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  • Thursday, 21 Aug 2003

Punitive tariffs sought against Hynix

TOKYO: Elpida Memory Inc, a joint venture between Hitachi Ltd and NEC Corp, and four Taiwanese memory chipmakers, including Nanya Technology Corp, have decided to urge their respective governments to impose countervailing duties on the DRAM products of South Korea's Hynix Semiconductor Inc, the Nihon Keizai Shimbun reported, without citing sources. 

Claiming that Hynix is receiving illegal subsidies in the form of loans from banks partly owned by the South Korean government, the five companies would seek countervailing duties that would neutralise Hynix's pricing advantage, it said. – AFX 

BHP going ahead with Vietnam plant

HANOI: Australia's BHP Steel said yesterday it will proceed with the construction of a US$105mil plant in southern Vietnam after winning vital concessions from the government. 

The company had lobbied hard for a guarantee on the continuation of zero per cent tariffs on the import of raw materials and equipment over a five-year period to ensure the financial viability of its investment. – AFP 

HP posts US$297mil profit for Q3

SAN FRANCISCO: Technology giant Hewlett Packard made a third-quarter profit of US$297mil, but its earnings were lower than expected. The company blamed the shortfall on the continuing weakness of the corporate market and tough competition from rival personal computer makers. 

The profit compared with a loss of US$2.03bil in the year ago quarter, when the company bore huge restructuring costs resulting from its merger with Compaq. – dpa  

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