FRIDAY, MARCH 17 AUSTRALIA: THE High Court has upheld the federal government's historic native title law rejecting a Western Australian challenge and leaving land titles in the state uncertain. The court struck down the state's legislative response to the Mabo decision by holding the state law discriminated against Aborigines by giving them inferior rights over land. The decision casts doubt on more than 10,000 mining and pastoral titles issued under conflicting state legislation. - THE AUSTRALIAN and FINANCIAL REVIEW BANK stocks dominated the share market yesterday following positive remarks this week by the Federal Treasurer, Ralph Willis, regarding takeovers of regional banks. On Wednesday, Mr Willis announced the relaxation of the one authority policy, which will allow regional banks that are taken over to trade under their present names. - THE AUSTRALIAN COLES Myer yesterday confirmed that it was hauling back its gearing after absorbing the A$1.26 billion (about HK$7.25 billion) buyout of the 21.45 per cent stake in Coles held by Kmart of the United States. - THE AGE MALAYSIA: THE year-to-year inflation rate as measured by the consumer price index decreased to 2.9 per cent for last month from 3.2 per cent in January. - THE SUN UNITED Engineers Malaysia, Ho Hup Construction, Permodalan Selangor and Japan's Takenaka, Sato Kogyo and Mitsui have jointly won a M$556 million (about HK$1.68 billion) bid to build a satellite communications building for the new Kuala Lumpur International Airport. The consortium quoted the lowest bid for the job. - THE SUN BOUSTEAD Holdings has reported a 96 per cent increase in group pre-tax profit to $102.9 million for the six months to December 31, helped mainly by a surge in plantation earnings. - NEW STRAITS TIMES SINGAPORE: OVERSEAS Union Enterprise, the operator of the Mandarin Singapore hotel, posted an 18.7 per cent increase in profit for the year ended December 31 to about S$28 million (about HK$153.44 million). The directors have recommended a final dividend of 10 per cent, taking the full year's dividend to 16 per cent. - BUSINESS TIMES THE second of the Big Four banks, Overseas Union Bank, has reported a jump in net earnings of 33.8 per cent, or $55 million, to $218.6 million for the year to December 31. A final dividend of seven per cent was declared, bringing the total dividend for the year to 12 per cent. - BUSINESS TIMES FIRST Capital Corp, the listed vehicle of Malaysian corporate player Quek Leng Chan, has again raised its stake in Yeo Hiap Seng from 9.1 per cent (February 27) to 14.6 per cent (March 15). Unconfirmed reports state that First Capital obtained blocks of shares from Alan Yeo, who lost control of Yeo Hiap Seng after a family feud. - LIANHE ZAOBAO THAILAND: THE Stock Exchange of Thailand is investigating investors' claims that some brokers are involved in short-selling of shares. Complaints have been rife since last week. - BANGKOK POST THE private investment arm of the World Bank, the International Finance Corp (IFC), has agreed to extend US$180 million to Finance One. The agreement was announced yesterday. Funding will be obtained through IFC's facility for loans and structured United States commercial papers. - BANGKOK POST THE PHILIPPINES: GOVERNMENT efforts to develop the capital markets received a boost yesterday after the Department of Finance and the Asian Development Bank signed a memorandum of understanding for a US$150 million programme loan to be used to improve the capital market regulating system. - BUSINESS WORLD TELIA Group of Sweden is preparing to increase its stake in Digital Telecommunications Philippines, from 2.5 per cent to 10 per cent, amounting to 900 million pesos (about HK$273.6 million). - BUSINESS WORLD AYALA Land has reported a 62 per cent surge in profits for last year to 2.16 billion pesos as it took advantage of a vibrant property market. - MANILA BULLETIN
