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Business Asia, March, 2001

* WINNERS

The winner's badge this month goes to India's Finance Minister Yashwant Sinha, whose positive plans for economic reform outlayed in the country's newly released 2001/2002 Budget have given India's future a promising hue.

Despite low expectations leading into the release of the Budget, economists are now hopeful that the proposed measures will push India into a fresh new era of economic reform.

Alongside moderate cuts in corporate and personal taxes, tax breaks for research and development and encouragement of privatisation across the board, Sinha has also indicated support for wider corporate reform. This includes reform in both Contract Labour Act and the Industrial Disputes Act, which will make it possible for troubled firms to sack workers.

* LOSERS

Daewoo's former chairman Kim Woo Choong's days are numbered after Korean authorities issued a warrant for his arrest.

Kim is wanted for questioning over allegations that assets and profits at Daewoo affiliates may have been exaggerated by as much as 41 trillion won ($33 billion) in 1997 and 1998.

The warrant was issued after the former Daewoo boss failed to appear voluntarily for questioning. Kim may now face charges of violating corporate disclosure and fraud.

Korean authorities are now asking for help from Interpol and foreign governments to find Kim, whose whereabouts are unknown. Media reports so far have said he may be in France, Germany, Morocco or Sudan.

KEEP AN EYE ON

Look out for new and improved karaoke machines. Eastern Asia Technology, a manufacturer of audio and consumer electronics, has secured two major contracts, including one with The Singing Machine Company, a US maker and distributor of karaoke machines. Starting in April, East Asia Technology will produce home karaoke systems for the company worth around US$18 million. Together, the two new contracts are worth US$43 million.

Sanyo has also placed a new contract for audio electronics worth $25 million, with delivery expected this month.