Magazine article Business Asia

In Brief

Magazine article Business Asia

In Brief

Article excerpt

* Seoul -- Three or four ailing South Korean life insurance companies are expected to be sold off to foreign investors during the first quarter of this year, according to a source at the Financial Supervisory Commission, The targeted insurers are among the seven companies which received liquidation grace in August last year in return for their self-rescue measures. The sell-off plan is part of an effort to restructure the insurance industry.

-- Asia Pulse

* Tokyo -- Progress is being made in a Japanese project to develop a massive floating platform that could ultimately be used as an offshore airport. The project, dubbed "Mega-float," has been developed since 1995 by a research group set up by 17 companies in the shipbuilding and steel industries, including industry giant Nippon Steel Corp. The first stage of testing, which involved building a floating platform 300 metres long by 60 metres wide, has already been completed. A final version is expected by 2001.

-- Reuters

* Hanoi -- Vietnam's General Department of Posts has announced it will reduce Internet service fees by 30 per cent early this year. Vietnam has been officially hooked up to the global Internet since late 1997. The price of accessing the Internet is proving too high for many individual users.

-- Asia Pulse

* Melbourne -- Ansett Airlines has sold its 68.2 per cent stake in Diners Club's Australian operations back to parent company Diners Club International, which is owned by Citibank, for a reported A$80 million ($US50. …

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