JFE TO FOLLOW NIPPON STEEL INTO BRAZIL FOR LOCAL PRODUCTION
Tokyo (ANTARA News/Asia Pulse) - JFE Steel Corp. intends to spend 500-600 billion yen (US$4.9 billion-US$5.9 billion) to build a steelworks in Brazil on the heels of a similar move recently announced by archrival Nippon Steel Corp. (TSE:5401). The JFE Holdings Inc. (TSE:5411) unit said Tuesday that it will begin a feasibility study on constructing blast furnaces in Brazil via a joint venture.
With the cost of importing resources rising, production in the iron-ore-rich country is expected to cut costs.
SHARES IN AUSTRALIA'S BHP SURGE ON CHINESE SHARE RAID RUMOURS
Melbourne (ANTARA News/Asia Pulse) - Shares in Australia's BHP Billiton Ltd (ASX:BHP) have surged more than four per cent amid speculation that Chinese state-owned Chinalco is preparing to take a stake in the world's biggest miner.
Chinalco hit the headlines in February when the chinese aluminium giant teamed up with US-based Alcoa Inc to take a nine per cent stake in takeover target Rio Tinto Ltd (ASX:RIO).
The share raid stoked speculation that it was prompted by Beijing to block BHP Billiton's US$156 billion (A$167.74 billion) takeover of the company, due to concerns about competition and pricing.
INDONESIA'S KALBE FARMA REPORTS 15.37% JUMP IN SALES IN 2007
Jakarta (ANTARA News/Asia Pulse) - PT Kalbe Farma (JSX: KLBF) was the leader among 10 pharmaceutical companies listed on the Indonesian Stock Exchange in terms of income last year.
Kalbe Farma reported an income of Rp7 trillion (US$777 million) last year, up 15.37 per cent from Rp6.07 trillion in the previous year with net profit rising to Rp705.69 billion from Rp676.58 billion, Corporate Secretary Vidjungtius said.
This year the company hopes to chalk up an increase of 14 per cent-15 per cent in sales, Vijungtius said.
MEKONG HOUSING BANK POSTS 60 PCT GROWTH IN 2007
Hanoi (ANTARA News/Asia Pulse) - The Mekong Housing Bank achieved an annual growth of 60 per cent in 2007 and exceeded the target of VND18.6 trillion (US$1.16 billion), which was set by Vietnam's Government to reach until 2010, said Huynh Nam Dung, chairman of the bank.
The total loans until the end of 2007 reached VND57.63 trillion (US$3.6 billion).
The bank's total assets were now estimated at VND30 trillion (US$1.87 billion), up from VND300 billion when its founding was approved by the Ministry of Finance 10 years ago.
M'BISHI CHEM, OTHERS TO LAUNCH CHINESE POLYCARBONATE OPS
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Chemical Corp. said Tuesday that it will team up with China Petroleum & Chemical Corp. and others in China to produce high-function resins and their basic materials.
The Mitsubishi Chemical Holdings Corp. (TSE:4188) unit and the partners will invest around US$300 million, or around 30.6 billion yen, to build in Beijing a polycarbonate plant that would begin operating as early as spring 2010.
The project will mark Mitsubishi Chemical's first polycarbonate production in China. It plans to set up a joint venture in charge of plant management and sales as early as this year.
S KOREA'S LG DISPLAY COMPLETES 2ND ASSEMBLY PLANT IN CHINA
Seoul (ANTARA News/Asia Pulse) - LG Display Co. (KSE:034220), the world's second-largest maker of liquid crystal display panels, said Wednesday it has completed building its second assembly plant in China to grab a bigger slice of the world's fastest-growing flat panel television market.
LG Display plans to nearly double the annual production capacity of the new plant in China's southern city of Guangzhou to 20 million LCD modules for televisions and monitors by 2010, up from the current 11 million units.
The Chinese market for LCD televisions is likely to jump to some 30 million units by 2011, LG Display said.
INDIA'S GOVT APPROVES 20 FDI PROPOSALS WORTH US$490 MLN
New Delhi (ANTARA News/Asia Pulse) - India's government has cleared 20 foreign direct investment proposals that will bring in Rs 1,962.05 crore (US$490.7 million), including Rs 924 crore by UTV Software Communications.
The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board (FIPB), also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the Finance Ministry.
The Lafarge's proposal was cleared as per the order of Bombay High Court, a Finance Ministry statement said.
AUSTRALIA'S MACQUARIE SELLS MELBOURNE PROPERTY FOR US$76.8 MLN
Sydney (ANTARA News/Asia Pulse) - Australia's Macquarie Office Trust (ASX:MOF) has sold its property at 505 Little Collins Street in Melbourne for A$83 million (US$76.8 million).
The move brings the total value of property sales by Macquarie Office this financial year to A$340 million. The company said the transaction included a A$40.4 million or 96 per cent gain above costs including all historical capital expenditure. Macquarie Office chief executive, Adrian Taylor said the sale proceeds would be used to reduce debt and gearing.
CEBU PACIFIC OPENS DIRECT FLIGHTS FROM CEBU TO BANGKOK AND MACAU
Cebu City (ANTARA News/Asia Pulse) - Cebu Pacific Air (CEB) has opened two direct flights from Cebu to Bangkok in Thailand and Mactan over the weekend, strengthening Cebus position as an international gateway.
Romulo Orense, CEB corporate communications manager, said the new routes will make it easier for tourists to reach the two destinations. Orense said the new flights will also increase the number of tourists coming to Cebu especially Bangkok, which is a destination for European tourists.
The Macau route will also serve the overseas Filipino workers market, he said.
NEW ZEALAND-CHINA FTA HIGHLY PRAISED FOR ITS TRADE BENEFITS
Auckland (ANTARA News/Asia Pulse) - It was the deal that won high praise among New Zealand exporters, and barely concealed envy from their Australian counterparts.
The New Zealand-China Free Trade Agreement (FTA) signed this week on April 7 marks the first time a developed country has struck a broad trade agreement with the world's fastest growing economy.
And by most accounts the Kiwis did pretty well for themselves. Although some import duties will only be removed gradually by China during the next 11 years, by 2019 about 96 per cent of New Zealand's exports to China will be tariff free.
Dairy, meat and manufacturing sectors in New Zealand have hailed the deal.
Source:
Business in Asia Today - APRIL 09, 2008
published by Asia Pulse
COPYRIGHT © 2008
Tokyo (ANTARA News/Asia Pulse) - JFE Steel Corp. intends to spend 500-600 billion yen (US$4.9 billion-US$5.9 billion) to build a steelworks in Brazil on the heels of a similar move recently announced by archrival Nippon Steel Corp. (TSE:5401). The JFE Holdings Inc. (TSE:5411) unit said Tuesday that it will begin a feasibility study on constructing blast furnaces in Brazil via a joint venture.
With the cost of importing resources rising, production in the iron-ore-rich country is expected to cut costs.
SHARES IN AUSTRALIA'S BHP SURGE ON CHINESE SHARE RAID RUMOURS
Melbourne (ANTARA News/Asia Pulse) - Shares in Australia's BHP Billiton Ltd (ASX:BHP) have surged more than four per cent amid speculation that Chinese state-owned Chinalco is preparing to take a stake in the world's biggest miner.
Chinalco hit the headlines in February when the chinese aluminium giant teamed up with US-based Alcoa Inc to take a nine per cent stake in takeover target Rio Tinto Ltd (ASX:RIO).
The share raid stoked speculation that it was prompted by Beijing to block BHP Billiton's US$156 billion (A$167.74 billion) takeover of the company, due to concerns about competition and pricing.
INDONESIA'S KALBE FARMA REPORTS 15.37% JUMP IN SALES IN 2007
Jakarta (ANTARA News/Asia Pulse) - PT Kalbe Farma (JSX: KLBF) was the leader among 10 pharmaceutical companies listed on the Indonesian Stock Exchange in terms of income last year.
Kalbe Farma reported an income of Rp7 trillion (US$777 million) last year, up 15.37 per cent from Rp6.07 trillion in the previous year with net profit rising to Rp705.69 billion from Rp676.58 billion, Corporate Secretary Vidjungtius said.
This year the company hopes to chalk up an increase of 14 per cent-15 per cent in sales, Vijungtius said.
MEKONG HOUSING BANK POSTS 60 PCT GROWTH IN 2007
Hanoi (ANTARA News/Asia Pulse) - The Mekong Housing Bank achieved an annual growth of 60 per cent in 2007 and exceeded the target of VND18.6 trillion (US$1.16 billion), which was set by Vietnam's Government to reach until 2010, said Huynh Nam Dung, chairman of the bank.
The total loans until the end of 2007 reached VND57.63 trillion (US$3.6 billion).
The bank's total assets were now estimated at VND30 trillion (US$1.87 billion), up from VND300 billion when its founding was approved by the Ministry of Finance 10 years ago.
M'BISHI CHEM, OTHERS TO LAUNCH CHINESE POLYCARBONATE OPS
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Chemical Corp. said Tuesday that it will team up with China Petroleum & Chemical Corp. and others in China to produce high-function resins and their basic materials.
The Mitsubishi Chemical Holdings Corp. (TSE:4188) unit and the partners will invest around US$300 million, or around 30.6 billion yen, to build in Beijing a polycarbonate plant that would begin operating as early as spring 2010.
The project will mark Mitsubishi Chemical's first polycarbonate production in China. It plans to set up a joint venture in charge of plant management and sales as early as this year.
S KOREA'S LG DISPLAY COMPLETES 2ND ASSEMBLY PLANT IN CHINA
Seoul (ANTARA News/Asia Pulse) - LG Display Co. (KSE:034220), the world's second-largest maker of liquid crystal display panels, said Wednesday it has completed building its second assembly plant in China to grab a bigger slice of the world's fastest-growing flat panel television market.
LG Display plans to nearly double the annual production capacity of the new plant in China's southern city of Guangzhou to 20 million LCD modules for televisions and monitors by 2010, up from the current 11 million units.
The Chinese market for LCD televisions is likely to jump to some 30 million units by 2011, LG Display said.
INDIA'S GOVT APPROVES 20 FDI PROPOSALS WORTH US$490 MLN
New Delhi (ANTARA News/Asia Pulse) - India's government has cleared 20 foreign direct investment proposals that will bring in Rs 1,962.05 crore (US$490.7 million), including Rs 924 crore by UTV Software Communications.
The proposals, approved by Finance Minister P Chidambaram on the recommendation of Foreign Investment Promotion Board (FIPB), also included the offer from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd, according to the Finance Ministry.
The Lafarge's proposal was cleared as per the order of Bombay High Court, a Finance Ministry statement said.
AUSTRALIA'S MACQUARIE SELLS MELBOURNE PROPERTY FOR US$76.8 MLN
Sydney (ANTARA News/Asia Pulse) - Australia's Macquarie Office Trust (ASX:MOF) has sold its property at 505 Little Collins Street in Melbourne for A$83 million (US$76.8 million).
The move brings the total value of property sales by Macquarie Office this financial year to A$340 million. The company said the transaction included a A$40.4 million or 96 per cent gain above costs including all historical capital expenditure. Macquarie Office chief executive, Adrian Taylor said the sale proceeds would be used to reduce debt and gearing.
CEBU PACIFIC OPENS DIRECT FLIGHTS FROM CEBU TO BANGKOK AND MACAU
Cebu City (ANTARA News/Asia Pulse) - Cebu Pacific Air (CEB) has opened two direct flights from Cebu to Bangkok in Thailand and Mactan over the weekend, strengthening Cebus position as an international gateway.
Romulo Orense, CEB corporate communications manager, said the new routes will make it easier for tourists to reach the two destinations. Orense said the new flights will also increase the number of tourists coming to Cebu especially Bangkok, which is a destination for European tourists.
The Macau route will also serve the overseas Filipino workers market, he said.
NEW ZEALAND-CHINA FTA HIGHLY PRAISED FOR ITS TRADE BENEFITS
Auckland (ANTARA News/Asia Pulse) - It was the deal that won high praise among New Zealand exporters, and barely concealed envy from their Australian counterparts.
The New Zealand-China Free Trade Agreement (FTA) signed this week on April 7 marks the first time a developed country has struck a broad trade agreement with the world's fastest growing economy.
And by most accounts the Kiwis did pretty well for themselves. Although some import duties will only be removed gradually by China during the next 11 years, by 2019 about 96 per cent of New Zealand's exports to China will be tariff free.
Dairy, meat and manufacturing sectors in New Zealand have hailed the deal.
Source:
Business in Asia Today - APRIL 09, 2008
published by Asia Pulse
COPYRIGHT © 2008
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