Mandala increases Ambon service<\/p>\n
Privately-owned airline Mandala Airlines now flies daily from
\nJakarta to Ambon and vice versa using a Boeing 737-200 plane.<\/p>\n
Prior to the daily service, which was launched on Monday, the
\nairline served the route six times a week.<\/p>\n
The company said in a statement on Friday that the Jakarta-
\nAmbon flight would depart from Terminal 1 of Soekarno-Hatta
\nAirport at 6.45 a.m. local time and arrive at Pattimura Airport,
\nAmbon, at 1.15 p.m. local time.<\/p>\n
The return flight from Ambon will depart at 2 p.m. local time
\nand arrive in Jakarta at 4.20 local time. On both flights, the
\nplane will transit for 45 minutes in Makassar.<\/p>\n
With this service, Mandala has expanded its coverage in the
\neastern part of Indonesia, going some way to meeting the area's
\nincreasing demand for air services, it said.<\/p>\n
Mandala, which was established in 1969, is now the largest
\nprivately owned airline, serving 14 Indonesian cities. - JP<\/p>\n
Japanese builder Hazama slashes jobs, warns of losses<\/p>\n
TOKYO: Struggling Japanese construction firm Hazama said Friday
\nit will slash almost 40 percent of its workforce, reorganize its
\nconstruction and real estate arms and sell off assets.<\/p>\n
The firm also warned it would post a net loss of 123.2 billion
\nyen (US$1.0 billion) in the year to March after revaluing its
\nassets, reversing earlier predictions of a 600 million yen
\nprofit.<\/p>\n
\"In order to boost our productivity even as the size of the
\nindustry shrinks, we will -- starting at our head office --
\nshrink as much as possible indirect businesses and raise
\nmanagement efficiency,\" Hazama Corp. said in a statement.<\/p>\n
The embattled builder aims to cut 905 of its 3,085 staff by
\nMarch 2004 and a further 232 by March 2006. -- AFP<\/p>\n
Failed Japanese insurer to pay US$138.66m for disclosure failures<\/p>\n
TOKYO: A Japanese court on Friday ordered a failed insurer to pay
\nUS$138.66 million for not disclosing its financial health to
\nanother insurer with which it formed a tie-up.<\/p>\n
The Tokyo District Court ordered Daiichi Mutual Fire and
\nMarine Insurance to pay 16.36 billion yen (US$138.66 million), in
\ncompensation to Gibraltar Life Insurance, formerly known as Kyoei
\nLife Insurance before it came under the control of U.S. giant
\nPrudential Insurance.<\/p>\n
Daiichi, currently in the process of liquidation, knew it was
\ngoing to fail but went ahead with forming operational and capital
\ntie-ups with Kyoei, which paid Daiichi 30 billion yen in 1999,
\naccording to the ruling.<\/p>\n
\"(Daiichi) did not release appropriate information\" to Kyoei,
\njudge Tasuku Daimon told the court.<\/p>\n
\"Daiichi did not correct the situation when Kyoei mistakenly
\nbelieved financial information that was very different from the
\nreality,\" the judge said in his ruling.<\/p>\n
In 1999, Daiichi said its solvency margin was 330 percent,
\nabove the 200 percent level where authorities would order
\ninsurers to improve their finances.<\/p>\n
The government, however, later found Daiichi's solvency margin
\nwas a negative 74 percent. -- AFP<\/p>\n
Goodyear cutting 700 jobs to trim costs<\/p>\n
AKRON, Ohio: Goodyear Tire & Rubber Co. will eliminate 700
\nsalaried jobs to trim costs, the world's largest tire maker said
\nThursday.<\/p>\n
Nearly 500 positions will be eliminated through layoffs by
\nMarch 31. Another 200 positions have been left vacant through
\nattrition since Oct. 1.<\/p>\n
In addition to 350 salaried jobs eliminated in its hometown of
\nAkron, another 34 hourly positions will be cut at its Akron
\nTechnical Center. The other cuts will be across North America.<\/p>\n
Goodyear said the cuts would save US$80 million annually,
\nincluding $75 million this year. The company will take a pretax
\ncharge of $75 million to cover costs related to the cuts. -- AP<\/p>\n
Constellation takes over BRL Hardy to form world's top wine
\ncompany<\/p>\n
SYDNEY: US drinks group Constellation Brands agreed a 1.9 billion
\ndollar (1.1 billion US) takeover bid with Australian winemaker
\nBRL Hardy Friday to create the world's largest wine company.<\/p>\n
BRL Hardy said its board had unanimously recommended a
\ntakeover offer from Constellation Brands of 10.50 dollars a share
\nin cash, stock or a combination of both.<\/p>\n
The wine businesses of both companies will merge to form
\nConstellation Wines and will have combined annual wine sales of
\nabout three billion dollars (1.7 billion US).<\/p>\n
BRL chief executive Stephen Millar will become chief executive
\nofficer of the combined wine business and will report to
\nConstellation Brands' current CEO Richard Sands, who was in
\nAdelaide Friday for talks on the deal.<\/p>\n
Millar said the purchase would create new networks of sales
\nfor Australian wine.<\/p>\n
\"We believe the opportunity to drive shareholder value comes
\nfrom Australian and New Zealand wines being driven in world
\nmarkets and you know the success Australian wine is having --
\nnumber one now in the UK,\" Millar said during a conference call
\nwith analysts.<\/p>\n
BRL Hardy shares were suspended from trading on the Australian
\nStock Exchange (ASX) Friday pending the announcement which came
\njust before the close of trade.
\nconsumer analyst David Errington said. -AFP<\/p>\n
Austrian motorbike maker turns sport into business success<\/p>\n
VIENNA: Austrian motorcycle manufacturer KTM, set to win the
\nParis-Dakar rally for the third year running on Sunday, has seen
\nits sales explode to the point that it is threatening the
\nhegemony of the Japanese and the German BMW.<\/p>\n
On Friday, two days before the 2003 race is due to finish at
\nSharm el-Sheikh, the company's all-terrain motorbikes held the 15
\nleading places in the general ranking.<\/p>\n
\"Dakar is very important for our image in France and at a
\nglobal level,\" explained Karl Pernull, director of KTM France.<\/p>\n
\"We are omnipresent in this race because our products are the
\nfirst choice for those taking part in the Dakar race. We would
\nlike to see more competition from other lines,\" he added.<\/p>\n
KTM is based in Mattighofen, a small town in central Upper
\nAustria just 30 kilometres (19 miles) from the border with
\nBavaria, southern Germany, and has based its commercial success
\non sport.<\/p>\n
The firm is seventh in the world ranking, behind Japan's four
\nbiggest names Honda, Suzuki, Yamaha and Kawasaki, BMW of Germany
\nand Harley Davidson of United States.<\/p>\n
It has 40 official drivers who take part in all kinds of
\ncompetitions, from motocross to endurance to 125 cc speed races.<\/p>\n
\"That is more than all the other labels,\" said Pernull.<\/p>\n
Each year KTM dedicates five percent of its turnover to sport
\ncompetitions -- a profitable investment given how far sales have
\nprogressed over the last few years.<\/p>\n
In 2002 KTM sold 61,700 motorbikes, 35 percent more than in
\n2001. This year the firm expects to sell 76,000 bikes, an
\nincrease of 23 percent from 2002.<\/p>\n
The company, which exports 95 percent of its output, is among
\nthe 10 firms with the fastest-growing profits in Austria,
\naccording to a ranking published by the monthly economic magazine
\nTrend, published in Vienna.<\/p>\n
In 2002 KTM made net profits of 16.4 million euros from a
\nturnover of 314 million euros. -AFP<\/p>\n
US investment fund KKR mulls counterbid for British food chain
\nSafeway<\/p>\n
LONDON: US investment fund Kohlberg Kravis Roberts said Friday it
\nwas considering making an offer for British supermarket chain
\nSafeway, becoming the fourth company to put the group in its
\nsights.<\/p>\n
US retail giant Wal-Mart and British rival J Sainsbury have
\nalready expressed an interest in Britain's fourth largest grocery
\nchain, the subject of an agreed takeover bid launched last week
\nby smaller rival William Morrison.<\/p>\n
Wal-Mart already owns the Asda supermarket group in Britain.<\/p>\n
In a short statement, KKR said that it had approached Safeway
\nabout a possible offer and was considering its position.<\/p>\n
The prospect of a takeover fight for control of Safeway has
\ncaused a stir in the London financial centre, coming amid a
\ndearth of merger and acquisition activity.- AFP<\/p>",
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