ABU DHABI TO HAVE RAILWAY SYSTEM IN SEVEN YEARS
Abu Dhabi (ANTARA News/Asia Pulse) - The Abu Dhabi emirate is planning to construct a railway system by the year 2015, to cope with the transportation problem of its ever increasing population, a senior transport official has said. "It's clear we can't sustain the growth of this city on private cars alone.
We have to focus on public transport," said Falah al Ahbabi, the general manager of the Urban Planning Council (UPC).
The population of Abu Dhabi is expected to increase to more than three million people by 2030, and planners say it is 'a must' for Abu Dhabi, heavily reliant on a taxi service that often cannot cope with the demand, to have its own metro by 2015, a report published by the National daily said.
MAGAZINE SURVEY UNVEILS TAIWAN'S TOP 1,000 COMPANIES
Taipei (ANTARA News/Asia Pulse) - Hon Hai Precision Industry Co. (TAIEX:2317), the world's largest contract electronics manufacturer, remained Taiwan's largest private manufacturing company in 2007, according to the results of a survey conducted by a local magazine on the country's top 1,000 firms.
Hon Hai topped the chart as it earned NT$1.7 trillion (US$55.8 billion) in revenues in 2007, said the CommonWealth Magazine, which released the annual survey Monday.
Hon Hai was followed by Quanta Computer Inc. (TAIEX:2382), which overtook Asustek Computer Inc. (TAIEX:23571), as it recorded NT$777.4 billion in revenues last year, the survey found.
MALAYSIA'S MAYBANK ACQUIRES STAKE IN PAKISTAN'S MCB BANK
Karachi (ANTARA News/Asia Pulse) - Pakistan's MCB Bank Limited and Malaysia's Maybank (KLSE:1155) Monday announced signing of agreements, whereby Maybank will acquire up to 20 per cent of ordinary shares in MCB Bank Limited (MCB or Bank) from Nishat Group.
The agreement underlines MCB commitment to enter next phase of growth by partnering with a leading financial services group, thereby expanding its product offering and improving efficiency to better serve its customers.
The transaction represents the largest Foreign Direct Investment into Pakistan in 2008 and the largest ever private sector cross border transaction in Pakistan.
AUSTRALIA'S REX CANCELS FLIGHTS DUE TO PILOT SHORTAGE
Sydney (ANTARA News/Asia Pulse) - Australian regional airline Rex has cut back its flight schedule, including cancelling winter flights to ski fields, due to a shortage of pilots.
The airline, Regional Express Airlines (ASX:REX), will suspend its Sydney to Cooma route indefinitely, instead of recommencing flights there after a summer hiatus.
It also will reduce flights elsewhere in the network, together amounting to a three per cent cutback in services.
Rex said a shortage of pilots, high attrition rates and aggressive recruiting by the major airlines meant that its flights cannot be reliably staffed.
S KOREAN AUTO OUTPUT FALLS 3 PCT IN APRIL
Seoul (ANTARA News/Asia Pulse) - South Korea's production of cars, trucks and buses fell three per cent in April from the same month last year, mainly due to falling exports to the United States and Europe, an industry group said Wednesday. Production fell to 363,399 units last month for the third consecutive month of declines, an official at the Korea Automobile Manufacturers' Association said.
In April, exports slipped two per cent from a year earlier to 249,326 units, while domestic sales rose 11.4 per cent to 110,954 units, the association said.
UCC TO EMERGE AS 3RD JAPANESE CAFE CHAIN WITH PURCHASE OF RIVAL
Tokyo (ANTARA News/Asia Pulse) - UCC Ueshima Coffee Co. on Friday reached a basic agreement to turn Kohikan Corp., Japan's third-largest cafe operator, into a subsidiary by acquiring an 89 per cent stake.
The deal will catapult the fifth-ranked UCC to No. 3 among specialty coffee chains, after Doutor Coffee Co., a unit of Doutor-Nichires Holdings Co. (TSE:3087), and Starbucks Coffee Japan Ltd. (TSE:2712).
UCC will buy the stake May 30 for an undisclosed sum from the founding family and other shareholders of Kohikan.
It plans to continue raising its interest to take a 100 per cent stake later this year.
MITSUBISHI RAYON TO SHRINK ACRYLIC FIBER OPS TO LIFT PROFITABILITY
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Rayon Co. (TSE:3404) plans to reduce its acrylic fiber production capacity roughly 30 per cent by fiscal 2010, which ends March 31, 2011, to help improve profitability at its acrylic fiber business. According to the major acrylic fiber producer's three-year business blueprint through fiscal 2010, the company also will withdraw from some money-losing chemical operations.
Mitsubishi Rayon has set a goal of achieving 500 billion yen (US$4.8 billion) in sales in fiscal 2010.
Its return on equity in that year is expected to come to 8.5 per cent.
AUSTRALIA'S TOLL AQUIRES NZ'S UNITED CARRIERS TRUCKING CO
Melbourne (ANTARA News/Asia Pulse) - Australia's largest freight company, Toll Holdings Ltd (ASX:TOL), has acquired New Zealand's United Carriers trucking company after the suitor recently sold its rail and ferry operations in that country.
The transport operator said today it had signed a conditional purchase agreement for the trucking business, which had an annual turnover of about $NZ50 million (US$39.4 million).
"United is a very complementary acquisition for Toll. It expands our existing businesses in New Zealand into Northland where our presence was previously limited," Toll managing director Paul Little said in a statement.
KOREA'S STX PAN OCEAN REPORTS SIX-FOLD INCREASE IN Q1 EARNINGS
Seoul (ANTARA News/Asia Pulse) - STX Pan Ocean Co. (KSE:028670), South Korea's second-largest shipping line, said today that its first-quarter earnings increased nearly six-fold from a year earlier as demand for transportation of raw materials to China allowed it to boost prices.
Its net profit reached 277 billion won (US$271 million) in the January-March period, compared with 47.5 billion won a year earlier, the company said in a regulatory filing.
Sales increased 104 per cent to 1.85 trillion won, and operating income more than tripled to 275 billion won, according to the company.
INDIA'S PRITISH NANDY INKS FILM PRODUCTION DEAL WITH SONY PIC
Mumbai (ANTARA News/Asia Pulse) - Pritish Nandy Communications (PNC)(BSE:532387) on Tuesday said it has entered into an agreement with US-based Sony Pictures for co-production of three films in India, the domestic film production firm said in a filing to the Bombay Stock Exchange.
"The co-production deal is a major breakthrough for Indian cinema and brings together Indian talent and international talent and studio expertise to exploit the global opportunities that exist for our kind of movies," PNC chairman Pritish Nandy said.
Source:
Business in Asia Today - MAY 07, 2008
published by Asia Pulse
COPYRIGHT © 2008
Abu Dhabi (ANTARA News/Asia Pulse) - The Abu Dhabi emirate is planning to construct a railway system by the year 2015, to cope with the transportation problem of its ever increasing population, a senior transport official has said. "It's clear we can't sustain the growth of this city on private cars alone.
We have to focus on public transport," said Falah al Ahbabi, the general manager of the Urban Planning Council (UPC).
The population of Abu Dhabi is expected to increase to more than three million people by 2030, and planners say it is 'a must' for Abu Dhabi, heavily reliant on a taxi service that often cannot cope with the demand, to have its own metro by 2015, a report published by the National daily said.
MAGAZINE SURVEY UNVEILS TAIWAN'S TOP 1,000 COMPANIES
Taipei (ANTARA News/Asia Pulse) - Hon Hai Precision Industry Co. (TAIEX:2317), the world's largest contract electronics manufacturer, remained Taiwan's largest private manufacturing company in 2007, according to the results of a survey conducted by a local magazine on the country's top 1,000 firms.
Hon Hai topped the chart as it earned NT$1.7 trillion (US$55.8 billion) in revenues in 2007, said the CommonWealth Magazine, which released the annual survey Monday.
Hon Hai was followed by Quanta Computer Inc. (TAIEX:2382), which overtook Asustek Computer Inc. (TAIEX:23571), as it recorded NT$777.4 billion in revenues last year, the survey found.
MALAYSIA'S MAYBANK ACQUIRES STAKE IN PAKISTAN'S MCB BANK
Karachi (ANTARA News/Asia Pulse) - Pakistan's MCB Bank Limited and Malaysia's Maybank (KLSE:1155) Monday announced signing of agreements, whereby Maybank will acquire up to 20 per cent of ordinary shares in MCB Bank Limited (MCB or Bank) from Nishat Group.
The agreement underlines MCB commitment to enter next phase of growth by partnering with a leading financial services group, thereby expanding its product offering and improving efficiency to better serve its customers.
The transaction represents the largest Foreign Direct Investment into Pakistan in 2008 and the largest ever private sector cross border transaction in Pakistan.
AUSTRALIA'S REX CANCELS FLIGHTS DUE TO PILOT SHORTAGE
Sydney (ANTARA News/Asia Pulse) - Australian regional airline Rex has cut back its flight schedule, including cancelling winter flights to ski fields, due to a shortage of pilots.
The airline, Regional Express Airlines (ASX:REX), will suspend its Sydney to Cooma route indefinitely, instead of recommencing flights there after a summer hiatus.
It also will reduce flights elsewhere in the network, together amounting to a three per cent cutback in services.
Rex said a shortage of pilots, high attrition rates and aggressive recruiting by the major airlines meant that its flights cannot be reliably staffed.
S KOREAN AUTO OUTPUT FALLS 3 PCT IN APRIL
Seoul (ANTARA News/Asia Pulse) - South Korea's production of cars, trucks and buses fell three per cent in April from the same month last year, mainly due to falling exports to the United States and Europe, an industry group said Wednesday. Production fell to 363,399 units last month for the third consecutive month of declines, an official at the Korea Automobile Manufacturers' Association said.
In April, exports slipped two per cent from a year earlier to 249,326 units, while domestic sales rose 11.4 per cent to 110,954 units, the association said.
UCC TO EMERGE AS 3RD JAPANESE CAFE CHAIN WITH PURCHASE OF RIVAL
Tokyo (ANTARA News/Asia Pulse) - UCC Ueshima Coffee Co. on Friday reached a basic agreement to turn Kohikan Corp., Japan's third-largest cafe operator, into a subsidiary by acquiring an 89 per cent stake.
The deal will catapult the fifth-ranked UCC to No. 3 among specialty coffee chains, after Doutor Coffee Co., a unit of Doutor-Nichires Holdings Co. (TSE:3087), and Starbucks Coffee Japan Ltd. (TSE:2712).
UCC will buy the stake May 30 for an undisclosed sum from the founding family and other shareholders of Kohikan.
It plans to continue raising its interest to take a 100 per cent stake later this year.
MITSUBISHI RAYON TO SHRINK ACRYLIC FIBER OPS TO LIFT PROFITABILITY
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Rayon Co. (TSE:3404) plans to reduce its acrylic fiber production capacity roughly 30 per cent by fiscal 2010, which ends March 31, 2011, to help improve profitability at its acrylic fiber business. According to the major acrylic fiber producer's three-year business blueprint through fiscal 2010, the company also will withdraw from some money-losing chemical operations.
Mitsubishi Rayon has set a goal of achieving 500 billion yen (US$4.8 billion) in sales in fiscal 2010.
Its return on equity in that year is expected to come to 8.5 per cent.
AUSTRALIA'S TOLL AQUIRES NZ'S UNITED CARRIERS TRUCKING CO
Melbourne (ANTARA News/Asia Pulse) - Australia's largest freight company, Toll Holdings Ltd (ASX:TOL), has acquired New Zealand's United Carriers trucking company after the suitor recently sold its rail and ferry operations in that country.
The transport operator said today it had signed a conditional purchase agreement for the trucking business, which had an annual turnover of about $NZ50 million (US$39.4 million).
"United is a very complementary acquisition for Toll. It expands our existing businesses in New Zealand into Northland where our presence was previously limited," Toll managing director Paul Little said in a statement.
KOREA'S STX PAN OCEAN REPORTS SIX-FOLD INCREASE IN Q1 EARNINGS
Seoul (ANTARA News/Asia Pulse) - STX Pan Ocean Co. (KSE:028670), South Korea's second-largest shipping line, said today that its first-quarter earnings increased nearly six-fold from a year earlier as demand for transportation of raw materials to China allowed it to boost prices.
Its net profit reached 277 billion won (US$271 million) in the January-March period, compared with 47.5 billion won a year earlier, the company said in a regulatory filing.
Sales increased 104 per cent to 1.85 trillion won, and operating income more than tripled to 275 billion won, according to the company.
INDIA'S PRITISH NANDY INKS FILM PRODUCTION DEAL WITH SONY PIC
Mumbai (ANTARA News/Asia Pulse) - Pritish Nandy Communications (PNC)(BSE:532387) on Tuesday said it has entered into an agreement with US-based Sony Pictures for co-production of three films in India, the domestic film production firm said in a filing to the Bombay Stock Exchange.
"The co-production deal is a major breakthrough for Indian cinema and brings together Indian talent and international talent and studio expertise to exploit the global opportunities that exist for our kind of movies," PNC chairman Pritish Nandy said.
Source:
Business in Asia Today - MAY 07, 2008
published by Asia Pulse
COPYRIGHT © 2008
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