'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

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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.

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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

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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