ARCELORMITTAL INTEREST LIFTS MACARTHUR COAL STOCK TO RECORD HIGH
Melbourne (ANTARA News/Asia Pulse) - Macarthur Coal Ltd (ASX:MCC) shares surged to a record high today after ArcelorMittal, the world's largest steelmaker, entered into discussions with the Australian miner after buying a significant chunk of its shares.
Macarthur, which supplies more than a third of the world's pulverised coal, said ArcelorMittal had approached it "in respect of a potential transaction" after acquiring a 14.9 per stake for about A$632 million (US$604.69 million) or A$20.00 per share.
Macarthur stressed, however, that ArcelorMittal was not the third party that approached the miner last month regarding a potential takeover.
The miner said "discussions with the third party are continuing" and there could be "no certainty that this will continue or that any proposal will be made to the board".
GSJBW PREDICTS '09 PROFIT DECLINE FOR AUSTRALIA'S MACQUARIE
Sydney (ANTARA News/Asia Pulse) - A broking house is betting that Australia's Macquarie Group Ltd (ASX:MQG) won't be able to match last year's record A$1.8 billion (US$1.7 billion) profit this year because it faces too many headwinds like choppy markets and higher costs.
Goldman Sachs JBWere (GSJBW) today increased its fiscal 2009 earnings per share (EPS) forecast for Macquarie by 3.5 per cent. But despite the 3.5 per cent EPS upgrade, GSJBW analysts James Freeman, Ben Koo and Elizabeth Rogers still expect Macquarie's EPS growth to decline by 13.1 per cent this year.
KUWAITI COS OFFER TO FINANCE INDONESIAN COAL GASIFICATION PROJECT
Jakarta (ANTARA News/Asia Pulse) - Two Kuwaiti companies have offered to finance a US$1.5 billion coal gasification project of state-owned fertilizer company PT Pupuk Kaltim, an Indonesian official said.
State Minister for State Enterprises Sofyan Abdul Djalil said Kuwait Investment Agency and Kuwait Investment House have agreed to build the project in East Kalimantan to produce gas feedstock for the fertilizer plant.
Sofyan said the two companies also agreed to finance a number of other projects in strategic sectors including in the manufacturing, energy, mining and property sectors.
KOMATSU TO OPEN PARTS REFURBISHING CENTERS IN CHINA, RUSSIA
Tokyo (ANTARA News/Asia Pulse) - Japan's Komatsu Ltd. (TSE:6301) plans to establish parts refurbishing centers in China and Russia at a cost of 500 million yen (US$4.83 million) and 1 billion yen respectively.
The move is an effort to bolster its refurbishing business, where the firm recovers mining machinery parts requiring repair, fixes them, and then sells them as replacement parts.
By capturing demand for parts replacement in emerging economies, the firm aims to lift sales in the refurbishing business to 35 billion yen in fiscal 2009, up 75 per cent from fiscal 2007.
RIPPLE EFFECT STEMS FROM MCDONALD'S JAPAN ABOUT-FACE ON OVERTIME
Tokyo (ANTARA News/Asia Pulse) - The decision by McDonald's Holdings Co. (Japan) (TSE:2702) to pay overtime to store managers is expected to lead to changes at other retailers and restaurant operators that currently do not.
Even after McDonald's Japan was ordered by the Tokyo District Court in January to pay some 7.55 million yen (US$73,000) in overtime to a store manager who had sued the firm for failing to do so, the fast food chain operator had maintained its stance that store managers are in managerial positions, which means that they are not entitled to overtime pay.
McDonald's Japan is believed to have changed course out of concern that its image would be tarnished by the spreading public view that the policy is unreasonable.
RATE RISES & HIGH PETROL COSTS SLOW AUSTRALIA'S NEW CAR SALES
Sydney (ANTARA News/Asia Pulse) - Higher interest rates and rising fuel costs put a brake on Australian vehicle sales in April, economists say. New motor vehicle sales across Australia fell 0.8 per cent in the month, seasonally adjusted, the Australian Bureau of Statistics (ABS) said today.
It marked the lowest monthly sales figures - 89,255 units - since October last year. Total vehicle sales increased 3.5 per cent in the year to April.
Commsec equities economist Savanth Sebastian said the fall in new car sales reflected the impact of higher interest rates on spending in the private sector.
SINGAPORE TELECOM LAUNCHES MOBILE TV ON PHONE
Singapore (ANTARA News/Asia Pulse) - Singapore Telecommunications Limited (SingTel) (SGX:Z74) launched its mobile TV service on Tuesday.
The new service provides live TV channels with electronic program guide information and video-on-demand, said SingTel in a statement.
SingTel said it was the first operator in Singapore and one of the first in the Asia Pacific to launch a mobile TV client with true TV viewing experience on mobile phones.
"With Singapore's high mobile penetration rate and SingTel's customer base of over 2.5 million mobile users, the largest in Singapore, it makes sense to offer compelling content on our mobile platform so that Singaporeans have access to their favorite mobile TV content wherever they may be," SingTel's vice president of consumer marketing Wong Soon Nam said in the statement.
CHINESE INSURANCE FIRMS PAY US$2.6 MLN IN QUAKE CLAIMS
Beijing (ANTARA News/Asia Pulse) - Chinese insurance companies have so far paid 18.2 million yuan (US$2.6 million) in claims related to the country's 8.0-magnitude earthquake, amid calls for the speedier establishment of a catastrophe insurance scheme to spread risks.
By May 19, insurance companies had received 103,000 claims, the China Insurance Regulatory Commission said yesterday.
But only 5 per cent of the more than US$20 billion of damages from the quake is covered by insurance, according to an industry estimate.
"The process of the establishment of a catastrophe insurance scheme will definitely be accelerated as a result of the earthquake," said Yuan Li, a spokesman for the China Insurance Regulatory Commission, adding that this work may begin after the rescue work is concluded.
SINOPEC MOVES TO ENSURE OIL SUPPLY FOR CHINA'S QUAKE AREA
Beijing (ANTARA News/Asia Pulse) - Sinopec, China's largest oil refiner, has diverted supplies of gasoline and diesel from central and southern regions to the quake-stricken Sichuan Province for recovery work.
From May 12 to 6 p.m. Sunday, the branches in Hunan, Hubei and Guangdong had sent a total of 38,000 tonnes of emergency fuel supplies to Sichuan and Chongqing, the Beijing-based company told Xinhua on Tuesday.
"The amount is a mere fraction and will not affect fuel supply in those regions," said a Sinopec official. So far in May, Sinopec had sent 63,800 tonnes of oil supplies to the quake area, 124 per cent of its original plan for the whole month.
PHILIPPINES SULTAN MINING POSTS 120% HIKE IN COAL PRODUCTION
Manila (ANTARA News/Asia Pulse) - Philippines coal mining firm Sultan Mining & Energy Development Corporation reported a 120 per cent increase in production for the month of April, surpassing the record of the first quarter this year.
"For April alone, the production volume of 22,000 metric tons was a 120 per cent increase from the previous month. It was also greater than the first quarter's production for 2008, said Sultan chief finance officer Anthony Buyawe.
Buyawe said the April output also exceeded the 20,000 target for the month, despite heavy rains and challenging sea conditions during the period.
He attributed the higher sales figure to the ramping up of production as well as healthy growth in coal prices.
Source:
Business in Asia Today - MAY 21, 2008
published by Asia Pulse
COPYRIGHT © 2008
Melbourne (ANTARA News/Asia Pulse) - Macarthur Coal Ltd (ASX:MCC) shares surged to a record high today after ArcelorMittal, the world's largest steelmaker, entered into discussions with the Australian miner after buying a significant chunk of its shares.
Macarthur, which supplies more than a third of the world's pulverised coal, said ArcelorMittal had approached it "in respect of a potential transaction" after acquiring a 14.9 per stake for about A$632 million (US$604.69 million) or A$20.00 per share.
Macarthur stressed, however, that ArcelorMittal was not the third party that approached the miner last month regarding a potential takeover.
The miner said "discussions with the third party are continuing" and there could be "no certainty that this will continue or that any proposal will be made to the board".
GSJBW PREDICTS '09 PROFIT DECLINE FOR AUSTRALIA'S MACQUARIE
Sydney (ANTARA News/Asia Pulse) - A broking house is betting that Australia's Macquarie Group Ltd (ASX:MQG) won't be able to match last year's record A$1.8 billion (US$1.7 billion) profit this year because it faces too many headwinds like choppy markets and higher costs.
Goldman Sachs JBWere (GSJBW) today increased its fiscal 2009 earnings per share (EPS) forecast for Macquarie by 3.5 per cent. But despite the 3.5 per cent EPS upgrade, GSJBW analysts James Freeman, Ben Koo and Elizabeth Rogers still expect Macquarie's EPS growth to decline by 13.1 per cent this year.
KUWAITI COS OFFER TO FINANCE INDONESIAN COAL GASIFICATION PROJECT
Jakarta (ANTARA News/Asia Pulse) - Two Kuwaiti companies have offered to finance a US$1.5 billion coal gasification project of state-owned fertilizer company PT Pupuk Kaltim, an Indonesian official said.
State Minister for State Enterprises Sofyan Abdul Djalil said Kuwait Investment Agency and Kuwait Investment House have agreed to build the project in East Kalimantan to produce gas feedstock for the fertilizer plant.
Sofyan said the two companies also agreed to finance a number of other projects in strategic sectors including in the manufacturing, energy, mining and property sectors.
KOMATSU TO OPEN PARTS REFURBISHING CENTERS IN CHINA, RUSSIA
Tokyo (ANTARA News/Asia Pulse) - Japan's Komatsu Ltd. (TSE:6301) plans to establish parts refurbishing centers in China and Russia at a cost of 500 million yen (US$4.83 million) and 1 billion yen respectively.
The move is an effort to bolster its refurbishing business, where the firm recovers mining machinery parts requiring repair, fixes them, and then sells them as replacement parts.
By capturing demand for parts replacement in emerging economies, the firm aims to lift sales in the refurbishing business to 35 billion yen in fiscal 2009, up 75 per cent from fiscal 2007.
RIPPLE EFFECT STEMS FROM MCDONALD'S JAPAN ABOUT-FACE ON OVERTIME
Tokyo (ANTARA News/Asia Pulse) - The decision by McDonald's Holdings Co. (Japan) (TSE:2702) to pay overtime to store managers is expected to lead to changes at other retailers and restaurant operators that currently do not.
Even after McDonald's Japan was ordered by the Tokyo District Court in January to pay some 7.55 million yen (US$73,000) in overtime to a store manager who had sued the firm for failing to do so, the fast food chain operator had maintained its stance that store managers are in managerial positions, which means that they are not entitled to overtime pay.
McDonald's Japan is believed to have changed course out of concern that its image would be tarnished by the spreading public view that the policy is unreasonable.
RATE RISES & HIGH PETROL COSTS SLOW AUSTRALIA'S NEW CAR SALES
Sydney (ANTARA News/Asia Pulse) - Higher interest rates and rising fuel costs put a brake on Australian vehicle sales in April, economists say. New motor vehicle sales across Australia fell 0.8 per cent in the month, seasonally adjusted, the Australian Bureau of Statistics (ABS) said today.
It marked the lowest monthly sales figures - 89,255 units - since October last year. Total vehicle sales increased 3.5 per cent in the year to April.
Commsec equities economist Savanth Sebastian said the fall in new car sales reflected the impact of higher interest rates on spending in the private sector.
SINGAPORE TELECOM LAUNCHES MOBILE TV ON PHONE
Singapore (ANTARA News/Asia Pulse) - Singapore Telecommunications Limited (SingTel) (SGX:Z74) launched its mobile TV service on Tuesday.
The new service provides live TV channels with electronic program guide information and video-on-demand, said SingTel in a statement.
SingTel said it was the first operator in Singapore and one of the first in the Asia Pacific to launch a mobile TV client with true TV viewing experience on mobile phones.
"With Singapore's high mobile penetration rate and SingTel's customer base of over 2.5 million mobile users, the largest in Singapore, it makes sense to offer compelling content on our mobile platform so that Singaporeans have access to their favorite mobile TV content wherever they may be," SingTel's vice president of consumer marketing Wong Soon Nam said in the statement.
CHINESE INSURANCE FIRMS PAY US$2.6 MLN IN QUAKE CLAIMS
Beijing (ANTARA News/Asia Pulse) - Chinese insurance companies have so far paid 18.2 million yuan (US$2.6 million) in claims related to the country's 8.0-magnitude earthquake, amid calls for the speedier establishment of a catastrophe insurance scheme to spread risks.
By May 19, insurance companies had received 103,000 claims, the China Insurance Regulatory Commission said yesterday.
But only 5 per cent of the more than US$20 billion of damages from the quake is covered by insurance, according to an industry estimate.
"The process of the establishment of a catastrophe insurance scheme will definitely be accelerated as a result of the earthquake," said Yuan Li, a spokesman for the China Insurance Regulatory Commission, adding that this work may begin after the rescue work is concluded.
SINOPEC MOVES TO ENSURE OIL SUPPLY FOR CHINA'S QUAKE AREA
Beijing (ANTARA News/Asia Pulse) - Sinopec, China's largest oil refiner, has diverted supplies of gasoline and diesel from central and southern regions to the quake-stricken Sichuan Province for recovery work.
From May 12 to 6 p.m. Sunday, the branches in Hunan, Hubei and Guangdong had sent a total of 38,000 tonnes of emergency fuel supplies to Sichuan and Chongqing, the Beijing-based company told Xinhua on Tuesday.
"The amount is a mere fraction and will not affect fuel supply in those regions," said a Sinopec official. So far in May, Sinopec had sent 63,800 tonnes of oil supplies to the quake area, 124 per cent of its original plan for the whole month.
PHILIPPINES SULTAN MINING POSTS 120% HIKE IN COAL PRODUCTION
Manila (ANTARA News/Asia Pulse) - Philippines coal mining firm Sultan Mining & Energy Development Corporation reported a 120 per cent increase in production for the month of April, surpassing the record of the first quarter this year.
"For April alone, the production volume of 22,000 metric tons was a 120 per cent increase from the previous month. It was also greater than the first quarter's production for 2008, said Sultan chief finance officer Anthony Buyawe.
Buyawe said the April output also exceeded the 20,000 target for the month, despite heavy rains and challenging sea conditions during the period.
He attributed the higher sales figure to the ramping up of production as well as healthy growth in coal prices.
Source:
Business in Asia Today - MAY 21, 2008
published by Asia Pulse
COPYRIGHT © 2008
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