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February 05, 1999atimes.com
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Business in Asia Today

Chinese state firms' losses rise 27% to $12.08bn
BEIJING - China's state-owned enterprises reported more losses in 1998 than in the preceding year, dimming the prospects for getting out of difficulty. According to the China Economic Cycle Index Monitoring Center, the total losses sustained by 58,000 state-owned enterprises added up to nearly 100 billion yuan ($12.08 billion) by the end of November 1998, 27% more than in the same period of the preceding year, although their sales income was reported to have increased by 20%.

Hyundai clinches projects worth $148.5m in Saudi Arabia
SEOUL - Hyundai Engineering and Construction Co. (KSE:00720) clinched a project to build ultra-high voltage power transmission lines in Saudi Arabia worth $110.5 million, and another one for the construction of a power transformer station for $38 million, the company said Thursday. The projects brought the company's total overseas projects thus far this year to $328 million, just over 10 percent of $3 billion in total value of overseas projects targeted for the first half.

World Bank unit clears investment in Indian coal mine
NEW DELHI - Signalling a breakthrough in the lifting ofeconomic sanctions on India, the International FinanceCorporation, the affiliate of the World Bank which invests inthe private sector, has cleared a $35 million investment ina coal mining project of the R.P. Goenka group. Since India'snuclear test last April, the World Bank group has stoppedlending to India, except for projects related to basic humanneeds.

Foster's in talks to sell loss-making Chinese breweries
BEIJING - Foster's Brewing executives were in China Thursday,attempting to close a deal to sell two loss-making breweriesto a major South African brewery. Foster's Asia managingdirector Jim King met with senior executives from SouthAfrican Breweries (SAB) in Beijing overnight. The Australian brewinggiant is trying to offload its Tianjin and Guangdongbreweries.

Korean brokerages reverse losses of 1997
SEOUL - Thirty-one Korean brokerage firms posted a combinedpretax profit of 1.16 trillion won ($991.45 million) in thethird quarter of fiscal 1998 ending March 31 this year, theFinancial Supervisory Service (FSS) said Thursday. Profits by thesecurities houses totaled 472.1 billion won in the first threequarters of fiscal 1998, a reverse from a loss of 833.9billion won in the same period of fiscal 1997.

Chinese glass firm to list on Australian bourse
SYDNEY - A Chinese glass company, the Zhongshan GrandCoating Glass Company, plans to list on the Australian StockExchange through a public offering of shares to raise up toA$10 million (U.S.$6.38 million). The Chinese company (known as "Grand"), is now 90 percent owned by Australia'sGlobe Securities Ltd. A total of 50,000 shares, together withattaching options, are being offered at an issue price of 20A cents.

(Asia Pulse)


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