VIETNAM
The World Bank is lending Vietnam US$100-million over the next three years to support reforms to reduce poverty, develop a market economy to replace the existing centrally managed one and devise a modern legal system. Three other donors, the U.K., the Netherlands and Sweden have also agreed to provide Vietnam with US$33.7-million in grants during the same period. In a separate grant, the World Bank is also funding a 12-year, US$5.5-million project to promote the efficient use of electricity in Vietnam.
THEFT
According to Interpol, art theft is now the No.3 criminal enterprise in the world after drug trafficking and weapons trafficking. About US$7-billion in fine art is stolen each year.
BEDS
In a market where best-selling beds cost US$599 and any bed costing more than US$1,500 is considered "luxury," a tiny but growing number of consumers are spending US$5,000, US$15,000 and even as much as US$20,000 for a mattress made of such luxury materials as cashmere and Belgian silk.
GERBILS
An explosion of gerbils is decimating vast areas of grassland in China's north-western Xinjiang region with some of the prairies completely destroyed by hundreds of rodent burrows. Officials say that gerbils have damaged more than 11 million acres of grassland, about the size of Switzerland. The Great Gerbil, found in many parts of Central Asia, can grow to be 16 inches from head to tail.
HONG KONG
The government of Hong Kong has confirmed it is studying the introduction of a sales tax as it reported that unemployment has reached more than eight per cent. This underscores how Hong Kong's economic problems might drag on, even with an improving global economy. Hong Kong's traditionally low tax rate and simple tax regime have long been big draws for investors. For companies, the primary tax is a flat-rate profit tax.
GROUNDS
Farmers in England have found a new way to make their crops grow better--compost made from instant coffee. A Kraft plant near Banbury produces 125 million jars of coffee a year. Previously, coffee waste from the process was burnt for heat, but now some 10,000 tons of residue is being transported to some farmers who mix it with straw to turn it into compost. The resulting fertilizer is rich in nitrates, making it ideal for wheat, barley and maize. Some maize treated with the composted coffee has grown a foot taller than the untreated crop.
88888888
An airline in southwestern China has paid nearly US$300,000 in an auction for the phone number "88888888," saying it hopes to make its customers happy. Many Chinese consider the number "eight" to be lucky because it rhymes with the Chinese word for getting rich. Nearly 100 other numbers were sold at the auction with the money going to charity.
REGULATIONS
Any lipstick in Canada that contains sunscreen is automatically classified as a drug by Health Canada and is subject to fees and regulations that cost cosmetic companies millions a year. And it's not just sunscreen lipstick, dandruff shampoos, fluoride toothpaste, antiperspirants, antiseptic skin toners, pimple cream, even orange juice fortified with calcium--are "drugs" according to Canada's federal regulations.
MORE REGULATIONS
Trapeze artists with one of the world's most famous circuses have been told to wear hard hats to comply with new EU safety regulations. Jugglers, tightrope walkers and other acrobats with the Moscow State Circus, currently touring Britain, have also been told to don safety head wear. Insurers have threatened to pull coverage if performers are injured without head protection. Performers have decided to use head gear during rehearsals but not during performances.
DUBAI
This country already plans to build the tallest tower, artificial islands shaped like palm trees and a map of the world. Now the Emirate is to host the world's first underwater hotel. Called Hydropolis, the hotel will resemble a giant submarine anchored in the Gulf and accessed only by a tunnel via a waterside reception area. Work on the US$600-million 220 suite facility begins this year and will be completed in 2006. The Emirate plans on becoming a holiday mecca relying on tourist dollars rather than oil
BANKING
China is taking its first tentative steps to allow privately owned banks, a move that highlights huge growth opportunities in the sector. As the world's largest untapped banking market, China represents opportunities not just for full-service banks, but for investment banks and insurance companies. China has been described as the last great frontier in finance.
FIRE
The recent devastating fires in British Columbia have had a significant economic impact on the province. Preliminary estimates by the Council of Forest Industries indicate that the fires have affected 14 billion board feet of timber valued at $5.6-billion, the equivalent of 75 per cent of Canada's softwood shipments to the US each year.
COUPONS
A surge in the use of counterfeit Internet coupons has prompted some stores to refuse accepting the money saving offers. The country's largest food chains are warning cashiers to be on the look-out for coupons offering free or heavily discounted items without barcodes and expiry dates. In the US, there are close to 100 bogus coupon offers in circulation and this fraud is estimated to cost the sector up to US$800-million annually.
BIG APPLE
Under a five-year US$166 million deal, Snapple, the beverage company and New York City are uniting to promote each other. Snapple is now the official beverage of the city and this will give Snapple exclusive rights to place vending machines in 1,200 public schools as well as other public buildings. In return Snapple will pay the schools at least US$8-million a year for five years and about US$13-million to the city. Snapple will also spend around US$12-million a year to promote New York.
COWS
India is the world's third-largest producer of leather. So plans to ban the slaughter of its 211 million cattle, while popular with many Indians, could wipe out US$700-million in exports. Hindus, who make up 82 per cent of India's 1 billion people, consider cows to be sacred. Indian exporters may lose out to China which meets a fifth of global demand. About 2.5 million Indians are employed making shoes, jackets and other leather products.
CAVITIES
Canadians' growing penchant for bottled water may help explain what some scientists are calling a steep jump in the rate of cavities among children. As families increasingly opt for spring water, most of which contains only trace amounts of naturally occurring fluoride, they are avoiding tap water that in many cities is supplemented with the decay-fighting chemical. However, other experts suggest the reasons have more to do with lifestyle and diet.
GARLIC
After years lobbying politicians for tariffs and trade regulations to ward off Chinese exports, some Californian companies have started to import garlic. China produces 66 per cent of the world's supply of garlic while the US produces three percent. Garlic was ripe for Chinese domination because the 5000-year-old plant, classified as both an herb and vegetable, has a shelf life of up to nine months. The average Chinese labourer picking garlic gets about US$1.00 per day compared to US$8.50 an hour in California.
AMERICAS
Venezuela and Brazil have called for the creation of a powerful South America trade bloc this year before continuing talks on a US-backed hemispheric free-trade zone. Brazil has warned it won't continue with FTAA negotiations unless Washington relaxes trade barriers on Latin American exports such as oranges and sugar. The US prefers that agricultural matters be negotiated at the WTO and not in FTAA talks.
POWER
The world's biggest battery has been plugged in to provide emergency power to Fairbanks, the second largest city in Alaska, in the event of a blackout. The rechargeable battery, which at 2,000 square metres is bigger than a football field, weighs 1,300 tonnes. It is stored in a warehouse near the city, where temperatures plunge to -51 degrees Centigrade. The battery will provide 40 megawatts of power, enough for 12,000 people, for up to seven minutes. This is enough time to start up diesel generators to restore power.
WALL
China is closing off vast sections of the Great Wall to tourists in an effort to protect the ancient monument from the ravishes of time and walking. Those who stray off the beaten track could face fines. Most of the Great Wall of China is not as it appears on TV or postcards. Far from it, most of the wall is in a terrible state of repair. In many parts it is overgrown, worn down by the elements and assaulted by locals who steal the stones.
HOURS
Over the years, the hours worked by Americans and Canadian have been fairly close. In 1979 Canadians worked 1,260 hours a year and Americans 1,279. In the 80s, Canadians averaged 1,354 hours and Americans 1,380 hours. But by 2000, while Canadians were working an average of 1,332 hours a year, Americans were putting in 1,455 hours on the job. Statistics Canada suggests that the gap was associated with weaker labour demand rather than a decision by Canadians to pursue more leisure.
PRODUCTS
Japan's cash registers are being kept busy with the sales of the latest wonder product--a spray on silk stocking that could mean women have no more worries about runs in their stockings. The product is called Air-Stocking, a fine silk aerosol spray that is available in terracotta, natural or bronze colours and costs $12 a can which can supply about 20 pairs of stockings in one can. The air-stockings can also be waterproofed.
WINE
Organic vineyards have begun to spring up in Chile as winemakers in the fertile central valleys, famous for high quality wines that rival those of France and California, turn an eye to growing export markets for environmentally friendly products. With an eye to boosting exports through free-trade agreements with the European Union and the U.S., organic wineries in Chile are experimenting with using natural predators to combat pests and hand weeding.
SWITZERLAND
A nation traditionally associated with watches, chocolates, well-stocked bank vaults and the Alps, Switzerland has rediscovered its strategic location in the European commercial theatre. Its economic development resurgence has as a result drawn an estimated 20 new major Canadian and U.S. operations over the past few years. Many of these companies have established shared service centres and regional and international headquarters operations.
FOXES
Motorists in Worcester, Surrey, England, have been spraying under their cars with aftershave. They are trying to deter suburban foxes that chew through brake cables during the night.
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