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January 28, 1999atimes.com
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Business in Asia Today

Korea's POSCO announces 25% dividend
SEOUL - The Pohang Iron and Steel Co. (POSCO/KSE:05490) declared a 25 percent dividend for fiscal year 1998, the largest in its history, the company said. The dividend, up from 20 percent the year before, and amounting to 1,250 won ($1.06) per share face-valued at 5,000 won, will total 117.6 billion won ($99.9 million) for 96.48 million outstanding shares. The steel giant's net profit last year totaled 1.12 trillion won ($951.9 million), the largest in its history.

National Australia Bank surprises with U.S.$453m Q1 profit
MELBOURNE - National Australia Bank Ltd. (ASX:NAB) Wednesday unveiled a 38.7 percent jump in first quarter net profit to A$724 million (U.S.$453.08 million). The result outstripped the most ambitious analyst's forecast of A$700 million, forcing many to upgrade their full year predictions. The bank's shares surged, closing at A$26.11, up 11.6 cents.

Matsushita Electric posts 48% fall in pretax profit
TOKYO - Matsushita Electric Works Ltd. (TSE:6991) saw pretax profit for the fiscal year ended Nov. 30 fall 48% year on year to 26.7 billion yen ($235.1 million), the firm reported. The leading maker of building materials and lighting equipment attributed its first drop in profit in five years to weak domestic demand for housing-related products.

Toyota Motor India set to launch first vehicle
NEW DELHI - Toyota Motor India Ltd., the joint venture between the Toyota Motor Corporation of Japan and Kirloskar group, is all set to launch its first vehicle, Kajang, in India by the first week of November 1999. Kajang will be a multi-utility vehicle and its production will start in the first week of October 1999.

Singapore shippers slam $800 rates rise
SINGAPORE - Singapore shippers have slammed plans by shipping lines on the Asia-Europe trade route to raise rates by $800 per TEU (20ft equivalent units) this year. "The rate of the increase is shocking. What kind of business in this world can have their prices increased by 60 or 70 percent in a matter of months?" John Lu, chairman of the Singapore National Shippers Council, said.

Tata's Tinplate Co. faced with closure
NEW DELHI - Tata group's Tinplate Company of India has decided to further slash its workforce to remain competitive in a market plagued by cheap imports of low grade tinplate, managing director Bushen Raina said Wednesday. "We are faced with closure as a result of the declining capacity utilisation. The net worth of our company has been fast eroding during the last three years or so," Raina said. The net worth of the company, which stood at Rs1.21 billion at its peak four years ago, has eroded by more than 50 percent.

Morgan & Banks shares jump on merger news
SYDNEY - Following court approval of its merger with U.S.-based recruitment house TMP Worldwide Inc, shares in recruitment consultancy Morgan & Banks Ltd jumped Wednesday. Morgan & Banks shares closed up 76 cents to A$5.51, with more than 2.9 million shares traded. Under the merger, unveiled in August last year, Morgan & Banks shareholders will get A$4.65 worth of TMP shares for every Morgan & Banks share held.

Kyushu Dentsu to make crystal oscillators in Shanghai
NAGASAKI - Kyushu Dentsu Co. will in April begin production in Shanghai of crystal oscillators for computers and peripherals. The Nagasaki-based company will launch a joint venture with its Taiwan sales unit. The new company, capitalized at 190 million yen, will start with 50 employees, most of them local recruits.

Australia to escape Ericsson job losses
SYDNEY - Despite the impending worldwide job-shedding by Swedish telecommunications giant LM Ericsson Telefon AB (Ericsson), Australia would largely be untouched, its wholly-owned Australian subsidiary said Wednesday. Ericsson announced on Monday it would cut over 11,000 jobs globally over the next two years, including 3,300 in Sweden, as part of a cost-cutting and restructuring drive.

(Asia Pulse)


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