Marriot named best hotel in Asia

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

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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.

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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