Business Asia articles from January 1999

Business Asia archives from January 1999

Euro opens new funds base.
January 18, 1999... Concern over soft US dollar, Asian stocks The advent of the euro -- Europe's single currency -- will open a new source of funding for Asian borrowers, but analysts say it could take some time before the region's bond issuers start tapping...

Telstra cuts new path in region.
January 18, 1999... Telstra is moving away from infrastructure investments in Asia as it exercises "financial prudence" in the troubled region. Mr Ted Pretty, the managing director of Telstra's international arm, said Asian markets would remain tough for years...

Sick tiger now earning its stripes.(Philippines)
January 18, 1999... Once regarded as the sick tiger of Asia, the Philippines is enjoying strong foreign capital in-flows as investors embrace the country's relatively strong financial system. ALEX B. REYES reports from Manila As President Joseph Estrada took...

In brief.
January 18, 1999... * Seoul -- Three or four ailing South Korean life insurance companies are expected to be sold off to foreign investors during the first quarter of this year, according to a source at the Financial Supervisory Commission, The targeted insurers...

ASIA FACT FILE.(Statistical Data Included)(Illustration)
January 18, 1999... The three keys This edition's Fact file examines the composition of countries in the Asia-Pacific region, giving a breakdown of the key sectors based on gross domestic product. AUSTRALIA (1994) Agriculture: 3.1%...

Jury out on Asian stocks.
January 18, 1999... Soaring Asian stocks are defying widespread talk of a correction, but analysts warn danger could come from a number of external shocks. Prices are going up and earnings are going down," said Mr Bill Overholt, a strategist at Nomura...

Regional update.
January 18, 1999... Business Asia examines New Year developments in some of the key Asia-Pacific nations and their expectations for 1999. CHINA Massive state spending powered China's 7.8 per cent growth in 1998, but economists say Asia's fastest-expanding...

High yen hurts Japan's recovery hopes.
January 18, 1999... The yen's rally will dim Japan's chances of realising a long-awaited economic recovery by hitting its big manufacturers, analysts say. The yen's rapid surge -- partly buoyed by the launch of the euro -- will further eat into the profits of...

India opens trade doors.
January 18, 1999... New Delhi -- India is allowing 100 per cent foreign ownership in roads and ports projects in a bid to boost investments in the infrastructure-starved nation. The country needs US$28 billion to expand and improve its network of roads, the...

ASIA'S MONEY TREE.(Illustration)(Statistical Data Included)
January 18, 1999... Asian Currency Forecast (All rates are against the US dollar) Singapore Hong Kong Philippines Thailand (Dollar) (Dollar) (Peso) (Baht) Latest 1.6471 7.7483 39.28...

`Exit tax' wins favour as Malaysia relents.
January 18, 1999... The Malaysian government looks sure to relax capital controls by introducing an "exit tax" on foreign portfolio investments that are repatriated. The government favours the introduction of an exit tax but wants to be sure large sums of...

Call for awards nominations.
January 18, 1999... Australian companies dealing in Asia are being encouraged to nominate for the 1999 Business Asia News Magazine Awards. Entering their sixth year, the awards evening has become recognised as one of the major business events on the...

Spotlight on niche sectors.(NT Expo, Darwin, Australia)
January 18, 1999... Organisers of the long-running NT Expo aim to offer something for everybody in 1999, with boutique seminars and conferences targeting exporters' specific interests. CAMERON COOPER reports Finding niche markets for exporters -- rather than...

Rail project set for '99 start.(Adelaide-to-Darwin railway, Australia)
January 18, 1999... Many of the challenges facing the Adelaide-to-Darwin railway project have been overcome and the Northern Territory Government expects construction to begin this year. The final bids from the three short-listed consortia are expected at the...

Darwin-Jakarta trade coup.
January 18, 1999... A Northern Territory agreement establishing a customs pre-clearance zone for goods bound for Indonesia has provided a timely boost for the Top End's ties with Asia. The agreement was signed recently in Jakarta by the secretary of the...

Live cattle exports to strike back.
January 18, 1999... Live cattle exports -- a key component of the Northern Territory's Asia trade picture -- could recover to 500,000-600,000 head in 1998-99 with the opening of new markets. A recent meeting of the Australian Livestock Export Corp (Livecorp)...

Telstra treads softly in Asia.
January 18, 1999... Telecom suppliers are becoming more guarded in terms of their investments and expectations as they reassess their love affair with Asian markets, according to a leading Telstra manager. Mr Ted Pretty, the managing director of Telstra's...

Adelaide eyes bigger share.(Ports Corp South Australia)
January 18, 1999... Securing more shipping services into and out of Asia is one of the main priorities of Ports Corp South Australia in 1999. The corporation, which promotes itself as Australia's most efficient capital city container port, has already made a...

Call for HK to cut costs.(port operations)(includes other regional developments and related article)(Statistical Data Included)
January 18, 1999... Hong Kong is arguably the world's busiest container port but, if left unchecked, high operating costs could threaten that standing Hong Kong port operators have been urged to reduce handling costs so the city can remain competitive as a...

Melbourne breaks container barrier.
January 18, 1999... Melbourne became the first Australian port to handle more than one million containers in a single year during 1997-98, with 1,044,423 twenty-foot equivalent units (TEU) moved through. The Port of Melbourne handles around 40 per cent of...

Korea raises shipping fees.
January 18, 1999... Seoul -- South Korea's shipping firms increased shipping charges on their major routes around the world as of January 1, arousing concern among the country's international traders. The international trading community is concerned that the...

East Arm links NT with Asia.
January 18, 1999... Darwin's new East Arm port has refocussed the industrial capacity of northern Australia and is set to make the city a significant regional transport hub. The port will be officially opened to all shipping in April, although it has been...

Sydney tips import growth.
January 18, 1999... Sydney Ports Corporation expects strong growth in imports from Asia this year on the back of significant increases towards the end of 1998. In the first four months of the financial year to October 1998, the corporation recorded growth of...

Putting the heat on Hong Kong.
January 18, 1999... Hong Kong used to mock Singapore's claims to business dominance in the Asia-Pacific region. However, the tide appears to be turning. VALERIE LEE reports from Singapore It used to be a no-contest: Hong Kong was easily the place of choice to...

Currency acts as a `cushion'.
January 18, 1999... Singapore is allowing its currency to weaken to provide more of a cushion for the economy against a further downturn, analysts say. They said one of the most obvious trends that had emerged in trading in the foreign exchange market was that...

Growth up on predictions, but Goh says '99 to be tough.
January 18, 1999... Singapore's economy grew at a stronger than expected 1.3 per cent in 1998, although growth for the fourth quarter was again negative at -1.5 per cent. This was "not a bad performance" considering the unfavourable environment, Prime...

Singapore property slump near an end.
January 18, 1999... * Singapore -- The property slump in Singapore is near its nadir, but investors and developers should not expect any significant upswing before the end of 1999, consultant Jones Lang Wootton (JLW) says. "I think property prices have bottomed or...

Labour laws hinder recovery in Korea.
January 18, 1999... Layoff restrictions in South Korea remain "onerous" and represent a barrier to economic recovery, according to one of the nation's leading economists. Mr Kim Kihwan, ambassador-at-large for South Korea, said Korea's economy had undergone...

Estrada ups fiscal deficit.
January 18, 1999... Manila -- Philippine President Mr Joseph Estrada has signed into law a higher budget for 1999, including a fiscal deficit of at least 18 billion pesos (US$461 million) to stimulate the country's sagging economy. The 585.1 billion peso ($15...

Clough scores $82m gas contract.
January 18, 1999... Jakarta -- Clough Group, the leading Australian engineering construction contractor, has been awarded an A$82 million contract in Indonesia. The Tunu gas and condensate field development project will be undertaken by Clough's Indonesian...

Asia gets the hard sell on euro.
January 18, 1999... Europe wants central banks in A use the new euro as a means to diversify away from the US dollar as a reserve currency. DAVID DeROSA argues that such a switch is not so simple Asian central banks are getting the full court press on the new...

Japan rekindles aid concept.
January 18, 1999... Japan hopes to revive its ambition to create a regional monetary fund by pushing ahead with existing financial aid commitments to Asian nations and then developing those mechanisms further. The centrepiece of Japan's financial aid for...