Marriot named best hotel in Asia

JAKARTA: The JW Marriot Hotel Jakarta has been awarded "the best new business hotel in Asia" by the Business Asia magazine and Bloomberg TV Asia Pacific, according to a statement from the hotel.

The hotel, which has been in operation in Jakarta for less than two years, was the second hotel to be granted such an award, but the statement did not name the other.

General manager John Jaskula officially received the award at the Fifth Annual Business Hotel in Asia Awards Ceremony on Tuesday in Shanghai. -- JP

;JP;JSK ANPAf..r.. CorporateBrief-Zurich-job Zurich announces 4,500 job cuts JP/14/Brief

Zurich announces 4,500 job cuts

ZURICH : Zurich Financial Services is to increase its capital and slash 4,500 jobs, the Swiss insurance group said on Thursday as it posted a US$2.02 billion dollar (2.03 billion euros) loss for the first half of the year.

The company, which appointed American James J. Schiro to run the group in May, also said it would refocus its operations on its core insurance business in markets in North America, Britain and Europe and especially in Germany, Italy, Spain and Switzerland.

The new focus marks a change in course from the strategy of former chief executive Rolf Hueppi under whose leadership the group expanded rapidly.

The restructuring, which will cut the company's 76,500-strong workforce by 5.8 percent, is expected to cost $500 million after tax in the second half of the year.

But the company also aims to raise its capital with a $2.0 to $2.5 billion rights offer in order to help restore its finances. --AFP.

;JP;JSK ANPAf..r.. CorporateBrief-Daewoo-plants Daewoo car plants remain idle JP/14/Brief

Daewoo car plants remain idle

SEOUL, South Korea : All three car plants of Daewoo Motor Co. remained idle for a ninth straight day after one of its largest parts suppliers stopped shipment to protest overdue payments, the company said Thursday.

Company officials were concerned that a prolonged suspension could delay General Motors Corp.'s agreement to take over Daewoo's passenger car assets. Daewoo was declared bankrupt last year.

Korea Delphi Automotive System Corp., which accounts for 20 percent of Daewoo's parts from outside, stopped shipment Tuesday last week to protest unpaid bills totaling 20 billion won (US$16.7 million).

Delphi, which makes air conditioners, steering gear and other key auto parts, said it cannot operate because of a cash crunch worsened by the overdue payments.

An association of 191 parts suppliers, which halted supplies last week, said Wednesday that they would resume shipment. --AP