Siemens will start to run down its semi-conductor plant at Tyneside in northeast England this week with the loss of 1,100 jobs, the Independent said on Monday. The state-of-the-art factory was opened only a year ago and its closure follows the failure over the past six weeks to find a rescuer for the factory. Japan's Fujitsu has decided to close another microchip plant in the region. Closure of the Siemens plant will trigger the repayment of some of the 50 million pounds ($85.19 million) worth of government grants which had been provided to build the factory.

BUS ups forecast, plans share buyback:

German waste management and recycling company BUS Berzelius Umwelt-Service AG (BUS) said on Monday it had raised its forecast for its 1997-1998 business year to at least 67 million marks, an 86 per cent rise from the year-earlier result. BUS said in a statement that 53 million marks of the projected net profit consisted of recurring earnings, meaning thatoperating earnings are expected to have risen 47 per cent in business year which ends on September 30. It made an extraordinary profit on its disposal of its 42 per cent stake in the US firm Horsehead Resource Development and of its 2.56 per cent stake in Spain's BEFESA.

China passenger car sales up 10.1%:

Passenger car sales in China rose 10.1 per cent year-on-year to 2,50,000 vehicles in the first-half of this year as price cuts amid intense competition lured buyers, the China Securities newspaper said on Monday. Sales for all of 1998 were expected to hit 575,000 cars against 4,80,000 last year, the official newspaper said. "In early 1998, prices of various passenger cars were reduced by more than 11 per cent on average," it said. "In the short-term, fierce competition in the car market is inevitable." But the newspaper was optimistic about the medium-term prospects for car makers. Private car ownership was expected to rise though low incomes would hamper growth in the number of individualowners, it said.

CWC set to launch TV services:

The UK's largest cable company, Cable & Wireless Communications, is set to announce a low cost television and telephony offer on Monday, the Financial Times said. From next week, CWC was expected to provide 10 channels, including free and pay-television, a telephone line, and access to pay-per-view movies and Sports for 9.99 pounds ($17.02) a month. And for no extra charge, from next year, customers would receive the same channels in digital format. The announcement would come ahead of satellite broadcaster BSkyB's Thursday unveiling of its digital television service.

Cooper Industries drops bid for TLG:

Cooper Industries Inc, the US manufacturer of electrical products, tools and hardware, said on Monday it had let its agreed 321 million pound ($546.9 million) offer for UK electrical lighting group TLG Plc lapse. Cooper's 160 pence per share offer earlier this month had been trumped a few days later by British industrial conglomerateWassall Plc's bid at 175 pence a share which valued TLG -- the former Thorn Lighting Group -- at 351 million pounds.

Korea corp restructuring by December:

South Korean President Kim Dae-jung on Monday told the nation that restructuring of the nation's top five business conglomerates, or chaebol, would be completed by December at the latest. He also said the country's current account was expected to turn to a surplus of $37 billion this year from an $8.2 billion deficit last year, when the country plunged into a financial crisis that has triggered a severe recession.