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January 21, 1999atimes.com
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Business in Asia Today


Mitsui, Chuo Trust and Banking agree to merge next year
TOKYO - The Mitsui Trust & Banking Co. (TSE:8401) and the Chuo Trust & Banking Co. (TSE:8408) have agreed to merge by April 2000, the two announced. The merged institution would be Japan's largest trust bank in terms of outlets and assets under trust, with a net business profit forecast to top 200 billion yen (U.S.$1.7 billion).

With total funds of 41.8 trillion yen, it will also be the second-largest bank in the country. Within five years of merging, the two banks plan to cut 2,000 jobs from a combined payroll of about 10,000, as 35 overlapping domestic branches will be integrated

Bankrupt Japanese corporations owe $126bn
TOKYO - Total liabilities of bankrupt Japanese corporations with individual debts of 10 million yen (U.S.$87,703) or more reached 14.38 trillion yen (U.S.$126.1 billion) last year, an increase of 2.6% from 1997 and the highest total since World War II, according to private credit research institution Teikoku Databank Ltd.

The number of bankruptcies rose 17.1% to 19,171, the second-highest figure of the postwar period.January 1998 saw the highest postwar incidence of corporate bankruptcy with 1,502 cases.In addition to Japan's largest-ever single bankruptcy - the failure of Japan Leasing Corp. - 1998 brought the bankruptcies of such major firms as Mita Industrial Co. and Okura & Co.

Hyundai Engineering wins Hong Kong development
SEOUL - Hyundai Engineering and Construction (KSE:00720) recently won a project to develop an area in the Taikoktsui district of Hong Kong, close to the Olympic subway station, for U.S.$181.3 million, the company announced.

The project involves the construction of three 51-storey and two 43-storey residential buildings in addition to a three-storey terminal, with a total floor space of 152,012 square meters.

The project was ordered by a consortium comprising the Hong Kong Subway Corp. and Benefit Bright Co. et al, and is scheduled to be completed in December of next year.

Korean credit rating agency allies with Fitch IBCA
SEOUL - Korea Management Consulting and Credit Rating (KMCC) and Fitch IBCA have reached an agreement to form a strategic alliance on sharing credit information and joint research activities.

Under the alliance, the London-based rating firm will instruct the Korean firm in various aspects related to credit assessment, KMCC president Yoon Chang-hyun said.In return, the KMCC will represent Fitch IBCA in South Korea and launch an information service in tandem with the internatinal rating agency.

Both companies will also carry out joint evaluations of Korean companies when they issue bonds overseas and joint research activities for the local issuance of Korean bonds by foreign companies. The KMCC is wholly-owned by the state-invested Korea Development Bank.

Hitachi to enter JV with Indian construction equipment firm
JAMSHEDPUR (India) - Hitachi of Japan is to enter into a joint venture with India's Telco Construction Equipment Company Ltd (TCECL), a newly-formed subsidiary of Telco. Hitachi, which already has a technical collaboration with Telco for excavators, and is likely to pick up a 22 percent stake in the company. Senior Tata officials said that talks were currently in progress to decide the equity participation, India's Business Standard daily reported.

Mitsubishi Chemical, Taisho join forces on anti-depressant
TOKYO - The Mitsubishi Chemical Corp. (TSE:4010) has announced that it will collaborate with the Taisho Pharmaceutical Co. (TSE:4535) in the final development stage of the antidepressant drug MCI-225.

Mitsubishi Chemical hopes to speed its antidepressant development process, while Taisho Pharmaceutical is looking to fortify its central nervous system drug operations. Developing drugs to treat nervous system disorders is Mitsubishi Chemical's strongest business. Pending approval, the firms expect to begin marketing the drug separately in 2005.

Hanoi helps auto industry with import restriction
HANOI - In a move widely viewed as beneficial for Vietnam's car industry, the trade ministry has decided to restrict imports of cars with less than 15 seats and commercial cars manufactured domestically with imported parts.

Market experts say the demand for domestically assembled cars will remain low in 1999 because of a large stock of second-hand cars imported in the last two years. An estimated 10,000 such vehicles have been stockpiled. Between 22,000 and 25,000 vehicles were imported to Vietnam in the 1997-1998 period, well above the annual number of 6,000 cars assembled and produced by domestic car makers.

Landowners threaten to close PNG's Ok Tedi mine
PORT MORESBY - Local landowners in Papua New Guinea's Western Province have threatened to shut down the giant Ok Tedi copper mine unless the government reviews an agreement with them which covers loans and other matters. Landowners claim the government has not honoured its obligations under the agreement, which is now well overdue for renegotiation.

CMG to open software component centers in India
NEW DELHI - Software component group CMG of the United States and Software Technology Parks of India (STPI) will jointly open 22 software component development and learning centers across India by March 2000.

A CMG Alliance of US-based information technology firms will establish these centers to disseminate Common Object Request Broker Architecture (CORBA) in India and train software professionals to use CORBA, the chief executive officer of CMG (India) Ltd., Sunil DuttJha, said. CORBA uses architecture that helps computer applications to talk across operating systems and in the process cut down time for product development, he said.

Gaz interested in 50% stake in India's Petronet LNG
NEW DELHI - French multinational Gaz de France has shown interest in becoming an equity partner in Petronet-LNG, a holding company floated by India's National oil companies to import liquified natural gas (LNG), and is willing to take up to a 50 percent stake.

Gaz de France is a strategic partner with Petronet LNG and is providing technological support to the Indian company to set up two terminals - at Dahej in western Indian state of Gujarat and Cochin in the southern Indian state of Kerala - to import 7.5 million tonnes of LNG annually.

(Asia Pulse)


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