Business in Asia Today

Australia's Tethyan unveils Pakistan copper project
ISLAMABAD - Australia's Tethyan Copper Co (TCC) Ltd has announced plans to invest US$150 million in a southwestern Pakistan mine project that could produce about 40,000 tonnes of copper a year for export. Perth-based TCC, 75 percent owned by Mincor Resources NL (ASX:MNC), said that drilling and pre-feasibility studies have confirmed metal can be produced from the estimated 78 million tonnes of copper in reserves at Reko Diq in Baluchistan province through solvent extraction and electro-winning.

Sinopec, PCCW form IT services joint venture in China
BEIJING - China Petroleum and Chemical Corp (Sinopec) (SEHK:0386) and Pacific Century CyberWorks Ltd (PCCW) (SEHK:0008) have formed a joint venture that will provide information technology (IT) services in China. Named Petro-CyberWorks Information Technology Co Ltd (PCITC), the venture is 55 percent owned by Sinopec, with the remaining 45 percent interest held by PCCW. Sinopec says that PCITC's function is in line with China's national strategy to enhance the competitiveness of the country's industries through the use of IT.

Philippines' Globe Telecom to issue bonds
MANILA - Globe Telecom, a subsidiary of diversified Philippine giant Ayala Corp, has announced plans to issue US$300 million worth of 10-year bonds this year. The issue is a major part of the company's 2002 fundraising program, which may also include a loan syndication and some peso borrowings. The targeted amount may be generated through several separate issues.

Japan's NTT East, NTT West revise down forecasts
TOKYO - Nippon Telegraph and Telephone Corp (TSE:9432) regional arms NTT East Corp and NTT West Corp cut their combined operating revenues forecast for fiscal 2002 by 399 billion yen (US$2.98 billion), or 7.8 percent from the estimate for this year, according to business plans submitted to the Japanese Telecommunications Ministry. Operating revenues for the current fiscal year are expected to fall 6.7 percent on the year at NTT East and 5.9 percent on the year at NTT West.

Ericsson to provide Internet protocol network in China
BEIJING - Ericsson (NASDAQ:ERICY) has announced the signing of a contract with Guangxi Mobile Communications Co in China to provide a provincial Internet provider (IP) backbone network spanning eight cities in the Guangxi region. This is Ericsson's first packet backbone network contract with Guangxi Mobile.

Taiwan's Maojet, Korea's I&C partner with InTime
SEOUL - California-based InTime Software, an electronic design automation (EDA) company, has formed distribution partnerships in Taiwan and Korea. Maojet Technology Corp will represent InTime in Taiwan and I&C Microsystems will distribute InTime products in Korea.

Sony climbs to third place in domestic PC shipments
TOKYO - Sony Corp (TSE:6758) edged past IBM Japan Ltd into third place for the number of personal computers (PCs) shipped in Japan in 2001, according to figures by International Data Corp Japan. Bolstered by strong brand awareness, Sony saw PC shipments jump 22.6 percent during the year.

Top five Malaysian banks set up online services
KUALA LUMPUR - Malaysia's top five commercial banks, the Arab-Malaysian Banking Group (AMBG), Bumiputra-Commerce Bank Berhad (BCBB) and RHB Bank Berhad (RHB), have launched Internet banking sites powered by technology from US-based Corillian Corp.

Japan's Hitachi predicts US$3.6bn in group net loss
TOKYO - Hitachi Ltd (TSE:6501) expects to post a consolidated net loss of 480 billion yen (US$3.6 billion) for the fiscal year through March, compared with a profit of 104.4 billion yen a year earlier. The firm previously projected a loss of 230 billion yen. The expanded loss is attributed to increased non-operating expenses. Hitachi will post restructuring costs of 280 billion yen, 170 billion yen more than earlier projected, which comprises 146 billion yen in special retirement allowances associated with personnel cuts and 134 billion yen in costs related to restructuring, including plant consolidation. The company will also book 84 billion yen in appraisal losses on bank shares and other securities.

Chinese shipbuilder to buy Autodesk licenses
BEIJING - Autodesk Inc announced that China State Shipbuilding Corp (CSSC) will purchase 10,000 licenses for the Autodesk Inventor Series over the next three years, primarily for the use of Autodesk Inventor 3D mechanical design software included in the Autodesk Inventor Series. The collaborative capabilities of Autodesk's software will help CSSC promote digital information exchange among ship design enterprises and ship owners. CSSC also expects improved collaboration to increase competitiveness throughout its shipbuilding supply chain, improving quality and enhancing results, Autodesk said.

Vietnam's Viglacera plans to double export profits
HANOI - Vietnam Glass and Ceramics Corp (Viglacera) has poured funds into a number of new production facilities in a bid to double export profits this year. The corporation has drawn up ambitious plans that involve a target output growth rate of 28 percent from now until 2005 and 19 percent between 2006-10.

Venture Link to bid for Nissho Inter shares
TOKYO - Venture Link Co (TSE:9609) will make a bid for 3 million shares in Nissho Inter Life Co (TSE:1986), an interior design and refurbishment business, the franchise-chain support company has announced. Venture Link and its venture-capital subsidiary already own a combined 56.28 percent of Nissho Inter Life's outstanding shares. If the latest bid for shares is successful, their stake will rise to 75.91 percent.

Australia's Novus to begin processing from US well
MELBOURNE - Australia's Novus Petroleum (ASX:NVS) will shortly start processing gas discovered at its jointly-owned La Playa-1 well at Padre Island in the United States. With final drilling at the site hitting a depth of almost 12,000 feet, Novus said that at least 50 feet of hydrocarbons have been discovered in six gas-bearing zones.

Korea Electric Power marks increased sales
SEOUL - Korea Electric Power Corp's (KEPCO) sales for 2001 topped 19.82 trillion won (US$14.93 billion), which is an increase of 8.6 percent compared to the 18.25 trillion reported for the previous year. The electricity supplier attributed the rise to greater demand for power and comprehensive efforts to streamline operations.

Large Indian oil firms receive new sales rights
NEW DELHI - The Indian government has decreed that oil companies with at least Rs20 billion (US$410 million) worth of investments in the transport fuel sector will have the right to market petroleum and diesel products after the Administered Price Mechanism (APM) is dismantled on April 1. This cabinet decision will confer the marketing rights on Oil and Natural Gas Corp (ONGC), Reliance Petroleum (RPL), Gas Authority of India Ltd (GAIL), Oil India Ltd, Mangalore Refineries and Petrochemicals Ltd (MRPL), Essar Oil Ltd (EOL), Cairns Energy of the UK, Petronet LNG Ltd and Nagarjana Group.

Australia's Credit Corp posts 112% hike in profit
SYDNEY - Debt purchaser Credit Corp Group Ltd (ASX:CCP) posted a 112 percent rise in net profit in the half-year to December 31, to A$706,550 (US$364,226), from A$333,000 in the previous corresponding period. The firm has also announced the acquisition of four specialist collection businesses.

Australia's Virgin Blue considers Ansett's assets ...
CANBERRA - Budget airline Virgin Blue will look at employing more staff and buying assets from collapsed competitor Ansett, but not if it pushes costs up too much, Virgin chief Richard Branson said.

... as staff promise dignified sendoff
SYDNEY - Ansett staff have vowed to give the airline a dignified sendoff, ensuring its final flights are on time and its customers satisfied, a senior staffer said. At Ansett's Sydney terminal on Friday, all scheduled staff were present for their shifts, many still shell-shocked by the announcement that the sale of the airline to the Tesna consortium has failed.

Taiwan's CAL sells aging plane for scrap
TAIPEI - Analysts say that the aviation industry has seen the worst of the economic slowdown, but things became so bad for China Airlines (CAL) (TAIEX:2610) after the September 11, 2001 terrorist attacks in the United States that the Taiwan carrier had to sell one of its aging planes for scrap. Wishing to upgrade its fleet, CAL planned to sell a 21-year-old Boeing 747-200 cargo plane for US$28 million last year. But CAL was forced to cut the price in half immediately after the attacks.

UK's Mace plans upkeep facility in the Philippines
CLARK SEZ, Philippines - London-based aviation consultancy firm Mace Ltd is laying the groundwork for its proposed US$850 million aircraft maintenance facility in the Clark Special Economic Zone (SEZ) in Angeles city. Mace is organizing the local company that will implement the development of a 90-hectare Clark Aircraft Maintenance Operations Center (MOC) inside the Diosdado Macapagal International Airport Civil Aviation Complex.

China's Hainan to take 49% stake in Cambodia's RAC
HAIKOU, China - China's Hainan Airlines is set to hold a controlling stake in the restructured Royal Air Cambodge (RAC), Cambodia's national flag carrier, according to an agreement signed here recently. The framework pact signed between Hainan Airlines, the Cambodian government and the Cambodian CTG company allows the Chinese airline a 49 percent stake in the new RAC, which will have a registered capital of US$10 million.

First direct air route to link Koreas
SEOUL - The Yangyang International Airport in Yangyang, Gangwon province, scheduled to open at the end of next month, will be the first airport in the country to have a direct air flight to North Korea, the Ministry of Construction and Transportation said. The ministry said that the airport will open a direct air link to the Seondok Airport in North Korea's South Hamgyeong province under the inter-Korean transportation agreement signed by the Korean Peninsula Energy Development Organization (KEDO) in 1997.

Guizhou Airlines opens Guiyang-Macau route
GUIYANG, China - China Southern Airlines' (HKSE:1055) subsidiary, Guizhou Airlines, has opened a new route linking Guiyang with Macau. The new service will operate each Wednesday and is the third international route for Guizhou Airlines in addition to its current service to Hong Kong and Bangkok.

Renault to raise stake in Nissan to 44%
TOKYO - French auto maker Renault SA will boost its equity stake in Nissan Motor Co (TSE:7201) to 44.4 percent from 36.8 percent, effective as of Friday. Renault will give Nissan 215.9 billion yen (US$1.6 billion) to exercise warrants attached to its 539.75 million Nissan shares. Nissan also plans to take a 15 percent stake in Renault later this year, reinforcing the cooperative relationship between the two auto makers.

Hyundai Mobis to take over Bosch brake plant
SEOUL - Hyundai Mobis will take over an anti-lock brake system (ABS) plant run by Robert Bosch Korea Mechanics and Electronics next month. Hyundai Mobis plans to produce 750,000 units per year at the plant in Cheonan, South Chungcheong province, and ship them to its affiliated firms Hyundai Motor and Kia Motors.

(Asia Pulse)