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Business in Asia Today

China's Shandong province to invest $1.8bn in highways
JINAN (China) - China's coastal province of Shandong plans toinvest over 15 billion yuan (U.S.$1.8 billion) in highwayconstruction this year, according to the provincialcommunications department. The funds will be used to build 28key projects, including nine startups, 639km of expresswaysand 260km of first-grade highways. Seven projects arescheduled for completion this year.

C.K. Birlapulls out of GM India venture
NEW DELHI - India's C.K. Birla group has withdrawn from its joint venture with General Motors in the face of its inability to expand equity on par with its U.S. partner. In a joint statement the two equal partners said they would seek government approval for restructuring their joint venture, GM India, under which General Motors will become sole owner.

Turnkey contracts to be applied to Korean port projects
SEOUL - Korea's Maritime Affairs and Fisheries Ministry saidthat turnkey contracts would be applied to all large-scale seaport projects. The turnkey method would first be applied tothe inner wall building project for Ulsan Port 8th pier andthe expansion project for Inchon port sluice gates. Theturnkey method provided for an integrated guarantee fordesigns and contruction processes, and helped induce biddersto offer rational and diverse work processes and technologicalalternatives, the ministry said.

Garuda to sell 12 planes
JAKARTA - Cash-strapped national flag carrier GarudaIndonesia had decided to sell 12 of its wide-bodied aircraftthis year, a company official said. Garuda spokesman Pujobrotosaid Garuda would sell four Airbus aircraft and eight BoeingB-747-200s to raise fresh funds to be used as working capitaland to repay its foreign debts. Garuda has 52 aircraft andthis year it plans to operate only 40 of them.

India's food industry set for quantum growth
DUBAI - India's processed food industry is on the thresholdof a quantum growth and will achieve a turnover of U.S.$60billion by the year 2005, according to a study byinternational consultants Mckinsey and Co. "While the Indianfood industry as a whole would grow from a turnover of U.S.$70billion to U.S.$140 billion by the year 2005, the processed foodindustry would see faster growth during the period to jumpfrom a turnover of U.S.$20 billion to U.S.$60 billion," said KitoDe Boer, a Mckinsey consultant.

Daewoo Corp. to supply $200m worth of auto parts to U.S.
SEOUL - Daewoo Corp. (KSE:03810) has signed a contract tosupply motors for power seat tracks to the U.S. auto partscompany JCI for four years starting next month. The motors, tobe manufactured by Daewoo Precision Industries (15730), willallow seats to be automatically adjusted. The motor shipmentis expected to earn Daewoo about U.S.$200 million as JCI isexpected to supply power seat tracks for 20 million carsproduced by GM, Ford and Chrysler over the next four years,the company said.

Australia's AAPT expands its internet interests
SYDNEY - Australia's third largest telecommunicationscompany, AAPT Ltd. has announced a A$23 million (U.S.$14.62 million)acquisition of the remainder of Connect.com.au Pty Ltd. fromNational Australia Investment Capital Ltd. and SiriusTechnologies Ltd. Chief executive Larry Williams said thebuyout of the internet service provider would accelerateAAPT's push to increase both its retail and commercial internetbusiness and would complement its ambitions to be a majorplayer in data-carrying in Australia.

Shanghai to further improve investment environment
SHANGHAI - Shanghai would make further efforts to improveits investment environment and reach a new level of opening-upthis year, Mayor Xu Kuangdi said. Efforts would also be madeto help qualified private enterprises to obtain rights toimport and export and to develop overseas processing trade, hesaid. According to official statistics Shanghai's exportearnings reached $16.3 billion last year, up 10.9 percentfrom 1997, while its contracted overseas investment totaled$5.8 billion.

Australia's Colonial buys Asian and U.K. funds business
MELBOURNE - Australian banking and financial products groupColonial Ltd. revealed Wednesday that it would buy the Asian andUnited Kingdom funds management businesses of U.S.-based fundmanager Nicholas-Applegate for A$24.76 million (U.S.$15.74million). The acquisition by the company's funds managementarm, Colonial First State Investments, comprises operations inSingapore, Hong Kong and London with more than U.S.$400 millionin funds under management. On Tuesday, Colonial announced itwould spend A$7.8 million (U.S.$4.96 million) to acquire a 51percent stake in the government-owned National Bank of Fiji,with an option to purchase a further 24 percent.

Central Bank of Oman to issue 3-year development bonds
MUSCAT - The Central Bank of Oman (CBO) announced that itwas issuing three-year government development bonds amountingto 20 million rials (about U.S.$52 million). The bonds, dueMarch 1, 2002, would carry a coupon of eight percent andinterest would be paid twice a year. The bonds, to be issuedin the denomination of RO 100 and multiples thereof, would beopen for subscription to both domestic and overseas investors,irrespective of their nationalities, the bank announced.

(Asia Pulse)


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