Lockheed, InfoAsia sign deal<\/p>\n
JAKARTA: American technology firm Lockheed Martin and local
\ninformation technology firm InfoAsia Group have signed an
\nagreement to develop technology for the monitoring of vessels'
\nmovements in Indonesia.<\/p>\n
InfoAsia said in a statement the agreement was signed here on
\nThursday.<\/p>\n
The technology, called Vessel Monitoring System (VMS), would
\nenable users to track down the movement of fishing vessels which
\nillegally enter Indonesian waters, it said.<\/p>\n
It said both companies are now seeking to market the
\ntechnology to the Ministry of Fishery and Maritime Affairs, which
\nhas often voiced concerns over rampant fishing in Indonesian
\nwaters by foreign vessels. --JP<\/p>\n
Bank of East Asia cuts 200 jobs<\/p>\n
HONG KONG: Bank of East Asia, Hong Kong's fifth largest bank,
\nsaid on Saturday it would lay off some 200 of its 3,500 local
\nstaff as the economy heads for a probable recession.<\/p>\n
A bank spokeswoman declined to say how much the bank would
\nsave from the job cuts.<\/p>\n
Hong Kong banks are facing a tough business environment, with
\nthe economy seemingly certain to slip into recession, and
\nconsumers and businesses reluctant to borrow despite low interest
\nrates.<\/p>\n
Banks' margins are under pressure and investors fear bad loan
\nprovisions will rise.<\/p>\n
Bank of East Asia's shares closed 1.18 percent lower at
\nHK$16.75 on Friday. --Reuters<\/p>\n
Volkswagen recalling cars sold in U.S.<\/p>\n
WASHINGTON: Volkswagen is recalling about 324,000 Golf, Jetta
\nand New Beetle automobiles sold in the United States, the
\nEnvironmental Protection Agency said Friday. The EPA cited the
\nvehicles for faulty exhaust systems.<\/p>\n
The German automaker is voluntarily recalling the four-
\ncylinder, two-liter gasoline engine vehicles from the 1999, 2000
\nand 2001 model years.<\/p>\n
The EPA said its tests showed the 1999 models' emissions were
\nelevated because of malfunctioning oxygen sensors.<\/p>\n
The company also agreed to recall 2000 and 2001 models with a
\nsimilarly defective sensor.<\/p>\n
The vehicles may emit excessive amounts of pollutants such as
\nnitrogen oxide, carbon monoxide and hydrocarbons, the EPA said.
\n--AP<\/p>\n
Ericsson, Samsung sign swap agreement<\/p>\n
STOCKHOLM: Swedish telecommunications equipment maker Ericsson
\nsaid on Friday it had signed a global patent-license swap
\nagreement with South Korean company Samsung.<\/p>\n
Under the terms of the agreement, Ericsson has granted Samsung
\na non-exclusive license for various mobile telephone standards to
\ndevelop, manufacture and sell Global System for Mobile
\nCommunications (GSM) and Universal Mobile Telecommunication
\nSystem (UMTS) subscriber and infrastructure equipment.<\/p>\n
In return, Samsung is to provide a royalty payment, as well as
\na reciprocal access to its patents. --AFP<\/p>\n
Renault adjusts tie-up plan with Nissan<\/p>\n
PARIS: French auto maker Renault said Friday it had submitted
\na partnership plan with Nissan of Japan to French stock-exchange
\nauthorities this week that differed slightly from the initial
\nplan announced in December.<\/p>\n
That initial plan had been subjected to \"slight alterations
\nthat do not endanger the spirit\" of the reinforcement of the
\nalliance with Nissan, Renault's deputy director general, Pierre-
\nAlain de Smedt, told AFP.<\/p>\n
De Smedt confirmed a report in the French newspaper Thursday
\nthat Renault had changed the first plan announced.<\/p>\n
Under the terms of the initial plan, Renault was to increase
\nits stake in Nissan to 44.4 percent, from 36.8 percent, while
\nNissan would acquire up to 15 percent of the Renault capital.
\n--AFP<\/p>",
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