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T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Wednesday, May 20, 1998, Vol. 1, No. 63

                    Headlines


C H I N A   &   H O N G   K O N G

BILLION INTERNATIONAL: Financial Information
LINKFUL INTERNATIONAL: 1997 Results Announcement
NIKON CORP: Earnings Down 89%
PEARL ORIENTAL: 1997 Profit Down 98%
SINGAPORE HK PROPERTIES: 1997 Results Announcement
TAK WING INVESTMENTS: 1997 Results Announcement
THEME INTERNATIONAL: Seeks Extension to File Circular


J A P A N  

CSK CORP: Suffers Loss Due to Subsidiary Liquidation


K O R E A

CROWN BAKERY: Court Allows Firm to Reschedule Debt
DONG AH GROUP: US$415 Million Rescue Loan Approved
HAITAI ELECTRONICS: Merchant Banks to Convert Loans
LG ELECTRONICS: Top Zenith Shareholder May Pull Out


P H I L I P P I N E S

PHILIPPINE AIRLINES: Accuses Pilots of Preparing to Strike


S I N G A P O R E

SINGAPORE AIRLINES: Shares Fall; Goldman Sachs Downgrades


T H A I L A N D

BANGKOK ASIAN FINANCE: Bank of Thailand Takes Control
BANGKOK BANK OF COMMERCE: Rehabilitations Plans Advancing
CP GROUP: Tesco to Take Controlling Interest in Lotus
ERAWAN TRUST: Bank of Thailand Takes Control
KSIT FINANCE & SECURITIES: Bank of Thailand Takes Control
MAHATUN FINANCE: Bank of Thailand Takes Control
NAVA FINANCE: Bank of Thailand Takes Control
PROGRESSIVE FINANCE: Bank of Thailand Takes Control
SIAM COMMERCIAL BANK: AIG to Take Stake in Thai bank
UNION ASIA FINANCE: Bank of Thailand Takes Control


=================================
C H I N A   &   H O N G   K O N G
=================================

BILLION INTERNATIONAL: Financial Information
--------------------------------------------
The following financial information on Billion
International Holdings Limited are extracted from the
prospectus of the Company dated 15th May, 1998. As at 6th
May, 1998, the Group has total outstanding bank loans
(including approximately HK$2.6 million owed by Levington
Associates, Limited, an associated company of the Group)
(the "Aggregate Loans") and accrued bank interest of
approximately HK$40.5 million and HK$0.4 million
respectively.

As at 6th May, 1998, the Group has total outstanding amount
owed to loan creditors of approximately HK$32.7 million,
which include accrued interests of approximately HK$2.3
million. These amounts were owed to GWI and three
independent creditors not connected with Mr. Chan Ying
Ming, Simon, any of the directors, chief executives and
substantial shareholders of the Company or any of its
subsidiaries. The loans from the three independent
creditors were borrowed by the Group in 1994 for general
working capital purposes.

As at 6th May, 1998, the Group has total outstanding trade
creditors debts of approximately HK$23.6 million. The
Directors are currently in negotiation with its trade
creditors to reschedule the repayment terms of the amount
due and owing to them. As at the Latest Practicable Date,
no agreement of any form has been entered into and the
repayment terms are still under negotiation. The following
table sets out the aging analysis of the approximate amount
overdue to trade creditors as at 6th May, 1998:

As at 6th May, 1998, the Group has total outstanding trade
receivables of approximately HK$32.5 million.

No bad debt provisions has been made as at the Latest
Practicable Date as the Directors are currently reviewing
the outstanding trade receivables of the Group. The
Directors expect the necessary recovery proceedings against
the trade debtors to begin by June. Once the irrecoverable
accounts receivables are identified, the Directors will
make the necessary bad debt provisions and announcement as
and when appropriate.

As disclosed in the Announcement, the Directors have been
negotiating with the banks to secure new banking facilities
including overdraft and trade financing facilities for the
Group to the extent of HK$40 million, to be used for
purposes including settlement of bank debts, general
working capital and settlement of possible claims.

By order of the Board
Billion International Holdings Limited
Chong Sing Yuen
Chairman
Hong Kong, 15th May, 1998

(SEHK 18-May-1998)


LINKFUL INTERNATIONAL: 1997 Results Announcement
------------------------------------------------
For the period January 1, 1997 to December 31, 1997,
Linkful International Holdings Company Limited reports a
net loss of HK$49,218,000 on turnover of HK$3,093,207,000.
This compares to a net loss of HK$180,690,000 on turnover
of HK$2,419,513,000 for the corresponding 1996 period.
(SEHK 18-May-1998)


NIKON CORP: Earnings Down 89%
-----------------------------
Japan's Nikon Corp said parent earnings tumbled 89.3 per
cent in the six months to March amid a slump in Japanese
and South Korean demand for its laser equipment, used to
make microchips. Net income at the maker of cameras and
other precision instruments fell to 392 million yen (about
HK$22.54 million), or 1.06 yen a share, from 3.68 billion
yen, or 9.95 yen a share, last year. Earnings fell well
below analysts' expectations of 4.35 yen a share. Sales
gained 2.06 per cent to 147 billion yen.

Nikon has suffered since late last year as Japanese and
South Korean microchip-makers, hard pressed to earn profits
as prices for computer memory chips fall, cut their capital
spending.
(South China Morning Post 19-May-1998)


PEARL ORIENTAL: 1997 Profit Down 98%
------------------------------------
Troubled property developer Pearl Oriental Holdings said
net profit slumped 98 per cent last year, as buyers baulked
at completing deals with the company. Net profit fell to
$9.2 million for the year to December 31, down from $714.6
million the previous year. Turnover fell to $468.5 million
from $1.55 billion. Pearl Oriental registered an $85.37
million net provision for doubtful loans and revaluation of
property investments.

The company was hit hard after several high-profile
property deals fell through last year. The company also is
considering taking legal action against the stock exchange
ruling council after the council blocked its application to
join the exchange as a dealing member.
(South China Morning Post 19-May-1998)


SINGAPORE HK PROPERTIES: 1997 Results Announcement
--------------------------------------------------
For the period January 1, 1997 to December 31, 1997,
Singapore Hong Kong Properties Investment Limited reports a
profit of HK$2,815,000 on turnover of HK$415,529,000. This
compares to a profit of HK$9,075,000 on turnover of
HK$511,776,000 for the corresponding 1996 period. The
exceptional item represents legal and professional fee
incurred in connection with a conditional sale and purchase
agreement signed between Eastlite Industries Limited
('Eastlite'), a company incorporated in Hong Kong and the
Company's former immediate holding company and Permek    
Venture Limited ('PVL'), a company incorporated in the
British Virgin Islands for the sale by Eastlite to PVL of
all its shares in the Company.

A conditional disposal agreement entered between Eastlite
and the Company for the disposal by the Company of the
entire equity interests in China Coast Development Limited
and Wing Sang Cheong Limited to Eastlite.  Both companies
are incorporated in Hong Kong and are engaged in the
wholesaling of groceries and industrial papers   
respectively.

Both the conditional sale and purchase agreement and the
conditional disposal agreement were completed in February
1998.
(SEHK 18-May-1998)


TAK WING INVESTMENTS: 1997 Results Announcement
-----------------------------------------------
For the period January 1, 1997 to December 31, 1997, Tak
Wing Investment (Holdings) Limited reports a net loss of
HK$326,353,292 on turnover of HK$202,006,355. This compares
to a profit of HK$26,424,646 on turnover of HK$695,109,245
for the corresponding 1996 period. Discontinued operations
related to the disposal of the Group's subsidiaries engaged
in the business of building construction and civil   
engineering in Hong Kong in December 1997.  At the date of
disposal, the subsidiaries had accumulated operating losses
since date of acquisition attributed to the Group amounting
to HK$336,495,783. Operating losses from disontinued
operations incurred during the year were HK$269,464,375.
(SEHK 18-May-1998)


THEME INTERNATIONAL: Seeks Extension to File Circular
-----------------------------------------------------
The directors of Theme International Holdings Limited (the
"Company") refer to the announcements dated 4th and 27th
April, 1998, in relation to, among other things, the
connected transactions of the provision of new funding by,    
and the grant of security and an option to subscribe for
new shares in the Company to, a wholly owned subsidiary of
China Everbright Limited. The connected transactions
require the approval or ratification by the independent    
shareholders of the Company. The directors of the Company
would like to state that additional time is required to
finalise certain information in the circular. Application
has been made to The Stock Exchange of Hong Kong Limited
for an extension of time for the despatch of the    
circular to the shareholders of the Company on or before
1st June, 1998.

    On behalf of the board
    Lai Hin Fung, Kenneth
    Chairman and Chief Executive Officer

    Hong Kong, 16th May, 1998

(SEHK 18-May-1998)


=========
J A P A N  
=========

CSK CORP: Suffers Loss Due to Subsidiary Liquidation
----------------------------------------------------
Despite solid business performance by the parent company,
CSK Corp. suffered a consolidated net loss of 14.6 billion
yen for the year through March, largely due to charges for
the liquidation of five subsidiaries, including a dormant
U.S. company and CSK Software Inc., a vendor of dealing
systems. On May 14, CSK announced a 33.5% jump in parent
pretax  profit to 9.58 billion yen, on an 8.8% sales
increase to  141.52 billion yen. Operating profit surged
47.4% to 8.12 billion yen.

Group member Ascii Corp. has seen liabilities exceed  
assets, a factor not on CSK's consolidated report for the
last term because Ascii only became a group company very
late in the year. As a special measure to defer Ascii's
loan repayments, CSK asked lending banks to accept
convertible bonds in partial repayments. But that scheme is
threatened by the falling price of Ascii shares. Late in
April, when Ascii revised its earnings forecast downward,
its stock still traded above 900 yen. More recently it has
sunk below 600 yen because the company began writing off
massive extraordinary losses. The banks were offered a
redemption price of 2,000 yen and a maturity period of
seven years for the CBs, but have yet to accept and may
want to negotiate more favorable terms on both redemption
price and coupon rate.

Ascii is generating other headaches at CSK, which doesn't  
have executives it can assign to restructure the company.
In late April, CSK announced plans to appoint a new
president for Ascii from its own personnel, but had still
not named anyone more than two weeks later when its
earnings report was released.
(Asia Pulse 19-May-1998)


=========
K O R E A
=========

CROWN BAKERY: Court Allows Firm to Reschedule Debt
--------------------------------------------------
Crown Bakery yesterday received court mediation to
reschedule its debt without forgoing ownership from the
Seoul district civil court.

A Crown official said that his company was able to receive
the court mediation as it has small debts and a small
number of creditors and has invigorated its production and
sales activities.

Crown applied for the mediation with the court last January
due to severe cash flow problems caused by sharp
depreciation of the Korean currency against the U.S. dollar
and pressure on it to repay short-term loans. One month
later, it received a court order to freeze its assets and
debts.
(Korea Times 19-May-1998)


DONG AH GROUP: US$415 Million Rescue Loan Approved
--------------------------------------------------
Key creditor banks decided Monday to keep Dong Ah Group
alive by agreeing on a 600 billion won (US$415 million)
syndicated loan for South Korea's 10th largest
conglomerate, on condition that group chairman Choi Won-suk
give up all management rights and that all Dong Ah
subsidiaries sell off their real estate holdings.

The decision was reached at a late afternoon meeting among  
five main creditors -- Seoul, Korea Exchange, Shinhan,  
Commercial and Gyoung Nam Banks. It is to be formally
approved at a meeting two or three days later among all
creditors. Other agreements include rolling over Dong Ah's
existing loans for another year and lowering interest rates
to prime rate. This would increase Dong Ah's syndicated
loan to 960 billion for this year.

Shin Bok-young, head of Seoul Bank, said Monday's decision  
was impelled primarily by consideration for Dong Ah's giant
construction project under way in Libya that may have to be
discontinued if the group goes under.

"A syndicated loan is inevitable because of economic  
repercussions such as mass unemployment and effects on  
sub-contractors," Shin said after the meeting.
(Asia Pulse 19-May-1998)


HAITAI ELECTRONICS: Merchant Banks to Convert Loans
---------------------------------------------------
According to industry sources on May 10, eight merchant
banks -- including Daehan, Nara, Central, Tong Yang, Korea-
French and Korea International -- have agreed to change
their loans worth 100 billion won to the bankrupt Haitai
Electronics into convertible bonds (CBs) with a maturity
of three years.

The sum is to be extracted from the eight merchant banks'
1.6 trillion won credits extended to Haitai Electronics as
the ill- fated business group has consistently asked its
creditors to make an equity participation in order to
alleviate its financial burden.

The decision may also induce commercial banks to convert
into CBs their credits to Haitai Electronics and Haitai
Heavy Ind.

Accordingly, Haitai Electronics can pursue its
normalization without the burden of redeeming its debts to
merchant banks. Merchant banks, however, decided not to
accept Haitai Group's request for capital contribution in
the latter's confectionery business lines.
(The Korea Economic Weekly 14-May-1998)


LG ELECTRONICS: Top Zenith Shareholder May Pull Out
---------------------------------------------------
Zenith Electronics Corp.'s majority shareholder warned
today it may sell its holdings in the embattled television
maker as the company continues to hemorrhage red ink. The
regulatory filing and statement from LG Electronics of
South Korea further clouds Glenview, Illinois-based
Zenith's turnaround chances. Zenith's shares plunged 31
percent to dlrs 2.37 1/2 in midday trading on the New York
Stock Exchange. Trading of the company's shares had
initially been halted after the announcement. LG
Electronics, which has a 55 percent stake in Zenith, said
it has authorized management to consider substantial
changes in Zenith's capitalization and business operations
and that negotiations are already underway with Zenith.
(AP Online 18-May-1998)


=====================
P H I L I P P I N E S
=====================

PHILIPPINE AIRLINES: Accuses Pilots of Preparing to Strike
----------------------------------------------------------
Philippine Airlines (PAL) yesterday accused its pilots of
preparing to go on strike despite an order issued by the
Labor department barring them from doing so. In a strongly
worded statement, the PAL management criticized members of
the Airline Pilots Association of the Philippines (ALPAP)
for taking "the law into their own hands by disregarding
the legal process in resolving their differences with
management."

BusinessWorld tried to get ALPAP's comment but was told
that all officers were in a closed door meeting.
Management quoted an alleged ALPAP confidential memorandum
dated last May 15 wherein the union required all its
members to submit their pilot's licenses, radio licenses,
passports and medical certificates to the union office,
with yesterday as the deadline.

The memo had allegedly indicated that this was for the
purposes of "safekeeping" in view of a "very critical
exercise" which the union might undertake. PAL said both
union and management representatives were ordered by the
Labor department last December to refrain from any
activities which might worsen their labor dispute.
(BusinessWorld 19-May-1998)


=================
S I N G A P O R E
=================

SINGAPORE AIRLINES: Shares Fall; Goldman Sachs Downgrades
---------------------------------------------------------
Shares of Singapore Airlines fell yesterday as the company
warned of a poor outlook for passenger traffic in Asia for
the year as the region's turmoil was expected to hurt
profit. Its foreign shares lost 25 cents to S$9.60, while
its domestic shares shed 50 cents to $7.50.

Yesterday, Goldman Sachs downgraded the airline from market
perform to market underperform.

The cash-rich airline warned on Friday "the economic crisis
in Asia is adversely affecting intra-Asia travel".
Particularly affected were flights to South Korea, Japan
and Southeast Asian countries. Analysts said the slowing
demand would probably push profits lower this year.

The airline said fiscal 1998 profit was little changed from
the previous year. Profit rose 0.7 per cent to $1.04
billion (about HK$49.07 billion) or 81 cents a share, from
a year earlier.
(South China Morning Post 19-May-1998)


===============
T H A I L A N D
===============

BANGKOK ASIAN FINANCE: Bank of Thailand Takes Control
-----------------------------------------------------
Using its vast powers, the Bank of Thailand yesterday took       
management control of seven capital-starved finance       
companies, striking a severe blow to their shareholders by
ordering the firms to write down capital and raise fresh
funds. The central bank said that the bailout measures
would not support the owners of the companies since the
capital writedown would make the shareholders bear the cost
of the damage. The seven finance companies taken over are
Nava Finance, Union Asia Finance, Erawan Trust, Mahatun
Finance, Ksit Finance & Securities, Bangkok Asian Finance,
and Progressive Finance.

The BOT has assured that the takeover of the finance
companies will not affect depositors or creditors, as the
firms would continue to operate normally. After the merger
of each company with KTT, their depositors and creditors
would be transferred to KTT.
(Singapore BusinessTimes 19-May-1998)


BANGKOK BANK OF COMMERCE: Rehabilitations Plans Advancing
---------------------------------------------------------
Plans to manage and rehabilitate the debt-ridden Bangkok
Bank of Commerce have made concrete progress during the
past year, president Aswin Kongsiri said yesterday.
Liquidity pressure and the huge amount of non-performing
loans have gradually eased, and deposits have increased
steadily since the bailout plan began, he said. More
importantly, he noted, the bank was able to redeem
subordinated debentures, which matured in March, without
any assistance from the Financial Institutions Development
Fund (FIDF).

Effective debt collections have substantially reduced the
amount of low-quality assets, as have partial sales of
outstanding loans to the FIDF under the rehabilitation
agreement.

Mr Aswin also noted progress in the bank's recapitalisation
plan. Auditors Price Waterhouse have been appointed to
conduct a second round of due diligence on the bank's
financial status. The first examination took place in mid-
1997.

The plan is to update the BBC's position and its financial
data for an information memorandum to be given to
interested investors.
(Bangkok Post 19-May-1998)


CP GROUP: Tesco to Take Controlling Interest in Lotus
-----------------------------------------------------
Britain's largest food retailer, Tesco Plc, will pay the
Charoen Pokphand Group seven billion baht for a controlling
stake in the Lotus hypermarket chain. Tesco said yesterday
control of the 13-strong chain would speed up its plans for
expansion in Asia. CP would retain a significant stake in
Lotus.

The British company's share of Lotus' debt will be an
additional 5.7 billion baht representing a total investment
of 12.7 billion baht. Tesco will also lend one billion baht
to the CP Group on commercial terms secured by CP's stake
in the Lotus business.

The CP Group, which has business throughout Asia, and Tesco
might introduce the Lotus format, systems and management to
other countries in the region. The CP Group runs two
hypermarkets in China. Lotus' sales in Thailand last year
totalled 12.7 billion baht, with pre-tax losses, prior to
exchange losses, of about 156 million baht. The company
expected sales this year to top 16 billion baht. Its net
assets at December 31 totalled 2.2 billion baht, including
net debt of 8.5 billion baht.

The CP Group this month announced it was prepared to sell
majority holdings in its subsidiaries to raise cash quickly
to ease its financial position. It had previously insisted
on retaining controlling stakes.
(Bangkok Post 19-May-1998)


ERAWAN TRUST: Bank of Thailand Takes Control
--------------------------------------------
Using its vast powers, the Bank of Thailand yesterday took       
management control of seven capital-starved finance       
companies, striking a severe blow to their shareholders by
ordering the firms to write down capital and raise fresh
funds. The central bank said that the bailout measures
would not support the owners of the companies since the
capital writedown would make the shareholders bear the cost
of the damage. The seven finance companies taken over are
Nava Finance, Union Asia Finance, Erawan Trust, Mahatun
Finance, Ksit Finance & Securities, Bangkok Asian Finance,
and Progressive Finance.

The BOT has assured that the takeover of the finance
companies will not affect depositors or creditors, as the
firms would continue to operate normally. After the merger
of each company with KTT, their depositors and creditors
would be transferred to KTT.
(Singapore BusinessTimes 19-May-1998)


KSIT FINANCE & SECURITIES: Bank of Thailand Takes Control
---------------------------------------------------------
Using its vast powers, the Bank of Thailand yesterday took       
management control of seven capital-starved finance       
companies, striking a severe blow to their shareholders by
ordering the firms to write down capital and raise fresh
funds. The central bank said that the bailout measures
would not support the owners of the companies since the
capital writedown would make the shareholders bear the cost
of the damage. The seven finance companies taken over are
Nava Finance, Union Asia Finance, Erawan Trust, Mahatun
Finance, Ksit Finance & Securities, Bangkok Asian Finance,
and Progressive Finance.

The BOT has assured that the takeover of the finance
companies will not affect depositors or creditors, as the
firms would continue to operate normally. After the merger
of each company with KTT, their depositors and creditors
would be transferred to KTT.
(Singapore BusinessTimes 19-May-1998)


MAHATUN FINANCE: Bank of Thailand Takes Control
-----------------------------------------------
Using its vast powers, the Bank of Thailand yesterday took       
management control of seven capital-starved finance       
companies, striking a severe blow to their shareholders by
ordering the firms to write down capital and raise fresh
funds. The central bank said that the bailout measures
would not support the owners of the companies since the
capital writedown would make the shareholders bear the cost
of the damage. The seven finance companies taken over are
Nava Finance, Union Asia Finance, Erawan Trust, Mahatun
Finance, Ksit Finance & Securities, Bangkok Asian Finance,
and Progressive Finance.

The BOT has assured that the takeover of the finance
companies will not affect depositors or creditors, as the
firms would continue to operate normally. After the merger
of each company with KTT, their depositors and creditors
would be transferred to KTT.
(Singapore BusinessTimes 19-May-1998)


NAVA FINANCE: Bank of Thailand Takes Control
--------------------------------------------
Using its vast powers, the Bank of Thailand yesterday took       
management control of seven capital-starved finance       
companies, striking a severe blow to their shareholders by
ordering the firms to write down capital and raise fresh
funds. The central bank said that the bailout measures
would not support the owners of the companies since the
capital writedown would make the shareholders bear the cost
of the damage. The seven finance companies taken over are
Nava Finance, Union Asia Finance, Erawan Trust, Mahatun
Finance, Ksit Finance & Securities, Bangkok Asian Finance,
and Progressive Finance.

The BOT has assured that the takeover of the finance
companies will not affect depositors or creditors, as the
firms would continue to operate normally. After the merger
of each company with KTT, their depositors and creditors
would be transferred to KTT.
(Singapore BusinessTimes 19-May-1998)


PROGRESSIVE FINANCE: Bank of Thailand Takes Control
---------------------------------------------------
Using its vast powers, the Bank of Thailand yesterday took       
management control of seven capital-starved finance       
companies, striking a severe blow to their shareholders by
ordering the firms to write down capital and raise fresh
funds. The central bank said that the bailout measures
would not support the owners of the companies since the
capital writedown would make the shareholders bear the cost
of the damage. The seven finance companies taken over are
Nava Finance, Union Asia Finance, Erawan Trust, Mahatun
Finance, Ksit Finance & Securities, Bangkok Asian Finance,
and Progressive Finance.

The BOT has assured that the takeover of the finance
companies will not affect depositors or creditors, as the
firms would continue to operate normally. After the merger
of each company with KTT, their depositors and creditors
would be transferred to KTT.
(Singapore BusinessTimes 19-May-1998)


SIAM COMMERCIAL BANK: AIG to Take Stake in Thai bank
----------------------------------------------------
The investment arm of the US-based insurance giant  
American International Group (AIG) is planning to take a
10-percent stake in Thailand's struggling Siam Commercial
Bank (SCB), a report said Monday.

AIG Investment would subscribe to 100 million SCB shares at
about 60 baht each (1.53 dollars), for a total investment
of six billion baht (153.8 million dollars), unnamed AIG
sources were quoted as saying in the Nation newspaper.

Due diligence investigations were underway and a deal was
expected by the end of the month, the source said.

Two other foreign investors were expected to buy smaller
parcels of shares to give them three percent stakes in SCB.

SCB has been one of the first Thai banks to recapitalise as
the country's banking and finance sectors rush to
international capital markets for funds in the wake of the
regional economic crisis.

The central Bank of Thailand (BoT) has already taken over
four commercial banks this year because they failed to
raise capital in line with new minimum requirement levels.
(Agence France-Presse 18-May-1998)


UNION ASIA FINANCE: Bank of Thailand Takes Control
--------------------------------------------------
Using its vast powers, the Bank of Thailand yesterday took       
management control of seven capital-starved finance       
companies, striking a severe blow to their shareholders by
ordering the firms to write down capital and raise fresh
funds. The central bank said that the bailout measures
would not support the owners of the companies since the
capital writedown would make the shareholders bear the cost
of the damage. The seven finance companies taken over are
Nava Finance, Union Asia Finance, Erawan Trust, Mahatun
Finance, Ksit Finance & Securities, Bangkok Asian Finance,
and Progressive Finance.

The BOT has assured that the takeover of the finance
companies will not affect depositors or creditors, as the
firms would continue to operate normally. After the merger
of each company with KTT, their depositors and creditors
would be transferred to KTT.
(Singapore BusinessTimes 19-May-1998)


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily
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Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
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Copyright 1998.  All rights reserved.  This material is
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