Foreign investors eye Seram

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

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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

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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

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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

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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

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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