Sat, 24 Nov 2001


JP/ /

Infineon, the second-biggest maker of computer chips in Europe, does not rule out further job cuts on top of the 5,000 already announced at the end of July, the group's chairman Ulrich Schumacher said in a newspaper interview published Thursday. Cost-cutting plans would depend on how business developed at the end of the year, Schumacher told the daily Frankfurter Allgemeine Zeitung. -- AFP

British department store retailer Marks and Spencer said on Friday that it is to sell its U.S. retail chain Brooks Brothers for US$225 million in cash to Retail Brand Alliance, a privately owned U.S. speciality retailer. The British company said the transaction was subject only to regulatory approvals and was expected to close by the end of the year. -- AFP

Nissan Motor Co., Japan's third largest automaker, is recalling more than 300,000 vehicles from 11 different car models because of an engine system defect, a report said. Models affected in the call back include the Sunny, Avenir, Bluebird, Premera, and Mazda's Familia, which Nissan manufactures, Kyodo said. -- AP

South Korea will offer a combined 250 billion won ($196.9 million) of financial aid to the nation's two airlines in an effort to help them tide over a financial crisis, the Transportation Ministry said on Friday. Korean Air, the country's flagship carrier, and second-ranked Asiana Airlines will receive 140 billion won and 110 billion won respectively early next month, the ministry said in a statement. -- Reuters

German industrial group MAN, a maker of trucks, printing machinery and industrial equipment, plans to cut output at its truck-making unit MAN Nutzfahrzeuge by 6,000 to 55,000 in 2002, the division's head, Hakan Samuelsson, said in remarks released on Friday. It also slashed its earnings forecasts for this current year and said it would cut 2,000 more jobs on top of the 4,000 already announced at the beginning of the year. -- AFP

The telco arm of Singapore conglomerate Keppel Corp. announced Friday a writedown of some Internet investments as well as an executive pay cut in response to the recession. Keppel Telecommunications and Transportation (Keppel T and T) said it was taking a "prudent" writedown of S$155 million (US$85 million) on investments "not central" to its core business of network engineering and IT services. -- AFP

Philippine-based Cebu Pacific Air, has stated twice daily flights from Manila to Hong Kong, the Airport Authority of Hong Kong said Friday. Hong Kong is the first overseas route for Cebu Pacific, the second largest airline in the Philippines, it said. -- AFP

The board of directors at the Italian state airline Alitalia approved Thursday a recovery plan calling for the elimination of some 3,400 jobs, the company announced. The plan, which would be implemented in 2002-2003. The company has projected operating losses of 350 million euros (US$307.3 million) next year but is looking to turn a profit of 25 million euros in 2003. -- AFP