Business Asia articles from September 1998

Business Asia archives from September 1998

Indonesia still hanging on to hope.
September 21, 1998... Policy changes and a willingness by Indonesia's new leadership to tolerate dissenting views gives the troubled nation a chance of recovering from financial and social turmoil, according to Indonesia's State Minister for National Development...

Mood for reform grips Japan.
September 21, 1998... Voter sentiment a turning point A growing desire in Japanese society for true economic reforms marks a "turning point" in policy making and will push the case for change, according to a leading Japan analyst. Dr Hugh Patrick, the RD...

Dr M's strategies looking sick.(Mahathir Mohamed)
September 21, 1998... One could never accuse Malaysian Prime Minister Mahathir Mohamed of lacking courage. His judgment, however, has been the subject of considerably greater scrutiny. By sacking his respected finance minister Anwar Ibrahim and imposing...

Koreans fear bargain hunt by foreigners.
September 21, 1998... South Koreans are troubled by a growing sense that their nation is "up for grabs" as foreign investors seek bargains in the embattled economy. Mr Kum Jin Ho, a former South Korean Trade Minister and the current chairman of the...

Room to rent.(Asian office vacancies)
September 21, 1998... Asia-Pacific Office Vacancy Rates, Fourth quarter '97 to Mid- 1999 Estimates Prime Office 4th quarter '97 1st quarter '98 Mid-99E Bangkok 18.9% 23.6% 35.0% Beijing 24.4% ...

Guangdong still home to growth.(China)
September 21, 1998... With business still ticking over in the southern Chinese province of Guangdong, Austrade is advising companies from Australia to exploit government initiatives to increase economic growth. Forget trying to service the whole China market:...

$500b write-off on consumption.(Asian economic crisis)
September 21, 1998... Singapore -- The Asian economic crisis will wipe more than U$$500 billion off private consumer spending in the region this year, an economist claims. "The worst economic crisis East Asia has seen since the Japanese War will reduce total...

ASIA FACT FILE.(Statistical Data Included)
September 21, 1998... AUSTRALIA FACT FILE GDP per capita (1996): US$18,296 Real GDP growth (%): 1996:3.3 1997:2.9 CHINA GDP per capita (1997, est): ...

Capital controls breed fear.
September 21, 1998... The resurrection of the exchange control debate has added a new twist to Asia's financial crisis, with long-term fears being held for the Malaysian economy following Prime Minister Mahathir Mohamed's decision to impose capital controls. ...

Odds favour Singapore, Australia: Poll.(surviving economic downturn)
September 21, 1998... Singapore and Australia are the countries most likely to withstand the downturn in the Asia-Pacific region, according to a recent Business Asia readership survey. Taiwan and Hong Kong ranked as the third and fourth countries most likely to...

Private jets still a good buy for some.
September 21, 1998... Corporate jets were the signature of high-flying business people in the '80s. Today, the benefits of a private jet are still applicable to some tycoons Buying or leasing a business jet is guaranteed to frighten company accountants, who...

Corporate sales likely to jump in next 18 months.
September 21, 1998... Sales in the corporate aircraft market should improve over the next 18 months following the adverse impact of regional economic turmoil on business, according to Hawker Pacific. The company, an international master dealer for United...

UPS in the market for 60 aircraft.
September 21, 1998... United Parcel Service (UPS), the world's largest package delivery company, has announced it will buy as many as 60 new Airbus A300-600 freighters, broadening its global jet fleet to include aircraft from Airbus Industrie for the first time. ...

Marubeni gets American edge.
September 21, 1998... Tokyo - Marubeni Corp will set up a new defence and aerospace subsidiary during the current fiscal year, and gain rights to build United States corporate jets. The venture will be based mainly on the 40 or so employees from the aerospace...

Airbus orders flow in.
September 21, 1998... European airline consortium Airbus Industrie has received eight orders for its first corporate jet, the A319CJ, which was released earlier this year. The A319CJ, or Airbus Corporate Jetliner, is a modified version of the company's A319...

Washington unveils new Boeing jet.
September 21, 1998... The first Boeing Business Jet (BBJ), a joint venture between The Boeing Company and General Electric, was released from Boeing's Washington factory earlier this year. The new jet, designed specifically for corporate travel, has a range...

Japan trip shores up key sectors.
September 21, 1998... Education, tourism, wine and aquaculture formed the trade focus of a recent three-day mission to Japan by South Australian Premier John Olsen. Mr Olsen travelled to Japan with vice-chancellors from universities in South Australia, as well...

Business migrants in demand.
September 21, 1998... An aggressive campaign to increase the flow of business migrants into South Australia is a key plank of Premier John Olsen's platform to embrace Asia and help the State's economy In the face of Australia's controversial Asian race debate,...

Red wine is travelling well.
September 21, 1998... The sale of red wine to fashion-conscious young Japanese women is creating a profitable market for prominent South Australian producer, Orlando Wyndham. Mr Andrew Cudmore, the company's regional manager for the Asia-Pacific region, said...

Native title row slows rail project.
September 21, 1998... The crucial rail link between Adelaide and Darwin appears to have been delayed by native title issues affecting the northern leg of the railway. A member of a consortium wanting to build the Alice Springs to Darwin rail link said recently...

Port trades on efficiency.
September 21, 1998... Service, reliability and flexibility are strengths that Port Adelaide believes has helped establish its reputation as Australia's most efficient container port. The general manager of Ports Corp South Australia, Mr Peter Edmonds, said the...

Money for jam as Beerenberg enters China.
September 21, 1998... A South Australian icon, Beerenberg Jam, will soon be gracing the breakfast tables of families in northern China. The first container of 40,300 jars of Beerenberg Jam for the burgeoning Chinese market recently left for supermarkets in a...

No turning back for Mitsubishi.
September 21, 1998... In a reassuring move for South Australian manufacturing, Mitsubishi Motors has confirmed that the company has a long-term commitment to its operations in the State. South Australian Premier Mr John Olsen recently met with the newly...

Water nous has flow-on effect for SA.(South Australia)
September 21, 1998... Poor water supplies can skim millions of dollars off the budgets of Asian nations. CAMERON COOPER reports that South Australia is lending a hand The threat of poor water damaging food production has convinced some Asian nations to seek...

SA oysters catch on in Tokyo.(South Australia, Japan)
September 21, 1998... South Australian oysters are heading for the tables of Japan's finest restaurants following a deal signed in Tokyo recently. Premier John Olsen said the deal was the first formal agreement with any Australian state to supply fresh oysters...

Camtech's Cyberjaya role a coup for State.(South Australia)
September 21, 1998... South Australian-based Camtech has become the first Australian electronic commerce company to be accepted into Malaysia's Multimedia Super Corridor (MSC). The company received accreditation in July to participate in the MSC, or Cyberjaya,...

Hands-on role pays off for Empower.
September 21, 1998... Empower Business Systems has received an award from the Australia Malaysia Business Council in recognition of its successful trade push into Malaysia. The Adelaide-based software developer, which competed in the services category, was...

IN BRIEF.
September 21, 1998... * Adelaide-based software developer, Prophecy International, is set to launch a major sales push into-the Asia-Pacific region following the success of its Prophecy BASIS utilities software in the Philippines and Malaysia. The company's...

Sport pumps millions into State coffers.
September 21, 1998... Millions of dollars are being injected into South Australia's economy by sports groups using Adelaide as a training base. The Japanese cycling team recently confirmed that it will conduct its pre-Olympic training in Adelaide. "This...

Fight trade barriers, says Bonlac.(Bonlac Foods)
September 21, 1998... Bonlac Foods has warned Australia to oppose new Asian trade barriers and resist becoming "a dairy mine for the rest of the world". Chief executive officer of Bonlac, Mr Phil Scanlan, said Australia had a poor record of controlling its food...

Hotel chain puts faith in Thailand.
September 21, 1998... Hong Kong-based hotel management chain, Century International Hotels, believes Thailand offers the company the best hope of increasing revenue, according to a newspaper report. The report, in the Bangkok Post, said Century International's...

Oriental takes top prize.(Bangkok, Thailand, hotel)
September 21, 1998... The Oriental hotel in Bangkok is the inaugural winner of Business Asia's Best Business Hotels in Asia Awards. Thailand's Deputy Prime Minister Mr Bhichai Rattakul made the announcement at a gala evening on September 11 in Bangkok. The...

Asia's best hotels.
September 21, 1998... The following hotels are the individual country winners in the Business Asia Best Business Hotels in Asia Awards AUSTRALIA The Ritz-Carlton Sydney The Ritz-Carlton overlooks the Royal Botanic Gardens and is close to Sydney's financial...

Global turmoil need not lead to depression.
September 21, 1998... Falling prices, market meltdowns, fears of global recession -- they are no reason to get depressed, according to the dismal science of economics. A senior Hong Kong economist, speaking as the world's markets dived on fears of a global...

Crisis hits home in Singapore.(Polling Data)
September 21, 1998... * Singapore -- A poll in the Straits Times newspaper reports that 60 per cent of Singaporeans say they have been hit by the region's economic downturn. The poll showed that 16 per cent of those feeling the pinch said they had been "hit badly"....

Japan takes shine to jewels.
September 21, 1998... The company's name conjures up images ranging from Ghandi to spicy curries, but it's the Japanese jewellery market that Taj Enterprises is shaking up. Led by managing director Mr Atul Parekh and his chief designer Mr Kuzo Ogawa, Taj...

China keeps home fires burning.(housing market)
September 21, 1998... A drop in exports to strife-torn Asian nations has forced policymakers in southern China's boom city, Guangzhou, to focus on domestic growth. The housing sector is a crucial component of the initiative. BINA BROWN reports Welcome to...

Korea's `big deals' a recipe for pain.(South Korea's mergers)
September 21, 1998... Business Asia introduces a new column, Asia Watch, which will highlight topical issues in Asia, In this edition we consider South Korea's so-called "big deals", which involve takeovers within the nation's once-sacred conglomerates, THE...

Anwar falls ... and Malaysian banks on skid row, too.
September 30, 1998... As the Mahathir-Anwar political crisis deepens, analysts are suggesting the Malaysian banking sector faces a meltdown similar to that experienced by Thailand and Indonesia. Mr Chris Nailer, regional economist in Singapore for The Economist...

Buoyant Chinese defy the sceptics.
September 30, 1998... If you believe Western analysts, the falling Japanese yen will hurt Asian neighbours, China will soon be forced to devalue the yuan, and Beijing will have to revise downwards its growth forecasts because of recent devastating floods. Not...

Elections in Indonesia polls apart.(Statistical Data Included)
September 30, 1998... "People power" swept Cory Aquino to power in the Philippines in the 1980s after the corrupt Marcos regime finally toppled. In the 1990s equivalent in Indonesia, people's patience will emerge as the defining element of the country's...

ASIA FACT FILE.(Statistical Data Included)
September 30, 1998... In this edition, Business Asia reveals the literacy rates in Asia-Pacific nations AUSTRALIA Population over 15: 99.5% CHINA Adult literacy: 82% Male: 89% Female: ...

Crisis clips airlines' wings.
September 30, 1998... Airlines are seen as a proud symbol of a country's success. The closure of Philippine Airlines--Asia's oldest airline--is a blow to the confidence of the region The dramatic closure of Asia's oldest carrier, Philippine Airlines (PAL), and...

Critics urge G7 to loosen coffers.(Group of Seven major industrialized countries)
September 30, 1998... Asia's financial crisis has blown a storm around the world and rich nations must aggressively ease monetary policy to stem the contagion, analysts claim. "The stage is obviously being set for some specific, comprehensive and concrete...

PEOPLE POWER.(Statistical Data Included)
September 30, 1998... COUNTRY POPULATION DENSITY (PERSONS/SQ KM) 1975 1985 1997 AUSTRALIA (*)1.83 ([dagger])2.09 2.43 BANGLADESH 543 676 872 CAMBODIA 39 ...

Revival may take 10 years: Hewson.(John Hewson)
September 30, 1998... Slow reforms and continued reluctance to embrace change means some Asian nations may not recover from the current financial crisis for up to 10 years, according to ABN Amro bank chairman Dr John Hewson. He said entrenched political and...

HOW BAD IS ASIA'S CRISIS?(Statistical Data Included)
September 30, 1998... Year NPLs Credit/GDP NPL/GDP Fiscal Cost (%) (%) (%) (% of GDP) Argentina 1982 9 46 4 13 Chile 1985 16 115 18 19...

S&P raises concern over credit quality.(Standard & Poor's)(Statistical Data Included)
September 30, 1998... Rating agency Standard & Poor's says signs of deteriorating credit quality are evident in 16 financial systems around the world, with visible signs of weakness in China, Hong Kong, Japan, Malaysia and the Philippines. A new report by...

Builders hurt by bank woes.
September 30, 1998... Tokyo - Japan's ailing builders believe their industry is the most likely victim of the nation's banking illness - a warning that comes with a painful downgrade in the credit ratings of top builders. "If banks saw their lives being in...

Japan bank feud lingers.(Statistical Data Included)
September 30, 1998... Political feuds and policy spats are likely to prolong wrangling among Japan's ruling and opposition parties over how to fix the nation's fragile banking system and could spark snap elections, analysts say. "The problem is not simply a...

IN BRIEF.
September 30, 1998... * Hong Kong - The Hong Kong Monetary Authority will require all overseas-registered financial institutions in the city to disclose their financial information twice a year, starting at the end of this year. The foreign banks will be required to...

KL finance sector in strife.(Kuala Lumpur)
September 30, 1998... Political and economic uncertainty "threatens to kill off the financial services sector" in Malaysia, according to an official at The Economist Group. Mr Chris Nailer, regional economist in Singapore for The Economist Group, forecast a...

HSBC cuts exposure to ailing trio.(HSBC Holdings PLC)
September 30, 1998... HSBC Holdings has been forced to reduce exposure to the International Monetary Fund-assisted countries of Indonesia, South Korea and Thailand. In its 1998 first-half results, the HSBC Group reported an increase in operating profit before...

Insurer mergers put on hold.
September 30, 1998... Asia's insurance market is regarded as a largely untapped jewel, but merger and acquisition activity has been slow to materialise. Speculation is rife that Asia's insurance market is set to see a flood of merger and acquisition deals as a...

Customers play it safe amid crisis--Citibank.
September 30, 1998... Bank customers are opting for "safe" financial institutions in the aftermath of Asia's financial crisis, according to Citibank. Mr Y.K. Wan, head of Citibank's International Personal Banking (IPB), said customers were justifiably cautious....

Weak dollar saves exports.(Statistical Data Included)
September 30, 1998... As the 1998 Australian Export Awards draw near, the picture for the industry remains clouded by Asia's financial crisis. Political and economic developments in China will be crucial The weak Australian dollar looms as a short-term saviour...

EXPORT NEWS.(Statistical Data Included)
September 30, 1998... * Canberra--The Australian Bureau of Agricultural and Resource Economics (ABARE) says standard returns on Australian wheat output are forecast to fall 13 per cent due to increasing competition and lower demand. ABARE said there was some risk...

Coal earnings likely to jump.
September 30, 1998... Canberra--The value of Australian coal exports is likely to rise 7.5 per cent in the 1998-99 fiscal year, courtesy of a lower Australian dollar, the Australian Bureau of Agricultural and Resource Economics (ABARE) says. The forecast...

THE CATEGORIES.
September 30, 1998... AusIndustry Emerging Exporter Award * For outstanding export achievement by an organisation in any industry sector which has been exporting manufactured goods or services for three years or less. Columbus Line Agribusiness Award *...

Judges for the 1998 Australian Export Awards.
September 30, 1998... Tough decisions: Judges for the export awards are (left to right) Peter Char/ton, Chairman, The Charlton Group; Ken Cowley, Director, News Corporation; Neville Cox; Head of Products, Banking & Financial Services, Commonwealth Bank; Anne Davies,...

The state of play.(Australia)
September 30, 1998... Following is a rundown of the activities being conducted by Australian states and territories for the 1998 Australian Export Awards AUSTRALIAN CAPITAL TERRITORY The Australian Capital Territory Region Export Awards, promoted by the ACT...

Transport projects a ray of hope.
September 30, 1998... Transport infrastructure projects are being reviewed throughout Asia as economies face a cash crisis. However, officials at a recent seminar for the Research Institute for Asia and the Pacific in Sydney highlighted areas of opportunity for...

HK tops poll.(Hong Kong)
September 30, 1998... * Sydney - A 1998 business travel survey conducted by Business Traveller Asia Pacific magazine has voted Hong Kong as the best city in the world for doing business. Hong Kong beat Singapore, London, New York and Sydney into second, third,...

Rail developments aid jobs, investors.
September 30, 1998... Major rail projects in the Philippines and Hong Kong are expected to create thousands of jobs and open the way for foreign companies to pick up lucrative contracts. In Manila, a Filipino consortium building an ambitious US$655 million...

ON THE PULSE.(Asia financial crisis)
September 30, 1998... Asia: It's a worry, say business leaders * Sydney - Indonesia, Japan and South Korea are the countries of greatest concern among Australian business leaders who are dealing with the effects of the Asian financial crisis, according to a new...

Hong Kong: Why we intervened.
September 30, 1998... Intervention by Hong Kong in its stock and futures markets has drawn criticism internationally and internally. The response has been mixed to the decision by Hong Kong's Financial Secretary Mr Donald Tsang to intervene in the stock and...

Forget China's doomsayers.
September 30, 1998... In the second of our Asia Watch forecasts, Professor Edward Chen(*), president of the Lingnan College in Hong Kong, argues that China's economic prospects are bright. He debates seven "risk" factors that Western critics use to criticise China....