Shipper Eyes Internet Cocoa Sales

Ivory Coast's leading cocoa and coffee shipper, SIFCA-JAG, is looking at selling commodities via the internet by the 2002-2003 season, according to the head of the company. "By 2002-2003 I expect to sell via the Internet... among other methods," SIFCA-JAG's chief executive officer, Yves Lambelin, said. "Pre-selected buyers with whom we often trade - such as Mars - will be able to buy via our web-site," he continued, adding that more traditional methods will continue to be used. The company plans to launch its own Web site within the next month with information on developments in the cocoa and coffee sector in Ivory Coast. Lambelin said that he prefers to wait before using the site for sales until telecommunication facilities between Ivory Coast and the outside world improve. "Selling via the Internet would avoid a lot of traveling; it would simplify things. But the site should be accessible, and that will only be the case as soon as all telecommunication problems have been solved," he said. Lambelin said that there were bound to be skeptics initially, as there were when bulk shipment of cocoa first came in, but he added that the Internet is a way of saving time wasted trying to track people down by telephone or in person, and would soon catch on. SIFCA-JAG is expected to ship 350,000 tons of cocoa - about one third of the crop - and 60-65,000 tons of coffee in the 1999-2000 season. ABB Upgraded Swiss bank Pictet & Cie is upgrading Swiss-Swedish engineering and technology company ABB Ltd. to a "priority buy" from a "buy". Priority buy means the stock is on Pictet's focus list, with strong outperformance expected. A buy rating means moderate outperformance is expected. "The forthcoming nine-month results should lend the stock some very solid support whilst business prospects are brightening as the economic recovery gathers momentum in Europe," Pictet said. "Moreover, the recent shift to a single unified share structure will facilitate ABB's involvement in any M&A activity," the bank said. Pictet said its price traget for the coming months was 180 Swiss francs.