CHINA'S SHENHUA ENERGY POSTS US$2.8 BLN IN NET PROFITS IN 2007
BEIJING (ANTARA News/Asia Pulse) - China's largest coal producer Shenhua Energy Co., Ltd. (SSX:601088, SEHK:1088) earned 19.766 billion yuan (US$2.8 billion) of net profits in 2007, an increase of 18.9 per cent year on year, according the annual report issued by the company Monday.
The per share earning was 1.066 yuan, said the report.
In 2007, Shenhua generated 82.107 billion yuan of operating turnover, increasing 65.186 billion yuan or 26.0 per cent over the previous year; and 29.959 billion yuan of operating profits, up 24.76 billion yuan or 21.0 per cent year on year.
PHILIPPINES' PETRON TO CONSTRUCT US$1.5 BLN PLANT
MANILA (ANTARA News/Asia Pulse) - Philippines oil giant Petron Corporation is set to construct the second phase of its Petro FCC plant worth US$1.5 billion.
Nicasio Alcantara, chairman of Petron Corp., said the project is expected to be completed 2013 to 2014 with the construction to start on 2009.
It will be funded using equity and borrowings, Alcantara said during a press briefing Monday. He said there was no definite program yet, but the company was still determining the capacity of the second phase.
Last month, Petron opened the first phase of its Petro Fluidized Catalytic Cracker (Petro FCC) and a propolyne Recovery Unit (PRU) at its Bataan Refinery.
S KOREAN FIRMS' EXPOSURE TO BEAR STEARNS REACHES US$445 MLN
SEOUL (ANTARA News/Asia Pulse) - South Korean financial institutions' investments in ailing Bear Stearns Cos. is around 443.1 billion won (US$445.3 million), but its negative impacts would be limited following the sale of the U.S. investment bank, the financial watchdog said Tuesday.
According to the Financial Services Commission (FSC), local securities houses have invested 211.1 billion won in equity-linked securities issued by the American No. 5 securities house.
Exposures by local banks and insurers amounted to 40 billion won and 192 billion won, respectively.
NSW'S US$11.5 BLN RAIL PROJECT TO LINK SYDNEY TO NORTHWEST
SYDNEY (ANTARA News/Asia Pulse) - Sydney will have a metropolitan style rail system linking the city's northwest to the CBD in a A$12.5 billion (US$11.51 billion) project to be fully operational by 2017, the New South Wales government announced today.
The 17 station project will begin at Rouse Hill and travel though the northwest to St James station in the city centre.
The first Metro train will run in Sydney in 2015, operating between Castle Hill and Epping with the entire line to be fully functional two years later.
INDONESIA'S UNITED TRACTORS TO INVEST US$200 MLN THIS YEAR
JAKARTA (ANTARA News/Asia Pulse) - Indonesian heavy equipment company PT United Tractors (UT) (JSX:UNTR) said it will spend US$200 million this year, mainly on new equipment.
United Tractors finance director Gidion Hasan said replacement of old equipment used by its subsidiary PT Pamapersada will cost around US$150 million.
PT Pamapersada operates in mining contracting service handling a number of projects awarded by a number of major coal mining companies such as PT Adaro Indonesia, PT Kaltim Prima Coal, PT Tambang Batubara Bukit Asam (JSX:PTBA) and Kideco Jaya Agung.
MALAYSIA'S IOI CORP BUYS STAKES IN SARAWAK OIL PALM PLANTATIONS
KUALA LUMPUR (ANTARA News/Asia Pulse) - IOI Corporation Berhad (KLSE:1961) Tuesday said that it has signed agreements to acquire stakes in several oil palm plantation firms in the East Malaysian state of Sarawak for RM439,852,203 (US$139 million).
IOI Corp's effective stake in the plantation lands owned by the companies is equivalent to 65 per cent in value terms, with the balance predominantly held by the Land Custody and Development Authority (LCDA) and local natives.
IOI Corp, which is Malaysia's second largest plantation group, said the acquiree companies have a combined plantation landholding of 44,350 hectares of which 13,500 ha is planted with oil palm.
The proposed acquisition will increase the group's plantation holding to 365,800 ha.
INDIA'S TECH MAHINDRA SIGNS US$350 MLN DEAL WITH BT GROUP
MUMBAI (ANTARA News/Asia Pulse) - Tech Mahindra (BSE:532755) on Monday said it has signed a US$350 million deal with BT Group for providing communications solutions.
Tech Mahindra has signed a five-year deal to provide BT with application maintenance and support services for their business software solutions and open source software platforms, the company said in a filing to the Bombay Stock Exchange.
These services would be delivered from the firm's facilities in India and a new facility being setup in the UK to monitor BT's core business processes.
PETROVIETNAM TO LAUNCH MAJOR PROJECTS IN QUANG BINH
QUANG BINH (ANTARA News/Asia Pulse) - The Vietnam National Oil and Gas Group (PetroVietnam) will invest in a deep water seaport system, shipbuilding, thermoelectricity, LPG entrepot and fertiliser projects in central Quang Binh provinces Hon La area.
To this effect, an agreement to boost investment cooperation in the Hon La area was signed between PetroVietnam and the provincial People's Committee in Dong Hoi city on March 16.
Under the agreement, PetroVietnam will be allowed to get involved in mineral exploitation and tourism, trade and insurance
operations in the area.
S KOREAN WATCHDOG CLEARS WOORI FINANCE'S TAKEOVER PLAN
SEOUL (ANTARA News/Asia Pulse) - South Korea's corporate watchdog said today that there is no anti-competition issue with Woori Finance Holdings Co.'s (KSE:053000) planned deal to purchase a local life insurer, clearing the way for the merger between the nation's two financial companies.
The ruling by the Fair Trade Commission (FTC) followed a request made by the Financial Services Commission last month for a review of the proposed takeover deal by Woori Finance Holdings of LIG Life Insurance Co.
In January, a consortium of Woori Finance and Britain's largest insurer Aviva Plc agreed to buy a 91.65 per cent stake in the South Korean life insurer for 137.1 billion won (US$133.9 million).
According to the agreement, Woori Finance will own 51 per cent of the life insurer while Aviva will hold the remainder.
GENERAL MOTORS TO LAUNCH NEW SMALL CAR IN INDIA IN 2 YRS
NEW DELHI (ANTARA News/Asia Pulse) - To make India an export hub for small cars, General Motors India (GMI) on Monday said it will launch a new small car here in the next two years, which will be priced below its existing cheapest model.
The company also plans to increase its US$300 million export business of automotive components by 2-3 times in the next 3-4 years in the country.
General Motors Group Vice President David N Reilly told reporters there was enough room for another entry in the mini car segment.
He said the new small car would be priced lower than its current cheapest vehicle, the Chevrolet Spark.
Source:
Business in Asia Today - MARCH 18, 2008
published by Asia Pulse
COPYRIGHT © 2008
BEIJING (ANTARA News/Asia Pulse) - China's largest coal producer Shenhua Energy Co., Ltd. (SSX:601088, SEHK:1088) earned 19.766 billion yuan (US$2.8 billion) of net profits in 2007, an increase of 18.9 per cent year on year, according the annual report issued by the company Monday.
The per share earning was 1.066 yuan, said the report.
In 2007, Shenhua generated 82.107 billion yuan of operating turnover, increasing 65.186 billion yuan or 26.0 per cent over the previous year; and 29.959 billion yuan of operating profits, up 24.76 billion yuan or 21.0 per cent year on year.
PHILIPPINES' PETRON TO CONSTRUCT US$1.5 BLN PLANT
MANILA (ANTARA News/Asia Pulse) - Philippines oil giant Petron Corporation is set to construct the second phase of its Petro FCC plant worth US$1.5 billion.
Nicasio Alcantara, chairman of Petron Corp., said the project is expected to be completed 2013 to 2014 with the construction to start on 2009.
It will be funded using equity and borrowings, Alcantara said during a press briefing Monday. He said there was no definite program yet, but the company was still determining the capacity of the second phase.
Last month, Petron opened the first phase of its Petro Fluidized Catalytic Cracker (Petro FCC) and a propolyne Recovery Unit (PRU) at its Bataan Refinery.
S KOREAN FIRMS' EXPOSURE TO BEAR STEARNS REACHES US$445 MLN
SEOUL (ANTARA News/Asia Pulse) - South Korean financial institutions' investments in ailing Bear Stearns Cos. is around 443.1 billion won (US$445.3 million), but its negative impacts would be limited following the sale of the U.S. investment bank, the financial watchdog said Tuesday.
According to the Financial Services Commission (FSC), local securities houses have invested 211.1 billion won in equity-linked securities issued by the American No. 5 securities house.
Exposures by local banks and insurers amounted to 40 billion won and 192 billion won, respectively.
NSW'S US$11.5 BLN RAIL PROJECT TO LINK SYDNEY TO NORTHWEST
SYDNEY (ANTARA News/Asia Pulse) - Sydney will have a metropolitan style rail system linking the city's northwest to the CBD in a A$12.5 billion (US$11.51 billion) project to be fully operational by 2017, the New South Wales government announced today.
The 17 station project will begin at Rouse Hill and travel though the northwest to St James station in the city centre.
The first Metro train will run in Sydney in 2015, operating between Castle Hill and Epping with the entire line to be fully functional two years later.
INDONESIA'S UNITED TRACTORS TO INVEST US$200 MLN THIS YEAR
JAKARTA (ANTARA News/Asia Pulse) - Indonesian heavy equipment company PT United Tractors (UT) (JSX:UNTR) said it will spend US$200 million this year, mainly on new equipment.
United Tractors finance director Gidion Hasan said replacement of old equipment used by its subsidiary PT Pamapersada will cost around US$150 million.
PT Pamapersada operates in mining contracting service handling a number of projects awarded by a number of major coal mining companies such as PT Adaro Indonesia, PT Kaltim Prima Coal, PT Tambang Batubara Bukit Asam (JSX:PTBA) and Kideco Jaya Agung.
MALAYSIA'S IOI CORP BUYS STAKES IN SARAWAK OIL PALM PLANTATIONS
KUALA LUMPUR (ANTARA News/Asia Pulse) - IOI Corporation Berhad (KLSE:1961) Tuesday said that it has signed agreements to acquire stakes in several oil palm plantation firms in the East Malaysian state of Sarawak for RM439,852,203 (US$139 million).
IOI Corp's effective stake in the plantation lands owned by the companies is equivalent to 65 per cent in value terms, with the balance predominantly held by the Land Custody and Development Authority (LCDA) and local natives.
IOI Corp, which is Malaysia's second largest plantation group, said the acquiree companies have a combined plantation landholding of 44,350 hectares of which 13,500 ha is planted with oil palm.
The proposed acquisition will increase the group's plantation holding to 365,800 ha.
INDIA'S TECH MAHINDRA SIGNS US$350 MLN DEAL WITH BT GROUP
MUMBAI (ANTARA News/Asia Pulse) - Tech Mahindra (BSE:532755) on Monday said it has signed a US$350 million deal with BT Group for providing communications solutions.
Tech Mahindra has signed a five-year deal to provide BT with application maintenance and support services for their business software solutions and open source software platforms, the company said in a filing to the Bombay Stock Exchange.
These services would be delivered from the firm's facilities in India and a new facility being setup in the UK to monitor BT's core business processes.
PETROVIETNAM TO LAUNCH MAJOR PROJECTS IN QUANG BINH
QUANG BINH (ANTARA News/Asia Pulse) - The Vietnam National Oil and Gas Group (PetroVietnam) will invest in a deep water seaport system, shipbuilding, thermoelectricity, LPG entrepot and fertiliser projects in central Quang Binh provinces Hon La area.
To this effect, an agreement to boost investment cooperation in the Hon La area was signed between PetroVietnam and the provincial People's Committee in Dong Hoi city on March 16.
Under the agreement, PetroVietnam will be allowed to get involved in mineral exploitation and tourism, trade and insurance
operations in the area.
S KOREAN WATCHDOG CLEARS WOORI FINANCE'S TAKEOVER PLAN
SEOUL (ANTARA News/Asia Pulse) - South Korea's corporate watchdog said today that there is no anti-competition issue with Woori Finance Holdings Co.'s (KSE:053000) planned deal to purchase a local life insurer, clearing the way for the merger between the nation's two financial companies.
The ruling by the Fair Trade Commission (FTC) followed a request made by the Financial Services Commission last month for a review of the proposed takeover deal by Woori Finance Holdings of LIG Life Insurance Co.
In January, a consortium of Woori Finance and Britain's largest insurer Aviva Plc agreed to buy a 91.65 per cent stake in the South Korean life insurer for 137.1 billion won (US$133.9 million).
According to the agreement, Woori Finance will own 51 per cent of the life insurer while Aviva will hold the remainder.
GENERAL MOTORS TO LAUNCH NEW SMALL CAR IN INDIA IN 2 YRS
NEW DELHI (ANTARA News/Asia Pulse) - To make India an export hub for small cars, General Motors India (GMI) on Monday said it will launch a new small car here in the next two years, which will be priced below its existing cheapest model.
The company also plans to increase its US$300 million export business of automotive components by 2-3 times in the next 3-4 years in the country.
General Motors Group Vice President David N Reilly told reporters there was enough room for another entry in the mini car segment.
He said the new small car would be priced lower than its current cheapest vehicle, the Chevrolet Spark.
Source:
Business in Asia Today - MARCH 18, 2008
published by Asia Pulse
COPYRIGHT © 2008
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