Business Asia articles from August 1999

Business Asia archives from August 1999

Companies lack Asia facts.
August 2, 1999... Time to enter market now, experts claim A lack of true knowledge about regional markets remains a stumbling block for Australian companies hoping to enter a rejuvenated Asia. So says Peter Church, managing director of the ASEAN Focus...

Fresh loans for Daewoo.
August 2, 1999... Aid has come fast and through various channels to help South Korea's second-largest conglomerate, Daewoo, out of its liquidity crisis. The Kim Dae Jung government has organised a special task force and creditor banks are offering 4...

In brief.
August 2, 1999... Beijing - China will take new measures to improve its foreign exchange management to encourage exports and the utilisation of overseas investment, says the deputy director of State Administration of Foreign Exchange (SAFE), Lu Nanping. The...

Silicon Valley views Tung's cyber solution.
August 2, 1999... Hong Kong is stepping up its push to become a world information technology hub, with leader Tung Chee Hwa taking the territory's case to the Western heart of technology - California's Silicon Valley. Tung, whose government announced plans...

ASIA FACT FILE.(Statistical Data Included)
August 2, 1999... Tune in, tune out In this Fact File, we list the number of radio stations in Asia-Pacific countries. AUSTRALIA AM 258 FM 67 CHINA AM 274 FM ...

Singapore still leads pack.
August 2, 1999... Singapore is still the world's most competitive economy but other Asian nations have slipped behind, according to the World Economic Forum's (WEF)1999 Global Competitiveness Report. Despite the economic buffeting of the past two years,...

Politics casts pall over Indian boom.
August 2, 1999... The Indian economy is staging a turnaround on the back of consumption-led growth, but a broad-based recovery will hinge on the outcome of parliamentary elections in September-October, economists claim. Macroeconomic indicators signal an...

Korean firm changes face of browsers.
August 2, 1999... No matter how state-of-the-art your computer is or how fast your modem, one thing remains standard -- the rectangular shape of your web browser. Or so you thought A web-browser software developed by five South Korean College students has...

Sun rises again in Japan.
August 2, 1999... In retreat from Japan? Ignore the bad press and plough back in. There are many new opportunities, explains GREG STORY(*) in the first of a two-part feature on Japan. Remember when you were growing up and your parents told you: "Don't...

Fischer backs China, APEC, in finale.
August 2, 1999... Embracing China as a trading partner and strengthening APEC are critical initiatives that will have a major impact on Australia's export performance in the new millennium, according to retiring Trade Minister Tim Fischer. Arguing that...

CSIRO aids revival of infrastructure.
August 2, 1999... A new agreement to improve the durability of buildings and infrastructure in Asia has been struck by Australia's CSIRO and nations of the region. The CSIRO is entering phase three of its ongoing assistance to Asian nations to solve endemic...

Manila mogul to shake up casino market.
August 2, 1999... Shares of tycoon William Gatchalian's holding firm Wellex Industries have surged on reports that he is looking into buying more hotels and putting up casinos in the Philippines. Wellex share prices gained 7.14 per cent recently. Hotel...

Intense fight to lure high rollers.
August 2, 1999... Sydney's Star City casino has increased its efforts to attract Asia's high rollers, increasing the rebates it pays to big bettors to as much as 1 per cent of turnover and opening new representative offices in the region. Star City...

Korea takes a punt on new casino.
August 2, 1999... After years of thinking casinos were a social ill, the South Korean government has finally changed its tune. The government, overcoming its traditional aversion to roulette wheels and blackjack, has offered investors a stake in a new US$1...

Stalinist state succumbs to lure of casino.
August 2, 1999... Hong Kong's Emperor Group will invest US$180 million in a new casino-hotel complex in North Korea, saying it is the biggest foreign venture in the famine-stricken Stalinist state. A company statement said the new Emperor Hotel & Casino...

Rush for on-line betting.
August 2, 1999... Forget blackjack and baccarat -- the most lucrative game in the future for Australia's casinos will not be on the floor but on-line. Australia's largest casinos and gaming companies are rushing to establish on-line gambling sites to take...

Japanese life guarantors in fight to death.
August 2, 1999... Japan's life insurers wield a massive US$16 trillion in policies, but analysts say even the world's mightiest life insurance market could falter as revenues shrink and investment returns dwindle. Toho Mutual Life Insurance recently became...

Foreigners eye India bonanza.
August 2, 1999... Foreign insurers have waited patiently for the doors to India's state-controlled industry to open, but too long a delay could see their enthusiasm wither and damage investor perceptions of broader economic reforms. Insurance is seen by...

Crowded scene in HK.
August 2, 1999... The repercussions of overcrowding in Hong Kong's general insurance industry are likely to intensify this year, Standard & Poor's says. The ratings agency says deteriorating underwriting performance, the acceleration of long-tail claims...

SHORING UP BUSINESS...(Statistical Data Included)
August 2, 1999... The following is a list of foreign insurers with licences to underwrite business in China. INSURER COUNTRY Aetna United States AIA United States AlU United States Allianz Germany...

Insurers ignore calls to merge.
August 2, 1999... Asia's weak and overcrowded insurance market is crying out for mass mergers, but potential white knights of the region have turned a deaf ear to repeated calls for help from financial authorities. Regulators want companies to join forces to...

Singapore to liberalise insurance.
August 2, 1999... Singapore's insurance industry looks set to be opened up to greater foreign competition, with the city-state's central bank undertaking a review to liberalise the sector. The review comes on the back of sweeping changes made to Singapore's...

What credit managers should know.
August 2, 1999... Negotiating payment terms and minimising risk is crucial - and complex - for exporters. The Export Finance and Insurance Corporation (EFIC) offers some advice. Exploring viable export credit management alternatives can be time consuming,...

Crisis teaches traders, banks valuable lessons.
August 2, 1999... Economic turmoil in Asia may ultimately benefit traders and financial service providers by forcing them to better understand their markets and minimise future risk, according to the National Australia Bank. The bank's head of international...

Votes flow in for top hotels.
August 2, 1999... * Scores of responses have been lodged in the first two weeks of voting in the Best Business Hotels in Asia Awards. In the next few editions of Business Asia, the finalists for each country will be profiled. In this edition we examine the...

HK harbourside style.
August 2, 1999... HONG KONG Conrad International, Hong Kong Conrad International Hong Kong is Conrad's flagship property in Asia and features 467 guest rooms with 46 suites. The hotel's executive floors on level 58 to 61 offer a fax machine in each...

Indonesian housing's slow comeback.
August 2, 1999... Indonesia's devastated housing sector is starting to stabilise as lower interest rates and a stronger currency allow local buyers greater scope to follow the example of foreign bargain hunters. Real estate developers have forecast a...

Malaysia makes money for Y2K.
August 2, 1999... * Kuala Lumpur -- Malaysia's central bank has printed more money to ensure banks can meet heavy withdrawals triggered by public worries over the Y2K computer bug. Central bank governor Ali Abul Hassan has assured Malaysians and foreigners that...

Buyers, do your research.
August 2, 1999... Many quality companies are now available for acquisition in Asia, but jumping in without sufficient market research is a recipe for trouble. GLEN ROBINSON(*) comments You have just completed your Asian acquisition and heave a sigh of...

ASIA WATCH.
August 2, 1999... * South Korea South Korea's economic policymakers say Daewoo's creditors -- who have at least temporarily rescued the conglomerate from bankruptcy with emergency financing -- will soon move to spin off the hydra-headed group's many...

Going for GROWTH.(Statistical Data Included)
August 2, 1999... Growth projections, 200-2008 The World Economic Forum has released its best guess on what average growth will be between the year 2000 and 2008, based on the experience of the last eight years. To arrive at this the WEC looked at the...

Japan cuts out the middle man.(part 2)(Statistical Data Included)
August 16, 1999... Japan's convoluted distribution system is becoming simpler for Western exporters. GREG STORY(*) comments in the second of a two-part report on Japan Australian companies have never before had an opportunity such as the one that awaits them...

Rafidah lets fly at Vaile.(Rafidah Aziz, Mark Vaile)
August 16, 1999... Malaysia's outspoken Trade and Industry Minister Rafidah Aziz has mounted a provocative defence of her country -- denying claims of political and economic instability in Malaysia, accusing critics of destabilising the tourism sector and, for...

Western managers back on job.
August 16, 1999... Demand for Western executives is on the rebound as Asia's economic turnaround takes hold and stalled infrastructure projects resume. Cliff Stoneman, director of Dunhill Management Services in Melbourne, said Australian executives were well...

In brief.(Statistical Data Included)
August 16, 1999... * Beijing -- China is planning policies to raise exports of hi-tech products by 30 per cent annually. The government aims to lift hi-tech exports share of total exports to 14 per cent by 2002 from 6 per cent today, the Foreign Trade Ministry...

ASIA FACT FILE.(Statistical Data Included)
August 16, 1999... Life and death This edition's Fact File examines birth and death rates in Asia-Pacific nations. AUSTRALIA Births per 1000 13 Deaths per 1000 7 CHINA Births per 1000 16 Deaths per 1000 7 HONG KONG Births...

Floods incur costly cleanup.
August 16, 1999... Asia is bracing itself for a huge cleanup bill in the wake of devastating floods which have killed about 1000 people and caused billions of dollars in damages. Analysts believe the floods could dampen Asia's fragile economic recovery,...

Dow Jones backing a fillip for Sydney.(Australia)
August 16, 1999... Sydney's attempts to become a regional financial centre have been given a substantial boost, with Dow Jones Indexes making Sydney its Asia-Pacific headquarters. Sydney was chosen despite stiff competition from Tokyo, Hong Kong and...

Daewoo policy dilemma.
August 16, 1999... Government policy lurches on the Daewoo debt crisis have exposed conflicting pressures as South Korea's second-largest conglomerate heads toward apparent dismemberment, analysts claim. And likely outcomes remain unclear as the Daewoo Group...

Ansett boos lends weight to Asia Week.
August 16, 1999... Ansett Australia chairman Rod Eddington has been confirmed as one of the main speakers for Sydney Asia Week. Eddington, well respected in the region for his previous work with Cathay Pacific airline, will speak on the topic "Australia-Asia:...

India proves hard to beat for software.
August 16, 1999... Bill Gates' prediction that India will become a software giant is becoming a reality. Indian software is being snapped up and boasts growth in terms of value and volume. With compounded annual growth of more than 50 per cent between 1990...

ECONOMIC REPORT CARD.
August 16, 1999... Taiwan's monitoring indicators, June 1999 [ILLUSTRATION OMITTED]

Indicators point to revival.(Statistical Data Included)
August 16, 1999... Taiwan's index of leading economic indicators has risen for the fourth consecutive month, signaling stronger prospects for the second half of the year. The index, compiled by the Council for Economic Planning and Development (CEPD), rose...

Demanding times for Taiwan Semi.
August 16, 1999... Taiwan Semiconductor Manufacturing, the world leader in made-to-order microchips, admitted being caught flat-footed by a rebound in demand this year and said 1999 production could surge to 1.9 million wafers. However, the company's order...

China standoff puts investors on knife's edge.
August 16, 1999... Investors in Taiwan are likely to remain jittery in the short term as cross-strait tensions between China drag on, analysts predict. Taiwan's stock and currency markets have been hypersensitive since President Lee Teng Hui called for...

Power project update in Vietnam ...
August 16, 1999... Following is an update on some major power projects involving foreign investors in Vietnam: * Wartsila -- An agreement on this long-awaited 120-megawatt build-operate-transfer (BOT) plant, to be built by Finland's Wartsila NSD, a unit of...

Investors craving stability.
August 16, 1999... Political and economic stability is desperately required across Asia before investment confidence can return to the engineering and construction sector, according to an industry leader. Leighton Asia's manager of corporate communications...

Railway projects in Malaysia no gravy train for developers.
August 16, 1999... In Asia's boom times, Malaysia appeared to be offering a dream ride for rail developers with about US$4 billion in projects up for grabs. However, as boom turned to bust, the ride was far from smooth. Gleaming tracks now criss-cross the...

Property sector eyes more buoyant times.
August 16, 1999... Asia's property market will bounce back from its current state of crisis as a more mature, transparent and stable sector, a leading property analyst says. Jones Lang LaSalle's (JLL) latest Asia Pacific Property Report suggests the best...

Petrochemical complex binds UK firm to China.
August 16, 1999... United Kingdom-based BP Amoco is expected to push ahead with plans for a petrochemical complex in China as it aims to lock into the mainland's potential economic growth. Some analysts have suggested the company might go cold on China...

Projects in pipeline, but recovery sluggish.
August 16, 1999... Singapore and Malaysia's construction industries are starting to experience growth, particularly in planning activity, but will not experience a comprehensive recovery until next year. Information company BCI Asia's latest country forecasts...

John Holland on track.
August 16, 1999... Despite the Asian economic crisis, John Holland Asia says it is hopeful of gaining more major projects in the region, particularly from Thailand's major track rehabilitation project. John Holland has already been awarded two phases of the...

Road King backs China.
August 16, 1999... Road King Infrastructure plans to invest HK$800 million (US$103 million) to HK$1 billion in Chinese infrastructure in the next three months, its first investment in mainland China since October 1997. Many foreign investors have suspended...

Australian brew wins taste test in India.
August 16, 1999... Foster's beer is now "widely perceived" as the number two beer brand in Maharashtra, the only Indian state where it has been launched, according to a report in the Economic Times of India. The Australian company also says its brewery at...

Cartoons to `sell' milk in China.
August 16, 1999... Bugs Bunny and his cartoon character friends will soon entice Chinese children to sip milk from gable-topped cartons in Shanghai. Roy Warren, head of China Peregrine Food Corp, a United States firm, said it was set to launch a new line of...

Record grape crush a boon for exports.(Statistical Data Included)
August 16, 1999... The Australian wine industry crushed 1.117 million tonnes of grapes in 1999 -- the first time it has topped the million tonne mark, according to industry figures. The record figures mean Australian producers are now better able to meet the...

Kirin, Asahi slash costs, lift profits.(Japanese breweries)
August 16, 1999... While Japan's overall beer market continues to suffer a hangover from the weak economy, industry leaders Kirin Brewery and Asahi Breweries reported strong earnings rises in the first half of 1999 thanks mainly to cost-cutting measures. ...

China beer recovery aids barley sales.
August 16, 1999... The world barley market has been steadily improving in the past few months on the back of rising beer demand in China, according to ABB Grain. ABB, the re-named and privatised Australian Barley Board, said China's import demand for malting...

Red wine helps Orlando Wyndham.
August 16, 1999... Adelaide company Orlando Wyndham has put the worst of the Asian economic crisis behind it, with sales of its premium brands Jacob's Creek and Wyndham Estate bouncing back strongly in the first six months of 1999. Jacob's Creek sales rose...

Lion Nathan seeks link with Kirin.(breweries)
August 16, 1999... Lion Nathan, New Zealand's largest brewer and owner of some of Australia's best-known beers such as Hahn, Tooheys and XXXX, says it's keen to brew for Kirin Brewery in China. Lion Nathan, 45 per cent owned by Kirin, said it would like to...

Lodge your votes now.(Best Business Hotels in Asia Awards)
August 16, 1999... * Voting is continuing for the Best Business Hotels in Asia Awards. In the next few editions of Business Asia, the finalists for each country will be profiled. In this edition we examine the finalists from Indonesia, Japan and Malaysia. Votes...

Travellers on the move again.(corporate travel in Asia)
August 16, 1999... Corporate travel is picking up in Asia, buoyed by rising levels of economic activity, according to a leading Hong Kong agency. Farrington American Express travel services managing director Maria Ninson Loh said she was optimistic that...

Massive Asian market needs e-commerce.
August 16, 1999... Australian companies specialising in e-commerce solutions should be bracing themselves now for a foothold into the insatiable market place on offer in a rejuvenated Asia. The advice comes from Grame Barty, managing director of Harvest...

Investors bet on Indonesia.
August 16, 1999... Tjindar Atusinsyah, an assistant manager at a PT Ramayana Lestari Santosa store in central Jakarta, can't see why investors are getting excited about retailers in Indonesia. He looks across his deserted store and laments that his shop...

Real estate rush as South Korean economy recovers.
August 16, 1999... * Hong Kong -- Real estate consultants are rushing to South Korea in view of its sharp economic recovery. Cushman and Wakefield Worldwide will set up a branch in Korea in September after brokering the sale of the Koryo Building in Seoul for...

ASIA WATCH.(Statistical Data Included)
August 16, 1999... Latest news from the region * Taiwan The Philippines says there is no need for Taiwan to threaten economic reprisals after Manila said it would scrap an air accord with Taipei. The call comes after Taiwan warned it might be compelled...

Bull run, or dodgy deals?
August 16, 1999... The relative recovery of the Malaysian stock market would appear to be good news. However, GANESH SAHATHEVAN* questions the reasons behind the rise The Kuala Lumpur Stock Exchange Composite Index has been enjoying a bull run that has...

Building boom on horizon.
August 30, 1999... Suppliers in box seat to cash in Double-digit growth has been forecast for the construction sectors in six major Asian nations in 2001, signalling boom prospects for Australian building sector suppliers. A BIS Shrapnel study of...

In brief.(social and economic developments in Asia)
August 30, 1999... * Singapore -- Deputy Prime Minister Lee Hsien Loong says Singapore is considering whether to issue its first new life insurance licences in 13 years. Lee, chairman of financial industry regulator, the Monetary Authority of Singapore (MAS),...

False dawn over the horizon.
August 30, 1999... * The first winner of our Think Tank section is Andrew Conden, of the Research Institute for Asia and the Pacific (RIAP), for his response to the question, "Is Asia's recovery genuine -- or just a false dawn?" He wrote: Only in April this...

ASIA FACT FILE.(computer and internet statistics)(Statistical Data Included)
August 30, 1999... Computers byte In this edition's Fact File, we list the estimated prevalence of computers in Asia-Pacific countries and the number of Internet providers per 1000 people. AUSTRALIA Personal computers 362.2 Internet hosts ...

Tokyo banks eye merger.(Statistical Data Included)
August 30, 1999... Alliance would be world's biggest Three major Japanese banks appear close to an agreement to create the world's largest financial group with US$1.3 trillion in assets. Industrial Bank of Japan (IBJ) said it was considering a possible...

Qantas flies high as net profits rise.(Australian airline)
August 30, 1999... Defying the fallout from Asia's financial crisis, Australia's flagship carrier Qantas Airways has announced a 38 per cent surge in annual net profit to a record A$421.6 million. The result smashed through analysts' expectations for a...

High growth forecasts for the building sector.
August 30, 1999... * Following are the findings for 10 countries in the BIS Shrapnel study, "Building and Construction in the Asia-Pacific Region 1998-2001". Hong Kong A recovery of 8 per cent is forecast for 2000 and 39 per cent in 2001 -- led by...

To casual observers, the MSC lacks vision.(Malaysia's Multimedia Super Corridor)
August 30, 1999... Should Microsoft's Bill Gates attempt to work from an office at Malaysia's ultra--modern Petronas Twin Towers, the normally casually clad Gates is likely to be denied entry. The Twin Towers, the world's tallest building, and the...

Pyongyang ties need boost: Rudd.(Australia-North Korea relations; Australian trade official Kevin Rudd)
August 30, 1999... Australia needs to increase its engagement with Stalinist North Korea to help pull the "hermit kingdom" out of its shell, a north Asia expert says. Kevin Rudd, the chairman of the Parliamentary Labor Party Policy Committee on National...

Gum gives Bonlac extra bite.
August 30, 1999... Singapore may not like it, but Bonlac Foods could be on a winner in Asia courtesy of a new brand of chewing gum that fights tooth decay. Bonlac, the Victorian dairy co-operative, has secured orders to supply United States pharmaceutical...

Corporate success.
August 30, 1999... * Following are some of Victoria's international corporate success stories. More can be found on the Victorian government's website at www.vic.gov.au MICROSOFT Microsoft will base a new Windows DNA (Distributed interNet Applications)...

Food freight service a lift for exports.
August 30, 1999... A new freight service out of Avalon Airport is designed to stimulate exports to Asia and expand Victoria's role as a hub for fresh food exports into the region. Deputy Premier and Minister for Agriculture Pat McNamara said Lindsay Fox, of...

Beer giant's profits up on forecasts.(Statistical Data Included)
August 30, 1999... The giant Foster's Brewing Group has delivered a net profit well ahead of market expectations, with strong growth from its wine and leisure divisions and improved performances in Asian markets. Foster's, whose headquarters is in Melbourne,...

City makes name as a wine leader.
August 30, 1999... Victoria's position as an internationally renowned wine-growing area has been strengthened by the inclusion of Melbourne in an elite network of Capital Cities of Great Wine Growing Regions. In making the announcement recently, Premier Jeff...

Technology funds a `smart' investment.
August 30, 1999... Development of science and technology initiatives is crucial to securing "footloose capital" in Asia beyond 2000, according to the Victorian government. Minister for Industry, Science and Technology Mark Birrell said "smart" technology...

RMIT gets top marks in Wuhan.(Wuhan University of Science and Technology)
August 30, 1999... One example of Victoria's growing educational and institutional ties with Asia is RMIT University's links with China's Wuhan University of Science and Technology (WUST). Under an agreement, RMIT Business conducts an Advanced Diploma in...

Victoria's 4% rise in exports defies the fallout from Asia.(Statistical Data Included)
August 30, 1999... Victoria's exports increased in the past financial year, defying a downward national trend triggered by Asia's financial crisis. The State's exports grew 4 per cent in 1998-99, whereas figures for the rest of Australia dropped 4 per cent....