NIPPON YUSEN TO BUILD GIANT DISTRIBUTION BASE IN NORTHERN INDIA
Tokyo (ANTARA News/Asia Pulse) - Japan's Nippon Yusen KK (TSE:9101) will locate a large-scale distribution center in India's northern state of Rajasthan in the Neemrana industrial area, hoping to have it ready by 2010 to warehouse and supply electronic components and chemicals to Japanese manufacturers setting up in the region.
This Indian center, Nippon Yusen's fifth, is part of a larger strategy to expand land-based operations in new economies to reduce the impact of fluctuations in mainline shipping operations. With five distribution centers in operation, Nippon Yusen is aiming for sales of 12 billion yen in India in fiscal 2010, which would be a 10-fold increase from fiscal 2007.
MALAYSIA'S BERJAYA LAND TO BUILD US$2.6 BLN JV COMPLEX IN S KOREA
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia's Berjaya Land Berhad (KLSE:4219) is teaming up with Jeju Free International City Development Center (JDC) to develop a resort-type residential and commercial complex in Jeju in South Korea at a cost of US$2.6 billion.
Berjaya Land's wholly-owned unit Berjaya Leisure (Cayman) Limited signed the joint venture agreement with JDC on 29 April 2008.
Under the agreement, Berjaya Jeju Resort Limited will assume the role of master developer for the development of a parcel of land measuring about 74.37 hectares located at Yerae-dong, Seogwipo-si, Jeju Special Self-Governing Province, Berjaya Land said in a statement to Bursa Malaysia on April 29.
AUSTRALIA'S MACARTHUR COAL SIGNS SUPPLY CONTRACT WITH HYUNDAI
Sydney (ANTARA News/Asia Pulse) - Australia's Macarthur Coal Ltd (ASX:MCC) has signed a long term contract with Hyundai Steel Company Ltd (KSE:004020) of South Korea to supply coal from its Coppabella coal mine operations.
Under the deal, Macarthur will supply low volatile pulverised coal injection (LV PCI) material from 2009 to Hyundai to use in its new blast furnace.
"This agreement with Hyundai Steel is a strengthening of the relationship and extends future cooperation between the companies," Macarthur Coal chief executive Nicole Hollows said.
INDONESIA'S ASTRA OTOPARTS CHALKS UP 244% RISE IN NET PROFIT
Jakarta (ANTARA News/Asia Pulse) - The net profit of Indonesian auto component maker PT Astra Otoparts (JSX:AUTO) shot up 244.2 per cent to Rp152 billion (US$16.8 million) in the first quarter of this year compared to the same period last year. The subsidiary of PT Astra International (JSX:ASII), the country's largest automotive company, posted only Rp61 billion in net profit in the first three months of last year.
Company president Eduardus Paulus attributed the surge in profit to strong growth in sales of automotive products in the country.
BUDERIM GINGER LTD REPORTS DWINDLING AUSTRALIAN SUPPLY
Brisbane (ANTARA News/Asia Pulse) - One of the world's largest ginger producers Buderim Ginger Ltd says Australian supply of the versatile root is falling, forcing the company to look into other products.
Buderim maintained its forecast for significant profit growth in 2008, but indicated the company's core business was changing.
Chairman John Ruscoe told shareholders at the company's annual general meeting in Brisbane today its traditional ginger products were giving way to new product lines.
The Queensland-based company, which has been making ginger for almost 70 years, now relies on ginger for less than 40 per cent of its revenue.
TAIWAN MANUFACTURERS UPBEAT OVER FUTURE
Taipei (ANTARA News/Asia Pulse) - Buoyed by a 17.6 per cent jump in export value in the first quarter and recovering corporate profitability, Taiwan's manufacturers are regaining confidence in the future, an economic research unit said Tuesday.
In the Taiwan Institute for Economic Research's monthly business climate survey, the climate index for the manufacturing sector soared by 18.46 points to 120.42 in March, its largest jump since 1978.
The rise indicates that the country's continuing strong export performance has helped local producers regain confidence as international markets recover from the financial distress caused by the U.S. banking crisis.
CITIBANK KOREA AIMS TO SET UP HOLDING FIRM NEXT YEAR
Seoul (ANTARA News/Asia Pulse) - Citibank Korea Inc., the South Korean unit of the U.S.-based Citigroup, said Wednesday it aims to set up a financial holding company in 2009 to help create synergy and boost its growth.
"Citibank plans to turn it and its affiliates into a financial holding company next year, which would create synergy among its subsidiaries," Ha Yung-ku, CEO of Citibank, told a press conference.
"The bank plans to apply to set up a holding firm in September and complete necessary steps by the end of this year," Ha said.
Citibank's plan comes as South Korea, beginning last November, started permitting foreign financial companies to establish holding companies here in line with a revised law.
EYEING TRUCK SALES, ISUZU RAISES STAKE IN INDONESIAN VENTURE
Tokyo (ANTARA News/Asia Pulse) - Isuzu Motors Ltd. (TSE:7202) said Monday that it will increase its stake in an Indonesian venture to just shy of 45 per cent in a deal that will give the Japanese truck maker control of the firm's commercial-vehicle sales network.
Isuzu already owns 39.88 per cent of truck manufacturer and retailer PT Pantja Motor.
It will buy an additional 5.06 per cent interest from major Indonesian automaker PT Astra International Tbk (JSX:ASII), which holds a 50 per cent stake in Pantja, giving the two firms equal shareholdings.
WHIRLPOOL, HISENSE SET UP CHINA JOINT VENTURE
Qingdao (ANTARA News/Asia Pulse) - Whirlpool, the world's leading home appliance maker, and Chinese conglomerate Hisense (SSE:600060) have formed a joint venture for global consumers.
The 50-50 joint venture will invest about 900 million yuan (US$129 million) to produce high-end washing machines and refrigerators under the Hisense and Whirlpool brands, they announced in statement on Monday.
The two companies will cooperate on capital management, research, manufacturing, procurement and global marketing.
KYRGYZSTAN GOVT FAST-TRACKS ENERGY SELL-OFF DESPITE DISSENT
Bishkek (ANTARA News/Asia Pulse) - Legislative changes allowing the Kyrgyz government to privatise the potentially lucrative energy sector without consulting parliament have raised concerns that it wants to speed ahead with sales with little accountability or transparency.
On April 18, parliament passed three bills relating to energy privatisation in the course of a single day.
The key law signs away parliament's right to be consulted before privatisation programmes are approved.
Source:
Business in Asia Today - APRIL 30, 2008
published by Asia Pulse
COPYRIGHT © 2008
Tokyo (ANTARA News/Asia Pulse) - Japan's Nippon Yusen KK (TSE:9101) will locate a large-scale distribution center in India's northern state of Rajasthan in the Neemrana industrial area, hoping to have it ready by 2010 to warehouse and supply electronic components and chemicals to Japanese manufacturers setting up in the region.
This Indian center, Nippon Yusen's fifth, is part of a larger strategy to expand land-based operations in new economies to reduce the impact of fluctuations in mainline shipping operations. With five distribution centers in operation, Nippon Yusen is aiming for sales of 12 billion yen in India in fiscal 2010, which would be a 10-fold increase from fiscal 2007.
MALAYSIA'S BERJAYA LAND TO BUILD US$2.6 BLN JV COMPLEX IN S KOREA
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia's Berjaya Land Berhad (KLSE:4219) is teaming up with Jeju Free International City Development Center (JDC) to develop a resort-type residential and commercial complex in Jeju in South Korea at a cost of US$2.6 billion.
Berjaya Land's wholly-owned unit Berjaya Leisure (Cayman) Limited signed the joint venture agreement with JDC on 29 April 2008.
Under the agreement, Berjaya Jeju Resort Limited will assume the role of master developer for the development of a parcel of land measuring about 74.37 hectares located at Yerae-dong, Seogwipo-si, Jeju Special Self-Governing Province, Berjaya Land said in a statement to Bursa Malaysia on April 29.
AUSTRALIA'S MACARTHUR COAL SIGNS SUPPLY CONTRACT WITH HYUNDAI
Sydney (ANTARA News/Asia Pulse) - Australia's Macarthur Coal Ltd (ASX:MCC) has signed a long term contract with Hyundai Steel Company Ltd (KSE:004020) of South Korea to supply coal from its Coppabella coal mine operations.
Under the deal, Macarthur will supply low volatile pulverised coal injection (LV PCI) material from 2009 to Hyundai to use in its new blast furnace.
"This agreement with Hyundai Steel is a strengthening of the relationship and extends future cooperation between the companies," Macarthur Coal chief executive Nicole Hollows said.
INDONESIA'S ASTRA OTOPARTS CHALKS UP 244% RISE IN NET PROFIT
Jakarta (ANTARA News/Asia Pulse) - The net profit of Indonesian auto component maker PT Astra Otoparts (JSX:AUTO) shot up 244.2 per cent to Rp152 billion (US$16.8 million) in the first quarter of this year compared to the same period last year. The subsidiary of PT Astra International (JSX:ASII), the country's largest automotive company, posted only Rp61 billion in net profit in the first three months of last year.
Company president Eduardus Paulus attributed the surge in profit to strong growth in sales of automotive products in the country.
BUDERIM GINGER LTD REPORTS DWINDLING AUSTRALIAN SUPPLY
Brisbane (ANTARA News/Asia Pulse) - One of the world's largest ginger producers Buderim Ginger Ltd says Australian supply of the versatile root is falling, forcing the company to look into other products.
Buderim maintained its forecast for significant profit growth in 2008, but indicated the company's core business was changing.
Chairman John Ruscoe told shareholders at the company's annual general meeting in Brisbane today its traditional ginger products were giving way to new product lines.
The Queensland-based company, which has been making ginger for almost 70 years, now relies on ginger for less than 40 per cent of its revenue.
TAIWAN MANUFACTURERS UPBEAT OVER FUTURE
Taipei (ANTARA News/Asia Pulse) - Buoyed by a 17.6 per cent jump in export value in the first quarter and recovering corporate profitability, Taiwan's manufacturers are regaining confidence in the future, an economic research unit said Tuesday.
In the Taiwan Institute for Economic Research's monthly business climate survey, the climate index for the manufacturing sector soared by 18.46 points to 120.42 in March, its largest jump since 1978.
The rise indicates that the country's continuing strong export performance has helped local producers regain confidence as international markets recover from the financial distress caused by the U.S. banking crisis.
CITIBANK KOREA AIMS TO SET UP HOLDING FIRM NEXT YEAR
Seoul (ANTARA News/Asia Pulse) - Citibank Korea Inc., the South Korean unit of the U.S.-based Citigroup, said Wednesday it aims to set up a financial holding company in 2009 to help create synergy and boost its growth.
"Citibank plans to turn it and its affiliates into a financial holding company next year, which would create synergy among its subsidiaries," Ha Yung-ku, CEO of Citibank, told a press conference.
"The bank plans to apply to set up a holding firm in September and complete necessary steps by the end of this year," Ha said.
Citibank's plan comes as South Korea, beginning last November, started permitting foreign financial companies to establish holding companies here in line with a revised law.
EYEING TRUCK SALES, ISUZU RAISES STAKE IN INDONESIAN VENTURE
Tokyo (ANTARA News/Asia Pulse) - Isuzu Motors Ltd. (TSE:7202) said Monday that it will increase its stake in an Indonesian venture to just shy of 45 per cent in a deal that will give the Japanese truck maker control of the firm's commercial-vehicle sales network.
Isuzu already owns 39.88 per cent of truck manufacturer and retailer PT Pantja Motor.
It will buy an additional 5.06 per cent interest from major Indonesian automaker PT Astra International Tbk (JSX:ASII), which holds a 50 per cent stake in Pantja, giving the two firms equal shareholdings.
WHIRLPOOL, HISENSE SET UP CHINA JOINT VENTURE
Qingdao (ANTARA News/Asia Pulse) - Whirlpool, the world's leading home appliance maker, and Chinese conglomerate Hisense (SSE:600060) have formed a joint venture for global consumers.
The 50-50 joint venture will invest about 900 million yuan (US$129 million) to produce high-end washing machines and refrigerators under the Hisense and Whirlpool brands, they announced in statement on Monday.
The two companies will cooperate on capital management, research, manufacturing, procurement and global marketing.
KYRGYZSTAN GOVT FAST-TRACKS ENERGY SELL-OFF DESPITE DISSENT
Bishkek (ANTARA News/Asia Pulse) - Legislative changes allowing the Kyrgyz government to privatise the potentially lucrative energy sector without consulting parliament have raised concerns that it wants to speed ahead with sales with little accountability or transparency.
On April 18, parliament passed three bills relating to energy privatisation in the course of a single day.
The key law signs away parliament's right to be consulted before privatisation programmes are approved.
Source:
Business in Asia Today - APRIL 30, 2008
published by Asia Pulse
COPYRIGHT © 2008
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