Asia Times - Business in Brief

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href="/web/20030604092406/http://atimes.com/atimes/advertise.html"><strong><img height="18" src="/web/20030604092406im_/http://atimes.com/images/f_images/media.gif" width="80" border="0"></strong></a></div> </td> </tr> </table> </td> </tr> </table> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="10"><strong><font color="#000000" size="3"> <br> </font></strong> </td> <td align="left" valign="top" width="510"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="64%" valign="top"><strong class="head">Business in Brief</strong></td> <td width="36%"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td height="51" align="middle" valign="center"> <div align="right"><font class="time"> <script language="javascript"> function showDate(){ var monthArray=["Jan", "Feb", "Mar", "Apr", "May", "Jun", "Jul", "Aug", "Sep", "Oct", "Nov", "Dec"] var days=["Sunday", "Monday", "Tuesday", "Wednesday", "Thursday", "Friday", "Saturday"] var d=new Date(); var month=d.getMonth() var day=d.getDate() var year=d.getYear() // document.write("Today is " + days[d.getDay()] + "<BR>") document.write(monthArray[month]) document.write(" ") document.write(day) document.write(", ") if(d.getYear()<2000){document.write(year+1900)} if(d.getYear()>2000){document.write(year)} } </script> <strong> <script language="javascript">showDate()</script> </strong></font> </div> </td> </tr> </table> </td> </tr> </table> <table width="100%" border="0" align="left" cellpadding="0" cellspacing="0"> <tr> <td width="65%" valign="top"> <table width="406" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="406"> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><font color="#000000" size="2"><a href="/web/20030604092406/http://atimes.com/atimes/others/Company_in_brief.html"><strong>Company Briefs</strong> </a></font> </td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H1"><font size="2"><strong>Economics</strong></font></a></td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H2"><font size="2"><strong>Banking/Finance</strong></font></a></td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H3"><font size="2"><strong>Information Technology </strong></font></a> </td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H4"><font size="2"><strong>Telecommunications</strong></font></a></td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H5"><font size="2"><strong>Infrastructure</strong></font></a></td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H6"><font size="2"><strong>Energy</strong></font></a></td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H7"><font size="2"><strong>Autos</strong></font></a></td> </tr> <tr> <td width="7%"> <div align="center"><font size="2"><strong><img height="14" src="/web/20030604092406im_/http://atimes.com/images/f_images/arrow.gif" width="14"></strong></font></div> </td> <td width="93%"><a href="/web/20030604092406/http://atimes.com/atimes/Business_in_Brief.html#H8"><font size="2"><strong>Aviation </strong> </font></a> </td> </tr> </table> <a name="H1"></a> <br> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td> <div align="center"><strong><font color="#003399" size="4">Economics</font></strong></div> </td> </tr> <tr> <td><font color="#000000"><font color="#000000"><font size="2"><font color="#000000"><font color="#000000" size="3"> <p><br><font color="#000000" size="3"><strong>India to repay US$1.59m debt<br></strong></font>NEW DELHI - In a significant development, India on Monday decided to stop taking bilateral aid from most countries except a few major ones and prepay Rs 74.90 billion (US$1.59 billion) worth of external debt this year in the face of ballooning foreign exchange reserves, now at over $80 billion. "The [federal] Finance Ministry has decided to discontinue receiving aid from partners other than Japan, United Kingdom, Germany, United States, European Commission and the Russian Federation," an official announcement said.<br> <br> </font></font> <hr color="darkorange"> </font></font></font> <br> <font size="2">(Advertisement)<br> <strong><font color="#000000">Investment Property / Real Estate</font></strong><br> Business hotel 47 kilometers from Frankfurt Airport, Germany, for sale. 40 rooms, restaurant and conference rooms for 200 people. Built in 1997. Price 2,500,000 euros including tax. Please contact </font><a href="https://web.archive.org/web/20030604092406/mailto:MichaHeuser@yahoo.de"> <font size="2">MichaHeuser@yahoo.de</font> </a><font size="2">or 00-49-172-268-8444.  </font><a><font size="2"> <strong>Visit</strong> </font> <strong>our site online</strong></a><font size="2"><a href="https://web.archive.org/web/20030604092406/http://www.hotel-wasseruhr.de/"><strong> at </strong> </a><a href="https://web.archive.org/web/20030604092406/http://www.hotel-wasseruhr.de/"><strong>www.hotel-wasseruhr.de</strong></a><strong> <br> </strong><font color="#000000"> <br> <hr color="darkorange"> <font color="#000000" size="3"><br><font size="2"><font color="#000000" size="3"><strong>Indonesia's inflation rate for May hits 0.21%</strong></font> <br>JAKARTA - Indonesia has booked an inflation rate of 0.21 percent in May, bringing the total inflation to 1.13 percent in the first five months of this year Year-on-year, the country's inflation in May was 6.91 percent, the Central Bureau of Statistics (BPS) said on Monday.</font></font> </font></font> </td> </tr> <tr> <td height="18"> <div align="center"><font color="#003399"></font><a name="H2"></a><font size="2"><strong></strong></font> </div> <div align="center"><strong><font color="#003399" size="4">Banking/Finance</font></strong></div> </td> </tr> <tr> <td> <p><br><font color="#000000" size="3"><strong>Troubled Hyundai Corp considers restructuring</strong></font><br>SEOUL - Creditors of troubled Hyundai Corp are considering applying a corporate restructuring promotion law to the trading company and managing it jointly as part of efforts to put it back on track, officials said on Tuesday. Before bailing out Hyundai Corp (KSE:11760), however, the creditors will call on the company to present a drastic self-rescue plan or enlist lawful financial aid from Hyundai Motor and Hyundai Heavy Industries, its former affiliates. <br><br><font color="#000000" size="3"><strong>Chohung sale talks to wrap up soon</strong></font><br>SEOUL - The Korea Deposit Insurance Corp (KDIC) and Shinhan Financial Group have reportedly agreed to wrap up their talks on Shinhan's takeover of Chohung Bank (KSE:00010), South Korea's fourth largest lender, as early as possible. Government officials and bank sources said on Tuesday the two parties met Monday to exchange opinions on the terms of Chohung sale in a switch from indirect contact through financial advisers.<br><br><font color="#000000" size="3"><strong>Woori sets up representative office in Russia</strong></font><br>SEOUL - South Korea's Woori Bank said on Tuesday it has opened a representative office in Moscow. The office will support 23 major Korean companies operating in Russia and be an additional gateway to the East European market, a Woori official said.<br><br><font color="#000000" size="3"><strong>China participates in Asian Bond Fund<br></strong></font>BEIJING - The People's Bank of China (PBOC), China's central bank, announced on Monday that the Chinese government will contribute to the Asian Bond Fund, so as to actively promote the development of Asian financial cooperation. A PBOC spokesman said that the Executives' Meeting of East Asia and Pacific Central Banks and Monetary Authorities (EMEAP) announced on Monday the launch of the Asian Bond Fund jointly with the Bank for International Settlements. </p> </td> </tr> <tr> <td> <div align="center"><a name="H3"></a><br> <strong><font color="#003399" size="4">Information Technology</font></strong></div> </td> </tr> <tr> <td> <p></p> <p></p> <p><font color="#000000" size="2"><font color="#000000"><br> </font></font><font size="2"><font color="#000000"> </p> <p><font color="#000000" size="3"><font size="2"><font color="#000000" size="3"><strong>Dell Japan to triple systems integration staff</strong></font><br>TOKYO - Dell Computer KK plans to triple the size of its SI (systems integration) staff and strengthen its capacity to win orders for corporate information systems built around personal computer servers. By increasing the SI staff to 200 workers this fiscal year, Dell plans to strengthen its SI business and promote a service helping companies build PC-server-based systems when they move to upgrade from their existing systems built from high-performance computers running Unix.<br><br><font color="#000000" size="3"><strong>TIS to set up unit in Shanghai</strong></font><br>TOKYO - TIS Inc will set up a wholly-owned systems development subsidiary in Shanghai, China, in mid-June. This new unit will create accounting and production management systems for Japanese companies moving into eastern China, especially Shanghai. It will provide maintenance and operation services for installed systems, enabling client firms to outsource all systems development and operations work.<br><br></font></font> <hr color="darkorange"> </font></font> <br> <font color="#000000"><font size="2">(Advertisement)<br> <strong></font><font size="2"><font color="#000000">#1 Rated Internet Business!</font><font color="#000000"></font><br> </font></strong><font size="2">Own a WSI Internet Franchise. Join "#1 Fastest Growing Business Services Franchise", and the 4th Fastest Growing Franchise in the world! Home or office based. No technical experience required. Full training and support. WSI has more than 700 franchises in 87 countries worldwide!   </font><a href="https://web.archive.org/web/20030604092406/http://www.wsicorporate.com/business.asp?id=5293" target="_blank"> <font size="2"><strong>Click to receive your Free Information Package & CD</strong></font></a><font size="2"><strong>.<br> <font color="#000000"></font> <br> <hr color="darkorange"> </strong></font></font> <br><font color="#000000" size="3"><strong>Lawson to broaden in-store e-commerce<br></strong></font>TOKYO - Convenience store operators Lawson Inc (TSE:2651) and FamilyMart Co (TSE:8028) will expand electronic commerce operations that make use of information terminals installed in stores. The information terminals are machines with touch-panel displays that allow consumers to, for example, buy concert tickets, make hotel reservations, or apply for non-life insurance.<br><br><font color="#000000" size="3"><strong>Sumisho Lease, Appex Corp tie up<br></strong></font> TOKYO - Sumisho Lease Co (TSE:8592) aims to expand sales of used chip-making equipment to small domestic producers as well as new facilities in China, The Nihon Keizai Shimbun learned on Monday. To this end, the leasing company launched a joint venture with Appex Corp on Monday to tap rising demand for used equipment. Capitalized at 200 million yen (US$1.68 million), the firm is 95 percent owned by Sumisho, with Appex holding the remaining 5 percent.</p> </td> </tr> <tr> <td> <div align="center"><strong><a name="H4"><font color="#000000" size="2"></font></a></strong> </div> <div align="center"><font size="4"><font color="#003399"><strong>Telecommunications</strong></font></font></div> </td> </tr> <tr> <td> <p><br><font color="#000000" size="2"><font color="#000000" size="3"><strong>Philippines eye Korean Air call center</strong></font><br>MANILA - The Philippine government will hold talks with the South Korean government in a bid to corner Korean Air's in-house call center project and enhance the country's reputation as an information technology and call center hub in the region, Trade and Industry Secretary Mar Roxas said. Roxas said Korean Air is setting up a fifth in-house call center facility either in China or in a Southeast Asian country. The project, with an estimated value of US$5 million, will require the services of at least 200 English-speaking agents.</font> </p> </td> </tr> <tr> <td> <div align="center"><font size="4"><a name="H5"></a><br> <strong><font color="#003399">Infrastructure</font></strong></font></div> </td> </tr> <tr> <td> <p><font color="#000000" size="2"><font color="#000000" size="3"><br><font color="#000000"><font size="2"><font color="#000000"><font color="#000000" size="3"><strong>Jasa Marga to issue bonds to finance toll road</strong></font><br>JAKARTA - Indonesian road construction company PT Jasa Marga said it plans to issue bonds valued at Rp1 trillion (US$121.5 million) in August in order to resume construction of the Jakarta Outer Ring Road project (JORR). Jasa Maga president Syafruddin Alambai said the plan to issue bond is an alternative if the government did not allow the company to have a share of foreign soft loan.</font></font></font></font></font> </p> </td> </tr> <tr> <td> <div align="center"><b><font size="4"><a name="H6"></a><font color="#003399"> <br> Energy</font></font></b></div> </td> </tr> <tr> <td> <p><br><font color="#000000" size="2"><font color="#000000" size="3"><strong>Chinese, Indonesian firms to build power plant</strong></font><br>JAKARTA - Two Indonesian companies and a Chinese investor have won a contract to build a US$510 million coal fired power plant in Central Java. The 2x300 megawatt power plant in Cicalap, on the southern coast of Central Java, will be built by PT Geo Dipa Energi and PT Sumber Energi Sakti Prima in cooperation with Chengda Engineering from China, the state-owned electricity company PLN said.<br><br><font color="#000000" size="3"><strong>Kepco, Philippines agree to set up plant<br></strong></font>SEOUL - The Korea Electric Power Corp (KEPCO) said on Tuesday that it signed an agreement with the Philippine government to build a 100,000 kilowatt coal-powered plant on the island of Panay. It came on the heels of a memorandum of understanding on April 1 between KEPCO and the state government of Panay.<br><br><font color="#000000" size="3"><strong>Mitsubishi Heavy develops small fuel cell<br></strong></font>TOKYO - Mitsubishi Heavy Industries Ltd (TSE:7011) announced on Monday that it has developed a compact 1 kilowatt home-use fuel cell. The company simplified the arrangement of pipes and reduced the number of parts, including valves, and thus managed to make the unit about the size of a small refrigerator.</font> </p> </td> </tr> <tr> <td> <div align="center"><b><font size="4"><font color="#003399"></font></font></b><font size="2"><b><font size="4"><b><a name="H7"></a></b></font></b></font> </div> <div align="center"><b><font size="4"><font color="#003399">Autos</font></font></b></div> </td> </tr> <tr> <td> <p><br><font color="#000000" size="3"><strong>Toyota Industries to establish subsidiary</strong></font><br>TOKYO - Toyota Industries Corp (TSE:6201) announced on Monday that it is establishing a Swedish subsidiary that will handle raising and investing cash for the company's overseas units. By implementing a centralized cash management system, Toyota Industries aims to improve group-wide capital efficiency.<br><br><font color="#000000" size="3"><strong>Truck makers aim for higher domestic sales<br></strong></font>TOKYO - Japan's four largest truck makers aim to boost domestic sales by 20-30 percent this fiscal year on expectations of new purchases to meet tighter diesel regulations. Hino Motors Ltd (TSE:7205), which leads the domestic market in sales of trucks with loading capacities of at least 4 tons, aims to boost fiscal 2003 sales by 27 percent on the year to 28,800. It plans to focus on large trucks and roll out inexpensive low-emission models at year-end. </p> </td> </tr> <tr> <td> <div align="center"><font size="4"><font color="#003399"> </font></font><b><font size="4"><b><a name="H8"> </a></b></font></b> </div> <div align="center"><font color="#00008b" size="4"><strong>Aviation </strong></font> </div> </td> </tr> <tr> <td><font size="2"><font color="#000000" size="2"><font color="#000000"><font color="#000000"><font color="#000000"><font size="2"><font color="#000000" size="3"> <p><br><font color="#000000" size="2"><font color="#000000" size="3"><strong>Philippine Airlines to increase flights to LA<br></strong></font>MANILA - Philippine Airlines is set to ramp up flights to the United States with an additional direct flight between Manila and Los Angeles from June 6 to 27, 2003, bringing total frequencies on this trans-Pacific route to 10 weekly. The airline said the extra flight is being laid on to accommodate heavy seasonal demand as the US summer travel period gets underway. The new frequency will operate every Friday using wide-body Airbus A340-300 aircraft.</font> </font></font></p> <p><font size="2">(</font> </font><font color="#000000">Asia Pulse) </font></font></font></font> </font></p> </td> </tr> </table> </td> </tr> </table> <br> <table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td height="40"> <div align="center"><a href="#top"><br> </a><a href="https://web.archive.org/web/20030604092406/http://www.seafresh.ca/invest" target="_blank"><img height="60" src="/web/20030604092406im_/http://atimes.com/atimes/images/banner_seafresh1.jpg" width="468" border="0"></a><a href="#top"><br> </a> </div> </td> </tr> </table> </td> </tr> <tr> <td width="65%" valign="top"> <div align="right"><a href="#top">Back to the top<br> </a> </div> </td> </tr> </table> </td> <td width="10" valign="top" background="/web/20030604092406im_/http://atimes.com/images/f_images/line.gif"><img height="1" 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