VIETNAM AIRLINES INKS DEAL WITH AUSTRALIA'S VIRGIN BLUE
HANOI (ANTARA News/Asia Pulse) - Vietnam Airlines on April 1 officially announced a code share contract with Virgin Blue (ASX:VBA). Under the contract, Virgin Blue will collect passengers in 22 destinations in Australia and fly to Vietnam through Sydney and Melbourne.
The agreement will allow passengers to avoid dealing with check-in procedures and luggage transfers. Vietnam Airline offers flights between the two countries everyday of the week, with four flights from Sydney and three from Melbourne.
Vietnam Airlines, which was only established in 1989, has signed many developing contracts with large partners, such as Cathay Pacific (SEHK:0293), Korean Air (KSE:003490), Qantas Airways (ASX:QAN), China Airlines (TAIEX:2610) and China Southern Airlines (SSX:600029, SEHK:1055).
PETROVIETNAM TO BUILD OIL REFINERY, PETROCHEM COMPLEX
HANOI (ANTARA News/Asia Pulse) - The Vietnam National Oil and Gas Group (PetroVietnam) says it will sign joint venture contracts with Japanese and Kuwaiti partners to build the Nghi Son Oil Refinery and Petrochemical Complex.
The 7-million-tonne complex will be built at an estimated cost of US$2.5 billion in Nghi Son commune, northern Thanh Hoa province. Once operational, the plant will produce liquefied petroleum gas (LPG), petrol for classes 90, 92 and 95, kerosene, diesel, FO, jet fuel and other petrochemical products such as polypropylene, polyester, benzel, sulphur and asphalt.
At a press conference in Hanoi on April 3, PetroVietnam Chairman Dinh La Thang said the parties will sign the contracts on April 7, and may also come to an agreement to establish a joint stock company specialising in distributing the complex's products.
The group expects to earn US$18.75 billion (VND300 trillion) in 2008, which would represent PetroVietnam's highest ever earnings.
TAIWAN'S MOEA WELCOMES SONY'S EXPANSION IN LOCAL INVESTMENT
TAIPEI (ANTARA News/Asia Pulse) - Ministry of Economic Affairs (MOEA) officials expressed warm welcome Thursday at Sony's commitment to expand its investment and procurement in Taiwan, and said the ministry will offer its assistance to facilitate Sony's plans.
Ryoji Chubachi, Sony Corp. (TSE:6758) president, promised to President-elect Ma Ying- jeou that Sony would increase procurement, expand investment in Taiwan and engage in research and development of advanced products with Taiwanese companies.
"In addition to investment in local manufacturers, Sony's procurement of local electronic parts could also help Taiwan's export business," Berton B.C. Chiu, director-general of the Department of Investment Services under the MOEA added, citing Sony as an important partner in the development of Taiwan's electronic sector.
INDIA'S MOSER BAER SIGNS PACT WITH CHINA'S LDK SOLAR
MUMBAI (ANTARA News/Asia Pulse) - Compact disc-maker Moser Baer (BSE:517140) on Wednesday said it has signed a 10-year agreement with China-based LDK Solar for delivery of silicon wafers.
Silicon wafers are a key raw material for the photo-voltaic industry.
The solar wafers will be utilised for producing photo-voltaic cells that can generate 640 MW of solar power.
"We are pleased to enter into this mutually equitable agreement with LDK Solar to secure quality solar wafers. We look forward to a long-term relationship with LDK Solar as we work towards rapidly increasing our scale of operations and capacity," MBPV Chief Executive Ravi Khanna said.
The first wafers will be delivered in July and continue until 2017.
ITALY'S SAIPEM TO BUILD DOCKYARD, OFFSHORE RIG IN INDONESIA
JAKARTA (ANTARA News/Asia Pulse) - The Saipem Group from Italy has started preparation to build a dockyard and an offshore rig in the Karimun regency of Riau, Indonesia with an investment of US$370 million.
The project was inaugurated yesterday by Transport Equipment Director General Budi Darmadi, the newspaper Bisnis Indonesia reported today.
General Manager of Offshore Business of the Saipem Group Yves Inbona said the investment will be needed to buy land and build a steel factory and ferry terminal.
The facilities will be operated by a subsidiary, PT Saipem Indonesia. The factory is expected to start operation in 2010 and its output will be exported to countries such as China, India and South Korea.
AUSTRALIANS CONTINUE TO BUY GAS GUZZLERS DESPITE HIGH FUEL COSTS
SYDNEY (ANTARA News/Asia Pulse) - Australia's appetite for four-wheel drives and large utilities rose by around a sixth over the past year despite rising petrol prices and interest rates.
Total car sales from the Federal Chamber of Automotive Industries (FCAI) for the first quarter of 2008 were 263,453 vehicles, up 8,385 or 3.3 per cent at the corresponding period last year.
Sales of sports utility vehicles (SUV) rose 7,544, or 16.1 per cent over the past year, offsetting the drop in passenger car sales, 4,127, or 2.6 per cent year-to-date. Last month, figures from the Australian Bureau of Statistics (ABS) revealed new sales of SUVs for February rose to their highest level, 18,344 for a month.
More fuel chugging SUVs are being bought by Australians, even with petrol prices rising and four hikes in the official cash rate by the Reserve Bank of Australia since August last year.
Average petrol costs in Sydney from February 2007 to February 2008 jumped 19.91 per cent over the 12 months, according to fuel monitor FUELtrac.
WEST AUSTRALIA'S POWER SECTOR TO GET A FACELIFT
SYDNEY (ANTARA News/Asia Pulse) - Engineering company Downer EDI Ltd (ASX:DOW) will provide Western Australia's major electricity supplier, Western Power, with resources for the future transmission and distribution infrastructure of its south-west interconnected system.
Downer has formed an alliance with Western Power and Tenix Alliance to design, engineer, supervise, build and commission all transmission and distribution infrastructure allocated to the alliance.
Western Power transmits electricity to the south-west interconnected system of WA, a catchment including metropolitan Perth. Population growth and the booming mining industry has spurred demand for electricity in the state.
Downer EDI chief executive Geoff Knox said the alliance would help rectify the rift between a growing labor skills shortage in Western Australia and a growing power demand.
The alliance begins today and will run for five years, with an additional five year option.
MINERAL FUELS CHIEF UPBEAT ABOUT THAILAND'S LOCAL OIL PRODUCTION
BANGKOK (ANTARA News/Asia Pulse) - The Mineral Fuels Department's Director-General Krairit Nilkuha on Wednesday expressed confidence that Thailand could produce more oil for domestic consumption -- at a level of 250,000 barrels per day -- as soon as 2011 after a new oil field was found in the northern province of Petchabun.
At present, Thailand can produce oil and condensate, both onshore and offshore, at the rate of 210,000 barrels per day.
In addition, new natural gas fields, particularly in the northeastern region, are likely to be found, he said, adding that it could boost the country's energy stability because natural gas could be used to generate more power.
At present, the daily consumption of oil in Thailand totals some 800,000 barrels and that of natural gas around 5 billion cubic feet.
PHILIPS SELLS 6.71% STAKE IN LG DISPLAY
SEOUL (ANTARA News/Asia Pulse) - LG Display Co. (KSE:034220) said Friday that its co-founder Royal Philips Electronics NV has sold a 6.71 per cent stake in the world's No. 2 maker of liquid crystal displays.
Philips's sale of 24 million shares in LG Display lowers its stake to 13.2 per cent, LG Display said in a regulatory filing. The Dutch partner of the joint venture with South Korea's LG Electronics Inc. (KSE:066570) cut its stake to 19.91 per cent in October of last year to raise cash for dividends and acquisitions.
Philips has stated that it will scale down its stake in the venture to tap into health care and other businesses.
MALAYSIA'S EXPORTS IN FEB JUMP 14.5 PCT PUSHED BY CPO, PETROLEUM
KUALA LUMPUR (ANTARA News/Asia Pulse) - Malaysia's exports in February 2008 jumped 14.5 per cent to RM47.05 billion (US$14.8 billion) from RM41.1 billion a year earlier, driven by higher shipments of palm oil, crude petroleum, refined petroleum products and liquefied natural gas (LNG), the Statistics Department said Thursday.
Imports in February grew 10.9 per cent from a year ago to reach RM37.89 billion due to higher imports of intermediate and capital goods, it said in a statement.
It said Malaysia recorded a trade surplus of RM9.16 billion in February this year.
Total trade in February 2008 was valued at RM84.94 billion, up 12.8 per cent from a year ago.
In the first two months of this year, the nation's total trade reached RM181.29 billion, an increase of 10.7 per cent year-on-year.
Source:
Business in Asia Today - April 04, 2008
published by Asia Pulse
COPYRIGHT © 2008
HANOI (ANTARA News/Asia Pulse) - Vietnam Airlines on April 1 officially announced a code share contract with Virgin Blue (ASX:VBA). Under the contract, Virgin Blue will collect passengers in 22 destinations in Australia and fly to Vietnam through Sydney and Melbourne.
The agreement will allow passengers to avoid dealing with check-in procedures and luggage transfers. Vietnam Airline offers flights between the two countries everyday of the week, with four flights from Sydney and three from Melbourne.
Vietnam Airlines, which was only established in 1989, has signed many developing contracts with large partners, such as Cathay Pacific (SEHK:0293), Korean Air (KSE:003490), Qantas Airways (ASX:QAN), China Airlines (TAIEX:2610) and China Southern Airlines (SSX:600029, SEHK:1055).
PETROVIETNAM TO BUILD OIL REFINERY, PETROCHEM COMPLEX
HANOI (ANTARA News/Asia Pulse) - The Vietnam National Oil and Gas Group (PetroVietnam) says it will sign joint venture contracts with Japanese and Kuwaiti partners to build the Nghi Son Oil Refinery and Petrochemical Complex.
The 7-million-tonne complex will be built at an estimated cost of US$2.5 billion in Nghi Son commune, northern Thanh Hoa province. Once operational, the plant will produce liquefied petroleum gas (LPG), petrol for classes 90, 92 and 95, kerosene, diesel, FO, jet fuel and other petrochemical products such as polypropylene, polyester, benzel, sulphur and asphalt.
At a press conference in Hanoi on April 3, PetroVietnam Chairman Dinh La Thang said the parties will sign the contracts on April 7, and may also come to an agreement to establish a joint stock company specialising in distributing the complex's products.
The group expects to earn US$18.75 billion (VND300 trillion) in 2008, which would represent PetroVietnam's highest ever earnings.
TAIWAN'S MOEA WELCOMES SONY'S EXPANSION IN LOCAL INVESTMENT
TAIPEI (ANTARA News/Asia Pulse) - Ministry of Economic Affairs (MOEA) officials expressed warm welcome Thursday at Sony's commitment to expand its investment and procurement in Taiwan, and said the ministry will offer its assistance to facilitate Sony's plans.
Ryoji Chubachi, Sony Corp. (TSE:6758) president, promised to President-elect Ma Ying- jeou that Sony would increase procurement, expand investment in Taiwan and engage in research and development of advanced products with Taiwanese companies.
"In addition to investment in local manufacturers, Sony's procurement of local electronic parts could also help Taiwan's export business," Berton B.C. Chiu, director-general of the Department of Investment Services under the MOEA added, citing Sony as an important partner in the development of Taiwan's electronic sector.
INDIA'S MOSER BAER SIGNS PACT WITH CHINA'S LDK SOLAR
MUMBAI (ANTARA News/Asia Pulse) - Compact disc-maker Moser Baer (BSE:517140) on Wednesday said it has signed a 10-year agreement with China-based LDK Solar for delivery of silicon wafers.
Silicon wafers are a key raw material for the photo-voltaic industry.
The solar wafers will be utilised for producing photo-voltaic cells that can generate 640 MW of solar power.
"We are pleased to enter into this mutually equitable agreement with LDK Solar to secure quality solar wafers. We look forward to a long-term relationship with LDK Solar as we work towards rapidly increasing our scale of operations and capacity," MBPV Chief Executive Ravi Khanna said.
The first wafers will be delivered in July and continue until 2017.
ITALY'S SAIPEM TO BUILD DOCKYARD, OFFSHORE RIG IN INDONESIA
JAKARTA (ANTARA News/Asia Pulse) - The Saipem Group from Italy has started preparation to build a dockyard and an offshore rig in the Karimun regency of Riau, Indonesia with an investment of US$370 million.
The project was inaugurated yesterday by Transport Equipment Director General Budi Darmadi, the newspaper Bisnis Indonesia reported today.
General Manager of Offshore Business of the Saipem Group Yves Inbona said the investment will be needed to buy land and build a steel factory and ferry terminal.
The facilities will be operated by a subsidiary, PT Saipem Indonesia. The factory is expected to start operation in 2010 and its output will be exported to countries such as China, India and South Korea.
AUSTRALIANS CONTINUE TO BUY GAS GUZZLERS DESPITE HIGH FUEL COSTS
SYDNEY (ANTARA News/Asia Pulse) - Australia's appetite for four-wheel drives and large utilities rose by around a sixth over the past year despite rising petrol prices and interest rates.
Total car sales from the Federal Chamber of Automotive Industries (FCAI) for the first quarter of 2008 were 263,453 vehicles, up 8,385 or 3.3 per cent at the corresponding period last year.
Sales of sports utility vehicles (SUV) rose 7,544, or 16.1 per cent over the past year, offsetting the drop in passenger car sales, 4,127, or 2.6 per cent year-to-date. Last month, figures from the Australian Bureau of Statistics (ABS) revealed new sales of SUVs for February rose to their highest level, 18,344 for a month.
More fuel chugging SUVs are being bought by Australians, even with petrol prices rising and four hikes in the official cash rate by the Reserve Bank of Australia since August last year.
Average petrol costs in Sydney from February 2007 to February 2008 jumped 19.91 per cent over the 12 months, according to fuel monitor FUELtrac.
WEST AUSTRALIA'S POWER SECTOR TO GET A FACELIFT
SYDNEY (ANTARA News/Asia Pulse) - Engineering company Downer EDI Ltd (ASX:DOW) will provide Western Australia's major electricity supplier, Western Power, with resources for the future transmission and distribution infrastructure of its south-west interconnected system.
Downer has formed an alliance with Western Power and Tenix Alliance to design, engineer, supervise, build and commission all transmission and distribution infrastructure allocated to the alliance.
Western Power transmits electricity to the south-west interconnected system of WA, a catchment including metropolitan Perth. Population growth and the booming mining industry has spurred demand for electricity in the state.
Downer EDI chief executive Geoff Knox said the alliance would help rectify the rift between a growing labor skills shortage in Western Australia and a growing power demand.
The alliance begins today and will run for five years, with an additional five year option.
MINERAL FUELS CHIEF UPBEAT ABOUT THAILAND'S LOCAL OIL PRODUCTION
BANGKOK (ANTARA News/Asia Pulse) - The Mineral Fuels Department's Director-General Krairit Nilkuha on Wednesday expressed confidence that Thailand could produce more oil for domestic consumption -- at a level of 250,000 barrels per day -- as soon as 2011 after a new oil field was found in the northern province of Petchabun.
At present, Thailand can produce oil and condensate, both onshore and offshore, at the rate of 210,000 barrels per day.
In addition, new natural gas fields, particularly in the northeastern region, are likely to be found, he said, adding that it could boost the country's energy stability because natural gas could be used to generate more power.
At present, the daily consumption of oil in Thailand totals some 800,000 barrels and that of natural gas around 5 billion cubic feet.
PHILIPS SELLS 6.71% STAKE IN LG DISPLAY
SEOUL (ANTARA News/Asia Pulse) - LG Display Co. (KSE:034220) said Friday that its co-founder Royal Philips Electronics NV has sold a 6.71 per cent stake in the world's No. 2 maker of liquid crystal displays.
Philips's sale of 24 million shares in LG Display lowers its stake to 13.2 per cent, LG Display said in a regulatory filing. The Dutch partner of the joint venture with South Korea's LG Electronics Inc. (KSE:066570) cut its stake to 19.91 per cent in October of last year to raise cash for dividends and acquisitions.
Philips has stated that it will scale down its stake in the venture to tap into health care and other businesses.
MALAYSIA'S EXPORTS IN FEB JUMP 14.5 PCT PUSHED BY CPO, PETROLEUM
KUALA LUMPUR (ANTARA News/Asia Pulse) - Malaysia's exports in February 2008 jumped 14.5 per cent to RM47.05 billion (US$14.8 billion) from RM41.1 billion a year earlier, driven by higher shipments of palm oil, crude petroleum, refined petroleum products and liquefied natural gas (LNG), the Statistics Department said Thursday.
Imports in February grew 10.9 per cent from a year ago to reach RM37.89 billion due to higher imports of intermediate and capital goods, it said in a statement.
It said Malaysia recorded a trade surplus of RM9.16 billion in February this year.
Total trade in February 2008 was valued at RM84.94 billion, up 12.8 per cent from a year ago.
In the first two months of this year, the nation's total trade reached RM181.29 billion, an increase of 10.7 per cent year-on-year.
Source:
Business in Asia Today - April 04, 2008
published by Asia Pulse
COPYRIGHT © 2008
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