AIR CHINA Q1 PROFIT UP 147% ON STRONGER YUAN, TRAVEL BOOM
Beijing (ANTARA News/Asia Pulse) - Air China Ltd. (SEHK:0753, SSX:601111, LSE:AIRC) has seen first-quarter profits soar 147 per cent, helped by the stronger yuan and booming travel demand.
Net income rose to 1.04 billion yuan (US$149 million),or 0.09 yuan per share, in the first three months ended on March 31, the carrier said in a statement to the Shanghai Stock Exchange on Friday.
China's economy, which slowed but still grew 10.6 per cent in the first quarter, has made business trips and holiday travels by air affordable to more residents.
The strong results saw Air China's shares surge by the ten per cent daily limit in Shanghai trading on Thursday.
INDONESIA'S ANTAM TO START BUILDING US$400 MLN ALUMINA PLANT IN TAYAN
Jakarta (ANTARA News/Asia Pulse) - Indonesia's state-owned mining company PT Aneka Tambang (Antam) (JSX:ANTM) is set to start construction of a US$400 million alumina factory in Tayan, West Kalimantan.
Based on the feasibility study, the cost of the project will rise to to US$400 million from an earlier estimate of US$250 million.
The exact figure is still being studied but it will increase to at least US$400 million due to a surge in construction costs,
Antam corporate secretary Bimo Budi Satriyo said. Construction, due to start in the second half of the year, will be handled by PT Indonesian Chemical Alumina, a new company jointly owned by Antam, Showa Denko KK (TSE:4004) and Marubeni Corp. (TSE:8002).
Antam President Dedi Aditya Sumanagara said the project is expected to be completed in 2010, and it will have a production capacity of 300,000 tons of alumina a year.
LG ELECTRONICS SUES WHIRLPOOL OVER FRIDGE PATENTS
Seoul (ANTARA News/Asia Pulse) - LG Electronics Inc. (KSE:06657) said Friday it had filed a patent infringement lawsuit against Whirlpool Corp., the world's largest home appliance maker.
In the suit filed Thursday with a federal court in Wilmington, Delaware, LG claims that Whirlpool's 11 refrigerator models infringe upon its patents on a vegetable compartment, an icemaker and airtight door gasket.
The lawsuit is seen as retaliation for Whirlpool's petition filed in January with the U.S. International Trade Commission (ITC) claiming that LG has violated its patents.
"We plan to counter Whirlpool with our competitive technology and expand our market share in the U.S." LG said in a statement.
JAPAN'S IBIDEN CO TO BUILD CIRCUIT BOARD PLANT IN MALAYSIA
Tokyo (ANTARA News/Asia Pulse) - Ibiden Co. (TSE:4062) said Thursday that it will spend about 20 billion yen (US$193.5 million) on a new printed wiring board factory in Malaysia on expectations of a boom in demand for the boards used in cellular phones.
The firm already has printing wiring board plants in Gifu Prefecture, where its head office is located, and in Beijing. Production is being ramped up at the Chinese facility.
But Ibiden will continue to build new factories ahead of a projected upswing in cell phone use in the BRIC countries of Brazil, Russia, China and India.
GERMANY'S BOSCH CO FORMS SUBSIDIARY IN VIETNAM
Hanoi (ANTARA News/Asia Pulse) - The Bosch group on April 23 launched its wholly foreign-owned subsidiary, Robert Bosch Vietnam Co Ltd, in HCM City.
The German group also said it would make its first investment in Vietnam in a hi-tech production facility for push-belts used in vehicles with continuously variable transmission (CTV). The plant will be built on 160,000 square metres in Dong Nai Province's Long Thanh Industrial Park.
Construction will begin in July this year and be completed by the end of 2009. The plant will be able to produce 100,000 belts in the first year of operation and 2.3 million units per year by 2015.
AIRBUS TO SET UP JV IN CHINA
Beijing (ANTARA News/Asia Pulse) - European plane maker Airbus expects to launch a joint venture in China to make aircraft components.
"We are studying the possibility of setting up the venture with AVIC II (China Aviation Industry Corporation II) and expect to finalize the deal as early as August," Laurence Barron, president of Airbus China, said, but declined to elaborate. Airbus expects to use the joint venture to produce composite material parts for its Airbus A350 model.
The company last year agreed to have up to 5 per cent of the design and manufacturing work of the model done in China. AVIC II, one of its partners in the nation, will also join in the program through their existing joint venture.
Airbus expects such moves will help it gain an edge over rival Boeing. "Our aim is to reach 50 per cent (of the market share) in 2011," said John Leahy, chief operating officer, customers, of Airbus.
ZAMIL STEEL VIETNAM BOOSTS CAPACITY WITH NEW SOUTHERN PLANT
Hanoi (ANTARA News/Asia Pulse) - Pre-engineered steel-building producer Zamil Steel Vietnam on April 23 opened its second factory, in the Amata Industrial Park in the southern province of Dong Nai.
The facility, covering more than 24,000sq.m, will produce 4,500 tonnes of steel buildings per month. It will help bring the company's total annual production to 100,000 tonnes or a total annual production of 50-100,000 tonnes, once it reaches full operating capacity, according to the company.
"The opening of the factory is also proof of our long-term commitment to the Vietnamese economy."
Construction of the US$14 million plant would increase the total investment of Zamil Steel in Vietnam to over US$35 million. Zamil Steel Vietnam was established in 1997 as a joint venture between Saudi Arabia's Zamil Steel Industries and Japan's Mitsui & Co Ltd (TSE:8031).
INDIA'S GAIL, PERTAMINA TO COOPERATE IN OIL AND GAS BUSINESS
Jakarta (ANTARA News/Asia Pulse) - Indonesian state oil and gas company PT Pertamina said it has agreed with India's GAIL Ltd (BSE:532155) to cooperate in the oil and gas business in the upstream and downstream sectors.
Under the agreement, Pertamina has been offered the option to develop oil fields in India and GAIL has been invited to invest in city gas projects in Indonesia, Pertamina vice president Iin Arifin Takhyan said.
He said Pertamina will offer cooperation with GAIL in developing compressed natural gas for city gas, which is growing in demand in Indonesia as fuel prices soar.
MERGER OF TWO MAJOR KARAOKE CHAINS REJECTED IN TAIWAN
Taipei (ANTARA News/Asia Pulse) - Taiwan's Fair Trade Commission (FTC) on Thursday again rejected the planned merger of the two largest KTV (karaoke) chains in Taiwan, out of concern that the merger would damage competition.
The FTC imposed the ruling after Holiday KTV and Cashbox KTV filed an appeal with the Executive Yuan's Petition and Appeals Committee against an earlier FTC ruling in 2007 prohibiting the two from merging based on the reason that the combination would lead to a monopoly.
In February this year, the petition committee came up with a ruling that revoked the FTC's 2007 ruling and instructed the FTC to review the case once again. Holiday and Cashbox together not only control over half of the KTV service market in Taiwan, their combined market share has reached 90 per cent in Taipei, the FTC said in its ruling against the merger last year.
ITO-YOKADO TO STEP UP CHINA PRESENCE WITH 4 NEW SUPERMARKETS
Beijing (ANTARA News/Asia Pulse) - Amid intensifying competition among foreign retailers, Ito-Yokado Co. (TSE:8264) said Thursday it aims to open four supermarkets in China by year's end, taking its store network here to 14.
The firm, which is under the umbrella of Seven & i Holdings Co. (TSE:3382), had been opening an average of one supermarket a year in China. Ito-Yokado plans to lift Beijing store numbers from seven to 10.
In Chengdu and Sichuan province, it will boost its three-store network by one.
The company is also undertaking steps such as market research to prepare to enter other areas of China.
Source:
Business in Asia Today - APRIL 25, 2008
published by Asia Pulse
COPYRIGHT © 2008
Beijing (ANTARA News/Asia Pulse) - Air China Ltd. (SEHK:0753, SSX:601111, LSE:AIRC) has seen first-quarter profits soar 147 per cent, helped by the stronger yuan and booming travel demand.
Net income rose to 1.04 billion yuan (US$149 million),or 0.09 yuan per share, in the first three months ended on March 31, the carrier said in a statement to the Shanghai Stock Exchange on Friday.
China's economy, which slowed but still grew 10.6 per cent in the first quarter, has made business trips and holiday travels by air affordable to more residents.
The strong results saw Air China's shares surge by the ten per cent daily limit in Shanghai trading on Thursday.
INDONESIA'S ANTAM TO START BUILDING US$400 MLN ALUMINA PLANT IN TAYAN
Jakarta (ANTARA News/Asia Pulse) - Indonesia's state-owned mining company PT Aneka Tambang (Antam) (JSX:ANTM) is set to start construction of a US$400 million alumina factory in Tayan, West Kalimantan.
Based on the feasibility study, the cost of the project will rise to to US$400 million from an earlier estimate of US$250 million.
The exact figure is still being studied but it will increase to at least US$400 million due to a surge in construction costs,
Antam corporate secretary Bimo Budi Satriyo said. Construction, due to start in the second half of the year, will be handled by PT Indonesian Chemical Alumina, a new company jointly owned by Antam, Showa Denko KK (TSE:4004) and Marubeni Corp. (TSE:8002).
Antam President Dedi Aditya Sumanagara said the project is expected to be completed in 2010, and it will have a production capacity of 300,000 tons of alumina a year.
LG ELECTRONICS SUES WHIRLPOOL OVER FRIDGE PATENTS
Seoul (ANTARA News/Asia Pulse) - LG Electronics Inc. (KSE:06657) said Friday it had filed a patent infringement lawsuit against Whirlpool Corp., the world's largest home appliance maker.
In the suit filed Thursday with a federal court in Wilmington, Delaware, LG claims that Whirlpool's 11 refrigerator models infringe upon its patents on a vegetable compartment, an icemaker and airtight door gasket.
The lawsuit is seen as retaliation for Whirlpool's petition filed in January with the U.S. International Trade Commission (ITC) claiming that LG has violated its patents.
"We plan to counter Whirlpool with our competitive technology and expand our market share in the U.S." LG said in a statement.
JAPAN'S IBIDEN CO TO BUILD CIRCUIT BOARD PLANT IN MALAYSIA
Tokyo (ANTARA News/Asia Pulse) - Ibiden Co. (TSE:4062) said Thursday that it will spend about 20 billion yen (US$193.5 million) on a new printed wiring board factory in Malaysia on expectations of a boom in demand for the boards used in cellular phones.
The firm already has printing wiring board plants in Gifu Prefecture, where its head office is located, and in Beijing. Production is being ramped up at the Chinese facility.
But Ibiden will continue to build new factories ahead of a projected upswing in cell phone use in the BRIC countries of Brazil, Russia, China and India.
GERMANY'S BOSCH CO FORMS SUBSIDIARY IN VIETNAM
Hanoi (ANTARA News/Asia Pulse) - The Bosch group on April 23 launched its wholly foreign-owned subsidiary, Robert Bosch Vietnam Co Ltd, in HCM City.
The German group also said it would make its first investment in Vietnam in a hi-tech production facility for push-belts used in vehicles with continuously variable transmission (CTV). The plant will be built on 160,000 square metres in Dong Nai Province's Long Thanh Industrial Park.
Construction will begin in July this year and be completed by the end of 2009. The plant will be able to produce 100,000 belts in the first year of operation and 2.3 million units per year by 2015.
AIRBUS TO SET UP JV IN CHINA
Beijing (ANTARA News/Asia Pulse) - European plane maker Airbus expects to launch a joint venture in China to make aircraft components.
"We are studying the possibility of setting up the venture with AVIC II (China Aviation Industry Corporation II) and expect to finalize the deal as early as August," Laurence Barron, president of Airbus China, said, but declined to elaborate. Airbus expects to use the joint venture to produce composite material parts for its Airbus A350 model.
The company last year agreed to have up to 5 per cent of the design and manufacturing work of the model done in China. AVIC II, one of its partners in the nation, will also join in the program through their existing joint venture.
Airbus expects such moves will help it gain an edge over rival Boeing. "Our aim is to reach 50 per cent (of the market share) in 2011," said John Leahy, chief operating officer, customers, of Airbus.
ZAMIL STEEL VIETNAM BOOSTS CAPACITY WITH NEW SOUTHERN PLANT
Hanoi (ANTARA News/Asia Pulse) - Pre-engineered steel-building producer Zamil Steel Vietnam on April 23 opened its second factory, in the Amata Industrial Park in the southern province of Dong Nai.
The facility, covering more than 24,000sq.m, will produce 4,500 tonnes of steel buildings per month. It will help bring the company's total annual production to 100,000 tonnes or a total annual production of 50-100,000 tonnes, once it reaches full operating capacity, according to the company.
"The opening of the factory is also proof of our long-term commitment to the Vietnamese economy."
Construction of the US$14 million plant would increase the total investment of Zamil Steel in Vietnam to over US$35 million. Zamil Steel Vietnam was established in 1997 as a joint venture between Saudi Arabia's Zamil Steel Industries and Japan's Mitsui & Co Ltd (TSE:8031).
INDIA'S GAIL, PERTAMINA TO COOPERATE IN OIL AND GAS BUSINESS
Jakarta (ANTARA News/Asia Pulse) - Indonesian state oil and gas company PT Pertamina said it has agreed with India's GAIL Ltd (BSE:532155) to cooperate in the oil and gas business in the upstream and downstream sectors.
Under the agreement, Pertamina has been offered the option to develop oil fields in India and GAIL has been invited to invest in city gas projects in Indonesia, Pertamina vice president Iin Arifin Takhyan said.
He said Pertamina will offer cooperation with GAIL in developing compressed natural gas for city gas, which is growing in demand in Indonesia as fuel prices soar.
MERGER OF TWO MAJOR KARAOKE CHAINS REJECTED IN TAIWAN
Taipei (ANTARA News/Asia Pulse) - Taiwan's Fair Trade Commission (FTC) on Thursday again rejected the planned merger of the two largest KTV (karaoke) chains in Taiwan, out of concern that the merger would damage competition.
The FTC imposed the ruling after Holiday KTV and Cashbox KTV filed an appeal with the Executive Yuan's Petition and Appeals Committee against an earlier FTC ruling in 2007 prohibiting the two from merging based on the reason that the combination would lead to a monopoly.
In February this year, the petition committee came up with a ruling that revoked the FTC's 2007 ruling and instructed the FTC to review the case once again. Holiday and Cashbox together not only control over half of the KTV service market in Taiwan, their combined market share has reached 90 per cent in Taipei, the FTC said in its ruling against the merger last year.
ITO-YOKADO TO STEP UP CHINA PRESENCE WITH 4 NEW SUPERMARKETS
Beijing (ANTARA News/Asia Pulse) - Amid intensifying competition among foreign retailers, Ito-Yokado Co. (TSE:8264) said Thursday it aims to open four supermarkets in China by year's end, taking its store network here to 14.
The firm, which is under the umbrella of Seven & i Holdings Co. (TSE:3382), had been opening an average of one supermarket a year in China. Ito-Yokado plans to lift Beijing store numbers from seven to 10.
In Chengdu and Sichuan province, it will boost its three-store network by one.
The company is also undertaking steps such as market research to prepare to enter other areas of China.
Source:
Business in Asia Today - APRIL 25, 2008
published by Asia Pulse
COPYRIGHT © 2008
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