BMI to give dividends<\/p>\n
JAKARTA (JP): Bank Muamalat Indonesia (BMI), the country's
\nfirst Islamic bank, will distribute 65 percent of its 1993 net
\nprofit of Rp 2.9 billion (US$1.3 million) as dividends for its
\nshareholders.<\/p>\n
The bank's president, Zainulbahar Noor, told reporters after
\nan annual shareholders meeting here yesterday that the cash
\ndividends would be Rp 32 per share.<\/p>\n
Those who do not want to take cash can convert their dividends
\ninto new shares after getting approval from the Capital Market
\nSupervisory Agency (Bapepam).<\/p>\n
Even though the bank is not listed on the capital market, its
\nshare issuance was licensed by Bapepam. It has sold its shares at
\na nominal value of Rp 1,000 each.<\/p>\n
Zainulbahar said 25 percent of the bank's profit will be
\nretained to improve its capital, five percent given to its
\ndirectors as incentives and 2.5 percent each given to its pension
\nfund and for the promotion of Islam.<\/p>\n
He said the bank's credits increased by 185 percent to Rp 93.8
\nbillion as of the end of last year from Rp 32.9 billion as of the
\nend of 1992. (yns)<\/p>\n
Malaysia's inflation 3.9%<\/p>\n
KUALA LUMPUR (Reuter): Malaysia's inflation rate showed signs
\nof abating as the government announced yesterday the consumer
\nprice index (CPI) rose 3.9 percent year-on-year in April, down
\nfrom 4.1 percent in March.<\/p>\n
For the first four months of the year, the CPI rose by 4.3
\npercent, the same as in the corresponding period last year, the
\nStatistics Department said.<\/p>\n
Malaysia finished 1993 with an inflation rate of 3.6 percent,
\nbelow the government's target.<\/p>\n
The new figures will likely cheer the markets, which have
\nworried that inflation in Malaysia was heating up.<\/p>\n
The government earlier this month launched a consumer-based
\ncampaign, with newspaper and television advertisements calling on
\nMalaysians to save more, spend less and grow vegetables in their
\nbackyards.<\/p>\n
Japan, U.S. to hold talks<\/p>\n
TOKYO (Reuter): Japan and the United States will hold working-
\nlevel talks in Tokyo next week to discuss government procurement
\nareas of the bilateral trade framework talks, a senior official
\nof the Foreign Ministry said yesterday.<\/p>\n
The official said the working group meeting on
\ntelecommunications equipment will be held on June 3-4 and the
\nmeeting on medical equipment will be held on June 7-8 in Tokyo.<\/p>\n
He said the dates for meetings on auto and insurance have not
\nbeen fixed.<\/p>\n
Last week, Japan and the U.S. agreed to resume their bilateral
\ntrade talks after a three-month deadlock.<\/p>\n
The trade talks have been stalled since February due to
\ndifferences over definitions of objective criteria.<\/p>\n
Japan has strongly refused U.S. demands to set numerical
\ntargets in order to measure progress in the opening of Japanese
\nmarkets.<\/p>\n
Two Koreas sign deal<\/p>\n
SEOUL (Reuter): A group representing South Korean plastics
\ncompanies said yesterday it had signed a barter deal with
\ncommunist North Korea to exchange plastic products for water and
\nalcoholic drinks.<\/p>\n
The deal, if implemented, would be a rare chink in the Cold
\nWar blockade which has reduced inter-Korean trade to a trickle.
\nBilateral trade between the two Koreas was only US$200.6 million
\nin 1993 against $213.5 million in the previous year, according to
\nSeoul's trade ministry.<\/p>\n
An official at the Korea Plastic Industry Cooperative (KPIC)
\nsaid it agreed last year to exchange cups, buckets, waste baskets
\nand plastic sheets for North Korean spring and mineral water,
\nbeer and soju, a Korean grain-based alcohol.<\/p>\n
\"An agreement was signed with a northern company in August
\nlast year. Right now we are working on the details. We are hoping
\nto get the exchange going from September this year,\" the KPIC
\nofficial said. \"It's a big barter deal, but we can't say how much
\nit is worth.\"<\/p>\n
MAS profit nosedives<\/p>\n
KUALA LUMPUR (AFP): Malaysia Airlines (MAS) announced
\nyesterday that its group pre-tax profit nosedived by 89.8 percent
\nfor the fiscal year and said revenue growth could be further
\naffected by persistent low yields.<\/p>\n
Its profit of 16.1 million ringgit (US$6.44 million) for the
\nyear to March 31 was a pale shadow of the 157.9 million ringgit
\nit notched up during the previous period, MAS officials said.<\/p>\n
\"Quite clearly, the result could have given us more pleasure
\nthan it does but, nevertheless, considering the various elements
\nin it, we feel satisfied,\" MAS chairman Zain Azraai Abidin said,
\nas he announced the publicly-listed company's financial
\nperformance.<\/p>\n
Zain said profits could have been as low as 4.3 million
\nringgit if not for the sale of aircraft and spares totaling 11.8
\nmillion ringgit.<\/p>\n
The airline usually incorporates the surplus from aircraft
\nsales into its pre-tax profit, noting that they are part of the
\nroutine business of an airline.<\/p>\n
Rubber prices up<\/p>\n
SINGAPORE (AFP): Singapore rubber futures prices closed
\nsteadier on short-covering yesterday, dealers said.<\/p>\n
Dealers said Thai buyers covered their short positions,
\npushing up prices of RSS 3 while local dealers covered RSS 1 in
\nanticipation of Chinese purchases following the renewal of
\nChina's most-favored-nation status.<\/p>\n
\"I think all three grades are oversold in Singapore, that is
\nwhy people are covering now,\" a dealer said.<\/p>\n
Basis July RSS 1 was last done at 151.50 Singapore cents, RSS
\n3 at 99 cents and TSR 20 at 137.75 cents.<\/p>\n
OPEC need $90 billion<\/p>\n
STAVANGER, Norway (Reuter): OPEC Secretary-General Subroto
\nestimated yesterday that it would cost US$80 billion to $90
\nbillion to double the group's oil output in the next 25 years.<\/p>\n
Such a sharp rise would boost production to around 50 million
\nbarrels per day (bpd) to help meet rising world demand and an
\nexpected decline in output from non-OPEC countries.<\/p>\n
\"It will cost something for the OPEC countries of about $80 to
\n$90 billion,\" he told a news conference at the World Petroleum
\nCongress (WPC) in Stavanger, hub of Norway's oil industry.<\/p>\n
But low oil prices were not providing the cash needed for OPEC
\nto invest in extra production capacity.<\/p>\n
\"For many reasons, including some seasonal and cyclical
\nvariations as well as major maintenance programs, OPEC would need
\nan extra capacity of around 10 to 20 percent of production as
\ncushion,\" he told around 2,000 delegates.<\/p>\n
IATA gets technical chief<\/p>\n
GENEVA (Reuter): The International Air Transport Association
\n(IATA) yesterday named a former top official of Dutch airline
\nKLM, Karel Ledeboer, as its new technical chief.<\/p>\n
Ledeboer, whose formal title will be Senior Director-
\nTechnical, will succeed former British Royal Air Force officer
\nNorman Jackson on August 1.<\/p>\n
IATA, whose 221 members include almost all the world's
\nairlines, has four senior directors who report to Director
\nGeneral Pierre Jeanniot.<\/p>\n
Ledeboer, until recently KLM Executive Vice President-
\nOperations, will be responsible for flight operations services,
\navionics and telecommunications, engineering and environment,
\nsecurity, and airports, IATA said.<\/p>\n
A graduate of the Technical University of Delft in the
\nNetherlands and a board member of the Dutch Aerospace Laboratory,
\nhe had worked for KLM for 34 years and held several senior posts.<\/p>\n
IATA said Jackson would continue to work for IATA as a
\nconsultant.<\/p>\n
Oil prices steady<\/p>\n
LONDON (Reuter): World oil prices were steady yesterday at the
\nstart of a week that may show how much strength is left in their
\nrecent explosive rally.<\/p>\n
The key New York and London markets were both closed for
\nholidays. London July futures for the benchmark Brent Blend of
\ncrude ended on Friday at US$16.39 per barrel, remaining firm
\nafter a rally during which they have risen 25 percent since
\nFebruary.<\/p>\n
In Asian markets yesterday July Brent was quoted at $16.36 to
\n$16.43. But the London and New York holidays meant that activity
\nboth in Asia and in continental Europe was very thin.<\/p>\n
Traders say prompt supplies from the North Sea and other
\nsources are in generous supply but that futures prices reflect
\nprospects of a tighter market later this year.<\/p>",
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