Seven Network to pay back $ debt after MGM sale: Television broadcaster Seven Network Ltd said that it would pay back the United States debt it had taken on to hedge its stake in Hollywood studio Metro-Goldwyn-Mayer Inc after selling the stake. Earlier on Thursday Seven and Kirk Kerkorian's Tracinda Corp's said Tracinda would buy Seven's 25 per cent holding in MGM for $389 million or $24 a share, equal to Seven's original per-share purchase price. But Seven bought the shares in 1996 and has incurred interest costs since then on the debt raised to buy the shares.

Qantas profit soars despite Asia headaches: Qantas Airways Ltd announced a 21-per cent rise in net profit for the turbulent 1997-98 year, but warned it could still be battered by the Asian storm. All indications are that it will be difficult to match this year's record profit in 1998-99, said chairman Gary Pemberton after the airline posted a net profit of A$304.8 million ($180 million). Qantas acted quickly to stem and offset potential losses from the Asian crisis when it bit last year, quickly suspending certain routes.

Volvo S80 Orders reach 15,000 vehicles: Swedish vehicle group AB Volvo's car division said it had 15,000 orders for its new luxury Sedan, the Volvo S80, which was more than expected. It can be explained partly because dealers have ordered more demonstration models than we expected and we have also taken orders from customers who have not yet seen the car," Volvo car division spokesman Ulf Thorne said and added that it's difficult not to be satisfied with this order figure. Volvo launched the new model in May this year. The group aims to sell 100,000 of the S80 In 1999.

KLZ expects improved earnings: Building supplies and office materials group KLZ Ltd said it expects a significant improvement in profitability in the 1998-99 financial year despite the uncertain and difficult economic environment. This improvement in profitability is anticipated to come from the electrical products group which is expected to return to the level of profitability achieved in the 1997 financial year and from the absence of asset write downs and abnormal costs incurred in the past year said the company in a statement.

NRG says power plant to cost A$300 m: A new 368 mega watt gas-fired power station at Gladstone on the central Queensland coast will cost around A$300 million, developer NRG Asia/Pacific said. NRG, a unit of Northern States Power Co, said it has signed a gas supply agreement for the plant with Chevron Services Australia Pty Ltd, operator of the A$3.8 billion Papua New Guinea-Australia gas project. NRG managing director and chief executive officer Keith Hilless said the company would issue expressions of interest to potential customers in Gladstone for electricity, steam and waste heat requirements from the plant.

China to boost state bond issue by 100 bn yuan: China will issue an additional 100 billion yuan ($12 billion) in state bonds this year to fund infrastructure projects, central bank deputy governor Liu Mingkang said on Thursday. "The Chinese government is adopting more active fiscal policies and will increase the issue of state bonds by 100 billion yuan to increase investment in infrastructure," Liu told a financial seminar in Beijing.