Tancho to give dividends<\/p>\n
JAKARTA (JP): PT Tancho Indonesia, a cosmetics producer, will
\ndistribute Rp 3.9 billion (US$1.85 million), or 50 percent of its
\nafter-tax profit in 1993, as cash dividends to its shareholders.<\/p>\n
The company's president, Norimoto Asagiri, said over the
\nweekend that those registered on the list of shareholders as of
\nMay 23 will be eligible to receive a dividend of Rp 300 for each
\nshare they hold.<\/p>\n
He added that the firm's after-tax profit last year increased
\nby 16.2 percent to Rp 7.84 billion from 1992 and its revenues by
\n27.8 percent to Rp 75.43 billion.<\/p>\n
He projected that its revenues will likely rise by 24 percent
\nto Rp 11.75 billion and after-tax profit by 9 percent to Rp 88.5
\nbillion.<\/p>\n
Norimoto also said that the firm built a five-floor office and
\nfactory building one month after it went public in September.<\/p>\n
He said the company also invested Rp 7.45 billion in new
\nmachinery and equipment last year. (04)<\/p>\n
RI-Korean trade to increase<\/p>\n
SEOUL (JP): Indonesia's two-way trade with South Korea is
\nexpected to increase to US$5 billion this year from $4.6 billion
\nlast year, Indonesia's commercial attache for South Korea, Uty
\nMudjijono, says.<\/p>\n
He told Indonesian reporters here Saturday that the two-way
\ntrade, which was always in favor of Indonesia, steadily increased
\nfrom $607.3 in 1986 to $4.22 billion in 1992.<\/p>\n
Mudjijono said Korea's imports from Indonesia include oil,
\nwood, man-made fibers, ores, chemicals, while Indonesia's imports
\nfrom Korea mostly consist of machinery and other capital goods.<\/p>\n
According to Indonesian Ambassador M. Singgih Hadipranowo,
\nthere are many inquires from Korea for Indonesian commodities but
\nIndonesian businessmen are apparently reluctant to reply to them
\nor to meet the Korean demand for goods.<\/p>\n
Mudjijono did not specify the figures for the two countries'
\nbilateral trade. But according to the Indonesian Central Bureau
\nof Statistics, Indonesia's exports to South Korea, which are
\ncalculated on the basis of their free-on-board (FOB) prices,
\nincreased to $2.22 billion last year from $2.08 billion in 1992.
\nIndonesia's imports from that country, which are calculated on
\nthe basis of cost and freight prices, increased to $2.1 billion
\nfrom $1.89 billion. (icn)<\/p>\n
Philippines sets new tax<\/p>\n
MANILA (AFP): Philippines President Fidel Ramos on Saturday
\nslapped a three-percent tax on power generators and other items
\npreviously exempted from tariffs, an official statement said.<\/p>\n
The statement said Ramos also ordered the imposition of the
\ntariffs on various types of engines, shipping vessels,
\nfertilizers and several other items.<\/p>\n
The move signaled growing confidence that a crippling power
\ncrisis which caused him to end tariffs on power generator imports
\nin 1993 was largely solved by the installation of new electricity
\nplants, observers said.<\/p>\n
The presidential statement said the taxes would earn the
\ngovernment an additional 283.7 million pesos (US$10.13 million.)<\/p>\n
Thailand-Italy barter deal<\/p>\n
BANGKOK (AFP): Frozen chickens, rubber gloves and other Thai
\nproducts will be part of Thailand's payment to Italy for six
\nmilitary transport aircraft, local press reports said Saturday.<\/p>\n
Commerce Minister Uthai Pimchaichon told local reporters on
\nhis return Friday that the deal would cover about 20 percent of
\nthe total 3.4 billion baht (US$136 million) cost.<\/p>\n
He declined to give specifics, but the Bangkok Post quoted a
\ncommerce ministry source with the delegation in Rome as saying
\nthe Italians would increase imports of eight products as part of
\nthe deal.<\/p>\n
The source named the products as frozen chickens, rubber,
\ntapioca flour, toys, ceramics, sport shoes, plastic products and
\nrubber gloves.<\/p>\n
The Thai cabinet's decision in February to insist on counter-
\ntrade negotiations prior to finalizing any major purchases drew
\nopposition from the military brass who said they were not
\nqualified to negotiate such deals.<\/p>\n
India to make Mercedes<\/p>\n
STUTTGART, Germany (AFP): The presidents of Mercedes-Benz and
\nTat Engineering and Locomotive Co. (Telco) of Bombay signed an
\nagreement last week for the production of Mercedes cars in India,
\nMercedes said.<\/p>\n
The two companies have created a joint venture called
\nMercedes-Benz India which is to produce 200,000 cars a year and
\n500,000 diesel engines and petrol engines from 1995, a spokesman
\nsaid.<\/p>\n
Mercedes-Benz is to hold 51 percent of the venture and Telco
\nwould invest 250 million marks (US$147 million). A factory would
\nbe built near Poona.<\/p>\n
Mercedes has worked for 40 years with Telco in which it has a
\nstake of 10 percent. The first agreement for cooperation and
\nlicensing for lorries was signed in 1954.<\/p>\n
Third World economies<\/p>\n
NEW YORK (AFP): Growth rates in much of the developing world
\n-- parts of Asia, Latin America and Eastern Europe -- will remain
\nhigher than those of the industrialized world in the next five
\nyears, according to a major financial rating service.<\/p>\n
CreditWeek, a publication of Standard and Poor's, said growth
\nrates would average six percent in Asia and nearly five percent
\nin Latin America and Eastern Europe, compared with three percent
\nin major industrialized countries.<\/p>\n
Nariman Behravesh of DRI\/McGraw Hill, author of the article,
\npredicted a continuation of the trend that first appeared in
\n1989, when growth in developing countries began exceeding those
\nof established industrial economies.<\/p>\n
The trend was attributed to the slump in some of the major
\neconomies as well as changes in the emerging economies, including
\nmarket reforms and an increase in spending on infrastructures.<\/p>\n
Largest power barge starts<\/p>\n
MANILA (AFP): President Fidel Ramos Saturday announced the
\nformal activation of the world's largest power barge.<\/p>\n
The 100 megawatt diesel-fired power barge, built at an
\nestimated cost of US$319 million by a consortium led by Japanese
\nfirm, Mitsui and Co., is the first of two units to be installed
\nin the southern province of Agusan del Sur.<\/p>\n
The barge is intended to ensure that the serious power
\nshortage that affected much of the country last year will not
\noccur again, Ramos said at the symbolic-switching on.<\/p>\n
The barge was installed under a build-transfer-operate
\ncontract whereby the consortium built the barge then handed it
\nover the government although continuing to operate it for a
\nspecific period and charging Manila for the power generated.<\/p>\n
The power barge was built by the Japanese firm Mitsui and Co.,
\nMitsui Engineering, Burmeister and Wain Scandinavian Contractor
\nand Astilleros Espanoles in partnership with the state-owned
\nNational Power Corporation.<\/p>\n
Japan gives more time off<\/p>\n
TOKYO (AFP): Faced with prolonged recession, Japan's major
\ncompanies are giving employees more time off this year during the
\nso-called \"Golden Week\" period, which is studded with public
\nholidays.<\/p>\n
A recent labor ministry survey of 1,330 companies, showed that
\nfirms planned to give workers an average 6.2 days off in the
\nperiod from April 23 to May 8 -- up 0.6 days from the last year.<\/p>\n
The ministry also said Friday that 86 of the companies would
\ngive 10 or more consecutive days off over the period, the largest
\nnumber of firms doing so since the annual survey began in 1981.<\/p>\n
\"Golden Week\" has six Saturdays and Sundays and four public
\nholidays.<\/p>\n
The ministry said the trend partly reflected production
\ncutbacks forced by recession.<\/p>\n
Companies in the manufacturing industry will give an average
\nof 6.8 days off, compared with 5.5 days for non-manufacturing
\nfirms, the survey showed.<\/p>\n
HK to sell more land<\/p>\n
HONG KONG (AFP): The Hong Kong government announced Saturday
\nsale plans for 28.21 hectares (69.68 acres) of land for
\nresidential buildings in a move to ease housing shortages in the
\ncrowded territory, officials said here.<\/p>\n
Jim Hughes, the government's principal land agent, said this
\nyear's sale program would involve 40 sites where up to 10,000
\napartments could be built.<\/p>\n
The announcement follows Britain and China's decision Thursday
\nto release 117 hectares (289 acres) of land for private
\ncommercial development and housing this year to cool down the
\nterritory's sizzling real estate market.<\/p>\n
Hughes said the land sale program would not result in a
\nsignificant upswing in residential construction activity, but
\nwould provide a \"steady supply\" of new residential housing.<\/p>\n
Earnings from the sales are estimated to be HK$18.3 billion
\n(US$2.3 billion), compared to last year's land sales revenue of
\nHK$17.9 billion.<\/p>",
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