8 October 1998 — World-Wide Shipping Agency Limited, Hong Kong, is pleased to announce that the company's chairman, Dr. Helmut Sohmen, has received the prestigious Schumpeter Award from the hands of the Mayor of Vienna, Dr. Michael Haeupl, at a festive ceremony in the Vienna City Hall on 7 October 1998.

The Schumpeter Award was established by the Schumpeter Society under the sponsorship of the Helmut Zilk Fund to Promote the International Relations of Vienna. The prize is named after the famous Austrian economist Joseph A. Schumpeter (1883-1950), the well-known author of "Capitalism, Socialism, and Democracy" (published in 1942), and "The History of Economic Analysis" (published in 1954) among many other works in economics and sociology. Schumpeter taught at Harvard University since 1932.

Co-recipient of the award with Dr. Sohmen this year was Professor Derek Bok, President of Harvard University during 1971-1991.

Previous recipients of the award include the former German Chancellor Dr. Helmut Kohl, the Czech President Vaclav Havel, the founder of CNN, Mr. Ted Turner, as well as Mr. Josei Itho of Nippon Life, and Mr. Reinhard Mohn of Bertelsmann.

For more information contact:

WORLD-WIDE SHIPPING AGENCY LIMITED
23F, 9 DES VOEUX ROAD WEST
HONG KONG, CHINA
TEL: (852) 2842-3801
FAX: (852) 2523-8716