Business Asia articles from May 1999

Business Asia archives from May 1999

Investors on edge in India.
May 3, 1999... Leadership turmoil likely to linger; reforms at risk Urgent sectoral reforms are likely to stall and foreign investment will dry up in India until the country's political uncertainty ends, analysts have warned. Indian stock prices...

Don't be complacent, ADB warns.(Asian Development Bank)
May 3, 1999... The likely bottoming out of Asian economies this year should not gloss over regional problems such as widespread poverty, the gender gap, indigenous disputes and food shortages, according to the Asian Development Bank (ADB). Mr Tadao Chino...

Goodbye to recession: ADB.(Asian Development Bank)
May 3, 1999... All of Asia's hard-hit economies except Hong Kong will probably avoid a second year of recession in 1999 as borrowing costs fall, governments spend more and business confidence improves, the Asian Development Bank (ADB) claims. Growth for...

In brief.
May 3, 1999... * Taipei -- Taiwan has set out the ground rules for opening up its lucrative fixed-line telephone market -- and made clear that only heavyweights will be welcome. Regulators said they had drafted rules under which state-owned Chunghwa...

ASIA FACT FILE.(Statistical Data Included)
May 3, 1999... Gender gap In this Fact File, we examine the percentages of men and women in Parliament throughout the Asia-Pacific region. AUSTRALIA Men 84.46 Women 15.54 CHINA Men 78.98 Women 21.02 ...

Shrewd Japanese traders chase thrifty shoppers.
May 3, 1999... Even in the midst of its worst modern recession, Japan is still the place where a piece of fruit can cost $100 and a designer handbag is a teenager's best friend. However, a growing number of consumers -- and companies -- are adapting to...

Value stocks hard to find.
May 3, 1999... Asian stocks have reached unjustified levels without support from big international funds, and in this environment selectivity remains the best strategy, a senior investment banker says. "Largely, international investors have not...

Indian politics a picture of doubt.
May 3, 1999... India's domestic industry has demanded political stability, approval of the budget for 1999-2000 and the passage of crucial liberal economic bills. A cloud hangs over the Indian economy following the recent ouster of the coalition...

'Net link makes good census.
May 3, 1999... Singapore aims to become intelligent isle Singapore is moving closer to its goal of being an "intelligent island" by using the Internet to gather information for its Year 2000 Census. The Internet census, a world first, takes place in...

Private equity funds wooing battling firms.
May 3, 1999... Growth is passe and distress is in for the newest funds scouring Asia's scarred corporate landscape for investment opportunities. Private equity funds have raised US$3 billion over the past 18 months to invest in distressed companies, and...

Survey finds profits hope.(Polling Data)
May 3, 1999... Fund managers based tn the Asia-Pacific region are becoming more optimistic about the region's economic and corporate-profit outlook, a survey has found. The April Merrill Lynch Gallup survey shows 83 per cent of Asia-Pacific fund managers...

Credit CRUNCH.(Statistical Data Included)
May 3, 1999... Companies facing illiquidity and / or insolvency "Insolvency" means a company's liabilities outweigh its assets. "Illiquid" means a company tacks the cash flow to pay for raw materials and wages. Illiquid ...

Asia tries to clean up its act.(Statistical Data Included)
May 3, 1999... A new atmosphere of environmental awareness is rising in Asia but much more must be done to make the region energy efficient, a leading United States businessman claims. Honeywell Inc chairman and chief executive officer Mr Michael...

Single currency still on agenda.
May 3, 1999... A united South East Asian currency was no longer an impossibility but was still a long way from being reality, a senior ASEAN official says. Association of South East Asian Nations Secretary-General Mr Rodolfo Severino, who was in...

Crisis could drag on for 10 years: Author.
May 3, 1999... Asia's economic crisis could drag on for another 10 years and will cost Australia 350,000 jobs by 2002, a controversial economist has warned. Dr Peter Brain, of the National Institute of Economic and Industry Research (NIEIR), said Asia...

Exporters batten down hatches.
May 3, 1999... Malaysia is a complex market for exporters given recent trials and tribulations in Kuala Lumpur. However, opportunities may still exist for investment. Australian companies with a long-term presence in Malaysia are continuing to stand by...

GDP growth likely to hit 5% by 2000, says report.(Statistical Data Included)
May 3, 1999... Malaysia, increasingly confident its recession is over, says its real gross domestic product (GDP) is expected to grow by 5 per cent percent in 2000. The government's forecast, released in its mid-term review of the seventh five-year plan...

Malaysia - Facts & Figures.(Statistical Data Included)
May 3, 1999... Prime Minister: Mahathir Mohamed Population: 21.9 million 1997 1998 Nominal GDP (RM bn) 275.4 279.8(#) Industrial production 10.6 -7.2 growth (%) Net international ...

Banks' problem loans under control: Agency.
May 3, 1999... Malaysian banks' problem loans are under control and the amount of bad debt is expected to peak before the end of this year, the head of the nation's asset management agency says. Mr Azman Yahya, managing director of Pengurusan Danaharta...

Mesdaq eyes foreign firms.
May 3, 1999... Officials at Malaysia's new over-the-counter exchange, Mesdaq, are aiming to drum up support from foreign technology firms. The exchange's executive chairman, Mr Khairil Anuar Abdullah, said foreign firms that are part of Malaysia's new...

DOING IT TOUGH.(Statistical Data Included)
May 3, 1999... The Malaysian economy -- before and after the crisis Before the crisis October Unit (July 1997) 1998 Economic growth % 7.8 ...

Investors yawn as Anwar falls.
May 3, 1999... Foreign investors have reacted with a shrug to the conviction of former Malaysian Deputy Prime Minister Anwar Ibrahim on corruption charges. The six-year jail sentence, viewed by many as unduly harsh, has probably heightened political risk...

Petronas stands tall, but cracks appear.
May 3, 1999... Malaysia's largest company, Petronas, appears to have an abundance of riches, but such perceived strength could be its biggest weakness. The building dominates Kuala Lumpur's growing skyline and cuts an impressive figure. However, the...

Seize the day in HK.(Hong Kong)
May 3, 1999... Food produce and environmental technologies will be among the prime market opportunities in Hong Kong this year, a leading business chamber says. Mr Matthew Cheng, chairman of the Australian Chamber of Commerce in Hong Kong (AustCham),...

Study will add steel to centre's standing.
May 3, 1999... The Asia Research Centre has broken ground with a new study on China's steel industry. The study, commissioned by the Western Australian government and several major iron ore suppliers, will have the centre working jointly with the Chinese...

The victors from 1998.
May 3, 1999... Last year's winners of the Business Asia News Magazine Awards were: * Best Large Australian Business Activity in Asia: Leighton Asia * Best Australian Service Activity in Asia: Leighton Asia * Best Use of Australian Technology in...

NT Expo still draws Asian delegations.(Northern Territory, Australia)
May 3, 1999... South East Asian countries have shown strong interest in exhibiting at this year's NT Expo in Darwin despite the region's economic slowdown. NT Expo general manager Ms Vicki Spence said while the numbers of overseas delegations were down...

Buyers eye off deals at boating showcase.
May 3, 1999... Queensland's Sanctuary Cove resort will this month draw boating enthusiasts from throughout the Asia-Pacific region as they participate in one of the region's largest boat shows. The annual show, which will unveil new products from Europe,...

Doing business in fine style.
May 3, 1999... British Chamber of Commerce members were able to sample Australia's fine wines and cheeses last month in Singapore thanks to the Singapore Australia Business Council (SABC). The wine and cheese night is a bi-annual event held by the council...

Ceberano to attend awards.(Kate Ceberano)
May 3, 1999... Australian singing star Kate Ceberano has confirmed her attendance at this year's Business Asia News Magazine Awards. Ms Ceberano, who is a finalist in the Outstanding Achievement in the Arts and Entertainment Industry category, is one of...

Star pianist on play list.
May 3, 1999... Young piano virtuoso Andrea Lam will display her considerable talents when she performs at the 1999 Business Asia News Magazine Awards on May 27. The Sydney-born pianist has had a short but highly distinguished career and has performed as...

Compumedics awake to big deals in Asia.
May 3, 1999... Melbourne-based Compumedics is making sure Asia loses no sleep on the road to recovery by inking new deals with Malaysia and Indonesia to provide sleep centres and supplies. The group recently signed a memorandum of understanding (MOU) with...

Intrepid's back-to-basics tours.
May 3, 1999... Providing authentic and back-to-basics Asian adventure holidays has proved a success for Intrepid Travel. In the past financial year, Intrepid's revenues increased 24 per cent and export sales grew 41 per cent. Annual growth of around...

Denlizco puts food exports on menu.(Denlizco Exports)
May 3, 1999... Queensland-based Denlizco Exports has weathered the Asian financial storm and is likely to facilitate increased volumes of food exports into Asia this year. Although regional economic turmoil led to decreased sales in 1997-98, Denlizco...

JML success no facade.(JML Engineered Facades)
May 3, 1999... JML Engineered Facades is not letting Asia's economic woes slow it down this year, with projected export earnings of A$8 million expected from the region. The company, based in New South Wales, has forecast total export earnings of A$4...

Taiwan takes a safety-first stance on food.
May 3, 1999... Australian food exporters to Taiwan will seriously err if they think the market will tolerate lower quality products, according to Quality Foods Australia (QFA). QFA consultant manager Mr John McKay said Taiwan, which was increasingly...

Cafe franchise fills a niche.
May 3, 1999... Dome Coffees Australia is pursuing an Asian expansion strategy that is likely to see its unique brand of cafe culture on sale throughout Singapore, Malaysia, China, Thailand and India. Dome, which is synonymous with Perth's cafe society,...

Cut of pork sales may double.
May 3, 1999... A continuing ban on live pig imports in Singapore means Australia's market share of chilled pork in Singaporean supermarkets could soon double. Singapore seems unlikely to lift the ban in the immediate future following a viral outbreak...

Dinky-di food on the menu for Koreans.(South Korea)
May 3, 1999... Korean diners are never going to abandon their beloved kimchi, the fiery pickled cabbage dish that accompanies all meals. However, the consumption of Western foods is growing markedly and represents a market Australia can tap. This...

Exporters join chain gang.(Statistical Data Included)
May 3, 1999... Australia's reputation as a food exporter to Asia needs improvement and demand chain networks may be the solution, according to Supermarket to Asia. A spokesman for the government-backed body said Australia's image in the past had suffered...

Indonesian vets train at CSIRO.(Commonwealth Scientific and Industrial Research Organization)
May 3, 1999... Australia will provide training to help improve the ability of a small group of Indonesian veterinarians to diagnose livestock diseases through a new CSIRO training project. The project, which will be run later this month, aims to...

Businesses squeeze travel costs.(Statistical Data Included)
May 3, 1999... Volatile world business conditions have led to growing concerns among businesses about the level of travel and related expenses (T&E), according to charge card conglomerate American Express. With more than one-third of employees regularly...

Hong Kong batters wallets, but London most expensive.
May 3, 1999... Hong Kong has been ranked the most expensive Asian city for business travellers in a survey of 100 major cities. Business Travel News, an American magazine, cited London as the most expensive city, with daily travel costs of US$631. ...

Airline falls into the red.(China Southern Airways)
May 3, 1999... China Southern Airlines has reported its first loss since its establishment 20 years ago, with earnings being cut by slumping demand for travel in Asia. The airline posted a 543.9 million yuan (US$65.7 million) loss for the year ended 1998...

Shangri-La may not return to black in '99.
May 3, 1999... Hotel operator Shangri-La Hotel Ltd says its results at group level may still not be profitable in 1999 because of continuing losses expected from its subsidiary and associates. However, the group's flagship Shangri-La Hotel in Singapore is...

Marriott seeks Taiwan hotel deal.(Marriott International Inc.)(Statistical Data Included)
May 3, 1999... Marriott International wants to tie up a deal in Taiwan as a priority to strengthen its hotel network in Asian capitals, according to its senior operations executive in the region. Mr Geoff Garside, senior vice-president for Asia-Pacific...

Daewoo prepares for fire sale.
May 3, 1999... South Korea's Daewoo Group says it will sell prized assets to raise US$7.5 billion, seeking to allay concerns that the nation's second-largest conglomerate is heading for financial crisis. "We have decided to pursue an extensive restructuring...

Port dines out on food exports.
May 3, 1999... Exports from Victoria's burgeoning food and beverage industry are driving growth at the Port of Melbourne. Melbourne Port Corporation chief executive Mr Jeffrey Gilbert said Melbourne had become a "gateway" for exports of food into Asia....

East, West beg to differ over Asia's future.
May 3, 1999... An international study of business views of the Asian economic crisis has found that Western entrepreneurs are consistently more pessimistic about the region than their Asian counterparts. Western business people felt recovery depended on...

Don't bank on policy reforms.
May 3, 1999... Despite some signs of economic improvement in our Asian neighbours, broad institutional reform and robust growth seem elusive. After initially using higher interest rates to defend their currencies, Asia's governments have been implementing...

Australia signs visa pact, China eases travel rules.
May 3, 1999... China has agreed to allow large-scale tourism to Australia in a move that could give a major boost to the Australian economy. The two countries, capping nearly six years of talks, signed an agreement on April 22 allowing group travellers to...

Korea takes tough options.(economic policy)(South Korea)(Statistical Data Included)
May 17, 1999... Analysts predict Seoul will lead Asia's revival Consumer demand is rising in South Korea as analysts -- most notably United States Federal Reserve chairman Mr Alan Greenspan -- predict Korea will lead Asia's economic recovery. Often...

Reforms open way for new business era.(South Korea)
May 17, 1999... Market reforms will change the Korean business environment and make it more familiar and open to foreign companies, a leading research institute head says. Dr Frances Perkins, executive director of the Department of Foreign Affairs and...

Korea puts pride on hold.(South Korea)(Statistical Data Included)
May 17, 1999... A new report by the East Asia Analytical Unit presents a trade update on South Korea. RANDOLPH RAMSAY reviews the report's findings The Kim Dae Jung Government has introduced a raft of reforms and legislative changes that will drastically...

Doors open to foreign cash.(South Korea)
May 17, 1999... Korea is allowing foreign investment on an unprecedented scale as the Kim Dae Jung Government tries to negotiate the country out of its worst economic downturn, an East Asia Analytical Unit (EAAU) report has found. The report found Korea's...

ASIA FACT FILE.(South Korea)
May 17, 1999... Good news, bad news In this Fact File, we examine the newspaper circulation (per 1000 people) in the Asia-Pacific region. AUSTRALIA 258 Major newspapers include: The Australian, Sydney Morning Herald. CHINA 23 Major...

Carr to launch Asia Week initiative.(South Korea)
May 17, 1999... New South Wales Premier Mr Bob Carr has agreed to launch Sydney Asia Week, a new Business Asia initiative designed to promote Australia-Asia ties. Mr Carr will be the keynote speaker at a dinner at the Powerhouse Museum on September 16, at...

Thais walk policy tightrope.(South Korea)
May 17, 1999... Doubts remain over the Thai Government's ability to stimulate domestic demand and unfreeze Thailand's credit system, according to two leading researchers. Chulalongkorn University associate professor of economics Dr Pasuk Phongpaichit said...

Investors take heart, but Obuchi still under attack.(South Korea)
May 17, 1999... Japanese Prime Minister Mr Keizo Obuchi cleared the way for more foreign investment in his country's telecommunications, housing and energy industries at a recent United States summit, but failed to outline new steps to stimulate the economy....

Competitive EDGE.(South Korea)
May 17, 1999... International Institute for Management and Development Competitiveness Ranking RANK ECONOMY 1 USA 2 Singapore 3 Finland 4 Luxembourg 5 Netherlands 6 Switzerland 7...

Foreign funds look past India's politics.(South Korea)
May 17, 1999... Foreign funds have poured into India to buy selected shares despite growing political uncertainty, fund managers and analysts claim. Bargains began to emerge last month as investors bailed out of the market, unnerved by the collapse of the...

In brief.(South Korea)
May 17, 1999... * Beijing -- China's largest PC maker, the Legend Group, has entered the world top 15 comparable firms in terms of market share in 1998, according to International Data Corp (IDC). Its statistics show that the world market share of personal...

ADB ignoring some nations, say critics.(South Korea)
May 17, 1999... The Asian Development Bank (ADB) says it remains committed to helping all of Asia's developing countries in response to criticism it had spent too much on nations hit by financial crisis. ADB President Tadao Chino also said at the...

Emphasis on results for Japanese banks.(South Korea)
May 17, 1999... Thirty years ago, Industrial Bank of Japan Ltd (IBJ) hosted lavish press parties where journalists and executives chatted about inside deals, and the top door prize was 100,000 yen of the bank's one-year discount bills. These days, when...

HK broker goes on-line.(South Korea)
May 17, 1999... Malahon Securities has become one of a few retail stockbroking firms in Hong Kong providing an Internet trading system. The site is located at www.malahon.com. The privately held firm, which has developed a broad range of retail...

Korean finance reforms praised.
May 17, 1999... Korea is well on its way to restructuring its troubled financial sector, with the Kim Dae Jung Government making unprecedented sacrifices to fast-track the process, a new study has found. A new report by the East Asia Analytical Unit in...

NAB counts on 'Net banking.(National Australia Bank launches National Internet Banking.)
May 17, 1999... National Australia Bank (NAB) has joined the electronic banking revolution via the launch of National Internet Banking. Business and personal financial services executive general manager Mr Glenn Barnes said the new service, the last of...

Colonial inks Vietnam deal.(South Korea)
May 17, 1999... Financial services group Colonial has continued its push into Asia via a new joint venture to be started in Vietnam. Colonial this month signed the deal, branded Bao Minh CMG, with Ho Chi Minh City insurance company Bao Minh. ...

ANZ earns some credit in Indonesia.(South Korea)
May 17, 1999... ANZ Bank, Australia's fourth-largest bank, has bought the credit card operation of Indonesia's PT Bank Papan Sejahtera, one of 38 banks put into receivership by the Indonesian Government in March. ANZ has paid A$7 million for the credit...

The Great Helmsman: MAO ZEDONG.(South Korea)
May 17, 1999... "Political power grows out of the barrel of a gun" -- Mao Zedong, 1938 No person in history has had more power over more people than Mao Zedong, and no one shaped the destiny of an Asian nation so completely and for so long. Mao was...

Ken's been there, Done that.(South Korea)
May 17, 1999... Australian painter and designer Ken Done will continue his long association with Japanese magazine Hanako into the new millennium after last year signing a three-year deal to produce cover art. In the past 10 years, Mr Done has been the...

Double act proves a winner in Korea.
May 17, 1999... A highly successful partnership between Sydney's REM Theatre and Korea's Seoul Arts Centre (SAC) and the Sadari Theatre will continue this year. A new production is scheduled for 1999 and will go on show in Korean theatres. Work...

Dance troupe has the world at its feet.
May 17, 1999... Sydney Dance Company's successful production of "Salome" heads overseas next year courtesy of a tour of eight United States cities. The production of "Salome", which is scheduled to tour the US in October and November 2000, has played to...

Playbox a hit in HK.
May 17, 1999... Melbourne-based Playbox Theatre has continued its long association with the Asian region this year through the production of "Confidentially Yours" at the Hong Kong Fringe Festival. The performance is the second in Hong Kong since 1998. The...

Hirano puts art in Asia.(Australian performing arts management company)
May 17, 1999... Horned Moon Productions, Ruby Fruit Jungle and the Lunar Circus troupe are among the artists who will be exposed to Asia this year thanks to Hirano. The Melbourne-based organisation is continuing to successfully export some of Australia's...

Kate hits the mark with album.(Australian musician Kate Ceberano)
May 17, 1999... One of Australia's most successful female recording artists, Kate Ceberano, is set to re-enter the charts this month with the release of her greatest hits album. Ms Ceberano's new album, "True Romantic: The Best of Kate Ceberano", features...

Music program sounding out Asia's needs.
May 17, 1999... Establishing an advisory group made up of Singaporean officials and Australians has helped the Musica Viva in Schools Program thrive this year despite the region's economic crisis. The program, which complements music education programs in...

Let's press on: De Ocampo.(former Philippine Finance Secretary Mr Roberto De Ocampo)
May 17, 1999... The Philippines must continue to promote savings and its capital market to ensure it retains the edge over its ailing Asian neighbours, says former Finance Secretary Mr Roberto De Ocampo. Regarded as one of Asia's leading economic thinkers,...

Centrebet backs a winner.
May 17, 1999... Despite not having an office in Asia, Alice Springs-based Centrebet has staked a strong "virtual" presence in the region thanks to the far-reaching resources of the Internet. Centrebet's Internet betting site has given the business a...

IDP success a lesson for other firms.(Australian independent education and professional development corporation)
May 17, 1999... IDP Education Australia (IDP) has steered its way through the storm of the Asian financial crisis, with exports rising to 70 per cent of its revenue in 1997-98. Malaysia, Indonesia, Hong Kong and Singapore were IDP's top Asia-Pacific...

Clough spreads its wings.
May 17, 1999... After more than 20 years of working in Asia and Europe, Clough Engineering hopes to expand its world-wide presence into markets such as the Middle East, Africa, South America and Mexico. The Perth-based engineering and construction firm has...

Consultants' plan works well in Asia.(Australian engineering consultancy company Cullen Grummitt and Roe)
May 17, 1999... Engineering consultancy company Cullen Grummitt and Roe (CGR) seems to have struck the recipe for success in Asian markets. CGR's formula is to gain a foothold during a project's construction, then consolidate by employing local staff and...

RMIT assists Thai recovery.
May 17, 1999... The Royal Melbourne Institute of Technology (RMIT) will play a part in Thailand's economic recovery thanks to new engineering courses being offered in Bangkok. RMIT signed a co-operative agreement last November with the Ratanakosin...

Dollar climbs on back of more buoyant Asia.
May 17, 1999... Renewed optimism about prospects for world growth, particularly in Asia, have seen a rapid turnaround in the fortunes of the Australian dollar, and analysts see the potential for further gains. The dollar hit a 13-month high of US$0.6662...