The Unlawyer

Currency markets are roiled by news that North Korea may be on the verge of testing the Taep’o-dong-2 (대포동-2), a long-range ballistic missile thought to have sufficient range to hit the western United States, amidst stern warnings from US and other governments not to proceed.

The issue has taken an urgent tone because intelligence reports indicate that the North Koreans are finished fueling their rocket, and may launch it soon. It is unlikely that they are just doing it for show, because defueling is an extremely difficult and dangerous process. Some analysts, however, say that the North Koreans are actually going to launch a satellite into orbit.

North Korea had earlier tested a Taep’o-dong-1 missile in 1998 by letting it fly over Japan before hitting a target on the Pacific Ocean, an event that touched off a crisis of its own and spurred Japan to cooperate with the United States in developing a missile defense system.

The United States is taking no chances and declared that it will take such appropriate steps to defend itself. including activating a yet-largely unproven missile defense system, shoud the North Koreans proceed with an unannounced test.

A successful launch may fundamentally alter the current defense posture of North Korea’s immediate neighbors. Take the case of Japan for instance. Its government may cave in to pressure from its political right to take a more hawkish military stance, including developing its own nuclear weapons, a scenario that is certain to raise hackles throughout Asia.

Some pundits say that this planned missile launch is just North Korea’s way of getting the United States’ attention:

“This [move to test] probably is a combination of several factors: NK trying to press the United States into sitting down in one-on-one talks, which NK would love but the United States is unwilling to concede and instead obstinately sticks to the six-party talks formula, which clearly is doing so well; NK trying its old stand-by of ratcheting up pressure in order to get concessions (it’s backed off in the past after having done so); and NK wanting to test new missile engines. I think that the whole hullabaloo about this now showing that NK can strike all of the United States is just that – a hullabaloo.”

Enough of missiles: today’s Inq7.net fills in some of the missing details in yesterday’s entry about how overseas Filpino workers’ (OFW) remittance income is being spent by their recipients:

“… 2.7 percent paid for medical expenses and 1.8 percent used some money to pay house rental.”

An even more interesting detail from the same Inq7.net article:

“A study by the World Bank earlier showed OFW households that were likely to start a business usually engaged in transportation and communication services and small-scale manufacturing.

“The investors in transport services mostly ventured into taxi and minibus operations. The popular manufacturing activities included mat-weaving, tailoring, dressmaking and food processing.”

Even more OFW remittance news: 4-month OFW remittances up 10.8%; April growth down.

In other news: agriculture officials are buoyant over growth predictions for farm production.

Some more kinks are worked out of the planned full-scale operations of the Wholesale Electricity Spot Market just days before it opens on June 23.

Sassy Lawyer says promoting competition isn’t as simple as breaking up monopolies.

The latest Carnival of the Capitalists is up at Blog Business World. My favorite post is from Caboodle! Toys – Blog, who addresses an issue dear to my heart in Location, Location, Location (Part 1), which illustrates that choosing the right location isn’t just a retailer’s problem.

Another favorite entry from this week’s Carnival is from Small Biz Survival called Simplified marketing plans for the real world.

In political news, Jose Maria Sison, erstwhile consultant to the National Democratic Front of the Philippines, merely scoffs at President Arroyo’s all-out war proclamation against the New People’s Army, believing that anti-insurgency funds will be lost to corruption.

O-ho! Thanks to Ajay’s Writings On The Wall for supplying a link to the syndicated entries of that late but notorious society blogger Soozy Hopper, and read him/her/it/whatever bludgeon Manila high society, heh.