|
|
Change Your Life! |
Asian business briefs: Tan's 'Pot of Gold' |
|
News
|
|
|
July 25, 2000
TOKYO (AP) - Toyota Motor Corp. said Monday it has revised upward plans for global auto production, sales and exports this year, cranking out more trucks and sport-utility vehicles to keep up with brisk demand in the U.S. and parts of Asia. Japan's No. 1 auto maker forecast worldwide output to rise this year to 5.15 million vehicles, up 28 percent from earlier predictions for 5.01 million. Sales are expected to hit 5.15 million vehicles this year, up 22 percent from forecasts for 5.04 million vehicles announced last December, the auto maker said. Exports were also revised up by 80,000 to 1.65 million vehicles this year. Toyota said robust sales in the U.S., Japan and parts of Asia in the first six months of the year prompted the revisions. To meet U.S. consumer demands for its Tundra trucks and Avalon sedans, the Japanese auto maker plans to ramp up production of Tundras at its plant in Indiana and Avalons at its Kentucky factory, the spokesman said. He declined to offer specific output figures for the factories. HONG KONG (AP) - Hong Kong exports likely grew in June, boosted by huge gains in exports from mainland China. The average forecast of eight economists surveyed by Dow Jones Newswires had exports up 21.9 percent, compared with a 22.3 percent rise in May. Imports are also expected to rise strongly, with the average forecast at 25 percent. Firms need to import material in order to add value to goods imported from mainland China, before exporting final products later. Local companies must also supply the needs of some large infrastructure projects gearing up in the second half of 2000. The Census and Statistics Department will issue the data at 0815 GMT Tuesday. "China exports continue to perform well," said Shamus Mok, explaining his view that exports rose 23 percent in June. He predicts imports grew 29 percent. Chinese exports rose 45 percent in June, a significant portion of which will pass through Hong Kong, be further processed, and then exported again. Strong regional demand, including from China, also backs local exporters, said Dao Heng Bank senior economist Daniel Chan. "Hong Kong exports should maintain momentum with 22 percent growth in June," he said. MANILA, Philippines (AP) - Tycoon Lucio Tan, who now owns a majority of troubled Philippine National Bank, vowed to make it one of the country's most profitable banks in five years and said it is his "pot of gold." "Five years from now, PNB will be as competitive as BPI and Metrobank," Tan said, referring to the Bank of the Philippine Islands and Metropolitan Bank and Trust Co., currently the country's two largest banks in terms of assets and among the most profitable and stable. Last week, the government approved the sale of its 30 percent stake in PNB to Tan, the lone bidder, for 6.3 billion pesos (dlrs 142 million), raising his stake to 76 percent from 46 percent. Tan, one of the Philippines' richest men, also controls Allied Bank, Philippine Airlines, Air Philippines and tobacco and alcohol companies. "I will turn the bank around," Tan said over the weekend. "My group and I can and will infuse 10 billion pesos (dlrs 225 million) to rehabilitate PNB." CANBERRA, Australia (AP) - About 40 percent of all Australians are covered by private health insurance, up sharply from just under 33 percent in the first quarter, the Australian Private Health Insurance Association Ltd. said Monday. The rise should help a number of listed companies that run private hospitals including Mayne Nickless Ltd. and its unit Health Care of Australia, Australian Hospital Care Ltd., Alpha Healthcare Ltd., Healthscope Ltd. and Ramsay Health Care Ltd. The association said in a statement more than 1 million Australians took out health insurance during the second quarter to lock in the benefits of the government's so-called Lifetime Health Cover scheme. Under the plan, Australians who aren't members of a private health insurance scheme after July 15 face ever higher premiums for every year they age beyond 30. Private health insurance was also boosted when the government in January 1999 introduced a rebate of 30 percent on health insurance premiums. |