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Mon, Mar 08, 2004 - Page 12 News List

World Business Quick Take


■ Profits expected to rise

Japan's publicly traded companies may report a 78 percent gain in net income this year, because of increased exports, lower costs and a recovery in the stock market, the Nihon Keizai newspaper said, citing its survey. Net income at 1,601 industrial companies may rise to ¥9.34 trillion (US$83 billion), according to the survey, which excludes banks, brokerages and insurers. Sales may gain 1.1 percent to ¥416.6 trillion, while group current profit, or pretax profit from operations, may climb 21 percent to ¥19.3 trillion, the first record high in three years, the paper said.

■ Hollinger

Barclays reconsider bid

The Barclay brothers will bid for Britain's biggest-selling broadsheet daily if it comes on the market separately from the other assets of Hollinger International, Sir David Barclay said yesterday. "We will bid for the Telegraph when it comes on the market on its own," Barclay told The Observer weekly but ruled out the possibility they might buy Conrad Black's entire Hollinger International media empire. "In fact, Hollinger has invited us to participate in the sale, and if they choose the route of selling it on its own, we'll bid," said Barclay.

■ Security chip

China planning standard

China is drafting a national standard for security chips used in personal computer mainboards, the China Daily reported, citing David Wei, a research director at Hong Kong-listed Legend Group Ltd. Legend, China's biggest computer maker, which has been appointed by the government to develop the security chip, is in talks to other companies to form an alliance to promote the standard, the report said, citing Wei. The chip will provide higher levels of security over current software information security measures such as anti-virus software and firewalls, the newspaper said, citing Wei.

■ Labor unions

Singapore pilot turfed out

Ryan Goh, a Singapore Airlines Ltd pilot singled out as the instigator in November's removal of pilots' union leaders, will lose his permanent residency in Singapore, the Straits Times reported. Singapore's Senior Minister Lee Kuan Yew last month said Goh instigated the leadership change of the Airline Pilots Association of Singapore, the report said. The union voted out its union leaders for agreeing to wage cuts last year. The Immigration and Checkpoints Authority on Saturday said it would cancel the permits Goh needs to maintain his residency, the newspaper said. Goh, a 43-year-old Malaysian national, has been a permanent resident of Singapore since 1981, the report said.

■ Finance

Woori picks new boss

State-run Woori Financial Group has recommended a former Samsung Goup executive as its new boss to lead the privatization of South Korea's second largest financial group, officials said yesterday. The group's recommendation committee said former Samsung Securities president Hwang Young-key, 52, was chosen as the sole candidate for Woori's chairman. The veteran international financier once worked at Britain's Banker's Trust Co and led the restructuring of Samsung Securities in 2001 as a confidant of Samsung Group owner Lee Kun-hee.

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