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Business in Asia Today

Jakarta govt. to sell big stake in tin maker Timah
JAKARTA - The Indonesiangovernment has indicated that it will sell alarge portion of its shares in state-run PT Timah (JSX:TINS)and become a minority shareholder in the world's largesttin maker. The company, which accounts for 80% of the country'stin production, is 65% owned by the government and theremaining 35% of its shares are held by the public. Timahposted a net profit of Rp518.8 billion ($61 million) in1998, up 192% from 1997.

Gilette Korea wins virtual monopoly of battery market
SEOUL - The U.S. firm Gillette's Korean unit late last yearacquired full ownership of the Korean alkaline battery"Rocket" brand from South Korea's Sebang, industry sourcessaid. The deal could hike Gillette Korea's share in thealkaline batteries market to an estimated 60 percent as Sebanghas been the country's leader in the sector. The acquisitionfollowed the U.S. company's 1996 takeover of Duracell, which haditself taken over the Korean brand Sun Power, asecond-tiered battery product. This means that Gillette hassecured a virtual monopoly in the local sector given that theKorean market has only four players - Duracell, Energizer, SunPower and Rocket.

NTT Worldwide, AT&T to offer integrated service
TOKYO - NTT Worldwide Network Corp., aninternational-communications subsidiary of Nippon Telegraphand Telephone Corp. (TSE:9432), said it had tied up withU.S.-based AT&T Corp. to offer an integrated leased-lineservice linking Japan and the U.S.Under the new service,users will contract with NTT Worldwide Network alone,eliminating the need to contract with both overseas anddomestic carriers.

Hyundai Engineering to build 2 Bangladeshi power plants
SEOUL - South Korea's Hyundai Engineering and Construction Co. (KSE:00720) reported Thursday that it obtained an order from the U.S. builder AES to build two thermal power plants in Bangladesh for $305 million.The project calls for construction of a thermal power plant in the Haripur and Meghnaghat areas of Bangladesh over the next 22 months.

Korea seeks foreign capital for garbage plant
SEOUL - The Korean Commerce, Industry and Energy Ministry said Thursday it will work out a detailed plan to form an intergovernment council to deal with attracting foreign capital to finance the construction of a power plant at a large garbage dump in the Seoul area.The ministry said the decision to set up the inter-ministry consultation council was taken to speed up the project, designed to take advantage of the gas generated in the waste dumps to operate a power plant.

Daiei to shake up discount store operations
TOKYO - Daiei Inc. (TSE:8263) has announced a plan toreorganize its sluggish discount store operations on March 1,as part of the overall reconstruction of the company. Thereorganization will focus on grouping the company's discountchains together to enable close management of theiroperations. Daiei will also hire William Woodard as aconsultant to its Hypermart stores. Woodard worked forWal-Mart Stores Inc. of the U.S. for 22 years and is the formervice president of overseas operations.

Hyundai Motor to sell deluxe sedans in U.S.
SEOUL - Hyundai Motor (KSE:05380) is working on a plan tosell its large sedans in the United States during the firsthalf of next year, the company said. The plan will most likelyfeature the sale of the Grandeur XG, Hyundai's latest modelunveiled late last year. If the plan is realized, it wouldmark the first time a large Korean-made deluxe sedan willcompete in the U.S. car market with major automakers, includingthose from Japan.

Pakistan's PTCL to launch phone service in October
KARACHI - The director general of Pakistan TelecommunicationsCompany (PTCL), Irfan Ali Khan, has announced that PTCL willstart its mobile phone service from October this year. Talkingto members of Federation of Pakistan Chambers of Commerce andIndustry here, he said that final preparations hadbeen completed and the long awaited service would finallycommence.

Estrada plans to triple Mindanao food exports by 2004
MANILA - The Philippines government is fleshing out an agriculture andfisheries master plan aimed at making Mindanao the country'spremier food provider and an exporter of $5 billion worth offarm products by the time President Joseph Estrada steps downin the year 2004. The plan also marks a bid by the Estradaadministration to develop the neglected economy of thetroubled southern province. Mindanao's top export itemsinclude crude coconut oil, banana, pineapple, tuna, canemolasses and high-value vegetables. Its major markets are theU.S., Europe, Australia, Japan and the rest of Asia.

BHP will not quit Timor Gap project
JAKARTA - Australian mineral resources company BHP has saidit will not quit an oil and natural gas project in the TimorGap and will respect the law effective in the area. Presidentof BHP Indonesia Harriet Richards said that whatever happensin East Timor, her company will remain involved in the projectwhich had been set up by several Australian and Indonesiancompanies. "We don't want to get involved in the East Timorproblem. All we want to do is do business and respect theprevailing regulations," Richards said at a seminar.

(Asia Pulse)


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