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Wednesday, November 11, 1998

World Briefing 

 
Sony to give Y65 bn shares to pension fund: Sony Corp will provide 65 billion yen worth of stock, including shares held under cross-shareholding arrangements, to its pension fund in an effort to improve the financial condition of the fund, the Nihon Keizai Shimbun business daily reported on Tuesday. A company spokesman was not immediately available to commenton the report. The business daily said Sony would sign a deal with IBJ Trust & Banking Co by the end of this month to put the shares in a trust account that specify the proceeds from the shares to be used for pension payments.As a result, the shortfall for Sony's pension reserves willbe reduced to around 200 billion yen, the paper said. The move will also result in a special profit of about 40billion yen on the group basis, the paper said.

GTI Corp sees rise in Q4 revenue: GTI Corp said it expects fourth- quarter revenues will be better than the $10.2 million of revenues it recorded in its third quarter. "Based on improved orderentry in recent weeks, the company believes revenues will be somewhat higher in the fourth quarter of 1998 as compared to the third quarter of 1998," the company said in a statement. GTI Monday reported a third quarter loss of $4 million, or $0.46 a share, on revenues of $10.2 million compared to a loss $1.5 million, or $0.17 a share, on revenues of $19.1 million in the comparable year-ago quarter. The company attributed the lower revenues in the latest quarter to lower unit volumes resulting from customer uncertainty related to its pending acquisition by a unit of Technitrol. The acquisition is scheduled to close by November 16. GTI makes magnetics-based components for signal processing and power transfer equipment.

Siemens sees semiconductor profits: Siemens expects to earn profits again in its semiconductor business in fiscal year 1999-2000 after reducing losses in the unit in fiscal year 1998-99, according to a newspaper report on Monday. The return to profits, however, is conditional on priceimprovements in the chip market, according to the head of semiconductors at Siemens, Ulrich Schumacher, in an interview with Germany's Sueddeutsche Zeitung.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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