Fri, 02 Nov 2001



State owned mining company PT Aneka Tambang Tbk (Antam) said Thursday its sales rose 11.4 percent to Rp 1.22 trillion (US$116 million) in the first nine months of this year, compared to the same period of last year. Higher gold sales during the third quarter offset a slide in nickel sales and helped lift earnings, the company said in a statement. -- JP

U.S. automaker Ford Motor Co. and Japan's Bridgestone Corp. will renew business ties through talks that could start this month, the Nihon Keizai newspaper said Thursday. Ford has reportedly contacted the tire maker about setting up a meeting between Bridgestone president Shigeo Watanabe and its top executives to resolve a year-long feud which has tarnished both companies' reputations, it said -AFP

British chemicals group ICI said on Thursday that it was slashing 1,300 jobs, as it reported an 11 percent fall in third quarter profits. Pre-tax profits fell to 108 million pounds (US$157 million) in the third quarter of this year, from 122 million in the same period a year earlier. -- AFP

Singapore Airlines' overall load factor in September fell sharply to 69.8 percent from 75.9 percent a year ago, an indication of the slowdown in the airline's business since the Sept. 11 terrorist attacks on the U.S. -- AP

Singapore's biggest bank, the United Overseas Bank, said Thursday it may eliminate about 2,000 jobs by the end of the year. UOB said in a statement that the cutbacks are part of a rationalization program needed after it merged with the smaller Overseas Union Bank in September. It said the move will save the bank between S$200 and S$250 million (between US$109 and US$137 million) each year. -- AP

Major Japanese electronics components maker TDK Corp. said Thursday its interim net profit plunged 94.4 percent, forcing it to cut at least 8,800 jobs and slash its full year earnings forecast. TDK's net profit fell to 1.83 billion yen (US$15 million) for the six months to September while its pre-tax loss of 3.1 billion yen contrasted with a profit of 47.8 billion yen a year earlier. -- AFP

Royal Dutch Shell's third-quarter profit dropped by 17 percent, it reported on Thursday, saying the company's performance had been hit by lower oil and natural gas prices as well as a decline in refining margins. -- AFP

Chinese government-backed Citic Ka Wah Bank said Thursday it would buy Hong Kong Chinese Bank (HKCB) for HK$4.2 billion (US$539 million) to create the territory's fourth largest lender. Citic Ka Wah, Hong Kong's fifth-largest bank, will pay HK$3.36 billion in cash and HK$840 million in certificates of deposit in a deal expected to be completed in January following shareholder meetings. -- AFP