ASEAN-PLUS-THREE AGREE ON JOINT EMERGENCY RELIEF FUND
Seoul (ANTARA News/Asia Pulse) - Asian countries have agreed to set up a US$80 billion emergency relief fund to prevent a repeat of the financial crisis that rocked the region in the late 1990s, the South Korean government said Monday.
The deal ironed out in Madrid, Spain at the ASEAN-plus-three finance ministers' meeting at the weekend, permits the fund to be used for loans to help member economies deal with sudden liquidity shortfalls, the Ministry of Strategy and Finance said. It said South Korea, Japan and China would provide 80 per cent or US$64 billion of the total, with the Association of Southeast Asian Nations (ASEAN) countries footing the rest.
TOLL HOLDINGS SELLS NZ TRANSPORT OPERATIONS
Sydey (ANTARA News/Asia Pulse) - Freight transport firm Toll Holdings Ltd (ASX:TOL) has sold its New Zealand rail and ferry operations to the country's government for $NZ665 million (US$517.1 million)($A555.35 million) to focus on its goods forwarding business.
"The disposal of the rail and ferry operations to the New Zealand government will give rail in New Zealand the opportunity to move forward in an environment with greater clarity and ability to better plan its development," Toll managing director Paul Little said in a statement today.
"We support the government's objective of boosting capital spending on rail."
MAYBANK TO BUY 20 PCT STAKE IN PAKISTAN'S MCB BANK
Kuala Lumpur (ANTARA News/Asia Pulse) - Malayan Banking Berhad (Maybank) (KLSE:1155) on Monday said it was acquiring 15 per cent of Pakistan's MCB Bank Limited (MCB) for PKR44.29 billion (US$679.8 million) cash as Malaysia's largest lender continued efforts to establish itself as a financial services leader in regional markets.
On May 3, Maybank signed agreements with vendors to purchase 94,241,527 shares, representing 15 per cent of the issued and paid-up share capital of MCB for a cash price of PKR470 a piece.
On the same day, Maybank also entered into an agreement for the right to buy an additional five per cent stake in MCB from individual vendors.
ADB SECURES OVER US$11 BLN TO HELP ASIA'S POOREST
Madrid (ANTARA News/Asia Pulse) - The Asian Development Bank (ADB) said it had secured US$11.3 billion for the next four-year phase of its concessional development fund to fight poverty in the Asia and Pacific region - a significant jump of over 60 per cent from the previous period.
The generous contribution of donor nations would help developing Asia-Pacific countries meet Millennium Development Goal targets, and bring better opportunities and a brighter future to people living in the region's poorest nations, ADB President Haruhiko Kuroda said in a statement.
The Asian Development Fund (ADF) provides grants and low-interest loans to the Asia and Pacific's poorest countries, which are home to some 400 million people living on less than US$2 a day.
The new ADF will cover the period of 2009-2012.
POSCO TO ACQUIRE 19 PCT STAKE IN SANDFIRE RESOURCES
Seoul (ANTARA News/Asia Pulse) - A subsidiary of the world's fourth-largest steel producer, the Korea-headquartered POSCO (KSE:005490), has agreed to acquire a strategic 19.99 per cent stake in mineral explorer Sandfire Resources NL (ASX:SFR). POSCO Australia will acquire the interest through a proposed $A7.2 million ($US6.73 million) share placement comprising 16.5 million fully paid shares at 40 cents each and 2.5 million partly paid ordinary shares at 25 cents each.
The transaction is subject to Sandfire shareholder and Foreign Investment Review Board approval.
The placement will allow the Perth-headquartered company to accelerate the exploration of its manganese, lead-zinc-silver,
iron ore and gold projects in Western Australia and the Northern Territory, and move on resource opportunities both in Australia and overseas.
INDONESIA'S BAKRIE TELECOM POSTS 97.3% RISE IN INCOME
Jakarta (ANTARA News/Asia Pulse) - PT Bakrie Telecom (JSX:BTEL) reported a 97.3 per cent increase in net income to Rp441.8 billion (US$49 million) in the first quarter of this year, up from the same period last year.
The net profit of the subsidiary of the Bakrie Group shot up 68.5 per cent to Rp27.4 billion on 149.5 per cent increase year-on-year in the number of subscribers to 4.49 million by the end of March.
The company received a financing commitment of US$50 million from vendors to contribute to its capital expenditure of US$232 million this year, its Finance Director Jastiro Abi said.
NEW BREAKWATER PROJECT COMPLETED AT VIETNAMESE REFINERY
Quang Ngai, Vietnam (ANTARA News/Asia Pulse) - The construction of a breakwater project at the Dung Quat oil refinery in central Quang Ngai province was completed on May 2, five months ahead of schedule.
The project was the first of seven contract packages to be completed at Vietnam's first oil refinery.
The breakwater, which is 1.6km long, 11m wide and 10m high above the sea level, was built at a cost of 1.5 trillion VND ($US93.75 million) to facilitate ship traffic at the refinery's harbour.
Construction work started in October 2006.
AUSTRALIA'S INCITEC PIVOT BOOSTS 1H NET PROFIT BY 197 PCT
Sydney (ANTARA News/Asia Pulse) - Incitec Pivot Ltd (ASX:IPL) has increased its first half net profit by 197 per cent, and says it expects to see continued strength global fertiliser prices over the remainder of the year.
Net profit for the six months ended March 30 rose to $A169.8 million ($US158.19 million), from $57.2 million in the previous corresponding period.
Incitec said the strong result reflected the ongoing success of its business strategy, as sales revenue rose 38 per cent to $749.3 million.
Managing director Julian Segal said that with favourable weather conditions, the Australian agricultural industry would be well-positioned to benefit from the soft commodities boom, because of its proximity to India and China.
MALAYSIA'S TENAGA SIGNS DEAL TO BUY POWER FROM GUNUNG MEDAN
Kuala Lumpur (ANTARA News/Asia Pulse) - Tenaga Nasional Berhad (TNB) (KLSE:5347) said it had signed an agreement for the purchase of electricity generated by a small renewable energy (RE) power project developed by Gunung Medan Hydro Sdn. Bhd. under the Small Renewable Energy Power Program (SREP) Program.
TNB is to purchase the electricity for a period of 21 years.
The estimated value of this RE Power Purchase Agreement (REPPA) was about RM3.29 million (US$1 million) per year, Malaysia's largest power firm said in a statement to Bursa Malaysia.
The renewable energy power plant developed by Gunung Medan Hydro Sdn. Bhd. which utilizes run-of-river type of mini hydro scheme, will be located in Sg. Batang Kali, Selangor.
CHINESE BASE METALS GROUP SECURES STAKE IN FERRAUS LTD
Perth (ANTARA News/Asia Pulse) - One of China's largest base metals groups has secured a 10 per cent interest in Pilbara-focused junior iron ore miner FerrAus Ltd (ASX:FRS).
The Western Mining Co. Ltd (ASX:WMC), a A$9 billion (US$8.394 billion) company, will secure its stake in FerrAus through a A$1.15 per share placement, under a share subscription agreement.
The agreement remains subject to Australian and Chinese regulatory and FerrAus shareholder approvals.
The transaction is expected to inject at least A$15.5 million into the Adelaide-headquartered company and is WMC's first investment in ferrous raw materials resource projects in Australia.
Source:
Business in Asia Today - MAY 05, 2008
published by Asia Pulse
COPYRIGHT © 2008
Seoul (ANTARA News/Asia Pulse) - Asian countries have agreed to set up a US$80 billion emergency relief fund to prevent a repeat of the financial crisis that rocked the region in the late 1990s, the South Korean government said Monday.
The deal ironed out in Madrid, Spain at the ASEAN-plus-three finance ministers' meeting at the weekend, permits the fund to be used for loans to help member economies deal with sudden liquidity shortfalls, the Ministry of Strategy and Finance said. It said South Korea, Japan and China would provide 80 per cent or US$64 billion of the total, with the Association of Southeast Asian Nations (ASEAN) countries footing the rest.
TOLL HOLDINGS SELLS NZ TRANSPORT OPERATIONS
Sydey (ANTARA News/Asia Pulse) - Freight transport firm Toll Holdings Ltd (ASX:TOL) has sold its New Zealand rail and ferry operations to the country's government for $NZ665 million (US$517.1 million)($A555.35 million) to focus on its goods forwarding business.
"The disposal of the rail and ferry operations to the New Zealand government will give rail in New Zealand the opportunity to move forward in an environment with greater clarity and ability to better plan its development," Toll managing director Paul Little said in a statement today.
"We support the government's objective of boosting capital spending on rail."
MAYBANK TO BUY 20 PCT STAKE IN PAKISTAN'S MCB BANK
Kuala Lumpur (ANTARA News/Asia Pulse) - Malayan Banking Berhad (Maybank) (KLSE:1155) on Monday said it was acquiring 15 per cent of Pakistan's MCB Bank Limited (MCB) for PKR44.29 billion (US$679.8 million) cash as Malaysia's largest lender continued efforts to establish itself as a financial services leader in regional markets.
On May 3, Maybank signed agreements with vendors to purchase 94,241,527 shares, representing 15 per cent of the issued and paid-up share capital of MCB for a cash price of PKR470 a piece.
On the same day, Maybank also entered into an agreement for the right to buy an additional five per cent stake in MCB from individual vendors.
ADB SECURES OVER US$11 BLN TO HELP ASIA'S POOREST
Madrid (ANTARA News/Asia Pulse) - The Asian Development Bank (ADB) said it had secured US$11.3 billion for the next four-year phase of its concessional development fund to fight poverty in the Asia and Pacific region - a significant jump of over 60 per cent from the previous period.
The generous contribution of donor nations would help developing Asia-Pacific countries meet Millennium Development Goal targets, and bring better opportunities and a brighter future to people living in the region's poorest nations, ADB President Haruhiko Kuroda said in a statement.
The Asian Development Fund (ADF) provides grants and low-interest loans to the Asia and Pacific's poorest countries, which are home to some 400 million people living on less than US$2 a day.
The new ADF will cover the period of 2009-2012.
POSCO TO ACQUIRE 19 PCT STAKE IN SANDFIRE RESOURCES
Seoul (ANTARA News/Asia Pulse) - A subsidiary of the world's fourth-largest steel producer, the Korea-headquartered POSCO (KSE:005490), has agreed to acquire a strategic 19.99 per cent stake in mineral explorer Sandfire Resources NL (ASX:SFR). POSCO Australia will acquire the interest through a proposed $A7.2 million ($US6.73 million) share placement comprising 16.5 million fully paid shares at 40 cents each and 2.5 million partly paid ordinary shares at 25 cents each.
The transaction is subject to Sandfire shareholder and Foreign Investment Review Board approval.
The placement will allow the Perth-headquartered company to accelerate the exploration of its manganese, lead-zinc-silver,
iron ore and gold projects in Western Australia and the Northern Territory, and move on resource opportunities both in Australia and overseas.
INDONESIA'S BAKRIE TELECOM POSTS 97.3% RISE IN INCOME
Jakarta (ANTARA News/Asia Pulse) - PT Bakrie Telecom (JSX:BTEL) reported a 97.3 per cent increase in net income to Rp441.8 billion (US$49 million) in the first quarter of this year, up from the same period last year.
The net profit of the subsidiary of the Bakrie Group shot up 68.5 per cent to Rp27.4 billion on 149.5 per cent increase year-on-year in the number of subscribers to 4.49 million by the end of March.
The company received a financing commitment of US$50 million from vendors to contribute to its capital expenditure of US$232 million this year, its Finance Director Jastiro Abi said.
NEW BREAKWATER PROJECT COMPLETED AT VIETNAMESE REFINERY
Quang Ngai, Vietnam (ANTARA News/Asia Pulse) - The construction of a breakwater project at the Dung Quat oil refinery in central Quang Ngai province was completed on May 2, five months ahead of schedule.
The project was the first of seven contract packages to be completed at Vietnam's first oil refinery.
The breakwater, which is 1.6km long, 11m wide and 10m high above the sea level, was built at a cost of 1.5 trillion VND ($US93.75 million) to facilitate ship traffic at the refinery's harbour.
Construction work started in October 2006.
AUSTRALIA'S INCITEC PIVOT BOOSTS 1H NET PROFIT BY 197 PCT
Sydney (ANTARA News/Asia Pulse) - Incitec Pivot Ltd (ASX:IPL) has increased its first half net profit by 197 per cent, and says it expects to see continued strength global fertiliser prices over the remainder of the year.
Net profit for the six months ended March 30 rose to $A169.8 million ($US158.19 million), from $57.2 million in the previous corresponding period.
Incitec said the strong result reflected the ongoing success of its business strategy, as sales revenue rose 38 per cent to $749.3 million.
Managing director Julian Segal said that with favourable weather conditions, the Australian agricultural industry would be well-positioned to benefit from the soft commodities boom, because of its proximity to India and China.
MALAYSIA'S TENAGA SIGNS DEAL TO BUY POWER FROM GUNUNG MEDAN
Kuala Lumpur (ANTARA News/Asia Pulse) - Tenaga Nasional Berhad (TNB) (KLSE:5347) said it had signed an agreement for the purchase of electricity generated by a small renewable energy (RE) power project developed by Gunung Medan Hydro Sdn. Bhd. under the Small Renewable Energy Power Program (SREP) Program.
TNB is to purchase the electricity for a period of 21 years.
The estimated value of this RE Power Purchase Agreement (REPPA) was about RM3.29 million (US$1 million) per year, Malaysia's largest power firm said in a statement to Bursa Malaysia.
The renewable energy power plant developed by Gunung Medan Hydro Sdn. Bhd. which utilizes run-of-river type of mini hydro scheme, will be located in Sg. Batang Kali, Selangor.
CHINESE BASE METALS GROUP SECURES STAKE IN FERRAUS LTD
Perth (ANTARA News/Asia Pulse) - One of China's largest base metals groups has secured a 10 per cent interest in Pilbara-focused junior iron ore miner FerrAus Ltd (ASX:FRS).
The Western Mining Co. Ltd (ASX:WMC), a A$9 billion (US$8.394 billion) company, will secure its stake in FerrAus through a A$1.15 per share placement, under a share subscription agreement.
The agreement remains subject to Australian and Chinese regulatory and FerrAus shareholder approvals.
The transaction is expected to inject at least A$15.5 million into the Adelaide-headquartered company and is WMC's first investment in ferrous raw materials resource projects in Australia.
Source:
Business in Asia Today - MAY 05, 2008
published by Asia Pulse
COPYRIGHT © 2008
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