BABCOCK & BROWN ANNOUNCEMENT SEES SHARES PLUNGE 15 %
Sydney (ANTARA News/Asia Pulse) - Babcock & Brown Power Ltd (BBP)(ASX:BBP) shares plunged 15 per cent after it announced it would consider debt, asset sales, asset joint ventures or various forms of equity to fund capital commitments.
The listed energy infrastructure fund, managed by Babcock & Brown Ltd (ASX:BNB), said it was on track to finalise its debt refinancing.
"In addition to the $A3.1 billion ($US2.98 billion) of corporate debt facilities, BBP's current capital commitments are approximately $3.4 billion," the fund said.
These included additional capital expenditure associated with a number of power station assets including Tamar in Tasmania, the Newman expansion in Western Australia and purchase of a minority interest in Braemar in Queensland and Uranqunity in New South Wales.
4 TAIWAN FIRMS FINED US$130,000 EACH FOR MISLEADING ADVERTISING
Taipei (ANTARA News/Asia Pulse) - The Taiwan Fair Trade Commission (FTC) on Wednesday fined four local companies NT$4 million (US$130,000) each for misleading consumers by claiming in a television infomercial the underwear they were selling had beneficial health effects.
The four companies that collaborated on the project - a home shopping network, two biotechnology companies and a marketer -
have been ordered to stop broadcasting the infomercial on public airwaves. They promoted the product, called the'"Wear Me Bamboo Charcoal Underwear', as being beneficial to users' health by minimizing body odour, reducing body fat ratios, and improving blood circulation.
However Chou said the FTC checked with the Department of Health and the ITRI, and found the infomercial's claims were not supported by substantive and scientific evidence.
SAMSUNG ELECTRONICS APPOINTS NEW HEAD OF EMERGING MARKETS
Seoul (ANTARA News/Asia Pulse) - The Samsung Electronics Co. (KSE:05930) said today that it will reassign Lee Jae-yong, the son of former Samsung Group head Lee Kun-hee, to a post covering the company's business in emerging markets as part of the company's personnel reshuffle.
The junior Lee, currently vice president in charge of customer relations at the company, will travel to countries including China, India and Russia to work with local employees, the South Korean company said in a statement.
The reassignment follows the senior Lee's resignation as chairman last month, when he was indicted by prosecutors on charges of establishing slush funds, engaging in bribery and masterminding shady intra-group transactions that helped him pass control of the group to his only son.
NIPPON FLOUR ALLIES WITH TOP CHINESE GROUP TO EXPAND NETWORK
Tokyo (ANTARA News/Asia Pulse) - Nippon Flour Mills Co. (TSE:2001) has formed a joint venture with China's Ting Hsin International Group to reach out to more local customers.
The flour miller has a factory in Shanghai, but this facility ships primarily to Japanese-owned companies.
To expand business to Chinese customers, it will leverage the know-how and networks of its local partner.
Nippon Flour and Ting Hsin each own 45 per cent stakes in the joint venture, which is capitalized at about 100 million yen (US$871,000), while the remaining 10 per cent interest was bought by Itochu Corp. (TSE:8001).
AMWAY MALAYSIA LIFTS Q1 PRE-TAX PROFIT 20 PCT
Kuala Lumpur (ANTARA News/Asia Pulse) - Amway (Malaysia) Holdings Berhad (KLSE:6351) has recorded a 20 per cent increase in first quarter pre-tax profit to RM28.306 million (US$8.8 million) due to the appreciation of the ringgit against the US dollar.
The group's sales revenue edged up 1.7 per cent to RM144.797 million for the three months ended 31 March 2008 in line with the management's expectations amid the backdrop of global growth uncertainties and local mounting inflationary pressure.
CHINA'S BAOTOU TO LAUNCH RARE EARTH SPECIAL ALLOY STEEL PROJECT
Hohhot (ANTARA News/Asia Pulse) - Baotou Longshun Steel Pipe Co., Ltd. has signed a cooperation agreement with local government on building a rare earth special alloy steel project and associated facilities in Baotou city in the Inner Mongolia Autonomous Region.
The one million ton project, involving an investment of 1.5 billion yuan (US$215.54 million), will go into production after three phases of construction in three years.
AUSTRALIAN ONLINE MEDIA CO NINEMSN INKS DEAL WITH OZLOTTERIES
Sydney (ANTARA News/Asia Pulse) - Online media company Ninemsn has penned a co-branding deal with OzLotteries.com, the online lottery arm of e-commerce company Manaccom Corporation Ltd. Under the agreement, OzLotteries.com will operate a co-branded version of its website featuring ninemsn branding, which will be featured prominently on ninemsn.com.au and its associated websites.
Through the co-branded website, Ninemsn's audience will be able to join OzLotteries.com and buy a suite of Australian lottery games, as well as use its lottery services.
TOKIO MARINE REPORTS US$113.6 MLN IN OVERPAID PREMIUMS
Tokyo (ANTARA News/Asia Pulse) - Tokio Marine & Nichido Fire Insurance Co. said it likely overcharged policyholders by 11.7 billion yen (US$113.6 million), more than other nonlife insurers.
The six major nonlife insurers said Wednesday that premium overpayments will likely total a combined 29.7 billion yen when all inquiries are completed .
In-house investigations, which started in December 2006, are scheduled to end by this summer. Nearly 80 per cent of overpayments came from fire and earthquake policies.
AIR NIUGINI PILOTS BALING OUT DUE TO DUAL SALARY STRUCTURE
Port Moresby (ANTARA News/Asia Pulse) - Papua New Guinean (PNG) pilots are leaving Air Niugini due to a dual salary structure where junior expatriate pilots are paid double the amount senior local pilots are receiving, reports Post Courier.
According to Tari MP James Marabe, 10 national pilots have left in the last 18 months, four have just resigned and six are talking about leaving.
He said there were 73 national pilots out of the total 115 pilots the flag carrier has on strength.
INDIA'S LOHIA GROUP TO LAUNCH ELECTRIC VEHICLES THIS YEAR
New Delhi (ANTARA News/Asia Pulse) - Diversified business house Lohia Group on Wednesday announced a foray into the Indian automobile sector with a Rs 1.5 billion (US$35 million) investment to launch electric two and three wheeler vehicles in the second half of this year.
The group, which has set up a subsidiary - Lohia Auto Industries, will set up a greenfield manufacturing facility at Kashipur in Uttarakhand with a production capacity of 200,000 units per annum, scalable up to 800,000-1,000,000 units in the future.
Source:
Business in Asia Today - MAY 22, 2008
published by Asia Pulse
COPYRIGHT © 2008
Sydney (ANTARA News/Asia Pulse) - Babcock & Brown Power Ltd (BBP)(ASX:BBP) shares plunged 15 per cent after it announced it would consider debt, asset sales, asset joint ventures or various forms of equity to fund capital commitments.
The listed energy infrastructure fund, managed by Babcock & Brown Ltd (ASX:BNB), said it was on track to finalise its debt refinancing.
"In addition to the $A3.1 billion ($US2.98 billion) of corporate debt facilities, BBP's current capital commitments are approximately $3.4 billion," the fund said.
These included additional capital expenditure associated with a number of power station assets including Tamar in Tasmania, the Newman expansion in Western Australia and purchase of a minority interest in Braemar in Queensland and Uranqunity in New South Wales.
4 TAIWAN FIRMS FINED US$130,000 EACH FOR MISLEADING ADVERTISING
Taipei (ANTARA News/Asia Pulse) - The Taiwan Fair Trade Commission (FTC) on Wednesday fined four local companies NT$4 million (US$130,000) each for misleading consumers by claiming in a television infomercial the underwear they were selling had beneficial health effects.
The four companies that collaborated on the project - a home shopping network, two biotechnology companies and a marketer -
have been ordered to stop broadcasting the infomercial on public airwaves. They promoted the product, called the'"Wear Me Bamboo Charcoal Underwear', as being beneficial to users' health by minimizing body odour, reducing body fat ratios, and improving blood circulation.
However Chou said the FTC checked with the Department of Health and the ITRI, and found the infomercial's claims were not supported by substantive and scientific evidence.
SAMSUNG ELECTRONICS APPOINTS NEW HEAD OF EMERGING MARKETS
Seoul (ANTARA News/Asia Pulse) - The Samsung Electronics Co. (KSE:05930) said today that it will reassign Lee Jae-yong, the son of former Samsung Group head Lee Kun-hee, to a post covering the company's business in emerging markets as part of the company's personnel reshuffle.
The junior Lee, currently vice president in charge of customer relations at the company, will travel to countries including China, India and Russia to work with local employees, the South Korean company said in a statement.
The reassignment follows the senior Lee's resignation as chairman last month, when he was indicted by prosecutors on charges of establishing slush funds, engaging in bribery and masterminding shady intra-group transactions that helped him pass control of the group to his only son.
NIPPON FLOUR ALLIES WITH TOP CHINESE GROUP TO EXPAND NETWORK
Tokyo (ANTARA News/Asia Pulse) - Nippon Flour Mills Co. (TSE:2001) has formed a joint venture with China's Ting Hsin International Group to reach out to more local customers.
The flour miller has a factory in Shanghai, but this facility ships primarily to Japanese-owned companies.
To expand business to Chinese customers, it will leverage the know-how and networks of its local partner.
Nippon Flour and Ting Hsin each own 45 per cent stakes in the joint venture, which is capitalized at about 100 million yen (US$871,000), while the remaining 10 per cent interest was bought by Itochu Corp. (TSE:8001).
AMWAY MALAYSIA LIFTS Q1 PRE-TAX PROFIT 20 PCT
Kuala Lumpur (ANTARA News/Asia Pulse) - Amway (Malaysia) Holdings Berhad (KLSE:6351) has recorded a 20 per cent increase in first quarter pre-tax profit to RM28.306 million (US$8.8 million) due to the appreciation of the ringgit against the US dollar.
The group's sales revenue edged up 1.7 per cent to RM144.797 million for the three months ended 31 March 2008 in line with the management's expectations amid the backdrop of global growth uncertainties and local mounting inflationary pressure.
CHINA'S BAOTOU TO LAUNCH RARE EARTH SPECIAL ALLOY STEEL PROJECT
Hohhot (ANTARA News/Asia Pulse) - Baotou Longshun Steel Pipe Co., Ltd. has signed a cooperation agreement with local government on building a rare earth special alloy steel project and associated facilities in Baotou city in the Inner Mongolia Autonomous Region.
The one million ton project, involving an investment of 1.5 billion yuan (US$215.54 million), will go into production after three phases of construction in three years.
AUSTRALIAN ONLINE MEDIA CO NINEMSN INKS DEAL WITH OZLOTTERIES
Sydney (ANTARA News/Asia Pulse) - Online media company Ninemsn has penned a co-branding deal with OzLotteries.com, the online lottery arm of e-commerce company Manaccom Corporation Ltd. Under the agreement, OzLotteries.com will operate a co-branded version of its website featuring ninemsn branding, which will be featured prominently on ninemsn.com.au and its associated websites.
Through the co-branded website, Ninemsn's audience will be able to join OzLotteries.com and buy a suite of Australian lottery games, as well as use its lottery services.
TOKIO MARINE REPORTS US$113.6 MLN IN OVERPAID PREMIUMS
Tokyo (ANTARA News/Asia Pulse) - Tokio Marine & Nichido Fire Insurance Co. said it likely overcharged policyholders by 11.7 billion yen (US$113.6 million), more than other nonlife insurers.
The six major nonlife insurers said Wednesday that premium overpayments will likely total a combined 29.7 billion yen when all inquiries are completed .
In-house investigations, which started in December 2006, are scheduled to end by this summer. Nearly 80 per cent of overpayments came from fire and earthquake policies.
AIR NIUGINI PILOTS BALING OUT DUE TO DUAL SALARY STRUCTURE
Port Moresby (ANTARA News/Asia Pulse) - Papua New Guinean (PNG) pilots are leaving Air Niugini due to a dual salary structure where junior expatriate pilots are paid double the amount senior local pilots are receiving, reports Post Courier.
According to Tari MP James Marabe, 10 national pilots have left in the last 18 months, four have just resigned and six are talking about leaving.
He said there were 73 national pilots out of the total 115 pilots the flag carrier has on strength.
INDIA'S LOHIA GROUP TO LAUNCH ELECTRIC VEHICLES THIS YEAR
New Delhi (ANTARA News/Asia Pulse) - Diversified business house Lohia Group on Wednesday announced a foray into the Indian automobile sector with a Rs 1.5 billion (US$35 million) investment to launch electric two and three wheeler vehicles in the second half of this year.
The group, which has set up a subsidiary - Lohia Auto Industries, will set up a greenfield manufacturing facility at Kashipur in Uttarakhand with a production capacity of 200,000 units per annum, scalable up to 800,000-1,000,000 units in the future.
Source:
Business in Asia Today - MAY 22, 2008
published by Asia Pulse
COPYRIGHT © 2008
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