M-WEB's CEO resigns
JAKARTA: M-WEB Indonesia's CEO Stephen Gilmore tendered his resignation on Thursday following a worldwide management restructuring by its South Africa-based holding company Myriad International Holdings (MIH).
David Burke, M-WEB Indonesia business development director, confirmed the resignation, adding that MIH's management would appoint Gilmore's replacement soon.
Burke said M-WEB's remaining members of management would run the operation until a new CEO had been appointed.
"We shall continue to provide our best service to our clients and customers," Burke said.
A market leader in the country's Internet business, M-WEB offers various services, including Internet portals, Internet service provision (ISP), Internet retail and web development. -- JP
;JP; ANPAf..r.. CorporateBrief Coca-Cola reaffirms profit outlook JP/14/Brief
Coca-Cola reaffirms profit outlook
SYDNEY: Coca-Cola Amatil Ltd., an Australian and regional soft drinks maker, Thursday reaffirmed its net profit outlook for calendar 2002.
"The outlook for growth in the full year 2002 net profit remains unchanged at the upper end of CCA's previously communicated three year management target of 10-15 percent per annum," the company said in a statement accompanying a presentation to fund managers and analysts.
The group also said first half net profit growth is on track, consistent with its three year annual management target.
Coca-Cola Amatil also announced the resignation of Andrew Reeves, managing director of its Australian operations.
While a replacement for Reeves is expected shortly, the company also said Peter Baker has been appointing managing director of its Indonesian unit, effective June 1.
;JP; ANPAf..r.. CorporateBrief Formosa eyes North Korea JP/14/Brief
Formosa eyes North Korea
TAIPEI: Formosa Plastics Group Chairman Y. C. Wang is visiting North Korea seeking investment opportunities in its steel industry, it was reported here Thursday.
The petrochemical magnet flew to Pyongyang Wednesday, but his itinerary was not clear, the Economic Daily News said.
Company officials declined to comment on the trip.
Formosa was considering building steel mills in North Korea taking advantage of the country's ample mineral resources and advanced heavy industries, the paper said.
Taiwan has allowed direct investment in North Korea since 1991. Bilateral trade soared 60 percent to US$20.3 million last year, from the year earlier, with Taiwan enjoying a surplus of $12.9 million. -- AFP
;JP; ANPAf..r.. CorporateBrief Nippon, Sumitomo to tie up JP/14/Brief
Nippon, Sumitomo to tie up
TOKYO: Two major Japanese steelmakers, Nippon Steel Corp. and Sumitomo Metal Industries Ltd., agreed Thursday to merge their stainless steel businesses to strengthen competitiveness.
The move was widely expected as both Nippon Steel and Sumitomo Metal said earlier this year they were working toward a stainless steel business alliance.
Under the basic agreement signed by Nippon Steel and Sumitomo Metal, the companies will sign an official agreement to integrate operations by the end of September, both sides said in a release.
Their combined stainless steel production would total about 1 million tons a year, one-third of Japan's annual output, she said. -- AFP