Tancho to give dividends
JAKARTA (JP): PT Tancho Indonesia, a cosmetics producer, will distribute Rp 3.9 billion (US$1.85 million), or 50 percent of its after-tax profit in 1993, as cash dividends to its shareholders.
The company's president, Norimoto Asagiri, said over the weekend that those registered on the list of shareholders as of May 23 will be eligible to receive a dividend of Rp 300 for each share they hold.
He added that the firm's after-tax profit last year increased by 16.2 percent to Rp 7.84 billion from 1992 and its revenues by 27.8 percent to Rp 75.43 billion.
He projected that its revenues will likely rise by 24 percent to Rp 11.75 billion and after-tax profit by 9 percent to Rp 88.5 billion.
Norimoto also said that the firm built a five-floor office and factory building one month after it went public in September.
He said the company also invested Rp 7.45 billion in new machinery and equipment last year. (04)
RI-Korean trade to increase
SEOUL (JP): Indonesia's two-way trade with South Korea is expected to increase to US$5 billion this year from $4.6 billion last year, Indonesia's commercial attache for South Korea, Uty Mudjijono, says.
He told Indonesian reporters here Saturday that the two-way trade, which was always in favor of Indonesia, steadily increased from $607.3 in 1986 to $4.22 billion in 1992.
Mudjijono said Korea's imports from Indonesia include oil, wood, man-made fibers, ores, chemicals, while Indonesia's imports from Korea mostly consist of machinery and other capital goods.
According to Indonesian Ambassador M. Singgih Hadipranowo, there are many inquires from Korea for Indonesian commodities but Indonesian businessmen are apparently reluctant to reply to them or to meet the Korean demand for goods.
Mudjijono did not specify the figures for the two countries' bilateral trade. But according to the Indonesian Central Bureau of Statistics, Indonesia's exports to South Korea, which are calculated on the basis of their free-on-board (FOB) prices, increased to $2.22 billion last year from $2.08 billion in 1992. Indonesia's imports from that country, which are calculated on the basis of cost and freight prices, increased to $2.1 billion from $1.89 billion. (icn)
Philippines sets new tax
MANILA (AFP): Philippines President Fidel Ramos on Saturday slapped a three-percent tax on power generators and other items previously exempted from tariffs, an official statement said.
The statement said Ramos also ordered the imposition of the tariffs on various types of engines, shipping vessels, fertilizers and several other items.
The move signaled growing confidence that a crippling power crisis which caused him to end tariffs on power generator imports in 1993 was largely solved by the installation of new electricity plants, observers said.
The presidential statement said the taxes would earn the government an additional 283.7 million pesos (US$10.13 million.)
Thailand-Italy barter deal
BANGKOK (AFP): Frozen chickens, rubber gloves and other Thai products will be part of Thailand's payment to Italy for six military transport aircraft, local press reports said Saturday.
Commerce Minister Uthai Pimchaichon told local reporters on his return Friday that the deal would cover about 20 percent of the total 3.4 billion baht (US$136 million) cost.
He declined to give specifics, but the Bangkok Post quoted a commerce ministry source with the delegation in Rome as saying the Italians would increase imports of eight products as part of the deal.
The source named the products as frozen chickens, rubber, tapioca flour, toys, ceramics, sport shoes, plastic products and rubber gloves.
The Thai cabinet's decision in February to insist on counter- trade negotiations prior to finalizing any major purchases drew opposition from the military brass who said they were not qualified to negotiate such deals.
India to make Mercedes
STUTTGART, Germany (AFP): The presidents of Mercedes-Benz and Tat Engineering and Locomotive Co. (Telco) of Bombay signed an agreement last week for the production of Mercedes cars in India, Mercedes said.
The two companies have created a joint venture called Mercedes-Benz India which is to produce 200,000 cars a year and 500,000 diesel engines and petrol engines from 1995, a spokesman said.
Mercedes-Benz is to hold 51 percent of the venture and Telco would invest 250 million marks (US$147 million). A factory would be built near Poona.
Mercedes has worked for 40 years with Telco in which it has a stake of 10 percent. The first agreement for cooperation and licensing for lorries was signed in 1954.
Third World economies
NEW YORK (AFP): Growth rates in much of the developing world -- parts of Asia, Latin America and Eastern Europe -- will remain higher than those of the industrialized world in the next five years, according to a major financial rating service.
CreditWeek, a publication of Standard and Poor's, said growth rates would average six percent in Asia and nearly five percent in Latin America and Eastern Europe, compared with three percent in major industrialized countries.
Nariman Behravesh of DRI/McGraw Hill, author of the article, predicted a continuation of the trend that first appeared in 1989, when growth in developing countries began exceeding those of established industrial economies.
The trend was attributed to the slump in some of the major economies as well as changes in the emerging economies, including market reforms and an increase in spending on infrastructures.
Largest power barge starts
MANILA (AFP): President Fidel Ramos Saturday announced the formal activation of the world's largest power barge.
The 100 megawatt diesel-fired power barge, built at an estimated cost of US$319 million by a consortium led by Japanese firm, Mitsui and Co., is the first of two units to be installed in the southern province of Agusan del Sur.
The barge is intended to ensure that the serious power shortage that affected much of the country last year will not occur again, Ramos said at the symbolic-switching on.
The barge was installed under a build-transfer-operate contract whereby the consortium built the barge then handed it over the government although continuing to operate it for a specific period and charging Manila for the power generated.
The power barge was built by the Japanese firm Mitsui and Co., Mitsui Engineering, Burmeister and Wain Scandinavian Contractor and Astilleros Espanoles in partnership with the state-owned National Power Corporation.
Japan gives more time off
TOKYO (AFP): Faced with prolonged recession, Japan's major companies are giving employees more time off this year during the so-called "Golden Week" period, which is studded with public holidays.
A recent labor ministry survey of 1,330 companies, showed that firms planned to give workers an average 6.2 days off in the period from April 23 to May 8 -- up 0.6 days from the last year.
The ministry also said Friday that 86 of the companies would give 10 or more consecutive days off over the period, the largest number of firms doing so since the annual survey began in 1981.
"Golden Week" has six Saturdays and Sundays and four public holidays.
The ministry said the trend partly reflected production cutbacks forced by recession.
Companies in the manufacturing industry will give an average of 6.8 days off, compared with 5.5 days for non-manufacturing firms, the survey showed.
HK to sell more land
HONG KONG (AFP): The Hong Kong government announced Saturday sale plans for 28.21 hectares (69.68 acres) of land for residential buildings in a move to ease housing shortages in the crowded territory, officials said here.
Jim Hughes, the government's principal land agent, said this year's sale program would involve 40 sites where up to 10,000 apartments could be built.
The announcement follows Britain and China's decision Thursday to release 117 hectares (289 acres) of land for private commercial development and housing this year to cool down the territory's sizzling real estate market.
Hughes said the land sale program would not result in a significant upswing in residential construction activity, but would provide a "steady supply" of new residential housing.
Earnings from the sales are estimated to be HK$18.3 billion (US$2.3 billion), compared to last year's land sales revenue of HK$17.9 billion.