Foreign business news in brief


  • Business
  • Thursday, 23 Jan 2003

BANGALORE: Indian affiliates of Hong Kong’s Hutchison Whampoa Ltd have claimed a world first with the launch of a service in which mobile phones are automatically updated with text news headlines. 

The system offers to strengthen revenues for the companies, since it will encourage users to call up news stories and other information from menus that will be loaded on their phones already. 

Hutchison, whose affiliates operate in four Indian cities and three states under the Orange or Hutch brands, said it had obtained an exclusive head-start period for the use of the “cellular broadcast” technology licensed from privately-held Israeli firm Celltick. – Reuters 

 

SEOUL: Morgan Stanley has agreed to form a joint venture to take over 500 billion won (US$425.9mil) of property loans from South Korea's Hana Bank.  

The deal will increase Morgan Stanley's access to South Korea's red-hot property market and follows a similar move by Lehman Brothers last year. 

Under a memorandum of understanding signed yesterday, Morgan Stanley Real Estate Fund IV International – a fund management unit of the US investment bank – and Hana Bank will form an asset management company that will take over and manage 500 billion won of properties and consumer loans for land purchases. The joint venture then plans to sell 500 billion won of securities backed by those assets. – Reuters  

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