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Mon, Jul 28, 2003 - Page 12 News List

World business quick take


Mutiny won't affect banks

Philippine banks will open for business as usual today, central bank Governor Rafael Buenaventura said. His comments came after a group of rebel soldiers seized a hotel and planted bombs in Manila. The soldiers charged Philippine President Gloria Arroyo with corruption and other crimes and were demanding her resignation. The mutineers stormed a financial district in Manila, wiring explosives throughout the area and taking up defensive positions near a hotel popular with expatriates, many of whom -- including the Australian ambassador to the Philippines -- were held briefly before being released.


Yanjing grabs Fujian firm

Beijing Yanjing Brewery Co, China's second-biggest brewer, bought a majority stake in Fujian province's largest brewery, the first takeover in the industry involving two publicly traded companies, Beijing Youth Daily said. Yanjing Brewery purchased a 38.15 percent stake in Huiquan Brewage Group Inc for 362.4 million yuan (US$43.8 million) from local authorities in the eastern province of Fujian, making it the majority shareholder, the report said. Huiquan produced 371,870 tonnes of beer last year, generating 900 million yuan in sales. The Hui'an, Fujian province-based brewery went public on the yuan-denominated A-share stock market on Feb. 26 and raised 450 million yuan.

Corporate ethics

Sony establishes guidelines

Sony Corp established a corporate code of conduct for its executives and employees worldwide to reduce management risk and promote fair competition, the Nihon Keizai newspaper said. The 20 rules in four sections on legal compliance, human rights, fair business activity and ethical behavior will soon be published on Sony's Web site, the newspaper reported, without saying where it obtained the information. Executives and employees violating the rules could face penalties, the paper said. The code applies to Sony's group companies world wide, it said. The code will replace guidelines prepared in 1946 by one of Sony's founders, Masaru Ibuka, according to the report. The company felt the need to update the code because of the growing complexity of its activities, the report said.


Oki plant damaged by quake

An Oki Electric Industry Co subsidiary halted operations at a semiconductor plant in northeastern Japan after three earthquakes shook the area yesterday, the Nihon Keizai newspaper said. The unit yesterday barred employees from entering the clean room of the plant in Miyagi Prefecture, the newspaper reported. The plant will resume operations after the extent of the damage is determined, the report quoted an unidentified official of the subsidiary, Miyagi Oki Electric Co, as saying. An earthquake in May caused about Japanese Yen 1.2 billion (US$10 million) in damage to the plant, the report said. A Fujitsu Ltd semiconductor plant in the area halted then resumed operations at a local plant after finding no major damage, the newspaper reported. Plants of NEC Electronics Corp and Toshiba Corp in neighboring Yamagata Prefecture were not damaged, the report said. The most powerful of the earthquakes yesterday had a magnitude of 6.2.


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