Indian software firms plan multimedia mart in Japan TOKYO: In a bid to capture a share in the lucrative Japanese market, Indian software companies are setting up ``Softopia Japan'', a multimedia mart in Gifu prefecture west of Tokyo.

The Indian companies also plan to form a bilateral committee to secure business from Japanese firms, a report in the Nihon Keizai Shimbun newspaper said.

The report said Indian companies could help Japanese computer giants like NEC, Fujitsu and NTT in reprogramming software that would be needed at the turn of the century.

Germany, Brunei sign letter

BANDAR SERI BEGAWAN: The Brunei Oil and Gas Agency and state-owned German engineering company IAB signed a Letter of Intent to build a refinery in Brunei costing 2.6 billion marks ($1.5 billion), IAB said in a statement. The refinery will be capable of processing about eight million tonnes of crude oil and atmospheric residues a year.

The signing was witnessed by German education, science and research minister Juergen Ruettgers, who is accompanying German chancellor Helmut Kohl on a two-day official visit to Brunei.

IAB said a feasibility study of the project should be completed by the end of 1997. Construction would take four and a half years.

IAB said it expects $500 million of the cost would go to German companies in orders for the project, mostly to companies in the former East Germany. IAB is based in Leipzig in eastern Germany.

The refinery will include a catalytic cracking unit and will produce mainly gasoline, diesel fuel and kerosene for export, mainly to South-east Asian countries.

SIMEX Nikkei futures end easier

SINGAPORE: SIMEX Nikkei futures erased their early gains to end slightly easier on Thursday but dealers said the market remained on an overall uptrend after hitting a new year high in the morning.

The benchmark Nikkei 225 June contract ended 30 points easier at 19,360 after touching a peak of 19,640.

Dealers said the market was volatile with the June contract falling as low as 19,235 in the second session and racking up an active 20,795 lots despite the Labour Day holiday in Singapore.

"It was probably just some profit-taking because we did see quite a good rally in the morning," a trader with a US futures house said.

He said news of a 12.7 per cent drop in Japan's April domestic vehicle sales, marking the first year-on-year decline in eight months, could also have been a factor.

But dealers said sentiment remained fairly bullish, particularly on the back of Wall Street's recent gains and the yen's weakness.

"Some people are even looking at 20,000 now," the trader said, adding that the June Nikkei would face some resistance around 19,500 and at Thursday's high of 19,640.

Utility Cable down after warning

LONDON: Shares in cable-laying firm Utility Cable Plc were sharply lower on Thursday after it gave a profits warning when announcing interim results, dealers said.

Utility Cable shares were down 4.75 pence, or 26.76 per cent,to 12.5P by 0740 GMT in volume of 280,000 while the FTSE-100 index was 7.3 points, or 0.16 per cent, higher at 4443.3.

Utility Cable said its pre-tax profit was 1.8 million sterling for the six months to February, against 2.2 million sterling in 1996.

It said in a statement it experienced operational difficulties in its core business of cable TV duct installation and exceptional losses in certain completed contracts which resulted in a disappointing group profit.

"We do not believe that profits from our cable TV business will fully allow us to achieve our original expectations or reported profits for the 1996 financial year. This situation may be reflected in the full year dividend," Utility Cable said.

World drug sales rise 6%

LONDON:Pharmaceutical sales in 10 of the world's leading markets rose by six per cent year-on-year in local currency terms in the first two months of 1997, totalling $26.4 billion, market researcher IMS International said on Thursday.

Strongest growth was seen in the US which was the only country to see a double-digit sales rise. In Europe, where sales in the top seven markets grew by four per cent, France overtook Germany as the biggest spender on prescription drugs.

Sales in France rose seven per cent in local currency terms to $2.62 billion, while in Germany they slipped back by one percent to $2.60 billion. IMS said that by category, strongest growth was seen by sales of anti-infectives, central nervous system and sensory organ drugs. (Reuter) Voting opens in British poll

LONDON: Voting began in Britain's election on Thursday when polling stations opened at 7 am (06.00 GMT).

Opinion polls show Britain's 44 million voters will elect a Labour government after 18 years of Conservative rule. Voting ends at 21.00 GMT and the first exit polls, giving a guide to the final result, are expected soon afterwards.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.