Daewoo expanding Indian auto unit stake - Statistical Data Included

Business Asia, August 30, 1999

* Seoul -- Daewoo Motor, the flagship of South Korea's ailing Daewoo Group, plans to spend US$100 million to boost its stake in its Indian unit even as the group struggles to survive at home. The new investment, half of which will come from proceeds from auto parts produced in India, will boost Daewoo Motor's stake in the unit to 96 per cent from 92 per cent. The Indian government has approved the move.

-- Bloomberg

* Beijing -- China is working on laws and regulations dealing with the construction industry to standardise controls over the large construction business. According to the Ministry of Construction, China is drafting laws, rules and regulations on residential buildings, construction work and contracting that are in accordance with the Construction Law.

-- Asia Pulse

* Tokyo -- Japan had 50.51 million mobile phone subscribers in July, according to data released by service providers. If the current pace of growth is maintained, the number will exceed by next March the 58.28 million regular phone service customers reported by Nippon Telegraph and Telephone Corp for the year ended March.

-- Asia Pulse

* Mumbai -- Satyam Computer Services, one of India's biggest software companies, said it has dropped plans to sell new shares to foreign investors. Satyam decided to drop its money-raising plan after more than two weeks of meetings with foreign institutional investors and its adviser on the sale -- the Jardine Fleming Group -- did not generate as much interest in the shares as it had hoped.

-- Bloomberg

* Hanoi -- General Electric (GE) Appliances has returned to Vietnam after 25 years and has appointed a local firm, Hong Bao Corporation, as its sole distributor. GE Appliances will open two home centres in Ho Chi Minh City. These centres will introduce home appliances such as air conditioners, refrigerators, washing machines and microwave ovens.

-- Asia Pulse

* Pleasantville -- Readers Digest Association, publisher of the world's most widely circulated general interest magazine, has bought Hong Kong-based Benchmark Ltd to tap into Asia's financial publishing market. Benchmark offers four bilingual magazines targeting Asia's mutual fund industry.

-- Bloomberg

* Seoul -- Foreign investment in South Korea reached a record monthly high of US$2.07 billion in July, up 68.5 per cent from a year earlier, the Commerce, Industry and Energy Ministry said. The July figure brought total foreign investment to US$6.54 billion over the first seven months of this year, up 77.1 per cent from the same period a year earlier

-- Asia Pulse

* Beijing -- China Southern Airlines, China's biggest airline by fleet size, said sales rose in July for the first time in five months as demand on international routes strengthened. Total passenger volume rose 0.6 per cent in July from the same month a year ago to 1.35 million, compared with a decline of 4.8 per cent in June.

-- Bloomberg

* Shanghai -- Foreign banks are now allowed to handle Chinese yuan-based business in China's Jiangsu, Zhejiang, Guangdong and Hunan provinces, and the Guangxi Zhuang Autonomous Region, a spokesman with the Shanghai Branch of the People's Bank of China said. Restrictions on the use of the yuan in interbank lending and the organising of consortia by foreign banks have also been loosened, according to the spokesman.

-- Asia Pulse