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February 06, 1999atimes.com
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Business in Asia Today

Malaysia's exit levy boosts investor confidence
SINGAPORE - Malaysia is likely to be reinstated in the global benchmark Morgan Stanley Capital International (MSCI) indices following the introduction of a graduated exit levy on foreign portfolio investments, analysts said. And that would be the biggest boost to investor confidence in Malaysia, which was dropped from the MSCI indices after it imposed selective capital controls last September, they said.

U.S. firm acquires 51% of Singapore-based CSA Holdings
EL SEGUNDO, Calif. - Computer Sciences Corporation (NYSE: CSC) has announced that it has agreed to acquire 51% of CSA Holdings Ltd. (SES: CSAH), one of the largest information technology services companies in Asia. The Singapore-based firm has approximately $270 million in annual revenue, 2,000 employees and 128 million shares outstanding.

Hyundai Engineering targets $3bn in construction orders
SEOUL - South Korea's Hyundai Engineering and Construction Co. (KSE:00720) said Friday it will push ahead to clinch $3 billion in construction orders from abroad this year and diversify its overseas markets to the Middle East, Africa and Europe. This would boost its business target of a year earlier by 120 percent.

Sumitomo Life to borrow $1.4 bn
TOKYO - Sumitomo Life Insurance Co. has announced a plan toborrow a total of 165 billion yen ($1.4 billion) by the endof March in the form of subordinated perpetual loans, mainlyfrom Sumitomo Bank (TSE:8318) and other group companies. Thelife insurer decided to boost its net worth in this way due tothe slumping stock market. The loans are expected to boost thecompany's net worth in a broad sense, including internalreserves, to about 900 billion yen ($7.9 billion) at the endof March, thereby raising its net worth ratio to nearly 4%, from 2.9% a year earlier.

U.K. firm to build S.Australian power plant
ADELAIDE - British-based company National Power has been chosen to build and operate a U.S.$258.2 million 500 megawatt gas-fired power station at Pelican Point in Adelaide's northwestern suburbs. The South Australian government said construction of the plant would begin in April, with the first stages due to come on line in November 2000.

Indian govt. opens drug, vitamin manufacture to foreigners
NEW DELHI - The Indian government announced that it wouldallow foreign pharmaceutical firms to produce five drugs andvitamins previously reserved for exclusive manufacture bystate-run companies. A government spokesman said controls onproduction of Vitamin B1, Vitamin B2, folic acid, tetracyclineand oxytetracycline had been lifted to raiseproduction.

Australia's Email to buy Southcorp's appliance division
SYDNEY - Australia's Email Ltd. (ASX:EML) is expected to buy SouthcorpHoldings' (ASX:SRP) appliance division, giving it 60 percentof the Australian whitegoods market. The estimated A$160million (U.S.$103.28 million) deal would leave one Australianplayer to compete against New Zealand's Fisher & Paykel. Southcorp's main brandsinclude Hoover and Dishlex, while Email's brands areWestinghouse, Simpson, Kelvinator and Frigidaire.

China to slash telecom charges
BEIJING - China's Information Industry Minister Wu Jichuanannounced that the government would slash telecommunicationsservice charges this year. He told reporters that charges forinternational telephone calls, telephone line installationsand data communications would be cut significantly. Thecurrent two-way charge system for cellular telephones wouldalso be replaced by a one-way charge system.

(Asia Pulse)


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