China, Korea to drive ore sales

Business Asia, March 17, 2000

* Canberra -- Growth in Chinese and South Korean markets is expected to drive demand for Australian iron ore. ABARE predicts Australian iron ore exports will increase 16 per cent to 175 million tonnes in 2004-05 primarily because of expanding steel production in Asia. Tim Sylow, steel industry analyst for BHP Minerals, agreed that Asia's demand for steel is rising, creating a need for more iron ore.

-- Business Asia

* Melbourne -- Hi-tech firm Australasian Technology Corp Ltd (ATC) has acquired a 52 per cent stake in Singapore-based radio frequency intelligence group Smartag for S$845,000 (US$491,279). ATC said Smartag was a choice service provider for world-class transponder products.

-- Asia Pulse

* Washington -- The World Bank will stop lending money to South Korea because the East Asian country's foreign reserves are strong and its economy is back on track after tumbling into recession, the bank said. `The breadth, depth and pace of structural reforms in Korea have been impressive, and I believe Korea is well positioned to return its economy to a path of sustained growth," World Bank president James Wolfensohn said.

-- Bloomberg

* Hong Kong -- The Hong Kong government has awarded a HK$102 million (US$13.1 million) design and construction consultancy contract for the section of Route 10 (North Lantau to Yuen Long Highway) from North Lantau to Tsing Lung. Maunsell Consultants Asia Ltd will be the engineering consultants for the design and construction assignment, assisted by Chodai of Japan and Brown Beech Associates of the United Kingdom in the design of the bridge. Tsing Lung Bridge will stretch across the Ma Wan Channel connecting the mainland with Hong Kong.

-- Asia Pulse

* Adelaide -- Soaring overseas demand and millennium celebrations contributed to Australian wine producer BRL Hardy Ltd's spectacular 1999 full-year after-tax profits of A$50.045 million (US$30.24 million) -- or A$48.6 million (US$29.37 million) after an adjustment to take into account the corporate tax rate drop. The Adelaide-based company reported a 29.8 per cent rise in overseas sales, which represented 44 per cent of the company's total revenue in 1999. Exports are expected to grow to 50 per cent with intensified marketing strategies in Europe, Asia and the United States possibly including joint ventures and acquisitions in the US.

-- Asia Pulse

* New Delhi -- India's Tourism Ministry will adopt a four-fold strategy, including linking all tourism sites via the Internet and setting up a National Tourism Development Fund, to achieve an annual target inflow of five million foreign tourists, federal Tourism Minister Ananth Kumar said.

-- Asia Pulse

* Hong Kong -- Mallesons Stephen Jacques has been named regional law firm of the year in the International Financial Law Review's (IFLR) Asian Legal Deals of the Year Awards. Mallesons is the first Australian law firm to win the award. Tony D'Aloisio, chief executive partner of Mallesons Stephen Jacques, said: "We are very pleased to win this prestigious award. It was based on IFLR's comprehensive survey of corporates and financial institutions. Thus we thank our clients for the confidence they have shown in us."

* Bandung -- PT Zeneca Agri Products Indonesia plans to export at least 3300 tonnes of insecticide and pesticide to ASEAN countries, China and Pakistan this year. Vice-president Etty Indrawati L said the planned exports would represent a 19 per cent increase from the annual average in the previous years.

-- Asia Pulse