Business Asia articles from August 1998

Business Asia archives from August 1998

China causes jitters in Asia.(China's debt raises fear in Asian economies)
August 17, 1998... Disappointment over the early days of the Obuchi Government in Japan is being overshadowed by new fears of a Chinese yuan devaluation -- a scenario causing jitters in Asian markets. Critics have chastised the Japanese Government for failing...

Thailand tips infusion of foreign cash.
August 17, 1998... While Asia sweats on policy deliberations in China and Japan, leaders in Thailand expect an infusion of foreign capital into its economy towards the end of the year as investors regain confidence in the market. The prediction comes on top...

Albright's stance on Asia old hat.(US Secretary of State Dr. Madeleine Albright)
August 17, 1998... For all her charisma and colour, US Secretary of State Dr Madelaine Albright is a politician. A very polished politician, but a politician nevertheless. So it is perhaps no surprise that her recent journey through the Asia-Pacific...

IN BRIEF.
August 17, 1998... * Jakarta -- The billions of dollars being pumped into Indonesia by international donors should stave off a complete breakdown this year, analysts say, but how can Indonesia be weaned off aid? The US$7.9 billion recently pledged to Indonesia...

Estrada urges privatisation.(Philippine President Joseph P. Estrada)
August 17, 1998... Faced with a stock market crash, a stalled economy and a premature end to his political honeymoon, Philippines President Joseph Estrada is fast-tracking a privatisation program and calling on Filipinos to work harder. Philippine stocks hit...

Survey tips three-year recovery.
August 17, 1998... Hong Kong -- Asian economies are expected to need three years to recover from the financial crisis, with the outlook for South Korea the bleakest, a recent survey by executive search firm Spencer Stuart showed. The survey polled 400 chief...

Vietnam seeking equities market to woo investors.
August 17, 1998... The Vietnam Government is developing a pilot equities market in an effort to regain foreign investment that has dried up because of Asia's financial crisis. Prime Minister Phan Van Khai wants the State Securities Commission to set up an...

Y2K job warning for expats.(employment on Y2K projects likely to end in early 2000)
August 17, 1998... Computer programmers heading to Asia to safeguard companies against the Year 2000 (Y2K) bug have been warned to consider their long-term job prospects. Mr Robert Critchley, the Asia-Pacific president for career management company DBM, said...

ASIA Fact file.(Asian political leaders)
August 17, 1998... Business Asia introduces a new column to give you useful facts about Asia. To mark the spate of political changes in the region in the past year, we list Asia's current leaders. CHINA Jiang Zemin - President of China since March,...

Asia sweats on Obuchi for revival.(Japanese Prime Minister Keizo Obuchi)
August 17, 1998... After essentially treading water during July, Asian markets continue to focus upon Japan. Regional currencies are taking their cue from the US dollar/yen (USD-JPY) exchange rate, which has held to a relatively narrow range since joint...

Fears of second Asian shock.
August 17, 1998... The falling yen has prompted renewed fears of a Chinese devaluation, but analysts say the weak yen poses a much more immediate and far-reaching threat to the region. If the US dollar/yen breaches 150, it threatens Asia with a second...

Investors turning to Taipei.(Australian investors choose Taiwan)
August 17, 1998... Taiwan's economy has shrugged off the effects of Asia's financial crisis better than most -- and foreign investors have taken note. Australian investors are pulling out of the stricken "IMF three" economies and redirecting their business...

Stocks show signs of resilience.(Taiwan's stock market is the strongest in Asia)
August 17, 1998... Taiwan's stock market has been by far the best performer in the region during Asia's financial crisis, despite recent fears over Wall Street and the Japanese yen. The Taipei market is down 7.1 per cent since June 30, 1997 -- the next best...

Bank cuts stimulant for growth.
August 17, 1998... Taipei -- A decision by the Taiwan central bank to cut commercial banks' reserve requirements could help stimulate the island's rapidly receding economic growth, analysts say. "The central bank's move can help spur the sagging economy,...

Firm scores two projects.(Connell Wagner is working on Hong Kong's airport and an Indonesian coal terminal)
August 17, 1998... Victorian-based Connell Wagner has played a key role in two recent Asia-Pacific infrastructure developments -- the new Hong Kong International Airport and Indonesia's Pulau Laut coal terminal. Working through the Hong Kong office of Mott...

Deflation prompts rethink.
August 17, 1998... Government policy makers across Asia are changing direction and are set to revitalise infrastructure projects as a new threat emerges to their already embattled economies -- the prospect serious deflation. Since mid-year the authorities...

A tough act to follow.(coal mining company John Holland lands contracts in Indonesia)
August 17, 1998... Experience in accessing remote locations has helped John Holland secure a number of contracts in Indonesia over the past few years. The company is currently managing a coal mining project in South Kalimantan and developing a copper and gold...

China opening coffers to fix infrastructure.
August 17, 1998... Infrastructure projects in China over the next few years will be worth hundreds of billions of dollars, but winning the big contracts will not be easy. China will invest more money in infrastructure over the next three years than the rest...

Clough beats the turmoil.
August 17, 1998... Financial turmoil in Asia appears to have had little effect on regional business for Clough Engineering. The company's Indonesian subsidiary, Petrosea, is developing an open-pit gold mine at Rawas in South Sumatra, Indonesia, for PT...

Three Gorges to draw international tenders.
August 17, 1998... A massive tender for transformers and other equipment for the giant Three Gorges Project in China is ready for domestic and international tenders. The new tender will include 15 transformers, gas-insulated switching gear, and other...

A tough assignment.(Asian economic infrastructure)
August 17, 1998... Infrastructure projects in Asia To what extent do problems associated with infrastructure projects constitute impediments to your company when it comes to doing business? 0 = NO IMPEDIMENT 5 = AVERAGE IMPEDIMENT 10 = SERIOUS...

Cheap deals cushion tourism.
August 17, 1998... Strong visitor arrivals from Australia, Hong Kong and China offer a ray of hope for Singapore tourism numbers, which have been hit by Asia's financial crisis. After strong double-digit growth for four straight months, the increase in...

Singapore meets convention needs.
August 17, 1998... Singapore is ranked the world's sixth most popular meeting destination -- and number one in Asia -- in the latest survey released by the Union des Association Internationales (UAI). Singapore climbed from seventh spot in 1996 to sixth place...

Insurance indemnity to assist tour agents.
August 17, 1998... The introduction of a professional indemnity insurance for tour operators is being planned by the National Association of Travel Agents Singapore (Natas) to give the Singapore tourism industry a boost. Natas chief executive officer Mr...

A city of bargains.(Singapore)
August 17, 1998... Singaporeans regard shopping as a way of life. Here are a few tips on where to shop. * For any type of Asian artifacts, furniture, rugs or carpets, Dempsey Road, located just opposite the Botanical Gardens, is a fossickers' paradise. Don't...

Accor still upbeat on the region.(hotel company; Asia)
August 17, 1998... Asia's huge population base and signs of economic recovery in Thailand have convinced hotel giant Accor SA to keep expanding in the region. The chairman of the group's management board, Mr Jean-Marc Espalioux, said Asia would continue to...

Auditing starts on hotel votes.
August 17, 1998... Voting has now closed and auditing is under way to determine the region's preferred business hotels, as part of Business Asia's Best Business Hotels in Asia Awards. More than 600 votes have been entered by Business Asia readers and CNBC...

Executives note value of holidays.
August 17, 1998... It might sound obvious, and it is, but a survey has been done to prove it nevertheless. Busy business travellers say that in order to really succeed in business, it is necessary to take a holiday every year. Of the 622 executives...

A blend of business and leisure.(Hyatt hotel in Bangkok, Thailand)
August 17, 1998... Overseas visitors are often intrigued at the frequent slowdown in busy Bangkok downtown traffic as drivers, with hands right off their wheels, pause to "wai" with respect -- the Thai greeting with bowed head and palms joined together. Then...

Symbol of Korea's promising future.(Ritz-Carlton in Seoul)
August 17, 1998... Just as the ancient 14th Century South Gate stands as a monument to Korea's past, The Ritz-Carlton, Seoul, symbolises the country's promising future. The strikingly contemporary hotel occupies a prominent location south of the Han River in...

An abode fit for a king.(Grand Hyatt hotel in Seoul, Korea)
August 17, 1998... The Grand Hyatt Seoul, located in the heart of the South Korean capital, is set in 18 acres of beautifully landscaped gardens on historic Namsan Mountain. Commanding a breath- taking view of the Han River, the hotel is only minutes away...

The first ... and the best.(Vietnamese hotel)
August 17, 1998... Vietnam's first officially accredited five-star property, the Hotel Sofitel Metropole Hanoi is an award-winning French colonial-style hotel in the heart of Hanoi. It's near Hoan Kiem Lake and the magnificent Opera House. Boasting a...

A touch of Paris adds class to guests' stay.(Hotel Sofitel in Melbourne, Australia)
August 17, 1998... The Hotel Sofitel Melbourne is located at the "Paris End" of Collins Street, near the Victorian Parliament's superb Treasury Building. Just a short stroll from major shopping, entertainment and business areas, as well as the famed...

China to open insurance sector.
August 17, 1998... * Hong Kong -- China will reorganise its insurance monopoly, the People's Insurance Co of China (Group), by October in a bid to open the nation's insurance market to foreign competition. Beijing will reshuffle the holding company of People's...

Asian export bottom line 'not all bad'.(Australian exports)
August 17, 1998... Australia's merchandise exports to East Asia have risen by 5.5 per cent to A$47.2 billion in the past year, despite the financial downturn in Asia. The results were part of a record Australian goods and services export figure of A$114...

Ignore Japan at your peril: JETRO.(Japan External Trade Organisation)
August 17, 1998... Investors have been urged not to ignore the mammoth size of the Japanese economy, despite recent negative publicity over the nation's slide into recession. Mr Hiroshi Nakano, managing director of the Japan External Trade Organisation...

Thomas Cook wins HK deal.(foreign exchange service in Hong Kong International Airport)
August 17, 1998... International travel and financial services group, Thomas Cook, has become the sole supplier of foreign retail exchange services at the new Hong Kong International Airport. The group said the location had the potential to become its largest...

Business as usual for ADB.(Asian Development Bank)
August 17, 1998... Questions are arising over how much, more money will be needed to aid Asian, economies -- and whether bodies such as the Asian Development Bank can maintain such large lending schemes. ADB president Mitsuo Sato(*) says payouts will settle down...

Think-tanks a way out of Thailand's deep well.(economic recovery)
August 17, 1998... Seminars and brainstorming sessions are becoming a business fad in Thailand as companies attempt to dig their way out of the region's financial malaise. For decades South East Asian countries relied on tangible resources such as textiles,...