foundation of canada asia pacific - Content Tagged with

More documents

Recommendations

Info

trade their way out of debt. For this reason, some of the restructuring that appears to have taken place is cosmetic. In Thailand about 13% of restructured loans were once again in default by last August. 26 The problem is not universal, though, and some progress has certainly been made. In South Korea, restructuring proceeded the fastest once the government applied political pressure on the mammoth chaebol that dominate the economy. The results included receivership of the Daewoo group (saddled with a US $79 billion debt) and the sale of LG Semicon to Hyundai Electronics for US $5.4 billion. In fact, governments are not hesitant or apathetic about restructuring. It is the private sectors that are resisting. In all the countries involved, bankruptcy codes have been overhauled and effective out-of-court debt resolution systems put in place. As a result, by last August, about a third of corporate debt in Malaysia and South Korea had been rescheduled, a quarter in Thailand and 13% in Indonesia. To help speed restructuring, countries have been relaxing restrictions on foreign ownership in a bid to attract foreign investment into troubled banks and corporations. So far this has been relatively unsuccessful in the case of banks — only four institutions in the region have found foreign buyers. However, foreign takeover activity in other sectors has been strong, reflected in a general increase of foreign direct investment (FDI) generally. According to the World Bank, an estimated US $35 billion of FDI flowed into South Korea, Indonesia and Thailand last year. Part of that financed the record US $92 billion that went into takeovers of existing companies and plants (by both foreign and local buyers) across Asia, excluding Japan. 2 Even Canadian business, which in 30 Cambodia admitted to ASEAN. MAY 01 An estimated 1.9 million people gather at 1,100 locations around Japan calling for government to protect jobs. 08 Chinese Embassy in Belgrade bombed during NATO air attacks, killing three and injuring more than 20. 09 Pakistani-backed guerillas capture Indian bases in Kashmir, begin shelling town of Kargil. 10/ Canadian International Trade Minister, Sergio 12 Marchi, visits Japan to attend 32 nd Quadrilateral Trade Ministers’ meeting. 11 Indian Supreme Court upholds death sentence for four men involved in 1991 assassination of Prime Minister Rajiv Gandhi. 15 Banker Edmund Ho Hau-wah chosen to lead Macao after its return to China. 19 Taiwan President, Lee Teng-hui, releases his book, Taiwan’s Viewpoint, calling for China to divide into seven autonomous blocs, including Taiwan and Tibet. 21 Thousands of students rally in Jakarta to mark anniversary of fall of Suharto and demand he be brought to trial. 24 Japanese parliament passes bills to strengthen Japan’s security ties with US. 25 US releases Cox Report accusing China of stealing information on US nuclear warheads. 25 Singapore politicians, Chee Soon Juan and Wong Hong Toy, each fined $1,600 for making public speeches without permission. 26 India begins air strikes in bid to drive 600 Pakistan-backed fighters out of Kashmir. 26 India launches three satellites in country’s first commercial rocket launch. 28 Philippine Senate approves military pact
the past played a very small role in Asian takeovers, became active, with takeovers valued at more than US $770 million in South Korea and Malaysia. DEMOCRATIC RECOVERY According to many observers, one weakness exposed by the Asian crisis was the lack of openness in the region’s economic and political institutions. In 1999, that changed dramatically in Indonesia, where political and economic decisionmaking previously took place in the shadowy environment surrounding the president. The Indonesian legislative election on June 7 was a milestone of political openness. For the first time in 44 years, the nation of 212 million held free elections. The process was aided by a newfound ability of political parties to organize and compete and for media to report their views. Despite the long hold on power by Golkar (the party of ousted former President Suharto that still controlled the presidency, the legislature and vast resources), opposition parties captured three-quarters of the votes. The People’s Democratic Party, led by Megawati Sukarnoputri (the daughter of Indonesia’s first president), gained more than a third of the votes and emerged as the leading force in the legislature. This set the stage for the even more important presidential election. The vote, by an electoral college made up of members of the legislature, representatives of civic organizations and the military, saw Abdurrahman Wahid, a popular and experienced Muslim leader, become Indonesia’s fourth president in 50 years. Although Megawati was favoured in the urban centres, Muslim Indonesia did not appear ready to accept a woman with little political experience as national leader. However, she emerged from the voting as Wahid’s vice president. 27 JUNE allowing country to participate in large-scale exercises with US. 04 About 70,000 attend candlelight vigil in Hong Kong marking 10 th anniversary of Tiananmen Square uprising. 07 Indonesia holds first free election in 44 years. 10 Former Indian Defence Minister Sharad Pawar launches Nationalist Congress Party, after expulsion from Congress Party for challenging Sonia Gandhi’s leadership. 11 Two frigates flying Taiwan flag make unofficial goodwill visit to Manila. China denounces visit as violation of Philippines’ one-China policy. 11 Six North Korean patrol boats forced out of South Korean waters by South Korea navy. 14 Malaysian Prime Minister, Dr. Mahathir, moves to new administrative capital, Putrajaya, 25 km outside Kuala Lumpur. 15 South Korean navy sinks North Korean patrol boat during clash in disputed waters. 21 South Korean tourist visiting North Korea detained, accused of encouraging defection. 24 World Bank approves Western Poverty Reduction Project to relocate 1.7 million of China’s poorest people to Tibet. 25 US inspection team concludes there is no evidence of nuclear program in suspected underground site in North Korea. 26 Chinese legislature overturns ruling by Hong Kong’s top court, thus limiting right of abode in SAR of mainland Chinese. 29 Anti-independence supporters attack UN post in East Timor. JULY 04/ South Korean President, Kim Dae-Jung, 06 accompanied by foreign minister, minister of trade, minister of industry and chief of staff, visit Ottawa.
Page 1 and 2: asia pacific foundation of canada 1
Page 3 and 4: ○ ○ ○ ○ ○ ○ ○ ○ ○
Page 5 and 6: October 2000, we will hold the firs
Page 7 and 8: OVERVIEW 1 asia in convalescence 7
Page 9 and 10: ○ ○ ○ ○ ○ ○ ○ ○ ○
Page 11 and 12: GRADE ‘98 Inward Investment C- In
Page 13 and 14: THE CHALLENGE OF GLOBALIZATION Unde
Page 15 and 16: The largest pool of investable Cana
Page 17 and 18: enabled Canada to take a stronger r
Page 19 and 20: emoval. However, most of the change
Page 21 and 22: MAJOR EVENTS 2 a year in review 21
Page 23 and 24: stock markets were climbing. As the
Page 25: six-fold in Thailand. With the exce
Page 29 and 30: it had allowed in recent years. A m
Page 31 and 32: SECURITY BACKTRACK While economic c
Page 33 and 34: Outbreaks of violence in other part
Page 35 and 36: ECONOMIC RELATIONS 3 looking for a
Page 37 and 38: TODAY’S DELAY IS TOMORROW’S LOS
Page 39 and 40: ○ ○ ○ ○ ○ ○ ○ ○ ○
Page 41 and 42: to achieve operating efficiencies t
Page 43 and 44: Finally, foreign investment by Cana
Page 45 and 46: NORTH AMERICAN INTEGRATION 4 too mu
Page 47 and 48: similar to that with the US with on
Page 49 and 50: British Columbia provides a recent
Page 51 and 52: part of US-assembled goods bound fo
Page 53 and 54: ASIAN EXPERTISE 5 hidden advantage
Page 55 and 56: cautioned that “not every Asian C
Page 57 and 58: usiness skills to enhance Canada-As
Page 59 and 60: 6 DEVELOPMENT ASSISTANCE ODA for a
Page 61 and 62: the term “development assistance
Page 63 and 64: The report emphasizes the need to
Page 65 and 66: ASIA PACIFIC FOUNDATION OF CANADA 7
Page 67 and 68: CANADIAN EDUCATION CENTRE NETWORK T
Page 69 and 70: NOTES CHAPTER 1 1. Based on markets
Page 71 and 72: NOTES 5. Research by Tamim Bayoumi
Page 73 and 74: REFERENCES —. Statistics Canada.
Page 75 and 76: REFERENCES United Nations Conferenc
Page 77 and 78:
STATISTICAL APPENDIX ASIAN MOTHER T
Page 79:
STATISTICAL APPENDIX CANADA’S TRA
show all

foundation of canada asia pacific - Content Tagged with

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?