"The tentative settlement was reached at the national table and our short-lived strike has been called off," he added. Spellane said the tentative settlement covered the 19,000 workers at his union as well as the 25,000 Union members of the Communications Workers of America (CWA).

Cathay Pacific To cut up to 7% staff: Cathay Pacific Airways Ltd said that the airline would trim staff a further five to seven per cent through natural attrition and hiring freeze in a bid to save cost. "David Turnbull, our managing director, had said that given the decline in business,he envisaged a further slimming down of the size of the organisation," Cathay Pacific spokesman Andrew Herdman said. "(Turnbull) anticipated that happening through a combination of a selective hiring freeze and natural attrition," he said. The territory's flag carrier, which has about 15,000 staff, announced in January it would lay-off 760 employees.

Nippon, Posco tie-up

Rio Tinto sore over ties: Rio Tinto has expressed concern about a proposed alliance between the world's two biggest steel-makers, Nippon Steel and Pohang Iron and Steel Co (POSCO). Rio Tinto chief executive Leon Davis said in a television interview aired in Australia that a marriage between Japan's Nippon and South Korea's POSCO could lessen competition for iron ore.

POSCO, the world's second largest steel-maker, said on Tuesday it might seek an equity swap with number one Nippon Steel to defend its managerial control. A spokesman quoted chairman Yoo Sang-boo as saying an equity swap was a good way to fend off hostiletakeover bids.

Telstra Corp

Microsoft in Australia Telecommunications carrier Telstra Corp Ltd said on Monday that it would carry Microsoft Corp's products and services on its Big Pond cable network. Telstra said its cable network passes 1.6 million Australian homes and businesses, and will allow quicker Net access than conventional telephone lines. "This creates new buiness models and will to substantial savings in time and money for a whole range of professions and industries as the applications appear," said Telstra managing director, Internet and Data services, David Stokes-McKeon.

It already carries its jointly-owned pay television service, Foxtel.News Corp and Telstra have a 50-50 interest in Foxtel.

Finnish telecom Nokia to up production in Germany

Finnish telecommunications equipment group Nokia is to boost production of mobile phones at Bochum, Germany, business daily Kauppalehti reported on Monday. An eighth production line in Bochum would be finished in August, the papersaid. It quoted unnamed sources as saying that Nokia's board was due to decide on further investments at Bochum during the next few days.

New Zealand investment firm Brierley says not selling Fairfax

New Zealand investment group Brierley Investments Ltd rejected reports on Monday that it would try to sell its 23.63 per cent stake in Australian newspaper publisher John Fairfax Holdings Ltd. The Australian newspaper, owned by Rupert Murdoch's NewsCorp Ltd, said new Fairfax chairman Brian Powers left for the United States on Saturday to seek a buyer for Brierley's stake.

Brierley announced on Friday night that new Fairfax director Powers had been made chairman after the resignation of Brierley appointee Rod Price from both the Fairfax and Brierley boards. "We don't normally comment on what we are buying or selling but the only comment I would make is that the report in The Australian (newspaper) is absolute nonsense," Fairfax deputy chairman and Brierley Australia chief executive Jonathon Pinshawtold Reuters.

Hahimoto govt Japan ends four-year coalition government

Japan's four-year ruling coalition broke up on Monday when two allied parties cut ties with prime minister Ryutaro Hashimto's Liberal Democratic Party (LDP), officials said. The break-up leaves the LDP without a majority in the upper house, but it retained its dominance in the more powerful lower house.

During a meeting of leaders of the three allies parties, Takako Doi, chairwoman of the Social Democratic Party (SDP), told Hashimoto her party would quit the ruling camp, party officials said. ``She has just told (the premier) of our intention,'' an SDP official said. Hashimoto accepted immediately, LDP officials said.