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THE REGION

MALAYSIA
He's No Mahathir, And That's OK
Not even two months in office, Prime Minister Abdullah Ahmad Badawi has begun to distinguish himself from his well-known predecessor by shelving a huge infrastructure project and shaking up the government's long-running status quo. By Leslie Lopez

THAILAND
An Expensive Fiscal Stimulus
Thaksin Shinawatra's government is set to embark on a $37 billion plan to pump up the economy with a new city, roads and trains. By Shawn W. Crispin

WORLD TRADE
The Perils of Bilateral Deals
The collapse of global talks three months ago has spawned a surge in individual agreements with the United States. This could hurt free trade. By Murray Hiebert

AFGHANISTAN
Let's Make A Democracy
In order to secure the kind of government he seeks, President Hamid Karzai may need to make some concessions to the opposition. By Ahmed Rashid

CHINA

ENVIRONMENT
Felling Asia's Forests
China's insatiable appetite for timber, combined with its ban on cutting trees domestically, is only speeding up the destruction of major forests across Asia, often through illegal logging. By David Lague

Plantations To The Rescue
Allen Chan believes there is no reason to log environmentally vulnerable natural forests if you have an adequate supply of plantation timber. By David Lague

Bar-Coding Trees Isn't As Silly As It May Sound
Environmental activists and corporate giants are teaming up in an unlikely alliance to harness the power of the market to slow the degradation of Indonesia's forests. By Murray Hiebert

CHINA BRIEFING
Intelligence, briefs and business digest

REVIEW 200

REVIEW 200/INTRODUCTION
Light at the End of the Tunnel
The 11th REVIEW 200 survey comes at the end of a year marred by the Sars crisis and conflict in Iraq. Amid signs of recovery, the dominant mood is one of optimism. By David Lague

REVIEW 200/TOP 10 MULTINATIONAL COMPANIES
The First Signs Of Recovery
Many top multinationals saw results improve in 2003. Amid the upswing, Microsoft kept its top position, and others posted big gains. By Ben Dolven

REVIEW 200/AUSTRALIA
Woolworths Way in Front
It was a good year for retailers, but innovation and cost controls kept Australia's super-grocer ahead of the pack for the third year running. By Jan McCallum

REVIEW 200/CHINA
State Giants Still Dominate
Although the private sector is now the main driver of growth, China's biggest companies remain state-controlled or state-influenced. By David Murphy

REVIEW 200/HONG KONG
Bank Leads By Example
HSBC, the world's second-largest bank by capitalization, sets an example to other Hong Kong firms by branching out into new businesses. By Sarah McBride

REVIEW 200/INDIA
Infosys Adapts To Stay on Top
The software giant seeks out opportunity and rides out controversy to remain India's top-ranked company. Reliance stays at No. 2. By Joanna Slater

REVIEW 200/INDONESIA
Noodles Top The Menu
Instant-noodle maker Indofood and other companies that cater to Indonesians' appetite for consumer products came out ahead. By John McBeth

REVIEW 200/JAPAN
Toyota Driven To Succeed
Car and gadget makers again head the standings in Japan, with readers particularly impressed by Toyota's long-term vision and product quality. By Todd Zaun

REVIEW 200/MALAYSIA
Petronas Strikes Gold
At last, the national oil company takes the top spot--and high time too: It's profitable, global and well managed. By S. Jayasankaran

REVIEW 200/PHILIPPINES
Burgers and Beer Win Out
Jollibee keeps the competition at arm's length in a year once again dominated by consumer-driven companies in the Southeast Asian archipelago. By James Hookway

REVIEW 200/SINGAPORE
SIA Weathers The Storm
Despite the double whammy of a war in Iraq and Sars, the national flag carrier maintained its top spot and even opened up new routes. By Trish Saywell

REVIEW 200/SOUTH KOREA
Samsung's Run Continues
Samsung stays on top of the list on the back of healthy sales of mobile phones and flash memory chips. Steel giant POSCO rises to second. By Kim Jung Min

REVIEW 200/TAIWAN
Tech Firms Are Tops in Taiwan
This year's rankings, headed once again by TSMC, reflect a broad tech-industry rebound that has boosted bottom lines--and stock prices. By Jason Dean

REVIEW 200/THAILAND
Big Is Better and Back in Vogue
Thailand's biggest companies are leading the way to economic recovery at home while looking to expand their regional reach. By Shawn W. Crispin

REVIEW 200/METHODOLOGY
What You Think
Some 2,800 people responded to our survey on readers' perceptions about the top firms in Asia. By David Lague

INNOVATION

AIRCRAFT
China's Aviation Dream
China has ambitious plans for its aviation industry, and this week it takes a big, and expensive, step forward with a new Chinese-designed passenger jet. Will it fly? By Ben Dolven and Scott Neuman

AUTOMATION
The Robots Are Coming
Could walking, talking machines help ease some of the burdens caused by Japan's silvering society and shrinking birth rate? By Ichiko Fuyuno

LOOSE WIRE
Last-Minute Wish List
The clock's ticking to Christmas. So if you're still stuck for gift ideas, have a look at some of these items. By Jeremy Wagstaff

MONEY

SEAFOOD
Pacific Andes Trawls Deep
With annual sales of over 240,000 tonnes of frozen seafood in 35 countries around the world, this Hong Kong-based company is setting global standards in a risky and highly competitive business. By Jane Parry

DISCOUNT AIRLINES
Purrfect Timing
The Lion City launches another ferocious feline, Tiger Airways-but it may turn into a pussy cat. By Trish Saywell

MANAGEMENT
Flight of Quality
With China's economy sizzling, good managers are scarce and proving ever harder to retain. By Lara Wozniak

PAKISTAN
Reaching Out
After years of forced isolation, Pakistan will soon return to international capital markets. By Ashraf Khan

CURRENTS

CITIES OF LIFE 
They’re the best of places and the worst of places, repositories of man’s highest virtues and lowest vices, home of our finest achievements and greatest shames. They’re our cities

ARCHITECTURE
Designing a New China
Breakneck development is remaking the face of Beijing and other cities. But when the dust settles, will the past still be able to find a place in the new-look China? By Craig Simons

Fragrant No More
Tucked among pine trees and streams in northwest Beijing, Fragrant Hill Hotel should be one of the city's architectural marvels. By Craig Simons

STREET FOOD
Taste of a City
Asia's roadsides and markets are home to some of the best--and cheapest--food you'll ever eat. By Stan Sesser

Take Your Pick
When it comes to hawker food, Singapore is spoiled for choice, so we called in the experts ...

Pleasures of Penang
The Malaysian island of Penang has golden beaches and a rich heritage, but for many people--visitors and locals--the real attraction is food, specifically hawker food. By Fay Khoo

MY 5 MY CITY 
We asked individuals in five Asian cities to take us to a place that fills them with hope or despair, joy or sadness

Beloved Klong Toey
Joe Maier is a Roman Catholic priest who has worked for over 30 years in Bangkok's impoverished Klong Toey district

In Search of Shanghai
Eddy Mu is a young journalist who lives and works in Shanghai. By Ben Dolven

Hope in the Urban Jungle
Edsa--a poorly maintained highway, 54 kilometres long--is the noisy, throbbing, smog-filled heart of Metro Manila. By Sheila S. Coronel

From the Ground Up
Ultimately, a city can only be experienced at street level. This is particularly so for Kuala Lumpur. By Rehman Rashid 

The People's Fate
Leung kwok-hung is an activist for workers' rights and democracy in Hong Kong. By Brian Keeley

URBAN MIGRATION
Moving for a Living
Delhi attracts some 200,000 migrant labourers every year. It's a life of toil and hardship. But those with drive and hope--and more than a little luck--can create a better future for their children. By Jason Overdorf

QUIZ TIME
That Was The Year ...
Once again, it's time to rummage through the recesses of your mind to answer our fiendishly tricky annual quiz, and maybe win a super prize

THE YEAR IN PICTURES: 2003
Pestilence, War ... and Resilience
It was a year of pestilence: Severe Acute Respiratory Syndrome came from southern China 
and sparked a crisis. It was a year of war: In Iraq, of course, and in Asia, where bombers claimed more innocent lives. It was a year of resilience: Hong Kong’s people—furious at a threat to their freedoms—marched. It was a year of pride: China sent its first man into space. And it was a year to say farewell: Goodbye, Dr. M. (This photo essay is available in only the print version of the Far Eastern Economic Review.)

REGULAR FEATURES

LETTERS
For The Record; No Comparison; Saudi Intervention; A Norwegian Stew

EDITORIALS
A Dividend From Saddam's Capture
Relief in Iraq will stop the U.S. from dithering in other regions--like North Korea. And, Pakistan and extremism

INTELLIGENCE
News from the inside track. This week: Goh and Abdullah To Meet in Johor; Chen Ad Bothers Almost Everyone; Defence Deployed on Koizumi Comment; Evangelists Held at Vietnam Games; UN Rep Slams Pakistan Over Attacks; China's Lost North Korea Plan

REGIONAL BRIEFING
A weekly round-up of the news from the hotspots of the region. This week: Roh Appoints Investigator to Examine His Aides. And a Spotlight on Saddam Hussein's capture

THE 5TH COLUMN
Why Bush Acted on Taiwan
Peter Brookes, a former U.S. deputy assistant secretary of defence for Asian and Pacific affairs, writes on why the United States had to raise a cautious note with Taiwan over its proposed referendum. He argues: "The U.S. is right to support democracy as the right of all people throughout the world, especially in China, where it is absent. But supporting democracy doesn’t necessarily mean supporting the policy decisions of a democratic state if those decisions run counter to one’s own national interests."

SHROFF: INVESTING
Buyer Beware
China is flooding the market with public offerings that investors would be well advised to examine closely. By Sarah McBride

ECONOMIC MONITOR: JAPAN
Fragile Recovery
Strong exports are helping to revive the economy, but bad debt and deflation continue to act as a drag. By Ichiko Fuyuno

PRICES AND TRENDS

TRAVELLERS' TALES
Review columnist Nury Vittachi rounds up the wild and wacky sightings made by travellers in the region

CEO CALL
Dreaming Of A White Christmas
Simon Murray, General Enterprise Management Services--Are you one of those executives who live for new challenges? Well, here's one for you: Try trekking across the South Pole--for sport and charity. By Kimberly Song