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Asia business briefs
SHANGHAI, Feb 5: A Shanghai court has sentenced former Shanghai International Securities Co head Guan Jinsheng to 17 years in prison on charges of corruption, an official report said Tuesday.
The court found Guan guilty of taking bribes and misappropriating public funds while acting as the general manager of the brokerage from October 1992 to April 1994. the newspaper Wen Hui Bao reported.
But analysts in Shanghai say the indictment was actually intended to punish Guan for his company's involvement in the city's February 1995 bond-market scandal.
Guan was president and deputy board chairman of Shanghai International when his company and several others clashed in a fierce battle to control Shanghai's bond market. The fracas left the brokerages with massive trading losses and destabilized Shanghai's financial markets with a string of bankruptcies, analysts said.
MANILA: Hefty gains in sales of electronics helped Philippine exports grow 18 per cent in 1996, the government announced Tuesday.
The National Statistics Office said the country exported a total of 20.53 billion dollars last year, up from 17.45 billion dollars in 1995.
For the month of December alone, export revenues totaled 1.87 billion dollars, 15 per cent higher than a year earlier and 1.1 per cent more than in November.
Exports of electronics in December 1996 totaled 680.5 million dollars. 16 per cent more than a year earlier. Semiconductors took the biggest share, 387.5 million dollars, with more than a third going to the United States.
Apparel and clothing accessories was the country’s second top gainer despite a 5.8 per cent decline to 244.2 million dollars in December from a year earlier.
Computer peripheral exports netted 84.01 million dollars in December, making it the country's third largest export earner, while coconut oil exports finished fourth with 65.54 million dollars.
The United States remained the top destination of Philippine exports, garnering 35.7 per cent of total earnings for December. Export receipts from US shipments stood at 668.5
million dollars, up 15 per cent from a year earlier.
Japan was the second biggest market for Philippine exports with 301.2 million dollars worth of shipments for December, up 19 per cent from a year earlier.
Import figures are announced separately by the government each month.
PHNOM PENH: Britain's Premier Oil. unsatisfied by the performance of its wells in the Gulf of Thailand, announced plans Tuesday to transfer its claims to Idemitsu Oil and Gas Co of Japan, one of the company's twojoint-venture partners.
Premier Oil's decision to abandon its wells come less than two months alter Enterprise Oil. another British firm, voiced similar frustrations and said it was capping existing wells in Cambodia and halting exploration.
Enterprise left open the possibility of bidding for future claims in Cambodia.
Jeremy Martin. Premier Oil's manager for Cambodia, said that his company's decision to pull out was based on a three-dimensional seismic survey from 1995 off Cambodia's southern coast that includes the once-promising Koah Tang-1 well.
"We are not encouraged by its potential." said Martin.
BEIJING: The Chinese government will work on fine-tuning its economic policies to ensure the stable growth it achieved last year continues in 1997, Chinese media reported Tuesday.
Chen Jinhua. minister of China's State Planning Commission. said officials should take advantage of current low inflation and relatively fast economic growth to accelerate necessary reforms, particularly in the debt-ridden state sector, according to the China Business Times.
Inflation will be kept in check with continued tight monetary policies and by controlling price rises for key goods. Chen said.
Government planners should do a better job of fostering promising industries, supporting successful companies and shutting down chronic money-losers. Chen said.
One industry in line for a sweeping consolidation is China's automotive sector, the China Daily reported.
About 123 auto companies produced about 1.45 million .vehicles last year, but many unprofitable plants manufactured less than 200 vehicles, the report said.
State Planning Commission's Chen also said the government should adopt stricter guidelines in approving projects, thereby limiting new investments in industries producing a surplus. — Source : AP