KUNMING,CHINA: PT Timah Tbk, the world's biggest integrated
\ntin firm, said on Tuesday it was sticking to its earlier target
\nof producing less tin in 2002 even though global prices staged a
\nrecent recovery.<\/p>\n
\"If we get concentrates from small-scale mines then we can
\nincrease our production, but in my plan it (output) is around
\n34,000 tones, the same as before,\" Thobrani Alwi, Timah's
\nPresident Director, told Reuters in an interview.<\/p>\n
Timah produced 38,081 tones of tin last year.<\/p>\n
Alwi said he expected Indonesia's tin output to hit about
\n50,000 tones this year, with the bulk of production coming from
\nTimah and PT Koba, another major Indonesian tin producer.<\/p>\n
Alwi shrugged off the market's concerns that Indonesia's
\nproposed tin ore export ban could spark smuggling in the region.<\/p>\n
Indonesia has said it would bring forward a ban on tin ore
\nexports to June 1 from June 15, as it strives to halt rampant
\nillegal mining that has ravaged the environment across the
\narchipelago and pressured prices through increased supply.<\/p>\n
Global tin prices have wallowed at historic lows over the past
\nyear but bounced back to five-month highs in early May. LME
\nthree-month tin closed Monday's kerb session down US$30 at $4,120
\nand was range-bound at about $4,130 in later inter-office trade.
\n--Reuters<\/p>\n
Nintendo cuts Japan GameCube price<\/p>\n
TOKYO: Game-maker Nintendo Co. slashed the Japanese price of
\nits GameCube video-game console machine on Tuesday by 5,200 yen
\n(US$ 41) to 19,800 yen ($ 157) following price cuts on rival
\nmachines from Sony Corp. and Microsoft Corp.<\/p>\n
Nintendo of America cut the U.S. GameCube price overnight by
\n$50 to $149, effective Tuesday. The new Japanese price starts
\nJune 3.<\/p>\n
Nintendo spokesman Ken Toyoda denied the Kyoto company was
\nlowering prices to keep up with the recent price war that has
\npitted GameCube against Sony's PlayStation 2 and Microsoft's Xbox
\n- both more sophisticated machines than GameCube.<\/p>\n
Last week, PlayStation 2 and Xbox, which had been selling for
\n$299, were reduced to $199. In Japan, the Xbox begins selling
\nWednesday at 24,800 yen ($197), down from 34,800 yen ($276).<\/p>\n
Such price cuts meant that GameCube can no longer enjoy price
\nadvantage over its rivals. --AP<\/p>\n
Citigroup processes credit card in S'pore<\/p>\n
SINGAPORE: Citigroup, the world's largest issuer of credit
\ncards, plans to process all its card transactions outside of the
\nUnited States in Singapore, a news report said on Tuesday.<\/p>\n
The move, reported by The Business Times, marks a major
\nreversal of the trend among big banks to switch processing to
\nlow-cost countries such as China and India.<\/p>\n
Citigroup's card operation in Singapore is already the second-
\nlargest processing center in the world, performing data entries
\nand updates for more than 10 million cards in 32 countries, and
\nissuing 2 million cards a year.<\/p>\n
Krishnakumar said the bank's operation in Singapore has proved
\nhighly competitive on price, productivity and quality.--DPA<\/p>\n
MLP net profit jumps 32%<\/p>\n
FRANKFURT: Marschollek, Lautenschlaeger und Partner (MLP), one
\nof the leading private finance groups in Europe, reported on
\nTuesday a successful start to 2002, with both net and pre-tax
\nprofit rising 32 percent in the first three months.<\/p>\n
MLP said in a statement its net profit jumped to 15 million
\neuros (US$13.7 million) in the period from January to March, up
\nfrom 11.3 million euros in the corresponding period a year
\nearlier.<\/p>\n
Pre-tax profit jumped to 24.5 million euros from 18.6 million
\neuros and total group revenues were up 21 percent at 242.7
\nmillion euros, the statement said.<\/p>\n
MLP also said it was standing by its forecast that pre-tax
\nprofit would grow by 30 percent to around 195 million euros this
\nyear. --AFP<\/p>\n
Marks & Spencer 31% pre-tax profit<\/p>\n
LONDON: British retailer Marks and Spencer reported on Tuesday
\na surge in annual profits and hailed a turnaround in its business
\nafter several difficult years.<\/p>\n
Underlying pre-tax profit rose by 31 percent to 646.7 million
\npounds (1.0 billion euros, US$938 million) in the year to March,
\non turnover which rose by four percent to 7.62 billion pounds.<\/p>\n
\"We have made good progress and believe that we have turned
\nthe corner,\" said chairman and chief executive Luc Vandevelde.<\/p>\n
Marks and Spencer suffered an alarming slump in performance
\nafter profits had topped more than one billion pounds in 1998.<\/p>\n
Once the undisputed leader of the British high-street and
\nrenowned and respected for its classic clothing and quality food,
\nMarks and Spencer endured a dramatic fall from grace as
\nuninspiring ranges drove customers into the arms of new, more
\nfashionable high-street rivals.--AFP<\/p>",
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