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February 09, 1999atimes.com
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Business in Asia Today

NTT to pay $214m for bigger stake in Smart
MANILA - Nippon Telegraph & Telephone Corporation (NTT) ofJapan will pay approximately 8.3 billion pesos ($214million) to increase its interest in Smart Communications Inc., the leading cellular carrier in the Philippines.Smart's parent company, Metro Pacific Corporation (MPC), said thetransaction, which valued Smart at $880million, would result in a gain of approximately $73.2 million for MPC. It would lift NTT's share inSmart to approximately 37 percent from 15 percent.

Brazil's MWM Motores plans to enter India
NEW DELHI - The $350 million MWM Motores Diesal of Brazilis planning to enter India with its engine models. The companyhas initiated talks with Indian auto majors like Telco,Mahindra & Mahindra and Bajaj Auto to assess demand for dieselengines, the Business Standard daily said. "We are in talkswith leading light commercial vehicle and heavy commercialvehicle manufacturers to assess the demand for these enginesin the Indian market," Ricardo R. Curi, business coordinator,MRM Motores Diesal, said.

Foster's Brewing posts 14% rise in half-year profit
MELBOURNE - Australia's largest brewer, Foster's BrewingGroup Ltd. (ASX:FBG), has announced a 14 percent rise inhalf-year profit to A$191.1 million (U.S.$123.55 million),boosted by the effects of divestments, acquisitions andstronger margins. Carlton & United Breweries and wine divisionMildara Blass were again the engines of profit growth, whilethe loss-making Foster's Asia managed to erase some of the redink it has generated since its conception.

Australia's Southcorp to get U.S.$93m cash from sale
MELBOURNE - Australia's Southcorp Ltd. said the sale of themajority of its whitegoods business to Email Ltd. wouldgenerate about A$145 million (U.S.$93.74 million) of cash.Southcorp said the only part of its whitegoods business not tobe sold to Email was the refrigeration business based atClayton, Victoria, which would be closed. The company said thecash amount received was after restructuring costs andwrite-down of assets of about A$85 million ($U.S.Southcorp 54.95 million).

NEC begins producing switchboards in Japan
HANOI - NEC Corp. (TSE:6701) has begun operation of a jointventure digital telephone switchboards manufacturing planthere. NEC's first plant in Vietnam planned to turn outswitchboards for 150,000 lines in the initial year and 300,000lines within two years, company officials said. The entireoutput of the $15 million plant, built by VNPT-NECTelecommunication Systems, a joint venture between NEC and aVietnam state-run telecoms company, will be sold in Vietnam.

Moody's reviews Korea's credit ratings
SEOUL - Moody's Investor Service has begun a two-day reviewof Korean ratings with a view to a possible upgrade, theFinance and Economy Ministry said. The Moody's delegation ledby Tom Byrne, director of the agency's sovereign ratingsdivision, will visit government offices, research centers andeconomic organizations. Moody's was first among major creditagencies to place Korea on review for a possible upgrade inDecember.

Malaysia's forex reserves sufficient, says minister
KUALA LUMPUR - Malaysia's foreign reserves of $27.8billion at end-January were adequate to cope with an outflowof funds following the easing of capital curbs, Bank Negaragovernor Ali Abul Hassan Sulaiman said. Under a worst casescenario, the central bank estimated an outflow of $5billion. Ali also said that even if theinflows outstripped the outflows, the RM3.8 peg of the ringgitagainst the U.S. dollar would not be changed.

Japanese trio to produce human tissue
TOKYO - Nidek Co., an Aichi Prefecture-based medicalequipment maker, INAX Corp. (TSE:5336) and Toyama Chemical Co.(TSE:4518) have set up a joint venture to become the firstbusiness in Japan making human tissue for skin grafts atmedical institutions. "We expect demand to grow sharply," saidHideo Ozawa, president of Nidek and also head of J-TEC. "Wetarget sales in 2009 of 4 billion yen (about $35 million),"he said. J-TEC will research and develop the technology tocultivate oral mucous membrane tissue in cooperation withNagoya University's medical department.

(Asia Pulse)


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