Power outage hits Posco Steel Mill
Work at part of a steel complex owned by South Korea's Pohang Iron and Steel Co (POSCO) was halted for more than an hour on Sunday morning due to a power outage, a mill spokesman said. "Our mini-mill (in southern Kwangyang) was halted due to a power stoppage from 9.50 to 11.00 a.m this morning, but all operations are now back to normal." said the spokesman. When the power failed, dust collectors in the mill stopped working. This led to a fire that burned some cables but was quickly put out, he said. The cause of the power outage was being investigated, he added. The steel complex has an annual capacity of 14 million tonnes of crude steel, said the spokesman.Two Bangladeshi companies propose dividends: Two Bangladeshi companies have proposed dividends for calendar 1997, Dhaka Stock Exchange (DSE) officials said on Sunday. They said the companies placed the dividend proposals with the DSE on Sunday. They will be formally announced at the companies' annualgeneral meetings. Following companies are due to declare dividends): Uttara Finance -10 per cent;IFIC Bank - 25 per cent, according to resport.
Taiwan finds huge gas, oil reserves: Taiwan's state-owned Chinese Petroleum Corp has found a huge gas and oil field in central Miao-li county with natural gas reserves reaching 310 million cubic metres, the state news agency said on Sunday. Explored in a single oil well dubbed Paishatun No. 8, the reserves also include condensed oil of some 38,000 kilolitres, according to initial estimates, the Central News Agency quoted Chinese Petroleum president Pan Wen-yen as saying. This would be the biggest single oil-well reserve explored by the state monopoly in Taiwan in the past 10 to 20 years, the agency quoted Pan as saying.
Asian crisis could delay Thai bond issue -- minister: Thailand might have to delay floating offshore bonds originally planned for July because of Asia's deepening financial crisis, finance minister Tarrin Nimmanahaeminda was quotedby a newspaper as saying."We may have to delay the original plan to start floating them from July because of money market volatility. We need to watch for a right timing," the Siam Rath newspaper quoted Tarrin as saying on Saturday when he was asked about Thailand's plan to issue up to $5 billion of offshore sovereign bonds by end-2000.
Finance ministry officials said earlier Thailand would likely issue a first tranche of between $1 billion and $2 billion in international bonds by July to raise funds for meeting growing fiscal spending and alleviate social problems arising from its worst economic crisis in decades said the spokesman.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
