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
;DJ; ANPAf..r.. CorporateBrief-S&P-Medco S&P affirms B+ rating on Medco JP/
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
;DJ; ANPAf..r.. 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
;DJ; ANPAf..r.. CorporateBrief-Sears-reduction-jobs Sears to eliminate headquarters jobs JP/
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
;DJ; ANPAf..r.. CorporateBrief-Dell-orders Dell taking orders for printers, cartridges JP/
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