Furniture expo to open
JAKARTA (JP): The Association of Indonesian Furniture and Handicraft Industries will hold the 7th Indonesian Furniture and Handicraft Exhibition at the Jakarta Hilton Convention Center beginning tomorrow.
The chairman of the exhibition's organizing committee, Bramantyo W., said here yesterday that 63 furniture and handicraft firms and two cooperatives from Jakarta, Bogor, Tangerang, Bekasi, Bandung and Jepara will participate in the 10- day exhibition.
He said transactions at this year's exhibition are expected to increase by 50 percent from last year's Rp 1.9 billion (US$882,490).
The general manager of PT Mediatama Binakreasi, the organizer of the exhibition, J.L. Nawan, said Jakarta's deputy governor for economy and development, Tubagus M. Rais, is expected to open the showcase. (02)
Belgium cuts rate
BRUSSELS (AFP): The National Bank of Belgium trimmed its key directive central rate by 0.10 percentage points from 5.35 to 5.25 percent yesterday following a similar reduction a week ago.
The Belgian central bank also lowered several other interest rates, including the rate for overnight advances to financial institutions within their credit ceilings, which fell from 6.85 to 6.75 percent.
But the discount rate was unchanged at 4.50 percent.
The central rate, accorded to financial institutions dealing in the public debt, has dropped from 7.50 to 5.25 percent since December 7, when the Belgian central bank began a series of incremental interest rate cuts.
Japan brokers' profits up
TOKYO (Reuter): Healthier markets and cost cutting efforts helped improve the earnings of Japan's big brokerages dramatically in the fiscal year which ended March 31, with Daiwa Securities Co Ltd coming out on top for the first time.
A strong recovery in commissions due to heavier stock market volume and good trading profits in last year's rallying bond market helped Daiwa post yesterday a parent current profit of 52.03 billion yen (US$500 million) for 1993/94. It was the first time in four years the firm's profits had improved.
Nomura Securities Co Ltd said average daily turnover on the Tokyo Stock Exchange recovered to about 378 million shares in 1993/94, up about 31 percent from the previous year.
Officials at the other Big Four brokerages -- Nomura, Nikko Securities Co Ltd and Yamaichi Securities Co Ltd -- were all hoping to increase recruitment of new university graduates in April 1995.
However, the Big Four houses are not so bullish about their business prospects for the current fiscal year.
China offers oil drilling
BEIJING (AFP): China's oil exploration sector has shed decades of strict central planning by offering up regional drilling concessions through a nationwide bidding program, the China Daily said yesterday.
According to the China National Petroleum Corp. (CNPC), 24 blocks of land totaling 294,000 square kilometers (118,000 square miles) have been allocated to the program.
Three rounds of bidding have been held so far and 15 blocks totaling 150,000 square kilometers (60,000 square miles) have been auctioned off to nine oilfield companies and a CNPC subsidiary.
Under the new system, companies can bid for the exploration rights to oilfields throughout China, whereas previously they had been strictly limited to drilling in their home province or region.
In the third round of bidding, six companies were awarded seven blocks containing an estimated 664 million tons of oil and 172 billion cubic meters of gas.
Vietnam to make steel
HANOI (AFP): An Australian firm has signed an agreement to build a A$20 million (US$14 million) steel rolling mill in the northern Vietnamese port of Haiphong, a report said here yesterday.
Vietnam Industrial investments, based in Western Australia, signed a deal Tuesday with Vietnamese firms Thai Nguyen Iron and Steel Corp. and Forincons to build the plant, which will have a capacity of 120,000 tons.
The plant is to produce steel rods and bars for the construction industry, the Vietnam News Agency reported.
Australian firm BHP Steel has started a steel rolling mill in the south of the country produced painted roofing materials.
Vietnam is aiming to be self sufficient in steel by 2000 but is currently importing huge quantities as demand from the booming construction industry is about twice local production.
Construction on two joint venture steel mills began in April with a combined capacity of 440,000 tons a year, while work has started on upgrading production at another plant owned by Thai Nguyen Steel, from 120,000 tons to 300,000 tons.
Investment in RP up
MANILA (AFP): Investment commitments in priority areas in the Philippines rose 54 percent on an annual basis to 61.02 billion pesos (US$2.26 billion) in the first four months of 1994, the government's Board of Investments said yesterday.
Planned investments in the manufacturing sector accounted for 57 percent of the total, followed by the public utilities sector with 19 percent, the board said.
Investments in priority areas get various incentives such as tax holidays and reduced duties of capital equipment.
Board spokesmen said 90 percent of the total were commitments to invest and not yet actual investments.
Osaka-Paris joint flights
TOKYO (AFP): Japan Airlines Co. Ltd. (JAL) said yesterday it would launch a new daily non-stop joint flight with Air France between the new Kansai International Airport in Osaka and Paris.
The new service, subject to government approval, would be operated three times a week by Japan Airlines 747-400 aircraft and four times a week by Air France Airbus A340s, JAL said.
The target date for the beginning of the service is Sep. 4, the opening day of the new Japanese airport.
Ground service at Kansai International Airport would be provided by JAL and Air France would take care of ground services at Charles de Gaulle airport in Paris, it said.
Under a wide-ranging agreement on the operation of the Osaka- Paris direct route, the two companies also plan mutual maintenance of each other's aircraft and sharing each other's cargo space, a JAL spokesman said.
It was rare for JAL to join hands with a top European airline on a key route, the spokesman said, adding that the company aimed at expanding services while avoiding cost increases with the tie- up.