Aneka Tambang earnings falls
Aneka Tambang earnings falls
JAKARTA: Indonesian gold and nickel producer PT Aneka Tambang said Friday its unaudited net profit for the full year of 2002 fell 43 percent to Rp 204 billion (US$22.9 million) from Rp 358 billion a year earlier.
The company didn't provide an explanation for its performance.
Aneka said it will issue a full press release next week, while audited results will be available prior to March 31. Aneka shares Friday ended unchanged at Rp 750. -- Dow Jones
Credit Lyonnais, Agricole merger approved
PARIS: French banking authorities have agreed to the merger of banks Credit Agricole and Credit Lyonnais as long as they sell 85 branches over a year and freeze development of their networks in certain regions for two years.
The CECEI banking and investment committee said late Thursday the tie-up could go ahead only under these conditions to avoid competition conflicts.
With almost 9,200 branches of a total 35,000 in France, the new bank will be by far the biggest in terms of deposits and consumer credits.
French radio France-Info said Friday it would be number three in Europe, behind HSBC and Deutsche Bank, but did not provide a yardstick for comparison.
Of the 85 branches which must be sold, 70 are in the 18 French departments (counties) where the new group's position could significantly affect maintenance of effective competition, the CECEI said. -- AFP
DaimlerChrysler finalizes buying Fuso
STUTTGART, Germany: The German-US car giant DaimlerChrysler said Friday it finalized its acquisition of a 43-percent stake in Fuso, the heavy trucks and bus division of Mitsubishi Motors (MMC).
The final purchase price was 710 million euro (US$767 million), 50 million euro less than initially anticipated, DaimlerChrysler said in a statement.
The difference resulted from exchange rate fluctuations, the statement explained.
The German-US car giant had announced in September it planned to buy the stake to further strengthen its leading position in the heavy trucks market.
However, Fuso first had to be spun off out of the Mitsubishi Motors group into an independent unit Mitsubishi Fuso Truck and Bus Corp (MFTBC) and that occurred in January 2003.
MMC itself holds 42 percent of MFTBC and other Mitsubishi companies the remaining 15 percent. -- AFP
Sanyo expects first full-year net loss in four years
TOKYO: Japanese electronics maker Sanyo said Friday it would post a 70 billion yen (593 million dollar) net loss in the year to March due to losses on its shareholdings.
The loss would be Sanyo Electric Co.'s first in four years and reverses an earlier forecast of an 8.0 billion yen net profit.
Sanyo has seen relatively solid growth in audio-video, telecommunications devices and other segments, but a weak stock market resulted in loss and devaluation of investment securities totaling 76.5 billion yen, it said.
It also incurred losses of 30 billion yen due to devaluation and disposal of investments and bad debts for subsidiary companies.
The company expects to incur a pre-tax loss of 82 billion yen against the earlier projected profit of 25 billion yen.
Sales are now estimated at 2,160 billion yen, up from 2,100 billion yen forecast last October. Sanyo Electric's shares closed up one yen at 309 yen. -- AFP