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