Taiwan's Acer to slash 1998 profit forecast: Taiwan's computer giant Acer Inc was expected to slash its net profit forecast for 1998 to below T$4 billion from T$5.5 billion, a local newspaper said on Saturday. The Commercial Times newspaper said Acer would announce the downward profit adjustment after an August 28 board meeting. The report said Acer's expected profit shrinkage came mostly from heavy losses of its subsidiary, Acer Semiconductor Manufacturing Inc, formerly known as TI-Acer -- a former microchip joint venture with Texas Instruments. The report said Acer Semiconductor's losses had exceeded T$3 billion in the first six months of 1998, significantly sharper than an earlier forecast of T$1.2 billion loss for all of 1998. Acer took over full management of the money-losing microchip maker in June.Sydkraft acquires Norrlands: Swedish power producer Sydkraft said its unit Baakab Energi had acquired Sundsvall Energi's 50 per cent stake in Norrlands Energi at 100 million crowns.Local power utility Norrlands Energi, previously owned with equal shares by Baakab and Sundsvall, is then fully owned by Baakab and a subsidiary of the Sydkraft group, Sweden's largest private power producer. Norrland has an annual turnover of 370 million crowns and a customer base of 80,000 electricity consumers.
Imperial Invest profit soars: Consolidated net profit at Belgian holding company Imperial Invest NV soared 760 per cent to 1.13 billion Belgian francs ($30.4 million) in the 1997-98 financial year which ended June 30, newspaper L'Echo reported on Saturday. Earnings were driven by exceptional gains arising from the restructuring of companies in which it held stakes, including Gevaert and Kredietbank, the paper reported. Shareholders would be asked to approve at the company's annual meeting on October 14 an increase in the company's net dividend to 75 francs from 64.5 francs.
Korea to provide free land to foreign investors: In a bid to woo foreign investors, the South Koreangovernment has decided to give discount up to 50 per cent in government land lease and in some cases land free-of-cost to foreign companies who set up factories in South Korea. The government administration and local autonomy ministry announced the incentive to boost foreign investment. Under this plan, local governments will extend land for factories free-of-charge to a foreign firm, provided they invest over $3billion.
US, North Korea talks begin: The United States and North Korea on Saturday opened their first direct talks in five months, expected to focus on a range of issues including suspicions that Pyongyang has reactivated its nuclear capacity. North Korean vice foreign minister Kim Gye Gwan did not speak to reporters as he entered the US mission to the United Nations for the talks with US deputy assistant secretary for East Asian and Pacific Affairs Charles Kartman. The critical talks come just days after the New York Times reported that US intelligence had detected a secretunderground complex where they believe Pyongyang is working to revive frozen nuclear weapons operations.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page
