M-WEB's CEO resigns

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

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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.

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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

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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