Asia Times Onlinebanner
January 30, 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

New Delhi clears Ispat's broadcast satellite
NEW DELHI - The Indian government has cleared IspatTelecom's $800 million proposal for the launch, operationand maintenance of a satellite for broadcasting services."This is, however, subject to the telecom and broadcastingrules of thegovernment," Information and BroadcastingMinister Pramod Mahajan said. The CabinetCommittee on Foreign Investment had also permitted HindustanTechnologies' application to place a Rs10.80 billion ($240million "multi-purpose satellite" in space, he said.

Seoul to amend housing law to admit foreigners
SEOUL - The South Korean Construction and TransportationMinistry is preparing to amend the Residential HousingConstruction Law to allow foreign investments in the housingdevelopment sector. The ministry said foreign residents in thecountry would also be entitled to join the housing lottery after opening monthly installmenthousing savings accounts under the revised law, which will go into effect March 1.

Essar proposal for $337m port gets go-ahead
NEW DELHI - The Indian cabinet has cleared a proposal of Essar Shipping Limited, of the Essar group, for setting up a Rs14.35 billion ($337.7 million) all-weather port and terminal facility at Vadinar in the western state of Gujarat. The project would have a debt-equity ratio of 2:1 and a foreign exchange component of Rs 4.79 billion.

Soros signs for his stake in Seoul Securities
SEOUL - A party representing U.S. financier George Soros and Daelim Industry (KSE:00210) signed an agreement for the purchase of Seoul Securities' (01200) shares and convertible bonds Friday.Daelim Industry is a majority shareholder of the securities firm. The securities firm will have joint representative directors when the deal is approved at the firm's shareholders meeting in May, and the board of directors will be split 5 to 3 in favor of Daelim Industry. Soros is said to be investing $57 million for his stake in the brokerage company.

Toshiba, Mitsubishi Electric integrate motor operations
TOKYO - Toshiba Corp. (TSE:6502) and Mitsubishi Electric Corp. (TSE:6503) have agreed to integrate production of large-scale industrial motors, the companies announced Thursday. The move is designed to enhance their competitiveness against major overseas rivals by reducing output costs and material expenses. To this end, the two will set up a 50-50 joint venture in October, with an initialcapitalization of 4 billion yen ($34 million)

Indonesian banks get $466.3 to recapitalize
JAKARTA - The Indonesian government has injected Rp4.29 trillion ($466.3 million) in recapitalization funds for 10 state regional banks and two private banks, Bank Lippo and Bank Sanho. Lippo Bank received by far the largest share, Rp3.75 trillion, of the funding. The government is to assist more than 70ailing banks to meet the compulsory capital adequacy ratio ofat least 4 percent by March. The program is estimated tocost $34.3 billion, of which 80 percent will be provided bythe government.

Korea Electric Power to sell more subsidiaries
SEOUL - Korea Electric Power Corp. (KEPCO/KSE:15760) announced Friday that it will sell three subsidiaries, including Korea Electric Power Industrial Development Co., and its stakes in several companies by 2002. Under the company's restructuring plan for its overseas operations, KEPCO also will sell a uranium mine in the United States as early as possible. It has already sold a coal mine in Australia and suspended projects to build two thermal power plants in China, along with a hydro power plant in Costa Rica.

(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 Brownsville Texas Cheap Car Rentals in Buffalo New York

back to the top

©1999 Asia Times Online Co., Ltd.