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| June 29, 2002 | atimes.com | ||
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Business Briefs 
Business in Asia Today Economics Banking/Finance Information Technology Telecommunications Infrastructure Energy Autos Aviation EconomicsRAWALPINDI - Federal Minister for Commerce, Industries and Production, Abdul Razak Dawood has expressed confidence Pakistan will achieve its Rs 9 billion (US$150 million) export target by the end of June this year. Dawood said the government was optimistic about reaching the annual export target as a result of a significant boost in export of commodities such as rice textiles and leather goods. IDB offers loan to East Java business sector SURABAYA - The Islamic Development Bank (IDB) has set aside US$500 million in funding for the business sector in East Java, a report said Friday. Erlangga Satriagung, chairman of the East Java chamber of commerce said that East Java will be the first province in the country to receive IDB funding in the 2001-2 fiscal year. Korea's account surplus reaches $1.05bn ... SEOUL - Korea's current account surplus reached US$1.05 billion, according to the provisional tally released by the Bank of Korea Friday. The aggregate surplus from January through May came to US$2.75 billion. ... may allow won's further appreciation ... SEOUL - Korean Deputy Prime Minister Jeon Yun-churl said Friday that the rising value of the Korean won has a positive impact on the local economy, hinting at the possibility that the Seoul government will tolerate its further appreciation. "It is true that the rising value of the Korean won has a positive impact, although it deals a blow to the country's export industry," Jeon said. ... consumer prices fall ... SEOUL - Monthly consumer prices fell for the first time in June since November last year, owing to declining prices for agricultural and fisheries products and cuts in the land to mobile (LM) telecommunications charges. Consumer prices dropped 0.1 percentage point month-on-month in June, lowering the inflation rate to 2.6 percent year-on-year in June from 3.0 percent in May. ... industrial output grows SEOUL - South Korea's industrial output grew 7.7 percent year-on-year in May buttressed by rising production of automobiles, semiconductors and machinery, marking the third consecutive month of growth, the National Statistical Office (NSO) said Friday. Investment in plants and equipment also rose 5.1 percent. BoK calls for productivity in service sector SEOUL - The Bank of Korea said raising productivity in the service sector would be a key factor in long-term growth of the economy down the road. The central bank said domestic demand would be an important factor in leading economic growth in the future, although exports currently take up a heavy load, accounting for 42.9 per cent of GDP growth, compared to 11.2 percent for the US, 10.8 percent for Japan and 33.4 percent for Germany. Japan's unemployment at 5.4% ... TOKYO - The unemployment rate for May increased 0.2 percentage point from April to 5.4 percent on a seasonally adjusted basis, the Public Management Ministry announced Friday. The number of jobless increased for the 14th month in a row to 3.75 million. Job cuts, previously seen mostly among male permanent employees, are spreading among women, with the jobless rate for women hitting a record 5.3 percent. ... household spending dips 0.4% ... TOKYO - Households headed by a wage-earner spent 0.4 percent less year on year in May in real terms at an average outlay of 313,762 yen, according to figures released Friday by the Ministry of Public Management. The decline, which was the first fall in two months, is attributed to decreased spending on utilities and transport and communications. ... all-industry capital investment to fall 3% TOKYO - Capital investment in fiscal 2002 is expected to fall three percent from the last fiscal year on an all-industry basis, declining for the second straight year, according to results of a survey conducted in late March released Thursday by the Ministry of Economy, Trade and Industry. Both manufacturers and nonmanufacturers revised capital investment plans for the current fiscal year downward from the previous survey taken in October. Vietnam's June consumer index up 0.1% HANOI - With the consumer price index (CPI) edging up 0.1 percent in June compared to the previous month, Vietnam is well on its way to achieving a desirable rate of inflation, reversing the deflationary trend of the two previous years. Prices climbed 2.9 percent in the first six months, whereas they fell one percent in the first half of 2000, and 0.7 percent in the same period in 2001; analysts say inflation may overshoot the target of 3-4 percent for 2002. China restarts program in Mekong sub-region KUNMING - After a five-year break because of the Asian financial crisis, China and its neighbors have restarted their multinational program in the Greater Mekong Sub-region (GMS). At the port of Guanlei in southwest China's Yunnan Province, bordering China, Myanmar and Thailand, a dozen Chinese workers are busy loading garlic on to ships anchored in the Lancang River. They will take it to Thailand, where garlic is uncommon. China's Shenzhen sets up forex market SHENZHEN - Shenzhen has joined Shanghai and Beijing in providing services in foreign currency lending and borrowing, according to a contract signed with the China Foreign Exchange Trading Center. Signing the contract were 11 Sino-foreign funded financial institutions in Shenzhen. This signifies that a unified foreign currency borrowing and lending market has taken shape.
Banking/FinanceHANOI - The State Bank of Vietnam is desperate to break the stranglehold cash has on economic transactions, and is spending US$13 million to prove it. The central bank is heading up a World Bank-funded project to bolster inter-bank payments, a tool it hopes will satisfy the growing demand for electronic transactions. Banks invest in HCMC hotel project HANOI - A consortium of five domestic banks has put the seal on a US$22.5 million loan deal which will see work on the stalled Park Hyatt Sai Gon hotel in downtown HCM City restarted. The project director Nguyen Vinh Tran told Vietnam News Agency that work will get underway in October, and is expected to be completed by June 2004. AXA & CBA admit exposure to Worldcom MELBOURNE - AXA Asia Pacific Holdings Ltd and Commonwealth Bank of Australia Ltd (CBA) (ASX:CBA) have added their names to the list of companies exposed to the WorldCom Inc accounting scandal. AXA said it was facing a A$13 million (US$7.28 million) loss from its exposure to WorldCom, which revealed it had inflated its financial results by US$3.8 billion (A$6.78 billion). Bank of Korea to set up Beijing office SEOUL - The Bank of Korea (BOK) has agreed to set up a representative office in Beijing, with its Chinese counterpart, the People's Bank of China, the Korean central bank said Thursday. BOK sources said that Dai Xianglong, the Chinese central bank governor, pledged to BOK Governor Park Seung that he would positively support the establishment of BOK's Beijing office at their meeting on Monday. Three banks to bid for Seoul Bank SEOUL - Korea's Hana Bank (KSE:07360), Chohung Bank (KSE:00010), and Korea Exchange Bank (KSE:04940) are expected to take part in the bidding for Seoul Bank, industry sources say. A high Chohung Bank source wouldn't divulge if it had submitted a letter of intent by Thursday's deadline. He added, however, that there is no difference in the bank's earlier-stated position that it favors the acquisition. Korea to delay privatization SEOUL - The South Korean government said Friday it has decided to reschedule the planned privatization of state-held corporations and financial institutions to avoid negatively affecting local stock markets. At a meeting of the financial policy coordination committee, presided over by Vice Finance and Economy Minister Yoon Jin-shik, participants also agreed that relevant government agencies should closely check asset portfolios of the financial institutions which allegedly played a role in the recent plunge of the stock markets. China has new procedures for foreign institutions BEIJING - The People's Bank of China (PBOC) has announced procedures for administering representative offices of overseas financial institutions. A spokesman for the PBOC said that the new procedures have been designed to cater to the demands arising from China's opening to the outside world and its economic development, and to step up the administration of representative offices of overseas financial institutions in China. China's Eximbank issues $1.2bn in bonds BEIJING - The China Export and Import Bank (Eximbank) has successfully issued two-year financial bonds worth 10 billion yuan (US$1.2 billion) through public price bidding, with their price fixed at 96.24 yuan. A spokesman for the Eximbank said 49 underwriters participated in the bidding, with valid bids reaching 22.68 billion yuan, 2.3 times more than the value of those being issued. Minsheng Bank leads in Shanghai loans SHANGHAI - Minsheng Bank's Shanghai Branch has become a leading loan provider in Shanghai this year, according to the Shanghai Branch of the People's Bank of China, the central bank. By the end of May this year, the loans provided by the Shanghai Branch of Minsheng Bank had hit 18.15 billion yuan (US$2.19 billion), 6.22 billion yuan more than at the beginning of this year, accounting for 23.3 percent of the total provided by financial institutions in Shanghai in the corresponding period. China's Shenzhen sets up forex market SHENZHEN - Shenzhen has joined Shanghai and Beijing in providing services in foreign currency lending and borrowing, according to a contract signed with the China Foreign Exchange Trading Center. Signing the contract were 11 Sino-foreign funded financial institutions in Shenzhen. This signifies that a unified foreign currency borrowing and lending market has taken shape. Pudong Development to start offshore banking BEIJING - The Pudong Development Bank (SSX: 600000) has received approval from the Peoples' Bank of China to start operating an offshore banking business in Shanghai. Offshore banking business refers to activities of absorbing funds from non-residents and providing financial services to non-residents. Non-residents refer to overseas natural persons, legal persons, governmental institutions, international organizations and other economic entities, but not representative offices and offices overseas of domestic institutions. Instruments used in offshore banking are confined to freely convertible currencies. More Beijing ATMs read international cards BEIJING - Master Card International Inc will cooperate with the Beijing Branch of the Industrial and Commercial Bank of China in revamping 700 more ATMs in Beijing to make them capable of reading foreign bank cards. Feng Weiquan, general manager for the Greater China Region of the Master Card International Inc said that about 70-90 million foreigners travel in China each year and that is a good opportunity for collecting commissions from the use of bankcards. China has about 100,000 ATMs, of which only 7,000 can accept foreign bankcards. Chinese banks have to sit and see the opportunities slip by. Romanian support for India NEW DELHI - The Exim Bank and Commercial Bank of Romania have signed an agreement for a line of credit of US$10 million, to support Indian exports to Romania. The agreement was signed at the special session of the 8th Meeting of the India-Romania Joint Business Council and the 15th Session of India-Romanian Joint Commission meeting at Bucharest, the Federation of Indian Chambers of Commerce and Industry said. Indian banks to set up infrastructure fund NEW DELHI - By next month, Indian financial institutions LIC Housing Finance (BSE:LICH), GIC Housing Finance (BSE:GICH), State Bank of India (BSE:SBI) and ICICI Bank (BSE:ICBK) are expected to have completed setting up a Rs 10 billion (US$204.91 million) fund with several other banks to fund infrastructure projects. The Finance Ministry vetted the Industrial Development Finance Corporation's (BSE:IDFC) proposal. IDFC, which will serve as the fund's operating agency, circulated a concept paper in accordance with the discussions it had with LIC, GIC, SBI and ICICI Bank, who would be the major contributor to the Infrastructure Equity Fund (IEF) as announced in the budget. WorldCom rocks Japanese banks, insurers NEW YORK - The discovery of balance sheet window dressing by WorldCom Inc has sent shock waves through financial institutions across the world, including Japanese banks and insurance companies. Some major Japanese financial institutions were part of a syndicate of 28 banks that provided the US telecom carrier with a US$2.65 billion loan in May, and a number of insurance companies are stuck with the firm's corporate bonds.
Information TechnologyTAIPEI - NEC CORP (TSE:6701) plans to boost its procurement of computers and related products from Taiwan this year from 200 billion yen (US$1.67 billion) last year to 220 billion yen this year. The company will source more desktop computers, notebooks and motherboards from Taiwan, since rising production costs in Japan have made it more economical to seek supplies from original equipment manufacturers. One third of NEC's overseas purchases last year came from Taiwan, which is the company's leading source of supply. NTT must change in accordance with market TOKYO - Norio Wada, the new president of Japan's Nippon Telegraph and Telephone Corp (TSE:9432), said Thursday that he envisions reorganizing the NTT group by adapting it to changing market structures and new demand. "We need to approach the group's reorganization not as a matter of a simple framework but of how to adapt to changing market structures and demand trends," Wada said. Japan's chipmaking orders surge 48.9% TOKYO - Orders for Japanese-made semiconductor manufacturing equipment, including exports, soared 48.9 percent on the year in May to 112.05 billion yen (US$939.88 million), the third consecutive month of year-on-year growth, the Semiconductor Equipment Association of Japan reported Thursday. The year-on-year growth rate for May was up 28.5 percentage points from April, reflecting the fact that contractor semiconductor manufacturers, or foundries, in Taiwan switched to active investment. Pakistan, China sign MoU ISLAMABAD - Pakistan and China have signed a Memorandum of Understanding (MoU) on cooperation in the field of information technology, with particular emphasis on software development. Managing Director, Pakistan Software Export Board, Suhail Shahid and Zhan Yan, a senior executive of China ZGC Software Park, signed the document in Beijing on Wednesday. Electronic goods losing competitiveness SEOUL - Korean market share in products such as semiconductors, computers and white goods keep falling as China and other emerging economies are churning out cheap, competitive goods, the Korea Development Bank (KDB) said Thursday. The KDB recently released a survey to reveal how competitive the nation's 16 major industries are in the world market and their business forecasts. India's Infosys achieves CMMI level-5 BANGALORE - Information technology consulting and services company Infosys Technologies Limited (BSE:INFY) has become the first Indian software company to have both offshore and onsite operations assessed at CMMIntegrated (CMMI) Level-5. India to earn $50bn from software exports GANGTOK - India has the capability to earn $50 billion by exporting software by 2008, convenor of parliamentary committee on Information Technology K Asungba Sangtam said. Sangtam, who was leading an eight-member delegation of parliamentarians in Sikkim, said that with its huge potential, the North Eastern region can definitely "add" to the expected figure. Asia-Pacific continuity market seen at $2bn NEW DELHI - Driven by the need to be secure in uncertain times like war, the business continuity solutions in the Asia Pacific region would become a $1.5-2 billion market in the next 7 years from the the current $410 million, according to global consultant Frost & Sullivan. Out of this, India would account for a minuscule $30 million during the same period on a rough estimate, Aditya Sapru, director, India Operations, Frost & Sullivan said. Citrix, EMC extend partnership to Indian market NEW DELHI - US firms Citrix Systems Inc and EMC Corporation extended their partnership to the Indian market to provide business continuity solutions there. India's Parsec begins Philippine operations NEW DELHI - Call center solutions company Parsec Technologies has started operations in the Philippines, having won orders from two companies. The orders were won recently from PCSI, an outbound telemarketing call center, and Vertex, an inbound call center. India's TCS, CMC win Adnani port contract MUMBAI - Tata Consultancy Services and CMC (BSE:CMC) have jointly won the contract for integrated port management system from Adani Ports Ltd. The contract involves computerization of Adani Ports' bulk cargo needs for the Mundra port in Kutch district. China's Legend to break into mobile phones BEIJING - Legend Group Ltd, China's biggest computer company, debuted on the telecommunications market with the launch of its handset products in Beijing yesterday. The company said it intends to establish its position in the mobile telecom market within five years. Zhejiang selects AsiaInfo to build support system BEIJING - The Nasdaq-listed AsiaInfo Holdings, a provider of telecom network integration and software in China, has announced that Zhejiang Mobile, a provincial subsidiary of China Mobile, has selected Bonson Information Technology, a wholly-owned subsidiary of AsiaInfo, to provide an integrated business and operation support system (BOSS). Under the terms of the contract, Bonson will provide Zhejiang Mobile with an integrated software platform to optimize the provincial carrier's business processes, improve network efficiency and enhance customer satisfaction. The solution encompasses data collection, billing, accounting, settlement, comprehensive reporting, customer service and decision support system. Unisem proposes to issue Eurobonds KUALA LUMPUR - Unisem (M) Berhad plans to incorporate a special purpose company outside Malaysia (SPC) to issue up to US$150 million nominal value Eurobonds which will be guaranteed by Unisem, at an issue price to be determined at a later date. In a statement on behalf of Unisem, Commerce International Merchant Bankers Berhad (CIMB) said the proposed Eurobonds Issue will be offered by the SPC in the international capital markets outside Malaysia.
TelecommunicationsSEOUL - KT Corp, South Korea's largest telecom company, has decided to continue its information technology (IT) tours after the World Cup as foreign journalists and IT firms showed keen interest in them during the event, industry sources said Friday. KT and KTF invited foreign reporters here to cover the World Cup to experience Korea's IT business through displays and tours called "Cyber Kick-Off Korea IT Tour 2002" from June 3-24. A total of 144 journalists from 40 countries have already taken part. Korea to build quality Internet networks SEOUL - South Korea will invest about 80 billion won (US$66.4 million) by 2004 to improve Internet network quality and security. The Information and Communication Ministry unveiled Thursday the detailed plan to build high-quality Internet networks through the current ATM (asynchronous transmission mode) networks. India's MBT keeps options open for IPO NEW DELHI - Telcom maker Mahindra British Telecom (MBT) has kept its options open for an Initial Public Offer (IPO), Mahindra & Mahindra (BSE:MAHM) vice chairman and MD Anand Mahindra said. "We are ready [for the IPO]. We are right now waiting for a time when we think we can get a greater value from the market," he said. AXA to lose $7.28m from WorldCom SYDNEY - AXA Asia Pacific Holdings Ltd (ASX:AXA) stands to lose about A$13 million (US$7.28 million) as a result of its exposure US telecommunications company WorldCom, which rocked world markets yesterday with its accounting scandal. The announcement came after AXA's parent, AXA Group, reported that its gross exposure to WorldCom was about 40 million euro (face value) or 20 million euro (market value), with a vast majority comprised of fixed income securities.
EnergySYDNEY - United Energy Ltd (ASX:UEL) has named KPMG as its independent auditor. KPMG was selected from four firms who tendered for the appointment following the resignation of Arthur Andersen. Shares in Australia's Aurion hit 4-year low PERTH - AuIron Energy Ltd (ASX:AUY) shares hit their lowest level in almost four years Friday after the company said it would curtail spending on its pig iron project in South Australia. The South Australian Steel and Energy (SASE) project was the group's primary focus, with AuIron aiming to produce 2.5 million tons a year of pig iron using coal and iron ore from its resources in SA. Malaysia's Dialog, Seaport sign agreement KUALA LUMPUR - Dialog Group Berhad (KLSE:DIAL) said that on Thursday it entered into a Collaboration Agreement with Seaport Terminal (Johore) Sdn Bhd (SPT) to jointly develop a bulk petroleum products storage and bunkering terminal at Tanjong Pelepas Port in Johor, Malaysia. Under the Collaboration Agreement, Dialog and SPT will jointly conduct a feasibility study on the viability of the bulk petroleum products storage and bunkering terminal and may invite a third party to participate in the project. Nomura-Hai Phong claims new investments HANOI - Foreign investment in the Nomura-Hai Phong Industrial Zone has come back into life, with six new foreign-invested projects claiming space in the first five months of this year. The Nomura Hai Phong IZ Development Company said the projects - all from Japan, Hong Kong and Taiwan - were involved in the fields of electronics, machinery components and stationery production. China cracks down on illegal oil refining BEIJING - China's General Administration of Quality Supervision and Quarantine (GAQSQ) has taken measures to prevent the resurgence of illegal oil refineries so as to guarantee the quality of refined oil. This year, illegal refineries have mushroomed around some oil fields. Some of these oil poachers conceal refining equipment in out of the way places like mountains, deserts or abandoned mines and workshops, and make oil products of inferior quality. Electric Power, Toyota Tsusho to form JV TOKYO - Electric Power Development Co and Toyota Tsusho Corp (TSE:8015) will begin wind power generation operations in a reclamation area in Tokyo's Koto Ward, the companies announced Thursday. The two will run the operations through a new 50-50 joint venture capitalized at 10 million yen (US$83,900). The new firm will begin construction this fall of a 1,700 kw facility on investments of 330 million yen, and the plant is to go into operation at the end of the current fiscal year. All electricity generated by the plant during its first 20 years of operation will be sold to Tokyo Electric Power Co (TSE:9501). Hyundai OilBank borrows from Citibank SEOUL - Hyundai OilBank Corp, previously Hyundai Oil Refinery Co, said Thursday that it borrowed US$154 million from Citibank, with IPIC of the Arab Emirates as a guarantor. The loan bears an annual London Interbank Offered Rate plus 0.3 percentage point.
InfrastructureKUNMING - After a five year break because of the Asian financial crisis, China and its neighbors have restarted their multinational program in the Greater Mekong Sub-region (GMS). At the port of Guanlei in southwest China's Yunnan Province, bordering China, Myanmar and Thailand, a dozen Chinese workers are busy loading garlic on to ships anchored in the Lancang River. They will take it to Thailand, where garlic is uncommon. Ho Chi Minh City to upgrade ferry terminals HANOI - Ho Chi Minh City's authorities plan to upgrade the city's Thu Thiem and Binh Khanh ferry terminals in the next five years to meet the local residents' growing transportation demands, municipal transport officials said. The ferries at the Thu Thiem terminal carry passengers along the Saigon River between District 1 and District 2. The terminal will be expanded to accommodate two more 60 ton ferries, capable of transporting 150-200 passengers each. Korea looks to Southeast Asia SEOUL - Construction and Transportation Minister Lim In-taik will visit a number of Southeast Asian countries including the Philippines, Vietnam and Malaysia July 1-6 to help Korean construction firms secure project orders in the region, the ministry announced Friday. The ministry said the minister will call on government officials and private business leaders in those countries to help Korean firms by briefing leaders on their restructuring efforts and construction expertise, especially construction technology used to build World Cup stadiums. Indian banks to set up infrastructure fund NEW DELHI - By next month, Indian financial institutions LIC Housing Finance (BSE:LICH), GIC Housing Finance (BSE:GICH), State Bank of India (BSE:SBI) and ICICI Bank (BSE:ICBK) are expected to have completed setting up a Rs 10 billion (US$204.91 million) fund with several other banks to fund infrastructure projects. The Finance Ministry vetted the Industrial Development Finance Corporation's (BSE:IDFC) proposal. IDFC, which will serve as the fund's operating agency, circulated a concept paper in accordance with the discussions it had with LIC, GIC, SBI and ICICI Bank, who would be the major contributor to the Infrastructure Equity Fund (IEF) as announced in the budget. Shipbuilder Austal wins contract for NY monohull PERTH - Ship builder Austal Ltd (ASX:ASB) has won a contract to construct a 41 metre dinner cruise monohull for operation in the Manhattan-Queens area of New York City. Austal's subsidiary Austal USA signed the contract, believed to be worth around A$8 million (US$4.48 million), with Cloud Nine of New York to construct the monohull, marking its second sale to the New York market in as many months. Concrete Solutions invests for better services CEBU CITY - Foreseeing the coming of international contractors into the country, Concrete Solutions Inc (CSI) spent some Pl0 million (US$198,600) on its system, equipment and facilities so it could produce globally competititive products and services, said CSI production and logistics superintendent Alvin Basal. "We are readying ourselves for global customers. We have to speak the same language as international clients. The clients now are becoming more demanding. We have to adapt to their demands. We also want to set a trend in the country for quality products and services," he said.
AutosSEOUL - General Motors Corp, which is taking over Daewoo Motor Co, said Friday that Suzuki Motor Co has agreed to invest in the planned GM-Daewoo joint venture. The Japanese automaker, where GM holds a 10 percent share, signed an agreement in the day in Tokyo to buy 14.9 percent of GM-Daewoo Auto & Technology for $89 million. Kia to launch upgrade of Carnival II SEOUL - Kia Motors Friday said it plans to begin sales of the 2003 model of its sports utility vehicle Carnival II on Saturday. Sources from Korea's second largest automaker said the new Carnival boasts an upgraded interior and exterior designs and enhanced comfort features, including heated front seats, side-mounted turning lights and clear-lens rear combination lamps. Hyundai recalls Grandeurxg & EF Sonata SEOUL - Hyundai Motor Co, Korea's No 1 automaker, will recall its New GrandeurXG and New EF Sonata sedans to check for technical faults, the Construction and Transportation Ministry said Friday. The decision is based on the possibility that LPG could leak when the New Grandeur XG's valve levers used to discharge tar overrun, and side air bags in the New EF Sonata sedans could deploy when users slam front doors. Over 50% of exports shipped to N America SEOUL - The ratio of the nation's car exports to North America against its total car exports has surpassed 50 percent, car business industry sources said Friday. For the first time, the proportion of automobile exports to a specific region has topped 50 percent this year, signaling the nation's car export diversification policy has failed to deliver substantial results. Vietnam offers incentives to foreign producers HANOI - The Vietnam government will offer special incentives to foreign automotive parts manufacturers to encourage them to produce in Vietnam, as it seeks to develop a domestic components manufacturing base. The Industry Ministry says a components-making capability is vital to the development of the automotive industry as a whole, which is one of the country's key manufacturing sectors for the future. Fuel cell seminar to open in Taipei TAIPEI - The 2002 International Seminar on Fuel Cells, sponsored by the Taiwan Institute of Economic Research (TIER), is set to open in Taipei next Tuesday. TIER officials said that leading fuel cell manufacturers such as DuPont, Johnson Matthey, Hydrogenics and Matsushita Electric Corp will take part in the two-day seminar. Australia does not need tariff protection ADELAIDE - An official report which said Australia's car industry should be able to exist without tariff protection by 2015 has been welcomed by motoring giants Holden and Mitsubishi. The Productivity Commission's position paper on government assistance to the automotive industry beyond 2005 was described as constructive by the car makers.
AviationHONG KONG - Hong Kong Aircraft Engineering Co Ltd (HAECO) and China Airlines (CAL) (TAIEX:2610) have signed a Memorandum of Understanding (MoU) to evaluate opportunities for cooperation in aircraft maintenance, repair and overhaul. HAECO and CAL will work together to review the aircraft maintenance and repair activities and to share knowledge and experience. P K Chan, Deputy Chairman & Chief Executive Officer of HAECO, will act as an adviser on aircraft maintenance to Philip Wei, President of China Airlines. Philippine Airlines seeks more Japan air rights MANILA - The Philippine Airlines is seeking expanded air rights in the Japanese market and plans to start the Nagoya-Manila link soon after bilateral negotiations are completed next month. The government and PAL officials said the expansion forms part of an overall plan to go into more North Asia destinations than there are at present. Taiwan-HK air ticket prices unlikely to fall TAIPEI - Although a renewed Taiwan-Hong Kong airlink pact would increase the number of available seats on the popular route by several thousand, Taiwan travel agencies do not expect a drop in ticket prices. A source in the domestic travel industry predicted that ticket prices are unlikely to fall on the "golden route," especially during the March-October peak season, as air traffic between the two sides is growing by at least 10 percent per year. Australia set to invest in US fighter project CANBERRA - Australia is set to invest A$300 million (US$168.06 million) in a United States project to develop the Lockheed Martin Joint Strike Fighter as a likely future replacement for Australia's frontline aircraft. Defense Minister Robert Hill said the decision would place Australia at the forefront of developing the world's biggest and most advanced combat aircraft program. (Asia Pulse) |
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