SAMSUNG GROUP CHAIRMAN INDICTED FOR TAX EVASION
Seoul (ANTARA News/Asia Pulse) - A special prosecutor probing alleged corruption at Samsung Group indicted Chairman Lee Kun-hee for tax evasion and breach of trust Thursday, divulging murky practices in the family-controlled conglomerate, but cleared the tycoon of a bribery charge.
The prosecutor, however, stopped short of detaining Lee, the head of the country's biggest conglomerate, citing the nature of the indictment of the "time-honored illegal practices" under the "stricter current legal standards".
"All the Samsung Group executives accused of lobbying and all former and incumbent senior prosecutors accused of being lobbied are unanimously denying the allegations of bribery," special prosecutor Cho Joon-woong said, reading an excerpt of the final 120-page report in a nationally-televised press conference.
Nine executives, including Samsung's number two official, Vice Chairman Lee Hak-soo, were also indicted without physical detention for irregularities.
WOODSIDE REPORTS LOWER SALES AND PRODUCTION FOR Q1 2008
Sydney (ANTARA News/Asia Pulse) - Oil and gas producer Woodside Petroleum Ltd (ASX:WPL) has reported lower production and sales for the first quarter of 2008, due to the impact of tropical cyclones off the north west coast of Australia, shut downs and maturing fields.
Production for the three months ended March 31 totalled 17.2 million barrels of oil equivalent (MMboe), down four per cent from the same quarter in 2008.
Sales reached 17 MMboe, reflecting a fall of one per cent whereas revenue rose 22 per cent to $A1.09 billion ($US1.02 billion).
KOOKMIN BANK RAISES US$239 MLN THROUGH DEBT SALE
Seoul (ANTARA News/Asia Pulse) - Kookmin Bank Co. (KSE:060000), South Korea's top lender, said Thursday it has raised 24.4 billion yen (US$239 mln) by selling bonds denominated in the Japanese currency to pay back maturing debts in a deal arranged by Mizuho Investors Securities Co., BNP and JP Morgan.
The so-called Samurai bonds (a yen-denominated bond floated in Japan by non-Japanese firms) mature in two years and carry an interest of the Yen Libor, or the yen-based London Inter-bank Offered Rate, plus a 160 basis point spread, Kookmin Bank said in a statement.
NIKE & ADIDAS PLAY HARDBALL IN CHINA COURT
Beijing (ANTARA News/Asia Pulse) - Competition between two sports goods giants, Nike and Adidas, has moved to a different arena - a Shanghai court with Nike suing its German competitor, and Chinese soccer star Zheng Zhi. At a hearing held Tuesday, Nike Sports (China) Co Ltd told Shanghai No 1 Intermediate People's Court that Adidas and Zheng - captain of the Chinese soccer team and a midfield player with England's Charlton Athletic - had harmed its interests.
Nike said Zheng was seduced by Adidas who promised more money and wore Adidas products and attended its publicity events while working as a brand ambassador for Nike.
It is seeking eight million yuan (US$1.14 million) in compensation from the two. But the accused parties said Nike broke its contract with Zheng due to nonpayment.
HYUNDAI OILBANK JOINS HANDS WITH JAPAN'S COSMO OIL
Seoul (ANTARA News/Asia Pulse) - South Korea's fourth-largest oil refiner Hyundai Oilbank Corp. said Wednesday it has set up a strategic alliance with Japanese oil refiner Cosmo Oil Co. to boost their competitiveness in the global oil market.
Under the agreement signed in Seoul, the companies plan to cooperate in various aspects of their businesses in China and the United States,including marketing, while Cosmo Oil will pass its expertise in heavy-oil refining technology on to Hyundai Oilbank, the South Korean refiner said.
CHINA EASTERN AIRLINE MOVES TO THE BLACK WITH US$83 MLN PROFIT
Beijing (ANTARA News/Asia Pulse) - Shanghai-based China Eastern Airlines Tuesday posted a net profit of 586 million yuan (US$83.8 million) for 2007 compared with a 2.99 billion yuan loss the year before.
News of the company's turnaround pushed its A share up 2.78 per cent to close at 11.46 yuan. It attributed the growth in revenue to the enhancement in transportation capacity, increase in aircraft utilization ratio and a fuel surcharge.
TOSHIBA TO OPEN INDIAN SPECIALTY STORES IN BIG CITIES
Mumbai (ANTARA News/Asia Pulse) - Toshiba Corp. (TSE:6502) will open specialty stores in major cities in India during fiscal 2008 with the aim of tripling sales there to US$1 billion in fiscal 2015.
These Toshiba Innovation Plazas will sell personal computers as well as LCD TVs and the full array of white goods with the first such store opened on the outskirts of New Delhi in February.
The move is intended to boost the Toshiba brand's name recognition and introduce consumers to the quality and functions of its products.
NIPPON STEEL, ARCELORMITTAL TO EXPAND JOINT U.S. OUTPUT
Tokyo (ANTARA News/Asia Pulse) - Nippon Steel Corp. (TSE:5401) and ArcelorMittal said Wednesday that they have reached a final agreement to strengthen their ties by constructing an automotive steelworks in the U.S. state of Indiana.
This new facility will be built on the premises of their 50-50 joint venture, I/N Kote LP, doubling output capacity to about 1 million tons a year in 2010.
The investment is estimated to total US$240 million, or about 24 billion yen.
Nippon Steel will pay half of this. Although I/N Kote's capital base will be increased, Nippon Steel's and ArcelorMittal's relative stakes will remain the same.
KALGOORLIE BOULDER GETS POSITIVE RESULTS FROM W AUSTRALIA GOLD PJT
Perth (ANTARA News/Asia Pulse) - Junior gold explorer Kalgoorlie Boulder Resources Ltd (ASX:KAL) has received positive results from the scoping study on its wholly owned Norseman gold project in Western Australia.
The company expects robust economic returns from a 1.8 million tonnes per annum open cut gold mining operation.
Production could start in 2010, producing an average of about 100,000 ounces of gold per annum for seven years with the news sening its shares 2.3 cents, or 26.44 per cent, higher to 11 cents at 1526 AEST.
WALTON LAUNCHES POWER-SAVING REFRIGERATORS IN BANGLADESH
Dhaka (ANTARA News/Asia Pulse) - Walton, manufacturer of electronic gadgets, has launched two new models of refrigerators that consume low electricity.
The new model freezers, S-1D1 and S-1F6, consume at least 26 percent less electricity than those of other brands, claimed Walton's deputy marketing director Emdadul Haque Sarker at a function at the company office Wednesday.
"We have introduced the new power-saving refrigerators in Bangladesh markets considering the countrywide power crisis," he added. S-IDI sells at Tk 14,500 (US$211.37) and S-IF6 sells at Tk 16,000.
The brands are available at Walton selling outlets and in the market as well. The one-door refrigerator has 25 percent higher efficiency level, said Sarker.
Walton engineer Mainul Islam said the new models are manufactured with special emphasis on weather and environment of Bangladesh.
Source:
Business in Asia Today - APRIL 17, 2008
published by Asia Pulse
COPYRIGHT © 2008
Seoul (ANTARA News/Asia Pulse) - A special prosecutor probing alleged corruption at Samsung Group indicted Chairman Lee Kun-hee for tax evasion and breach of trust Thursday, divulging murky practices in the family-controlled conglomerate, but cleared the tycoon of a bribery charge.
The prosecutor, however, stopped short of detaining Lee, the head of the country's biggest conglomerate, citing the nature of the indictment of the "time-honored illegal practices" under the "stricter current legal standards".
"All the Samsung Group executives accused of lobbying and all former and incumbent senior prosecutors accused of being lobbied are unanimously denying the allegations of bribery," special prosecutor Cho Joon-woong said, reading an excerpt of the final 120-page report in a nationally-televised press conference.
Nine executives, including Samsung's number two official, Vice Chairman Lee Hak-soo, were also indicted without physical detention for irregularities.
WOODSIDE REPORTS LOWER SALES AND PRODUCTION FOR Q1 2008
Sydney (ANTARA News/Asia Pulse) - Oil and gas producer Woodside Petroleum Ltd (ASX:WPL) has reported lower production and sales for the first quarter of 2008, due to the impact of tropical cyclones off the north west coast of Australia, shut downs and maturing fields.
Production for the three months ended March 31 totalled 17.2 million barrels of oil equivalent (MMboe), down four per cent from the same quarter in 2008.
Sales reached 17 MMboe, reflecting a fall of one per cent whereas revenue rose 22 per cent to $A1.09 billion ($US1.02 billion).
KOOKMIN BANK RAISES US$239 MLN THROUGH DEBT SALE
Seoul (ANTARA News/Asia Pulse) - Kookmin Bank Co. (KSE:060000), South Korea's top lender, said Thursday it has raised 24.4 billion yen (US$239 mln) by selling bonds denominated in the Japanese currency to pay back maturing debts in a deal arranged by Mizuho Investors Securities Co., BNP and JP Morgan.
The so-called Samurai bonds (a yen-denominated bond floated in Japan by non-Japanese firms) mature in two years and carry an interest of the Yen Libor, or the yen-based London Inter-bank Offered Rate, plus a 160 basis point spread, Kookmin Bank said in a statement.
NIKE & ADIDAS PLAY HARDBALL IN CHINA COURT
Beijing (ANTARA News/Asia Pulse) - Competition between two sports goods giants, Nike and Adidas, has moved to a different arena - a Shanghai court with Nike suing its German competitor, and Chinese soccer star Zheng Zhi. At a hearing held Tuesday, Nike Sports (China) Co Ltd told Shanghai No 1 Intermediate People's Court that Adidas and Zheng - captain of the Chinese soccer team and a midfield player with England's Charlton Athletic - had harmed its interests.
Nike said Zheng was seduced by Adidas who promised more money and wore Adidas products and attended its publicity events while working as a brand ambassador for Nike.
It is seeking eight million yuan (US$1.14 million) in compensation from the two. But the accused parties said Nike broke its contract with Zheng due to nonpayment.
HYUNDAI OILBANK JOINS HANDS WITH JAPAN'S COSMO OIL
Seoul (ANTARA News/Asia Pulse) - South Korea's fourth-largest oil refiner Hyundai Oilbank Corp. said Wednesday it has set up a strategic alliance with Japanese oil refiner Cosmo Oil Co. to boost their competitiveness in the global oil market.
Under the agreement signed in Seoul, the companies plan to cooperate in various aspects of their businesses in China and the United States,including marketing, while Cosmo Oil will pass its expertise in heavy-oil refining technology on to Hyundai Oilbank, the South Korean refiner said.
CHINA EASTERN AIRLINE MOVES TO THE BLACK WITH US$83 MLN PROFIT
Beijing (ANTARA News/Asia Pulse) - Shanghai-based China Eastern Airlines Tuesday posted a net profit of 586 million yuan (US$83.8 million) for 2007 compared with a 2.99 billion yuan loss the year before.
News of the company's turnaround pushed its A share up 2.78 per cent to close at 11.46 yuan. It attributed the growth in revenue to the enhancement in transportation capacity, increase in aircraft utilization ratio and a fuel surcharge.
TOSHIBA TO OPEN INDIAN SPECIALTY STORES IN BIG CITIES
Mumbai (ANTARA News/Asia Pulse) - Toshiba Corp. (TSE:6502) will open specialty stores in major cities in India during fiscal 2008 with the aim of tripling sales there to US$1 billion in fiscal 2015.
These Toshiba Innovation Plazas will sell personal computers as well as LCD TVs and the full array of white goods with the first such store opened on the outskirts of New Delhi in February.
The move is intended to boost the Toshiba brand's name recognition and introduce consumers to the quality and functions of its products.
NIPPON STEEL, ARCELORMITTAL TO EXPAND JOINT U.S. OUTPUT
Tokyo (ANTARA News/Asia Pulse) - Nippon Steel Corp. (TSE:5401) and ArcelorMittal said Wednesday that they have reached a final agreement to strengthen their ties by constructing an automotive steelworks in the U.S. state of Indiana.
This new facility will be built on the premises of their 50-50 joint venture, I/N Kote LP, doubling output capacity to about 1 million tons a year in 2010.
The investment is estimated to total US$240 million, or about 24 billion yen.
Nippon Steel will pay half of this. Although I/N Kote's capital base will be increased, Nippon Steel's and ArcelorMittal's relative stakes will remain the same.
KALGOORLIE BOULDER GETS POSITIVE RESULTS FROM W AUSTRALIA GOLD PJT
Perth (ANTARA News/Asia Pulse) - Junior gold explorer Kalgoorlie Boulder Resources Ltd (ASX:KAL) has received positive results from the scoping study on its wholly owned Norseman gold project in Western Australia.
The company expects robust economic returns from a 1.8 million tonnes per annum open cut gold mining operation.
Production could start in 2010, producing an average of about 100,000 ounces of gold per annum for seven years with the news sening its shares 2.3 cents, or 26.44 per cent, higher to 11 cents at 1526 AEST.
WALTON LAUNCHES POWER-SAVING REFRIGERATORS IN BANGLADESH
Dhaka (ANTARA News/Asia Pulse) - Walton, manufacturer of electronic gadgets, has launched two new models of refrigerators that consume low electricity.
The new model freezers, S-1D1 and S-1F6, consume at least 26 percent less electricity than those of other brands, claimed Walton's deputy marketing director Emdadul Haque Sarker at a function at the company office Wednesday.
"We have introduced the new power-saving refrigerators in Bangladesh markets considering the countrywide power crisis," he added. S-IDI sells at Tk 14,500 (US$211.37) and S-IF6 sells at Tk 16,000.
The brands are available at Walton selling outlets and in the market as well. The one-door refrigerator has 25 percent higher efficiency level, said Sarker.
Walton engineer Mainul Islam said the new models are manufactured with special emphasis on weather and environment of Bangladesh.
Source:
Business in Asia Today - APRIL 17, 2008
published by Asia Pulse
COPYRIGHT © 2008
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