Lockheed, InfoAsia sign deal

Lockheed, InfoAsia sign deal

JAKARTA: American technology firm Lockheed Martin and local
information technology firm InfoAsia Group have signed an
agreement to develop technology for the monitoring of vessels'
movements in Indonesia.

InfoAsia said in a statement the agreement was signed here on
Thursday.

The technology, called Vessel Monitoring System (VMS), would
enable users to track down the movement of fishing vessels which
illegally enter Indonesian waters, it said.

It said both companies are now seeking to market the
technology to the Ministry of Fishery and Maritime Affairs, which
has often voiced concerns over rampant fishing in Indonesian
waters by foreign vessels. --JP

Bank of East Asia cuts 200 jobs

HONG KONG: Bank of East Asia, Hong Kong's fifth largest bank,
said on Saturday it would lay off some 200 of its 3,500 local
staff as the economy heads for a probable recession.

A bank spokeswoman declined to say how much the bank would
save from the job cuts.

Hong Kong banks are facing a tough business environment, with
the economy seemingly certain to slip into recession, and
consumers and businesses reluctant to borrow despite low interest
rates.

Banks' margins are under pressure and investors fear bad loan
provisions will rise.

Bank of East Asia's shares closed 1.18 percent lower at
HK$16.75 on Friday. --Reuters

Volkswagen recalling cars sold in U.S.

WASHINGTON: Volkswagen is recalling about 324,000 Golf, Jetta
and New Beetle automobiles sold in the United States, the
Environmental Protection Agency said Friday. The EPA cited the
vehicles for faulty exhaust systems.

The German automaker is voluntarily recalling the four-
cylinder, two-liter gasoline engine vehicles from the 1999, 2000
and 2001 model years.

The EPA said its tests showed the 1999 models' emissions were
elevated because of malfunctioning oxygen sensors.

The company also agreed to recall 2000 and 2001 models with a
similarly defective sensor.

The vehicles may emit excessive amounts of pollutants such as
nitrogen oxide, carbon monoxide and hydrocarbons, the EPA said.
--AP

Ericsson, Samsung sign swap agreement

STOCKHOLM: Swedish telecommunications equipment maker Ericsson
said on Friday it had signed a global patent-license swap
agreement with South Korean company Samsung.

Under the terms of the agreement, Ericsson has granted Samsung
a non-exclusive license for various mobile telephone standards to
develop, manufacture and sell Global System for Mobile
Communications (GSM) and Universal Mobile Telecommunication
System (UMTS) subscriber and infrastructure equipment.

In return, Samsung is to provide a royalty payment, as well as
a reciprocal access to its patents. --AFP

Renault adjusts tie-up plan with Nissan

PARIS: French auto maker Renault said Friday it had submitted
a partnership plan with Nissan of Japan to French stock-exchange
authorities this week that differed slightly from the initial
plan announced in December.

That initial plan had been subjected to "slight alterations
that do not endanger the spirit" of the reinforcement of the
alliance with Nissan, Renault's deputy director general, Pierre-
Alain de Smedt, told AFP.

De Smedt confirmed a report in the French newspaper Thursday
that Renault had changed the first plan announced.

Under the terms of the initial plan, Renault was to increase
its stake in Nissan to 44.4 percent, from 36.8 percent, while
Nissan would acquire up to 15 percent of the Renault capital.
--AFP