INTEL TO PUMP UP WORLDWIDE VC SPENDING IN 1999.

Intel Corp's venture capital investment plans for next year will see the company looking for investment possibilities further afield than ever before. The chip giant, already one of the world's biggest IT investors, is eyeing VC targets in Europe and Asia. Nigel Grierson, corporate business development manager, could not confirm press reports that the firm will spend $500m on VC investments next year. However, Grierson confirmed that much more of the company's investment budget would go overseas. Intel is looking at European investment opportunities in start-ups that specialize in GSM mobile networks, enterprise software and internet infrastructure - areas where the European IT sector is particularly strong. Intel's approach to the Asia is more speculative. Grierson says that the company sees China as its strongest investment opportunity, he expects Chinese internet use to grow dramatically over the next year and Intel will be looking to capitalize on that growth. Grierson also said that the company was trying to work out a viable investment policy for the economically troubled Pacific Rim economies.