Quickbites

The committee will have powers 8220;to take custody and control of overall existing assets and property8221; of the debt-ridden airline, Gloria said. The committee will evaluate the company8217;s assets and liabilities, earnings and operations, determine the best way to salvage and protect the interests of creditors and investors, she said. It will also 8220;study, review and evaluate the feasibility of continuing operations and restructure and rehabilitate the same if determined to be feasible by the commission.8221; The committee 8220;may overrule or revoke the previous actions of the PALmanagement,8221; including its closure, she added. She said the SEC reserved the right to determine whether it were feasible for 8220;the continuance of business of PAL.8221;

China8217;s job situation improves

China8217;s reform has created more job opportunities, putting about 700 million people on payrolls by 1997, the official Xinhua news agency has reported. The report quoted the State Statistics Bureau as saying that the figure in 1997 was 214.85 million more than in 1978. However, there were still the problems of laid-off workers and the social security system and a unified comprehensive new social security system was urgently needed, the bureau said. More than 20 million state-sector workers are expected to lose their jobs between 1997 and 1998 as the government struggles to make uncompetitive state companies leaner and fitter for the free market economy. The report said the growth in employment since 1978 was greatly aided by rapid growth in the private sector.

IFC suffers in Asian crisis

TheInternational Finance Corporation, a World Bank unit assisting the private sector, saw its net income fall by 186 million in 1997-1998 in the face of the Asian financial crisis. The IFC, reporting on its fiscal year ending June 30, said income dropped from 432 million in 1997 to 246 million because it was forced to commit 481 million dollars to provision itself against 8220;the extraordinary turn of events in East Asia.8221;

It said provisions were 81 per cent higher than in fiscal 1996-1997, 8220;reflecting appropriate prudence.8221; IFC net income from portfolio investment was 94 million. The corporation, which finances private sector investment, mobilises capital on international financial markets and provides technical assistance to businesses, approved investments in 73 countries and regions, up from 60 in 1997. The IFC renewed operations in the region, investing in four projects in South Korea, where it had not operated for a decade.

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