Foreign business news in brief

  • Business
  • Saturday, 19 Nov 2005

TOKYO: Tokyo Broadcasting System Inc (TBS) said its first-half net profit surged 64%, buoyed by gains from the sale of its stake in Tokyo Electron Co Ltd, the world's second largest maker of semiconductor processing equipment. 

The national broadcasting company made a net profit of 12.57 billion yen versus 7.65 billion yen in the same period last year. TBS said it booked capital gains of 16.9 billion yen from the sale of three million shares in Tokyo Electron. 

After the sale, equivalent to 1.7% of Tokyo Electron, TBS still has a 3.9% stake in the semiconductor processing equipment maker. – Reuters 

For Another perspective from The Daily Yomiuri, a partner of Asia News Network, click here


HONG KONG: CLP Holdings has questioned the accuracy of data on Australian-based energy assets that it bought from Singapore Power (SingPower) earlier this year for A$2.13bil, a report said. 

The South China Morning Post said CLP's allegations were revealed in the listing prospectus of SingPower subsidiary SP AusNet, which was involved in the CLP deal and scheduled to float on the Australia stock exchange next month. 

CLP claims that SingPower has understated projected expenditure on operations and information technology for the five financial years to March 2010 by A$15.8mil-A$24.7mil a year and that the number of customers was inflated by 50,000, resulting in an overstated gross margin of about A$10mil annually. – AFX-Asia 

For Another perspective from the China Daily, a partner of Asia News Network, click here


JAKARTA: JP Morgan is once again making a bid to acquire heavily indebted pulp and paper mill PT Kiani Kertas, as part of a new consortium with two other investors, Bisnis Indonesia reported, without citing sources. 

The newspaper gave no details on the new consortium. 

In August, JP Morgan withdrew from a consortium formed with Indonesian investment firm Kingsclere Finance. The original consortium had planned to buy Kiani Kertas for US$200mil cash and assume US$500mil of its debts. – AFX-Asia 

For Another perspective from the Jakarta Post, a partner of Asia News Network, click here

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