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Mon, Jul 14, 2003 - Page 12 News List

World Business Quick Take

AGENCIES

■ Petroleum
Hitachi wins Russian deal

Hitachi Ltd, Japan's largest electronics maker, won a ¥6 billion (US$51 million) order for generators from Sakhalin Energy Investment for an oil and natural gas project off Russia's Sakhalin Island, Nikkei English News reported, citing company officials it didn't name. Tokyo-based Hitachi will deliver four 26.9-megawatt gas turbine generators and four gas compressors for the Sakhalin 2 project by the end of next year, the report said.The company, which mainly supplies generators to companies in Japan, expects the Sakhalin contract may lead to more sales overseas, according to Nikkei.

■ Electronics

Macronix ups investment

Macronix International Co, Taiwan's biggest maker of memory chips for electronic games, may invest tens of millions of dollars more in Tower Semiconductor Ltd, an Israeli maker of chips to order, the Israeli business daily Globes said, citing Macronix's president. President Miin Wu made the comment in a meeting with Israeli Minister of Industry and Trade Ehud Olmert and Taiwanese Economics Minister Lin Yi-Fu, the newspaper said. Macronix has already invested US$75 million in a plant of Migdal Ha'emek, Israel-based Tower Semicon-ductor, the paper said. Wu said Macronix has invested a total of US$100 million in Israeli companies, the paper added. Tower Semiconductor said in May its first-quarter net loss widened to US$14.4 million from US$12 million a year earlier because the costs of building a plant expanded.

■ Macroeconomics

China's GDP grows 8%

China will probably say its economy expanded 8 percent in the first half as strong export and fixed asset investment growth offset the effect wrought by the outbreak of SARS, Xinhua news service reported, citing Chen Dongqi, an official at a think tank funded by State Development & Reform Commission, China's top planning ministry. China's government plans to announce its second-quarter GDP later this month. In the first quarter, China's GDP rose 9.9 percent, the fastest pace in seven years. China's foreign direct investment rose nearly 30 percent in the first six months, the report said, without giving absolute figures. State investment, such as the building of roads and bridges, and exports rose 30 percent in that period, it said. Government investment will probably grow at a faster pace in the second half than the first, the report said.

■ Software

Chinadotcom sues AOL

Chinadotcom Corp, a Hong Kong-based software vendor, sued an executive at a unit of AOL Time Warner Inc over an aborted joint venture, the South China Morning Post reported, citing a court filing. Chinadotcom filed suit for unspecified damages in a Hong Kong court against Gerald Sokol, executive president of AOL International, the paper reported. Chinadotcom claimed it spent millions between 1999 and 2001 on promoting and developing online, communications and transaction services for AOL Hong Kong in expectation it would eventually form a joint venture with the unit of the US media company, the Post said. In June 2001, AOL announced a joint venture with Chinese computer maker Legend Holdings Ltd to develop Internet services for Chinese people. Chinadotcom claims Sokol deliberately concealed from Chinadotcom the negotiations with Legend, which continued throughout the second half of 2000.

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