Indosat cancels Satelindo IPO
\nJP\/12\/Brief<\/p>\n
JAKARTA: PT Indonesian Satellite Corp., or Indosat, a state-
\nowned telecommunications company, said Wednesday it canceled
\nindefinitely, plans to launch an initial public offering of
\nshares in unlisted unit Satelit Palapa Indonesia, or Satelindo.<\/p>\n
\"Following a series of preparation steps for an IPO, it was
\ndecided that it is not possible to proceed with the IPO during
\nthe current period,\" Indosat said without giving further details.<\/p>\n
Indosat holds 77 percent of Satelindo, the country's second
\nlargest cell phone operator.<\/p>\n
It planned to offer Satelindo's shares in May, but the
\ngovernment ordered Indosat to delay the IPO until after the state
\nhas sold its stake in Indosat, said people close to the talks.<\/p>\n
Indonesia said last month it plans to raise Rp 1.7 trillion in
\nJune through selling a 14 percent-15 percent stake in Indosat, in
\nwhich the government currently holds 65 percent.<\/p>\n
The sale will form the first stage of a plan to sell 45
\npercent of the international call operator this year to help
\nreduce a budget deficit. -- Dow Jones<\/p>\n
Hitachi, IBM tie up in storage<\/p>\n
TOKYO: IBM, the world's biggest computer maker, and Japan's
\nHitachi Ltd. said Wednesday they would form an alliance in
\ntechnology storage and set up a joint venture for hard disk
\ndrives to boost competitiveness.<\/p>\n
The pair will work together for a number of years to research
\nand develop technologies for next-generation storage networks,
\nsystems and solutions.<\/p>\n
Separately, they decided to combine various hard disk drive
\noperations into a new joint venture, 70 percent owned by Hitachi
\nwhich will pay International Business Machines for its hard disk
\ndrive assets.<\/p>\n
The new firm will integrate Hitachi and IBM's research,
\ndevelopment and manufacturing operations as well as sales and
\nmarketing teams.<\/p>\n
\"Strong hardwear is essential to our company-wide efforts to
\nenhance solutions operations,\" said Yoshiro Kuwata, executive
\nvice president and director at Hitachi. --AFP<\/p>\n
Vietnam to set up Eximbank<\/p>\n
HANOI: Vietnam's Finance Ministry is preparing to set up an
\nExport-Import Bank to expand the country's trade activities, a
\nministry official said Wednesday.<\/p>\n
The official said preparations for the Eximbank will be
\ncomplete by September.<\/p>\n
The new bank will provide exporters and importers with
\nnecessary support - including long-term trade credits - thereby
\nhelping increase Vietnam's trade volume, he said.<\/p>\n
The official, who spoke on condition of anonymity, said
\ndetails of the new bank have not been finalized.<\/p>\n
Vietnam has set targets for attaining exports worth US$17.2
\nbillion and imports of $17.6 billion this year. Both targets are
\n10 percent higher than last year. --AP<\/p>\n
Jeep recalls over 1.1m SUVs<\/p>\n
DETROIT : The Chrysler arm of DaimlerChrysler AG will recall
\nmore than 1.1 million Jeep sport utility vehicles to fix an
\nengine problem that could result in a fire, the automaker said on
\nTuesday.<\/p>\n
The latest recall comes amid several efforts by Chrysler to
\nimprove its quality and reputation among consumers.<\/p>\n
It brings the total number of vehicles recalled by Chrysler in
\nthe past four months to about 3.3 million -- far more than the
\ncompany will sell in the United States this year.<\/p>\n
In a statement, Chrysler said the recall covers 2000-2002 Jeep
\nWranglers, 2000-2001 Jeep Cherokees and 1999-2002 Jeep Grand
\nCherokees, all with 4-liter inline six-cylinder engines. --
\nReuters<\/p>",
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