Repost: Business In Asia Today 01/29/98
PR Newswire - January 29, 1998 06:11
%FIN V%PRN P%PRN
Sydney, Jan. 29 /PRNewsire/ -- The following summary
of business in Asia was prepared by Asia Pulse,the
real-time, Asia-based wire with exclusive news, market
intelligence and business opportunities:
S KOREA, INT'L CREDITOR BANKS SETTLE DEBT TALKS IN NEW YORK
SEOUL - South Korea and international creditor banks have
agreed to convert Korea's short-term loans worth about US$25
billion, which are due for repayment at the end of the year,
into one-, two- and three-year loans. Finance and Economy
Minister Lim Chang-yuel said interest rates were set at LIBOR
plus 2.25 percent for one-year debts, LIBOR plus 2.5 percent
for two-year loans and plus 2.75 percent for three-year debts.
BHP EYES EXTENSION OF IRAN-PAKISTAN OIL PIPELINE TO INDIA
NEW DELHI - BHP is studying the feasibility of extending
the 2500km US$2.7 billion Iran-Pakistan pipeline to India,
said George Stupple, an executive of Australia's BHP
Petroleum. A delegation from the National Iranian Gas Company
and BHP - the joint sponsors for the project - have met senior
Pakistani officials in Islamabad to discuss the project. The
sponsors of the project are confident that the pipeline will
be able to deliver gas to India at competitive prices.
THAI FINANCE MINISTER SAYS IMF TO EASE KEY CONDITIONS
BANGKOK - The International Monetary Fund (IMF) has agreed
to ease key conditions tied to the US$17.2 billion assistance
package to Thailand, Finance Minister Tarrin Nimmanhaeminda
said. Tarrin, who met IMF officials in Washington recently,
said the government was working together with the IMF on a new
economic package which will be more flexible and able to cope
with the fluctuations in regional economies.
CONSTRUCTION OF KRAKATAU STEEL-POSCO FACTORY JV HALTED
JAKARTA - PT Krakatau Steel (KS) and its South Korean
partner, Posco (PT KS-Posco), have halted the construction of
their joint venture steel plant in Cilegon, East Java for six
months because of the currency crisis in Indonesia. Work on
the factory, which was earlier expected to produce one million
tonnes of steel annually from 1999, stopped early this month.
PAKISTAN TO RE-AUCTION 3 HOTELS IN FEB
ISLAMABAD - Pakistan has decided to re-auction three hotels
of the Pakistan Tourism Development Corporation (PTDC) in
February after failing to receive satisfactory offers. Echo
West of Lahore was the highest bidder for Cecil in Muree,
offering Rs. 120 million (US$2.72 million) while Murad and Co.
from Mardan offered Rs. 350 million (US$7.95 million) for
Faletti's in Lahore and Inayattullah and Co was the highest
bidder for Dean's in Peshawar with a bid of Rs. 160 million
(US$3.63 million).
PHILIPPINES OKs US$1 BLN WORTH OF TOURISM PROJECTS IN 1997
MANILA - The Philippines approved various tourism-oriented
projects worth more than P41 billion (US$1.025 billion) last
year. Department of Tourism Undersecretary William Russell
Sobrepena said tourism estates, hotels and resorts accounted
for the bulk of tourism investment over the last five years.
It has been reported that several investors from Europe, North
America, Australia and Asia are looking at specific ventures
with prospective Filipino partners.
JAPAN'S IHI WINS DEAL TO BUILD BRIDGE IN KAZAKHSTAN
TOKYO - Ishikawajima-Harima Heavy Industries Co will build
a 1,086 metre-long bridge across the Irtysh river in
Semipalatinsk in northeast Kazakhstan following the signing of
a contract. The Japanese government will provide 21.53 billion
yen (US$164.4 million) in loans to help the republic finance
the 22 billion yen (US$168 million) project, which is expected
to be completed in 2001.
MOODY'S LOWERS AUSTRALIA'S OUTLOOK, S&P TO MAINTAIN RATINGS
SYDNEY - Moody's Investors Service has revised the outlook
for Australia's Aa2 foreign currency ceilings to "stable" from
"positive". Moody's expected the impact from the turmoil in
Asia to trim half a percentage point off Australia's growth
forecasts and the current account deficit to increase to at
least five percent of GDP in 1998. However, Standard & Poor's
said it did not plan to remove Australia's ratings from the
current positive outlook despite the negative implications
from Asia.
AUSTRALIAN LOBSTER EXPORTER OPENS $US2.72 MLN FACILITY
PERTH - Kailis and France Foods Pty Ltd, Australia's
largest exporter of live lobsters, has opened a A$4 million
(US$2.72 million) complex at the port of Fremantle in Western
Australia. The facility will enable the company to keep rock
lobsters alive in prime condition for up to 12 months. Kailis
and France Foods last year exported 700 tonnes of live
lobsters to countries, including Taiwan, Japan and China.
Each day Asia Pulse creates up to 250 items of news,
business opportunities, expert commentary and industry
profiles. Asia Pulse is a unique joint venture involving
the resources of Asia's major news and information groups:
(AAP) - AAP Information Services Pty Ltd (Australia)
(ANTARA) - LKBN ANTARA (Indonesia)
(Bernama) - Bernama (Malaysia)
(Nikkei) - Nihon Keizai Shimbun Inc (Japan)
(ONA) - Oman News Agency (Oman)
(PNA) - Philippines News Agency (Philippines)
(PTI) - The Press Trust of India Ltd (India)
(Yonhap) - Yonhap News Agency (Korea)
(VNA) - Vietnam News Agency (Vietnam)
(XIC) - Xinhua Information Centre (China)
/CONTACT: Asia Pulse Production Centre, in Sydney Australia,
612-9322-8634 or email, www.apulse.com/
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