IBRA raises Rp 588.4b in revenues
IBRA raises Rp 588.4b in revenues
JAKARTA: The Indonesia Bank Restructuring Agency, or IBRA, has
raised Rp 588.4 billion in revenues from its second sale of
property assets, the agency said Wednesday.
It sold 713 property assets in the second round of sales.
These assets had mostly been taken over from closed down banks.
IBRA, which was established in early 1998, is tasked to
recover nearly Rp 300 trillion in bank bad loans, and to sell
assets pledged by former bank owners to settle their obligations
with the government.
IBRA is racing against time to sell the assets before it will
be dissolved at the end of the year. It's aiming to raise Rp 18
trillion this year to help finance the deficit in the state
budget. -- Dow Jones
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CorporateBrief-S&P-Medco
S&P affirms B+ rating on Medco
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S&P affirms B+ rating on Medco
MELBOURNE: Standard & Poor's said on Wednesday it has affirmed
its 'B+' corporate credit rating on Indonesian upstream oil and
gas company, P.T. Medco Energi Internasional Tbk. (Medco). The
outlook is stable.
The rating on Medco reflects the company's short proved
reserves life of 4.9 years, which explains the company's
aggressive push to acquire producing oil blocks in 2003 to
immediately add to its proved reserves base and production
volumes.
The rating on Medco also reflects the company's favorable cost
structure and production track record.
The large size of Medco's operating areas, low labor costs,
and proximity to oil and gas supply infrastructure contribute to
its better-than-average cost structure.
Lifting cost in 2002 was US$2.86 per barrel of oil equivalent
(boe), compared with the global average of $4-$5 per boe. The
company also has moderate, although increasingly aggressive, debt
leverage and strong credit measures. -- Dow Jones
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CorporateBrief-JAL-flights
JAL to cut international flights
JP/
JAL to cut international flights
TOKYO: Japan Airlines System Corp. has decided to cut the number
of its international flights due to the drop of seat bookings as
a result of the Iraq war, Japan's Kyodo news agency reported
Wednesday.
The holding company for Japan Airlines (JAL) and Japan Air
System (JAS) plans to suspend JAL's four weekly Paris-bound
flights from Kansai International Airport in Japan's western
Osaka, the report said.
The company will also halve the weekly number of Kansai-
Honolulu and Kansai-Seoul flights, respectively, to seven, the
report said.
In addition, JAL may reduce the number of seven weekly Kansai-
Guam and Kansai-Saipan flights each by consolidating their
routes, the report said.
"We're considering cuts in numbers of various international
flights due to the current situation. However, we have not
decided such reported plan," said a JAL spokeswoman in Tokyo.
--DPA
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CorporateBrief-Sears-reduction-jobs
Sears to eliminate headquarters jobs
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Sears to eliminate headquarters jobs
ILLINOIS: Sears, Roebuck and Co. plans unspecified reductions to
its corporate headquarters staff as the retailer continues cost-
cutting after 18 months of declining sales.
Sears said Tuesday the number of job cuts among the 6,000 to
6,500 employees who work at headquarters has yet to be determined
but will take place this spring.
Sears' full-line stores should not be affected, officials
said.
CEO Alan Lacy has been cutting jobs company-wide since 2001 to
trim expenses and boost Sears' profitability despite weak sales.
Sales at stores open at least a year, a key barometer of
retailers' performances, have been down for 18 consecutive months
since September 2001.
Since then, Lacy has restructured Sears' 870 department stores
and eliminated 5,900 salaried positions, mostly last year.
His cost-slashing boosted earnings and helped him to receive a
US$1.8 million bonus in 2002 on top of his $1 million salary - a
nearly 80 percent increase from his salary and bonus in 2001.
Besides a retail industry slowdown, Sears also remains mired
in problems with its credit-card division, which supplies a
majority of its profits. The failure of cardholders to pay their
bills has resulted in a high rate of charge-off and delinquencies
for the company. -- AP
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CorporateBrief-Dell-orders
Dell taking orders for printers, cartridges
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Dell taking orders for printers, cartridges
TEXAS: Dell Computer Corp. began taking orders on Tuesday for its
new line of printers and cartridges, making a long-expected step
into the inkjet and laser business.
It's a move analysts have said could expand the personal
computer company's presence in the high-tech market.
Dell will offer four printers for home and business use, as
well as replacement ink cartridges and toner. The company, which
has been criticized by some environmentalists for not taking a
leadership role in cleaning up "e-waste," also announced a
companion printer recycling program.
The printers, ranging in price from US$139 to $839, were made
for Dell by Lexington, Kentucky-based Lexmark International Inc.
The models vary. The lowest-end printer is an all-in-one machine
that includes a scanner, copier and fax software.
This fall, chief executive Michael Dell promised printers and
their ink cartridges would get cheaper once Dell started selling
them.
Companies such as Hewlett Packard, Lexmark, Canon and Epson
generally sell printers at a low price and make their profits on
sales of ink cartridges.
HP, which last year ended a deal to make printers for Dell,
has said it wasn't worried about Dell getting into the printer
business. -- AP