Humpuss buys hotel stake

Humpuss buys hotel stake

JAKARTA (JP): The Humpuss Group and its foreign partners have
taken over 70 percent of the Four Seasons Resort Bali from PT EIE
Bali.

Syafiq Basri, a spokesman for the business group, said
yesterday that Humpuss, through two subsidiaries -- Humpuss
Incorporated and PT Mahasara Buana (Mabua) -- controls 36 percent
of the 70 percent stake, Hotel Properties Ltd. of Singapore 60
percent and Value Vest Properties, the remaining four percent.

He said the other 30 percent of the hotel's shares are still
in the hands of the original shareholders, EIE's former partners.

The hotel company operates 147 luxurious bungalows at the
Jimbaran beach in the southern part of the Bali island.(hen)

British mission due here

JAKARTA (JP): A trade mission from Britain will visit
Indonesia from May 1 to May 6 to seek chances for cooperation
with Indonesian companies and to look for local agents in various
fields.

The British embassy announced here yesterday that the mission
will consist of nine companies with interests in electricity,
offshore engineering, industrial valves, pumps, bar accessories
and training.

The group of visitors will be by John Marks, business support
manager of the Northern Development Company.

Marks has organized several trade missions to Indonesia. (03)

PPG, Citibank cooperate

JAKARTA (JP): The state-owned postal service company Perum Pos
dan Giro (PPG) signed a memorandum of understanding with Citibank
here yesterday to provide it with special services in postal
mailing and delivery.

Under the agreement signed by the vice president of Citibank's
card center, Enny Hardjanto, and PPG's operational director,
Soemitro Roestam, the two parties will cooperate in an unlimited
term.

Enny said that since the bank started its credit card business
here six years ago, it has now listed about 350,000 members and
the number will likely increase to 500,000 at the end of this
year.

Citibank mails some 900,000 and receive 50,000 letters per
month, she said.(icn)

WTO preparation approved

GENEVA (Reuter): Trade ambassadors approved yesterday
establishment of four bodies to prepare for the establishment of
a powerful new World Trade Organization (WTO) early next year.

The envoys to the General Agreement on Tariffs and Trade
(GATT), also formally endorsed the appointment of chairmen for
three of the groups, leaving a fourth to be decided over the
coming days.

Creation of the WTO, which will absorb the GATT, was agreed
during the seven-year Uruguay Round of trade negotiations, the
Final Act of which was signed by 111 countries in Marrakesh,
Morocco, on April 15.

Yesterday's meeting was the first of the Preparatory Committee
for the new body, which is intended to ensure it can begin
functioning efficiently as soon as it is officially born -- on
Jan. 1 1995 according to the present timetable.

U.S. aids computer firms

WASHINGTON (AFP): The U.S. government will provide more than
US$700 million in aid to the computer industry to help cut into
Japan's near monopoly in liquid crystal flat-panel screens,
officials said Thursday.

The Defense Department said it alone would spend about $580
million over the next five years for research and development to
encourage firms to specialize in the sector.

But Pentagon officials said their needs constituted only five
percent of the growing market. Civilian applications include the
manufacture of computer screens and high-definition television.

The Energy Department is ready to spend $10 million to $20
million annually over five years to develop the sector, officials
said. The U.S. Customs Service and the Commerce Department's
science and technology office will also contribute.

Singapore land for workers

SINGAPORE (AFP): Singapore put on sale yesterday its first
plot of short-term leasehold land in a move to provide cheaper
land to build low-cost housing, particularly for its huge foreign
labor force.

Tender for the 20,000 square metre (215,200 square feet) site,
with a 60-year leasehold, opened yesterday and will close June
30.

"With our reliance on foreign labor, there is a need for
suitable accommodation to house our foreign workforce," the
Ministry of National Development said in a statement Thursday
announcing the scheme.

The statement said the move was in line with the government's
objective to make available a range of housing types at different
levels of affordability.

RP to build hotel in Hanoi

HANOI (AFP): A Philippine firm is to build a 12-story hotel in
Hanoi in a joint venture with a Vietnamese army company, the
Vietnam News Agency said yesterday.

Anglo Asian Strategic Management Inc. on Tuesday signed a
memorandum of understanding with Company No. 99, attached to the
Hanoi army garrison.

The agreement was reached during an official visit here last
month by Philippine President Fidel Ramos.

AASMI will build the hotel on a 4,200 square metre (46,670
square feet) site owned by Company No. 99. ASSMI will also
provide architects, engineers, administrators and management
personnel for the hotel.

The army owns and manages a large portion of land in the
capital, which has a shortage of hotel rooms.

Rubber prices stagnant

SINGAPORE (AFP): Singapore futures rubber prices were
virtually stagnant yesterday as traders stood on the sidelines
due to the closure of the Japanese markets.

"Japanese markets were closed ahead of the Golden Week
holidays next week and traders here were reluctant to take up
positions," a dealer said.

Dealers said most traders were absent and trading began on an
extremely quiet note.

At 0945 GMT Basis June RSS 1 was quoted at 152.00 Singapore
cents, RSS 3 at 96.25 U.S. cents, and TSR 20 at 163.00 Singapore
cents.

Delta to slash jobs

ATLANTA, Georgia (AFP): Delta Air Lines announced plans
Thursday to cut between 12,000 and 15,000 jobs as part of a
three-year plan to return to profitability.

"To compete, Delta must bring its costs down permanently. ...
Temporary or halfway measures won't work," said Delta Chairman
Ronald Allen.

"I've been with Delta 31 years and I certainly love what this
airline stands for and care greatly for the people of this
airline. That's why we are doing what we're doing."

Delta said it will cut 20 percent of its 73,500-job payroll in
the overhaul aimed at saving US$2 billion in operating expenses
annually by 1997.

The third-largest airline has been hurt cut-rate airlines
offering fewer services than Delta and other major carriers.
Most of the job cuts will be from attrition and early retirement,
but an unprecedented 3,000 to 4,000 layoffs are also planned,
said Allen.

Japanese wages drop

TOKYO (AFP): Average monthly wages earned by Japanese workers
last year rose one percent from 1992 in nominal terms but dropped
0.1 percent in real terms, an official report released yesterday
showed.

The report was based on a survey of 17,000 companies with work
force of more than 30 in calendar 1993, the Labor Ministry said.

Monthly salaries earned in the year by people working for the
companies, including overtime, averaged 401,294 yen (US$3,900),
the report said.

It was the first time in 13 years that such incomes had shown
negative growth, the ministry said.

The ministry said that annual working hours at the companies
in 1993 averaged 1,908 a person, down 50 hours from 1992.