Japan gets refinery order<\/p>\n
TOKYO (AFP): Japan's Tomen Corp. and JGC Corp. have won a
\nUS$200 million order from Indonesia's state-run oil and gas
\ncompany Pertamina to modernize an oil refinery, a Tomen spokesman
\nsaid yesterday.<\/p>\n
The spokesman said the trading house and the engineering
\ncompany hoped to finalize the contract early next year after
\nfinancial details are worked out.<\/p>\n
The Export-Import Bank of Japan will extend a $140 million
\nloan towards the project in Kalimantan while the remaining $60
\nmillion will be financed by commercial banks, he said.<\/p>\n
Tomen and JGC will jointly provide distillation equipment to
\nthe Balikpapan refinery, the spokesman said.<\/p>\n
The refinery modernization is one of six projects the
\nIndonesian government froze in 1991 due to concerns over the
\ncountry's growing external debts.<\/p>\n
;AFP;
\nANPAf..r..
\nBizbrief-Manila-venture
\nPhilippine venture signed
\nJP\/9\/COLBOX2<\/p>\n
Philippine venture signed<\/p>\n
MANILA (AFP): A Malaysian group and a Philippine firm
\ncontrolled by a former Moslem separatist leader will launch a
\nmulti-project joint venture designed to \"upgrade the living
\nstandards of Moslems\" in the Philippines, it was announced
\nyesterday.<\/p>\n
The USRA Group of Malaysia and the Janoub Philippines
\nDevelopment Corp. announced the formation of the joint venture,
\nwhich will be centered in the Moslem-populated regions of the
\nsouthern Philippines.<\/p>\n
The new Al-Usra Janoub Joint Venture Company is 60-percent
\nowned by USRA, a diversified business group with investments in
\nAustralia, Indonesia and Vietnam, and 40 percent by Janoub, a
\nPhilippine firm controlled by Abul Khayr Alonto, a Moslem
\npolitician and businessman.<\/p>\n
Projects include low-cost housing, a tourist resort and golf
\ncourse, a palm oil plantation and mill and other developments.
\nThe joint venture has a US$500,000 capitalization and Alonto said
\nthey expected to invest $8 billion over the next seven years.<\/p>\n
;JP;ANR;
\nANPAf..r..
\nBizbrief-communication-firm
\nMalaysian firm enters RI
\nJP\/9\/COLBOX3<\/p>\n
Malaysian firm enters RI<\/p>\n
JAKARTA (JP): The Malaysia-based Integrated Strategic
\nCommunications (ISC), a Malaysian public relations company, is
\nentering Indonesia through a technical assistance agreement with
\na domestic partner.<\/p>\n
ISC offers marketing planning and strategy, advertising,
\ndirect marketing, events management, promotions and public
\nrelations services through PT Indonusa Saranakomunikasi Cipta.<\/p>\n
Austen Zecha, a founder of ISC, said yesterday that as the
\nIndonesian law does not yet permit foreign investment in the
\ncommunications industry, the cooperation enters the country by
\nproviding technical assistance.<\/p>\n
Mukhriz Mahathir, a son of Malaysian Prime Minister Mahathir
\nMohammad ,chairs the ISC, while Indonesia's Ferry Sonnevile,
\nhonorary chairman of the Real Estate Association of Indonesia,
\nleads Indonusa. (anr)<\/p>\n
;RTR;ICN;
\nANPAf..r..
\nBizbrief-Asia-market
\nAsian stocks burst out
\nJP\/9\/COLBOX4<\/p>\n
Asian stocks burst out<\/p>\n
HONG KONG (Reuter): Asian stock markets burst out of their
\nlethargic ways yesterday with almost all bourses jumping by one
\nto more than three percent.<\/p>\n
Hong Kong rose 3.28 percent, Singapore 3.13 percent, Tokyo one
\npercent, Taipei 2.11 percent and Kuala Lumpur 1.45 percent.<\/p>\n
Selective bargain-hunting of blue chips by both local and
\nforeign investors pushed up Hong Kong stocks, brokers said.<\/p>\n
The Hang Seng Index closed up 262.21 points, or 3.28 percent,
\nat 8,259.56.<\/p>\n
Tokyo stocks closed higher on short-covering and arbitrage-
\nlinked buying, brokers said, with the 225-share Nikkei average
\ngaining 189.63 points to end at 19,121.12.<\/p>\n
Singapore's Straits Times Industrials index rose 66.23 points
\nto close at 2,180.23 on bargain hunting, brokers said.<\/p>\n
In Australia, the All Ordinaries index ended 31.2 points, or
\n1.67 percent, up at 1895.0, its biggest one-day jump since late
\nAugust.<\/p>\n
Thai stocks closed 2.34 percent higher spurred by late buying
\nacross the board after the index breached the 1,303 resistance,
\nbrokers said. The SET index closed 29.93 points higher at the
\nday's high of 1,310.<\/p>\n
In Seoul, the composite stock index added 1.37 points to
\n1,027.99, off a day high of 1,036.74. Losers led gainers by 564
\nto 296.<\/p>\n
;AFP;ICN;
\nANPAf..r..
\nBizbrief-Tokyo-dollar
\nDollar closes lower
\nJP\/9\/COLBOX5<\/p>\n
Dollar closes lower<\/p>\n
TOKYO (AFP): The dollar lost ground moderately on the Tokyo
\nforeign exchange market yesterday on prospects that the United
\nStates might not raise interest rates further in the immediate
\nfuture.<\/p>\n
It closed at 100.26 yen, down 0.12 yen from the previous day's
\nfinish of 100.38 yen here and lower than 100.30 yen quoted in New
\nYork late Wednesday.<\/p>\n
The mark closed at 1.5712 to the dollar here yesterday,
\nagainst 1.5720 the previous day.<\/p>\n
The dollar ended mixed in Singapore. Rates provided by Banque
\nNationale de Paris showed the dollar strengthening to 1.5705
\nmarks at 0900GMT compared with Wednesday's closing of 1.5700
\nmarks.<\/p>\n
In London, the French franc was bid at 3.4502 to the mark,
\ncompared with 3.4475 at the Wednesday close, and after slipping
\nto a low of 3.4515 in Asian trading.<\/p>\n
The dollar was being traded at 1.5715 marks from 1.5705 at the
\nWednesday close in London, at 100.25 yen from 100.30, at 1.3270
\nSwiss francs from 1.3290 and at 5.4213 French francs from 5.4138.<\/p>\n
Sterling was at $1.5610 from $1.5617, at 2.4531 marks from
\n2.4526, at 156.49 yen from 156.64, at 2.0714 Swiss francs from
\n2.0755 and at 8.4626 French francs from 8.4547.<\/p>\n
;REUTER;
\nANPAf..r..
\nBizbrief-Cambodia-loan
\nCambodia gets ADB loan
\nJP\/9\/COLBOX6<\/p>\n
Cambodia gets ADB loan<\/p>\n
MANILA (Reuter): The Asian Development Bank (ADB) said
\nyesterday it had approved a US$28-million interest-free loan to
\nCambodia to help improve power generation and distribution
\nfacilities.<\/p>\n
The project will improve the availability, reliability and
\nquality of power supply in Phnom Penh, Sihanoukville and Siem
\nReap, the ADB said in a statement.<\/p>\n
The loan has a repayment period of 40 years, including 10-year
\ngrace period, it said.<\/p>\n
;REUTER;
\nANPA f..a..
\nBizbrief-Japan-growth
\nJapan sets 2.8% growth
\nJP\/9\/COLBOX7<\/p>\n
Japan sets 2.8% growth<\/p>\n
TOKYO (Reuter): Japan has set an official forecast of a real
\n2.8 percent growth in gross domestic product (GDP) for the next
\nfiscal year starting on April 1, 1995, a senior Economic Planning
\nAgency (EPA) official told reporters yesterday.<\/p>\n
The government has also revised its forecast for GDP growth in
\n1994\/95 ending next March to 1.7 percent from an earlier forecast
\nof 2.4 percent, the official said.<\/p>\n
;AFP;
\nANPAf..r..
\nBizbrief-Vietnam-Catlex-oil
\nCaltex to expand to Vietnam
\nJP\/9\/COLBOX8<\/p>\n
Caltex expands to Vietnam<\/p>\n
HANOI (AFP): U.S. oil firm Caltex has opened two offices in
\nVietnam and is planning investment in downstream products
\nincluding fuels and lubrication oils, a report said yesterday.<\/p>\n
Caltex, which in April became the first US oil company to buy
\nVietnamese crude following the lifting of a trade ban, is
\nexpected to launch sales of lubricants and other petroleum
\nproducts, the Vietnam News reported.<\/p>\n
At a ceremony to mark the opening of the office, Asia chief
\nexecutive Clifton Hon predicted strong growth in the market for
\npetroleum products in Vietnam, which saw a 15 percent rise in
\nsuch imports last year.<\/p>\n
Several foreign oil firms including Shell, British Petroleum
\nand Castrol have begun operations in Vietnam or are planning
\nplants for downstream products.<\/p>\n
Vietnam exports all its crude oil for refining in Singapore
\nand Japan and buys back derived products. It is planning to build
\na refinery in the center of the country in a joint venture with
\nFrance's Total and two Taiwanese firms.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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