JGC PICKED TO BUILD MIDEAST'S BIGGEST OIL PLANT IN KUWAIT
Tokyo (ANTARA News/Asia Pulse) - JGC Corp. (TSE:1963) said Monday that its alliance has been awarded a project in Kuwait to construct the largest oil production plant in the Middle East. JGC and South Korean firm GS Engineering & Construction Corp. will jointly build crude oil distillation and desulfurization facilities for about 400 billion yen (US$3.9 billion) by 2012.
JGC's share of the contract is expected to top 200 billion yen.
The two partners will soon sign the contract with the Kuwait National Petroleum Co. Construction of the entire plant is estimated to exceed 1 trillion yen.
INDIA'S BAJAJ, RENAULT AND NISSAN JOIN HANDS TO MAKE US$2,500 CAR
New Delhi (ANTARA News/Asia Pulse) - Bajaj Auto Ltd (BSE:500490), India's second largest two-wheeler maker, on Monday announced a joint venture with Renault and Nissan (TSE:7201) to produce a US$2,500 car by 2011 that will compete with the Nano, the world's cheapest car from Tata Motors (BSE:500570).
The JV for manufacturing the small car, code-named ULC, would be owned 50 per cent by Bajaj Auto Ltd (BAL) and 25 per cent each by French car maker Renault and Japan's Nissan, a BAL statement said here.
The car, which would be rolled out from a brand new plant in Maharashtra and available in the Indian market in 2011, would also be positioned for exports to other markets.
MALAYSIA'S MISC POSTS 11 PCT DROP IN YEAR PRE-TAX PROFIT
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia's largest shipping firm MISC Berhad (KLSE:3816) Monday reported a 11 per cent slide in annual pre-tax profit on softer freight rates, rising operating costs and stronger local currency.
The company booked a pre-tax profit of RM2.609 billion (US$815.3 million) for the twelve months ended 31 March compared with RM2.930 billion a year earlier.
The lower profit was struck on the back of revenue of RM12.957 billion, up 15.7 per cent from RM11.199 billion previously. MISC declared a final dividend of 20 sen per share, bringing its total payout to 35 sen per share.
AUSTRALIAN RETAILER HARVEY NORMAN BOOKS 6.4 PCT RISE IN Q3 SALES
Sydney (ANTARA News/Asia Pulse) - Australia's biggest electronics retailer, Harvey Norman Holdings Ltd (ASX:HVN), has booked a lift in sales over the last four months, despite a softening retail market.
Sales for the four months from Harvey Norman's franchised stores, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia and Ireland lifted 6.4 per cent to $A1.78 billion ($US1.68 billion).
Harvey Norman posted a 2.5 per cent lift in like-for-like sales for the period, to April 30, 2008, compared to the prior corresponding period.
NEW LOUIS VUITTON STORE TO DEBUT IN TOKYO'S GINZA AREA IN 2010
Tokyo (ANTARA News/Asia Pulse) - LVJ Group KK, which imports and sells products made by French luxury brand Louis Vuitton, unveiled plans Monday to open Asia's largest Louis Vuitton store in Tokyo's swanky Ginza shopping district in 2010.
The company intends to lease nearly one whole wing of a commercial building to be completed in fall 2010.
The building has four below-ground and 12 above-ground floors.
LVJ Group's flagship store is likely to occupy floors one through 10, with the higher levels to be used for luxury dining.
S. KOREA'S KUMHO TIRE BEGINS CONSTRUCTION OF PLANT IN U.S.
Seoul (ANTARA News/Asia Pulse) - Kumho Tire Co. (KSE:072340), South Korea's second-largest tire maker, began building a US$165 million factory in the U.S. state of Georgia, the company said Tuesday.
The Georgia plant, which will be completed in the second-half of 2009 with an initial production capacity of 2.1 million tires a year, would be Kumho's fifth overseas factories.
The new factory is located about 270 kilometers away from Hyundai Motor Co.'s (KSE:005380) U.S. plant in Montgomery, Alabama, Kumho Tire said.
CHINESE QUAKE UNLIKELY TO AFFECT GLOBAL ZINC SUPPLY
Beijing (ANTARA News/Asia Pulse) - Zinc supply is unlikely to be affected by the 7.8-magnitude earthquake in Southwest China's Sichuan Province Monday despite the zinc production halt initiated by producers there.
The province produced 205,000 tons of zinc last year, accounting for only 5.54 per cent of China's total 3.7 million tons and 1.7 per cent of the world's 12 million tons, AME Mineral Economics quoted Chinese research institution Antaike's figures as saying.
There is no doubt that the zinc supply may be affected as long as production in Sichuan-sited zinc companies is fully halted, but there remains a surplus of 200,000-400,000 tons of zinc on the global market, AME noted.
VIETNAM TEXTILE INDUSTRY HOPES TO LURE MORE TAIWAN INVESTORS
Hanoi (ANTARA News/Asia Pulse) - Though Taiwan is already the largest foreign direct investment contributor to Vietnamese textiles, Vietnam's textile industry is attempting to lure still more investors.
Local firms have expressed hopes that Taiwan investors could enhance sectors like fashion design, trademark building and the world distribution system, said Le Tien Truong, deputy director of the Vietnam Garment and Textile Corporation (Vinatex).
According to statistics from the Vietnam Textile Association (Vitas), there are about 500 foreign textile and garment enterprises operating in Vietnam, of which 150 are Taiwanese.
TAIWAN'S BOWA BANK TO MERGE WITH DBS BANK: FSC
Taipei (ANTARA News/Asia Pulse) - Taiwan's debt-ridden Bowa Bank will formally merge with a Taiwan branch of Singapore-based Development Bank of Singapore (DBS) Group Holdings Ltd. on May 24, according to the Financial Supervisory Commission (FSC). The merger will help DBS Bank -- a local branch of Southeast Asia's biggest bank -- overtake ABN AMRO Bank to become the fourth-largest foreign bank in Taiwan in terms of number of branches.
DBS Bank beat other bidders to acquire Bowa Bank Jan. 31 after it asked for just NT$44.5 billion (US$1.44 billion) from the Cabinet's Resolution Trust Corp. to make the acquisition.
The buy-out will increase the number of DBS Bank branches in Taiwan from one to 40, the FSC said.
KOREAN AIR, UZBEKISTAN AIRWAYS TO COOPERATE IN AIR CARGO
Seoul (ANTARA News/Asia Pulse) - Korean Air Lines Co. (KSE:003490) , South Korea's biggest carrier, said today it has clinched a preliminary deal with state-run Uzbekistan Airways to expand cooperation in international air cargo services. Korean Air on Monday signed a memorandum of understanding with the state airline of Uzbekistan to build an international logistics center at Navoi Airport in the Central Asian country, the South Korean carrier said in a statement.
The deal calls for Korean Air to provide the Uzbekistan Airways with consultation on the management and operation of the center and offer cargo flights on the Incheon- Navoi-Milano line three times a week, Korean Air said.
Source:
Business in Asia Today - MAY 13, 2008
published by Asia Pulse
COPYRIGHT © 2008
Tokyo (ANTARA News/Asia Pulse) - JGC Corp. (TSE:1963) said Monday that its alliance has been awarded a project in Kuwait to construct the largest oil production plant in the Middle East. JGC and South Korean firm GS Engineering & Construction Corp. will jointly build crude oil distillation and desulfurization facilities for about 400 billion yen (US$3.9 billion) by 2012.
JGC's share of the contract is expected to top 200 billion yen.
The two partners will soon sign the contract with the Kuwait National Petroleum Co. Construction of the entire plant is estimated to exceed 1 trillion yen.
INDIA'S BAJAJ, RENAULT AND NISSAN JOIN HANDS TO MAKE US$2,500 CAR
New Delhi (ANTARA News/Asia Pulse) - Bajaj Auto Ltd (BSE:500490), India's second largest two-wheeler maker, on Monday announced a joint venture with Renault and Nissan (TSE:7201) to produce a US$2,500 car by 2011 that will compete with the Nano, the world's cheapest car from Tata Motors (BSE:500570).
The JV for manufacturing the small car, code-named ULC, would be owned 50 per cent by Bajaj Auto Ltd (BAL) and 25 per cent each by French car maker Renault and Japan's Nissan, a BAL statement said here.
The car, which would be rolled out from a brand new plant in Maharashtra and available in the Indian market in 2011, would also be positioned for exports to other markets.
MALAYSIA'S MISC POSTS 11 PCT DROP IN YEAR PRE-TAX PROFIT
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia's largest shipping firm MISC Berhad (KLSE:3816) Monday reported a 11 per cent slide in annual pre-tax profit on softer freight rates, rising operating costs and stronger local currency.
The company booked a pre-tax profit of RM2.609 billion (US$815.3 million) for the twelve months ended 31 March compared with RM2.930 billion a year earlier.
The lower profit was struck on the back of revenue of RM12.957 billion, up 15.7 per cent from RM11.199 billion previously. MISC declared a final dividend of 20 sen per share, bringing its total payout to 35 sen per share.
AUSTRALIAN RETAILER HARVEY NORMAN BOOKS 6.4 PCT RISE IN Q3 SALES
Sydney (ANTARA News/Asia Pulse) - Australia's biggest electronics retailer, Harvey Norman Holdings Ltd (ASX:HVN), has booked a lift in sales over the last four months, despite a softening retail market.
Sales for the four months from Harvey Norman's franchised stores, commercial divisions and other sales outlets in Australia, New Zealand, Slovenia and Ireland lifted 6.4 per cent to $A1.78 billion ($US1.68 billion).
Harvey Norman posted a 2.5 per cent lift in like-for-like sales for the period, to April 30, 2008, compared to the prior corresponding period.
NEW LOUIS VUITTON STORE TO DEBUT IN TOKYO'S GINZA AREA IN 2010
Tokyo (ANTARA News/Asia Pulse) - LVJ Group KK, which imports and sells products made by French luxury brand Louis Vuitton, unveiled plans Monday to open Asia's largest Louis Vuitton store in Tokyo's swanky Ginza shopping district in 2010.
The company intends to lease nearly one whole wing of a commercial building to be completed in fall 2010.
The building has four below-ground and 12 above-ground floors.
LVJ Group's flagship store is likely to occupy floors one through 10, with the higher levels to be used for luxury dining.
S. KOREA'S KUMHO TIRE BEGINS CONSTRUCTION OF PLANT IN U.S.
Seoul (ANTARA News/Asia Pulse) - Kumho Tire Co. (KSE:072340), South Korea's second-largest tire maker, began building a US$165 million factory in the U.S. state of Georgia, the company said Tuesday.
The Georgia plant, which will be completed in the second-half of 2009 with an initial production capacity of 2.1 million tires a year, would be Kumho's fifth overseas factories.
The new factory is located about 270 kilometers away from Hyundai Motor Co.'s (KSE:005380) U.S. plant in Montgomery, Alabama, Kumho Tire said.
CHINESE QUAKE UNLIKELY TO AFFECT GLOBAL ZINC SUPPLY
Beijing (ANTARA News/Asia Pulse) - Zinc supply is unlikely to be affected by the 7.8-magnitude earthquake in Southwest China's Sichuan Province Monday despite the zinc production halt initiated by producers there.
The province produced 205,000 tons of zinc last year, accounting for only 5.54 per cent of China's total 3.7 million tons and 1.7 per cent of the world's 12 million tons, AME Mineral Economics quoted Chinese research institution Antaike's figures as saying.
There is no doubt that the zinc supply may be affected as long as production in Sichuan-sited zinc companies is fully halted, but there remains a surplus of 200,000-400,000 tons of zinc on the global market, AME noted.
VIETNAM TEXTILE INDUSTRY HOPES TO LURE MORE TAIWAN INVESTORS
Hanoi (ANTARA News/Asia Pulse) - Though Taiwan is already the largest foreign direct investment contributor to Vietnamese textiles, Vietnam's textile industry is attempting to lure still more investors.
Local firms have expressed hopes that Taiwan investors could enhance sectors like fashion design, trademark building and the world distribution system, said Le Tien Truong, deputy director of the Vietnam Garment and Textile Corporation (Vinatex).
According to statistics from the Vietnam Textile Association (Vitas), there are about 500 foreign textile and garment enterprises operating in Vietnam, of which 150 are Taiwanese.
TAIWAN'S BOWA BANK TO MERGE WITH DBS BANK: FSC
Taipei (ANTARA News/Asia Pulse) - Taiwan's debt-ridden Bowa Bank will formally merge with a Taiwan branch of Singapore-based Development Bank of Singapore (DBS) Group Holdings Ltd. on May 24, according to the Financial Supervisory Commission (FSC). The merger will help DBS Bank -- a local branch of Southeast Asia's biggest bank -- overtake ABN AMRO Bank to become the fourth-largest foreign bank in Taiwan in terms of number of branches.
DBS Bank beat other bidders to acquire Bowa Bank Jan. 31 after it asked for just NT$44.5 billion (US$1.44 billion) from the Cabinet's Resolution Trust Corp. to make the acquisition.
The buy-out will increase the number of DBS Bank branches in Taiwan from one to 40, the FSC said.
KOREAN AIR, UZBEKISTAN AIRWAYS TO COOPERATE IN AIR CARGO
Seoul (ANTARA News/Asia Pulse) - Korean Air Lines Co. (KSE:003490) , South Korea's biggest carrier, said today it has clinched a preliminary deal with state-run Uzbekistan Airways to expand cooperation in international air cargo services. Korean Air on Monday signed a memorandum of understanding with the state airline of Uzbekistan to build an international logistics center at Navoi Airport in the Central Asian country, the South Korean carrier said in a statement.
The deal calls for Korean Air to provide the Uzbekistan Airways with consultation on the management and operation of the center and offer cargo flights on the Incheon- Navoi-Milano line three times a week, Korean Air said.
Source:
Business in Asia Today - MAY 13, 2008
published by Asia Pulse
COPYRIGHT © 2008
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