1.   Federal Express had hoped to win approval by May when it opened its new Asian hub in the Philippines.

2.   From July, FedEx will start using the former American naval base at Subic Bay as its primary Asian hub.

3.   In September, FedEx will begin expanding its service with flights to Dubai, and then on to its Asian hub in Subic Bay, the Philippines.

4.   Last month Federal Express made Subic Bay its Asian hub.

5.   The Asian hub in Hong Kong is losing money.

6.   The company has a significant presence in the four key Asian hubs of Australia, Hong Kong, Japan and Singapore.

7.   The most important would let Memphis-based Fedex fly between Japan and its new Asian hub, recently built at Subic Bay in the Philippines.

8.   The U.S. wants to punish Japan for denying cargo carrier Federal Express Corp. routes between Japan and its new Asian hub in the Philippines.

9.   Among companies that have made Subic their Asian hubs are Federal Express of the United States and Dutch ship supplies dealer Seaway Marine Trading B.V.

10.   Among its largest investors are U.S. air cargo handler Federal Express Corp., which has made Subic its Asian hub, and Taiwanese computer giant Acer Corp.