Business in Asia Today - April 01, 2008

MALAYSIA AIRLINES TO BUY 55 BOEING PLANES FOR US$4.2 BLN
Subang (ANTARA News/Asia Pulse) - Malaysia Airlines (MAS) (KLSE:3786) is buying up to 55 Boeing 737-800 aircraft for US$4.2 billion as the national flag carrier steps up its narrowbody fleet acquisition to fly to new destinations.
The national carrier made a firm order for 35 planes and took out options for another 20. "Under our Business Transformation Plan, we are embarking on our network expansion to transform into the World's Five Star Value Carrier," managing director/chief executive officer, Dato' Sri Idris Jala said in a statement on Monday.
The new aircraft will be used mainly for flights in the Asean region, including in Malaysia, and the fast-growing economies of China and India.

CHINA EXPORTS RAILWAY COACHES WORTH US$568 MLN TO MIDDLE EAST
Beijing (ANTARA News/Asia Pulse) - China Northern Locomotive Rolling Stock Industry (Group) Corporation (CNR) has signed a contract to export 455 metro cars and 160 double-deck coaches valued at 360 million euros (US$568 million) to the Middle East.
This is China's largest export order for railway coaches, which will be executed in addition to a technology transfer agreement.
The vehicles will be manufactured by the CNR Changchun Railway Vehicle Co., Ltd. Founded in 2000, CNR is China's largest passenger car manufacturer.

VINACHEM TO BUILD US$694 MLN FERTILISER PLANT IN NINH BINH
NINH BINH (ANTARA News/Asia Pulse) - The Vietnam National Chemical Corporation (Vinachem) plans to begin construction of a coal-fuelled nitrogenous fertiliser plant in the northern province of Ninh Binh in April.
The plant will produce 560,000 tonnes of fertiliser a year after it begins operations in 2011, according to Vinachem director general Do Duy Phi.
The plant will cost about US$694 million, of which about US$250 million will be borrowed from China and the remainder raised from local sources and Vinachem.

INDONESIA'S PT TIMAH REPORTS 755 PCT INCREASE IN NET PROFIT
JAKARTA (ANTARA News/Asia Pulse) - Indonesian tin mining company PT Timah reported a 755.36 per cent increase in net profit to Rp1.78 trillion (US$194 million) last year from Rp208.1 billion in the previous year.
The net profit per share of the world's largest tin mining company also shot up 760.87 per cent to Rp3,546 on metal price hikes in the world market.
Last year tin price peaked at US$17,300 per ton with the lowest at US$10,175. Corporate Secretary Abrun Abubakar said the 38 per cent rise in Indonesian sales to 58,927 tons and a market share of 18 per cent have made the company a price setter in the international market.

AUSTRALIAN ENGINEERING FIRM WORLEYPARSONS BUYS US CO INTEC
Sydney (ANTARA News/Asia Pulse) - Australia's biggest engineering company, WorleyParsons Ltd (ASX:WOR) bought US-based deepwater oil and gas engineering specialist INTEC for US$108.5 million ($A118.49 million) to take advantage of the growth in offshore energy exploration.
WorleyParsons acquired the Houston-headquartered INTEC from privately-owned Heerema Group.
WorleyParsons said global expenditure on offshore oil and gas was expected to grow to about $US250 billion per year by 2010, and the sector would continue to grow as operators pushed into deeper waters in search of energy deposits.

S KOREA'S KYUNGBANG TO BUILD TEXTILE MATERIAL PLANT IN VIETNAM
Binh Duong (ANTARA News/Asia Pulse) - South Korea's Kyungbang Corporation will build a plant in southern Binh Duong province to produce thread and textile material.
The corporation on March 31 signed a contract with province-based Becamex Industrial and Development Company to rent 50ha in Bau Bang Industrial Zone to build the US$160 million plant.
The project will be carried out in four phases with the first phase requiring an investment capital of US$40 million. Construction of the plant will start in 2008 and is scheduled for completion in 2009.

INTERCONTINENTAL HOTELS GROUP TO OPEN 20 HOTELS IN INDIA
New Delhi (ANTARA News/Asia Pulse) - UK-based InterContinental Hotels Group (IHG) on Monday said it plans to open 20 hotels in India with over 5,000 rooms under its different brands, including the InterContinental, Crowne Plaza and Holiday Inn, as a part of its strategy to strengthen presence in the country.
The world's largest hotel group is developing 14 new-look Holiday Inn hotels with more than 3,700 rooms, which are scheduled to open over the next three years in 11 cities nationwide.
In a statement, IHG Asia Pacific Chief Executive Peter Gowers said India is an important market for IHG as both domestic and international traffic is increasing and new travel segments are opening up.
He said that in the Indian hotel business, the greatest opportunity for growth is in the mid-scale segment, in which Holiday Inn has a leading position.

SOUTH KOREAN BUILDERS' OVERSEAS ORDERS JUMP IN Q1
Seoul (ANTARA News/Asia Pulse) - South Korean builders' overseas orders grew more than 50 per cent in the first quarter of this year thanks to increased demand from the Middle East and Asian markets, a government report showed today.
According to the report by the Ministry of Land, Transport and Maritime Affairs, local builders gained overseas orders amounting to $14.03 billion in the three-month period, up 53 per cent from the same period a year earlier.
The sharp growth stemmed mostly from a solid increase in orders from the Middle East and Asian countries, the report noted. South Korean builders won a combined $6.63 billion worth of orders from the Middle East, marking an increase of 28 per cent from a year earlier.

AUSTRALIA'S CENTRAL BANK LEAVES RATES UNCHANGED AT 7.25 PCT
Sydney (ANTARA News/Asia Pulse) - The Reserve Bank of Australia (RBA) has left official interest rates on hold following its monthly board meeting.
The RBA announced today that the cash rate would stay unchanged at 7.25 per cent, in a decision widely expected by economists.
In a statement accompanying the bank's decision, RBA governor Glenn Stevens said there was "tentative evidence that growth in domestic demand is moderating".
"Business and consumer sentiment have softened in the early part of 2008, and credit demand has slowed somewhat," he said.

PHILIPPINE NATIONAL BANK BOOKS 83 PCT JUMP IN YR NET INCOME
Manila (ANTARA News/Asia Pulse) - Philippine National Bank's (PNB) (PSE:PNB) audited net income jumped 83 per cent to P1.5 billion (US$35.9 million) in 2007 due to the 10 per cent increase in net interest income.
In a statement, PNB said its performance last year is the best in 10 years and was achieved even after the country had a low interest rate regime last year.
Total consolidated resources amounted to P239.7 billion while underlying profitability went up to P4.8 billion "without provisions for impairment and credit losses."
Lending to the small and medium enterprises (SMEs) as well as the government accounts grew 23.6 per cent and 12.4 per cent, respectively, it said.

Source:
Business in Asia Today - APRIL 01, 2008
published by Asia Pulse

COPYRIGHT © 2008