Here is a look at Monday's top business stories:
Stocks rise in Tokyo
TOKYO, Sept. 9 (UPI) -- Stock prices on the Tokyo Stock Exchange ended higher Monday, supported by broad-based buying prompted by Friday's gains on Wall Street and hopes for a package of steps from the Japanese government to fight deflation and bolster share prices.
Stocks also rose in Taipei, Taiwan; and Sydney, Australia; ended little changed in Hong Kong and declined in Seoul, South Korea.
Japan's blue-chip Nikkei Stock Average of 225 selective issues, which lost 93.05 points Friday, rose 177.19 points, or 1.9 percent, to 9,306.26.
The broader Topix index, which lost 9.72 points in the previous session, rose 13.52 points, or 1.5 percent, to 907.85.
Advances outpaced declines 1,100 to 271, while another 133 issues settled unchanged. Volume dropped to an estimated 591.36 million shares, its lowest level in a week, from 723.76 million shares changing hands on Friday.
Analysts said while hopes for the anti-deflation package are rising, investors were generally cautious before concrete details emerge. That attitude kept the Nikkei 225 top-heavy around 9,400 throughout the day.
News reports have said the measures will include government purchases in exchange-traded funds on the stock market, beefed-up purchases of bad loans and tax cuts.
Despite increasing political debate about the economic package, trade was very light, which a trader said reflects persistent investor doubts over Prime Minister Junichiro Koizumi's decisiveness.
Chief Cabinet Spokesman Yasuo Fukuda said late in the day the government may decide on the outline of the plan on Sept. 20, after Koizumi returns from abroad.
In trading, chip-related stocks ended mostly higher, taking a lead from buying in their U.S. counterparts after Intel quelled overly bearish market views about the chip giant's earnings outlook.
Chip production equipment makers Nikon added 4.8 percent and Tokyo Electron rose 2.7 percent.
Major steel makers rose after saying on Friday at earnings briefings they are on track to improve profits sharply this fiscal year, supported by brisk exports to other Asian countries as well as cost-cutting efforts.
Nippon Steel rose 3.8 percent, while Kawasaki Steel gained 4.7 percent. NKK, which is set to merge operations with Kawasaki Steel under a holding company Sept. 27, added 4.2 percent while Kobe Steel rose 3 percent.
Major brokerage houses bounced back from their recent weakness. The government apparently is studying reviewing a part of the securities tax system to start in January that has already been criticized for being overly complicated. That news encouraged buying of brokers' shares.
Nomura Holdings rose 3.1 percent, Daiwa Securities Group gained 3.5 percent and Nikko Cordial jumped 6.1 percent.
Meanwhile, Toyota Motor rose 1.7 percent and Sumitomo Mitsui Banking gained 4.7 percent.
Elsewhere in Asia, prices ended little changed on the Hong Kong Stock Exchange as early gains following a jump on Wall Street were offset by worries over a possible United States attack on Iraq. The blue-chip Hang Seng Index, which lost 5.17 points Friday, added 2.81 points, or 0.03 percent, to 9,723.67.
In trading, CNOOC Ltd., the mainland's largest offshore oil producer, rose 3.3 percent boosted by rising crude oil prices.
But, Cathay Pacific Airways, Hong Kong's dominant carrier, lost 3.7 percent. Jet fuel, derived from crude oil, makes up about 15 percent of Cathay's total operating costs. China Southern Air lost 1.2 percent.
Meanwhile, prices fell to their lowest level since August 12 on the South Korean Stock Exchange. The Kospi Composite Index, which lost 12.25 points Friday, lost another 10.84 points, or 1.5 percent, to 697.89. In trading, Korean Air fell 1.5 percent, after sinking 10.6 percent on Friday. Fears are mounting that higher jet fuel prices would eat into the airlines' profit.
Bank shares also slid on news that a trading firm Ssangyong Corp. had secured $95.02 million in funds from six banks using fake trade bills. Ssangyong plunged 15 percent.
Among involved lender banks, Kookmin Bank fell 1.2 percent and Chohung Bank dropped 6.6 percent.
Prices ended higher on the Taiwan Stock Exchange after a severe typhoon forced the market to close on Friday. The Weighted Index rose 73.90 points, or 1.7 percent, to 4,533.27.
In trading, Taiwan Semiconductor Manufacturing rose 2.1 percent after the world's largest contract chipmaker said its August sales rose 50 percent from a year-ago level.
Elsewhere around the Pacific region, prices ended higher on the Australian Stock Exchange, supported by Friday's gains on Wall Street. The blue-chip All Ordinaries Index, which lost 23.10 points Friday, rose 27.20 points, or 0.9 percent, to 3,069.30.
Analysts noted trading was light as global security concerns dominated the headlines ahead of the September 11 anniversary.
In trading, media heavyweight News Corp. rose 3.3 percent, Telstra Corp. rose 1 percent, BHP Billiton rose 0.9 percent, Woodside Petroleum rose 1.4 percent and Coles Myer, Australia's largest retailer, jumped 4.5 percent.
Meanwhile, Newcrest Mining rose 2.6 percent, Lihir Gold surged 4.7 percent and MIM Holdings rose 2.7 percent.
PC shipments expected to slow
FRAMINGHAM, Mass., Sept. 9 (UPI) -- IDC said it has lowered its PC market forecasts for 2002 and 2003 to reflect weakening demand for PCs from both consumer and business users.
IDC said it now expects total worldwide PC shipments to grow 1.1 percent to 135.5 million in 2002 and grow 8.4 percent in 2003.
The numbers were reduced from the June forecast for growth of 4.7 percent in 2002 and 11.1 percent in 2003.
IDC said the public sector and small-business segments continue to spend for the moment but the return of investment by medium and large-business has been very slow, particularly in the United States and Europe.
Consumer demand, which accounts for roughly a third of PC shipments, also remains weak, IDC said.
Loren Loverde, director of IDC's worldwide quarterly PC tracker, said, "The momentum we saw coming into the second quarter has all but disappeared as businesses continue to postpone PC investments and consumer spending has slowed.
"Growth in consumer spending could make a big difference in the rest the year, but current signs point to cautious buyers and slow growth. We don't expect to see a significant recovery until both consumer and business demand picks up, and we may reach the middle of next year before that happens" Loverde said.
Roger Kay, director of client computing at IDC, said, "The higher cost of capital brought about by the continued decline of the stock market has sustained a note of caution in U.S. corporate IT spending.
"Despite fluctuations in consumer confidence, the employment picture, which has remained depressed, is dampening consumer PC spending. Saturation is also increasingly a factor, as the mature U.S. market swings over more fully to a replacement model. To remain viable, vendors will have to adapt their distribution strategies to these new realities," Kay added.
