#[1]Southeast Asia Real Time RSS Feed * WSJ + [2]WSJ + [3]Facebook + [4]Twitter * MarketWatch + [5]MarketWatch * Barrons + [6]Barrons * SmartMoney + [7]SmartMoney * All Things Digital + [8]All Things Digital * Financial Jobs + [9]Financial Jobs * [10]More + [11]WSJ X - Invitation Only + [12]New Portfolio + [13]Big Charts + [14]Virtual Stock Exchange + [15]WSJ Asia o [16]WSJ India o [17]WSJ China chinese edition o [18]WSJ Japan japanese edition + [19]WSJ Europe + WSJ Americas o [20]en Español o [21]em Português + [22]WSJ Radio + [23]WSJ Wine News, Quotes, Companies, Vid (BUTTON) SEARCH
_____________________________________________________ ___________________________________________________
_____________________ __________________________________________________ __________________________________________________
___________________________________________________ ___________________________________________________
___________
___________________________________________________
____________________________________________________ ___________________________________________________________ * [24]The Wall Street Journal + Welcome, [25]Logout + o [26]My Account o [27]My Journal o [28]Help o [29]Message Center ( new) + [30]Log In + [31]Register + [32]Subscribe Now * [33]U.S. Edition WSJ.com is available in the following editions and languages: + [34]U.S. + [35]Asia o [36]India o [37]China + [38]Europe + Americas o [39]en Español o [40]em Português + [41]Login/Register to set your edition + [42]Set my edition + [43]Today's Paper + [44]Video + [45]Columns + [46]Blogs + [47]Topics + [48]Journal Community [49]Register for FREE Register for FREE Thank you for registering. We sent an email to: Please click on the link inside the email to complete your registration [inline_registration_okbutton.gif]-Submit Please register to gain free access to WSJ tools. An account already exists for the email address entered. [50]Forgot your username or password? This service is temporary unavailable due to system maintenance. Please try again later. The username entered is already associated with another account. Please enter a different username The email address you have entered is already in use. Please re-enter the email address. + First Name ____________________ + Last Name ____________________ + Email Address ____________________ + Create a User Name ____________________ + Create a Password ____________________ + Confirm Password ____________________ [X] Send me information about more WSJ features [ ] Create a profile for me in the [51]Journal Community [inline_reg_button.gif]-Submit [52]Why Register? [53]Privacy Policy | [54]Terms & Conditions As a registered user of The Wall Street Journal Online, you will be able to: + Setup and manage your portfolio + Personalize your own news page + Receive and manage newsletters [55]Log In Log In User Name ____________________ Password ____________________ Log in Log In [X] Remember me [56]Forgot your password? [57]previous‘Titanic’ Resurfaces in Myanmar [58]Southeast Asia Real Time [59]nextAnother Billion-Dollar IPO to Hit Malaysia * [60]Sports * [61]Environment & Health * [62]Economy & Business * [63]Politics * [64]Lifestyle & Culture * [65]People * August 20, 2012, 2:11 PM Myanmar’s Growing, but Has a Long Way to Go Search Southeast Asia Real Time1 Search Southeast Asia Real Tim SEARCH * [66]Article * [67]Comments (2) [68]Southeast Asia Real Time HOME PAGE » * [69]smaller * [70]Larger * [71]facebook * [72]twitter * [73]google plus * [74]linked in * [75]Email * [76]Print * [77]facebook * [78]twitter * [79]google plus * [80]linked in * [81]Email * [82]Print * [83]smaller * [84]Larger * [85]facebook * [86]twitter * [87]google plus * [88]linked in * [89]Email * [90]Print By Patrick Barta UPDATED AT 7 P.M. YANGON–Myanmar may be poised for years of explosive growth. If so, it has a long way to go before it comes close to catching up with its neighbors. European Pressphoto Agency Paddy-field workers take a lunch break in Kawmhu township near Yangon, Myanmar, on Aug. 3. That tough reality is one of the themes that emerges in the latest Myanmar report by the Asian Development Bank, released Monday, which provides one of the most comprehensive pictures of the Myanmar economy in years. The report, “Myanmar in Transition: Opportunities and Challenges,” predicts that Myanmar’s economy will grow by about 6.0% in 2012 and 6.3% in 2013 on the back of commodity exports and a pick-up in foreign investment – about as much as other fast-growing regional economies such as Indonesia. It also suggests that Myanmar could grow at 7%-8% per year for a decade or more, replicating the success of other Asian economies, if the government continues to push more reforms after giving residents more freedoms and floating the country’s currency over the past year. But the depths to which Myanmar’s economy sunk during its years of military rule from 1962 to 2011 mean it could take years if not decades for it to start catching up to many of its regional peers. Consider some of these factoids from the ADB report. * Only about 26% of Myanmar’s population had access to electricity in 2011, versus 100% in Malaysia and roughly 90% or more in the Philippines and Vietnam. * Only 1.26 people out of every 100 in Myanmar have fixed telephone lines, versus roughly 16 in Indonesia, while only 0.03 out of 100 have broadband Internet subscriptions, compared to about eight in Malaysia. * Roughly 30% of Myanmar doesn’t have access to safe water. The list goes on. Myanmar has 40 kilometers of roads for every 1,000 square kilometers; Vietnam has 480. Myanmar has 18 vehicles per 1,000 people, while Thailand has 370. Myanmar’s economy in some ways has changed little since the 1960s or otherwise fallen behind as Malaysia, Thailand, Indonesia and Vietnam zoomed ahead. Agriculture accounted for 35% of Myanmar’s gross domestic product in 1965; in 2010, it was 36%. Its per capita income in 1960 was about $670, more than three times that of Indonesia and more than twice that of Thailand. By 2010 it had the lowest GDP per capita in Southeast Asia, at about $1,300 on a purchasing power parity basis. There are some areas where Myanmar has made notable progress, the ADB said. Its infant and maternal mortality rates have dropped considerably since 1990, though they remain high, and adult literacy is now well above 90%. Rice yields have increased steadily despite a lack of irrigation and other infrastructure. Overall growth in recent years has helped boost Myanmar’s foreign currency reserves to help buttress the country against economic shocks, and policy makers have helped bring inflation to manageable levels. But the ADB noted that many experts believe Myanmar’s official economic data may have exaggerated the growth that occurred in recent years. Myanmar reported an average of 12% annual growth from 2000 to 2010, but such figures “have been deemed overstated and rather unreliable” given the country’s poor statistical capacity, the ADB said. It cited International Monetary Fund figures that estimate growth averaged just 4.6% from 2002 to 2010. Other data that tend to correlate with GDP growth was also far weaker than official GDP figures would suggest. Cement sales, for instance, only grew 1.8% per year from 2004 to 2009. Ko Ko Hlaing, an adviser to Myanmar President Thein Sein, said in an emailed response to questions that it “may be true” that GDP figures from 2002 to 2010 were not reliable because the country’s currency had many values at the time, complicating calculations, and some regional authorities may have exaggerated growth to please superiors. He said it’s possible the actual rate of growth was somewhere between the IMF estimates and Myanmar’s calculations, “but one can never find the exact point.” Part of Myanmar’s problem, no doubt, is that it has been subject to tough Western sanctions that prevented Western firms from buying Myanmar products or investing there, though economists believe policy mistakes and over-reliance on inefficient state enterprises also played a major role in the weak economy. Many experts believe one of the reasons Myanmar’s government is finally changing after years of military rule is that its leaders are disappointed in the country’s poor performance compared with other Asian countries, and want to do something about it. Either way, Myanmar remains heavily dependent on just a few industries, with more than two-thirds of its exports coming from three products – natural gas, logs and legumes, the ADB said. The country also faces major risks going forward, despite all the recent excitement over reforms there. As Western [91]governments lift sanctions and more investors charge in, the country could run into an assortment of challenges that commonly bedevil frontier economies, including inflation, exchange-rate instability, hot money flows, and credit bubbles. Those risks are particularly acute in Myanmar due to its relatively under-developed regulatory environment and immature financial sector, with poor tax collection, an under-developed bond market, and widening fiscal deficits. The good news, ADB said, is that Myanmar is taking some important steps to address some of its problems. After years of miserly spending on health and education – it has been the only developing Asian country that spends more on defense than education and health combined – it is boosting health care and schools spending significantly, to 7.5% of government expenditure in fiscal year 2012-13, from 5.4% a year earlier. The budget for education is more than doubling in nominal terms in fiscal year 2012-13. Having the ADB back in Myanmar may also help. The ADB, along with the World Bank, recently opened an office in Myanmar after suspending lending to the country years ago after Myanmar became an international pariah because of allegations of human-rights violations. The changing environment in Myanmar means multilateral institutions can work there again, though ADB officials stress Myanmar still needs to make good on $504 million of arrears to the bank before more money can flow. An important question is whether Myanmar’s government will institute the kinds of financial-sector and other reforms needed to ensure it can continue to afford its spending, including boosting its tax haul and ensuring the country’s central bank has enough independence to properly manage the economy. Growth may indeed take off in Asia’s newest frontier market, but it’ll take a while to see whether its leaders have the skill to manage it. And here’s one other final, sobering statistic: If Myanmar’s economy does manage to grow 7%-8% per year for a long stretch, it might still only hit GDP per capita of $2,000–$3,000 by 2030. To many economists, this is good news, since it would put Myanmar safely into the ranks of middle-income countries, ADB said. But it’s still a far cry from its peers. Malaysia’s GDP per capita in 2010 on a purchasing power parity basis was nearly $15,000. * [92]Asian Development Bank, * [93]Myanmar * [94]« previous ‘Titanic’ Resurfaces in Myanmar * [95]next » Another Billion-Dollar IPO to Hit Malaysia [96]Southeast Asia Real Time HOME PAGE Add a Comment Error message Name ____________________ We welcome thoughtful comments from readers. Please comply with our [97]guidelines. Our blogs do not require the use of your real name. Comment ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ CLEAR POST Comments (2 of 2) [98]View all Comments » * + o 9:47 am August 22, 2012 o Kyaw Nyunt wrote: thankzzzz for the article. I think it is a great one. Especially the comparison that you made Myanmar with other country. As a Myanmar myself, we usually have had less chance to read that kind of information about our country. In a sense , though, it is a good thing for us to know that our government still has lots of things to do in the future. And for business men all over the world, it means our country still have lots of business opportunities. We will need lots of cars, phones, computers etc in the future. * + o 9:10 am August 21, 2012 o pork wrote: I believe that myanmar already reached the lowest point or the darkest period during under millitary rule. It can’t get any worse that that. Only if the government want to open more reconciliation process, myanmar will be better in term of moving forward. But Whether the government have genuine inclusive for all myanmar (ethnics and armed forces)or not, that remain to be seen. The economic will only be better if the government implement the policy of appointing the educated people instead of millitary personnel in all government sectors. That will create more changes in a positive manner from current mismanaged policy. [99]RSS Feed About Southeast Asia Real Time * * [100]RSS * Southeast Asia Real Time provides analysis and insight into the region, which includes Singapore, Thailand, Indonesia, Vietnam, Malaysia, the Philippines, Myanmar, Cambodia, Laos and Brunei. Contact the editors at [101]SEAsia@wsj.com. + IFRAME: [102]http://platform.twitter.com/widgets/follow_button.html?sc reen_name=wsjseasia&show_count=false&show_screen_name=false Southeast Asia Real Time on Twitter + Southeast Asia Real Time on Facebook Featured * [103]previous * [104]pause * [105]next * [106]Obama Calls Country 'Myanmar,' to the Delight of Its Leaders U.S. President Barack Obama’s visit Monday to Myanmar is being considered a greater success than the country's leaders dared hope: He called the country by the name they prefer, “Myanmar,” instead of "Burma." * [107][OB-VK135_prabow_A_20121119055804.jpg] [108]New Poll Puts Indonesia’s Subianto Ahead in Presidential Race A new survey has put general-turned-businessman Prabowo Subianto as the front runner to succeed President Susilo Bambang Yudhoyono in the country’s next election. * [109]Singapore Eases Death Penalty for Drugs Singapore’s lawmakers have passed legal reforms aimed at easing the city-state’s long-standing mandatory death penalty for drug trafficking, a policy often criticized by human rights groups for being indiscriminate. * [110]An Artist's Lego-Brick Road For Nathan Sawaya, Lego isn’t just a hobby. Not only does he own more than 2.5 million brightly colored bricks, but in 2004 he quit his job to focus on creating sculptures made of them. * [111][WO-AL594_MSCHOO_A_20121101175907.jpg] [112]Glory Days at Myanmar School Clouded Kyi May Kaung remembers the glory days of the University of Yangon, once one of Asia’s best-known colleges.But when the military regime took over in Myanmar in 1962, dark days began. Most Recent * [113]Articles * [114]Comments * 1. [115]AirAsia’s Fernandes Seeks Listing of Insurance Business * 2. [116]IKEA’s Latest Stumble: New Ad Angers Thai Transsexuals * 3. [117]Catholic Church’s New Envoy to Malaysia Wants Closer Ties With Muslims * 4. [118]Google Opens Office in Manila * 5. [119]Indonesia Zeroes In on Currency * 1. [120]Aaron [121]Catholic Church’s New Envoy to Malaysia Wants Closer Ties With Muslims 1 Comment * 2. [122]manhid.vna [123]Google Opens Office in Manila 5 Comments * 3. [124]:D [125]Indonesia Zeroes In on Currency 2 Comments * 4. [126]Dr George W Barclay Jr [127]Rescuing Manila’s Steel Church 2 Comments * 5. [128]foodlover [129]Who ‘Owns’ Street Food? 1 Comment __________________________________________________________________ [130]Asia-Pacific Jobs [131]POST A JOB * [132]Assistant accountant (Cashier) - Internal Firm Services - PricewaterhouseCoopers LLP keyword_____________ city, state, zip____ [BUTTON Input] (not implemented)_________ MORE JOBS AND CAREER NEWS * [133]Finance Jobs | * [134]Technology Jobs | * [135]Sales & Marketing Jobs [136]FINS for Employers & Recruiters »[137]POST A JOB [138]EARN MORE. Learn how to be a Financial Advisor » Partner Center An Advertising Feature * * * * WSJ Web Slice CONTENT [139]LINKS TO ACTUAL PAGE CONTAINING WEB SLICE FUNCTIONALITY. 15 * [140]Wall Street Journal * [141]Facebook * [142]Twitter * [143]LinkedIn * [144]FourSquare * [145]Google+ * [146]YouTube * [147]Podcasts * [148]RSS Feed * [149]AppStore * + [150]Subscribe + /[151]Login * [152]Back to Top« * Customer Service + [153]Customer Center + [154]Contact Us + [155]WSJ Weekend + [156]Contact Directory + [157]Corrections * Policy + [158]Privacy Policy + [159]Data Policy + [160]Copyright Policy + [161]Subscriber Agreement & Terms of Use * Ads + [162]Your Ad Choices + [163]Advertise + [164]Advertise Locally + [165]Place a Classified Ad * Tools & Features + [166]Apps + [167]Newsletters + [168]Alerts + [169]Graphics & Photos + [170]Columns + [171]Topics + [172]Guides * More + [173]Register for Free + [174]Reprints + [175]E-books + [176]Content Partnerships + [177]Conferences + [178]SafeHouse * [179]Jobs at WSJ * Copyright ©2012 [180]Dow Jones & Company, Inc. All Rights Reserved. [181]Schließen [182]Subscribe Now [183]close Email This Recipient's Email Address (Separate multiple address with commas) ____________________ Your Email Address ____________________ Message (Optional) ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ ____________________________________________________________ [X] Send me a copy Send or [184]Cancel [185]close Thank You Your email has been sent. [186]close Error. An error has occured and your email has not been sent. Please [187]try again. • Invalid email address. • You can't enter more than 20 emails. • Seperate multiple addresses with Commas. • Must enter an email address. • You must enter the verification code below to send. • Invalid entry: Please type the verification code again. Références Liens visibles 1. http://blogs.wsj.com/searealtime/feed/ 2. http://online.wsj.com/ 3. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 4. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 5. http://www.marketwatch.com/ 6. http://online.barrons.com/home 7. http://www.smartmoney.com/ 8. http://allthingsd.com/ 9. http://www.fins.com/ 10. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 11. http://online.wsj.com/public/page/wsj-x-marketing.html 12. https://portfolio.wsj.com/ 13. http://bigcharts.marketwatch.com/ 14. http://vse.marketwatch.com/Game/Homepage.aspx 15. http://asia.wsj.com/ 16. http://india.wsj.com/ 17. http://china.wsj.com/ 18. http://japan.wsj.com/ 19. http://europe.wsj.com/ 20. http://online.wsj.com/americas 21. http://online.wsj.com/portuguese 22. http://www.wsjradio.com/ 23. http://www.wsjwine.com/ 24. http://online.wsj.com/ 25. http://online.wsj.com/logout?url=http://online.wsj.com 26. http://online.wsj.com/acct/setup_account 27. http://online.wsj.com/myonlinejournal 28. http://help.wsj.com/ 29. http://online.wsj.com/community/member/mailbox 30. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 31. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 32. https://www.wsjesubs.com/onlineb/?src=/online&banner_code=XWBBE000H6 33. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 34. http://online.wsj.com/ 35. http://asia.wsj.com/ 36. http://india.wsj.com/ 37. http://chinese.wsj.com/gb/index.asp 38. http://europe.wsj.com/ 39. http://online.wsj.com/americas 40. http://online.wsj.com/portuguese 41. http://commerce.wsj.com/entitlements/release_freereg/login.shtml?roles=FREEREG-BASE 42. http://setup.wsj.com/pznsetup/pznhome/edition.html 43. http://online.wsj.com/public/page/us_in_todays_paper.html 44. http://online.wsj.com/video 45. http://online.wsj.com/page/columnists.html 46. http://blogs.wsj.com/ 47. http://topics.wsj.com/ 48. http://online.wsj.com/community 49. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 50. http://commerce.wsj.com/auth/forgotpass 51. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 52. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 53. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 54. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 55. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 56. http://commerce.wsj.com/auth/forgotpass 57. http://blogs.wsj.com/searealtime/2012/08/19/titanic-resurfaces-in-myanmar/ 58. http://blogs.wsj.com/searealtime/ 59. http://blogs.wsj.com/searealtime/2012/08/20/another-billion-dollar-ipo-to-hit-malaysia/ 60. http://blogs.wsj.com/searealtime/category/sports-2/ 61. http://blogs.wsj.com/searealtime/category/environment-health/ 62. http://blogs.wsj.com/searealtime/category/economy-business/ 63. http://blogs.wsj.com/searealtime/category/politics/ 64. http://blogs.wsj.com/searealtime/category/lifestyle-culture/ 65. http://blogs.wsj.com/searealtime/category/people/ 66. http://blogs.wsj.com/searealtime/2012/08/20/myanmars-growing-but-has-a-long-way-to-go/ 67. http://blogs.wsj.com/searealtime/2012/08/20/myanmars-growing-but-has-a-long-way-to-go/tab/comments/ 68. http://blogs.wsj.com/searealtime/ 69. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 70. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 71. javascript:void(0) 72. javascript:void(0) 73. javascript:void(0) 74. javascript:void(0) 75. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 76. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 77. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 78. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 79. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 80. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 81. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 82. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 83. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 84. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 85. javascript:void(0) 86. javascript:void(0) 87. javascript:void(0) 88. javascript:void(0) 89. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 90. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 91. http://online.wsj.com/article/SB10000872396390443713704577599240759692770.html 92. http://blogs.wsj.com/searealtime/tag/asian-development-bank/ 93. http://blogs.wsj.com/searealtime/tag/myanmar/ 94. http://blogs.wsj.com/searealtime/2012/08/19/titanic-resurfaces-in-myanmar/ 95. http://blogs.wsj.com/searealtime/2012/08/20/another-billion-dollar-ipo-to-hit-malaysia/ 96. http://blogs.wsj.com/searealtime/ 97. http://online.wsj.com/community/faq 98. http://blogs.wsj.com/searealtime/2012/08/20/myanmars-growing-but-has-a-long-way-to-go/tab/comments/ 99. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 100. http://blogs.wsj.com/searealtime/feed/ 101. mailto:SEAsia@wsj.com 102. http://platform.twitter.com/widgets/follow_button.html?screen_name=wsjseasia&show_count=false&show_screen_name=false 103. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html#prev 104. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html#pause 105. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html#next 106. http://blogs.wsj.com/searealtime/2012/11/20/obama-calls-country-myanmar-to-the-delight-of-its-leaders/ 107. http://blogs.wsj.com/searealtime/2012/11/19/new-poll-puts-indonesias-subianto-ahead-in-presidential-race/ 108. http://blogs.wsj.com/searealtime/2012/11/19/new-poll-puts-indonesias-subianto-ahead-in-presidential-race/ 109. http://blogs.wsj.com/searealtime/2012/11/15/singapore-eases-death-penalty-for-drugs/ 110. http://blogs.wsj.com/searealtime/2012/11/14/an-artists-lego-brick-road/ 111. http://blogs.wsj.com/searealtime/2012/11/02/glory-days-at-myanmar-school-clouded/ 112. http://blogs.wsj.com/searealtime/2012/11/02/glory-days-at-myanmar-school-clouded/ 113. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 114. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 115. http://blogs.wsj.com/searealtime/2013/01/25/airasias-fernandes-seeks-listing-of-insurance-business/ 116. http://blogs.wsj.com/searealtime/2013/01/25/ikeas-latest-stumble-new-ad-angers-thai-transsexuals/ 117. http://blogs.wsj.com/searealtime/2013/01/25/catholic-churchs-new-envoy-to-malaysia-wants-closer-ties-with-muslims/ 118. http://blogs.wsj.com/searealtime/2013/01/23/google-opens-office-in-manila/ 119. http://blogs.wsj.com/searealtime/2013/01/23/indonesia-zeros-in-on-currency/ 120. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 121. http://blogs.wsj.com/searealtime/2013/01/25/catholic-churchs-new-envoy-to-malaysia-wants-closer-ties-with-muslims/ 122. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 123. http://blogs.wsj.com/searealtime/2013/01/23/google-opens-office-in-manila/ 124. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 125. http://blogs.wsj.com/searealtime/2013/01/23/indonesia-zeros-in-on-currency/ 126. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 127. http://blogs.wsj.com/searealtime/2013/01/18/rescuing-manilas-steel-church/ 128. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 129. http://blogs.wsj.com/searealtime/2013/01/15/who-owns-street-food/ 130. http://asia-jobs.fins.com/?utm_source=wsj&utm_medium=widget&utm_campaign=dowjones&reflink=djm_modulewsj_widgetjobs_apacwsjchirt 131. http://recruiter.fins.com/?reflink=djm_modulewsj_widgetjobs_postapacwsjchirt&utm_source=wsj&utm_medium=widget&utm_campaign=dowjones 132. http://asia-jobs.fins.com/Jobs/299343/Assistant-accountant-Cashier-Internal-Firm-Services?reflink=djm_modulewsj_widgetjobs_jobsapacwsjchirt&utm_source=wsj&utm_medium=widget&utm_campaign=dowjones 133. http://www.fins.com/Finance/?utm_source=wsj&utm_medium=widget&utm_campaign=dowjones&reflink=djm_modulewsj_widgetjobs_apacwsjchirt 134. http://it-jobs.fins.com/?utm_source=wsj&utm_medium=widget&utm_campaign=dowjones&reflink=djm_modulewsj_widgetjobs_apacwsjchirt 135. http://sales-jobs.fins.com/?utm_source=wsj&utm_medium=widget&utm_campaign=dowjones&reflink=djm_modulewsj_widgetjobs_apacwsjchirt 136. http://recruiter.fins.com/?utm_source=wsj&utm_medium=widget&utm_campaign=dowjones&reflink=djm_modulewsj_widgetjobs_apacwsjchirt 137. http://recruiter.fins.com/?reflink=djm_modulewsj_widgetjobs_postapacwsjchirt&utm_source=wsj&utm_medium=widget&utm_campaign=dowjones 138. http://www.fins.com/Finance/Sector/FinancialAdvisor.aspx?reflink=djm_modulewsj_widgetjobs_SFapacwsjchirt 139. http://ie8.smoothfusion.com/WallStreetJournal/view.aspx 140. http://online.wsj.com/?mod=WSJDE_footer 141. http://www.facebook.com/wsj 142. http://twitter.com/WSJ 143. http://www.linkedin.com/today/online.wsj.com 144. https://foursquare.com/wsj 145. https://plus.google.com/117720626238470886461/posts 146. http://www.youtube.com/user/WSJDigitalNetwork 147. http://online.wsj.com/public/page/podcast.html?mod=WSJ_footer 148. http://online.wsj.com/public/page/rss_news_and_feeds.html?mod=WSJ_footer 149. http://itunes.apple.com/us/app/the-wall-street-journal./id364387007?mt=8 150. https://buy.wsj.com/offers/html/offerOns.html?trackCode=aap5c9sx 151. https://id.wsj.com/auth/log-in 152. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html#top 153. http://help.wsj.com/customer-service/?mod=WSJ_footer 154. https://customercenter.wsj.com/view/contactus.html?mod=WSJ_footer 155. http://www.subscribe.wsj.com/getweekendnow?mod=WSJ_footer 156. https://customercenter.wsj.com/view/ctdir/contactdirectory.html?mod=WSJ_footer 157. http://online.wsj.com/article/Corrections.html?mod=WSJ_footer 158. http://online.wsj.com/public/page/privacy-policy.html?mod=WSJ_footer 159. http://online.wsj.com/public/page/data-policy.html?mod=WSJ_footer 160. http://online.wsj.com/public/page/copyright_policy.html?mod=WSJ_footer 161. http://online.wsj.com/public/page/subscriber_agreement.html?mod=WSJ_footer 162. http://online.wsj.com/public/page/privacy-policy.html?mod=WSJ_footer#ad_choices 163. http://www.wsjdigital.com/?mod=WSJ_footer 164. http://www.wsjlocal.com/?mod=WSJ_footer 165. http://classifieds.wsj.com/?mod=WSJ_footer 166. http://online.wsj.com/public/page/designtech-wsjModuleHome.html?mod=WSJ_footer 167. http://online.wsj.com/public/page/email-setup.html?mod=WSJ_footer 168. http://online.wsj.com/ksemail?mod=WSJ_footer 169. http://online.wsj.com/public/page/news-interactive-features-trends.html?mod=WSJ_footer 170. http://online.wsj.com/page/columnists.html?mod=WSJ_footer 171. http://topics.wsj.com/?mod=WSJ_footer 172. http://online.wsj.com/public/page/guides.html?mod=WSJ_footer 173. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 174. http://www.djreprints.com/?mod=WSJ_footer 175. http://wsj.iamplify.com/ 176. http://wsj.com/partner/?mod=WSJ_footer 177. http://online.wsj.com/conferences?mod=WSJ_footer 178. https://www.wsjsafehouse.com/ 179. http://www.dowjones.com/careers.asp?mod=WSJ_footer 180. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 181. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 182. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 183. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 184. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 185. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 186. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 187. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html Liens cachés : 189. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html 190. http://www.fins.com/?utm_source=wsj&utm_medium=widget&utm_campaign=dowjones&reflink=djm_modulewsj_widgetjobs_apacwsjchirt 191. http://online.wsj.com/ 192. file://localhost/home/elfe/PROJET-MOT-SUR-LE-WEB/PAGES-ASPIREES/104.html