A SMORGASBORD OF OPPORTUNITIES AND IDEAS Have Your Own French Winery Have you ever thought about making your own wine? Even better, what about making money by making wine in a beautiful location? In France we have discovered a true contrarian entrepreneurship opportunity in the most famous wine country in the world. Despite the weak dollar, it is still possible to buy a working chateau, complete with vineyards, in the wine country around Bordeaux for the price of a house in many American suburbs. With a bit of work -- and providing you don't drink up your profits -- it is possible to earn a handsome return on your investment of as much as 10% and over. Wine-making may strike you as an odd way to make money in a recession. North American consumption of table wines, for example, tends to fluctuate with the economic climate. Still, there are powerful trends that support our view that wine-making can be profitable now. We expect the recession to ease into a slow but steady economic recovery over the next few years. We also anticipate a strengthening of the U.S dollar, which will cheapen imports from France and other European countries. This translates into renewed demand. The strongest argument, however, lies in an inescapable demographic trend. The number of older people is increasing dramatically in all industrialized countries. As statistics have shown, consumption of fine and quality table wine proportionately increases as people grow older -- along with their ability to afford it. This means that the market for fine wines is bound to expand in the decade ahead. There is still no way of buying really fine wine except at high prices. The price for Bordeaux wines very much depends on the chateau and the vintage. First-rate Bordeaux wines can cost anywhere between US$500 and US$5,000 a case. The longer it is stored, the better -- and more valuable -- a Bordeaux wine tends to become. A small but excellent private vineyard could be a gold mine for an entrepreneur able to tap into the rare wine market. As with any investment, the key to investing in a chateau is a thorough knowledge of prices and local conditions. Here are some reasonably priced chateaux recently on the market in the area around Bordeaux -- the world's most famous wine region. Typically, a chateau will have a few handsome buildings on the property as well as a chais, a long shed-like building, replete with wine-making equipment. Depending on the price, you may get anywhere from five to 50 hectares. The cheapest chateau you're likely to find will probably run upward of US$500,000. For that price, however, you can be a true vintner, one of the elite fraternity of wine growers in the region. Each area around Bordeaux bears a distinct name or appellation d'origine controlle (AOC) referring to its region. Some have a classification, legacies of a system set up by Napoleon III in 1855 for the Exposition Universelle de Paris. The wines which are usually those able to command the highest prices, originally were classified for the exposition and known as crus classes. Among these, you will find first cru, second cru, grand cru, bourgeois cru. Although classification and taste are related, skill in mixing grapes, tending fields and producing wine play a critical role in making a quality wine. (Keep in mind that it is extremely difficult to get a classification, or to get one changed. Chateau Mouton Rothschild, for example, was bought by the Rothschilds in 1853 and was classed as a second cru in 1855, the year of the exposition. It was granted the designation grand cru in 1973, after more than a century of entreaties from its owners.) The value of land is ultimately determined by the value of the wine in the marketplace. That, in turn, is determined by its classification, the skill of the vintner and market conditions. Land normally trades hands according to a certain price per hectare. Some areas will be better buys than others. Good deals will be found in vineyards with the Bordeaux and St. Emilion appellations. Bordeaux superieure is selling for anywhere from FFr150,000 to FFr300,000 (about US$30,000 to US$60,000) a hectare, while Saint Emilion is selling for about FFr800,000 a hectare (about US$160,000). At those prices, it is quite possible to earn an average return of more than 10%, depending on your business and wine-making skills. (If you yourself are not an expert, you can hire an experienced vintner.) Houses located on vineyards in France are usually well appointed and sometimes genuinely magnificent homes, making them an appealing investment even apart from the precious soils and vines that surround them. Our researchers discovered a vineyard at the edge of the town of St. Emilion. Possessing one and a half hectares with the AOC of St. Emilion and seven hectares with the AOC Bordeaux, this fine property has two winterized houses with fine views across a scenic valley. It also featured a chais and wine-making equipment. The asking price was FFr5 million (about US$1 million), including the seller's commission. If your budget is slightly higher, here's another recent offering. Located ten kilometers outside St. Emilion, complete with pool and a covered terrace, a modern, Santa Barbara-style home is being offered. The adjoining 12 acres of land include 10 acres of Bordeaux superieure vineyards, a stone house, a chais, and an additional structure for storing materials. The asking price for this property was FFr6.5 million (or about US$1.2 million). A large house situated on over four hectares of prime St. Emilion vineyards for FFr3.5 million (about US$700,000). This particular property did not have facilities for making wine, but the vines are planted and ready to tend. Offered for FFr4 million (about US$800,000) not far from Bordeaux near the Castillon River, was a large home with a garden and courtyard, chais and several other buildings for making wine, situated on almost 14 hectares of land, 11 of them planted with grapes for Bordeaux superieure, Cotes de Castillon wine. Other appellations will command different prices. Land with a Saint Emilion Grand Cru designation is currently priced at anywhere from 900,000 to 1,500,000 francs (about $180,000 to $300,000) per hectare. Keep in mind, however, that a good Saint Emilion is one of the best wines on earth. Land designated Satelite St. Emilion can be had for somewhat less, anywhere from FFr500,000 to FFr700,000 per hectare (about US$100,000 to US$175,000). When evaluating a vineyard, you should check out the condition of the vines and grapes and existence of good drainage. Vines grow best in sandy soil. It takes considerable experience to recognize good land and good vines. Expert vintners recognize good land by tasting the soil. You may prefer to sample the ready product it produces. (Make sure that the wine you sample actually came from the land you consider buying.) For further information on property in and around St. Emilion, contact Yves Blanc, Associe, St. Emilion Immobilier, 33, Rue Guadet, 33330 St.Emilion, France; tel. 57-51-54-73; fax 57-74-4740. Monsieur Blanc not only is the owner of the real estate firm St. Emilion Immobilier but also the proprietor of three chateaux in the region, including the well-reviewed Chateau Haut- Brisson. Arab World Profits Are Still Big No longer the "hot fad" market that it was when the oil boom was on, the Arab market is still a significant and profitable market for those who have continued to pursue opportunities there. In fact, the profits are often better, now that the speculators who chase the latest fads are gone. The disbeliever in Arab unity conveniently forgets that out of seeming socioeconomic anarchy, one of the most powerful binding forces in the world has emerged: a modern, written Arabic language, which is understood and used in all the Arab lands. The Arabic language is the first or second spoken language of the majority in the twenty-one countries and territories of the Arab World. Many of the better educated Arab business and government leaders have taken it upon themselves to learn to speak, read, and write English and French, but the importance of the Arabic written word is such that many American businessmen -- as well as corporation executives -- are learning Arabic. Once one understands the importance of this linguistic unity among the Arab nations, the second fact to understand is that the Arab World is large. Not large, perhaps, by Russian territorial standards, nor large by U.S. population standards, but it extends from Mauritania on the Atlantic Ocean to Oman (at the entrance to the Persian Gulf) on the Indian Ocean. This long east-west span, together with a relatively narrow north-south span, is another contributing factor to Arab unity: This large segment of the "Dry World", stretching from Mongolia through the Middle East and North Africa, is a geographical factor that lends an indigenous quality to the over 100,000,000 people living in or near hot deserts and warm seas. Still another factor of the unity of the Arab World is its culture to which Islamic concepts of religion contribute heavily. However, Islam is not inseparable from Arab culture; it is still possible, in a cultural sense, to recognize Christian and Jewish Arabs. Nevertheless, after 1,000-1,300 years of Islamic rule, the Islamic concept of oneness has left its impact on the religious and racial minorities of the area. The Arab League, headquartered in Cairo, attempts and partially succeeds in establishing political unity for the Arab nations, despite the fact that it is not a sovereign entity. A few of the problems confronting the Arab League are improving telecommunications, civil aviation, and inland and ocean transportation, and implementing the economic boycott of Israel. The Arab League is an increasingly effective instrument for formulating an Arab consensus of economic and political goals, and for exerting leverage on the various members (some, perhaps, preferring to remain autonomous) to adhere to a common policy. Contributing to Arab economic unity is the Arab Common Market, with its five member-nations (the Market is currently encouraging more nations to join). There is also an Organization of Arab Oil Producing Countries. And there is an Arab League primary boycott of trade with Israel, combined with a secondary boycott of trade with several thousand companies around the world that are engaged in certain kinds of economic activities with Israel. In addition to unity, there is a concept of Arab nationality, which is enthusiastically recognized in all the Arab nations, and which one cannot profitably ignore. It is a nationality composed of many factors -- geographic, cultural, political, economic and linguistic. Therefore, one should understand that one is not dealing, in a business sense, in a socioeconomic hodge-podge, but with a unified whole -- the Arab. As might be expected were there is a strong sense of nationality, there is a national personality, although it is not readily understood by Westerners. There is, for example, an Arab tendency to fatalism which is not a philosophy generally accepted in American culture, and there is the traditional Arab concept of male supremacy. In business, however, the Arab is warm and friendly, and wants and expects a very personal relationship between the buyer and seller -- and more especially between the principal and agent. This aspect of the Arab personality is not a trivial matter, nor one that the sometimes too-brusque American businessman can profitably ignore. Moreover, Arab businessmen and government officials openly invite contacts with, and visits from, American businessmen, and they cannot understand why the visits are not forthcoming. Another complaint from Arabs is that the American -- when he does call upon them -- is always in too much of a rush. The following procedure for making business contacts in the Arab World is one that Arab businessmen and government officials recommend: * Precede your visit with a letter, preferably signed by a senior American official of your company. You will appear 'Arab-minded' if your letter is written in Arabic, but this is not really expected. Enclose your company brochures with this initial letter, and propose a firm date on which an American representative of your firm will call on the Arab party. * A high-level American officer of your firm should make the first person-to-person contact with the Arab official. You should allot at least three days for this initial visit, and expect that leisurely dinners and plant visits will be a part of the itinerary. Instruct your representative to make no commitments to the Arabs except those that he is certain can be met, since honoring commitments in important to the Arab. Your company must be prepared to meet the delivery dates, terms and prices specified between your man and the Arab official. * The matter of selecting and engaging an Arab agent is extremely important, and should be considered with care. Initially, the Arab will take it for granted that the first American visit will be by an American, even though the Arab agent-representative is later appointed. Instruct your man that any suspected incompetence in a prospective agent will not be a matter for discussion after his appointment, at which time he perceives himself as a member or your business family. Once appointed, the agent works to establish a warm and friendly working relationship with his principal, even going so far as to send greeting cards and personal mementos. However, the Arab agent will want exclusivity in the national or regional markets under discussion. Generally speaking, you should be prepared to appoint an agent in each important national market, or have such arrangements made by your marketing manager. There may have been a time when the absentee agent could work effectively in Arab markets, but that time is gone. The importance of your relationship with the Arab agent cannot be over-emphasized. The Arab considers himself a Man of Honor in all business dealings, and any breach of this honor by you or your American representative will reflect upon the agent, thereby damaging his relationship with Arab customers. Therefore, you must be prepared to stand behind your agent in all disagreements. While the phrase, "due to circumstances beyond our control" may serve a useful purpose in American business, do not try to invoke it with the Arab businessman, who sees even the force majeure and Act of God simply as legal subterfuge, through which a contract may be broken. Ultimately, your business relationship with the Arab business/government community will be better served if you accept the occasional loss that might accompany the unpreventable breach of contract. Remember, you are dealing not only in dollars, but in the good name of your Arab agent as well. Finally, the admonition to choose your Arab agent wisely and well bears repeating. So important is this relationship that your future decision to withdraw or replace the man can take on the dimensions of an American divorce, with consequences just as unpleasant. Islamic Markets Are Growing Fast It is important to remember that the Arab countries are just one part of the much larger Islamic market. Countries which have large Muslim populations include such non-Arab countries as Bangladesh, Brunei, Chad, Ethiopia, Guyana, Indonesia, India, Iran, Ivory Coast, Madagascar, Malaysia, Nigeria, Pakistan, Philippines, Senegal, Sierra Leone, and Turkey. Unfortunately, outsiders often link the word Islam with negative connotations such as fundamentalism and terrorism, while many others are benefiting from the vast business opportunities developing worldwide in the ever-expanding markets of the Islamic world. The world of Islam is ever expanding; Europe with its spreading Muslim population; Africa, 90% Muslim; the Middle East, 95% Muslim; Southeas6t Asia, over 50%. In addition, there are about two hundred million Chinese Muslims, while Russia with its emerging states contains huge Muslim populations. The best way to stay in touch with this very major market is through a subscription to Islamic Marketing Intelligence Report. Its editor, Patrick O'Connor, has had years of experience lviing and working throughout the Islamic world. He enjoys a vast network of private contacts with unimpeachable sources of information. IMIR employs a multi-lingual staff of researchers who constantly monitor all news emanating from the Islamic countries of the world. A free sample issue is available by writing to IMIR at El Senorio de Marbella, Marbella 29600, Malaga, Spain. Leipzig: The Place to be for Media & Publishing Companies The City of Leipzig is attempting to resurrect its past as a publishing center in Central Europe and develop this into a new role as a media center. City officials, with support from the State of Saxony, are polishing plans to build Leipzig into a broadcasting center for eastern Germany and Central Europe, and to capitalize on the presence of sixty publishing houses within the city limits. Until the destruction of the city during World War II, Leipzig boasted a concentration of publishing houses, printers and bookshops that was perhaps second to none. The publishing industry could call upon a cultural and scientific infrastructure which included the College of Graphic Art and Book Design (founded as an Academy of Art in 1764), colleges of library science, the German Central Library For The Blind (founded in 1889), and the Deutsche Buecherei -- a library containing every work published in the German language. The association of German book traders was founded in Leipzig in 1825, remained there until World War II, and may soon return to the city of its birth. The city's publishing tradition continued to some extent under the East German regime, but has blossomed since reunification. From 38 publishing houses in 1989, the industry has grown to 60 publishers in 1992, with prospects for more. One of these publishers, Raethgloben Leipzig, has recently been purchased by The Cram Company of Indianapolis. The city's former printing district of "Graphisches Viertel," where printers and publishing houses have settled since the Fifteenth Century, has already been identified as one of the future redevelopment areas of Leipzig. A recent conference in Leipzig, the Second Media Forum of Saxony, focussed on the concept of Leipzig as a media city based on both publishing and broadcasting. Speakers aired ideas for marketing the concept of the media city, for reconstruction of the printing district, supporting local print media, and establishing audio-visual companies, as well as both public and private radio stations. Recognizing the necessity of a modern infrastructure, proposals were put forward for development of a media center for young talent, establishment of a commercial teleport, creation of an industrial park designed for print media, and implementation of a modern telecommunications infrastructure (such as ISDN networks). Mitteldeutscher Rundfunk (MDR), headquartered in Leipzig, plays the dominant role in both television and radio broadcasting in the states of Saxony, Thuringia, and Saxony-Anhalt. Owned by the three state governments, MDR has centered its radio operations in Halle, but television activities remain in Leipzig. MDR has announced plans to build a new television tower in Leipzig, in addition to a convention center. MDR dominates radio coverage of southeastern Germany, owning four of the six radio broadcasting frequencies available. MDR also hopes to become a force in reporting from Eastern Europe and, with the University of Leipzig, MDR also hopes to become a force in reporting from Eastern Europe and, with the University of Leipzig, is encouraging journalists who can work in Russian, Polish, or Czech. It is too soon to tell if Leipzig will re-emerge as a central European media center, but if it does, even at this early stage it may be wise to take a look at Leipzig. Finder's Fees -- The Easiest Money You'll Ever Make All you need to start is a typewriter, business letterhead & a telephone. It is not uncommon for a professional finder to earn over $100,000 a year. One finder earned $75,000 per month for 5 years. He saw an item in a newsletter offering 10,000 barrels of crude oil per day for 5 years. Putting that seller together with a buyer at a small refinery,he earned a fee of only 25› per barrel, and collected his fee of $75,000 every month for 5 years. How about trading less than $1 in postage and a couple hours easy work for $100. Not a big fee but it was so easy another finder couldn't pass it up. Reading a "collectors" magazine, he came across an ad seeking some college memorabilia from a college near his home. He made some local telephone calls, located the items wanted, wrote a letter, and earned an easy $100. A finder is nothing more than a "matchmaker" for a fee. The professional finder simply matches qualified buyers with qualified sellers for a fee. A finder is not a pre-seller, dealer, representative or agent. Jim Straw, a nationally known publisher and entrepreneur, who has been a professional finder for over 30 years, has written the only course in being a professional finder. To get more information on Finder's Fees-The Easiest Money You'll Ever Make write to Finder's Fees, Department 70197, P.O. Box 5385, Cleveland, TN 37320 and ask them for information on the finder's fee course. If a product or service can be sold or bought, there is a potential finder's fee just waiting for a finder with the "know-how" to earn it. There are finder's fees to be earned in every small town or big city, in every state and country. All you need to do is match-up the buyers and sellers, put them together, sit-back and collect your fees. And you can start your own finder's fee business for less than it would cost you for a good meal at a fine restaurant. All you really need is a typewriter, business letterhead, and a telephone to get started. More on profiting from finder's fees The Finders International Network Directory. or FIND, is a new, unique directory that lists professional, international finders from around the world. Are you seeking precious stones from the Orient, desert land in Nevada, international financing from foreign banks or financiers? Do you need business contacts in Arabia, India, Canada, Ghana, Europe, the ex-USSR, or anywhere in the United States? Are you trying to sell an old airplane, old ship, or closeout merchandise? Having trouble finding a rare or unusual item, looking for a lost loved one, searching for buyers, sellers, commodities, international business opportunities? From Singapore, to Norway, from New Orleans, to Ontario, the professional finders in find can locate funding, capital, rare real estate, collectibles, buyers, and sellers of all kinds, agency and licensing deals, import/export products, and much, much, more! Listed are finder's names, addresses, telephone and fax numbers, as well as a description of what they specialize in locating. Join the "network" by ordering your own copy of FIND. Network with professional finders for finder's fees and finder assignments. Internationalize your business today. Free international advertising for professional finders is available by listing their finders service in FIND. A free listing application is included with FIND. To order, send $15 to Ronald G. Wyatt, 2128 Goldbrier (F-22), Memphis, TN 38134. Consulting -- Another Portable International Occupation The "downsizing" of the American corporation coupled with the merger mania is creating a fabulous number of consulting opportunities for the man or woman who is prepared for them. In one case the corporate brass had just dismissed all the in-house talent to do the job they now need a consultant for, and didn't want to "lose face" by calling them back in as consultants. For the better part of the last decade one organization has been helping professionals who, possibly like you, didn't think they could develop a successful consulting practice, and either were not aware of or ignored the vast consulting opportunities available around the world. The Consulting Opportunities Journal, published by the Consultants National Resource Center, has for eight years been the information source for thousands of first-time and "old pro" consultants alike. They also have a number of special items that they include with membership, making it a complete consulting course. And a full money-back guarantee. For more information, write to Consultants National Resource Center, Dept. 2001, P. O. Box 430, Clear Spring MD 21722 and ask for membership information. Earn a Lifetime Income From International Telephone Calls In the past few years, an international discount telephone industry called "callback" or "third-country calling" has been growing rapidly. Now there is one company in this industry that is making its services available through a multi-level sales organization that provides an opportunity to make money selling international discount calling to travelers and to international businessmen. This industry primarily serves people outside the U.S. who need to call the U.S., or call between two countries. Since discount telephone services are not available in most of the world, an industry has developed to serve these markets by channeling the calls through the U.S. American telephone rates are so low that it is cheaper to route a call through the U.S., even though that means paying for two separate calls. Besides avoiding high telephone rates, the services avoid the high surcharges that many hotels add to calls placed from a hotel room. Callback services work by calling the U.S. callback number from a another country, hanging up, and the computer then dials the caller back. At that point the caller has a U.S. dial tone and can place calls to anywhere in the world. An account with the callback company has to be established in advance, and then the monthly bill is charged to the customer's major credit card. The cost of using the callback service is often half or less what it would cost to call direct! If you are already selling for a multi-level company, it is quite likely that you will have people in your existing downline who have international contacts. The key to making big money with this opportunity is finding good distributors in several countries and signing them up under you. You can also advertise the service directly, either with ads in international publications or by direct mail to international mailing lists. Let's say you sell the service to 20 small international businesses that make $2,000 worth of calls per month, which is a very conservative figure for most international business callers. Many small to medium- sized companies spend many times that! Commission rates range between 5% and 8%, depending on your sales volume. But even at the 5% minimum rate you would be making $100 per month on each account, or $2,000 per month on the 20 small businesses. Once you've signed an account, the commissions will keep coming forever. And since the program is multi-level, you will also be making money on any sales that are made by distributors you recruit, so your total income can get much larger than in the example we've given. The only callback company that sells through a multi-level structure is MasterCall, which has been in business since 1991. MasterCall is specifically set up to offer opportunities to potential representatives through a network marketing program. You can recruit representatives anywhere in the world. MasterCall charges a small annual fee to become a representative, but there is no requirement that you purchase the service or become a subscriber yourself to earn commissions from selling the service. To get the MasterCall Information Package and representative application form, send $3 ($5 if to a non-U.S. address) to: Adam Starchild, P.O. Box 917729, Longwood, Florida 32791-7729 U.S.A. Ireland - Isle of Opportunity For the rest of the world, the arrival of the single European market in 1992 was both a promise and a threat. The promise is the lure of a market of 340 million well-heeled consumers. The threat is that the high taxes, sky-high wages, innumerable languages, and entrenched levels of bureaucracy associated with the European Community (EC) will effectively deny access to firms outside it. Using Ireland as a base is one way to lock in low labor costs and a 20-year tax holiday in the process. In some cases, you can even get free government money to fund your start-up costs. Only one EC country offers foreign entrepreneurs the benefits of an English-speaking work force, labor costs that are only 60% to 70% of U.S. levels, a 10% ceiling on taxes, and cash grants to help them get started. That country is Ireland. Since the 1970s, the Irish government has pursued an aggressive foreign investment program. To encourage foreign entrepreneurs to set up businesses in Ireland, the government created the Irish Development Authority (IDA). The IDA has broad powers to approve applications and make grants to prospective employers. It also operates branch offices in the United States, Australia, Japan, South Korea, Taiwan, Britain, Germany, and the Netherlands. To start up a business and win special grants for creating jobs, entrepreneurs need only contact the nearest IDA office. Local Irish IDA officials will be available to provide back up assistance. One-stop shopping spares prospective investors the long-winded dealings with local authorities or agencies that can make foreign investment difficult elsewhere. A considerable number of large multinational companies have already taken advantage of the benefits of setting up Irish subsidiaries. But don't get the idea that Irish incentives are only for big companies. The average foreign company in Ireland employs only 40 to 50 workers. To qualify for IDA incentives, a company must be engaged either in manufacturing or in international services. The latter category includes computer or software services, back offices for insurance companies, and financial and other primary services. Financial companies are required to set up in the new International Financial Services Center in Dublin, a brand-new, high-tech development near the refurbished Dublin docks. To qualify for IDA tax breaks and capital grants, a financial company must employ a minimum of 10 people. There is no minimum size, however, for manufacturing companies or other service operations. Recently, the Irish parliament passed a law extending through the year 2010 the maximum corporate tax rate of 10% on foreign investments. Thus, companies investing now can look forward to at least two decades of tax relief. The government will also make cash grants to deserving prospective employers. These can take the form either of picking up the entire first year's payroll for a labor intensive business, such as software development, or of capital grants for factories or other more capital-intensive operations. Grants are made according to the quality and number of jobs to be created. The IDA looks with particular favor on those projects that will employ some of Ireland's many university graduates. Your project will also be more attractive if it will obtain supplies locally or will otherwise contribute to the local economy. Companies receiving IDA grants are free to lay off employees. But they must carry the grant on their books for ten years as a self-amortizing liability, secured by equipment or some other guarantee. Thus, if a company eliminates jobs during the first ten years, it will probably have to give back part of the grant. After ten years, however, the liability is gone. So far, however, firms have tended to expand Irish operations rather than cut them back -- thanks to the favorable tax conditions. Many smaller companies that set up shop in the past have grown into medium to large companies. In addition to the IDA program, Ireland offers other programs. One of them is the Shannon Free Zone program. Incentives are similar to those of the IDA, with taxes held to 10% and capital grants available. Companies are required to locate near Shannon Airport. The Shannon Free Zone operation is administered separately from the IDA. In just a few years, Dublin's International Financial Services Center (IFSC) has emerged from a derelict docklands site to be a new European hub for the management of the financial assets of some of the biggest corporations in the world. Since the first, new office building on the 27- acre site opened in 1990, familiar names associated with diverse manufacturing activities, such as IBM, Alcan, Volkswagen, Volvo, Grand Metropolitan and Outokumpu, have all chosen Dublin as a location from which to manage their world-wide corporate treasury operations. Others, such as Asea Brown Boverie, BMW, Ericsson and Coca-Cola, have chosen the IFSC as the hub from which to manage their world-wide insurance needs. Large corporations such as these, with manufacturing assets and properties scattered in scores of locations around the world, set up their own insurance companies through which their subsidiaries then place their property insurance. Captive insurance, as it is known, has developed well and quite unexpectedly. On the back of this business, re-insurance operations have also grown rapidly. Far from being a glass and chrome shell, housing dubious "brass-plate" operations often associated with offshore centers, the IFSC now has 140 financial services companies, giving direct employment to 986 people. One hundred and ninety five projects have been approved, which have made commitments to employ eventually almost 3,000 people. The IFSC was conceived as a means of transforming the derelict docklands area of Dublin into a new European financial center, which would complement the growth in new manufacturing industries that have sprung up across Ireland under the stimulus of the IDA. Ireland offers many advantages compared with rival centers such as Luxembourg and the Channel Islands, through lower wage and housing costs, a skilled and abundant labor force and good communications with other European business centers. The IFSC is just a 10-minute walk from Dublin's city center and a 20 minutes' drive from the airport. The development site has plenty of room for expansion and is planned to have complementary developments of a 300-bedroom hotel, a marina, shopping and restaurant facilities and residential properties. If a planned development of a light rail transport system gets European Community approval and funding, much of Dublin's traffic congestion problems can also be overcome, which is one of the city's few drawbacks for developers of services-related industries. One of the IFSC's attractions has been the possibility for cash-rich firms to place their surplus cash in investment funds which are then managed in Dublin by specialist companies. Profits are taxed at the 10 per cent rate and can be repatriated without further tax liabilities due to Ireland's double taxation treaties with its EC partners. Many leading foreign banks, such as Dresdner Bank, Citibank, Chase Manhattan and Deutsche Bank, have established fund management operations in Dublin. Dublin's tax advantages disappear in 13 years but this is sufficient time for many institutions to be interested. With 550,000 square feet of office space completed at the IFSC, the government, through its Customs House Docks Authority, is now negotiating the center's second stage of development, which includes a museum, an hotel, retail facilities, housing and further office buildings. Prospective companies wishing to take advantage of the center's tax breaks have until the end of 1994 to obtain certification. A New Hong Kong? China, Russia, and North Korea agreed to let foreigners have long-term land leases in a proposed development zone straddling the three countries' borders. An international, independent company will manage the zone in the Tumen River delta. The 38,600-square- mile project, with a goal of $30 billion in investment over 20 years, would be the first major effort in Asia to introduce Western capital and technical know-how in underdeveloped socialist territory. Mongolia and South Korea are also participating, and the United Nations Development Program is involved.