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  March 24, 2000 atimes.com  

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Japan's Nikkiso expects 63% drop in net group profit
TOKYO - Nikkiso Co expects to report a 63 percent decline in consolidated net profit to 500 million yen ($4.67 million) for the financial year ending this month, according to company officials. In preparation for a change in the pension system effective fiscal 2000, the pump maker will eliminate retirement underfunding of 1.4 billion yen, driving net profit below the 1.6 billion yen projected earlier. For fiscal 2000, Nikkiso projects record group net profit of 2 billion yen, on a 6 percent rise in sales to 53 billion yen.

Japan Telecom in concert with Concert
TOKYO - Japan Telecom Co and Concert, a 50-50 joint venture established in January by AT&T Corp and British Telecom, have announced an alliance covering data transmission services for corporate users. It is the first deal involving all three firms since AT&T and BT acquired stakes in Japan Telecom in 1999. The tie-up gives Japan Telecom exclusive Japan rights to market Concert's data transmission service, which is expected to eventually cover some 30,000 companies worldwide. Concert will sell its data service directly to about 270 major multinationals, including some in the financial and oil sectors.

Sony plans new firm to support Net-based marketing
TOKYO - Sony Corp (TSE: 6758) announced Wednesday that it will set up a company April 16 to assist in the production and distribution of advertising and product information on the Internet. Operations are scheduled to begin this summer. Cybergene.com Corp will use the IP3 technology developed by Tokyo-based Visionarts Co so that computer users can go directly to corporate and other websites for information retrieval by clicking a single icon. Cybergene.com will also develop a website inviting companies to provide content and products using the IP3 platform.

Mitsubishi to start ASP operations through new unit
TOKYO - Mitsubishi Electric Corp (TSE: 6503) announced Wednesday that it will begin ASP (application service provider) operations. On April 3, the company will found a wholly owned ASP unit to handle time-based leasing of business software via the Internet. The unit will offer low-cost Internet services that will draw on the expertise of the Mitsubishi Electric group in areas such as customer relationship management and electronic commerce.

JVC, two start-ups develop card-style CD ROM, CD R
TOKYO - JVC (TSE: 6792) announced Wednesday that it has developed, together with two start-ups, card-style CDs that can be used in e-commerce. The cards combine the functions of CD-ROMS and CD-Rs, enabling users to input personal data such as personal identification numbers and bank account numbers. The cards were developed jointly with Singapore's Nexxt Media Pte and Japanese developer of integrated-circuit systems SAS Japan Inc.

Japan's Sekisui Chemical to sell houses via Internet
TOKYO - Sekisui Chemical Co (TSE: 4204) will in April begin marketing some of its house-building services over the Internet, the company said Wednesday. The program will be available in the Tokyo and Osaka areas at first, with plans calling for a nationwide system at some point in the future. New houses were designed specially for the business and will be priced at between 15 million yen ($140,502) and 20 million yen each, excluding land, making them the cheapest of the firm's offerings. Contact with Sekisui Chemical representatives and requests for after-sales service will also be accepted via the Internet.

10 Japanese firms to invest in new Avex unit
TOKYO - Leading music software producer Avex Inc has announced that Sony Computer Entertainment Inc, Seven-Eleven Japan Co, Kadokawa Shoten Publishing Co and seven other firms will invest in its Avex Network subsidiary, which is set to begin distributing music online from April 25. The idea of selling stake to companies in different industries reflects the intention of Avex management to go beyond music distribution into games, publications and other content.

Kawasaki Heavy, Eurocopter Deutschland redesign helicopter
TOKYO - Kawasaki Heavy Industries Ltd (TSE: 7012) has fully redesigned a helicopter in cooperation with Eurocopter Deutschland GmbH. Kawasaki Heavy recently took the first of the new BK117-C2 units on its maiden flight at its plant in Gifu Prefecture. It aims to begin sales activities in the second half of 2000. The two firms increased cargo space by about 30 percent and boosted the maximum takeoff weight by 150kg to 3,500kg. Through other changes, including a larger fuel tank, they also lengthened the continuous flying distance to 700km, up 150km from the previous version.

Deutsche Bank offered management of Seoul Bank
SEOUL - The government has offered Deutsche Bank management of failed Seoul Bank on a commission basis and negotiations on the offer are underway. A Financial Supervisory Commission official said Wednesday talks are underway with the German bank about entrusting it with the responsibility of normalizing the insolvent bank, including the appointments of a new chief executive officer and other high-level officers, because the bank is in a state of no management with the delay in appointing a new CEO.

US to demand wider S Korean car market access: AmCham
SEOUL - The United States will step up pressure for wider access to the Korean market and Korean exports to the US and European markets will be hurt if improvements are not made, the American Chamber of Commerce (AmCham) in Korea has warned. AmCham renewed its calls for greater access to the car sector in its annual trade report, but added a stronger tone this time. "The US government's involvement will intensify because the situation is politically unsustainable," AmCham President Paul McGonagle said in the report.

Korean venture firm Intz.com starts portal in China
SEOUL - Internet venture firm Intz.com has begun operations in the Chinese Internet market, giving the green light for other Korean companies to soon follow. The portal service provider held a launching ceremony in Beijing Wednesday for the press and Internet entrepreneurs in the country for its Chinese portal site Z-Generation (www.z000.com.cn) launched in a joint venture with a Chinese company.

Softbank, Korean firms to set up fund for game industry
SEOUL - Masayoshi Son, founder and CEO of Softbank, will set up a fund to nurture the domestic game industry in addition to his pledge to invest $400 million in the Korean venture and Internet sector. Softbank, NEC and Japanese venture capital Angel Club will set up a venture fund worth 60 billion won ($54 million) with local Internet solution company CCR, Hanaro Telecom and Choongang Investment this month.

chinadotcom corp strengthens Korean presence
HONG KONG - chinadotcom corporation (Nasdaq: CHINA), the leading pan-Asian integrated Internet company, has entered into an agreement to invest in KoreaOnline Limited, with plans to establish a 50/50 joint venture fund with KoreaOnline and its subsidiaries. The joint venture fund will be based in Seoul and will support various Internet and hi-tech projects in Korea, one of Asia's leading Internet markets.

China Development Bank lends $1.2bn to China Unicom
BEIJING - China Development Bank (CDB), one of China's three policy banks, has signed a contract with China Unicom, the country's second-largest state telecommunications operator, here to provide it with loans to the tune of 10 billion yuan ($1.2 billion). This is the largest loan package granted by the bank to support the development of the country's telecommunications, said an official with the bank. The loan will play an important role in the network construction of China Unicom and help the telecom operator to list overseas. The bank is also expected to co-operate with big companies in petrochemicals, railways, civil aviation and electric power industries.

Ericsson China to cooperate with Sina.com
BEIJING - Ericsson (China) Co Ltd has signed a memorandum of strategic cooperation with Sina.com, a major Chinese website in Beijing. According to the memorandum, Sina.com will provide news and Internet service to users of Ericsson mobile phones, and the two sides will develop new plans for the mobile Internet.

E-finet.com launches HK listed company database
HONG KONG - Hong Kong-based online financial information provider E-finet.com has launched the most comprehensive database on Hong Kong listed companies in digital format: Finet Hong Kong Listed Company Database. The database is available on the company's website, http://www.e-finet.com/co-info/, in digital format.

Singapore's Keppel T&T acquires 51% in Netrust
SINGAPORE - Keppel Telecommunications and Transportation (Keppel T&T) has acquired a 51 percent stake in Netrust Pte Ltd from the Info-communication Development Authority of Singapore, a government body, for an undisclosed sum. "This acquisition is a key part of Keppel T&T's new e-Initiatives that we will be rolling out over the next few months to accelerate our development in the fast-growing e-commerce market," said the managing director of Keppel T&T, Ng Eng Ho, on Wednesday.

Malaysia's Renong, YTL to develop e-hotel Internet portal
KUALA LUMPUR - Renong Bhd and YTL Corporation Bhd have spearheaded a consortium to develop an E-Hotel Internet Portal for the Malaysian hospitality and tourism industry. They signed a memorandum of understanding with three other parties yesterday to set up the yet-to-be-named joint venture. Renong and YTL will hold 20 percent each of the equity while Hotel Equatorial (M) Sdn Bhd, Federal Hotels International and Seri Pacific Corporation Sdn Bhd will hold 10 percent each. The e-Hotel Internet Portal, the first of its kind in Malaysia, would be set up as a business-to-business Internet e-business facility for use mainly between the hotels and other businesses in the hotel industry.

Malaysia's Multi-Purpose Bank sees share trade up 20-fold
KUALA LUMPUR - Multi-Purpose Bank Bhd expects its intranet desktop share trading (DST) transactions to experience a 20-fold increase in value to between RM200 million ($52.63 million) and RM300 million this year. At a press conference after a talk on Insight into DST, Your On-line Share Trading Partner, its first vice president for share margin & DST, Tee Joo Teik, said the number of DST clients could also increase to at least 1,000 from the present 200.

Malaysia's Linear buys 65% in regional e-venture
KUALA LUMPUR - Linear Corporation Bhd has executed an agreement to acquire a 65 percent stake in a regional e-business venture company, Unique.com Ltd, to be renamed PrimeAce Venture Ltd, for RM20.995 million ($5.52 million). Unique.com, a BVI incorporated company, has strategic investments ranging from 10 percent to 70 percent stake in six established Internet and e-business companies.

Indonesia's Bank Mandiri posts $44.2m profit in Jan-Feb
JAKARTA - The management of Bank Mandiri has clarified that the state-run bank has posted a profit of Rp318 billion ($44.2 million) in the first two months of this year. Bank president Robby Djohan said this in response to an earlier statement by Finance Minister Bambang Sudibyo that Bank Mandiri had recorded losses of Rp36.8 trillion.

Danang's Furama Resort to start $20m expansion
HANOI - Hong Kong-based developer Lai Sun is to develop a 30ha area next to the Furama Resort, signalling a major expansion boost for the coastal city of Danang. An agreement signed with local authorities will allow the Furama to double its rooms and suites to 400 and to add convention and meeting facilities and a shopping area. Lai Sun will invest about $20 million in the project, bringing its stake in the expanding resort to $60 million, Paul Stoll, general manager, said. Last year two airlines, Dragonair and Thai Airways, starting operating services to Danang.

Virgin orders 10 B737 planes for Australian operations
SYDNEY - Virgin Australia Ltd has bought 10 new Boeing 737-New Generation aircraft to operate its Australian routes, in a deal worth A$540 million (US$328.05 million). The deal would provide domestic travellers with the most modern fleet of jet aircraft, "not just in Australia, but in the world", Virgin said. The delivery date for the new aircraft was March 2001, with the company's start-up fleet to be phased out within 12 months of receiving the new planes, Virgin said. "This is an enormous investment which reinforces our commitment to delivering low fares and quality services to a great number of Australians," Virgin Australia chief executive officer Brett Godfrey said.

Australia's CBA mortgage-backed notes rated AAA
SYDNEY - Ratings agency Fitch IBCA has assigned Commonwealth Bank of Australia Ltd's global transaction of mortgaged backed securities an expected AAA rating. Issued on Tuesday through the bank's special purpose vehicle, Medallion Trust, the deal includes a Class A1 of $955 million issued into the US and Euro markets.

Enron debuts online energy, commodity trading in Australia
SYDNEY - Energy multinational Enron Corp has unveiled its online energy and commodity trading system in Australia, which it expects will become the country's largest business e-commerce site. Enron started offering a range of electricity trading products online to Australian customers on Monday, but will gradually make available its full range of commodity products, ranging from coal, oil and petrochemicals to natural gas and weather products.

Tata Tea may introduce Tetley's brand in India
NEW DELHI - Tata Tea Ltd is considering introduction of its recently acquired Tetley brands of tea at the top end of the domestic market. "Introduction of the Tetley brand in India is one of the serious options that we are currently looking at," vice chairman RK Krishna Kumar said. In the biggest deal in Indian corporate history, Tata Tea bought all the brands of Tetley Tea of the UK for Stg271 million ($426 million) recently.

Refco, Satyam form online investing JV for India
MUMBAI - Refco Group, Ltd, LLC has announced a joint venture with Satyam Infoway Limited (Nasdaq: SIFY) to meet growing demand among Internet subscribers for online investing services in India. The new company will be called Refco-Sify Securities India Pvt Ltd and will be headquartered in Mumbai, India. Refco-Sify Securities will have an initial capitalization of $10 million, with Refco retaining 60 percent and Satyam Infoway 40 percent ownership of the company.

(Asia Pulse)




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