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February 12, 1999atimes.com
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Business in Asia Today


Seoul to urge 500 small firms to join quote market system
SEOUL - The Korean government will encourage about 500 promising small companies to join KOSDAQ (Korean Securities Dealers Automated Quotations), in a bid to help revitalize the over-the-counter market, sources at the Finance-Economy Ministry said Thursday. The government will also operate an internet web site containing information on KOSDAQ-registered companies. The companies to be tapped will be venture companies and small companies that have good track records on export performance, and haveobtained various quality certificates and accreditation offered by government agencies.

LG Electronics unveils 1999 operations plan
SEOUL - The LG Electronics Co. (KSE:02610) Thursday unveiled its 1999 operation plan calling for sales projections of 8.6 trillion won ($7.35 billion), down 13 percent from last year, and exports of $5.5 billion, up 3 percent. Koo Ja-hong, vice chairman, said the turnover projection for this year had been reduced from last year because the company aimed at restructuring by transferring its LCD (liquid crystal display) operation, selling its communication equipment operation and withdrawing from the office fixture business.

Westpac's M.D. to go
SYDNEY - Westpac Banking Corp's (ASX:WBC) managing director Bob Joss will leave the bank, the bank's chairman said in a shock announcement Thursday. Joss is to be replaced by David Morgan, currently executive director responsible for the bank's institutional and international banking.

New Delhi forecasts 5.8% growth in economy
NEW DELHI - The Indian government has forecast a 5.8 percent growth in the economy in 1998-99, up from 5 percent in the previous year, despite prevailing recessionary trends worldwide. Releasing the advanced estimates on national income for 1998-99, junior minister for planning and programimplementation Ram Naik said that growth in gross domestic product to Rs11.1 billion ($261.5 billion) was estimated.

Malaysian auto sales forecast to rise 12% in 1999
KUALA LUMPUR - A leading local publication on the stock market has estimated Malaysia's new motor vehicle sales for this year will rise 12 percent higher than last year. Capital Dynamics Sdn Bhd said that new vehicle sales were continuing to improve. In December last year sales were 18.9 percent higher than in November and 12 percent higher than a year ago, the first year-on-year gain in 14 months.

Pakistan gets Turkish loan to build motorway
ISLAMABAD - Pakistan has entered into a $100 million loan agreement with the Exim Bank of Turkey for the construction of an Islamabad-Peshawar motorway, reports the Dawn newspaper. Construction is due to begin immediately.

Philippines JV signs with Siemens for power plant
MANILA - The FGP Corporation, a joint venture between Lopez Inc., First Philippine Holdings Corporation (FPHC) and BG PLC, have signed a memorandum of agreement (MOA) with Siemens AG for a new 500-megawatt power plant dubbed the San Lorenzo Project. Mr. Werner Sigg, managing director of Siemens Power Generation, said the San Lorenzo project would be a combined-cycle power station.

Brisbane Airport to get rail link
BRISBANE - The Australian state of Queensland's government has announced a A$200 million (U.S.$128.50 million) rail link to be built between Brisbane's internationalairport and the metropolitan rail system. A private consortium, Airtrain Citylink Ltd., will build, own and operate the rail link. Airtrain Citylink is made up of Transfield Pty. Ltd., Macquarie Bank and Reduct Pty. Ltd.

(Asia Pulse)


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