AsiaPulse News articles from May 2001

AsiaPulse News archives from May 2001

OPEN - ASIA PULSE INTERNATIONAL - MAY 1, 2001.
May 1, 2001... Good Morning. This is the Asia Pulse International service of business intelligence, news, tenders and expert commentary on the economies of Asia provided by Asia Pulse Pte Ltd (Asia Pulse). Asia Pulse reserves all rights including...

FOREX - AUSTRALIAN DOLLAR OPENS HIGHER - MAY 1, 2001.
May 1, 2001... SYDNEY, May 1 Asia Pulse - The Australian dollar has opened higher, after reports of a suffering manufacturing sector hurt the US dollar overnight. By 0700 AEST the Australian dollar had leapt to $US0.5130/35, from 0.5076/81 at the close...

AUSTRALIAN NEWSPAPER HIGHLIGHTS - MAY 1, 2001.
May 1, 2001... SYDNEY, May 1 Asia Pulse - Highlights of today's newspapers: THE DAILY TELEGRAPH: - A pair of dingoes stalked and fatally mauled a nine-year-old boy and savaged his brother yesterday on Queensland's Fraser Island. - The Government...

INDIA'S MTNL, WORLDTEL TIE UP TO OFFER TELECOM SERVICE IN BANGLADESH.
May 1, 2001... $all $in $tel $net $bd $jtv NEW DELHI, May 1 Asia Pulse - State-owned telecom service provider Mahanagar Telephone Nigam (MTNL) has tied up with WorldTel to offer basic telecom services in Bangladesh as part of the corporation's proposed...

INDIAN FOOTWEAR INSTITUTE FDDI AWARDED ISO 17025 ACCREDITATION.
May 1, 2001... NEW DELHI, May 1 Asia Pulse - Germany-based leather research institute PFI today awarded ISO 17025 accreditation to Footwear Design and Development Institute (FDDI) at Noida for providing reliable testing facilities to check the presence of...

INDIA CONCERNED AT FALLING DEVELOPMENT AID, NON-TRADE BARRIERS.
May 1, 2001... WASHINGTON, May 1 Asia Pulse - Articulating developing nations' concerns yesterday, India cautioned against falling development assistance, especially in the fast globalising world, and denial of market access by continued practice of non-trade...

P-CUBE FIRST TO DELIVER IP SERVICE ENGINEERING, EMPOWERING SVC PROVIDERS.
May 1, 2001... $all $anr $us $net $com (Full text of a statement. Contact details below.) SUNNYVALE, Calif., April 30 /PRNewswire-AsiaNet/ -- P-Cube Inc., an industry innovator defining IP Service Engineering -- a new approach to broadband networking...

AUSTRALIAN-JAPANESE TRADE CONFERENCE FOCUSES ON IMPROVING TIES.
May 1, 2001... SYDNEY, May 1 Asia Pulse - A conference focusing on trade relations between Australia and Japan wound up in Sydney today, delivering recommendations on economic, regional security and cultural issues to improve ties. It follows reports by...

UN/CEFACT APPOINTS INDIAN REPRESENTATIVE AS 'RAPPORTEUR FOR ASIA'.
May 1, 2001... NEW DELHI, May 1 Asia Pulse - Geneva-based United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT) has selected T A Khan, an Indian government official, as its Rapporteur for Asia' for three years. Khan, a senior...

AUSTRALIA'S NOVUS EXPECTS STRONG H1 PROFIT DESPITE REVENUE SLUMP.
May 1, 2001... PERTH, May 1 Asia Pulse - Oil and gas group Novus Petroleum Ltd (ASX:NVS) is expecting to post a strong first half profit despite revenue slumping $A9.6 million ($US4.89 million) in the March quarter compared to the previous three-month period....

INDIAN PARLIAMENTARY PANEL URGES CUT TO 16 PCT GARMENT EXCISE.
May 1, 2001... NEW DELHI, May 1 Asia Pulse - A parliamentary panel has asked the Indian government to reduce the 16 per cent excise duty on branded ready-made garments "substantially", saying that the move would affect export competitiveness. "This...

US POSITIVE ON FREE TRADE PROPOSAL: AUSTRALIAN TREASURER.
May 1, 2001... WASHINGTON, May 1 Asia Pulse - The US government has reacted favourably to Australia's proposal to free-up trade barriers between the two countries, treasurer Peter Costello said. Mr Costello said the proposed free trade agreement was...

IRAN TO MERGE OIL AND ENERGY MINISTRIES.
May 1, 2001... TEHRAN, May 1 Asia Pulse - More than 50 MP's have approved a bill on the merger of the Ministry of Oil with the Ministry of Energy and consolidation of the Ministry of Labor' with the Ministry of Cooperatives, a press report said Monday. ...

INDIA TO SPEED CLEARANCE OF OVERSEAS INVESTMENT FOR PUBLIC COS.
May 1, 2001... NEW DELHI, May 1 Asia Pulse - The Indian government will initiate measures to improve financing of exports and evolve a fast-track clearance system of overseas investment for public sector companies to boost trade and investment from India, the...

PAKISTAN ASSURED OF $700 MLN WORLD BANK CREDIT.
May 1, 2001... ISLAMABAD, May 1 Pakistan has won assurance of a US$700 million credit from the World Bank for the current year that will be additional to drought relief pledge by the bank. This was revealed after a meeting between Federal Finance Minister...

PIA, CATHAY PACIFIC RENEW AIRCRAFT LEASE AGREEMENT.
May 1, 2001... ISLAMABAD, May 1 Asia Pulse - Pakistan International Airlines (PIA) has signed an agreement for the renewal of a lease contract for five aircraft from Cathay Pacific. PIA will save more than Rs300 million (US$4.97 million) yearly in maintenance...

WORLD BANK LENDS SUPPORT TO PAKISTAN'S US$45 MLN HYDROPOWER PLAN.
May 1, 2001... ISLAMABAD, May 1 Asia Pulse - The World Bank is willing to support Pakistan's US$45 billion Water Resources and Hydropower Development programme "Vision-2025." "The World Bank has indicated its willingness to support Wapda's vision-2025...

CEBU'S TOURIST ARRIVALS UP SLIGHTLY IN JAN-FEB 2001.
May 1, 2001... CEBU CITY, May 1 Asia Pulse - Tourist arrivals in Cebu grew slightly during the first two months of the year 2001, according to data from the Department of Tourism (DOT) regional office. Total arrivals grew by 12.18 percent, from 132,160 in...

PHILIPPINES PLDT CUTS LONG-DISTANCE DIRECT-DIAL RATES.
May 1, 2001... MANILA, May 1 Asia Pulse - Dominant Philippine Long Distance Telephone Company (PLDT) said Monday it will be making substantial reductions to its national long distance direct dial (NDD) rates dropping them to just P3.00 per minute starting May...

M1 ANTI-GLOBALISATION PROTESTORS GATHER AT AUSTRALIAN BOURSES.
May 1, 2001... SYDNEY, May 1 Asia Pulse - Protestors have gathered outside stock exchanges throughout Australia in a nationwide M1 anti-globalisation protest. About 20 protesters were standing in the early morning dark outside Sydney's Stock Exchange...

TOYOTA AUSTRALIA TO SUPPLY 600 VEHICLES TO AUSTRALIAN DEFENCE.
May 1, 2001... ADELAIDE, May 1 Asia Pulse - Toyota Australia will supply 600 vehicles to Australia's defence department this year after winning the right to supply more than 80 per cent of its light commercial vehicles. The company said defence officials...

PHILIPPINES' VALUE OF PRODUCTION INDEX UP BY 6 PCT IN MARCH: NSO.
May 1, 2001... MANILA, May 1 Asia Pulse - The value of production index (VaPI) of the manufacturing sector rose by six per cent to 585.3 in February from last year's 552.2. Government data show this was mainly due to increases in 14 out of 16 major...

STOCKS - AUSTRALIAN SHARES OPEN STEADY - MAY 1, 2001.
May 1, 2001... SYDNEY, May 1 Asia Pulse - The Australian stock market opened virtually steady today as investors ignored a fall on Wall Street overnight, looking instead to today's Reserve Bank of Australia board meeting. Stocks opened marginally higher...

PAKISTAN PRIVATIZATION PLAN FAILS TO ATTRACT INVESTORS.
May 1, 2001... KARACHI, May 1 Asia Pulse - A privatization programme unveiled in August last year has failed to attract investors and its success has remained confined to two small transactions. And the latest schedule has assigned a ten-month period...

TAIWAN'S AUTOMAKERS SEEK GOVERNMENT ASSISTANCE.
May 1, 2001... TAIPEI, May 1 Asia Pulse - Taiwan's automobile manufacturers asked the Ministry of Economic Affairs (MOEA) Monday to provide effective assistance for them to tide over the pressing difficulties their industry is now facing. They presented...

TAIWAN GOVERNMENT WILL IMPROVE EMPLOYMENT PROSPECTS: PREMIER.
May 1, 2001... TAIPEI, May 1 Asia Pulse - Taiwan Premier Chang Chun-hsiung said Monday that the government will take effective steps to increase local work opportunities. He made the remarks at a ceremony held under the sponsorship of the Council of...

TAIWAN, KOREAN LAWMAKERS TO PROMOTE RESUMPTION OF DIRECT AIR LINK.
May 1, 2001... SEOUL, May 1 Asia Pulse - A group of lawmakers from Taiwan and South Korea agreed Monday to call on their respective governments to resume direct Taipei-Seoul air links for the good of bilateral trade and tourism. The five-member Taiwan...

NO QUICK CURE FOR TAIWAN'S AILING ECONOMY: ECONOMICS MINISTER.
May 1, 2001... TAIPEI, May 1 Asia Pulse - Minister of Economic Affairs Lin Hsin-yi said Monday he has no ready answer for the problems facing the island's economy. Lin made the comment after being bombarded with questions from lawmakers at the...

FOREIGN BUYERS ON THE INCREASE AT TAIPEI ELECTRONICS SHOW.
May 1, 2001... TAIPEI, May 1 Asia Pulse - China External Trade Development Council (CETRA) officials noted Monday that the number of foreign buyers attending the five-day Taipei International Electronics Spring Show has increased over previous years. ...

TAIWAN LABOR AND TRADE UNIONS TO LAUNCH LARGEST-EVER RALLY MAY 1.
May 1, 2001... TAIPEI, May 1 Asia Pulse - Two leading domestic labor and trade union groups are scheduled to launch the largest-ever Labor Day rally in Taiwan today, taking the plight of local workers to the streets, labor sources said Monday. More than...

ANACONDA REPORTS W. AUSTRALIAN OPERATIONS REACH 70 PCT CAPACITY.
May 1, 2001... SYDNEY, May 1 Asia Pulse - Production from Anaconda Nickel Ltd's (ASX:ANL) its Murrin Murrin operation in Western Australia reached 70 per cent of design capacity in the March quarter, the company said today. Anaconda said production for...

PHILIPPINE SHIPPING FIRMS MUST EVOLVE TO COPE WITH GLOBALISATION.
May 1, 2001... CEBU CITY, May 1 Asia Pulse - Domestic shipping firms need to institute internal changes to prepare for the challenges brought about by globalization, according to a shipping executive. "We are entering globalization. We are now down to two...

MAN GROUP ACQUIRES AUSTRALIAN BROKERAGE FIRM ORD MINNETT.
May 1, 2001... SYDNEY, May 1 Asia Pulse - Ord Minnett Jardine Fleming Futures Ltd, one of Australia's largest futures broking firms, has been acquired by the Man Group plc. "The acquisition by Man provides the perfect platform for us to expand our...

SHERRITT INTERNATIONAL POSTS NET EARNINGS OF $22.3 MLN.
May 1, 2001... (Full text of this release can be found at http://www.asianet.com.au) TORONTO, April 30 /CNW-AsiaNet/ - Sherritt International Corporation today announced net earnings of $22.3 million or $0.23 per restricted voting share (share) for the...

AUSTRALIAN GOVT PLANS TO KEEP BUDGET IN THE BLACK: TREASURER.
May 1, 2001... WASHINGTON, May 1 Asia Pulse - Australian treasurer Peter Costello said that the Australian government's strategy remained to deliver a federal budget that was in the black. "We have now delivered four surplus budgets and we want to...

AUSTRALIA'S HAMILTON ISLAND POSTS 7% FALL IN 9-MONTH PROFIT.
May 1, 2001... BRISBANE, May 1 Asia Pulse - Hamilton Island Ltd (ASX:HAM), a resort operator in Queensland's Whitsunday islands, has posted an after tax operating profit of $A8.8 million ($US4.48 million) for the nine months to March 31, 2001, a seven per...

PHILIPPINE PRESIDENT RELEASES FURTHER US$5.4 MLN UNDER ACEF.
May 1, 2001... MANILA, May 1 Asia Pulse - President Gloria Macapagal-Arroyo today ordered the release of an initial P278 million (US$5.4 million) under the P600-million Agricultural Competitiveness Enhancement Fund (ACEF) to finance the purchase of tractors...

INDONESIAN HOUSE ISSUES SECOND MEMORANDUM TO PRESIDENT WAHID.
May 1, 2001... JAKARTA, May 1 Asia Pulse - The House of Representatives (DPR) has issued a second memorandum of censure to Indonesia's President Abdurrahman Wahid due to his negligence over the first memorandum issued on February 1, 2001. The final draft...

SUGAR PRICE FALLS IN PAKISTAN.
May 1, 2001... KARACHI, May 1 Asia Pulse - A slump in the domestic market has pushed down prices of white refined crystal sugar by Rs4,000 (US$65.57) per tonne during the week. The main factors behind the current declining trend in the market were the...

BOUNCING CHECKS ON THE INCREASE IN TAIWAN: CENTRAL BANK.
May 1, 2001... TAIPEI, May 1 Asia Pulse - The number of returned checks due to insufficient funds reached 0.52 percent of all checks drawn in March, with their value accounting for some 0.42 percent of the value of all checks during the same month, according...

INDONESIA'S IBRA SET TO ANNOUNCE BANK MERGER ARRANGEMENTS.
May 1, 2001... JAKARTA, May 1 Asia Pulse - The Indonesian Bank Restructuring Agency (IBRA) will soon announce arrangements for bank mergers it is considering as part of its efforts to empower the country's ailing banking sector. "The bank-merger...

TAIWAN TO INSTALL ELECTRONIC TOLL STATIONS ON FREEWAYS.
May 1, 2001... TAIPEI, May 1 Asia Pulse - Officials of the Ministry of Transportation and Communication (MOTC) signed an agreement with Chunghwa Telecom Monday to install electronic toll stations on Taiwan's freeways. MOTC officials announced that the...

INDONESIA PLANS TO PROPOSE QUOTA SYSTEM AT WORLD COFFEE MEETING.
May 1, 2001... BANDAR LAMPUNG, May 1 Asia Pulse - Indonesia will propose the adoption of a production quota system at a meeting of world coffee producers in London next month in a bid to improve the world's coffee prices. Nuril Hakim, deputy chairman of...

MEDICAL IMAGING AUSTRLASIA ACQUIRES 75 PCT OF UK-BASED LODESTONE.
May 1, 2001... SYDNEY, May 1 Asia Pulse - Medial Imaging Australasia Ltd (MIA) (ASX:MIA) has completed its 75 per cent acquisition of UK based Lodestone Patient Care Ltd, the company said today. Consideration was Stg10.3 million (US$14.9 million) cash and...

MALAYSIA'S APL INDUSTRIES TO DISPOSE OF VICTORY PACKAGING.
May 1, 2001... KUALA LUMPUR, May 1 Asia Pulse - Glovemaker APL Industries Berhad (KLSE:APLI) has announced that its wholly-owned subsidiary, Red Box (Malaysia) Sdn Bhd (KLSE:REDB), entered into a Sale and Purchase Agreement with Kotak Malaysia Holdings Sdn...

PHILIPPINES PESCANOVA EYES COLD STORAGE FACILITY IN FREEPORT.
May 1, 2001... SUBIC BAY FREEPORT, May 1 Asia Pulse - The Freeport will soon become a very important factor in developing the country's capa- bility to contribute to the growing global demand for fresh food products. Pescanova Inc., Filipino-owned...

PRIME MINISTER KOIZUMI CAUTIOUS ABOUT HIS SKY-HIGH POPULARITY.
May 1, 2001... TOKYO, May 1 Asia Pulse - Newly elected Prime Minister Junichiro Koizumi is taking his current widespread public support with a grain of salt. "I am truly pleased, but it won't go any higher than this, so from here on it will only fall,"...

JAPANESE STEEL EXPORTS DROP 4.1% IN FY2000.
May 1, 2001... TOKYO, May 1 Asia Pulse - Steel exports fell 4.1 per cent on the year to 28.43 million tons for fiscal 2000, the first year-on-year decline in four years, the Japan Iron and Steel Federation reported Friday. The drop is attributed largely...

JAPANESE MORNING NEWSPAPER HIGHLIGHTS - MAY 1, 2001.
May 1, 2001... TOKYO, May 1 Asia Pulse - Highlights of the morning edition of the Nihon Keizai Shimbun (Nikkei) today: - Govt Panel To Propose Bolstering Service Sector To Create 5mn Jobs - IYBank To Offer Free ATM Use At Weekends, Holidays -...

JAPAN'S ORIX POSTS RECORD NET PROFIT ON MEASURING TOOLS, AUTOS.
May 1, 2001... TOKYO, May 1 Asia Pulse - Top general Leasing firm Orix Corp. (TSE:8591) said Friday it notched its fourth straight year of record group net profit for the term ended March, posting an 11 per cent increase to 34.2 billion yen (US$276.84...

HONDA PROJECTS 5 PCT RISE IN JAPANESE, U.S. SALES IN FY01.
May 1, 2001... TOKYO, May 1 Asia Pulse - Honda Motor Co. (TSE:7267) expects its global auto sales will rise 5 per cent to 2.71 million units in the year through March 2002, the automaker said Friday. In particular, domestic sales are likely to grow 7 per cent...

BOJ GOV HAYAMI PLANS TO RESIGN; FUKUI POSSIBLE SUCCESSOR.
May 1, 2001... TOKYO, May 1 Asia Pulse - Bank of Japan Governor Masaru Hayami has decided to resign as early as this May, well ahead of the expiration of his term in March 2003, The Nihon Keizai Shimbun learned Friday. Toshihiko Fukui, a former deputy...

JAPAN'S NOMURA SEC TO SET UP UNIT TO PREPARE FOR HOLDING COMPANY.
May 1, 2001... TOKYO, May 1 Asia Pulse - Nomura Securities Co. (TSE:8604), planning to convert to a holding company structure in October, announced Friday it will set up in early May a subsidiary to which it will transfer its current operations by taking...

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May 1, 2001... TOKYO, May 1 Asia Pulse - The nation's five major electronics manufacturers plan to reduce group capital spending by 10.4% on the year to a combined 1.77 trillion yen (US$14.3 billion) this fiscal year. Most of the reduction will come from...

JAPAN'S HONDA EXPECTS GROUP NET PROFIT TO SURGE 36 PCT.
May 1, 2001... TOKYO, May 1 Asia Pulse - Honda Motor Co. (7267) said Friday that it expects consolidated net profit to surge 36 per cent from a year earlier to 315 billion yen (US$2.56 billion) in the year through March 2002, showing a strong turnaround from...

JAPAN'S 5 ELECTRONICS MAJORS TO CUT CAPITAL SPENDING BY 10.4%.
May 1, 2001... TOKYO, May 1 Asia Pulse - The nation's five major electronics manufacturers plan to reduce group capital spending by 10.4% on the year to a combined 1.77 trillion yen (US$14.3 billion) this fiscal year. Most of the reduction will come from...

JAPAN'S DAIWA BANK STEPS UP RESTRUCTURING EFFORTS.
May 1, 2001... TOKYO, May 1 Asia Pulse - Daiwa Bank (TSE:8319) has announced new plans released Friday that it will expand the scope and pace of its restructuring efforts. In the next two years, the bank will trim its work force by a total of about 1,000...

JAPAN'S BROKERAGES SEE PROFITS DROP IN FY 2000.
May 1, 2001... TOKYO, May 1 Asia Pulse - The nation's 20 listed brokerages, which in fiscal 1999 racked up their highest profits since the end of the bubble economy, saw their pretax profits drop in fiscal 2000 due to a shrinking investment appetite and lower...

NIKKEI WEEKLY HIGHLIGHTS - MAY 1, 2001.
May 1, 2001... TOKYO, May 1 Asia Pulse - Major headlines from the May 1 issue of the Nikkei Weekly: FRONT: - New prime minister faces race against time - Koizumi ruffles old-line feathers - Hayami thought to be on verge of resigning as BOJ...

INDONESIAN NEWSPAPER HIGHLIGHTS - MAY 1, 2001.
May 1, 2001... JAKARTA, May 1 Asia Pulse - Highlights of today's newspapers: THE JAKARTA POST - The House of Representatives voted overwhelmingly on Monday to issue a second memorandum of censure against President Wahid, bringing him closer to the...

JAPANESE GOVT TO TELL MINISTRIES TO STEP UP PLANS TO GO ONLINE.
May 1, 2001... TOKYO, May 1 Asia Pulse - The Ministry of Public Management, Home Affairs, Posts and Telecommunications intends to urge all government ministries and agencies to put more of their administrative business online by fiscal 2002. The plans...

JAPAN'S SOGO KEIBI TO BEGIN ELECTRONIC CERTIFICATION SERVICE IN JULY.
May 1, 2001... TOKYO, May 1 Asia Pulse - Sogo Keibi Hosho Co. plans in July to begin offering an electronic certification service that will issue online identification. The security company has joined forces with Baltimore Technologies Japan Co., which...

JAPAN'S 5 ELECTRICAL MACHINERY MAKERS POST HIGHER OP PROFITS.
May 1, 2001... TOKYO, May 1 Asia Pulse - Five major electrical machinery manufacturers all chalked up stronger group operating profits in the term ended March 31, on robust sales of personal computers/cell phones and favorable microchip prices. Hitachi...

JAPANESE MINISTRY TO EXAMINE ENERGY-SAVING EFFORTS AT LARGE PLANTS.
May 1, 2001... $all $jp $enr utl $pol TOKYO, May 1 Asia Pulse - The Ministry of Economy, Trade and Industry (METI) plans to conduct a survey to assess energy conservation efforts at large-scale plants, and will issue administrative directives to...

TAIWAN, U.S. SHARE COMMON INTEREST IN ASIA-PACIFIC PEACE: MOFA.
May 1, 2001... TAIPEI, May 1 Asia Pulse - The Ministry of Foreign Affairs (MOFA) said Monday that peace in the Taiwan Strait is not only crucial to the Taiwan's well-being but also complies with its common interests with the United States. MOFA...

JAPAN'S KOIZUMI TO STRESS STRUCTURAL REFORM IN POLICY SPEECH.
May 1, 2001... TOKYO, May 1 Asia Pulse - Prime Minister Junichiro Koizumi plans to propose structural economic reforms that will spare no sector in his May 7 policy speech, government sources said. Koizumi will announce his intentions to have banks...

POLITICAL COMPROMISE BETWEEN WAHID, HOUSE STILL POSSIBLE: SPEAKER.
May 1, 2001... JAKARTA, May 1 Asia Pulse - General chairman of Golkar Party Akbar Tandjung said political compromise between President Abdurrahman Wahid and the House of Representatives (DPR) is still possible despite the issuance of the latter's second...

PAKISTAN-SRI LANKA COUNCIL TO DISCUSS TWO-WAY TRADE IN MAY MEETING.
May 1, 2001... KARACHI, May 1 Asia Pulse - The 8th meeting of the Pakistan-Sri Lanka Joint Council to promote two-way trade between the two countries would be held in Islamabad early next month as the Sri Lankan minister for commerce and finance is scheduled...

PAPER LOSSES ON SECURITIES HLDGS HIT $621 MLN AT 16 JAPAN BANKS.
May 1, 2001... TOKYO, May 1 Asia Pulse - Aggregate unrealized losses on securities holdings at 16 major banks came to 77 billion yen (US$621 million) in the fiscal year ended March 31, according to data released through Friday. The banks had 7.4 trillion...

INDIA TENDER - CONSTRUCTION WORKS, HARYANA.
May 1, 2001... *** ASIA PULSE TENDER *** GOVERNMENT OF HARYANA W.R.C. PROJECT INVITATIONS FOR BIDS (IFB) NATIONAL COMPETITIVE BIDDING 1. The Government of India has received a credit from the International Development Association toward...

HONG KONG SIGNS AIR SERVICES AGREEMENT WITH ESTONIA.
May 1, 2001... HONG KONG, May 1 Asia Pulse - Secretary for Economic Services Sandra Lee Monday signed an air services agreement with the Government of the Republic of Estonia on behalf of the Government of the Hong Kong Special Administrative Region. ...

INDONESIA'S FSPC APPROVES RESTRUCTURING OF $93.07 MLN IN DEBT.
May 1, 2001... JAKARTA, May 1 Asia Pulse - Indonesia's Financial Sector Policy Committee (FSPC) has approved the restructuring of US$93.07 million worth of debt owed by PT Sumatera Timber Utama Damai and PT Pasific Granitama thorugh the Jakarta Initiative...

ESSO MALAYSIA BHD REPORTS REVENUE OF US$1.01 BLN IN 2000.
May 1, 2001... KUALA LUMPUR, May 1 Asia Pulse - Esso Malaysia Bhd (KLSE:ESSO) recorded revenue in 2000 of RM3.8 billion (US$1.01 billion), an increase of 54 per cent over the previous year's revenue of RM2,489 million. The 2000 performance was mainly a...

SINGAPORE'S HUA KOK ACQUIRES 20% STAKE IN ALLGLASS INVESTMENTS.
May 1, 2001... SINGAPORE, May 1 Asia Pulse - Hua Kok International Ltd has acquired Multi Marine Resources Pte Ltd's (MMR) 20 per cent equity interest in investment holdings company Allglass Investments Pte Ltd (AGI). As of December 31 2000, AGI has an...

SINGAPORE'S STRATECH SECURES PATENT FOR WEAPONS TRAINING SYSTEM.
May 1, 2001... SINGAPORE, May 1 Asia Pulse - Singapore-listed Stratech Systems has been granted a local and overseas patent for Super BullsEye, a fully-automatic, 3-D computer vision-based weapons scoring system. Super BullsEye was first developed in 1996...

AUSTRALIA'S BRL HARDY REPORTS RECORD WINE GRAPE CRUSH.
May 1, 2001... ADELAIDE, May 1 Asia Pulse - BRL Hardy Ltd (ASX:BRL) said it has experienced a record wine grape crush in South Australia's Riverland district. The company said the 2001 Riverland vintage produced a crush of 140,000 tonnes, an increase of...

HONG KONG GOVT POSTS US$7.8 BLN DEFICIT FOR 2000/01 FISCAL YEAR.
May 1, 2001... HONG KONG, May 1 Asia Pulse - The Hong Kong government has posted a deficit of US$7.8 billion in its provisional financial results for the year ended March 31, 2001. Expenditure for the year ended March 31, 2001 amounted to US$232.8...

HONG KONG MONETARY AUTHORITY BUYS PERMANENT OFFICE SPACE.
May 1, 2001... HONG KONG, May 1 Asia Pulse - The Hong Kong Monetary Authority (HKMA) will be moving to new accomodation with the off-the-plan purchase of 14 floors in a new building. Financial Secretary, the Hon. Donald Tsang, signed a Memorandum of...

CHINA'S HUBEI TELECOM SUBSIDIARY SIGNS DEAL WITH PORTAL SOFTWARE.
May 1, 2001... LOS ANGELES, May 1 Asia Pulse - China Telecom's subsidiary, Hubei Telecom, has selected Portal Software's infranet customer management and billing platform in its 163/169 merger and expansion project. This announcement underscores Portal...

S&P LOWERS RATING ON ASIA PULP & PAPER US$500 MLN NOTES.
May 1, 2001... JAKARTA, May 1 Asia Pulse - Standard & Poor's today lowered its rating on the US$500 million convertible notes due April 30, 2003, issued by APP Finance (VII) Mauritius Ltd. and guaranteed by Asia Pulp & Paper Co. Ltd. (APP), to 'D' from 'CC'....

REDIFF.COM COMPLETES ACQUISITION OF INDIA ABROAD PUBLICATIONS.
May 1, 2001... MUMBAI, May 1 Asia Pulse - Rediff.com India Ltd has acquired more than 95 per cent of the outstanding voting shares of India Abroad Publications, a privately held, New-York based company. India Abroad publishes a weekly newspaper that...

NATIONAL AUSTRALIA BANK INCUBATION UNIT BUYS 21% IN FARM STARTUP.
May 1, 2001... SYDNEY, May 1 Asia Pulse - O2-e Ltd, a subsidiary of the National Australia Bank Ltd (ASX:NAB), said it plans to invest $A10 million ($US5.1 million) in rural internet company The Farmshed Ventures Pty Ltd. NAB's new economy business...

MALAYSIA'S WHITE HORSE CERAMIC INDUSTRIES ACQUIRES SHARES IN PHILIPPINE CO.
May 1, 2001... KUALA LUMPUR, May 1 Asia Pulse - White Horse Ceramic Industries Sdn. Bhd., a subsidiary of White Horse Berhad, has acquired 39,999,995 shares at a par value of PHP1.00 each, of White Horse Ceramic (Phil.) Inc. White Horse Ceramic...

SINGAPORE'S CIRCUITS PLUS, FHI TO SET UP JV WITH CHINA'S JU LI.
May 1, 2001... SINGAPORE, May 1 Asia Pulse - Circuits Plus (Asiatic) Pte Ltd (CPAPL), a wholly-owned subsidiary of Singapore's Circuits Plus Holdings, has agreed to set up a joint venture with China's Wei Fang Ju Li Mechanical Plant (Ju Li) and local firm...