BIZ BRIEFS

No sales tax hike’

TOKYO:

Japan’s sales tax isn’t likely to be raised before prime minister Junichiro Koizumi’s term as party president expires next September. Shinzo Abe, a former secretary-general of the party who is seen as potential successor, acknowledged a sales tax hike is being considered, but reiterated that Koizumi has vowed not to increase taxes during his term. — AP

Sinopec reports profit

HONG KONG:

Asia’s largest oil and gas refiner by capacity, China Petroleum & Chemical Corp — or Sinopec — said on Monday its net profit for the first half of 2005 surged by 17 per cent, thanks to high oil prices and strong domestic demand, fueled by the booming Chinese economy. Net profit in the six months through June totaled $2.43 billion, up from the same period last year. — AP

Strike at Kia, Hyundai

SEOUL:

Assembly lines at South Korea’s two biggest automakers partially shut down on Monday as workers at Kia Motors Corp joined colleagues at Hyundai Motor Co who walked out last week seeking higher wages. Workers at Hyundai, South Korea’s largest automaker, which owns 38.7 per cent of No 2 Kia, laid down tools for part of a third day after similar action on Thursday and Friday. — AP

Tiger Airways popular

SINGAPORE:

Budget carrier Tiger Airways said on Monday that it hit the half-million passenger mark ahead of its first-year anniversary. The 500,000th passenger flew from Singapore to Ho Chi Minh City, Vietnam, said the airline, which is an affiliate of Singapore Airlines Ltd. Tiger, which competes against Jetstar Asia and Valuair in the domestic market, started commercial flights in September last year. The airline currently flies to Thailand, Vietnam, Macau, the Philippines and Indonesia. — AP

Nokia, Telsim JV

HELSINKI:

Nokia Corp said it had reached a settlement with Telsim over money owed to it by the Turkish network operator. The pact, subject to the successful sale of Telsim’s assets, was made possible by an arrangement between Telsim and the Turkish Savings and Deposit Insurance Fund, TMSF, which currently controls and manages Telsim’s assets. — AP

CSA reports net loss

HONG KONG:

China Southern Airlines (CSA) Co, one of the country’s biggest carriers, reported a net loss of $112 million in the first half of 2005 as higher fuel prices and increased domestic competition cut into earnings. During the same period last year, the carrier reported a net profit. Revenue rose to $2.2 billion in the first half of 2005, up from a year-ago. — AP

SIA to add flights

SINGAPORE:

Singapore Airlines Ltd said on Monday that it will introduce more flights to some cities later in the year to meet an expected increase in demand during the year-end holiday season. From October 30, flights to Taipei will rise to 17 per week from the current 14 while those to Adelaide, Australia, will increase to five from the current four. — AP