Malaysia's Maxis denies to buy RI's Indosat
Malaysia's Maxis denies to buy RI's Indosat
KUALA LUMPUR: Maxis Communications Bhd., Malaysia's biggest cellular phone operator, has denied it is keen on a stake in Indonesian Satellite Corp., or Indosat, New Straits Times reports, quoting Maxis Chief Executive Jamaludin Ibrahim.
"As far as I know, we're not in discussion (for an Indosat stake), even at shareholders' level," Jamaludin said.
But he didn't rule out acquiring a stake in the Indonesian firm in future. "It's interesting, but we are not considering it at this juncture," he said.
Reports from Jakarta had named Maxis as one of 15 parties interested in a stake in Indosat. -- Dow Jones
Nissan Diesel unveils major debt reduction plan
TOKYO: Japanese truck maker Nissan Diesel Co. Ltd. on Tuesday announced a plan to cut its mounting debt by 40 percent in about four years by boosting business in China and possibly selling a subsidiary.
The debt-ridden firm, controlled 22.5 percent each by Nissan Motor Co. Ltd. and French automaker Renault SA, unveiled a mid- term management policy plan from April 2003 to March 2006.
Nissan Diesel plans to cut its interest-bearing debts to 250 billion yen (two billion dollars) by March 2006 from 416.9 billion yen as of March 31 in 2002.
The company said it would try to expand operations in China by enhancing ties with China's second-largest auto group, Dongfeng Motor Corp., which already has a business tie-up with the Japanese firm.
Nissan Diesel will try to reduce inventories and cut production and sales costs. -- AFP
Nintendo sells Rare's stake to Microsoft
TOKYO: Japanese video game maker Nintendo Co. Ltd. said Tuesday it had sold a 49 percent stake in UK game software developer Rare Ltd. to U.S. computer software giant Microsoft for an undisclosed sum.
"We have sold our total stakes in Rare to Microsoft," a Nintendo spokesman said, adding that the Kyoto-based firm had no plans to disclose how much money was involved.
Rare, which makes a series of games such as the classic "Donkey Kong" for Nintendo's Gamecube home-use console and hand- held Gameboy, has contributed less and less to Nintendo's sales in recent years.
"In looking at the company's recent track-record, it became clear its value to the future of Nintendo would be limited," Nintendo said in a statement.
Rare's software for Nintendo consoles declined to 1.5 percent of Nintendo's total sales worldwide for the fiscal year to March 2002, from 9.5 percent for the previous fiscal year. -- AFP
Xerox admits new probe of its books
WASHINGTON: U.S. prosecutors are examining the accounts of U.S. office equipment maker Xerox following a similar probe by federal regulators, the company acknowledged.
"Xerox Corporation learned this evening that the U.S. attorney's office in Bridgeport, Connecticut is conducting an investigation into Xerox's past accounting issues, which had been previously reviewed by the Securities and Exchange Commission," the company said in a statement released late Monday.
Citing people familiar with the inquiry, The Wall Street Journal reported Tuesday that the SEC had informed Xerox Treasurer Greg Tayler and other unnamed individuals that they could face a civil charge in the case.
According to the paper, Federal Bureau of Investigation agents recently questioned James Bingham, a former assistant treasurer at Xerox, who had asserted that he was fired for trying to rein in unethical accounting at the company. -- AFP
Salomon Smith Barney fined US$5 million
WASHINGTON: The U.S. securities industry's self-regulatory body Monday fined Citigroup unit Salomon Smith Barney US$5 million for issuing misleading research reports on failed telecom firm Winstar.
The National Association of Securities Dealers also said it filed a complaint alleging similar actions by Jack Grubman, formerly the top telecom analyst at the brokerage, and his assistant, Christine Gochuico.
The NASD's disciplinary action found Salomon, Citigroup's investment banking division, "failed adequately to disclose the risks of investing in Winstar, including important risks relating to funding and bankruptcy."
The NASD said the reports included a "buy" recommendation for the broadband firm Winstar, which filed for bankruptcy last year.
Salomon in the settlement "agreed to findings that it did not have a reasonable basis," for its recommendation.
Salomon's research reports strongly recommended Winstar as a "buy" with a 12-18 month price target of $50 even as the stock plummeted from approximately $20 on Jan. 25, 2001 to US 14 cents on April 17 of the same year. -- AFP