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Business in Asia Today

Pfizer hopes to boost drug sales in Japan with Viagra
TOKYO - Pfizer Pharmaceuticals Inc. plans to boost drugsales in Japan by marketing Viagra, the erectile dysfunctiontreatment, company officials say. The firm has set up its ownsales network in anticipation of the release of Viagra and hasstrengthened its sales force by more than 10% to 1,000. Pfizeris aiming for a 50% increase in sales by the end of the fiscal year in November 2002.

Korean telecoms venture sells U.K. stake
SEOUL - Rockers, a Korean venture business specialising insystem integration and solutions in the local telecoms sector,on Tuesday said it had obtained foreign capital of $16million by selling its 34 percent stake to J.F. Electra, asubsidiary of the Jardine Fleming Group of the United Kingdom.This marked the first time that a Korean venture business hadsolicited foreign capital through a capital arrangement with aforeign company, Rockers said. Rockers offered its shares tothe British firm at 130,000 won ($109.70) per share.

48 contractors vie for $251m Vietnam tunnel
HANOI - Forty-eight contractors, including five Vietnamesecompanies, have obtained pre-qualification documents for theHai Van Pass Tunnel Construction project. The ProjectManagement Unit 85 (PMU 85) under the Ministry of Transportand Communication announced in early January that applicantsfor the pre-qualification would be shortlisted later in themonth. The project, to construct the 5.9km Hai Van Pass Tunnelon the National Highway No.1, which requires an estimatedinvestment of VND3.5 trillion (about $251 million),is expected to break ground in October.

Samsung clinches Singapore reclamation project
SEOUL - Samsung Corp. (KSE:00830) has clinched a landreclamation project worth $200 million from Singapore'sTrade and Industry Ministry, the company said. The project,part of the reclamation work in the coastal area east ofChangi Airport, is scheduled to becompleted by January 2004. Samsung won the open bidding, with11 international bidders taking part.

PNG currency obligations assigned B1 rating
SYDNEY - The domestic currency obligations of thegovernment of Papua New Guinea have been assigned a B1 issuerrating with a stable outlook by Moody's Investors Service.The ratings agency confirmed it had also assigned aB1 foreign currency country ceiling for bonds and notes and aB2 foreign currency country ceiling for bank deposits.

Japanese department store sales fall 5.5%
TOKYO - Overall sales at 303 Japanese department stores nationwide,operated by 139 companies, dropped 5.5% from a year earlier to1.11 trillion yen in December 1998, marking the eighthstraight month of decline, the Japan Department StoresAssociation said. Foodstuffs posted a 5.7% decrease to383 billion yen in sales and clothing slid 6.7%.Sales in 1998 as a whole fell 5% to 9.17 trillion yen, thesecond-biggest drop after the 6.6% set in 1993.

Arthur Anderson to audit Indonesian board
JAKARTA - The auditing and accounting giant Arthur Andersonhas been chosen by the Indonesian government to audit the state-run Boardof Logistics (Bulog), the Minister of Industry and Trade,Rahadi Ramelan, who is also head of Bulog, said. Ramelan saidthat Arthur Anderson would cooperate with local auditors andcomplete the assignment by July. Arthur Anderson has alreadyserved as a Bulog consultant for four years.

Japan's movie distributors see 11% rise in revenue
TOKYO - Japan's four movie distributors saw total revenuerise 11.3% in 1998 to a record-high 87.36 billion yen, theMotion Picture Producers Association of Japan announced. Thenumber of moviegoers returned to the 150 million level for thefirst time in 12 years, due mainly to a sharply rising numberof cinema complexes screening mainly hit movies. Foreignmovies accounted for 60.96 billion yen, or 69.8% of totalrevenue, up 32.7%.

Korean household spending shrinks 12%
SEOUL - South Korea's household spending from the firstthrough the third quarters of last year shrank 12 percent,contributing to the business slowdown, the Bank of Korea said.Household spending from the first through the third quartersof 1997, which preceded the foreign currency crisis, rose 4percent from the same period a year earlier.

Motorcycles outgun scooters for first time in India
MUMBAI - For the first time in the history of thetwo-wheeler industry in India, motorcycle sales have overtakenscooter sales. Motorcycles outsold scooters by 10 percent during April-November 1998.Motorcycle sales stood at 870,000 units, while scooter salesstood at 792,000 units, according to TheEconomic Times. Moped sales were low at 517,000 units.

(Asia Pulse)


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