Vietnam approves $134 mln steel plant - media

HANOI: The government has approved a plan by the state-run Vietnam Steel Corporation (VSC) to build a US$133.9 million steel plant in southern Vietnam using domestic funds, official media reported on Monday.

The Lao Dong (Labor) newspaper said the government approved VSC's feasibility study last Wednesday to build the Phu My Steel Plant in the southern province of Ba Ria-Vung Tau, which would have an annual capacity of 500,000 tones of steel products.

Industry experts have forecast Vietnam will need to import two million tones of steel this year, down from 2.17 million in 2001, to meet domestic demand forecast to grow 12 percent on 2001 to 4.12 million tones.

Domestic producers had a combined design capacity of 3.9 million tones, mainly steel for construction, but actual output in 2002 could reach 2.1 million tones from 1.91 million tones in 2001, industry reports have said.

Government statistics showed Vietnam imported 1.4 million tones of steel and ingots in the first four months, up 19.2 percent on the same period last year.--Reuters

China reports 166.7 million cellphone users at end of April

BEIJING: China consolidated its position as the world's largest cellular phone market with 166.7 million subscribers at the end of April, the government said Monday.

The number, released by the Ministry of Information Industry, showed an increase of 5.15 million, or 3.2 percent, in April, and a 15 percent rise since the beginning of the year.

The increase brings the mobile phone penetration rate at end- April to 13.1 percent, up from 11.2 percent at the beginning of the year.

China became the world's second-largest mobile telecom market ahead of Japan at the end of 2000, and in July last year overtook the United States to become the global number one.

At the end of April, China had a total of 191.3 million fixed- line subscribers, up 1.4 percent from late March and up 6.9 percent since the beginning of the year.--AFP

Malaysia's banks profits up 72 pct in Q1 q/q-c.bank

KUALA LUMPUR: Malaysia's banking industry posted a 72 percent rise in profits for the first quarter of 2002 from the fourth quarter of 2001, Bank Negara governor Zeti Akhtar Aziz said on Monday.

The central bank chief told a banking conference the industry recorded a profit of 2.4 billion ringgit (US$631 million) for the January-March quarter, up a sharp 72.3 percent from the preceding quarter.

The increase "reflected the lower loan loss provisions and the lower overhead expenses" during the period, she said.

She gave no details on the level of non-performing levels for the first quarter.

Malaysian banks, hit by larger bad debt provisions and higher overheads, posted a 20 percent drop in pre-tax profit of 7.4 billion ringgit in 2001.

Zeti said for the first quarter of this year, the risk weighted capital ratio of the banks was sustained at 12.5 percent. Reuters

;AP; ANPA ..r.. Philippines-Trade Philippine imports rise for second month in a row on increase in JP/ Philippine imports rise for second month in a row on increase in electronics shipments[

MANILA: Philippine imports rose for the second consecutive month in March as a surge in electronics shipments raised hopes for export growth, officials said Monday.

Data issued by the statistics office showed imports in March rose 10 percent to dlrs 2.867 billion from dlrs 2.607 billion in the same period last year.

Imports rose 0.6 percent in February after seven months of decline.

Imports of electronics, which accounted for more than a quarter of total shipments, rose 88.9 percent to dlrs 849.67 million in March. Electronics imports rose 41.6 percent in February after contracting 19.3 percent in January.

Analysts say that, given the high content of imported materials in Philippine exports, strong imports suggest economic growth could accelerate in 2002.--Dow Jones

S'pore, Australia resume talks on FTA

Australian trade negotiators have resumed talks in Singapore aimed at securing a free trade agreement they hope will set the pattern for a series of similar regional pacts, officials said Monday.

The push to further liberalize trade between the two close trading partners have been underway since their leaders agreed 18 months ago to begin talks on the issue.

But they became bogged down late last year over the key issue of improving market access to Singapore's services sector, particularly for telecommunications, financial services, education and law firms.

A spokesman for Australian Trade Minister Mark Vaile said other issues which slowed the talks last year were the Australian election in November and the fact the chief negotiators for both countries were coming to the end of their terms.

"Now they are getting back together and we are looking forward to some positive outcomes," he said.--AFP