Asia Times Onlinebanner
January 29, 1999atimes.com
Search buttonLetters buttonEditorials buttonMedia/IT buttonAsian Crisis buttonGlobal Economy buttonBusiness Briefs buttonOceania buttonCentral Asia/Russia buttonIndia/Pakistan buttonKoreas buttonJapan buttonSoutheast Asia buttonChina buttonFront button







Front Page

BUSINESS IN ASIA TODAY

Pakistan court unfreezes foreign currency accounts
LAHORE - A superior court in Pakistan has unfrozen the foreign currency accounts seized on May 28 1998 by the government after imposition of international economic sanctions following the detonation of nuclear devices. The Lahore High Court declared section II of the Foreign Exchange Restriction Act 1998 and Foreign Exchange Circular No. 23 of the State Bank of Pakistan null and void.

U.S.'s Synergics to build $970m hydro plants in Pakistan
ISLAMABAD - Synergics Development Corporation of the U.S. has decided to invest $970 million in Pakistan to develop two hydroelectric projects. "Within the next 45 days we will be signing a Power Purchase Agreement (PPA) with the Wapda for develping two 684 mw projects at a cost of a little over $970 million," said Wayne Rogers, president of Synergics Energy Development Corporation. The project will be undertaken on the basis of build, operate and transfer.

Sony forecasts $328m net loss for fourth quarter
TOKYO - Sony Corp. (TSE:6758) expects a consolidated net loss of just over 38 billion yen ($328 million) for the fourth quarter ending March. The company also predicts a group operating loss for the January-March term, which would be the first since July-September 1994. The earnings report shows 2% year-on-year growth in net profit to 112.3 billion yen during the third quarter. But earnings actually fell 26% if a gain on the sale of securities is excluded.

GITIC repayments in court's hands
BEIJING - The repayment order for creditors of the bankrupt Guangdong International Trust and Investment Corp. (GITIC) will be decided by the court, Dai Xianglong, governor of the People's Bank of China, has announced.GITIC has filed for bankruptcy to the Guangdong Higher People's Court, which has received the case. Dai disclosed that a meeting attended by creditors, debtors and the court will be convened in late April to discuss the procedure of repayment.

J.P. Morgan to set up house with India's Khaitan Group
NEW DELHI - After disengaging from its institutional partner, Industrial Credit and Investment Corporation of India (ICICI), U.S. investment bank J.P. Morgan is setting up a financial service joint venture company with India's Khaitan group. J.P. Morgan Securities India Pvt. Ltd. will be 75 percent owned by J.P. Morgan of the U.S. and 25 percent by the Kaitans of the Williamson Magor group.

Tokyo Electric wins bid for $400m Vietnam power plant
TOKYO - Tokyo Electric Power Co. (TSE:9501) said Wednesday that it has successfully bid in an international tender on a project to build and run a thermal power station for Electricity of Vietnam. The company will now work out the details and hopes to formalize the deal by September. The venture's total cost is estimated at $400 million.

S&P rates Bangkok Bank's subordinated debt B+
SYDNEY - A B+ rating has been assigned by Standard & Poor's (S&P) to the Bangkok Bank Public Co. Ltd.'s $300 million unsecured subordinated note issue, due in 2007, and its $450 million unsecured subordinated note issue, due in 2029. The rating agency said that both notes would be issued out of the bank's Hong Kong branch.

Korea's POSCO knocks Nippon Steel off no.1 spot
SEOUL - South Korea's Pohang Iron and Steel Co. (POSCO) knocked Nippon Steel Corp. (TSE:5401) out of the no. 1 spot in world steel production in 1998. POSCO produced 25.57 million tons of crude steel in 1998, a year-on-year decline of 3.2% but the largest volume in the world, the company announced. Nippon Steel, previously the world's top steelmaker, produced 24.07 million tons, down 10.6%.

Telstra unveils $250m network upgrade
CANBERRA - Australia's Telstra has confirmed it would begin closing down its analogue service from December. It also unveiled an A$400 million (U.S.$250.12 million) upgrade of its mobile phone network. The telecommunications giant promised to install the new CDMA (code divisional multiple access) technology before closing any analogue base stations.

(Asia Pulse)


Front | China | Southeast Asia | Japan | Koreas | India/Pakistan | Central Asia/Russia | Oceania

Business Briefs | Global Economy | Asian Crisis | Media/IT | Editorials | Letters | Search/Archive

Cheap Car Rentals in Boston Massachusetts Cheap Car Rentals in Bozeman Montana

back to the top

©1999 Asia Times Online Co., Ltd.