Daily Dose: 11/20/08
November 20, 2008
» AsianWeek Market Report
» CAPAC Elects Officers for the 111th Congress
» University of Maryland Becomes U.S. ‘Minority-Serving Institution’ for Asian Americans
» Japanese Merchants Association to Year End Gara Gara Festival
» UAASO Talent Show Raises Funds for Local Charity
» Wengchong shares lead at Hong Kong Open
» Lee Kum Kee Signs On to Sponsor Chinese Restaurant Reward Show
» Asia’s Automakers Care About Detroit
» Special Counsel Sponsors Partners and In House Counsel Dinner for 2008 NAPABA Convention
» Asian Nations Brace for Economic Crisis
» U.S. Panel Warns of Chinese Espionage
Compiled by Andrew Lee and Ellis Song
AsianWeek Market Report
| AsianWeek Market Report | ||||
| Asian Stock Indexes | ||||
| NIKKEI 225 | Tokyo | 7,703.04 | -570.18 | -6.89% |
| HANG SENG | Hong Kong | 12,298.56 | - 517.24 | - 4.04% |
| KRX | Busan | 2,010.73 | - 140.31 | -6.52% |
| SSE IX | Shanghai | 6,696.83 | 16.89 | 0.25% |
| BSE | Bombay | 8,451.01 | - 322.77 | - 3.68% |
| HOSE | Ho Chi Minh | 325.74 | -11.15 | -3.31% |
| SET | Bangkok | 271.20 | -11.79 | -4.17% |
| Asian American Market Report | ||||
| Yahoo! | YHOO | 8.95 | -0.19 | (-2.08%) |
| Citigroup | C | 4.71 | -1.69 | (-26.41%) |
| Amkor Technology, Inc | AMKR | 1.74 | -0.38 | (-17.92%) |
| Sybase | SY | 22.44 | -1.27 | (-5.36%) |
| East West Bank corp,Inc | EWBC | 11.58 | -2.11 | (-15.41%) |
NATION
CAPAC Elects Officers for the 111th Congress
Washington, D.C. – Today, the Congressional Asian Pacific American Caucus (CAPAC) re-elected Rep. Mike Honda as chairman, Rep. Eni Faleomavaega for vice chairman and Rep. Madeleine Bordallo as secretary for the 111th Congress, as Caucus members reaffirmed their commitment to representing the Asian American and Pacific Islander (AAPI) community in Congress.
CAPAC also congratulates Rep. Xavier Becerra, who sits on CAPAC’s executive board, on his election as vice chair of the Democratic Caucus this evening. CAPAC is comprised of Members of Congress of Asian and Pacific Islander descent, and Members with high AAPI populations in their district, or Members who have shown extraordinary and consistent dedication to the community.
— Asian American Press
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University of Maryland Becomes U.S. ‘Minority-Serving Institution’ for Asian Americans
The University of Maryland has been granted status as a “minority-serving institution” for Asian Americans and related groups, a gateway to targeted federal support for scholarships and the growth of academic programs. It’s the first “minority-serving” designation for the University of Maryland.
Additionally, the U.S. Department of Education has granted Maryland $2.4 million over two years - one of only six schools nationwide, and the only major public research university, to be funded under this program.
Asian Americans now represent the largest minority group on the Maryland campus - more than 14 percent. To become an Asian American, Native American, Pacific Islander Serving-Institution, at least one in ten students must fall into one of these groups.
— Diverse
BAY/CALIFORNIA
Japanese Merchants Association to Year End Gara Gara Festival
SAN FRANCISCO — After a three year absence, the Japantown Merchants Association of San Francisco is bringing back its popular Year End Gara Gara Festival from now until December 31, 2008.
Several merchants in Japantown are giving away coupons for every purchase made in increments of $10. Coupons are eligible to spin the Gara Gara prize marble drum consisting of different colors representing eight different prize levels. Prize drawings will be held on December 20, 21, 26 through 31, 2008.
Five Grand Prizes will be given away – Round trip tickets for two, including two nights hotel accommodations to Las Vegas. Five yellow coupons are required to spin the marble drum and one blue ticket is given for $50 purchases and requires only one to spin the drum.
The festival starts December 6th and goes on every weekend in December featuring cultural performances such as Japanese taiko drumming, Japanese and Okinawa traditional dancing, martial arts, Anime festival, etc. In addition to the Year End Gara Gara Festival, the merchants are offering enormous discounts on their products.
For more information and schedule visit www.japantownparking.com.
ARTS/ENTERTAINMENT
UAASO Talent Show Raises Funds for Local Charity
On Friday, Nov. 14, the United Asian-American Student Organization (UAASO) hosted the Battlegrounds Talent Showcase at 8 p.m. in the Student Center Ballrooms. The event was a fundraiser for the Cornerstone House, which is the only homeless shelter of its kind in suburban Essex County. The 23-bed facility houses families and individuals in a drug- and alcohol-free environment.
The Battlegrounds Talent Showcase, which was hosted by UAASO President Alexandra Grace Pamiloza and Fundraising Chair Roy Venturina, featured acts by both members and non-members, and performances by organizations such as the Native African Student Organization, the Magic Club, the Latin American Student Organization and Rhythm Nation. The evening culminated in a large-scale dance performance featuring members of UAASO that was choreographed by Kara Cabangon, Clarisse Madarang, Julie Zenarosa, Owen Stallworth and Anthony King.
– MSU The Montclarion Online
SPORTS
Wengchong shares lead at Hong Kong Open
ONG KONG — China’s Liang Wenchong and South African Richard Sterne hit six-under par 64s to upstage some of the greats of European golf in the first round of the UBS Hong Kong Open on Thursday.
China’s Liang, who enjoyed vocal home support, raised hopes of a first Asian winner in 10 years here.
“I will try to be patient. There are another three days ahead, so I’ll just try my best every day,” Liang said.
Hong Kong is the second stop on the European Tour’s all-new Race to Dubai, where the top 60 money-earners are invited to next November’s 10 million dollar Dubai World Championship.
The 15 players who have accumulated the most winnings after the season finale also share a 10 million dollar purse. The cash injection has attracted interest from top U.S. players such as Phil Mickelson and Anthony Kim.
— AFP
COMMERCE
Lee Kum Kee Signs On to Sponsor Chinese Restaurant Reward Show
Lee Kum Kee, U.S. Bankcard Service, Inc. and Rio All Suite Hotel Casino signed on to sponsor the 5th Annual Top 100 Chinese Restaurants in the USA Awards Show Conference. Hosted by Award winning Chef Martin Yan and Theresa Lin, the awards show and conference will take place at the Rio All Suite Hotel Casino on January 5, 2009.
Organized by Chinese Restaurant News, the Top 100 Chinese Restaurants Awards sets the standard for excellence, aiming to present the very best of Chinese cuisine, which has become a part of America’s daily dining scene. “We are very thankful to our sponsors Lee Kum Kee, U.S. Bankcard Service, Inc. and Rio All Suite Hotel Casino and thank them for their strong support of the Chinese food and restaurant industry,” said Betty Xie, Editor in Chief, Chinese Restaurant News. “This year, we are very excited to be able to bring hundreds of Chinese restaurateurs from across the country to Las Vegas, a world class city for dining.”
The Chinese Restaurant industry has over $20 billion annual sales with over 43,000 Chinese restaurants in the U.S. There are more Chinese restaurants in the US than McDonald’s, Burger King, and Wendy’s combined. Chinese Restaurant News (CRN) names the Top 100 Chinese Restaurants in the U.S.A each year.
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Asia’s Automakers Care About Detroit
They might have much to gain from Detroit’s demise, but for Asia’s leading automakers, the prospect of one or all of the Big Three failing is arguably of greater concern than rivals receiving government aid. Indeed, since executives worry the collapse of General Motors, Ford, or Chrysler would have a negative impact on car sales, hurt the financial health of suppliers, and trigger a possible backlash against import brands, the problems of Detroit are problems for foreign rivals, too.
One concern is the collapse of GM or another Detroit rival will have a ripple effect on suppliers that sell parts to Asian transplants as well as to American companies. Just as important, at a time when U.S. auto sales are slumping, Japanese and Korean rivals don’t want anything to dent consumer confidence further. After all, companies such as Toyota and Honda, longtime producers of cars in the U.S., continue to increase production capacity in North America.
— Business Week
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Special Counsel Sponsors Partners and In House Counsel Dinner for 2008 NAPABA Convention
Special Counsel, Inc., the legal staffing unit of MPS Group, Inc. (NYSE: MPS), today announced that it will sponsor the Partners and In House Counsel dinner event at the 20th Annual NAPABA (National Asian Pacific American Bar Association) Convention, held in Seattle, Washington, on November 19 - 23, 2008.
NAPABA is the national association of Asian Pacific American (APA) attorneys, judges, law professors, and law students, providing a national network for its members and affiliates. NAPABA advocates for the legal needs and interests of the APA community and represents the interests of over 40,000 attorneys and 50 local APA bar associations, with practice settings ranging from solo practices to large firms, corporations, legal services organizations, non-profit organizations, law schools, and governmental agencies.
— Welt Online
GLOBAL
Asian Nations Brace for Economic Crisis
MANILA, Philippines — Asian countries led by economic powerhouses China and Japan want an expanded regional emergency fund in place next year to better shield the region from the impact of the global financial crisis, officials said Thursday.
Senior finance officials of the Association of Southeast Asian Nations and their counterparts from China, Japan and South Korea discussed in a one-day Manila meeting the details of the scheme, which will be finalized by their heads of state during an annual summit in Thailand next month.
The 10-nation ASEAN bloc comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Asian financial systems had less direct exposure to the toxic subprime mortgages that are wreaking havoc on U.S. and European markets, but their export-driven economies are expected to take a major hit from a drop in exports and foreign investment.
— AP
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U.S. Panel Warns of Chinese Espionage
WASHINGTON — China has accelerated computer espionage attacks on the U.S. government, defense contractors and American businesses, a congressional advisory panel said Thursday.
The U.S.-China Economic and Security Review Commission also said in its annual report to lawmakers that aggressive Chinese space programs are allowing Beijing to more effectively target U.S. military forces.
“China is stealing vast amounts of sensitive information from U.S. computer networks,” said Larry Wortzel, chairman of the commission set up by Congress in 2000 to advise, investigate and report on U.S.-China issues.
— AP
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