News Corp to pick up US TV station
BRISBANE - News Corp's (ASX:NCP) Fox Entertainment Group and Fox Television Stations will buy WPWR-TV, an affiliate in the Chicago television market, from Newsweb Corp for US$425 million (A$755 million) in cash. The acquisition, subject to regulatory approval, will give the Fox group 35 stations in major markets, including the top three markets of New York, Los Angeles and Chicago. The acquisition is expected to close in the final quarter of calendar 2002.

AXA to lose $7.28m from WorldCom
SYDNEY - AXA Asia Pacific Holdings Ltd (ASX:AXA) stands to lose about A$13 million (US$7.28 million) as a result of its exposure US telecommunications company WorldCom, which rocked world markets with its accounting scandal. The announcement came after AXA's parent, AXA Group, reported that its gross exposure to WorldCom was about 40 million euro (face value) or 20 million euro (market value), with a vast majority comprised of fixed income securities.

NEC to get PC-related products from Taiwan
TAIPEI - NEC CORP (TSE:6701) plans to boost its procurement of computers and related products from Taiwan this year from 200 billion yen (US$1.67 billion) last year to 220 billion yen this year. The company will source more desktop computers, notebooks and motherboards from Taiwan, since rising production costs in Japan have made it more economical to seek supplies from original equipment manufacturers. One third of NEC's overseas purchases last year came from Taiwan, which is the company's leading source of supply.

Zhejiang selects AsiaInfo to build support system
BEIJING - The Nasdaq-listed AsiaInfo Holdings, a provider of telecom network integration and software in China, has announced that Zhejiang Mobile, a provincial subsidiary of China Mobile, has selected Bonson Information Technology, a wholly-owned subsidiary of AsiaInfo, to provide an integrated business and operation support system (BOSS). Under the terms of the contract, Bonson will provide Zhejiang Mobile with an integrated software platform to optimize the provincial carrier's business processes, improve network efficiency and enhance customer satisfaction. The solution encompasses data collection, billing, accounting, settlement, comprehensive reporting, customer service and decision support system.

China's Legend to break into mobile phones
BEIJING - Legend Group Ltd, China's biggest computer company, debuted on the telecommunications market with the launch of its handset products in Beijing on Friday. The company said it intends to establish its position in the mobile telecom market within five years.

HAECO and China Airlines sign MoU
HONG KONG - Hong Kong Aircraft Engineering Co Ltd (HAECO) and China Airlines (CAL) (TAIEX:2610) have signed a Memorandum of Understanding (MoU) to evaluate opportunities for cooperation in aircraft maintenance, repair and overhaul. HAECO and CAL will work together to review the aircraft maintenance and repair activities and to share knowledge and experience. P K Chan, Deputy Chairman & Chief Executive Officer of HAECO, will act as an adviser on aircraft maintenance to Philip Wei, President of China Airlines.

Japan's Usen posts operating loss
TOKYO - Usen Corp (TSE:4842) said that it booked a consolidated operating loss of 6.94 billion yen (US$58.1 million) for the nine months from September 2001 through May 31, compared with the 935 million yen profit recorded a year earlier. The company suffered sluggish sales in its highly profitable cable broadcasting business. Declining investments in high-speed, fiber-optic communications services also hurt profitability.

KT Corp to push ahead with IT tour program
SEOUL - KT Corp, South Korea's largest telecom company, has decided to continue its information technology (IT) tours after the World Cup as foreign journalists and IT firms showed keen interest in them during the event, industry sources said Friday. KT and KTF invited foreign reporters here to cover the World Cup to experience Korea's IT business through displays and tours called "Cyber Kick-Off Korea IT Tour 2002" from June 3-24. A total of 144 journalists from 40 countries have already taken part.

Suzuki buys 14.9% of GM-Daewoo JV
SEOUL - General Motors Corp, which is taking over Daewoo Motor Co, said that Suzuki Motor Co has agreed to invest in the planned GM-Daewoo joint venture. The Japanese automaker, in which GM holds a 10 percent share, signed an agreement in Tokyo to buy 14.9 percent of GM-Daewoo Auto & Technology for US$89 million. At present, GM holds 67 percent of GM-Daewoo Auto & Technology and Daewoo creditors have the remaining 33 percent.

Hyundai recalls Grandeurxg & EF Sonata
SEOUL - Hyundai Motor Co, Korea's No 1 automaker, will recall its New GrandeurXG and New EF Sonata sedans to check for technical faults, the Construction and Transportation Ministry said Friday. The decision is based on the possibility that LPG could leak when the New Grandeur XG's valve levers used to discharge tar overrun, and side air bags in the New EF Sonata sedans could deploy when users slam front doors.

Kia to launch upgrade of Carnival II
SEOUL - Kia Motors Friday said it plans to begin sales of the 2003 model of its sports utility vehicle Carnival II on Saturday. Sources from Korea's second largest automaker said the new Carnival boasts an upgraded interior and exterior designs and enhanced comfort features, including heated front seats, side-mounted turning lights and clear-lens rear combination lamps.

India's MBT keeps options open for IPO
NEW DELHI - Telcom maker Mahindra British Telecom (MBT) has kept its options open for an Initial Public Offer (IPO), Mahindra & Mahindra (BSE:MAHM) vice chairman and MD Anand Mahindra said. "We are ready [for the IPO]. We are right now waiting for a time when we think we can get a greater value from the market," he said.

Citrix, EMC extend partnership to Indian market
NEW DELHI - US firms Citrix Systems Inc and EMC Corporation extended their partnership to the Indian market to provide business continuity solutions there.

India's Parsec begins Philippine operations
NEW DELHI - Call center solutions company Parsec Technologies has started operations in the Philippines, having won orders from two companies. The orders were won recently from PCSI, an outbound telemarketing call center, and Vertex, an inbound call center.

India's TCS, CMC win Adnani port contract
MUMBAI - Tata Consultancy Services and CMC (BSE:CMC) have jointly won the contract for integrated port management system from Adani Ports Ltd. The contract involves computerization of Adani Ports' bulk cargo needs for the Mundra port in Kutch district.

India's Infosys achieves CMMI level-5
BANGALORE - Information technology consulting and services company Infosys Technologies Limited (BSE:INFY) has become the first Indian software company to have both offshore and onsite operations assessed at CMMIntegrated (CMMI) Level-5.

Philippine Airlines seeks more Japan air rights
MANILA - The Philippine Airlines is seeking expanded air rights in the Japanese market and plans to start the Nagoya-Manila link soon after bilateral negotiations are completed next month. The government and PAL officials said the expansion forms part of an overall plan to go into more North Asia destinations than there are at present.

Unisem proposes to issue Eurobonds
KUALA LUMPUR - Unisem (M) Berhad plans to incorporate a special purpose company outside Malaysia (SPC) to issue up to US$150 million nominal value Eurobonds which will be guaranteed by Unisem, at an issue price to be determined at a later date. In a statement on behalf of Unisem, Commerce International Merchant Bankers Berhad (CIMB) said the proposed Eurobonds Issue will be offered by the SPC in the international capital markets outside Malaysia.

(Asia Pulse)