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February 16, 1999atimes.com
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Business in Asia Today

Qantas stake in data network reaps U.S.$38m
SYDNEY - Qantas Airways Ltd (ASX:QAN) said it will book aA$60 million (U.S.$38.70 million) pre-tax profit on the sale ofpart of its holding in EQUANT NV, an international datanetwork company based in the Netherlands. The profit will bebooked in Qantas' second half results for the financial yearended June 30. EQUANT and Societe Internationale deTelecommunications Aeronautiques SC (SITA) are joint ventureoperators of the world's largest data communications network.

Mazda to inject U.S.$1.2bninto dealers
TOKYO - Mazda Motor Corp. (TSE:7261) will provide a total of145 billion yen (U.S.$1.2 billion) worth of funds for itsdomestic affiliated dealers by the end of March. The firm willprovide the dealers with unsecured loans over a 10-year periodand charge no interest for the first three or four years,company officials said. About 50 per cent of the dealersaffiliated with automakers are reported to be making lossesdue to slow sales of new cars.

Oman signs U.S.$19.5m deal for fiber-optic system
MUSCAT - Oman's Posts, Telegraphs and Telephones MinisterAhmed bin Suwaidan al Balushi has signed a RO 7.5 million(U.S.$19.5 million) agreement with the Omani company Abu Haniand British telecommunications company Marconi for the installation of a fiber-opticsimultaneous digital series link. The link will improve theefficiency of the Sultanate's telephone services and increasethe capacity of the networks linking the north and south ofthe country.

Indian project boosts Energy Equity's profits
PERTH - Australian power company Energy Equity Corp. Ltd.(ASX:EEC) said its recently acquired 25 per cent stake in theBasin Bridge power project in India would boost second-halfprofit by an estimated A$3 million (U.S.$1.94 million). Thecompany posted a 47.7 per cent slide in first half net profitto A$4.8 million (U.S.$3.10 million).

Clorox expanding Indonesian operations
JAKARTA - United States-based consumer goods producer Clorox Companyis reportedly planning to expand its market in Indonesia byforming an alliance with the local distribution company PTWicaksana Overseas International Tbk (JSX:WICO). The "BisnisIndonesia" daily quoted a source as saying the U.S. companyplanned to build a factory producing household consumer goodsin the country. Wicaksana is the distributor for products ofProcter & Gamble (PG) and British American Tobacco.

China's Dongfeng Motor to raise output
BEIJING - The Dongfeng Motor Group in central China's HubeiProvince plans to turn out 51,000 cars in 1999, almost 24,000more than in the previous year. The Sino-French joint venturehas set a sales target of 55,000-60,000 units this year. Thecompany said its focus would be on reducing inventories,with prices to be kept at the same level as last year.

Indonesian PC sales plunge 81%
JAKARTA - The personal computer (PC) market in Indonesiadropped last year, with sales volume falling 81 per centto 74,000 units, from 383,000 units in 1997. International DataCorporation data showed that PC sales in Indonesiacomprised 0.7 per cent of the total PC sales in the AsiaPacific region outside Japan, totalling 10.47 million units.

China pledges support for software industry
BEIJING - China's Information Industry Vice-Minister QuWeizhi said the government would give full support to softwaredevelopment in the form of policies and regulations, as well asinvestments. She said the state would strive to createthe conditions and climate in policy, laws and regulations, andtaxation etc., for the infant industry to grow. It would alsoinject more investment into the industry by setting asidespecial state software funds and risk funds or floatingstocks, while encouraging Chinese and foreign investors toinvest in the field.

Record Japanese investment in foreign stocks
TOKYO - Japanese investors sank 16.25 trillion yen (U.S.$142billion) into foreign stocks in 1998, setting a recordfor the second consecutive year, the Ministry of Financereported. Given the lackluster domestic stock market, Japaneseinvestors increasingly turned to overseas equities for higherreturns, especially U.S. stocks, which soared to record levelslast year.Net purchases of foreign issues amounted to 1.84trillion yen (U.S.$16 billion), the third-largest ever.

Prudential-ICICI AMC to expand operations in India
NEW DELHI - The Prudential-ICICI Asset Management Company(AMC), a joint venture between United Kingdom-based Prudential Corporationplc and Indian financial institution, ICICI Ltd, is openingbranches in nine more cities across India this year. The AMCalso planned to launch three more mutual fund schemes laterthis year as a step towards expanding its operations in India,sources close to the company said.

(Asia Pulse)


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