Foreign investors eye Seram

AMBON, Maluku: A number of investors from China and Japan as well as European countries have reportedly expressed interest in doing business in Seram Island in Maluku province, an official said here on Wednesday.

"Besides foreign investors, Indonesian businessmen have also been seeking information on making investments in Seram Island," Maluku Governor Karel Alberth Rahalahu said.

Most of the investors are interested in the island's fishing, agricultural, plantation and mining industries, said the newly appointed governor.

These investments, if carried out, would have a good impact on the local people's lives in particular, and in Maluku in general, Karel said.

Maluku has begun rebuilding after it was wracked by a four- year bloody sectarian conflict, which broke out early 1999.--Antara

;AFP; ANPAf..r.. Money-SKorea-investment FDI in South Korea falls sharply JP/16/Money2

FDI in South Korea falls sharply

SEOUL: Foreign direct investment (FDI) in South Korea fell sharply this year but foreign investors raised their stock holdings in top business groups, officials said on Wednesday.

For the nine months to September, FDI in South Korea totaled US$4.63 billion, down 36.1 percent from a year ago, according to the Ministry of Commerce, Industry and Energy.

"Despite signs of modest global economic recovery, multinational companies' investment sentiment remains weak due to concern over profit deterioration amid sluggish domestic economy," the ministry said in a statement.

In the three months to September, South Korea attracted $1.97 billion in FDI, down 19.9 percent from a year earlier, it said.

U.S. and Japanese slashed their investment here in the third quarter, while the European Union boosted its investment. -- AFP

;AFP; ANPAf..r.. Money-Philippines-economy RP sees moderate 2003 growth JP/16/Money3

RP sees moderate 2003 growth

MANILA: The Philippines on Wednesday forecast moderate growth this year after earning itself a ratings downgrade from Moody's over political concerns and acknowledged that the prospects for 2004 depend very much on May's presidential election.

Global recovery should help the Philippines attain 4.2 percent economic growth this year but 2004 depends on the outcome of the vote, Economic Planning Secretary Romulo Neri said in a statement.

Gross domestic product (GDP) was likely to have grown between 3.8 and 4.3 percent for the three months to September after a 3.9 percent rise in the first half, he said.

The government earlier set a full-year GDP growth target of 4.2-5.2 percent.

Growth should pick up further to between 5.2 and 6.0 percent in 2004 although it will be dependent on the "results of the political exercise next year," Neri added.

President Gloria Arroyo announced last weekend that she would seek a six-year term, calming businessmen worried by uncertainty over the presidential succession after she earlier had said she would not stand. --AFP

;AFP; ANPAf..r.. Money-India-telecom Mobile phone users up in India JP/16/Money4

Mobile phone users up in India

NEW DELHI: The number of mobile phone subscribers in India has passed 18 million with the addition of more than 900,000 new users in September, a cellular operators' body said on Wednesday.

The number of new subscribers in September was 906,176, compared with 1.1 million in August, the Cellular Operators Association of India (COAI) said in a press release.

The number of mobile phone users in India has doubled since September 2002 when the figure was 8.53 million.

State-run Bharat Sanchar Migam Ltd. (BSNL) netted the maximum number of 321,953 new subscribers in September up from 205,226 in August, bringing its subscriber base to 4.02 million, the figures showed.

The private Bharati Televentures Ltd., however, maintained its lead as the biggest of the 13 cellular service providers adding 227,569 new subscribers last month and 353,547 in August to take its subscriber base to 4.62 million, the figures showed. -- AFP

;DJ; ANPAf..r.. Money-Australia-Benefit Australia to benefit from ASEAN JP/16/Money5

Australia to benefit from ASEAN

CANBERRA: Australia will benefit from a new economic union agreed this week between 10 Southeast Asian nations because of its close ties with the region, the government said on Wednesday.

Trade Minister Mark Vaile said the government welcomed the accord signed on Tuesday by leaders from the Association of Southeast Asian Nations, or Asean, at a summit in Bali, Indonesia, to fashion a European Union-like economic community by 2020.

"It signals a strong political commitment to ongoing openness and trade liberalization in the region," Vaile told Parliament.

Vaile said Australian economic ties with Asean countries were worth about A$34 billion each year and growing rapidly. That figure would increase to around A$65 billion by 2010, he said.

"What we are seeing here is a further public commitment from Asean economies to keep moving in that direction," he said.

Australia last year signed an economic pact with Asean and a two-way trade agreement with Singapore. Vaile said Australia and Thailand were likely to conclude trade negotiations in coming weeks and sign an agreement before the end of the year.--AP

;AFP; ANPAf..r.. Money-HongKong-air HK set to raise air departure tax JP/16/Money7

HK set to raise air departure tax

HONG KONG: Hong Kong said Wednesday it will increase its departure tax for air passengers by 50 percent to 120 Hong Kong dollars (15.38 US) early next year in a bid to trim its fiscal deficit.

The increase will generate additional public revenue of 400 million dollars a year to help reduce Hong Kong's swelling fiscal, it said.

The government has estimated a fiscal deficit of 67.8 billion dollars for the current fiscal year, although some analysts have forecast the figure could rise to some 85 billion dollars due to the need to fund relief packages to spur a recovery in the wake of the devastating SARS outbreak.

The implementation of the proposal to raise the departure tax was postponed because of the Severe Acute Respiratory Syndrome (SARS) outbreak this year that left 299 people dead from 1,755 infected and devastated the tourism and travel sectors. -AFP