In brief - Brief Article

Business Asia, May 19, 2000

* Seoul -- The Korea Stock Exchange (KSE) will allow the free trading of foreign stocks from June, KSE authorities say. Foreign companies can list on the exchange either through depositary receipts (DRs) or shares. Although they are allowed to list in DR form, none has done so thus far.-- Asia Pulse

* Jakarta -- The Indonesian government has reportedly reduced import duties on raw materials for the production of automobile components to 5 per cent from a range of 10 to 20 per cent. The new import tariffs will be imposed on a range of car component materials.

-- Asia Pulse

* Manila -- Strong demand for electronic goods and electronic components boosted the Philippines' export earnings to US$8.6 billion in the first quarter, a rise of 9.6 per cent from those a year earlier. Government data show receipts from merchandise exports for March grew 10.6 per cent to US$2.99 billion from US$2.7 billion in 1999. The US and Japan remained the biggest buyers of Philippine products.

-- Asia Pulse

* New Delhi -- The Indian government plans to replace basic telephone services with cellular services in four states -- West Bengal, Bihar, Andhra Pradesh and Tamil Nadu -- as pilot projects. The services will be extended nationwide following their successful implementation. The pilot project, developed by the Centre for Development of Telematics, is to be implemented by November this year and a global tender will be called for implementing it across the nation, Union Communications minister Ram Vilas Paswan said. The estimated cost of the pilot project would be about US$57.3 million.

-- Asia Pulse

* Jakarta -- The Indonesian government has reportedly reduced import duties on raw materials for the production of automobile components to 5 per cent from a range of 10 to 20 per cent. The new import tariffs will be imposed on the range of car component materials such as rolled and coated steel sheets, carbon steel rods, ignition wiring sets, aluminium alloy bars and refined copper wire. -- Asia Pulse

* Manila -- Strong demand for electronic goods and electronic components boosted the Philippines' export earnings to US$8.6 billion in the first quarter, a rise of 9.6 per cent from those a year earlier. Government data show receipts from merchandise exports for March grew 10.6 per cent to US$2.99 billion from US$2.7 billion in 1999. The US and Japan remained the biggest buyers of Philippine products. -- Asia Pulse

* Singapore -- The Singapore Marriott Hotel is offering special rates until September 30 this year. Nightly room rates include S$215 (US$125) for a deluxe room, $S230 (US$133) for a deluxe room with American buffet breakfast and $S265 (US$153) for an executive room, including daily complimentary breakfast, coffee, tea and evening cocktails. All packages include complimentary fruit tray, choice of four international English-language newspapers, complimentary use of the fitness centre and late checkout to 6pm.

--Asia Pulse

* Jakarta -- The Indonesian Bank Restructuring Agency (IBRA) is expected to send a team to Singapore to offer assets, including properties such as hotels and buildings, Indonesian Ambassador to Singapore Luhut Pandjaitan said. The Singaporean government earlier pledged US$500 million in loan facilities for the country's businessmen to buy the assets owned by IBRA and another US$400 million in guarantee for the country's businessmen who invest in Indonesia.

--Asia Pulse