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Business briefs
NEW DELHI feb 9: Theft of inventory, bribes, and padding of accounts have cost naif of India s 600 largest companies about 12 million dollars in losses, a newspaper reported Thursday.
Audit firm KPMG Peat Marwick which analyzed data of the companies, said most of them believe fraud will increase because of declining social values, the Increasing sophistication of criminals and economic pressures, the Times of India newspaper reported.
The newspaper said that 86 per cent of the companies fired employees who committed such fraud.
It said 40 per cent of the internal fraud was through account padding and inventory theft. It said external fraud Included bribes and secret commissions paid to various people. Most of the respondents to the survey blamed poor internal controls for the fraud, it said
TOKYO: Japan's Mitsui Trust A Banking Is considering further job cuts, but the exact number Is still undecided a spokesman for the bank said Thursday
The Japanese trust bank, which shed 1.000 employees between April 1992 and March 1994. will reatructure its overall operations but it is unclear how soon the plan will be finalized, the spokesman said
The spokesman denied a report in Thursday mornings Nihon Keizal Snimbun. a Japanese economic daily, that the trust bank plans to cut 1,000 Jobe over the next three years.
PEltTH: Herald Resources Ltd. has entered a Joint ven ^ture with Canadian company
Internationa) Annax Ventures Ine for mineral expiration in Kalimantan. Indonesia
The company said the venture would undertake work in the 1.350 square-mile (3.500 sq. km) area held by Herald/PT Indoraya in northwest Kalimantan.
Annax takes 60 per cent of the venture and Herald will be manager and responsible for developing exploration programmes and budgets
Herald said Wednesday night that the area was within a broad magnetic are that could be traced across Kalimantan. The arc was a gold and gold-copper rich mineralized belt that hosted historic and currently producing mines.
It said the known widespread occurrence of gold, both within and imme-
dfately adjacent to the prop erty, gave it very high potential for new discovery
Kalimantan Is the Indonesian portion of the Island of Borneo, which Indonesia shares with Malaysia and Brunei.
CANBEMtA: An Australian consortium has signed agreements in Osaka that signal a major breakthrough for Australia In the tough Japanese building construction market. Trade Minister Bob McMullan said Thursday.
The Brisbane-baaed Asia Pacific Design Group has been engaged by Takahashi Building Co. to conduct a prefeasibility study covering planning, construction and marketing requirements for what will be Japan's tallest building - the 984 foot (300 metre) Abeno Sky Building in Osaka
McMullan said the agreement virtually guarantees APDG and other Australian firms a significant role in the 900 million (1.2 billion Australian dollar) US dollar project.
"Depending on performance and price-competitiveness. Australian companies stand to earn as much as 600 million dollars (450 mil Hon dollars) from the project over its lifetime of 1997 to 2004." McMullan said.
This is a remarkable achievement by the consortium. It is another boost for the Australian building Indus try, already buoyed by Its success in supplying kit homes to Kobe." to rebuild after last year s earthquake
MANILA: The Philippines merchandise exports hit and all-time high of 1.62 billion dollar in December, up '5 per cent from 1.41 billion dollar in November on strong sales of electronics and garments. the government said Thursday
The December exports were 24 per cent higher than in the same month a year - earlier, the National Statistics <>ffice reported.
Exports for all of 1995 were also better than many economists had expected.
For the entire year, Philippine exports totalled 17.4 billion dollars up 29 per cen from the previous year.
The statistics office has not yet announced import data for the month.
Economists say strong demand from the country's two largest markets — the United states and Japan — and increase intrs-regional trade are strengthening Philippine exports. — Source :