Wobbly Indian shares fell to
their lowest in 2008 on Tuesday, rattled by concerns interest
rates may be raised to cool inflation, but pared some losses
toward the close on late buying by domestic funds. The 30-share main share index .BSESN ended down 1.17
percent at 14,889.25 points, its lowest close since mid-March,
with 21 components in the red. It hit a trough of 14,645.31, below the previous 2008 low
of 14,677.24 in March, and the lowest since Aug. 29, 2007. Traders said domestic funds scooped up bargains, helping
the market to pull off the lows. "They have started cherry picking long-term outperformers,"
said Amitabh Chakraborty, president of equities at Religare
Securities. Software stocks such as bellwether Infosys Technology Ltd
(INFY.BO: Quote, Profile, Research) that get more than half their revenue from the United
States led the losses amid worries the U.S. economy was heading
for stagflation. Financials like ICICI Bank (ICBK.BO: Quote, Profile, Research), India's No. 2 lender
fell 2.5 percent to 731.60 rupees, its lowest since October, on
worries higher interest rates would slow down loans growth. Smaller rival HDFC Bank (HDBK.BO: Quote, Profile, Research) dropped 4.5 percent to
1,130.95 rupees, the lowest close since August. The sector
index fell 2.4 percent. Traders said the outlook remains shaky with foreign
portfolio investors dumping Indian stocks, which have fallen
26.6 percent this year and making them among the worst
performers in Asia. Data on Tuesday showed foreign funds pulled out $332.6
million the previous day, taking the total outflow in 2008 to
more than $5 billion. "The market is likely to remain subdued in the coming days,
as global equity market sentiment remains weak due to high
crude oil prices," local brokerage Anand Rathi Securities said. Top listed firm Reliance Industries (RELI.BO: Quote, Profile, Research) rose 1.7
percent to 2,199.40 rupees, ahead of its annual shareholders
meet on Thursday where it is expected to announce a slew of
business initiatives, traders said. Infosys fell 2.9 percent to 1,849.10 rupees, its lowest
close in more than two weeks, while leader Tata Consultancy
Services (TCS.BO: Quote, Profile, Research) lost 3.9 percent to 880.05 rupees and smaller
rival Satyam Computer Services (SATY.BO: Quote, Profile, Research) shed 2.8 percent to
477.90 rupees. In the broader market, losers overwhelmed gainers 1,663 to
958 on volume of 272.5 million shares. The 50-share NSE index fell 1.14 percent to
4,469.80 points. Elsewhere in the region, Karachi's 100-Share index
shed 0.23 percent to 12,878.04 and Colombo's All-Share index
.CSE eased 0.14 percent lower at 2,489.25. STOCKS THAT MOVED * Spice Communications (SPCM.BO: Quote, Profile, Research) rose 4.1 percent to 55.40
rupees after the Economic Times reported that Idea Cellular
(IDEA.BO: Quote, Profile, Research) was set to buy the founders' stake of 40.8 percent in
Spice for 77-78 rupees a share. * Auto parts maker L G Balakrishnan & Bros (LGB.BO: Quote, Profile, Research) jumped
10.9 percent to 16.30 rupees after British industrial chain
maker Renold Plc (RNO.L: Quote, Profile, Research) said it plans to buy a 75 percent
stake in the Indian firm's industrial chains division.
[ID:nBOM129869]. * Shares in pharmaceutical firms Ranbaxy (RANB.BO: Quote, Profile, Research),
Aurobindo Pharma (ARBN.BO: Quote, Profile, Research), Divi's Laboratories (DIVI.BO: Quote, Profile, Research) and
Cipla (CIPL.BO: Quote, Profile, Research) rose between 3.9 percent and 6.5 percent as
they were seen as defensive buys, traders said. MAIN TOP 3 BY VOLUME* IFCI Ltd (IFCI.BO: Quote, Profile, Research) on 18.5 million shares.* Reliance Petroleum (RPET.BO: Quote, Profile, Research)> on 13.6 million shares* Ispat Industries (ISPT.BO: Quote, Profile, Research) 13.5 million shares FACTORS TO WATCH
* Indian rupee off early lows on cbank move
[INR/]
* Indian bond yields steady as inflation weighs
[IN/]
* FOREX-Dollar jumps,Bernanke stokes Fed rate hike
outlook[FRX/]
* Oil rebounds as supply worry offsets demand falls
[O/R]
* GLOBAL MARKETS-Bonds slide, dollar rises on Bernanke warning
[MARKETS/AS]
* US STOCKS-U.S. Futures drop after Bernanke inflation warning
[.N]
* For closing rates of Indian ADRs
Tuesday, June 10, 2008
Japan seeks answers on knife attack
What provoked a man who was a "good student" at junior school, and bright enough to get into one of the most competitive high schools in his area, to commit an apparently random act of mass murder?
Did Japanese society play a part in Kato's alleged actions?
Tomohiro Kato, arrested after his Sunday lunchtime stabbing spree that left seven dead and 10 injured, has been handed over to prosecutors and is likely to face the death penalty.
Perhaps that is what he wanted.
The police say that he went to Tokyo's Akihabara shopping district to kill people, saying he was tired of life.
In the Japanese newspapers the pundits all have their theories as to what prompted the attack.
He is "a sociopath who blames society for his unstable life as a temporary worker", according to a criminologist quoted in one article, adding that "many young people are selfish and immature and such violence is a manifestation of this".
This kind of response could be characterised as "it was a problem with him, not something we did wrong". But is that really good enough as an explanation, or was he failed in some way by Japanese society?
'Falling through the cracks'
Professor Jeff Kingston, a Japan watcher from Temple University in Tokyo argues that recent cases of deranged young men committing random acts of violence here suggest that the public health system in Japan does not provide adequate support for people with mental illness.
"There is a social stigma attached to mental illness," he says, "and in addition to that doctors are reluctant to refer patients for psychiatric counselling, so this is probably a far too common case of an individual falling through the cracks in the system."
Kato was on a temporary contract. Police say they now believe he was unhappy at work and that provoked his murderous assault.
He threw a tantrum in front of colleagues at the factory where he was working on a temporary contract a few days before the attack because his work clothes went missing.
He thought this meant he was going to be laid off.
Alienation
We know that Kato gave numerous indications that he was troubled, posting messages online
But those who worked with him report that in general there was nothing extraordinary about him.
As a "freeter" - as temporary workers are known here - he would not have had access to the kind of counselling or support services that might have been available to a full-time employee.
He probably would not even have worked with the same people on a regular basis, so it was less likely they would have noticed there was anything wrong.
We know that Kato gave numerous indications that he was troubled, posting messages online on bulletin boards expressing rancour, rage and alienation. But these were anonymous posts.
Professor Hirokazu Hasegawa, a clinical psychologist from Tokai Gakuin University says this decision to express his pent-up frustration on the internet suggests that perhaps he had trouble talking to people and communicating what he truly felt.
Advertisement
Police struggle to restrain media from surrounding the car carrying Tomohiro Kato, suspected of killing seven people
'Pent-up suffering'
He agrees that the system here is failing those who need help for mental illness.
"There are not enough qualified specialists available," he says.
"The chance of somebody with a serious problem actually getting treated by a qualified and perhaps more importantly experienced specialist is very small here. It's hard to get real help."
Professor Hasegawa also criticises what he calls the "pent-up suffering of Japan".
He argues that Japanese parents treat their children differently from parents in countries like the United States or the United Kingdom.
Conformity
In Japan parents tend to regard their children as possessions, as part of them, and as a result often they don't see them as individuals or respect their rights as individuals.
Children are expected to follow closely what their parents think and say and to try to behave or to conform to what their parents see as appropriate behaviour.
The attack has stirred intense public speculation
Negative feelings such as anger or frustration build up because it is much harder to find a way to express them.
Inevitably the politicians are now being pressed for their views on what if anything can be done to prevent such crimes.
Japan's Education Minister, Kisaburo Tokai, says he is considering holding talks with "experts in brain science about the state of children in Japan."
At the same time, inevitably perhaps, a debate is under way about whether Japan is becoming a more violent society.
Tokyo 'safe'
The Asahi newspaper reported that there have been 67 random killings in Japan in the last 10 years, on average between three and 10 each year. Last year there were eight. The year before there were four.
So far this year, according to the newspaper's definition there have been five attacks - three major killing sprees and two where an individual was targeted, apparently at random.
So this year is on target to be at the higher end of the scale, but not unusually so.
The newspaper claims that in the past drugs were often blamed for prompting random attacks.
These days, it says the motive is more likely to be a grudge against society. It is hard to be certain whether this is the case or not.
However, as Professor Kingston points out, Japan should be grateful for its strict gun control laws.
"If Kato had had an automatic assault rifle the mayhem in Akihabara would have been far more devastating."
And the fact remains that by most measures, Japan is still much safer than many other countries in the world.
"I would rather take my chances on the streets of Tokyo than London, New York or Rio de Janeiro anyway," the professor says.
Did Japanese society play a part in Kato's alleged actions?
Tomohiro Kato, arrested after his Sunday lunchtime stabbing spree that left seven dead and 10 injured, has been handed over to prosecutors and is likely to face the death penalty.
Perhaps that is what he wanted.
The police say that he went to Tokyo's Akihabara shopping district to kill people, saying he was tired of life.
In the Japanese newspapers the pundits all have their theories as to what prompted the attack.
He is "a sociopath who blames society for his unstable life as a temporary worker", according to a criminologist quoted in one article, adding that "many young people are selfish and immature and such violence is a manifestation of this".
This kind of response could be characterised as "it was a problem with him, not something we did wrong". But is that really good enough as an explanation, or was he failed in some way by Japanese society?
'Falling through the cracks'
Professor Jeff Kingston, a Japan watcher from Temple University in Tokyo argues that recent cases of deranged young men committing random acts of violence here suggest that the public health system in Japan does not provide adequate support for people with mental illness.
"There is a social stigma attached to mental illness," he says, "and in addition to that doctors are reluctant to refer patients for psychiatric counselling, so this is probably a far too common case of an individual falling through the cracks in the system."
Kato was on a temporary contract. Police say they now believe he was unhappy at work and that provoked his murderous assault.
He threw a tantrum in front of colleagues at the factory where he was working on a temporary contract a few days before the attack because his work clothes went missing.
He thought this meant he was going to be laid off.
Alienation
We know that Kato gave numerous indications that he was troubled, posting messages online
But those who worked with him report that in general there was nothing extraordinary about him.
As a "freeter" - as temporary workers are known here - he would not have had access to the kind of counselling or support services that might have been available to a full-time employee.
He probably would not even have worked with the same people on a regular basis, so it was less likely they would have noticed there was anything wrong.
We know that Kato gave numerous indications that he was troubled, posting messages online on bulletin boards expressing rancour, rage and alienation. But these were anonymous posts.
Professor Hirokazu Hasegawa, a clinical psychologist from Tokai Gakuin University says this decision to express his pent-up frustration on the internet suggests that perhaps he had trouble talking to people and communicating what he truly felt.
Advertisement
Police struggle to restrain media from surrounding the car carrying Tomohiro Kato, suspected of killing seven people
'Pent-up suffering'
He agrees that the system here is failing those who need help for mental illness.
"There are not enough qualified specialists available," he says.
"The chance of somebody with a serious problem actually getting treated by a qualified and perhaps more importantly experienced specialist is very small here. It's hard to get real help."
Professor Hasegawa also criticises what he calls the "pent-up suffering of Japan".
He argues that Japanese parents treat their children differently from parents in countries like the United States or the United Kingdom.
Conformity
In Japan parents tend to regard their children as possessions, as part of them, and as a result often they don't see them as individuals or respect their rights as individuals.
Children are expected to follow closely what their parents think and say and to try to behave or to conform to what their parents see as appropriate behaviour.
The attack has stirred intense public speculation
Negative feelings such as anger or frustration build up because it is much harder to find a way to express them.
Inevitably the politicians are now being pressed for their views on what if anything can be done to prevent such crimes.
Japan's Education Minister, Kisaburo Tokai, says he is considering holding talks with "experts in brain science about the state of children in Japan."
At the same time, inevitably perhaps, a debate is under way about whether Japan is becoming a more violent society.
Tokyo 'safe'
The Asahi newspaper reported that there have been 67 random killings in Japan in the last 10 years, on average between three and 10 each year. Last year there were eight. The year before there were four.
So far this year, according to the newspaper's definition there have been five attacks - three major killing sprees and two where an individual was targeted, apparently at random.
So this year is on target to be at the higher end of the scale, but not unusually so.
The newspaper claims that in the past drugs were often blamed for prompting random attacks.
These days, it says the motive is more likely to be a grudge against society. It is hard to be certain whether this is the case or not.
However, as Professor Kingston points out, Japan should be grateful for its strict gun control laws.
"If Kato had had an automatic assault rifle the mayhem in Akihabara would have been far more devastating."
And the fact remains that by most measures, Japan is still much safer than many other countries in the world.
"I would rather take my chances on the streets of Tokyo than London, New York or Rio de Janeiro anyway," the professor says.
Quake lake water surges through cities
huge volume of water Tuesday surged from a lake created by China's massive earthquake, safely plunging downstream through an area where hundreds of thousands had been braced for disaster, officials said.
An engineer prepares to fire a missile to blast boulders in a man-made spillways in Tangjiashan, China.
more photos » The mammoth effort to drain Tangjiashan lake -- where floodwaters behind a landslide had threatened to burst through the wall of rubble to submerge low-lying towns -- was declared a success by officials who said the crisis was over.
But with the risk of man-made drainage channels collapsing under pressure from the water charging through them, there was still a danger of sudden tidal waves.
The official Xinhua news agency reported late Tuesday that a crest of flood water, carrying with it trees, TVs, refrigerators and the bodies of earthquake victims, had surged safely past the city of Mianyang in southwestern Sichuan province.
Up to 250,000 people had already been evacuated from the area ahead of the deluge, but 400,000 remained in the city, where minor flooding and damage to buildings was reported as the torrent surged past.
The flood waters were released earlier by engineers and troops who had toiled for days using mechanical diggers, dynamite and anti-tank weapons to blast drainage channels through the landslide dam. Watch soldiers blast away at lake »
Don't Miss
Tears at quake zone panda funeral
Special report: China earthquake
iReport.com: Send photos, videos of relief effort
Sichuan province's top official, Liu Qibao, claimed the effort a "decisive victory," Xinhua said, according to The Associated Press.
It was feared that a breach in the dam could threaten areas downstream that are home to more than 1.3 million people.
Meanwhile, officials found the crash site of a Chinese military helicopter that went down late last month in the mountains of southwestern China, killing 19 people, state-run media reported.
The transport was carrying a crew of five along with 14 injured residents from Sichuan province on May 31 when it crashed in "fog and turbulence" near Yingxiu in Wenchuan County, a military source told the Xinhua news agency.
The flight was a part of rescue efforts following the May 12 earthquake that devastated much of the region.
More than 69,000 people died in the May 12 quake, but more than 17,000 remain missing, according to the official government toll.
An engineer prepares to fire a missile to blast boulders in a man-made spillways in Tangjiashan, China.
more photos » The mammoth effort to drain Tangjiashan lake -- where floodwaters behind a landslide had threatened to burst through the wall of rubble to submerge low-lying towns -- was declared a success by officials who said the crisis was over.
But with the risk of man-made drainage channels collapsing under pressure from the water charging through them, there was still a danger of sudden tidal waves.
The official Xinhua news agency reported late Tuesday that a crest of flood water, carrying with it trees, TVs, refrigerators and the bodies of earthquake victims, had surged safely past the city of Mianyang in southwestern Sichuan province.
Up to 250,000 people had already been evacuated from the area ahead of the deluge, but 400,000 remained in the city, where minor flooding and damage to buildings was reported as the torrent surged past.
The flood waters were released earlier by engineers and troops who had toiled for days using mechanical diggers, dynamite and anti-tank weapons to blast drainage channels through the landslide dam. Watch soldiers blast away at lake »
Don't Miss
Tears at quake zone panda funeral
Special report: China earthquake
iReport.com: Send photos, videos of relief effort
Sichuan province's top official, Liu Qibao, claimed the effort a "decisive victory," Xinhua said, according to The Associated Press.
It was feared that a breach in the dam could threaten areas downstream that are home to more than 1.3 million people.
Meanwhile, officials found the crash site of a Chinese military helicopter that went down late last month in the mountains of southwestern China, killing 19 people, state-run media reported.
The transport was carrying a crew of five along with 14 injured residents from Sichuan province on May 31 when it crashed in "fog and turbulence" near Yingxiu in Wenchuan County, a military source told the Xinhua news agency.
The flight was a part of rescue efforts following the May 12 earthquake that devastated much of the region.
More than 69,000 people died in the May 12 quake, but more than 17,000 remain missing, according to the official government toll.
south korea cabinet offers to resign
South Korea's entire cabinet today offered to resign as President Lee Myung-bak desperately sought to calm outrage over his decision to lift restrictions on US beef imports.
"The prime minister offered the cabinet's resignation at the regular meeting this morning (with Lee)," a spokeswoman at the prime minister's office said, in what was seen as a response to unrelenting anti-government protests for the past month.
The street demonstrations, including candlelit vigils, against the government began when Lee agreed to lift restrictions on US beef imports to clear the way for congressional approval for a bilateral free trade treaty.
But the decision backfired spectacularly as critics accused Lee of putting relations with the US ahead of public concerns over BSE, or mad cow disease. Despite the scientific evidence, the South Korean public fears the import of US beef over 30 months old increases the risk of catching BSE.
The beef crisis has led to a slump in the polls for Lee, the former boss of Hyundai, who won a landslide victory in December and took office in February. Latest opinion polls show his popularity has plummeted to just under 20%.
What started as fears over BSE has spread to a broad campaign against the government over a host of grievances against Lee, who came into office promising more than he could deliver, including 7% economic growth.
In the latest protests, organisers say up to one million people were expected to turn out around the country - at least a third of them in the capital. Police have issued their highest alert ahead of the protests, with 100,000 people expected to march in Seoul.
"President Lee hasn't listened to the voices of his people. We still don't have a genuine democracy in our country," Jang Dae-hyun, a spokesman for a civic group that has organised protests, told the Associated Press.
Truck drivers, following the lead of unions in countries across Asia and Europe, voted yesterday to go on strike over rising fuel prices. They ignored the government's $10.2bn (£5.2bn) financial aid package announced a day before, designed partly to cushion the impact of soaring energy costs.
The country's main KCTU trade union and four car unions were voting today whether to back a call for a general strike next week against government policies. The mass protests have derailed plans, for now, for attempts at economic reform by the conservative government, including tax cuts, mass privatisation of major state-run firms and banks and efforts to open the country further to foreign investment.
The new parliament has been unable to sit because the opposition has boycotted its opening. Lee's government said it has asked the US not to export beef from older cattle considered at greater risk of mad cow disease but rejected calls for a complete renegotiation of the accord, citing possible diplomatic and trade disputes with the US.
Lee warned that surging prices for resources and slowing growth meant the economy was entering its roughest patch in a decade.
"Our economy is faced with a serious difficulty, with prices rising and the economy gradually slowing," he said in a speech to mark the 21st anniversary of pro-democracy protests that helped end years of autocratic rule
"The prime minister offered the cabinet's resignation at the regular meeting this morning (with Lee)," a spokeswoman at the prime minister's office said, in what was seen as a response to unrelenting anti-government protests for the past month.
The street demonstrations, including candlelit vigils, against the government began when Lee agreed to lift restrictions on US beef imports to clear the way for congressional approval for a bilateral free trade treaty.
But the decision backfired spectacularly as critics accused Lee of putting relations with the US ahead of public concerns over BSE, or mad cow disease. Despite the scientific evidence, the South Korean public fears the import of US beef over 30 months old increases the risk of catching BSE.
The beef crisis has led to a slump in the polls for Lee, the former boss of Hyundai, who won a landslide victory in December and took office in February. Latest opinion polls show his popularity has plummeted to just under 20%.
What started as fears over BSE has spread to a broad campaign against the government over a host of grievances against Lee, who came into office promising more than he could deliver, including 7% economic growth.
In the latest protests, organisers say up to one million people were expected to turn out around the country - at least a third of them in the capital. Police have issued their highest alert ahead of the protests, with 100,000 people expected to march in Seoul.
"President Lee hasn't listened to the voices of his people. We still don't have a genuine democracy in our country," Jang Dae-hyun, a spokesman for a civic group that has organised protests, told the Associated Press.
Truck drivers, following the lead of unions in countries across Asia and Europe, voted yesterday to go on strike over rising fuel prices. They ignored the government's $10.2bn (£5.2bn) financial aid package announced a day before, designed partly to cushion the impact of soaring energy costs.
The country's main KCTU trade union and four car unions were voting today whether to back a call for a general strike next week against government policies. The mass protests have derailed plans, for now, for attempts at economic reform by the conservative government, including tax cuts, mass privatisation of major state-run firms and banks and efforts to open the country further to foreign investment.
The new parliament has been unable to sit because the opposition has boycotted its opening. Lee's government said it has asked the US not to export beef from older cattle considered at greater risk of mad cow disease but rejected calls for a complete renegotiation of the accord, citing possible diplomatic and trade disputes with the US.
Lee warned that surging prices for resources and slowing growth meant the economy was entering its roughest patch in a decade.
"Our economy is faced with a serious difficulty, with prices rising and the economy gradually slowing," he said in a speech to mark the 21st anniversary of pro-democracy protests that helped end years of autocratic rule
Monday, June 9, 2008
Apple expected to unveil faster iPhone today
WIRELESS
Apple expected to unveil faster iPhone today
Product could bring a windfall of new revenue to Rogers
MATT HARTLEY AND SIMON AVERY
TECHNOLOGY REPORTER; TELECOM REPORTER
June 9, 2008
In what could be the worst-kept technology secret of the year, Apple Inc. chief executive officer Steve Jobs is expected to unveil the next evolution of the company's game-changing iPhone today.
The updated iPhone will almost certainly run on the most advanced wireless networks yet available, and will promise customers the ability to surf the Web and stream video at speeds comparable to home broadband connections.
Analysts say the "3G" iPhone will give Apple the technology it needs to become a global cellphone powerhouse, and for Rogers Wireless Communications Inc., the Canadian carrier of the device, iPhone version 2.0 represents a potential windfall of new revenue.
Although most analysts expect Mr. Jobs will show off the new iPhone when he delivers the keynote address at Apple's Worldwide Developers Conference today, what new features will be included in the updated version of the touch-screen device, whether the company will continue to sell its older 2G models, and when it will arrive in Canada all remain unknown.
More Report on Business Stories
Nissan chips away at Japan's concrete ceiling
Canada's cities lose ground as commerce centres
Shifting tastes leave bra sellers scrambling
JumpTV to join Wang's venture
Banks push Flaherty to ease lending costs
Communicating in a crisis: Act with honesty and empathy
Go to the Report on Business section
"Apple plays their cards very close to the vest," said Van Baker, a senior analyst with market research firm Gartner Inc. "Those are all open questions."
Among the rumoured new features are a front-facing camera for video calling, larger storage capacity than the current eight GB and 16 GB models and a GPS chip - which would provide better location-based capability than the device's current cellphone tower triangulation technology.
Mr. Jobs will also likely demonstrate a number of new third-party applications developed by non-Apple programmers that will be available via the iPhone Application Store, also expected to be unveiled at the conference.
The new Apps store will allow iPhone users to download Apple-sanctioned software such as games, news feeds and mapping programs through the iTunes music store.
Since going on sale in the United States on June 29 last year, the iPhone has captured 20 per cent of the U.S. smart phone market, and is a rising global star, accounting for more than 5 per cent of the worldwide market for Internet-enabled cellphones in the first three months of 2008, says market research firm IDC.
Mr. Jobs' stated goal is to sell 10 million iPhones by the end of 2008. Most observers say the company is on pace to sell 13 million to 15 million iPhones by the end of the year.
Since bottoming out below $116 (U.S.) in February, Apple's share price has ballooned 60 per cent, closing at $185.64 on Friday.
In addition to a new high-end model, Apple could also be prepping a smaller, less expensive iPhone, similar to the way the company produces both the iPod Touch music player as well as lower-cost Nano and Shuffle devices, said Kasper Jade, publisher of AppleInsider.com.
Canada is among a group of nearly 50 new markets the iPhone is expected to reach this year, a list that includes Japan, Spain, Australia and Egypt.
A 3G device is critical to Apple's global strategy since customers in many Asian and European markets are accustomed to faster Web browsing speeds than the existing iPhone offers.
Those limitations have disappointed some of the first phone companies to sell the iPhone, said Mark Goldberg, of telecom consulting firm Mark H. Goldberg and Associates.
Apple expected to unveil faster iPhone today
Product could bring a windfall of new revenue to Rogers
MATT HARTLEY AND SIMON AVERY
TECHNOLOGY REPORTER; TELECOM REPORTER
June 9, 2008
In what could be the worst-kept technology secret of the year, Apple Inc. chief executive officer Steve Jobs is expected to unveil the next evolution of the company's game-changing iPhone today.
The updated iPhone will almost certainly run on the most advanced wireless networks yet available, and will promise customers the ability to surf the Web and stream video at speeds comparable to home broadband connections.
Analysts say the "3G" iPhone will give Apple the technology it needs to become a global cellphone powerhouse, and for Rogers Wireless Communications Inc., the Canadian carrier of the device, iPhone version 2.0 represents a potential windfall of new revenue.
Although most analysts expect Mr. Jobs will show off the new iPhone when he delivers the keynote address at Apple's Worldwide Developers Conference today, what new features will be included in the updated version of the touch-screen device, whether the company will continue to sell its older 2G models, and when it will arrive in Canada all remain unknown.
More Report on Business Stories
Nissan chips away at Japan's concrete ceiling
Canada's cities lose ground as commerce centres
Shifting tastes leave bra sellers scrambling
JumpTV to join Wang's venture
Banks push Flaherty to ease lending costs
Communicating in a crisis: Act with honesty and empathy
Go to the Report on Business section
"Apple plays their cards very close to the vest," said Van Baker, a senior analyst with market research firm Gartner Inc. "Those are all open questions."
Among the rumoured new features are a front-facing camera for video calling, larger storage capacity than the current eight GB and 16 GB models and a GPS chip - which would provide better location-based capability than the device's current cellphone tower triangulation technology.
Mr. Jobs will also likely demonstrate a number of new third-party applications developed by non-Apple programmers that will be available via the iPhone Application Store, also expected to be unveiled at the conference.
The new Apps store will allow iPhone users to download Apple-sanctioned software such as games, news feeds and mapping programs through the iTunes music store.
Since going on sale in the United States on June 29 last year, the iPhone has captured 20 per cent of the U.S. smart phone market, and is a rising global star, accounting for more than 5 per cent of the worldwide market for Internet-enabled cellphones in the first three months of 2008, says market research firm IDC.
Mr. Jobs' stated goal is to sell 10 million iPhones by the end of 2008. Most observers say the company is on pace to sell 13 million to 15 million iPhones by the end of the year.
Since bottoming out below $116 (U.S.) in February, Apple's share price has ballooned 60 per cent, closing at $185.64 on Friday.
In addition to a new high-end model, Apple could also be prepping a smaller, less expensive iPhone, similar to the way the company produces both the iPod Touch music player as well as lower-cost Nano and Shuffle devices, said Kasper Jade, publisher of AppleInsider.com.
Canada is among a group of nearly 50 new markets the iPhone is expected to reach this year, a list that includes Japan, Spain, Australia and Egypt.
A 3G device is critical to Apple's global strategy since customers in many Asian and European markets are accustomed to faster Web browsing speeds than the existing iPhone offers.
Those limitations have disappointed some of the first phone companies to sell the iPhone, said Mark Goldberg, of telecom consulting firm Mark H. Goldberg and Associates.
OIL WEIGHS ON ASIAN MARKET
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Oil Weighs on Asian MarketsAsian markets fell Sunday after U.S. stocks plummeted on Friday. Oil remained at elevated levels in Singapore and New York going into the trading week.
Reeling from the Blow
A rocky end-of-week performance left the market on shaky ground -- and more disappointing data is expected in the week to come
The Real Reason Yahoo Rejected Microsoft?
Cavuto: The Rate That Suddenly Mattered
The Difficult Search
Just how close are we to the housing bottom?
It depends on which report you're looking at
Voices of Identity Fraud
Identity theft victims share their personal tales
Scammers Prey Upon Online Job Seekers
WATCH: How to Keep Your Wireless Network Secure
Solving the Retirement Puzzle
There's more to planning a financially-happy retirement than meets the eye
Market SnapshotIndices Movers Loan Center
Last % Change
DJIA 12209.81 -3.13
Nasdaq 2474.56 -2.96
S&P 500 1360.68 -3.09
FOX 50 957.35 -2.95
Symbol Last Price Net Change Volume
SPY 136.29 -4.49 384.28M
QQQQ 49.03 -1.52 189.14M
XLF 23.33 -1.31 156.47M
IWM 73.92 -2.28 123.99M
C 20.06 -1.16 114.25M
WM 7.53 -1.08 100.37M
PFE 17.96 -0.71 95755K
MSFT 27.49 -0.81 78501K
BAC 30.50 -1.49 70193K
INTC 22.90 -0.97 69864K
Uptick: Market Drowns in Sea of Oil; Dow Plummets 394
Analysis: Racing Industry Fuel Costs Speed Ahead
FOX Business Central
FOX Business Poll
Do you believe another Wall Street firm will collapse like Bear Stearns in 2008?
Yes
No
or view results
Latest FOX Business News
Latest News Most Read Most Emailed DSG Int'l Cut At Goldman, Structural Issues Cited - 54 Minutes Ago
Home Retail Upped At Goldman On Balance Sheet, Management - 1 Hour Ago
European Shares In Tight Range In Early Action - 1 Hour Ago
Telecom Italia In Talks To Buy Liberty Surf For 800M Euros - 1 Hour Ago
Lehman Cuts Rating On European Stocks, Prefers U.S. Equities - 1 Hour Ago
Taylor Nelson Sofres To Open Its Books To WPP - 1 Hour Ago
European Shares Seen Lower At Start - 1 Hour Ago
Royal Bank Of Scotland Had 95.11% Rights Issue Take Up - 2 Hours Ago
Air France-KLM May Passenger Traffic Rose 6% - 2 Hours Ago
Japan Bank Lending Climbs 1.6% In May On Year - 3 Hours Ago
Piecing Together the Retirement Puzzle
Cavuto: The Rate That Suddenly Mattered
Oil Weighs on Asian Markets; U.S. Gasoline Hits $4 a Gallon
An End-of-Week Blow Shakes Groundwork for Next Week
Icahn Calls for $33 a Share Sale for Yahoo
Next Inning Technology Updates Outlooks for STMicroelectronics, Qimonda, Micron, and SanDisk
Historic Oil Spike Sends the Dow Downward
Investment Alerts: TORO! June 6, 2008
RNC: Obama 4 Foreign Policy Flip Flops
U.S. companies urged to recession proof their businesses
Los Angeles Firm, International Acquisitions, Inc., Opens a $30 Million Dollar Real Estate Investment Fund
Piecing Together the Retirement Puzzle
Natural Gas Industry Expected to Abide by State Environmental Laws, Regulations
Colorado Construction Firm Settles Storm Water Violations
Microsoft Brings Rich User Experiences to Smart, Connected, Service-Oriented Enterprise Devices With Windows Embedded Standard 2009
Fox Business Blogs
Don’t Believe the Hype: WWDC, 3G and Sex Mean Apple’s Going Lower Next by Cody Willard
The Real Reason Why Yahoo!’s Board Rejected Microsoft? by Elizabeth MacDonald
The Difficult Search for the Housing Bottom by Elizabeth MacDonald
Happy Hour Guests for June 6th by Cody Willard
Snooping on Tom Sullivan by Cheryl Casone
On Set With a Legend by Alexis Glick
All Eyes on Big Brown by Alexis Glick
Watching The Buckle by Brian Sullivan
$400 Airline Tickets by Cheryl Casone
Today’s “Stock You’ve Never Heard of” by Brian Sullivan
Partner Headlines
Smartmoney WSJ.com Minyanville Dow Falls 395 Points
Oil ETF Spikes on Dollar, Higher Unemployment
Investors Should Avoid Being Dragged Into Bear Den
Markets, Marketplace Await Latest iPhone
9 Ways to Save on Movie Tickets
Despite Market Doldrums, Some Sectors Shine
10 Things Your Ticket Broker Won't Tell You
Some Stocks, Sectors Charting Bullish Trend
Investors Warm to Hot Topic's May Sales
Big Shareholders Rebel at AIG
Lehman Aims to Raise More Capital
Gasoline Hits Average of $4 a Gallon
IRS Targets Billionaire's Tax Strategy
LandSource Files for Bankruptcy
Bonds Sound Diverse Alarms
JetBlue to Buy Verizon's Airfone
McCain, Obama Differ on Energy Policy
Shares Slip in Asian Trading
Changes for Wal-Mart Music Sales
Week in Review: June 6. 2008
Toddo On TV: Oil Slick
Best Of The Exchange: Pulte Homes, Available Cash and The Credit Hurricane
'Ville Vertical Timeline
Gold, Oil The Real Deal
Trading Radar
Quick Hits: Trouble at 35,000 Feet
Quick Hits: Small Screen, Big Payout
Defaults On Prime Mortgages Spike
Crude Attitude
FOX Translator
IndicesNo data currently available.
Top Stock GainersNo data currently available.
Most Searched SymbolsSYMBOL
SEX
$INDU
SEX
WB
AAPL
PARL
C
ISPH
MSFT
OIL
WM
BAC
CSCO
DDS
EMR
MBRK
Recommended StoriesThe 50 Best Places to Make A Lot, but Spend A... Wachovia Chief Executive Ken Thompson Ousted ... Government of India Invites Star Navigation t... Futures Flat Ahead of All-Important Jobs Repo... Director General Civil Aviation of India Reco... Clinton vs. Obama - FOXBusiness.com Lyme Lies: Allen Steere's horrifying comments... Taglich Brothers Initiates Coverage of Hyperd... U.S. Mortgage Foreclosures Reach Record High ... GM Announces Plant Closures; Possible Sale of... Word of the DayArbitrage
You're at a fruit market. But, instead of just being able to buy apples at this fruit market, you can also sell fruit. You're not a farmer, so you come to the market to buy some apples and you see two fruit stands. Fruit Stand A on the left is buying and selling apples at 50 cents apiece. However, Fruit Stand B on the right is buying and selling apples at 53 cents apiece. People are buying and selling apples at these two stands all the time, and the price at a stand could change at any moment. But, while you're there, apples are 50 cents and 53 cents, respectively.
You're a smart person, and you quickly realize that you can buy apples from Stand A and then sell them across the street to Stand B and make a 3-cent profit. But you have to do it now; you can't wait. So you buy all the apples at Stand A and then run to sell them all to Stand B.
Congratulations. You've committed fruit-stand arbitrage.
Arbitrage is exactly that: the selling of the same item between two different markets to make a profit off the mathematical differences in price. However, it's not apples that are traded--the goods in question are usually stocks, currencies and other securities. Arbitrage happens when you get a stock, usually a common one like General Electric that's traded on multiple markets (Japan, Hong Kong, U.S., etc¿). The stock is usually worth within fractions of a penny the same on each of those markets. However, there are often some minor variations.
People who participate in arbitrage take advantage of these variations--and make a ton of money doing it. As seen in the fruit stand example, you can make a "riskless profit" from buying and selling apples between different markets.
There are some big hedge funds that make almost all their money off arbitrage. But, despite this simple example, arbitrage is mathematically complex--and involves a good portion of risk if you don't know what you're doing. You probably won't be able to participate in arbitrage directly, but you can always invest in a mutual fund that does.
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Oil Weighs on Asian MarketsAsian markets fell Sunday after U.S. stocks plummeted on Friday. Oil remained at elevated levels in Singapore and New York going into the trading week.
Reeling from the Blow
A rocky end-of-week performance left the market on shaky ground -- and more disappointing data is expected in the week to come
The Real Reason Yahoo Rejected Microsoft?
Cavuto: The Rate That Suddenly Mattered
The Difficult Search
Just how close are we to the housing bottom?
It depends on which report you're looking at
Voices of Identity Fraud
Identity theft victims share their personal tales
Scammers Prey Upon Online Job Seekers
WATCH: How to Keep Your Wireless Network Secure
Solving the Retirement Puzzle
There's more to planning a financially-happy retirement than meets the eye
Market SnapshotIndices Movers Loan Center
Last % Change
DJIA 12209.81 -3.13
Nasdaq 2474.56 -2.96
S&P 500 1360.68 -3.09
FOX 50 957.35 -2.95
Symbol Last Price Net Change Volume
SPY 136.29 -4.49 384.28M
QQQQ 49.03 -1.52 189.14M
XLF 23.33 -1.31 156.47M
IWM 73.92 -2.28 123.99M
C 20.06 -1.16 114.25M
WM 7.53 -1.08 100.37M
PFE 17.96 -0.71 95755K
MSFT 27.49 -0.81 78501K
BAC 30.50 -1.49 70193K
INTC 22.90 -0.97 69864K
Uptick: Market Drowns in Sea of Oil; Dow Plummets 394
Analysis: Racing Industry Fuel Costs Speed Ahead
FOX Business Central
FOX Business Poll
Do you believe another Wall Street firm will collapse like Bear Stearns in 2008?
Yes
No
or view results
Latest FOX Business News
Latest News Most Read Most Emailed DSG Int'l Cut At Goldman, Structural Issues Cited - 54 Minutes Ago
Home Retail Upped At Goldman On Balance Sheet, Management - 1 Hour Ago
European Shares In Tight Range In Early Action - 1 Hour Ago
Telecom Italia In Talks To Buy Liberty Surf For 800M Euros - 1 Hour Ago
Lehman Cuts Rating On European Stocks, Prefers U.S. Equities - 1 Hour Ago
Taylor Nelson Sofres To Open Its Books To WPP - 1 Hour Ago
European Shares Seen Lower At Start - 1 Hour Ago
Royal Bank Of Scotland Had 95.11% Rights Issue Take Up - 2 Hours Ago
Air France-KLM May Passenger Traffic Rose 6% - 2 Hours Ago
Japan Bank Lending Climbs 1.6% In May On Year - 3 Hours Ago
Piecing Together the Retirement Puzzle
Cavuto: The Rate That Suddenly Mattered
Oil Weighs on Asian Markets; U.S. Gasoline Hits $4 a Gallon
An End-of-Week Blow Shakes Groundwork for Next Week
Icahn Calls for $33 a Share Sale for Yahoo
Next Inning Technology Updates Outlooks for STMicroelectronics, Qimonda, Micron, and SanDisk
Historic Oil Spike Sends the Dow Downward
Investment Alerts: TORO! June 6, 2008
RNC: Obama 4 Foreign Policy Flip Flops
U.S. companies urged to recession proof their businesses
Los Angeles Firm, International Acquisitions, Inc., Opens a $30 Million Dollar Real Estate Investment Fund
Piecing Together the Retirement Puzzle
Natural Gas Industry Expected to Abide by State Environmental Laws, Regulations
Colorado Construction Firm Settles Storm Water Violations
Microsoft Brings Rich User Experiences to Smart, Connected, Service-Oriented Enterprise Devices With Windows Embedded Standard 2009
Fox Business Blogs
Don’t Believe the Hype: WWDC, 3G and Sex Mean Apple’s Going Lower Next by Cody Willard
The Real Reason Why Yahoo!’s Board Rejected Microsoft? by Elizabeth MacDonald
The Difficult Search for the Housing Bottom by Elizabeth MacDonald
Happy Hour Guests for June 6th by Cody Willard
Snooping on Tom Sullivan by Cheryl Casone
On Set With a Legend by Alexis Glick
All Eyes on Big Brown by Alexis Glick
Watching The Buckle by Brian Sullivan
$400 Airline Tickets by Cheryl Casone
Today’s “Stock You’ve Never Heard of” by Brian Sullivan
Partner Headlines
Smartmoney WSJ.com Minyanville Dow Falls 395 Points
Oil ETF Spikes on Dollar, Higher Unemployment
Investors Should Avoid Being Dragged Into Bear Den
Markets, Marketplace Await Latest iPhone
9 Ways to Save on Movie Tickets
Despite Market Doldrums, Some Sectors Shine
10 Things Your Ticket Broker Won't Tell You
Some Stocks, Sectors Charting Bullish Trend
Investors Warm to Hot Topic's May Sales
Big Shareholders Rebel at AIG
Lehman Aims to Raise More Capital
Gasoline Hits Average of $4 a Gallon
IRS Targets Billionaire's Tax Strategy
LandSource Files for Bankruptcy
Bonds Sound Diverse Alarms
JetBlue to Buy Verizon's Airfone
McCain, Obama Differ on Energy Policy
Shares Slip in Asian Trading
Changes for Wal-Mart Music Sales
Week in Review: June 6. 2008
Toddo On TV: Oil Slick
Best Of The Exchange: Pulte Homes, Available Cash and The Credit Hurricane
'Ville Vertical Timeline
Gold, Oil The Real Deal
Trading Radar
Quick Hits: Trouble at 35,000 Feet
Quick Hits: Small Screen, Big Payout
Defaults On Prime Mortgages Spike
Crude Attitude
FOX Translator
IndicesNo data currently available.
Top Stock GainersNo data currently available.
Most Searched SymbolsSYMBOL
SEX
$INDU
SEX
WB
AAPL
PARL
C
ISPH
MSFT
OIL
WM
BAC
CSCO
DDS
EMR
MBRK
Recommended StoriesThe 50 Best Places to Make A Lot, but Spend A... Wachovia Chief Executive Ken Thompson Ousted ... Government of India Invites Star Navigation t... Futures Flat Ahead of All-Important Jobs Repo... Director General Civil Aviation of India Reco... Clinton vs. Obama - FOXBusiness.com Lyme Lies: Allen Steere's horrifying comments... Taglich Brothers Initiates Coverage of Hyperd... U.S. Mortgage Foreclosures Reach Record High ... GM Announces Plant Closures; Possible Sale of... Word of the DayArbitrage
You're at a fruit market. But, instead of just being able to buy apples at this fruit market, you can also sell fruit. You're not a farmer, so you come to the market to buy some apples and you see two fruit stands. Fruit Stand A on the left is buying and selling apples at 50 cents apiece. However, Fruit Stand B on the right is buying and selling apples at 53 cents apiece. People are buying and selling apples at these two stands all the time, and the price at a stand could change at any moment. But, while you're there, apples are 50 cents and 53 cents, respectively.
You're a smart person, and you quickly realize that you can buy apples from Stand A and then sell them across the street to Stand B and make a 3-cent profit. But you have to do it now; you can't wait. So you buy all the apples at Stand A and then run to sell them all to Stand B.
Congratulations. You've committed fruit-stand arbitrage.
Arbitrage is exactly that: the selling of the same item between two different markets to make a profit off the mathematical differences in price. However, it's not apples that are traded--the goods in question are usually stocks, currencies and other securities. Arbitrage happens when you get a stock, usually a common one like General Electric that's traded on multiple markets (Japan, Hong Kong, U.S., etc¿). The stock is usually worth within fractions of a penny the same on each of those markets. However, there are often some minor variations.
People who participate in arbitrage take advantage of these variations--and make a ton of money doing it. As seen in the fruit stand example, you can make a "riskless profit" from buying and selling apples between different markets.
There are some big hedge funds that make almost all their money off arbitrage. But, despite this simple example, arbitrage is mathematically complex--and involves a good portion of risk if you don't know what you're doing. You probably won't be able to participate in arbitrage directly, but you can always invest in a mutual fund that does.
Tokyo Slasher Foretold Slaughter in Chilling Internet Messages
The man suspected of killing seven people in a knifing rampage in Tokyo foretold the mayhem in a series of messages posted to the Internet, including one just before the attack saying, "It's time," police and media reports said Monday.
Tomohiro Kato, accused of ramming pedestrians with a truck on Sunday and then stabbing 17 bystanders in Tokyo's Akihabara district, posted a string of messages on an Internet bulletin board from his cell phone, a police spokesman said.
The official, who spoke on condition of anonymity, citing protocol, refused to release the messages, but news reports said they were posted in a threat titled, "I will kill people in Akihabara," starting hours before the stabbings.
• Click here for photos.
"I want to crash the vehicle and, if it becomes useless, I will then use a knife. Goodbye, everyone," Kyodo News agency quoted one message as saying.
That was followed chillingly several hours later, the report said, by a message sent from Akihabara via cell phone that read: "It's time."
The killing started 20 minutes later.
The reported messages gave Japan a limited glimpse into the mind of man accused of one of the worst knife attacks in Japanese history. Police say the assault was the deadliest stabbing assault in Tokyo in recent memory.
Kato said he had "gotten sick of the world," police said, but investigators are still trying to find out his motives and the reason why he chose Akihabara, or whether he had planned the criminal act over the past few days as reported.
Police say Kato — reportedly a factory worker — rammed a rented two-ton truck into a crowd of afternoon shoppers in Akihabara, a prime shopping area for electronic goods and a hangout for young people, particularly comic book fans.
Kato himself reportedly had a penchant for computer games and anime — like vast numbers of Japanese youths. Kyodo said that he listed a female computer game character as his "favorite person" in his junior high school yearbook.
After ramming the pedestrians, the killer jumped out and began stabbing the people he had knocked down with the truck before turning on horrified onlookers, police said.
The assault shocked Tokyo, which has a relatively low murder rate, because of its seeming mindlessness.
On Monday, the crime scene was covered with offerings of flowers, comic books and soft drinks left for the souls of the dead. The offerings were shielded from the rain by a small white tent.
Takashi Kiuchi, who was on a high school judo team with one of the victims, said many Japanese live with the assumption that their country is safe, but that assumption was under attack.
"It's gotten so you can't even walk down a crowded street," he said.
Kato reportedly made his way to Tokyo from a neighboring region where he worked and headed for Akihabara because its main streets are closed to cars and open to large numbers of pedestrians on Sundays.
Guns are tightly restricted in Japan, and shootings are extremely rare, with the one exception being gangsters, who most often use them against each other and do not generally victimize the general public.
Stabbings, however, are less rare.
In March, one person was stabbed to death and at least seven others were hurt by a man who went on a slashing spree with two knives outside a shopping mall in eastern Japan. In January, a 16-year-old boy attacked five people in a shopping area, injuring two of them.
A spate of knife attacks also have occurred in schools, the worst on June 8, 2001, when a man with a history of mental illness burst into elementary school near Osaka killing eight children. He was executed in 2004.
Chief Cabinet Secretary Nobutaka Machimura told reporters Monday the government was considering tightening restrictions on large-bladed survival knives like the one apparently used in the attack, which had a 13-centimeter blade and is easily available in stores.
"Everyone says that Japan is a safe country, but I'm not sure if that's true anymore," said Sayaka Itoda, a young woman who came to donate flowers at the memorial, which stood on a street in front of an electronics store and a giant TV display screen.
Tomohiro Kato, accused of ramming pedestrians with a truck on Sunday and then stabbing 17 bystanders in Tokyo's Akihabara district, posted a string of messages on an Internet bulletin board from his cell phone, a police spokesman said.
The official, who spoke on condition of anonymity, citing protocol, refused to release the messages, but news reports said they were posted in a threat titled, "I will kill people in Akihabara," starting hours before the stabbings.
• Click here for photos.
"I want to crash the vehicle and, if it becomes useless, I will then use a knife. Goodbye, everyone," Kyodo News agency quoted one message as saying.
That was followed chillingly several hours later, the report said, by a message sent from Akihabara via cell phone that read: "It's time."
The killing started 20 minutes later.
The reported messages gave Japan a limited glimpse into the mind of man accused of one of the worst knife attacks in Japanese history. Police say the assault was the deadliest stabbing assault in Tokyo in recent memory.
Kato said he had "gotten sick of the world," police said, but investigators are still trying to find out his motives and the reason why he chose Akihabara, or whether he had planned the criminal act over the past few days as reported.
Police say Kato — reportedly a factory worker — rammed a rented two-ton truck into a crowd of afternoon shoppers in Akihabara, a prime shopping area for electronic goods and a hangout for young people, particularly comic book fans.
Kato himself reportedly had a penchant for computer games and anime — like vast numbers of Japanese youths. Kyodo said that he listed a female computer game character as his "favorite person" in his junior high school yearbook.
After ramming the pedestrians, the killer jumped out and began stabbing the people he had knocked down with the truck before turning on horrified onlookers, police said.
The assault shocked Tokyo, which has a relatively low murder rate, because of its seeming mindlessness.
On Monday, the crime scene was covered with offerings of flowers, comic books and soft drinks left for the souls of the dead. The offerings were shielded from the rain by a small white tent.
Takashi Kiuchi, who was on a high school judo team with one of the victims, said many Japanese live with the assumption that their country is safe, but that assumption was under attack.
"It's gotten so you can't even walk down a crowded street," he said.
Kato reportedly made his way to Tokyo from a neighboring region where he worked and headed for Akihabara because its main streets are closed to cars and open to large numbers of pedestrians on Sundays.
Guns are tightly restricted in Japan, and shootings are extremely rare, with the one exception being gangsters, who most often use them against each other and do not generally victimize the general public.
Stabbings, however, are less rare.
In March, one person was stabbed to death and at least seven others were hurt by a man who went on a slashing spree with two knives outside a shopping mall in eastern Japan. In January, a 16-year-old boy attacked five people in a shopping area, injuring two of them.
A spate of knife attacks also have occurred in schools, the worst on June 8, 2001, when a man with a history of mental illness burst into elementary school near Osaka killing eight children. He was executed in 2004.
Chief Cabinet Secretary Nobutaka Machimura told reporters Monday the government was considering tightening restrictions on large-bladed survival knives like the one apparently used in the attack, which had a 13-centimeter blade and is easily available in stores.
"Everyone says that Japan is a safe country, but I'm not sure if that's true anymore," said Sayaka Itoda, a young woman who came to donate flowers at the memorial, which stood on a street in front of an electronics store and a giant TV display screen.
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