| Abstract | Even before the Asian financial crisis began to unravel, Telstra was veering away from a spend, spend, spend programme and refocusing on customer-driven services in a smaller number of countries. The impetus for this new attitude came in part from the flotation of one-third of its shares in November 1997 -- until then, Telstra was fully government owned. Guided by the rigours of share-holder values such as return on capital, Telstra winnowed its global exposure to emerging markets in South and East Asia. The problem now is that several of these markets have lost their lustre. The situation of China and Hong Kong is covered in the article. |
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