Business Asia articles from October 1999

Business Asia archives from October 1999

Y2K induces assets shift.(Brief Article)
October 25, 1999... Currencies suffer as investors flee Currencies in Asian emerging markets are suffering even before a single computer has been hit by the Year 2000 computer bug. And they may recover before one does. Investors are already shifting...

Vajpayee promises reforms.(Brief Article)
October 25, 1999... Indian Prime Minister Atal Behari Vajpayee has promised to spur economic reforms to make the country prosperous and address social problems. "Starting today, our government has set itself the task of implementing our Agenda for Proud,...

Y2K no bugbear for markets.(Brief Article)
October 25, 1999... Asia's financial markets will be bug free and likely to operate normally in January 2000 when the new millennium begins, the Bank for International Settlements (BIS) says. "I think they basically can deal with any contingencies that...

Health spending.(Brief Article)(Statistical Data Included)
October 25, 1999... In this week Fact File, we look at how much Asia-Pacific countries spent on health services expressed as a percentage of gross domestic product (GDP) between 1990-97. AUSTRALIA % of GDP 2.5 GDP (1998) US$977 billion ...

Murray rejects bank buy-up.(Brief Article)
October 25, 1999... The Commonwealth Bank of Australia, the nation's No. 2 lender, wants to boost its business outside Australia, but won't buy troubled banks in Asia because of doubts about many countries' legal and accounting systems. Nor will the...

Pole position for Mahathir.(Brief Article)
October 25, 1999... Malaysian Prime Minister Mahathir Mohamad says he is confident his coalition will win Impending elections -- now likely to be held in November -- but the challenge will be to deny the Opposition its goal of taking one-third of the seals. ...

Profits of doom for Singaporean traders.(Brief Article)
October 25, 1999... For Singaporean businessman Paul Yong, it's been eight hard years trying to turn China's potential into profits. Take his plan for a Singapore-style food court near Shanghai's famous Yu Garden teahouse. Even before Yong finished...

China prime FDI target.(Brief Article)
October 25, 1999... Foreign direct investment in the Asia-Pacific region could decline this year after dropping more than 11 per cent in 1998, largely depending on how much money China can attract, a United Nations report claims. Investment flows into Asia...

Asia to become IT world power.(Brief Article)
October 25, 1999... Business-to-business e-commerce is set to boom in Asia, making the region a global information economy superpower to rival the United States within five years, a Singapore National Computer Board (NCB) executive says. Ng Kin Yee, deputy...

E-commerce benefits bush.(Brief Article)
October 25, 1999... Australia's rural industries and sectors will benefit most from the rapidly expanding e-commerce boom, Trade Minister Mark Vaile says. Vaile said as Australia's telecommunications infrastructure improved in the next few years, rural...

Tech expo a catalyst for region.
October 25, 1999... A major international technology expo being held on Queensland's Gold Coast will be a catalyst for economic growth in Asian nations emerging from financial crisis, according to organisers. The event, APEC Technomart III, presented by...

In brief.
October 25, 1999... * Tokyo -- The Tokyo Electric Power Co in January 2000 will join a forestation project in Australia being developed by Mitsubishi Paper Mills Ltd and Mitsubishi Corp, company officials said. The utility will invest about 350 million yen...

Upbeat tankan sows doubt.
October 25, 1999... Although a recent survey of economic sentiment among private Japanese companies shows great improvement, it indicates some seeds of future trouble and hints that Japan's economy is not going well. Many analysts agree that Japan's economy is...

West gives Pyongyang a break.
October 25, 1999... North Korea has received another lifeline from the West, with the United States easing trade restrictions on food, petroleum, consumer goods and financial services, as well as on air travel and mining investment. The easing was given in...

Rebuilding banks will take years.
October 25, 1999... Asian countries, including Indonesia, are still years away from rebuilding banking systems that collapsed under bad loans during the region's plunge into recession two years ago, the World Bank warns. Shutting down weak lenders and...

Vajpayee win assures analysts.
October 25, 1999... After Prime Minister Atal Behari Vajpayee's election victory, analysts say foreigners should feel better about doing business with India -- the country labelled the world's biggest under-achiever by The Economist magazine. Vajpayee's Hindu...

Malaysia trades oil for Indian rail project.
October 25, 1999... India has signed a barter deal with Malaysia under which payments for constructing a railway line will be made in palm oil products. IRCON International Ltd, a subsidiary of Indian Railway Construction, will lay 31.5 kilometres of single...

Bumpy ride for Hyundai tycoon.
October 25, 1999... For years chaebol leaders were feted as business royalty in Korea. Hyundai's Chung Mong Gyu has seen the flip side in recent years. The life of Chung Mong Gyu would, on face value, appear rosy. At the tender age of 37, the Oxford...

Award winners seal new deals in region.
October 25, 1999... Two standout companies in the history of the Business As/a News Magazine Awards -- Compumedics and Laservision Macro Media -- continue to be dominant business forces in the region. Compumedics, the Victorian company which makes...

Report urges clients to buy dollars for yen.
October 25, 1999... Citing a reversal in the buying trends that have boosted the yen in recent weeks, Citibank is telling clients to buy US dollars for yen. As one of the major currency-dealing banks, Citibank's recommendations, made recently in a report to...

Citibank backs awards for 7th straight year.
October 25, 1999... Citibank has confirmed it will sponsor the Business Asia News Magazine Awards in 2000 -- marking the bank's seventh successive year of involvement in the prestigious awards. The bank has been the sponsor of the awards since their inception...

Manila counts on `righteous' youth.
October 25, 1999... For the Philippines, which has had to endure the unenviable reputation of being a country run on bribes and grafts, the children are its future. As part of exhaustive attempts to stamp out decades of corruption -- which critics claim has...

China halts trade on institutional markets.
October 25, 1999... China has halted dealings on two markets set up to trade institutional shares and is looking for ways to wind up their business, securities industry officials say. Beijing halted trading on the so-called STAQ and NET systems in September,...

THE 1999 BEST BUSINESS HOTELS IN ASIA AWARDS.
October 25, 1999... Voters reckon the Millenia is tops The Ritz-Carlton Millenia Singapore's mission of becoming one of the great hotels in the world has been given a substantial boost, with Business Asia readers and Bloomberg TV viewers voting it the Best...

New system to enhance e-commerce.
October 25, 1999... The days of carrying around a wallet crammed with plastic could soon be over if Visa's Rodolphe Chabanel has his way. Chabanel heads up Visa's Open Platform program, a new smart card system which enables many different functions to be...

ERG smart cards fit the bill.
October 25, 1999... Perth-based ERG has become a world leader in smart-card technology. Now it has set its sights on Asia's public transport systems. Global smart-card leader, ERG, is poised for explosive growth as it pursues a strategy to meet the smart card...

Olympic State open for business.
October 25, 1999... The Olympic Games are less than a year away -- putting New South Wales in the spotlights of Asia and the world. Premier BOB CARR outlines his plan to keep it that way As Sydney completes its preparations for the 2000 Olympics, New South...

Water pumps lift Thai rice.
October 25, 1999... Thailand's rice industry is about to undergo substantial technological change courtesy of a new pump system supplied by The Weir Group. The company, based in Gosford, has received orders for three pumpsets from the government of Thailand...

NSW: A competitive edge.
October 25, 1999... The 1999-2000 New South Wales Competitiveness Report is about to be released. Following are some of the key points in the report regarding the New South Wales and Australian economies. GROSS DOMESTIC PRODUCT (GDP) The strength of...

Hostel industry likely to drive building boom.
October 25, 1999... A building boom for "budget" properties is likely in Sydney if the city hopes to match demand created by soaring international tourism, according to research by Jones Lang LaSalle (JLL). However, activity on the luxury hotel market should...

`Hard sell' to pay off, says Egan.(Brief Article)
October 25, 1999... A new, more aggressive approach by New South Wales exporters will enable them to exploit Asia's looming economic turnaround, according to State Treasurer Michael Egan. He said diversification into new markets -- and an imminent improvement...

Barley exports on the rise.(Brief Article)
October 25, 1999... Demand for schooner barley will strengthen in 1999-2000 with continued growth in export opportunities to Japan and China, according to NSW Grains Board general manager marketing Peter Jeffries. Figures from the board project China's beer...

Corporate confidence highest in three years.(Brief Article)(Statistical Data Included)
October 25, 1999... A new survey shows that New South Wales business confidence is at its highest level in three years. However, investment levels are expected to decline after the 2000 Olympics, according to the St George State Chamber of Commerce (NSW)...

Loftus Harris: He's a man on a (trade) mission.(Brief Article)
October 25, 1999... The job confronting Loftus Harris sounds simple: expand trade opportunities for NSW business. So far he seems to be succeeding. For a man with big ideas for New South Wales business, Loftus Harris is content to think small. "Small" as...

Top 10 NSW Markets.(Brief Article)(Statistical Data Included)
October 25, 1999... (Plus share of Australian exports, 1998-99) Country NSW Australia % NSW NSW % (A$m) (A$m) exports of Aust Japan 4048 16,587 22.5 24.4 New...

Business rapt over State aid.(Brief Article)
October 25, 1999... "Amazing"... "Overwhelming"... "Extraordinary": Such are the expressions of disbelief and gratitude otherwise hardheaded business people are using to describe the help they have received from the NSW Department of State and Regional...

IT&T growth to fuel State beyond 2000.(Brief Article)
October 25, 1999... New South Wales' information technology and telecommunications sector will be the main driver of the State's economic and social development in the new millennium, the head of the newly formed Department of Information Technology and Management...

Focusing on success.(Brief Article)
October 25, 1999... Next year's Olympic Games will be a prime opportunity to show off New South Wales' best business features -- and the State's emerging industries are set to take full advantage through an international promotional campaign. The Australian...

New solar heaters exported to Asia.(Brief Article)
October 25, 1999... A Cardiff-based company is turning the heat up on Asia with a new solar hot water heater which almost twice as efficient as conventional models. Quantum Energy Systems' hot water heater is the result of more than 20 years' research and is...

Jaded Japanese need `hot' new attractions.(Brief Article)(Statistical Data Included)
October 25, 1999... Sydney needs to rethink its image as a holiday destination and adopt a back-to-basics approach to try to regain falling Japanese visitor numbers, a tourism expert says. Geoff Buckley, a strategy director at Tourism New South Wales, said...

Let's talk up Sydney, says leading banker.(Brief Article)
October 25, 1999... Australia has the credentials to become the region's leading financial hub, but the Federal Government's promotional efforts need a stronger Sydney focus, according to a leading banker. Macquarie Bank director Mark Johnson, who is also...

EGR top exporter in Queensland.(Brief Article)
October 25, 1999... Brisbane-based auto accessories manufacturer EGR has achieved a double in the 1999 Premier of Queensland's Awards for Export Achievement, winning the title of Queensland Exporter of the Year and the Large Manufacturer category. The company...

Bosch best in Victoria.(Brief Article)
October 25, 1999... Robert Bosch (Australia), one of the country's leading manufacturers of automotive and electrical equipment, has won this year's Governor of Victoria Export Award. The other award winners or commendees were: * Emerging Exporter Award:...

Power firms to shrug off Japan nuclear accident.(Brief Article)(Statistical Data Included)
October 25, 1999... * Tokyo -- Japan's recent nuclear accident is unlikely to have an immediate impact on the credit quality of Japanese electric power companies (EPCOs), according to Standard & Poor's, S&P notes that processed uranium to fuel Japan's 51 nuclear...

Taking Stock.(Brief Article)(Statistical Data Included)
October 25, 1999... Stock Market Index Level Taking Stock BEFORE ASIAN CRISIS CRISIS PERIOD Highest Lowest Average Level Value Value...

Malaysian companies show added maturity.(Brief Article)
October 25, 1999... Malaysian companies are showing more maturity in their approach to business activities in the wake of Asia's economic crisis and moves by the Mahathir Government to stabilise the financial system, a leading project manager says. Evan...

Harvey Norman in Asia.(Brief Article)
October 25, 1999... Harvey Norman's Australian business will likely be eventually dwarfed by its business in Asia if the company's ambitious expansion plans for the region take hold, joint founder Gerry Harvey says. Harvey's comments followed the announcement...

All power to Washington.(Brief Article)
October 25, 1999... Theories abound on the Indonesia-East Timor conflict -- and the role Australia and Asian nations must play. Notice the fancy footwork on Indonesia. Not one but two supranational agencies -- the United Nations (UN) and the International...

ASIAWATCH.(Brief Article)(Statistical Data Included)
October 25, 1999... * China McDonald's Corp, the world's largest restaurant franchise chain, said it may introduce franchise businesses in China starting in major cities such as Beijing, Shanghai, Guangzhou and Shenzhen. * Hong Kong The Hong Kong...

Investment conference put on hold.(Brief Article)
October 25, 1999... The Northern Territory/ BIMP-EAGA Finance and Investment Conference, which was to be held this week in Darwin, has been postponed. A statement from the Northern Territory Government said that "in view of the unforseen developments in the...

Wahid stews over Canberra.(Brief Article)
October 31, 1999... ... but Jakarta traders still need exports Doubts linger over new Indonesian leader Abdurrahman Wahid's disposition towards Australia, but pragmatic Indonesian companies seem committed to accepting Australian exports despite a rift over...

NEWS: In Brief.(Brief Article)
October 31, 1999... * Tokyo -- Honda Motor has passed Nissan Motor for the first time and now trails only Toyota Motor in terms of aggregate output in the April-September half, according to data released by Japan's top five automakers. -- Asia Pulse * New...

Pragmatists to ease rift.(Brief Article)
October 31, 1999... * The latest winner of our Think Tank section is Vitoria's Garry Fabian for his response to the question: "Can Indonesia-Australia ties survive the East Timor spat?" He wrote: Relations between Indonesia and Australia can be described...

IMF stands by ban on loans.(Brief Article)
October 31, 1999... Bank Bali report must be released The resumption of International Monetary Fund (IMF) lending to Indonesia remains contingent upon the new Wahid Government addressing the US$70 million Bank Bali corruption scandal. IMF Asia-Pacific...

Provinces to the fore.(Brief Article)
October 31, 1999... The damaged Australia-Indonesia relationship will show its first signs of recovery in provinces outside of Jakarta, according to the Australian honorary consul for Medan. Fraser Cargill, who is also the manager of the Australia Centre in...

ASIA FACT FILE.(Brief Article)(Statistical Data Included)
October 31, 1999... Water works In this edition's Fact File, we look at the percentage of people in Asia-Pacific countries with access to safe water. AUSTRALIA % of people 100% Total waterways 8368km CHINA % of people ...

Asia stalls on e-business.(Brief Article)
October 31, 1999... Asian companies are adopting a "wait and see" approach to the e-business revolution -- a strategy which could see the region fall further behind the United States and Europe in the information economy race, a leading consultant says. ...

Tung speech a real fizzer for investors.(Brief Article)
October 31, 1999... In a move which has disappointed investors, Hong Kong Chief Executive Tung Chee Hwa has failed to unveil new economic initiatives in his third annual state-of-the-city address, focusing instead on environmental issues. Tung has vowed to...

Singapore banks go for broke.(Brief Article)
October 31, 1999... Singapore's cash-rich banks -- led by industry leaders such as the United Overseas Bank (UOB) and the Development Bank of Singapore -- have gone on the offensive as their South East Asian counterparts bunker down. UOB this month spent...

`E-citizens' get wired as Internet infiltrates life.(Brief Article)
October 31, 1999... Let's be honest, Singapore has a reputation for being boring. It's too clean, too controlled, too everything. Even the locals will admit there's not a lot to do apart from shop, go to the movies and... shop. So Singaporeans -- or...

Old concepts back in vogue at forum talks.(Brief Article)
October 31, 1999... Two old economic chestnuts -- a single Asian currency and an East Asian emergency fund -- dominated talk at this month's World Economic Forum meeting in Singapore. Hong Kong Financial Secretary Donald Tsang added fuel to the single...

Lobsters a good cash catch.(Brief Article)
October 31, 1999... Australia's largest supplier of western rock lobster -- the Fremantle Fishermen's Cooperative Society -- is winning good fortune by wooing palates in Hong Kong, Taiwan and Japan. The cooperative crayfish processor and exporter, which...

Poultry producers need a sales edge.(Brief Article)
October 31, 1999... Australian chicken meat producers should focus on the industry's "clean" image to help increase exports to Asia-Pacific nations, Supermarket to Asia executive director Jim Kennedy says. Speaking at the 11th Australian Poultry and Feed...

Australia: feeding Asia - in brief.(wheat and dairy industry)
October 31, 1999... * Sydney -- Dairy Farmers, a cooperative that is Australia's largest dairy processor by sales, said net profit before one-time items rose 11 per cent for the 12 months ended June 30 as revenue rose 22 per cent. Profit rose to A$37.7 million as...

PSA sails into foreign territory.(Singapore container port corporation)
October 31, 1999... PSA Corporation has developed a winning formula in handling container traffic at its Singapore headquarters. The industry leader in now eyeing off global markets. An unexpected willingness by authorities in China to embrace change is...

Brisbane goes global.(Brisbane, Australia's international trade)
October 31, 1999... The Port of Brisbane will look beyond Asia to develop new markets as Australian trade growth and shipping schedules improve, general manager marketing and business development Richard Tooher says. Tooher said because of the port's relative...

Asian seas still prone to piracy.
October 31, 1999... South East Asia, home to some of the world's busiest shipping routes, saw an 80 per cent increase in piracy attacks from January to September, though the level of violence used declined. The number of attacks increased to 96 in South East...

Seventh straight record for Sydney.(Australia's Sydney Ports Corp.)
October 31, 1999... An increase in trade with Asian countries such as Indonesia and South Korea has helped Sydney Ports Corporation post its seventh consecutive year of record total container trade. Total container trade was 9.7 per cent higher than last...

Ports of Australia & Asia: In Brief.
October 31, 1999... * Singapore -- After successfully privatising two ports, Indonesia plans to privatise two more ports, Belawan on Sumatra island and Tanjung Emas in Semarang, next year or in 2001, the Shipping Times said, citing Albertus Sumardi, managing...

Shipper queries freight rate controls.
October 31, 1999... The Malaysian National Shippers Council (MNSC) has been urged to let market forces determine freight rates rather than using legislative means to control it. Nepline Bhd executive chairman Nik Mohd Zain Omar said MNSC should thoroughly...

Chuan Hup eyes coal deal with Indonesia.(Singapore marine transport company)
October 31, 1999... Chuan Hup Holdings Ltd, Singapore's third-biggest marine transport company, is in talks with a coal firm in Indonesia to sign a 15-year contract worth about S$300 million (US$180.2 million). The company is "in the final stages" of...

Vineyard tops in Tasmania.(business awards)
October 31, 1999... Premium wine producer Piper's Brook Vineyard is Tasmania's 1999 Exporter of the Year. Tasmania's Premier Jim Bacon, who presented the award at a dinner at the Grand Chancellor Hotel in Hobart on October 15, said Piper's Brook was an...

Category heralds overseas efforts.
October 31, 1999... The efforts of an overseas organisation or individual which has significantly contributed to Australia's export performance will be recognised in the 1999 Australian Export Awards. Charles Jamieson, managing director of Austrade, said a new...

Wine company wins.(BRL Hardy Wine Company; South Australian export awards)
October 31, 1999... BRL Hardy Wine Company has taken out the top award at the 1999 South Australian Export Awards. Premier John Olsen presented the award to BRL Hardy at a special dinner held on October 22 at the Adelaide Convention Centre. The other...

Jensen grabs top WA award.
October 31, 1999... A Busselton company which crafts and exports natural jarrah furniture has beaten some of Western Australia's best-known companies to take out the State's top award for industry. Jensen Jarrah was named winner of the overall Premier's Award...

Millenia scores top hotel double.(Ritz-Carlton Millenia Singapore Hotel; best hotel award)
October 31, 1999... The Ritz-Carlton Millenia Singapore secured top honours at the Best Business Hotels in Asia Awards this month -- winning its country category and overall nomination as best hotel. At a gala dinner in Thailand on October 25, general manager...

Bangkok newcomer sets high standard.(Bangkok, Thailand; Peninsula Hotel)
October 31, 1999... The Peninsula in Bangkok is setting the benchmark for new hotels in the Asia-Pacific region. As winner of the inaugural Best New Hotel category in the 1999 Best Business Hotels in Asia Awards, the hotel leads the way among a group of...

Industry leaders gather.(Brief Article)
October 31, 1999... Thailand Minister for tourism Pavena Hongsakula headed an array of industry leaders at the Best Business Hotels in Asia Awards. The Minister presented awards to the leading hotels across the Asia-Pacific region, which won on the back of...

HK tycoon takes on Europe phone market.(Brief Article)
October 31, 1999... For Li Ka-shing, Hong Kong's pre-eminent businessman, grabbing a chunk of Europe's fast-growing mobile phone business only took a week. The response from investors has been euphoric. Hutchison Whampoa Ltd, Li's flagship company, gained 12...

Chinese companies more likely to bribe.(Brief Article)
October 31, 1999... Chinese companies are more willing than those from any other country to offer bribes to government officials in other nations to obtain export contracts, according to a Gallup International poll of executives. The poll, which canvassed 770...

Thais try logistics.(Brief Article)
October 31, 1999... Thai companies are turning to logistics specialists to improve their productivity and efficiency in the wake of moves by the International Monetary Fund (IMF) to help Thailand stablilise its financial system. Logistics Bureau Director Rob...

Yearly checks imposed on foreigners in Manila.(Brief Article)
October 31, 1999... * Manila -- From next year, all foreigners in the Philippines will be required to report once a year to the nearest field office of the Bureau of Immigration (BI) in their locality so they can be properly monitored and be made to pay the...

BA'S eye on Asia.(Brief Article)(Statistical Data Included)
October 31, 1999... TALL STOREYS THE WORLD'S TALLEST BUILDINGS Rank/Project City Height(m) Stories Petronas Tower I Kuala Lumpur 452(*) 88 Petronas Tower II Kuala Lumpur 452(*) ...

Keeping business in the family.(Brief Article)
October 31, 1999... Management techniques in Asia come under the microscope in the past two years. Professor PETER SHELDRAKE comments on the future of Asia's once-powerful family businesses. Managers in a number of Asian countries have experienced a crash...