Hyundai Motor profit falls as costs rise
Seoul: Hyundai Motor, South Korea's largest carmaker, reported lower first-quarter profits on Tuesday because of higher research and development spending on popular new models like the EF Sonata sedans.
Hyundai, 10-per cent owned by US-German auto maker DaimlerChrysler, has invested heavily to improve the quality of its cars, replacing cheap compacts such as the Excel with sleeker models.

It is hoping for a profit rebound later this year on brisk sales of these new models, particularly in the United States, where it is increasing sales faster than its Japanese rivals.
"The first quarter was the worst for Hyundai. But the situation seems to be getting better from April," said Choi Yong-kyu, a fund manager at KEB Commerz Investment Trust Management.
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Murdoch's News Corp. shows profits in Jan-March, 2003
New York: Rupert Murdoch's News Corp. on Tuesday said it swung to a quarterly profit on stronger-than-expected results at its film business and a solid performance by its television divisions. News Corp., which owns the Fox television network, 20th Century Fox film studios and several satellite and newspaper properties, said its net profit rose to $275 million, or 21 cents per American Depositary Receipt, in the fiscal third quarter ended March 31. That compares with a year-earlier loss of $4 billion, or $3.16 per ADR, which reflected a $4.2 billion write-down in the value of its stake in Gemstar-TV Guide International Inc. News Corp. - which recently struck a deal to buy Hughes Electronics Corp. and its DirectTV satellite business for $6.6 billion - said revenue in the latest quarter rose 14 per cent to $4.4 billion.
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Oman reduces stake in $1.3 bn Indian refinery
Muscat: State-run Oman Oil Company (OOC), the investment arm of the Gulf Arab state, has cut its planned equity in India's Bina Refinery to two per cent from an initially expected 26 per cent, officials said on Tuesday. "OOC is still very much committed to the project. The size of its investment is irrelevant", a project official said. OOC and India's Bharat Petroleum Corporation Limited (BPCL) had been expected to each own a 26 per cent stake in a project that has suffered delays over questions about its viability.

The official said Bharat would now own the majority of the stake, doubling its share to 52 percent. The rest of the shareholding would be raised from private Indian investors.
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SARS-hit Cathay's April passengers down 66 pct
Hong Kong: Cathay Pacific Airways Ltd suffered its biggest hit yet from SARS in April, as passenger numbers fell 65.7 per cent from a year ago and Hong Kong's main carrier said on Tuesday it expected another plunge in May. "Bookings for the rest of May are no better and we do not expect recovery, when it comes, to be either quick or strong", said Ian Shiu, general manager for revenue management at Cathay. The airline said it flew 340,691 passengers in April, an average of 11,300 a day, compared with 915,741 in April 2002. Even after cancelling 45 percent of its flights, Cathay said seats were just 39.9 per cent full, half its normal load factor. The decline in passenger numbers was 13 percent in March.
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Viren Rastogi accused of shredding papers
London: NRI businessman and chief executive of collapsed metal trading firm RBG Resources, Viren Rastogi, has been charged with attempting to pervert the course of justice. Rastogi, one of Britain’s wealthiest Asian businessmen, appeared in Southwark Crown court on Monday. He is accused of shredding documents before police could search his residence. The charge follows an investigation into a suspected credit fraud which is believed to have cost the company $200 million. The court heard that Rastogi "shredded relevant documents on May 3, 2002, before police were afforded access to the defendant’s flat to execute a search warrant". Rastogi has been on bail since he was charged on February 14. He has surrendered his passport and must report to the police on Monday, Wednesday and Friday every week.
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I have quit AOL Time in disgust: Ted Turner
New York: CNN founder Ted Turner said he quit "in disgust" his post at AOL Time Warner, the media giant that absorbed his company. Turner also told Fortune magazine that he kicked himself for holding AOL Time Warner shares as he lost billions of dollars. He is concerned that his philanthropic causes will suffer. Fortune, which is also part of the AOL Time Warner conglomerate, noted that Turner will step down as vice-chairman of the corporation at Friday’s annual shareholders meeting in New York.
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