BAOSTEEL, HYUNDAI HEAVY INDUSTRIES SET UP STRATEGIC PARTNERSHIP
Shanghai (ANTARA News/Asia Pulse) - China's largest steel maker BaoSteel (SSX:600019) and the world's largest shipbuilder, Hyundai Heavy Industries of South Korea (KSE:009540) have signed a strategic partnership agreement.
Under the deal, BaoSteel will provide 300,000-500,000 tons of ship-use plate to Hyundai Heavy each year, accounting for 10 per cent of the firm's total requirement.
The two sides will also cooperate in the field of special-purpose steel for ship engines.
BHP SHARES SOAR AMID MORE SPECULATION OF CHINESE INTEREST
Melbourne (ANTARA News/Asia Pulse) - BHP Billiton Ltd's (ASX:BHP) shares jumped four per cent in early trading amid ongoing speculation that Chinese interests are preparing to take a stake in the company.
The Australian newspaper today reported that Chinese interests have approached a major Australian superannuation and investment fund to partner them in a bid to secure nine per cent of BHP.
The Chinese would take 4.5 per cent of BHP, while the remaining 4.5 per cent would be split between the fund and a global private equity investor, the report said.
BHP Billiton shares opened four per cent higher at A$49.95 (US$46.89) before retreating A$1.56 A$49.54 by 1008 AEST.
INDONESIA'S MEDCO INVESTS AROUND $US1 BLN TO DIVERSIFY BUSINESS
Jakarta (ANTARA News/Asia Pulse) - The Medco Group said it will invest at least US$1 billion to diversify its business. The group whose core business is in the oil and gas industry, has established new companies - PT Medco Mining, PT Medco Agro and PT Medco Papua.
Medco Mining will start by acquiring coal and steel mining concessions in Sumatra and Kalimantan, Group President Hilmi Panigoro said Thursday. Medco Agri already has 23,000 hectares of land in Central Kalimantan for oil palm plantation and will soon expand to 1 million hectares, and 200 hectares in Papua will be expanded to 100,000 hectares.
In Papua Medco will build a pulp and paper plant and grow trees to guarantee feedstock for the pulp plant.
SINGTEL AWARDS US$160.1 MLN MOBILE CONTRACT TO ERICSSON
Sydney (ANTARA News/Asia Pulse) - Singapore Telecommunication Ltd (SingTel) (SGX:T48, ASX:SGT) awarded a S$220 million (US$160.1 million) contract to Ericsson Telecommunications Pte Ltd to expand its 2G and 3G mobile network.
Ericsson will deliver an internet protocol-based radio and core mobile network, designed to carry large volumes of traffic, for SingTel's Singapore operations, the company said.
SingTel said the upgrade would allow download speeds to increase to as much as 14.4 megabits per second (Mbps) from 3.6 Mbps and upload speeds would rise to as much as 5.76 Mbps from 384 kilobits per second (Kbps).
SingTel said the upgrades would allow even faster speeds within the next 18 months, with download speeds increasing to 42 Mbps.
TAIWAN'S COMPETITIVENESS RANKING RISES TO 13TH WORLDWIDE: IMD
Geneva (ANTARA News/Asia Pulse) - Taiwan's global competitiveness ranking rose to 13th in 2008 after declining to 18th place in 2007, according to a report released Wednesday by the International Institute for Management and Development (IMD). Taiwan's ranking advanced from 20th in 2007 to 16th in 2008 in terms of government efficiency, from 17th to 10th in terms of business efficiency, and from 21st to 17th in terms of infrastructure.
Economic performance was the only area in which Taiwan saw a drop, from 16th in 2007 to 21st in 2008. The improvement in Taiwan's overall competitiveness in 2008 again placed the country ahead of China, whose ranking dropped from 15th in 2007 to 17th in 2008.
The top three most competitive economies remained the US, Singapore and Hong Kong.
MATSUSHITA ELECTRIC TO CONSOLIDATE KITCHEN UNIT PRODUCTION
Osaka (ANTARA News/Asia Pulse) - Matsushita Electric Industrial Co. (TSE:6752) will shutter two kitchen unit factories in Japan in an effort to achieve leaner production as the population decline saps demand, the firm said Thursday.
Targeted for closure are a stainless steel plant in Nara Prefecture, which will be shut at the end of July, and a finished-product assembly factory in Gunma Prefecture, which will close in late December.
Production of kitchen units will continue at three plants, but cabinet assembly at a factory in Osaka Prefecture will be consolidated in one building from two.
The changes will cut 200 jobs and save Matsushita an estimated 1 billion yen (US$9.56 million) in fiscal 2009.
INDIA'S CADILA GETS US FDA'S NOD TO MARKET FOUR DRUGS IN US
Mumbai (ANTARA News/Asia Pulse) - Pharma major Zydus Cadila (BSE:532321) on Thursday said it has received approval from the US FDA to market four products in that country.
The group has received FDA approval to market Pravastatin Sodium, Escitalopram Oxalate, Hydrochlorthiazide and Anastrazole in the United States, Cadila said in a statement.
The US market of lipid lowering agent Pravastatin Sodium tablets was estimated at US$1.9 million in 2007, while the branded sales of anti-depressant Escitalopram Oxalate tablets was at US$3 billion.
In 2007, the sale of anti-hypertensive Losartam Potassium and Hydrochlorthiazide tablets stood at US$785 million, while Anastrazole tablets had a market of US$813 million, the filling added.
THAILAND NOT READY TO SET UP WEALTH FUND: FINANCE MINISTER
Bangkok (ANTARA News/Asia Pulse) - Finance and Deputy Prime Minister Surapong Suebwonglee on Thursday indicated Thailand was not ready to tapits international reserves to finance the establishment of a Sovereign Wealth Fund (SWF).
"Our reserve is not big enough to do that," he said.
"We need to use the reserve to support our country's financial stability," he said at a seminar titled, Sovereign Wealth Funds: International Experiences and Options for Thailand.
He affirmed the government had no policy to set up a fund to help ease the baht's appreciation while the country's current account balance is in surplus.
INDONESIA'S BANK MANDIRI IN TALKS TO SELL SEMEN KUPANG STAKE
Jakarta (ANTARA News/Asia Pulse) - Bank Mandiri (JSX:BMRI), is negotiating the sale of its 38 per cent stake in state-owned cement maker PT Semen Kupang to India's Nava Bharat Ventures (BSE:513023).
Mandiri became a shareholder taking over the stake as payment from Semen Kupang for a debt of Rp50 billion (US$5.55 million) to the state bank.
Nava Bharat has agreed to take over the debt and help Semen Kupang resume operation, the general director of the cement producer said.
Nava Bharat will also take over the assets if an agreement can be reached.
Semen Kupang ceased operation last month over problems with repaying a Rp25 billion debt for power supply to PT Sewatama Jakarta.
AUSTRALIA'S ZINIFEX MAKES ZINC DISCOVERY IN TASMANIA
Melbourne (ANTARA News/Asia Pulse) - Zinifex Ltd (ASX:ZFX), which has agreed to a A$6 billion (US$5.63 billion) merger with Oxiana Ltd (ASX:OXR), says it has made a new zinc discovery south of its Rosebury mine in Tasmania.
The zinc and lead miner said it made the "exciting" discovery five kilometres south from the Rosebury zinc mine in an area previously thought to be unprospective.
Zinifex chief development officer Stewart Howe said the mineralisation looked "Rosebury style" and had the potential to be a "major new discovery".
Source:
Business in Asia Today - MAY 16, 2008
published by Asia Pulse
COPYRIGHT © 2008
Shanghai (ANTARA News/Asia Pulse) - China's largest steel maker BaoSteel (SSX:600019) and the world's largest shipbuilder, Hyundai Heavy Industries of South Korea (KSE:009540) have signed a strategic partnership agreement.
Under the deal, BaoSteel will provide 300,000-500,000 tons of ship-use plate to Hyundai Heavy each year, accounting for 10 per cent of the firm's total requirement.
The two sides will also cooperate in the field of special-purpose steel for ship engines.
BHP SHARES SOAR AMID MORE SPECULATION OF CHINESE INTEREST
Melbourne (ANTARA News/Asia Pulse) - BHP Billiton Ltd's (ASX:BHP) shares jumped four per cent in early trading amid ongoing speculation that Chinese interests are preparing to take a stake in the company.
The Australian newspaper today reported that Chinese interests have approached a major Australian superannuation and investment fund to partner them in a bid to secure nine per cent of BHP.
The Chinese would take 4.5 per cent of BHP, while the remaining 4.5 per cent would be split between the fund and a global private equity investor, the report said.
BHP Billiton shares opened four per cent higher at A$49.95 (US$46.89) before retreating A$1.56 A$49.54 by 1008 AEST.
INDONESIA'S MEDCO INVESTS AROUND $US1 BLN TO DIVERSIFY BUSINESS
Jakarta (ANTARA News/Asia Pulse) - The Medco Group said it will invest at least US$1 billion to diversify its business. The group whose core business is in the oil and gas industry, has established new companies - PT Medco Mining, PT Medco Agro and PT Medco Papua.
Medco Mining will start by acquiring coal and steel mining concessions in Sumatra and Kalimantan, Group President Hilmi Panigoro said Thursday. Medco Agri already has 23,000 hectares of land in Central Kalimantan for oil palm plantation and will soon expand to 1 million hectares, and 200 hectares in Papua will be expanded to 100,000 hectares.
In Papua Medco will build a pulp and paper plant and grow trees to guarantee feedstock for the pulp plant.
SINGTEL AWARDS US$160.1 MLN MOBILE CONTRACT TO ERICSSON
Sydney (ANTARA News/Asia Pulse) - Singapore Telecommunication Ltd (SingTel) (SGX:T48, ASX:SGT) awarded a S$220 million (US$160.1 million) contract to Ericsson Telecommunications Pte Ltd to expand its 2G and 3G mobile network.
Ericsson will deliver an internet protocol-based radio and core mobile network, designed to carry large volumes of traffic, for SingTel's Singapore operations, the company said.
SingTel said the upgrade would allow download speeds to increase to as much as 14.4 megabits per second (Mbps) from 3.6 Mbps and upload speeds would rise to as much as 5.76 Mbps from 384 kilobits per second (Kbps).
SingTel said the upgrades would allow even faster speeds within the next 18 months, with download speeds increasing to 42 Mbps.
TAIWAN'S COMPETITIVENESS RANKING RISES TO 13TH WORLDWIDE: IMD
Geneva (ANTARA News/Asia Pulse) - Taiwan's global competitiveness ranking rose to 13th in 2008 after declining to 18th place in 2007, according to a report released Wednesday by the International Institute for Management and Development (IMD). Taiwan's ranking advanced from 20th in 2007 to 16th in 2008 in terms of government efficiency, from 17th to 10th in terms of business efficiency, and from 21st to 17th in terms of infrastructure.
Economic performance was the only area in which Taiwan saw a drop, from 16th in 2007 to 21st in 2008. The improvement in Taiwan's overall competitiveness in 2008 again placed the country ahead of China, whose ranking dropped from 15th in 2007 to 17th in 2008.
The top three most competitive economies remained the US, Singapore and Hong Kong.
MATSUSHITA ELECTRIC TO CONSOLIDATE KITCHEN UNIT PRODUCTION
Osaka (ANTARA News/Asia Pulse) - Matsushita Electric Industrial Co. (TSE:6752) will shutter two kitchen unit factories in Japan in an effort to achieve leaner production as the population decline saps demand, the firm said Thursday.
Targeted for closure are a stainless steel plant in Nara Prefecture, which will be shut at the end of July, and a finished-product assembly factory in Gunma Prefecture, which will close in late December.
Production of kitchen units will continue at three plants, but cabinet assembly at a factory in Osaka Prefecture will be consolidated in one building from two.
The changes will cut 200 jobs and save Matsushita an estimated 1 billion yen (US$9.56 million) in fiscal 2009.
INDIA'S CADILA GETS US FDA'S NOD TO MARKET FOUR DRUGS IN US
Mumbai (ANTARA News/Asia Pulse) - Pharma major Zydus Cadila (BSE:532321) on Thursday said it has received approval from the US FDA to market four products in that country.
The group has received FDA approval to market Pravastatin Sodium, Escitalopram Oxalate, Hydrochlorthiazide and Anastrazole in the United States, Cadila said in a statement.
The US market of lipid lowering agent Pravastatin Sodium tablets was estimated at US$1.9 million in 2007, while the branded sales of anti-depressant Escitalopram Oxalate tablets was at US$3 billion.
In 2007, the sale of anti-hypertensive Losartam Potassium and Hydrochlorthiazide tablets stood at US$785 million, while Anastrazole tablets had a market of US$813 million, the filling added.
THAILAND NOT READY TO SET UP WEALTH FUND: FINANCE MINISTER
Bangkok (ANTARA News/Asia Pulse) - Finance and Deputy Prime Minister Surapong Suebwonglee on Thursday indicated Thailand was not ready to tapits international reserves to finance the establishment of a Sovereign Wealth Fund (SWF).
"Our reserve is not big enough to do that," he said.
"We need to use the reserve to support our country's financial stability," he said at a seminar titled, Sovereign Wealth Funds: International Experiences and Options for Thailand.
He affirmed the government had no policy to set up a fund to help ease the baht's appreciation while the country's current account balance is in surplus.
INDONESIA'S BANK MANDIRI IN TALKS TO SELL SEMEN KUPANG STAKE
Jakarta (ANTARA News/Asia Pulse) - Bank Mandiri (JSX:BMRI), is negotiating the sale of its 38 per cent stake in state-owned cement maker PT Semen Kupang to India's Nava Bharat Ventures (BSE:513023).
Mandiri became a shareholder taking over the stake as payment from Semen Kupang for a debt of Rp50 billion (US$5.55 million) to the state bank.
Nava Bharat has agreed to take over the debt and help Semen Kupang resume operation, the general director of the cement producer said.
Nava Bharat will also take over the assets if an agreement can be reached.
Semen Kupang ceased operation last month over problems with repaying a Rp25 billion debt for power supply to PT Sewatama Jakarta.
AUSTRALIA'S ZINIFEX MAKES ZINC DISCOVERY IN TASMANIA
Melbourne (ANTARA News/Asia Pulse) - Zinifex Ltd (ASX:ZFX), which has agreed to a A$6 billion (US$5.63 billion) merger with Oxiana Ltd (ASX:OXR), says it has made a new zinc discovery south of its Rosebury mine in Tasmania.
The zinc and lead miner said it made the "exciting" discovery five kilometres south from the Rosebury zinc mine in an area previously thought to be unprospective.
Zinifex chief development officer Stewart Howe said the mineralisation looked "Rosebury style" and had the potential to be a "major new discovery".
Source:
Business in Asia Today - MAY 16, 2008
published by Asia Pulse
COPYRIGHT © 2008
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