BNI launches $75m-bond offering<\/p>\n
JAKARTA: State-owned PT Bank Negara Indonesia launched Monday
\na bond offering of at least US$75 million, after having delayed
\nthe deal following the recent terrorist attacks in Bali, sources
\nfamiliar with the deal told Dow Jones Newswires.<\/p>\n
The lower tier-two subordinated debt will have a maturity of
\n10 years, callable after the first five years, sources said.<\/p>\n
The roadshow will begin in Hong Kong Thursday, before moving
\non to Singapore Friday, sources said.<\/p>\n
J.P. Morgan is the lead manager for this deal. -- Dow Jones<\/p>\n
DBS Group's nine-month earnings drop 11.5%<\/p>\n
SINGAPORE: Singapore-based lender DBS Group Holdings said
\nMonday net profit in the nine months to September fell 11.5
\npercent due to higher loan loss provisions amid a weak economic
\noutlook.<\/p>\n
The S$734.6 million (US$412.7 million) net profit and the
\nhigher provisions reflected \"the uncertain economic environment
\nand a soft property market,\" the bank said in a statement.<\/p>\n
Provisions in the nine months to September rose to $353
\nmillion, up 21 percent from $292 million in the comparable period
\nin 2001.<\/p>\n
On a quarterly basis, net profit in the third quarter to
\nSeptember declined 22.8 percent to $199.1 million from the
\nprevious three-month period.<\/p>\n
Net interest income for the nine-month period increased 29
\npercent to $2.0 billion, and rose 1.1 percent to $670.6 million
\nin the third quarter. -- AFP<\/p>\n
Danone's strong growth resumes in Asian<\/p>\n
PARIS: French food producer Danone has seen an \"incredibly
\nstrong\" resumption of growth in its operations in India, China,
\nIndonesia and to lesser extent in Malaysia, chairman Franck
\nRiboud said in an interview with the Monday edition of French
\nbusiness newspaper La Tribune.<\/p>\n
Danone still expected 50 to 60 percent of its growth to come
\nfrom the 40 percent of its operations that are in developing
\ncountries, he said.<\/p>\n
\"We are trying to play on the differences in economic cycles.
\nFor example, at the moment Argentina is not going well, Mexico
\ncontinues to perform well, Brazil neither well nor badly.<\/p>\n
\"And, good news, over the last quarter we have seen 'our'
\nAsia, that is to say India, China, Indonesia and a (to a lesser
\nextent) Malaysia, come back incredibly strong,\" Riboud said.<\/p>\n
The group as a whole was maintaining its growth targets, he
\nsaid. -- AFP<\/p>\n
Sony bounces back to profit in September quarter<\/p>\n
TOKYO: Japan's Sony Corp. said Monday it bounced back into
\nprofit in the September quarter powered by a tax gain,
\nrestructuring efforts and foreign demand for PlayStation
\nconsoles.<\/p>\n
But the consumer electronics giant cut a full-year sales
\nforecast due to uncertain global demand for electronics in the
\nsecond half.<\/p>\n
In the three months to September, Sony posted a group net
\nprofit of 44.1 billion yen (US$361 million), reversing a 13.2
\nbillion yen loss a year earlier.<\/p>\n
Tax benefits from a decision to merge in December with its
\nailing audio visual subsidiary Aiwa Co. Ltd. boosted net income
\nby 36.1 billion yen.<\/p>\n
The firm's pre-tax profit surged to 48.8 billion yen from 600
\nmillion yen earlier, but sales inched up just 0.5 percent to 1.79
\ntrillion yen. -- AFP<\/p>\n
Honda earnings rise 3.3 percent on brisk U.S. sales<\/p>\n
TOKYO: Brisk sales in United States helped boost second-
\nquarter earnings at Japanese automaker Honda Motor Co. by 3.3
\npercent, the company reported Monday.<\/p>\n
The Tokyo-based company chalked up a net income of 87.2
\ntrillion yen (US$697 billion) in the second quarter ended Sept.
\n30, up from earnings of 84.3 trillion yen in the same quarter of
\n2001.<\/p>\n
The results got a big boost from automobile sales in the
\nUnited States, which surged 58.9 percent in the second quarter,
\ncompared to last year. Japanese sales were also healthy, climbing
\nby 24.8 percent over the same period.<\/p>\n
Looking toward the future, however, Honda warned about \"fears
\nof a progressing slowdown\" in the U.S. economy and intensifying
\ncompetition in the Japanese market amid \"continuing weak consumer
\nspending.\"<\/p>\n
Still, Honda predicted a 13-percent rise in net income to 410
\nbillion yen ($3.3 billion) in the year ending March 31, 2003. --
\nAP<\/p>\n
Telekom Malaysia and Celcom sign merger agreement<\/p>\n
KUALA LUMPUR: Government-controlled Telekom Malaysia Bhd.
\nsigned a deal Monday with the country's second-largest mobile
\nphone operator, clearing the way for the two to merge their cell
\nphone operations.<\/p>\n
Under the sale and purchase agreement, Celcom (Malaysia) Bhd.
\nwill buy the entire equity interest of TM Cellular Sdn. Bhd. -
\nTelekom's mobile operations - for 1.68 billion ringgit (US$442
\nmillion) by issuing 635.5 million new shares at 2.65 ringgit each
\nto Telekom.<\/p>\n
When the deal is complete, Telekom's shareholding in Celcom
\nwill rise to 47.9 percent from 31.25 percent, triggering a
\nmandatory general offer for the remaining Celcom shares at 2.75
\nringgit each, the price Telekom promised Celcom shareholders if
\nthe deal was completed before Oct. 29.<\/p>\n
The TM Cellular-Celcom merger is part of the consolidation of
\nMalaysia's crowded mobile phone industry. -- AP<\/p>\n
General Motors launches its operations in South Korea AP Photos[<\/p>\n
BUPYUNG, South Korea: Pitching new models and the logo of its
\njoint venture firm, U.S. auto giant General Motors Corp. formally
\nlaunched its business in South Korea Monday after taking over key
\nassets of bankrupt Daewoo Motor Co.<\/p>\n
\"GM Daewoo Auto & Technology Co. is open for business,\"
\ndeclared Nick Reilly, president of the new carmaker, during a
\nceremony at Daewoo's main plant in Bupyung, west of Seoul.<\/p>\n
GM signed a deal in April to take over Daewoo, which went
\nbankrupt in 2000, but its formal South Korean operations had been
\ndelayed until Monday pending negotiations on financing and other
\ndetails with its Korean partners, which include Daewoo creditors.<\/p>\n
GM has invested US$251.3 million for a 42.1 percent stake in
\nthe joint venture. Japan's Suzuki Motor Corp. has a 14.9 percent
\nstake, China's Shanghai Automotive Industry Corp. 10 percent and
\nDaewoo creditors 33 percent. -- AP<\/p>",
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