Here is a look at some of Monday top business stories
Asian market up on Fed expectations
SINGAPORE, Nov. 5 (UPI) -- Expectations of yet another interest rate cut Tuesday by the U.S. Federal Reserve lifted Asian share prices broadly Monday, with demand for high-tech shares leading some of the biggest gains. A solid U.S. economic expansion is critical for the recovery of the larger part of Asia's export-oriented countries.
In Tokyo, the benchmark Nikkei 225 average closed up 63.76 points, or 0.61 percent, to close at 10,447.54, while TOPIX nudged up 0.36 points, or 0.03 percent, to 1.054.04.
Hong Kong's Hang Seng index rose 244.66 points, or 2.40 percent, to close at 10,430.72, and Taiwan's weighed index rose 82.03, or 2.05 percent, to 4,080.51. South Korea's composite index also gained 11.05 points, or 2.01 percent, to close at 561.62, while the Philippines' composite index picked up 4.15 points, or 0.42 percent, to 997.50.
But southeast Asian markets saw some selling pressure, with the Thai Stock Exchange falling 1.23 points, or 0.45 percent, to 272.99, while Indonesia's Jakarta composite index fell 5.44 points, or 1.43 percent, to 375.21. Malaysia's Kuala Lumpur composite index dropped 3.80 points, or 0.64 percent, to 592.85, while Singapore's Straits Time index dipped 1.08 points, or 0.08 percent, to 1,340.49.
In South Asia, India's Mumbai Sensex 30 index fell 15.59 points, or 0.51 percent, to 3,037.01, while the Pakistan stock index tumbled 38.91 points, or 2.78 percent, to 1,360.90.
Key issue on WTC: Single or double event?
NEW YORK, Nov. 5 (UPI) -- The pivotal issue in the insurance dispute over the World Trade Center is whether the Sept. 11 terrorist attacks constituted a single insurable event, or two insurable events, according to weekend news reports.
If deemed a single event, developer Larry A. Silverstein could file a claim for $3.6 billion. But for two insurable events, he could file two claims, totaling $7.2 billion in insurance coverage.
Silverstein, who holds a 99-year lease on the World Trade Center, is seeking to recover maximum payment from the insurers, while trying to minimize his liability under claims expected by victims and their families. About 4,500 people at the World Trade Center lost their lives when hijackers crashed two jetliners into the landmark complex in Lower Manhattan.
Some 20 companies are insurers of the World Trade Center, with Swiss Reinsurance Co., known as Swiss Re, the largest holder, the Times said.
Other insurers include Allianz, Chubb, Travelers, Liberty Mutual and Tokio Marine and Fire. The newspaper said Lloyds of London and Munich Reinsurance also face claims.
The battle is being waged in federal court and in the U.S. Congress, and has drawn in scores of lawyers and lobbyists.
To make his case in Washington -- and ultimately to persuade lawmakers to approve legislation favorable to his side -- Silverstein has retained Jack Quinn, who helped orchestrate the granting of a pardon for commodities trader Marc Rich by President Bill Clinton.
Silverstein said he plans to rebuild the World Trade Center.
"There's no way I could not go forward and build this thing," Silverstein told the Times on Wednesday.
"What these terrorists have tried to do is destroy the symbol of New York, destroy the symbol of our economic progress, our strength, or way of life ..." Silverstein said.
Despite his commitment to rebuild, such a decision is not Silverstein's alone. Also involved would be the Port Authority of New York and New Jersey, which owns the land upon which the World Trade Center was situated, and the state governments of New York and New Jersey, and the New York city government.
And there's also the question of whether anyone would rent space in a rebuilt World Trade Center.
S.Korea approves extra budget
SEOUL, South Korea, Nov. 5 (UPI) -- South Korea's parliament on Monday approved a supplementary budget bill to spend $1.27 billion in an effort to boost domestic demand amid a slump in exports.
"The extra budget would be used to stimulate domestic demand and consumption to soften the impact of declining exports on the economy in the wake of the terrorist attacks and subsequent retaliation campaign," said an official at the Finance and Economy Ministry.
He said the government plans to spend about $463 million for agricultural and construction projects to create jobs and prop up growth.
Some $193 million will be used to help the country's two airlines cope with the fallout of the attacks on the United States, which triggered a series of flight and staff reductions by airlines worldwide. In return for the loans, Korean Air Lines and Asiana Airlines pledged to take self-rescue measures, such as asset sales and layoffs.
Prime Minister Lee Han-dong said the extra budget could minimize the fallout from the attacks on the United States. "The government would make all-out efforts to revive the economy," he said after the budget bill was endorsed by the National Assembly.
The extra budget came amid gloomy predictions for the South Korean economy. The central Bank of Korea warned that South Korea's economy would remain in the doldrums until the first half of 2002.
Exports, the main engine for South Korea's economic growth, will remain sluggish due to reductions in consumer spending and investments in the United States, officials and analysts said. Exports to the United States account for 20 percent of South Korea's total exports. "Exports are not likely to recover until late next year given the limping world economy," said a senior official at the Finance and Economy Ministry.
