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.