full post at SKorea, Chile agree to revise free trade pact

SINGAPORE (AFP) –

APEC finance ministers will reject any premature moves towards fiscal tightening and advocate a steady retreat from stimulus measures, according to a draft communique obtained by AFP Tuesday.

“We agree that the solution is not to rush to fiscal tightening, especially while credit markets are still recovering,” the draft said.

“Careful planning and timing withdrawal of extraordinary stimulus measures will help to avoid a double-dip recession.”

Leaders of the 21-member Asia-Pacific Economic Cooperation (APEC) forum, including the United States and China, will meet in Singapore on November 14-15 to discuss global economic recovery, environmental issues and free trade.

The draft finance ministers’ statement is currently being refined by senior officials, ahead of the ministerial meeting on Thursday.

“While we have transited from a crisis to a more …

See the full post at APEC ministers to reject fiscal tightening: draft

SYDNEY (AFP) –

Anglo-Australian miner Rio Tinto said Tuesday it was interested in collaborating with Chinalco, months after rejecting a massive cash injection from the state-owned Chinese firm.

Rio chief executive Tom Albanese also said the company hoped for a “timely and transparent resolution” of the case against top executive Stern Hu, who was arrested weeks after the 19.5 billion US dollar tie-up collapsed.

“We are still keen to work with Chinalco in future on projects of mutual benefit,” Albanese told a conference in Perth.

“It is too early to say what these might be but I am encouraged that we have had some recent engagement,” he added.

“We want the underlying common interests between Rio Tinto and China to once again drive us towards ever-deepening co-operation.”

Rio snubbed Chinalco’s offer in favour of a joint venture in Western Australia with bitter r…

See the full post at Rio Tinto wants to work with Chinalco: chief