FRIDAY, MARCH 31 AUSTRALIA: ECONOMISTS yesterday welcomed a strong indication from Reserve Bank of Australia governor Bernie Fraser that official interest rates would be lifted if the bank's inflation goals were threatened. Although the Australian dollar strengthened after the news and a better-than-expected February balance of payments figure of A$2.17 billion (about HK$12.21 billion), other financial markets were not as impressed by Mr Fraser's lack of precision.
- THE AUSTRALIAN MALAYSIA: NATIONWIDE Express Courier Services, en route to a listing on the second board of the Kuala Lumpur Stock Exchange, has forecast a profit of M$6.4 million (about HK$19.45 million) on a turnover of $38 million for the year to May 31. The company, which is floating 4.77 million shares of $2.40 each, returned a profit of $5.4 million on a turnover of $35 million last year.
- NEW STRAITS TIMES PETRONAS has secured up to $1.65 billion in loans to part-finance the construction of a pair of towers for its future headquarters. Midciti, a subsidiary of Petronas, signed with 24 financial institutions on March 30 for a $1.55 billion loan.
- THE SUN SINGAPORE: CHINA'S largest domestic bank, the Industrial and Commercial Bank of China, has joined the rush to provide credit card facilities for travellers to China. The bank will launch the card in Singapore next month, the first Chinese card to be introduced overseas.
- STRAITS TIMES SOUTH KOREA: THE combined turnover of the nation's 505 companies listed on the Korean stock exchange increased 19 per cent from 209.4 trillion won (about HK$2.11 trillion) at the end of 1993 to 249.3 trillion at the end of last year.
- KOREA HERALD SOUTH Korea's gross national product would grow 7.6 per cent this year with imports and exports surpassing US$110 billion each, the Korea Institute for Industrial Economics and Trade projected yesterday. It said consumer and producer prices would remain stable, and that the won would strengthen to about 760 won to the US dollar.
