Aviation to take off: Boeing
China will require more than 2,600 new airplanes worth US$213 billion over the next 20 years, US aircraft maker Boeing yesterday said in its market outlook for this year. Overall, Boeing expects China will become the world's second largest aviation market after the US, flying a 3,200-strong fleet of planes within 20 years. Most of the expansion will be in single-aisle aircraft such as the Boeing 737, the report said. Of the 2,600 new jets, an estimated 1,678 will be single aisle. Worldwide, Boeing projected that operators would invest US$2.1 trillion for approximately 25,700 new commercial airplanes in the next 20 years.
Siemens to shed 7,000 jobs
Industrial conglomerate Siemens AG said on Monday it will shed more than 7,000 jobs in Germany by slimming or shuttering three unprofitable units in a drive to improve earnings. The company said 2,400 jobs would go at its Siemens Business Services by September 2007 in a drive to reduce its annual costs at that division by euro1.5 billion (US$1.8 billion). Siemens also said it would dissolve its logistics and assembly systems unit on Oct. 1, spinning off struggling parts of the business with 5,000 employees. It said there would be more job cuts at its telecommunications equipment division. About 164,000 of Siemens' worldwide work force of 430,000 are employed in Germany. Chief Executive Klaus Kleinfeld, who took over the Munich-based firm in January, has won praise for shedding its unprofitable mobile-phone unit along with 6,000 employees. BenQ (明基) of Taiwan is taking over that business.
Samsung ups forecasts
Samsung Electronics Co raised its shipment forecasts for the industry, citing higher-than-expected demand for panels used in televisions and computers. Samsung expects global shipments of LCD panels sized at least 10 inches diagonally to rise 46 percent to 191 million units this year from 131 million last year, Chu Woo Sik, head of investor relations at the company, said yesterday. Shipments for next year are expected to increase 24 percent to 236 million units, he said. Samsung raised its forecasts for TV panels by 10 percent to 22 million units, while boosting its estimates for notebook panels 5.3 percent to 60 million units and 7.1 percent to 105 million units for desktop monitors, Chu said. Samsung's own third-quarter large-panel shipments are poised to rise 18 percent from the second quarter to 11.7 million units and increase 12 percent to 13.1 million panels in the fourth quarter, Chu said.
US executive to stand trial
An Indonesian court ruled yesterday that a US executive with Newmont Mining Corp, the world's largest gold mining company, must stand trial in connection with allegations the company dumped mercury and arsenic-laced pollutants into an Indonesian bay. Richard Ness, the president director of Newmont's local subsidiary, faces up to 10 years in prison and a fine of US$68,000 if convicted. He remains free pending the verdict. The government says Newmont Minahasa Raya violated environmental laws by dumping millions of tonnes of pollutants into Buyat Bay on Sulawesi island.