Business Asia articles from July 1998

Business Asia archives from July 1998

Korea's ripe for foreign picking.
July 6, 1998... South Korea's economy retains a strong industrial base and its companies are potentially lucrative targets for mergers with Western counterparts, according to a leading Seoul analyst. Professor Lho Kyong Soo, of the prestigious Seoul...

Ailing Korean chaebol hinder reform process.
July 6, 1998... Reluctance by South Korean conglomerates to embrace reform is hindering the nation's economic recovery, according to a prominent government official. Mr Lee Shin Bom, vice chairman of the National Unification and Foreign Affairs Committee...

Upwardly Mobile.(Statistical Data Included)
July 6, 1998... COUNTRY MOBILE SUBSCRIBERS 1998 Bangladesh 41,000 Brunei 49,000 Myanmar 5000 Cambodia 27,000 China 13.5 million Hong Kong 2 million India 780,000 Indonesia...

ASEAN call for foreign investment.
July 6, 1998... The Association of South East Asian Nations (ASEAN) must target long-term foreign direct investment (FDI) for development, according to a senior ASEAN official. "We in ASEAN have seen in great frustration the disappearance of wealth...

The poor get poorer and the rich get ... poorer.(Statistical Data Included)
July 6, 1998... Bangkok -- Asia's billionaires lost about a third of their wealth the past year, according to Forbes magazine, as even the region's business elite was hammered by currency devaluations, recessions and the bursting of property bubbles. Asia...

IN BRIEF.
July 6, 1998... * Sydney -- An Feng Kingstream Steel, a joint venture between Taiwanese and Australian parties, is fast-tracking work on its proposed US$1.08 billion steel slab mill in Western Australia. An Feng executive director Mr Leon Chu said work on the...

Clinton puts stamp on Asia.
July 6, 1998... Comment by Cameron Cooper Few nations love symbolism more than the United States -- and the message from President Bill Clinton's recent controversial visit to China was abundantly clear. The White House wants to put its stamp on Asia...

Trade reforms hit snag.(Asia-Pacific Economic Cooperation)
July 6, 1998... Pacific Rim trade ministers have failed to agree on a market-opening agreement, instead instructing senior officials to reach an accord by September. A recent two-day meeting in Kuching in East Malaysia by trade ministers from the...

Airport just the start.(Chek Lap Kok, Hong Kong)
July 6, 1998... The opening of the new airport at Chek Lap Kok in Hong Kong is the centrepiece of an ongoing and massive infrastructure program. Dr Victor Fung, chairman of the Hong Kong Trade Development Council, said the Special Administrative Region...

Moving times grip the SAR.(Chek Lap Kok Airport, Hong Kong)
July 6, 1998... By Kristina Zetterlund in Hong Kong It has been called Hong Kong's most moving experience. About 10,000 vehicles, 70 barges and 30 aircraft will be on the move today -- shifting vast quantities of equipment from Hong Kong's venerable...

Cash dries up, investments down by fifth.(Vietnam)
July 6, 1998... Foreign investment in Vietnam has fallen by a fifth this year, continuing last year's steep decline. Planning and Investment Minister Mr Tran Xuan Gia said the number of new projects licensed in the year through May dropped 23 per cent...

Hanoi's fate hinges on reform.
July 6, 1998... Vietnam, once earmarked for economic stardom, has been all but forgotten in the fracas surrounding Asia's financial crisis. The head of the World Bank in Hanoi says that despite the regional economic crisis, Vietnam's annual growth could...

Economy `vulnerable'.(Vietnam)
July 6, 1998... Vietnam's economy looks increasingly "vulnerable" because of an inefficient banking sector and the poor performance of state-owned enterprises, according to a respected Asian-forecasts journal. The 1998 edition of Asia Pacific Profiles...

Australians forge strong ties.(Vietnam)
July 6, 1998... Companies from Australia have built up a strong presence in Vietnam. JOHN DICK* says the Australian Business Group is playing a key role in expanding business ties in the nation The Australian Business Group (ABG) in Ho Chi Minh City...

Shipping rivalry up, but Asia set to suffer.(ports)
July 6, 1998... Port growth is forecast to slow throughout South East Asia for the rest of the decade, but the prospects for development look more positive in China Competition between Asian ports will intensify, but overall development in South East Asia...

FIRST PORT OF CALL.(Statistical Data Included)
July 6, 1998... Port facilities and inland waters are extensive and efficient 1 = strongly disagree, 7 = strongly agree 1 SINGAPORE 6.67 2 NETHERLANDS 6.50 3 DENMARK 6.24 4 CANADA 6.17 5 FINLAND ...

Asian giants bolster Sydney trade figures.
July 6, 1998... Sydney Ports Corporation is recording strong growth in markets such as China, Singapore and South Korea -- bucking predictions of a downturn stemming from Asia's economic turmoil. The port's container trade figures for the first 10 months...

Joint ventures to serve China.(Port of Singapore Authority Corp.)
July 6, 1998... The Port of Singapore Authority (PSA) Corporation's second joint venture in China started this year following the successful establishment of a representative office in the country. PSA's joint venture at China's Fuzhou Port will manage...

Darwin export figures down.(Statistical Data Included)
July 6, 1998... The volume of livestock shipped through the Port of Darwin has decreased markedly as financial turmoil in the Asia-Pacific region affects traditional export destinations. The Darwin Port Authority has reported declines in livestock export...

Slower growth worries HK.(Statistical Data Included)
July 6, 1998... Hong Kong's Kwai Chung port is the busiest in the world, but Asia's financial crisis has seen growth slow. The Special Administrative Region hopes to up the ante again Slowing growth in container throughput in Hong Kong has led to an...

Melbourne nears million milestone.(port handles a million shipping containers annually)
July 6, 1998... Melbourne is poised to become the first Australian port to handle one million containers in a financial year, according to the Port Corporation's chief executive, Mr Jeffrey Gilbert. He said more than 545,000 twenty-foot equivalent units...

Taskforce to identify petroleum prospects.
July 6, 1998... A dedicated taskforce has been set up in Darwin to fully exploit the potential economic benefits of offshore petroleum activity in the Timor Sea. A government initiative, the Northern Territory Oil and Gas Task Force is designed to...

China shakes up oil sector.
July 6, 1998... China's decision to reform its domestic oil industry will check creeping inflation but result in more layoffs as flabby companies get in shape for the new era. With one eye firmly on inflation, Chinese industry officials say the...

Projects belie soft market in Timor Sea.
July 6, 1998... The outlook for oil and gas projects in the Timor Sea remains "bullish" despite a soft Asian market. Northern Territory Minister for Resource Development Mr Eric Poole said possible projects "in train" were worth capital investment of A$18...

Tax cuts in pipeline.(India expects new incentives to revive foreign investment)
July 6, 1998... New Delhi -- India's energy sector is banking on the fiscal 1998-99 budget to unveil new incentives and revive fading interest among foreign investors, government officials say. "This time, one should expect more incentives by way of tax...

Hotels vital to success.
July 6, 1998... Hotels offering facilities for the business traveller are increasingly crucial to corporate success, according to the judges of Business Asia's Best Business Hotels in Asia Awards. The group managing director of Horwath Asia Pacific, Mr...

Busy travellers seek refuge of club lounge.
July 6, 1998... Business travellers in Asia are reporting that private clubs or lounges are the number one choice as "preferred hotel amenities". According to a recent survey of Regent Club guests by Regent International Hotels, 91 per cent of club guests...

Japanese get taste for wines.
July 6, 1998... Japan's consumption of wine will almost double by the year 2000, providing opportunities for Australian companies, according to the senior vice-president international for Southcorp Wines, Mr David Combe. He said Japan was traditionally a...

Analysts praise Qantas.
July 6, 1998... Qantas Airways has reacted swiftly and well to steer Australia's national carrier out of Asia's financial turbulence, aviation analysts say. Giving Qantas' navigators two thumbs up, Macquarie Equities and ANZ Securities said the airline's...

Leighton gets $225m deal.(Leighton Contractors (Asia) wins building contract in Hong Kong)
July 6, 1998... Leighton Contractors (Asia) has won a A$225 million contract to construct a major housing development at Tsz Wan Shan in Hong Kong. The Hong Kong Housing Authority project, scheduled for completion in 2000, involves the construction of six...

Companies stick with Asia.
July 6, 1998... * Melbourne -- The Asian financial crisis has had a limited effect on Australian companies, with only 10 per cent revising their future plans for the region, according to new research. An estimated 70 per cent of companies had either increased...

Dumping just a matter of time.
July 6, 1998... We know that cash-strapped Asian nations are shunning imported goods, but an expected rush of export dumping has not occurred -- yet. However, DAVID CHARLES(*) says dumping is inevitable Australia has built an extensive trading relationship...

Nike up and running to repair reputation.
July 6, 1998... Harsh Saini is running at full speed to repair Nike International's reputation in Asia. Nike chairman Mr Philip Knight recently unveiled a series of new initiatives to improve factory conditions worldwide and provide opportunities for...

Hotel investors opt to buy, not build.(Southeast Asia)
July 20, 1998... Hotel investors in South East Asia are opting to buy existing properties instead of constructing new hotels -- ending a decade-long development boom. A report by JLW TransAct states that regional hotels were rarely sold over the past ten...

Finance sector pushes regional loan market.(includes other items)
July 20, 1998... * Fifteen international financial institutions have agreed to set up the Asia Pacific Loan Market Association to develop the primary and secondary loan market in the region. The initial focus of the association will be on Hong Kong and...

Poll threatens Japan reforms.
July 20, 1998... Vital banking reforms in Japan may be under threat following the Hashimoto Government's shock Upper House election defeat - casting increasing doubt over the financial recovery of Asian nations. Analysts fear the poll result will further...

IMF officials out to avert social unrest.
July 20, 1998... With the bleeding stopped from Asia's currency devaluations, the International Monetary Fund is now trying to ensure social unrest does not ruin its economic reform platform. Bankruptcies soaring unemployment and high food prices raise the...

Cuts put Seoul banks on edge.
July 20, 1998... Fears that banking reform will pose South Korea's toughest challenge are rapidly materialising as labour unrest intensifies in response to the first tentative moves toward reforming the debt-laden sector. South Korea shut down five weak...

EU threatens beef exports.
July 20, 1998... Australian beef exports to Asia are likely to be threatened in the next few years by European expansion into the market, according to a prominent market analyst Professor Oswin Maurer, the Australian Meat and Livestock Corporation's chair...

In brief.
July 20, 1998... * Singapore - Dire government warnings in Asia about recessions and slowing growth are not surprising, but the issue now is who will head the recovery. Opinion is divided as forecasting in the current economic climate is fraught with...

Wary investors still stalling.
July 20, 1998... Western investors' plans to inject billions of dollars into Asian economies are being stalled by doubts over the future of the Chinese renminbi, according to a senior Asia-Pacific accountant for Arthur Andersen. Mr Terry Hatchett, who is...

Massive new airports hit turbulence.
July 20, 1998... They are bigger and supposedly better, but massive new airports in Malaysia and Hong Kong have so far been plagued by problems. Cargo snarls at Hong Kong's beleaguered new airport have spread to Taiwan, the territory's main air cargo...

Japan fails to adopt true fiscal reforms.
July 20, 1998... Tokyo retains a strong faith in its own brand of capitalism despite having slipped into recession - a factor that could hinder the recovery of economies in Japan and across Asia. The Japanese public, fearing an end to the nation's "life...

Trading limit in Taiwan.
July 20, 1998... Foreign banks in Taiwan say their trading interest has weakened significantly. The claims come after a central bank invitation to discuss foreign exchange positions. "The central bank has really made it impossible for anyone to keep...

TOP BILLING.(global competitiveness)(Statistical Data Included)(Illustration)
July 20, 1998... Global Competitiveness Report Competitiveness Rank Rank Rank Index 1998 1998 1997 1996 Singapore 2.16 1 1 1 Hong Kong 1.91...

Egan protects firms' trading role in Asia.(Michael Egan, New South Wales Treasurer)(Statistical Data Included)
July 20, 1998... The Sydney Olympic Games and the development of hi-tech industries are at the core of efforts to promote New South Wales as a trading force in Asia. New South Wales has moved to shore up its lucrative export trade into Asia by offering...

Hong Kong targets IT skills.
July 20, 1998... Information technology (IT) companies in New South Wales are being encouraged to export their products and programming skills to Hong Kong. Dr Victor Fung, chairman of the Hong Kong Trade Development Council, said New South Wales and...

$4.2b coup for tourism.(Sydney 2000 Olympic Games)(Statistical Data Included)
July 20, 1998... New South Wales can expect a A$4.2 billion windfall from tourism associated with the 2000 Olympic Games. A report commissioned by the Tourism Forecasting Council suggests that the "spotlight" on Australia will attract 1.6 million arrivals...

Toughest script yet for `Erap'.(President Joseph Estrada, Philippines)
July 20, 1998... A rush of bad news on the economic front is threatening to ruin President Joseph "Erap" Estrada's honeymoon period as the 13th leader of the Philippines. The threat of recession is looming as the college dropout and former movie star takes...

Double jeopardy for casinos.
July 20, 1998... Australian casinos have been dealt a two-pronged blow by Asia's financial crisis. As expected, the number of high-rolling Asian gamblers has decreased because of the region's economic turmoil. In addition, estimates suggest that the...

Nations at the crossroads.
July 20, 1998... Japan and Australia have the capacity to grow by 4 to 5 per cent over the next few years, but will encounter similar challenges to economic policy development, according to a former Australian government adviser. Mr Fred Argy, who was...

Adler plans Asian growth.(Rodney Adler, FAI Insurances)
July 20, 1998... FAI Insurances is eyeing investments of A$150 million to build its Asian business in the belief that the current regional turmoil represents a unique market opportunity. Chief executive Mr Rodney Adler said FAI, the sixth-largest...

Jakarta defaults see EFIC pay out $1m.
July 20, 1998... The Australian government's Export Finance and Insurance Corp (EFIC) has paid more than A$1 million in insurance claims on defaults in Indonesia since the start of 1998. Ms Ronda Broadbridge, head of claims and recoveries, said in a...

Japan slips from top of recording sector.(Statistical Data Included)
July 20, 1998... The rapid appreciation of the Japanese yen against the US dollar has cost Japan its ranking as the largest producer of recording media, with South Korea, Europe and the United States all stealing market share in a burgeoning industry. ...

PCH expands logistics role.
July 20, 1998... An Australian provider of specialised access equipment, PCH Group Ltd, has formed a joint venture with Rotary Engineering Ltd of Singapore. The venture plans to target the growing demand for services in the South East Asian oil and gas...

India eyes publishing deals.
July 20, 1998... Indian book publishers want to set up joint ventures with Australian companies to promote the two countries' titles and authors throughout Asia and the world. Mr Sukumar Das, executive director of UBS Publishers' Distributors in New Delhi,...

Estrada stirs Marcos ashes.
July 20, 1998... Greater leniency towards former Philippines President Ferdinand Marcos is fuelling controversy over the new Estrada Administration. The ghost of Ferdinand Marcos is kicking up a lot of dust as it demands a historical reassessment nine years...

Angkor tours in ruins as poll draws near.
July 20, 1998... Cambodia's awe-inspiring Angkor temples are all but deserted these days, offering a trickle of adventurous tourists a chance to see the ancient ruins in splendid isolation. Industry officials say the Asian economic crisis and security...