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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Tom who wrote (2576)	11/25/1998 8:16:00 AM
From: Julius Wong	Read Replies (1) \| Respond to of 2951

Dow Jones Newswires -- November 25, 1998 Dow Jones Newswires HKMA Says HK Monetary Base Totals HK$186.78B As Of Weds Dow Jones Newswires HONG KONG -- The monetary base underlying the Hong Kong dollar's peg to the U.S. dollar totaled HK$186.78 billion as of 1030 GMT (5:30 a.m. EST), the territory's quasi-central bank said Wednesday. It's the first time the Hong Kong Monetary Authority has announced the precise figure on the monetary backing of the peg. From Wednesday, the figures will be published daily along with details of the components of the monetary base, the HKMA said. Hong Kong's monetary base is the sum of certificates of indebtedness, notes and coins in circulation, the aggregate balance of accounts banks maintain with the HKMA for settlement of foreign exchange transactions, as well as bills and notes issued by the HKMA's Exchange Fund. An HKMA spokesman said that the decision to provide the figures is part of the quasi-central bank's efforts to be more transparent. As of 1030 GMT, certificates of indebtedness totaled HK$80.68 billion, notes and coins in circulation totaled HK$5.89 billion, outstanding Exchange Fund paper totaled HK$97.45 billion, and the closing aggregate balance in the banking system was HK$2.76 billion, the HKMA said. Certificates of indebtedness provide the backing for bank notes issued in Hong Kong. Copyright © 1998 Dow Jones & Company, Inc. All Rights Reserved.

To: Tom who wrote (2576)	12/10/1998 11:04:00 AM
From: WONG	Respond to of 2951

Singapore takes tech crown Growth potential ranks best in Asia HONG KONG -- Singapore is moving rapidly to take advantage of technology to bolster its economy. An International Data Group study, to be released Thursday, places Singapore first among Asian countries in terms of physical, economic and social infrastructure to foster a high-tech economy. Japan dropped to No.3 as Singapore and Australia invested at higher levels. "Singapore is absolutely committed to building the infrastructure to differentiate the country," says Ganesh Ayyar, general manager of corporate and government business in Singapore for electronics giant Hewlett-Packard. India, China, Indonesia and Pakistan fared the worst when measured against 55 countries worldwide. That's because they have limited resources and huge populations, which will hamper efforts to bring their residents into the information age, says International Data analyst Wilford Welch. In India, for instance, only one in about 10,000 households has access to the Internet. In China, residents would have to spend 12% of their incomes just to connect to the Internet. Still, those countries remain big markets for U.S. high-tech firms simply because of their size. China, with a population of 1.2 billion, is the world's fastest-growing market for personal computers. In the second quarter this year, PC sales jumped 48%. Last year, China was the world's sixth-biggest PC market. By the year 2000, it will be No.2 after the USA, International Data Corp. (IDC) predicts. India, too, is pushing efforts to build its technology infrastructure. Earlier this year, it formed a task force to focus on technology. It also recently dropped import duty taxes on electronic components. "Each country has embraced the idea that one of the ways to make them more competitive, even in an economic recession, is through information technology spending," says John Breslin, head of operations for Intel in Asia. Even though most Asian countries have curtailed spending on technology this year, with a 3% drop expected, the region remains poised for growth. IDC predicts that spending on technology in the region will grow at a compound annual rate of 16% from 1999 to 2002. If so, Singapore, Hong Kong, South Korea and Taiwan could emerge as more tech savvy than many countries in Western Europe, Welch says. Singapore is looking especially bullish. It continues to push to make itself the hub for electronic commerce in Southeast Asia. One of its most ambitious projects calls for the creation of a broadband computer network to enable residents to easily access services. By Julie Schmit, USA TODAY