'BusinessWeek' launches RI edition
'BusinessWeek' launches RI edition
JAKARTA: BusinessWeek has launched an Indonesian-language edition that its licensee said attempts to take advantage of the country's improving economy and its growing professional class.
The Indonesian edition, officially launched Thursday evening, is a direct translation of BusinessWeek's Asian edition. It will employ 17 translators and four copy editors.
Robert Eskapa, chief executive officer of PT Indomedia Dinamika which has the license for the Indonesian edition, said he is confident the magazine will do well here.
It is the first international business publication to be translated into Indonesian, he said, though other international beauty and health magazines have made the move.
The magazine hit the streets two weeks ago and its launch was celebrated Thursday evening at a gathering at a posh Jakarta hotel. -- AP
;AFP; ANPAf..r.. CorporateBrief-Chevron Chevron to lay off 100 employees JP/14/Brief
Chevron to lay off 100 employees
SAN FRANCISCO: ChevronTexaco Corp. said Thursday it will lay off 100 employees from a credit card division in Concord.
The San Francisco-based company said the positions at a customer service center fielding inquiries about its Chevron credit card will be transferred to the Philippines.
Official termination notices will be distributed in September and the layoffs will come in November and December, ChevronTexaco spokeswoman Nicole Hodgson said. The center has 170 employees.
The layoffs are part of a plan to eliminate 4,500 jobs as part of cost-cutting program undertaken after Chevron bought Texaco Inc. last October for US$39 billion to form the nation's second- largest oil company.
The company expects to trim $1.2 billion in expenses by July and gain an additional $600 million in savings by March 2003.
;AFP; ANPAf..r.. CorporateBrief-SingTel-3G SingTel delays 3G phone network JP/14/Brief
SingTel delays 3G phone network
SINGAPORE: Singapore Telecommunications Ltd. said Friday it will postpone awarding a contract for the construction and development of its third generation, or 3G, mobile network.
The company, known as SingTel, did not give any specific timeframe as to when the contract will be awarded. SingTel was originally expected to make a decision on the award in mid-2002.
"We are adopting a cautious approach toward 3G and have decided not to award the contract at this point in time," said Lucas Chow, chief executive of SingTel Mobile, a wholly owned unit of SingTel.
SingTel said that despite the delay, it has shortlisted Telefon AB LM Ericsson, Nokia Corp., and a consortium of Siemens IC Mobile, a unit of Siemens AG, NEC Corp. and Itochu Corp. to participate in the tender for the 3G network contract. -- AP
;AFP; ANPAf..r.. CorporateBrief-Japan-Dresdner Japan punishes Dresdner Bank JP/14/Brief
Japan punishes Dresdner Bank
TOKYO: Japan's financial watchdog Friday ordered Dresdner Bank's Tokyo securities branch to suspend business temporarily as punishment for illegal stock trading.
Dresdner Kleinwort Wasserstein (Japan) Ltd. violated the Securities and Exchange Law by placing short-selling orders without providing confirmation to customers between April 2001 and February 2002, the Financial Services Agency (FSA) said.
The branch also conducted derivative transactions without the FSA's prior approval, the agency said in a statement following a four-month inspection by Japan's Securities and Exchange Surveillance Commission.
The FSA ordered the Tokyo branch to suspend its stock trading on behalf of its affiliated companies for 10 business days from June 17 to June 28.
The branch also was ordered to halt derivative transactions and some other operations for five business days from June 17 to June 21 and to take steps to ensure the breaches would not be repeated. -- AFP