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To: Stoctrash who wrote (26382)	12/9/1997 8:20:00 PM
From: DiViT	Read Replies (1) \| Respond to of 50808

Hey, if they call this stuff DAVID it can't be that bad... Microware DAVID-Based Digital Set-Top Boxes Deployed by BellSouth in New Orleans 12/08/97 Business Wire (Copyright (c) 1997, Business Wire) DES MOINES, Iowa--(BUSINESS WIRE)--Dec. 8, 1997--BellSouth's recent launch of digital television service in New Orleans utilizing Zenith Electronics Corp.'s digital set-top boxes marks another major deployment of Microware System Corp.'s DAVID ( Digital Audio/ Video Interactive Decoder) system software. A licensee of Microware's DAVID software, Zenith is providing digital set-top boxes to BellSouth as part of its contract for the Americast partnership (BellSouth, Ameritech Corporation, GTE Corp., SNET, and The Walt Disney Co.). Based on open industry standards, Zenith's DAVID-based digital terminals are rich in features and designed to support BellSouth's state-of-the-art digital wireless service. DAVID's unique architecture enables the use of interchangeable network interface modules for various kinds of digital video networks, including wireless and wired cable systems and digital satellite systems. In addition, DAVID's flexibility allows service features such as an on-screen interactive program guide for users to navigate through their program choices, establish viewing preferences, record on a VCR, and block unwanted programming. "BellSouth's digital television deployment in New Orleans is truly monumental considering that Microware and Zenith announced our licensing agreement just over one year ago," said Ken Kaplan, president and chief operating officer of Microware. "This deployment is testimony to the ease-of-use provided by DAVID's open system software and its acceptance as a standard in the digital television industry." "Microware's DAVID system software is an excellent choice for a digital television deployment like this one," said Bill Luehrs, president of the Zenith Network Systems division. "Its advanced technology supports the concept of open standards architecture and is a cost-effective implementation for the delivery of video entertainment across several types of digital networks." BellSouth's americast programming service delivers the highest value in home entertainment choices with digitally pure picture quality and extensive viewing options with more than 160 channels including: local, national, premium, movies on command, and family programming; CD-quality, commercial-free music; weather, sports, and more. And with BellSouth's unique Express Cinema service, customers can instantly access the largest selection of the latest hit movies without leaving the comfort of their homes. More on DAVID Microware's DAVID ( Digital Audio/ Video Interactive Decoder) is an open operating system software standard for digital television. DAVID is designed to enable content and network providers to author an application once, store it on a variety of servers, send it across different types of broadband networks and run it on DAVID-based digital network devices. DAVID can be used in telephone, cable television and wireless networks and is licensed by manufacturers for use in digital television deployments, both in the United States and abroad. Microware Microware (Nasdaq:MWAR) develops, markets, and supports sophisticated real-time operating system software and development tools for advanced consumer, communications, and industrial products, including devices for the emerging Internet, wireless communications, and digital television markets. Microware, with headquarters in Des Moines was founded in 1977 and has technology and sales offices throughout the United States as well as in England; France; Germany; and Japan. Additional information on Microware can be found on the World Wide Web at www.microware.com . Microware, the Microware logo, OS-9 and DAVID are registered trademarks of Microware Systems Corp. americast and Express Cinema are trademarks of Corporate Media Partners d/b/a Americast. All other marks are trademarks or registered trademarks of their respective holders. Note: The statements in this release concerning the outlook for the referenced project are forward-looking statements that involve risks and uncertainties, including continued successful development and customer acceptance of the products and services discussed. CONTACT: Microware Systems Corp., Des Moines Deb Fry, 515/327-2338 debf@microware.com or Zenith Electronics Corp. John Taylor, 847/391-8181 jtaylor@zenith.com 09:01 EST DECEMBER 8, 1997

To: Stoctrash who wrote (26382)	12/9/1997 9:44:00 PM
From: John Rieman	Respond to of 50808

Cleaning up the balance sheet....................................... insidechina.com China Warily Eyes Its Banks SHANGHAI -- Wang Jian was an unusually diligent officer at a Chinese state-run bank, booking deposits worth $37 million and loaning out the cash. There was just one problem: profits went straight into his pockets, not to the bank. Wang was running a private loan-sharking scam from his desk in the Agricultural Bank of China in the eastern city of Nanjing. When police blew his cover, he tried to kill himself, and 44 accomplices were arrested. The scandal gained prominence in the official media just as top leaders gathered in Beijing last month to discuss financial risk in the banking system. The case underlined the dangers to a banking system that is woefully under-regulated and buckling under bad loans, but which will soon be called upon to play a leading role in China's privatization program. As China pushes all but a handful of its 270,000 or so cash-hungry government enterprises towards the market, banks will have to organize a house-cleaning. "If they can't do that, nothing is going to work," said David Mahon, a China investment specialist with Mahon and Associates. The World Bank has called China's financial system the soft underbelly of the economy. "Their accounting risk management and credit analysis systems are woefully inadequate; and the quality of their portfolio is unknown," a recent World Bank study said. "Transforming the state banks into genuine commercial banks is crucial if China is to avoid a major bank insolvency." As China tries to transform its economy from Stalinist central planning to market principles, it is having to tally up the toll on a banking system saddled by huge non-performing loans to state enterprises. The four main commercial banks -- the Bank of China, the Industrial and Commercial Bank, the Bank of Agriculture and the China Construction Bank -- are technically insolvent. They had a total capital base of 201 billion yuan ($24.2 billion) and total loans of 5.0 trillion yuan at the end of the first half of this year. Official estimates show 20 percent of all loans -- equal to 1.0 trillion yuan -- are non-performing. If half that amount could be recovered, it would still leave bad debt of 500 billion yuan, exceeding the capital base of the banks, said Qu Hongbin, manager for economics and strategy at Dresdner Kleinwort Benson Securities in Hong Kong. But the key word is "technically" as these are state banks with state credit to support them, Qu said. According to one senior central bank official, a failure of a state bank would be unthinkable. "That's impossible and nobody would support it," said Di Weiping, executive vice president of the Shanghai branch of the People's Bank of China, responding to a question on whether any of these banks would be allowed to fail. "I don't think our government would allow that to happen." Di echoes other bankers and economists who say that many of the loans were made to support state policies in the days of central planning. "The problems of the banking system are structural," he said. "Some of the loans were made under policy and they played a role in developing the economy." Many state companies that borrowed from state banks were called on to assume social welfare roles, providing housing, schools and hospitals. Whatever the reasons behind the unrepaid debt, Vice Prime Minister Zhu Rongji has told bank managers to reduce it by two percent a year -- or face the consequences. Lending officers are running scared. "I am afraid to lend now," said a Chinese banker named Bai with 20 years of experience. China sets an annual lending quota to keep a lid on credit expansion, but the quota is getting hard to fill. "I have lent only about one-third of my quota for the year," said Bai, complaining that many would-be customers are too big a risk while a weak legal system makes it hard to enforce repayment. Another lending officer at a big state bank says she, too, has to hunt for solid customers. "Many proposals look good on paper but the reality is quite different," she said. Some economists call for the creation of a "bad debt bank" to buy up all bad debts at a discount and try to make them worth something, much like the Resolution Trust Corp., which performed a similar role for the U.S. savings and loan industry. Others say the government should write off the bad debt and re-capitalize the banks, borrowing money from the private sector or selling equity to outside investors. "We feel the government hasn't come up with any measures," said Li Yang, an economist with the Chinese Academy of Social Sciences, a government think-tank. He is joined by a number of economists who say this is long-term problem that eventually will demand more attention. "You can't cover this forever," said Dresdner Kleinwort Benson's Qu of the unrepaid bank debt. "You have to clean up these balance sheets." ($1USD = 8.28 Chinese yuan) Reuters