Sun, Aug 01, 2004 page11

• Business Briefs

  • AGENCIES
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  ■ Semiconductors

  Intel delays chip update

  In the latest misstep for the world's largest chip maker, Intel Corp said a faster version of its flagship Pen-tium 4 microprocessor will not be available by the end of the year as previously pro-mised. The company told PC makers this week that the 4-gigahertz chip will not ship until the first quar-ter of next year. Currently, the fastest model runs at 3.6 gigahertz. "We felt by adjusting the schedule for the products, we could better meet our customers' volume requirements and their high expectations," said Intel spokeswoman Laura Anderson on Friday. She declined to elaborate on the reason for the delay. Last week, chief executive Craig Barrett sent a message to all employees urging them to "focus intensely on actions and attitudes that will con-tinue Intel's strong track record."

  ■ Labor

  Subsidies suggested

  A senior member of Singa-pore's labor federation has suggested that the govern-ment subsidize low-paid workers to reduce the city-state's dependence on foreign laborers, a news report said yesterday. Offering incentive packages for jobs with meager pay might attract Singaporean workers, The Straits Times newspaper quoted Ong Ah Heng, secretary general of the National Trades Union Congress, as saying. "A local may be willing to do the job, but when he receives the payroll, how is he going to pay his bills?" Ong was quoted as saying. He suggested the govern-ment provide subsidies of S$300 to S$400 (US$175-US$240) a month to supplement salaries for workers such as grass-cutters, which can be as low as S$700, the paper said. Singapore's labor leaders have warned in the past few weeks that the country faces rising structural unemployment and might need to reduce its high number of foreign workers.

  ■ Crime

  Enron's Rice pleads guilty

  Kenneth Rice, the former head of Enron Corp's high-speed Internet unit, pleaded guilty on Friday to one count of securities fraud and agreed to cooperate with federal prosecutors pursuing other cases related to the company's collapse. Rice faces a maximum of 10 years in prison and a fine of up to US$1 million. Sentencing was set for Jan. 31. The plea agreement with federal prosecutors also requires him to forfeit US$13.7 million in cash and property. Rice was charged n May last year with selling 1.2 million shares of Enron stock for more than US$76 million while he knew Enron Broadband Services was failing. The Justice Department says the unit never made a dime and was abandoned shortly after Enron's bankruptcy filing in December 2001.

  ■ Aviation

  Alitalia losses grow

  Italy's troubled airline Alitalia announced on Fri-day that it had incurred losses of 330 million euros (US$400 million) in the first half of this year. Net losses last year were 519.2 million euros compared to a profit of 93.1 million euros in 2002. The board of Alitalia also gave its go-ahead to the broad outlines of a rescue plan put forward by the airline's new boss Giancarlo Cimoli aimed at balancing the books by the end of 2006. The restruc-turing scheme is based on reduced staff costs, estab-lishing alliances and outsourcing activities such as airport services and aircraft maintenance.
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