Thu, Nov 20, 2003 page12

• World Business Quick Take

  • AGENCIES
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  ■ Airlines
  Ted tickets go on sale

  United Airlines began selling tickets on its low-fare carrier Ted, a venture executives said would play a crucial role in the future of the bankrupt company. Ted, which will start flying in February, will be based at Denver International Airport, the home of discount carrier Frontier. The Ted fleet will begin with four Airbus A320 aircraft and expand to as many as 45 planes by the end of next year. United is pitching Ted as laid-back fun, with overhead programming -- Tedtv -- that will include music videos, standup comedy and sitcoms. The headsets for Tedtunes will be free, though merchandise such as children's toys will carry a price tag. Ted is expected to have 106 daily flights by early April.

  ■ Banking

  Seoul to sell Kookmin stake

  South Korea will auction off its entire 9.1-percent stake in Kookmin Bank, the country's largest commercial bank, next month, the Ministry of Finance and Economy said yesterday. The ministry will sell its 30.6 million shares in Kookmin Bank outside the market in order to minimize impact on overall stock prices. "Bids will be invited by no later than early next month and the winner or winners will be chosen by mid-December," a ministry spokesman said. The ministry originally expected to make 1.6 trillion won (US$1.35 billion) from the sale but it may have to settle for less because of a weakening stock market. Kookmin is one of many South Korean banks which received public funds during the 1997 to 1998 Asian financial crisis.

  ■ Semiconductors

  Hynix files suit against EU

  South Korea's Hynix Semiconductor Inc, the country's second-largest semiconductor maker, said it filed a suit against the EU seeking to overturn tariffs on imports of its computer memory chips. Hynix submitted a petition to Europe's Court of First Instance alleging that five-year tariff of 34.8 percent levied by the EU on its chip imports is illegal, the company said in a statement sent by e-mail. Hynix will get back the duties it has already paid if the case is upheld, it said. In August, Europe's 15-member bloc levied the duty on Hynix's dynamic random access memory chips, or DRAMs. Hynix's competitors in Europe, the US and Taiwan have complained about South Korean financial support for the company. The US government has imposed tariffs of 45 percent on Hynix memory chips.

  ■ Entertainment

  Singapore goes digital

  With filmmakers scrapping traditional celluloid for digital, Singapore announced yesterday its plans to construct cutting-edge digital screens in a bid to become a major distributor of Hollywood movies in Asia. Cinema chain Eng Wah Group said at a news conference with media officials that it will spend US$9 million (US$5.23 million) over the next year to make 20 of its screens digital. "Instead of projectors and film reels, workers will now handle servers fiber optics, or satellite, and brand-new digital cinema projectors," said Tan Ching Yee, the head of the government's Infocomm Development Authority. The move will mean that Singapore, a city-state of 4 million, will account for more than 12 percent of the world's digital movie screens -- third after the US and China with 79 and 35 screens respectively, the authority said in a report, citing industry figures.
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