SGIO positive on improved results: Insurer SGIO Insurance Ltd posted an expected net loss of A$11.8 million for 1997-98 on Tuesday, but said the outlook was positive for an improved overall result this year. The net loss, flagged by SGIO last month, included a A$25million pre-taxabnormal expense taken as an additional workers compensation provision in Western Australia. "The continuing outlook for improved overall results is positive due to premium increases and reduced exposure to workers' compensation in the year ahead," SGIO said.

CDC to buy stake in Tuntex unit Tuntex (Thailand) Plc said it would sell 10 per cent of subsidiary Tuntex Petrochemicals (Thailand) Plc to Taiwan's China Development Corp (CDC) for 886.50 million baht ($21.10 million). In the statement to the Stock Exchange of Thailand, Tuntex said it would sell 49.25 million shares of Tuntex Petrochemicals (Thailand) to the Taiwan firm at 18 baht per share for which payment would be made between September 1-7. Tuntex Petrochemicals is a manufacturer of pureterephthalic acid (PTA) with 4.925 billion baht paid-up capital. After the sales, Tuntex (Thailand) will hold 210.76 million shares or 42.79 per cent of Tuntex Petrochemicals paid up capital, the statement said.

$3 trillion goes up in smoke on WallStreet: Nearly three trillion dollars, representing the equivalent of Germany's economy, have gone up in smoke on Wall Street in the last five weeks, estimates from the New York Stock Exchange (NYSE) and the Nasdaq said. The Dow Jones Industrial Average (DJIA) tumbled 512.61 points (6.36 per cent) to 7,539.07 last night, erasing gains for the year and falling to its lowest level since last November. For the 30 Dow stocks, the losses amounted to $2.24 trillion since July 17, when the index hit a record high of 9,337.97 points. On the Nasdaq, dominated by high-tech stocks, the losses amounted to $588 billion since its record high set on July 20. The Nasdaq composite, off 20 per cent since its record, suffered its worst point drop ever -- 140.43 points or 8.56 per cent -- bringing it to its lowest level since July last year.Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.