Motorola launches four products

Motorola launches four products

JAKARTA: Motorola launched on Monday a series of new products in response to the skyrocketing sales of cellular phones in Indonesia.

The four new products are the C330, E360, V60i and T720 models, and were expected to capture much of the market share from other competitors in the country, an executive said here, adding that the company had funded a promotion campaign worth US$1 million this year in an effort to win the Indonesian market.

"We are optimistic that Motorola will be in second position in our target market," Motorola Asia-Pacific vice president Alan Goh said.

The Indonesian Cellular Phone Association recently reported that cellular subscribers in Indonesia had jumped to 8.1 million in the first half of the year from 6.5 million by the end of last year. -- JP

Mandala on-time performance rises

JAKARTA: PT Mandala Airlines's on-time performance rose to 85 percent over the past three months following an improvement in its check-in procedure.

The punctuality rose after the airline obliged passengers to confirm check-in one hour before flights, the company said in a statement.

In August this year, the airline received the "best customer appreciation award" from state-owned airport operator PT Angkasa Pura for its punctuality.

Mandala Airlines is one of the country's biggest domestic airlines and has been operating since 1969.

The company currently serves 13 cities: Jakarta, Medan, Padang, Makassar, Semarang, Surabaya, Denpasar, Manado, Batam, Balikpapan, Banjarmasin, Pekanbaru and Jambi. -- JP

RI's Salim eyes stake in China COSCO

SHANGHAI, CHINA: Indonesia's Salim Group has signed an initial agreement to buy a 45 percent stake in COSCO Property Group for US$500 million, the weekly 21st Century Business Herald reports, without citing any named source.

COSCO Property is a 45 percent-owned affiliate of China Ocean Shipping (Group) Co., a large conglomerate with international shipping as its core business.

The report said Salim Group will buy at least a 38.24 percent stake from COSCO Property's second-biggest shareholder, Shanghai COSCO. The report didn't say where Salim will buy the remaining 6.76 percent stake.

COSCO Property is the biggest shareholder of A-share listed Cosco Development Co., owning a 56.16 percent stake.

An official at COSCO Development said the company has yet to receive any notice regarding a change in the shareholding structure of its majority shareholder. -- Dow Jones

Bank Kesawan to offer 78.80 million shares

JAKARTA: Indonesia's PT Bank Kesawan will offer 78.80 million shares in an initial public offering scheduled for late November, the bank said Monday.

As a sweetener, the bank will attach three free warrants on every two shares which will entitle the warrant holder to buy one share for each warrant in the future at a discount.

The bank hasn't decided the price of the shares.

Bank Kesawan added it will use 60 percent of the proceeds to boost new loans, and the remaining 40% to open new branches and finance human resource development.

The bank has named PT Victoria Sekuritas and PT Kapita Sekurindo as lead underwriters for its offering. -- Dow Jones

Chinese oil firm invites foreigners for exploration

HONG KONG: China National Offshore Oil Co. (CNOOC) is inviting foreign companies to tender for exploration and development work in the South China Sea, its Hong Kong-listed firm CNOOC Ltd. said Monday.

China's major offshore oil and gas producer said the tender is for 12 virgin deepwater oil and gas blocks in the South China Sea.

"Exploration in this area will help tap the unexploited potential in offshore China. We welcome experienced companies with strong track record in deepwater exploration to partner with us in the exploration work," CNOOC executive vice-president Ru Ke said.

No meaningful exploration work has been done in these deepwater blocks so far, the company said in a statement.

CNOOC will own all the working interests caused by the exploration and development activities, according to the statement. -- AFP

Honda's motorbike plant in Vietnam to remain shut

HANOI: Japanese auto giant Honda Motor Co. Ltd. said Monday operations at its motorcycle factory in Vietnam will remain suspended for the foreseeable future as a result of government restrictions on auto part imports.

"We are taking matters on a day-to-day basis and negotiations are ongoing with the government to get them to try and understand our position. Other motorcycle manufacturers are also similarly affected," said Honda's spokesman.

Last Wednesday, Honda Vietnam, which dominates the local market with its top-selling Wave Alpha model, said it had temporarily shut down its motorbike manufacturing operations in Vinh Phuc province, west of Hanoi.

The decision was taken after the government's decision earlier this month to slash the number of sets of parts that motorbike assemblers could import during 2002 from 2.5 million to 1.5 million. -- AFP

HK labour groups warn of eroding labour rights

HONG KONG: International labour organizations on Monday warned of eroding labour practices in Hong Kong, citing the ongoing dispute between Cathay Pacific Airways Ltd. and its pilots.

The labour groups said the Cathay pilots dispute over pay and roistering exemplified the worsening problem of "eroding labour practices in Hong Kong, an environment in which global businesses are free to exploit workers due to lax labour laws and little protection from government agencies."

The statement was from labour groups including the International Federation of Air Line Pilots Associations and groups from Asia, Australia, Canada, Finland, New Zealand, Spain, Switzerland, Britain and the United States. -- AFP