LEIGHTON HOLDINGS WINS MINING CONTRACTS IN INDIA
SYDNEY (ANTARA News/Asia Pulse) - Australia's biggest construction company, Leighton Holdings Ltd (ASX:LEI), has won two contracts worth $A1 billion ($US912.8 million) to develop and operate a open cut coal mine in north-eastern India.
Leighton subsidiary Thiess will build the infrastructure, then operate the Chitarpur coal project for 20 years, in Jharkhand state, the company said in a statement to the Australian stock exchange today.
HYUNDAI MOTOR SAYS U.S. MARKET 'DIFFICULT'
SEOUL (ANTARA News/Asia Pulse) - The head of Hyundai Motor Co.'s (KSE:05380) U.S. operations said Thursday the business conditions for its key American market are "difficult" amid high-flying oil prices and ongoing financial turbulence.
"We plan to overcome the difficult conditions by strengthening ties with dealers," Kim Jong-eun, chief executive of Hyundai Motor America told reporters on the sidelines of a meeting in Seoul between its U.S. dealers and Hyundai Motor Chairman Chung Mong-koo.
Analysts say an economic slowdown in the world's largest automobile market will drag down demand for new cars this year, following the subprime mortgage crisis. Hyundai Motor, South Korea's largest automaker, already missed its 2007 sales target in the U.S.
CATERPILLAR TO DOUBLE INVESTMENT IN CHINA OVER NEXT THREE YEARS
BEIJING (ANTARA News/Asia Pulse) - Caterpillar, the world's largest mining and construction equipment producer, will increase its investment in China by twice in the coming three years, said Jim Owens, chairman of the company.
He said that its investment in China accounted for a large proportion of its total investment of US$1 billion in the new emerging market and predicted that the sales and operation revenue this year would grow 10 to 15 per cent this year and the sales from Chinese market would reach about US$2 billion.
INDONESIAN GOVT URGED TO BE STERN OVER NEWMONT DIVESTMENT
JAKARTA (ANTARA News/Asia Pulse) - The Indonesian government should issue a stern warning to any party for funding non-governmental organizations (NGOs) in committing counter-divestment actions of the shares of copper miner, PT Newmont Nusa Tenggara (NNT), a legislator said.
"If there is sufficient evidence that NNT had encouraged NGOs to carry out counter-divestment, the government should give a stern warning," Tjatur Sapto Edy, a member of the House of Representatives (DPR)'s commission VII, said here Wednesday.
He said further that the government should be consistent in setting the deadlines for divestment after making a decision on NNT's negligence. "Should NNT fails to meet the deadline, the government has to set stop its operations and terminate its contract," Mr Edy said.
ABU DHABI AIRLINE ETIHAD ENJOYS RECORD-BREAKING FIRST QUARTER
ABU DHABI (ANTARA News/Asia Pulse) - United Arab Emiritaes airline Etihad Airways has enjoyed a record-breaking first quarter and remains on track to achieve its 2008 target of carrying six million passengers by the end of the year.
The Abu Dhabi-based airline carried 1.4 million passengers during the first three months of 2008, compared to one million for the same period in 2007, an increase of 40 per cent.
The airline achieved average seat factors of 75 per cent across its network of 45 destinations during the first quarter of 2008, which covers the months of January, February and March.
JAPAN'S SUMCO TO ACCELERATE SOLAR CELL WAFER PRODUCTION
TOKYO (ANTARA News/Asia Pulse) - Japanese company Sumco Corp. (TSE:3436), the world's second-largest silicon wafer producer, is expanding production of wafers for solar cells.
The company plans to increase output without undertaking any new capital spending.
To that end, subsidiary Sumco Solar Corp. will begin full-scale mass production at a large furnace and increase production speed.
Production volume is projected to rise 5 per cent to 110 megawatts in the year ending January 2009. By 2015, Sumco aims to raise annual production volume to 1 gigawatt.
CALL FOR CHINA TEXTILE INDUSTRY TO CARRY OUT TECHNOLOGY RESEARCH
BEIJING (ANTARA News/Asia Pulse) - Chinese experts have called on the textile industry to reinforce technology research and sharpen competitive competence in order to survive the market in 2008.
A survey conducted by the China Cotton Textile Association (CCTA) shows that 49.2 per cent of textile enterprises planned to turn to other business.
Their investment in textile production is expected to drop by 15.5 per cent this year, as producers received pressure from Renminbi appreciation, export drawback policy adjustment, trade friction and the rising costs on labor force.
CCTA calls on enterprises to boost technical innovation and rely on technology upgrading and brand effect for sustainable development.
AUSTRALIAN GROUP PROPOSES MELBOURNE-BRISBANE INLAND RAIL
CANBERRA (ANTARA News/Asia Pulse) - The company pushing a proposed Melbourne to Brisbane inland railway has submitted a business case to the NSW and Queensland state governments for a $A900 million ($US821.52 million), 350 kilometre section of the link.
The Australian Transport and Energy Corridor (ATEC) says the link will cost $A900 million and be built by 2014.
ATEC chairman Everald Crompton said the border railway would be built by a consortium of rail, infrastructure and superannuation companies.
CHEVRON OPENS SOUTHWEST CHINA OFFICE FOR GAS DEVELOPMENT
BEIJING (ANTARA News/Asia Pulse) - A Chinese subsidiary of the Chevron Corporation announced on Wednesday the opening of an office in Dazhou City in the southwestern Sichuan Province to support the U.S. oil giant's local natural gas operations.
The move came after a 30-year production sharing contract (PSC) was signed in December last year between Chevron and PetroChina, the listed subsidiary of China National Petroleum Corporation (CNPC), the country's biggest oil and gas producer. Jim Blackwell, Chevron Asia Pacific Exploration and Production Company president, said the PSC, for the development of a 1,969-sq km gas field in the onshore Sichuan Basin, became effective in February.
VIETNAMESE AUTO IMPORTERS TO LIFT RETAIL PRICES
HANOI (ANTARA News/Asia Pulse) - Car importers in Vietnam said they would increase retail prices to cope with the higher import tariff on new complete-built units (CBUs), effective immediately.
The Ministry of Finance on March 11 raised the import tariff on CBUs from 60 per cent to 70 per cent as part of a government drive to reduce traffic congestion by curbing the mass importation of automobiles into the country.
Experts said the government had attempted to force local auto makers to reduce sales prices by cutting import tariffs on CBUs and used cars but the price of locally-made cars remained the same.
Ha Minh Tuan, general director of Hyundai Motor Vietnam, the country's biggest importer of Korea's Hyundai brand, said the company will increase sales prices for all models by an average of 6 per cent.
Source:
Business in Asia Today - April 03, 2008
published by Asia Pulse
COPYRIGHT © 2008
SYDNEY (ANTARA News/Asia Pulse) - Australia's biggest construction company, Leighton Holdings Ltd (ASX:LEI), has won two contracts worth $A1 billion ($US912.8 million) to develop and operate a open cut coal mine in north-eastern India.
Leighton subsidiary Thiess will build the infrastructure, then operate the Chitarpur coal project for 20 years, in Jharkhand state, the company said in a statement to the Australian stock exchange today.
HYUNDAI MOTOR SAYS U.S. MARKET 'DIFFICULT'
SEOUL (ANTARA News/Asia Pulse) - The head of Hyundai Motor Co.'s (KSE:05380) U.S. operations said Thursday the business conditions for its key American market are "difficult" amid high-flying oil prices and ongoing financial turbulence.
"We plan to overcome the difficult conditions by strengthening ties with dealers," Kim Jong-eun, chief executive of Hyundai Motor America told reporters on the sidelines of a meeting in Seoul between its U.S. dealers and Hyundai Motor Chairman Chung Mong-koo.
Analysts say an economic slowdown in the world's largest automobile market will drag down demand for new cars this year, following the subprime mortgage crisis. Hyundai Motor, South Korea's largest automaker, already missed its 2007 sales target in the U.S.
CATERPILLAR TO DOUBLE INVESTMENT IN CHINA OVER NEXT THREE YEARS
BEIJING (ANTARA News/Asia Pulse) - Caterpillar, the world's largest mining and construction equipment producer, will increase its investment in China by twice in the coming three years, said Jim Owens, chairman of the company.
He said that its investment in China accounted for a large proportion of its total investment of US$1 billion in the new emerging market and predicted that the sales and operation revenue this year would grow 10 to 15 per cent this year and the sales from Chinese market would reach about US$2 billion.
INDONESIAN GOVT URGED TO BE STERN OVER NEWMONT DIVESTMENT
JAKARTA (ANTARA News/Asia Pulse) - The Indonesian government should issue a stern warning to any party for funding non-governmental organizations (NGOs) in committing counter-divestment actions of the shares of copper miner, PT Newmont Nusa Tenggara (NNT), a legislator said.
"If there is sufficient evidence that NNT had encouraged NGOs to carry out counter-divestment, the government should give a stern warning," Tjatur Sapto Edy, a member of the House of Representatives (DPR)'s commission VII, said here Wednesday.
He said further that the government should be consistent in setting the deadlines for divestment after making a decision on NNT's negligence. "Should NNT fails to meet the deadline, the government has to set stop its operations and terminate its contract," Mr Edy said.
ABU DHABI AIRLINE ETIHAD ENJOYS RECORD-BREAKING FIRST QUARTER
ABU DHABI (ANTARA News/Asia Pulse) - United Arab Emiritaes airline Etihad Airways has enjoyed a record-breaking first quarter and remains on track to achieve its 2008 target of carrying six million passengers by the end of the year.
The Abu Dhabi-based airline carried 1.4 million passengers during the first three months of 2008, compared to one million for the same period in 2007, an increase of 40 per cent.
The airline achieved average seat factors of 75 per cent across its network of 45 destinations during the first quarter of 2008, which covers the months of January, February and March.
JAPAN'S SUMCO TO ACCELERATE SOLAR CELL WAFER PRODUCTION
TOKYO (ANTARA News/Asia Pulse) - Japanese company Sumco Corp. (TSE:3436), the world's second-largest silicon wafer producer, is expanding production of wafers for solar cells.
The company plans to increase output without undertaking any new capital spending.
To that end, subsidiary Sumco Solar Corp. will begin full-scale mass production at a large furnace and increase production speed.
Production volume is projected to rise 5 per cent to 110 megawatts in the year ending January 2009. By 2015, Sumco aims to raise annual production volume to 1 gigawatt.
CALL FOR CHINA TEXTILE INDUSTRY TO CARRY OUT TECHNOLOGY RESEARCH
BEIJING (ANTARA News/Asia Pulse) - Chinese experts have called on the textile industry to reinforce technology research and sharpen competitive competence in order to survive the market in 2008.
A survey conducted by the China Cotton Textile Association (CCTA) shows that 49.2 per cent of textile enterprises planned to turn to other business.
Their investment in textile production is expected to drop by 15.5 per cent this year, as producers received pressure from Renminbi appreciation, export drawback policy adjustment, trade friction and the rising costs on labor force.
CCTA calls on enterprises to boost technical innovation and rely on technology upgrading and brand effect for sustainable development.
AUSTRALIAN GROUP PROPOSES MELBOURNE-BRISBANE INLAND RAIL
CANBERRA (ANTARA News/Asia Pulse) - The company pushing a proposed Melbourne to Brisbane inland railway has submitted a business case to the NSW and Queensland state governments for a $A900 million ($US821.52 million), 350 kilometre section of the link.
The Australian Transport and Energy Corridor (ATEC) says the link will cost $A900 million and be built by 2014.
ATEC chairman Everald Crompton said the border railway would be built by a consortium of rail, infrastructure and superannuation companies.
CHEVRON OPENS SOUTHWEST CHINA OFFICE FOR GAS DEVELOPMENT
BEIJING (ANTARA News/Asia Pulse) - A Chinese subsidiary of the Chevron Corporation announced on Wednesday the opening of an office in Dazhou City in the southwestern Sichuan Province to support the U.S. oil giant's local natural gas operations.
The move came after a 30-year production sharing contract (PSC) was signed in December last year between Chevron and PetroChina, the listed subsidiary of China National Petroleum Corporation (CNPC), the country's biggest oil and gas producer. Jim Blackwell, Chevron Asia Pacific Exploration and Production Company president, said the PSC, for the development of a 1,969-sq km gas field in the onshore Sichuan Basin, became effective in February.
VIETNAMESE AUTO IMPORTERS TO LIFT RETAIL PRICES
HANOI (ANTARA News/Asia Pulse) - Car importers in Vietnam said they would increase retail prices to cope with the higher import tariff on new complete-built units (CBUs), effective immediately.
The Ministry of Finance on March 11 raised the import tariff on CBUs from 60 per cent to 70 per cent as part of a government drive to reduce traffic congestion by curbing the mass importation of automobiles into the country.
Experts said the government had attempted to force local auto makers to reduce sales prices by cutting import tariffs on CBUs and used cars but the price of locally-made cars remained the same.
Ha Minh Tuan, general director of Hyundai Motor Vietnam, the country's biggest importer of Korea's Hyundai brand, said the company will increase sales prices for all models by an average of 6 per cent.
Source:
Business in Asia Today - April 03, 2008
published by Asia Pulse
COPYRIGHT © 2008
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