GENERAL ELECTRIC SIGNS PRELIMINARY DEAL FOR S KOREAN TRADE ZONE
Seoul (ANTARA News/Asia Pulse) - General Electric Co., the world's largest industrial conglomerate by market value, said today its local unit has signed a memorandum of understanding to join a multi-billion-dollar project to develop a free trade zone in western South Korea.
Under the agreement, if formalized, the Fairfield, Connecticut-based company will supply a range of products in the fields of renewable energy, lighting and security to a joint venture involved in the state-run development project, GE Korea President Hwang Soo said in a statement.
The agreement was signed between GE Korea and the joint venture formed by U.S.-based real estate developer Gale International and the construction affiliate of South Korean steel maker POSCO Co (KSE:005490).
QUEENSLAND GAS PROPOSES BUILDING GAS-FIRED POWER STATION IN NSW
Sydney (ANTARA News/Asia Pulse) - Queensland Gas Company Ltd (ASX:QGC) is proposing to build a gas-fired power station in New South Wales, using the company's coal seam gas reserves in southern Queensland.
The Brisbane-based company said it had agreed with two joint venture partners to examine the feasibility of a 400 megawatt (MW) to 600MW power station to supply electricity to up to half a million homes.
The power station, which would cost between A$500 million (US$479.25 million) and A$750 million, would start generating electricity by mid 2012 and would use 10 per cent of the water of a normal coal-fired power station.
MALAYSIA'S PROTON SWINGS TO YR PRE-TAX PROFIT OF US$50.7 MLN
Kuala Lumpur (ANTARA News/Asia Pulse) - Proton Holdings Berhad (KLSE:5304) has recorded annual pre-tax profit of RM162.218 million (US$50.7 million) as the national carmaker succeeded in turning around its operations from a pre-tax loss of RM618.129 million a year earlier following the launch of new models with higher profit margins.
Revenue for the twelve months ended 31 March 2008 jumped 14.6 per cent to RM5.629 billion from RM4.912 billion in the previous year, it said in a filing to Bursa Malaysia on May 26.
Earnings per share improved to 36.90 sen from a loss of 107.30 sen previously.
TIANJIN FAW-TOYOTA GETS MINISTRY APPROVAL FOR NEW INVESTMENT
Tianjin (ANTARA News/Asia Pulse) - Tianjin FAW-Toyota Motor Co., Ltd. announced that it has recently obtained approval from the Ministry of Commerce for its plan to add US$537 million of investment.
With the additional investment, total investment in Tianjin FAW-Toyota will reach US$945.23 million. New investment will be earmarked for the building of the third Toyota plant and the production of SUVs.
The SUV project is predicted to reach the designed production capacity in mid-2009, which is about 40,000 units.
S KOREA'S KOLON ENG'G INKS DEAL WITH JORDANIAN WATER AUTHORITY
Seoul (ANTARA News/Asia Pulse) - KOLON Engineering & Construction Co. (KSE:003075), a South Korean builder, said today it has clinched a US$46.4 million deal with the Water Authority of Jordan to build a sewage treatment plant in the Middle Eastern country.
The plant with a daily treatment capacity of 31,100 tons will be built in an area 25 kilometers south of the Jordanian capital Amman, the company said in a regulatory filing.
KOLON Engineering plans to complete the facility in northwestern Jordan two years after the start of construction.
RELIANCE GLOBALCOM ACQUIRES UK-BASED VANCO FOR US$76 MLN
New Delhi (ANTARA News/Asia Pulse) - Anil Ambani group's global telecom arm Reliance Globalcom on Monday announced acquisition of UK-based managed network service provider Vanco for a consideration of Rs 3.27 billion (US$76.9 million).
The deal comes amid the Indian conglomerate starting exploratory talks for another overseas telecom acquisition, that of South African mobile major MTN, currently valued at over US$35 billion.
Reliance Globalcom said that the acquisition of Vanco would add US$365 million to its annual revenue and would expand its managed network footprint to 163 countries.
PERTAMINA WANTS TO COOPERATE WITH SHELL TO DEVELOP NATUNA GAS
Jakarta (ANTARA News/Asia Pulse) - State-owned oil and gas company PT Pertamina said it wants to cooperate with Royal Dutch Shell to develop the giant gas block of Natuna D Alpha in Riau.
Shell has the technology needed to separate carbon dioxide from the gas, said Pertamina President Ari Hermanto Soemarno, who accompanied a Shell director Malcolm Brinded in a meeting with Vice President Jusuf Kalla Monday.
The block is estimated to have a reserve of 220 trillion cubic feet of gas but the gas has a high CO2 content of 70 per cent. The block was originally awarded to ExxonMobil but the U.S. company failed to implement its contract which was terminated in January, 2007.
SOUTH KOREA'S KIA MOTORS TO BUILD SMALL CARS AT NEW U.S. PLANT
Seoul (ANTARA News/Asia Pulse) - Kia Motors Corp. (KSE:000270), South Korea's second-largest automaker, will produce small cars at its first assembly plant in the United States because high-flying oil prices are boosting demand for gas-sipping vehicles, according to a senior executive of Hyundai Motor Co., Kia's parent, on Tuesday.
Hyundai Motor vice chairman Kim Dong-jin also said the world's sixth-largest carmaker may build Hyundai brand cars at the Kia plant in the U.S. state of Georgia, which will be completed in the second half of next year.
VIETNAM'S QUANG NAM TARGETS US$288 MLN IN TOURISM EARNINGS
Quang Nam (ANTARA News/Asia Pulse) - Quang Nam province is determined to become a major tourist destination in the central region and Vietnam, aiming at 4.6 trillion VND (US$288 million) in revenue from tourism annually by 2015.
The province has also targeted four million arrivals per year, including 1.5 million foreign visitors, by that time.
Tourism is one of the sectors receiving top priority from local authorities, said Quang Nam Department of Culture, Sport and Tourism director Dinh Hai, adding that the province aimed to ensure sustainable development of its hospitality sector and make it more competitive in the context of global integration.
JAPAN'S ANRITSU BUILDS THAI PLANT TO MEET SE ASIAN DEMAND FOR INDUSTRIAL METERS
Tokyo (ANTARA News/Asia Pulse) - Japan's Anritsu Corp. (TSE:6754) has constructed a plant in Thailand as part of efforts to expand supply of industrial meters and scales to Southeast Asia.
A subsidiary, Anritsu Industrial Solutions Co., recently set up a wholly owned unit in Chonburi Province in Thailand's central coastal region and built a plant that is set to go into operation as early as next month.
The plant cost some 20 million yen (US$193,700) to construct and will employ 15 or so workers.
It will assemble parts and materials imported from Japan to produce meters and scales for automatically sorting large quantities of fish, shrimp and other marine products by weight.
Source:
Business in Asia Today - MAY 27, 2008
published by Asia Pulse
COPYRIGHT © 2008
Seoul (ANTARA News/Asia Pulse) - General Electric Co., the world's largest industrial conglomerate by market value, said today its local unit has signed a memorandum of understanding to join a multi-billion-dollar project to develop a free trade zone in western South Korea.
Under the agreement, if formalized, the Fairfield, Connecticut-based company will supply a range of products in the fields of renewable energy, lighting and security to a joint venture involved in the state-run development project, GE Korea President Hwang Soo said in a statement.
The agreement was signed between GE Korea and the joint venture formed by U.S.-based real estate developer Gale International and the construction affiliate of South Korean steel maker POSCO Co (KSE:005490).
QUEENSLAND GAS PROPOSES BUILDING GAS-FIRED POWER STATION IN NSW
Sydney (ANTARA News/Asia Pulse) - Queensland Gas Company Ltd (ASX:QGC) is proposing to build a gas-fired power station in New South Wales, using the company's coal seam gas reserves in southern Queensland.
The Brisbane-based company said it had agreed with two joint venture partners to examine the feasibility of a 400 megawatt (MW) to 600MW power station to supply electricity to up to half a million homes.
The power station, which would cost between A$500 million (US$479.25 million) and A$750 million, would start generating electricity by mid 2012 and would use 10 per cent of the water of a normal coal-fired power station.
MALAYSIA'S PROTON SWINGS TO YR PRE-TAX PROFIT OF US$50.7 MLN
Kuala Lumpur (ANTARA News/Asia Pulse) - Proton Holdings Berhad (KLSE:5304) has recorded annual pre-tax profit of RM162.218 million (US$50.7 million) as the national carmaker succeeded in turning around its operations from a pre-tax loss of RM618.129 million a year earlier following the launch of new models with higher profit margins.
Revenue for the twelve months ended 31 March 2008 jumped 14.6 per cent to RM5.629 billion from RM4.912 billion in the previous year, it said in a filing to Bursa Malaysia on May 26.
Earnings per share improved to 36.90 sen from a loss of 107.30 sen previously.
TIANJIN FAW-TOYOTA GETS MINISTRY APPROVAL FOR NEW INVESTMENT
Tianjin (ANTARA News/Asia Pulse) - Tianjin FAW-Toyota Motor Co., Ltd. announced that it has recently obtained approval from the Ministry of Commerce for its plan to add US$537 million of investment.
With the additional investment, total investment in Tianjin FAW-Toyota will reach US$945.23 million. New investment will be earmarked for the building of the third Toyota plant and the production of SUVs.
The SUV project is predicted to reach the designed production capacity in mid-2009, which is about 40,000 units.
S KOREA'S KOLON ENG'G INKS DEAL WITH JORDANIAN WATER AUTHORITY
Seoul (ANTARA News/Asia Pulse) - KOLON Engineering & Construction Co. (KSE:003075), a South Korean builder, said today it has clinched a US$46.4 million deal with the Water Authority of Jordan to build a sewage treatment plant in the Middle Eastern country.
The plant with a daily treatment capacity of 31,100 tons will be built in an area 25 kilometers south of the Jordanian capital Amman, the company said in a regulatory filing.
KOLON Engineering plans to complete the facility in northwestern Jordan two years after the start of construction.
RELIANCE GLOBALCOM ACQUIRES UK-BASED VANCO FOR US$76 MLN
New Delhi (ANTARA News/Asia Pulse) - Anil Ambani group's global telecom arm Reliance Globalcom on Monday announced acquisition of UK-based managed network service provider Vanco for a consideration of Rs 3.27 billion (US$76.9 million).
The deal comes amid the Indian conglomerate starting exploratory talks for another overseas telecom acquisition, that of South African mobile major MTN, currently valued at over US$35 billion.
Reliance Globalcom said that the acquisition of Vanco would add US$365 million to its annual revenue and would expand its managed network footprint to 163 countries.
PERTAMINA WANTS TO COOPERATE WITH SHELL TO DEVELOP NATUNA GAS
Jakarta (ANTARA News/Asia Pulse) - State-owned oil and gas company PT Pertamina said it wants to cooperate with Royal Dutch Shell to develop the giant gas block of Natuna D Alpha in Riau.
Shell has the technology needed to separate carbon dioxide from the gas, said Pertamina President Ari Hermanto Soemarno, who accompanied a Shell director Malcolm Brinded in a meeting with Vice President Jusuf Kalla Monday.
The block is estimated to have a reserve of 220 trillion cubic feet of gas but the gas has a high CO2 content of 70 per cent. The block was originally awarded to ExxonMobil but the U.S. company failed to implement its contract which was terminated in January, 2007.
SOUTH KOREA'S KIA MOTORS TO BUILD SMALL CARS AT NEW U.S. PLANT
Seoul (ANTARA News/Asia Pulse) - Kia Motors Corp. (KSE:000270), South Korea's second-largest automaker, will produce small cars at its first assembly plant in the United States because high-flying oil prices are boosting demand for gas-sipping vehicles, according to a senior executive of Hyundai Motor Co., Kia's parent, on Tuesday.
Hyundai Motor vice chairman Kim Dong-jin also said the world's sixth-largest carmaker may build Hyundai brand cars at the Kia plant in the U.S. state of Georgia, which will be completed in the second half of next year.
VIETNAM'S QUANG NAM TARGETS US$288 MLN IN TOURISM EARNINGS
Quang Nam (ANTARA News/Asia Pulse) - Quang Nam province is determined to become a major tourist destination in the central region and Vietnam, aiming at 4.6 trillion VND (US$288 million) in revenue from tourism annually by 2015.
The province has also targeted four million arrivals per year, including 1.5 million foreign visitors, by that time.
Tourism is one of the sectors receiving top priority from local authorities, said Quang Nam Department of Culture, Sport and Tourism director Dinh Hai, adding that the province aimed to ensure sustainable development of its hospitality sector and make it more competitive in the context of global integration.
JAPAN'S ANRITSU BUILDS THAI PLANT TO MEET SE ASIAN DEMAND FOR INDUSTRIAL METERS
Tokyo (ANTARA News/Asia Pulse) - Japan's Anritsu Corp. (TSE:6754) has constructed a plant in Thailand as part of efforts to expand supply of industrial meters and scales to Southeast Asia.
A subsidiary, Anritsu Industrial Solutions Co., recently set up a wholly owned unit in Chonburi Province in Thailand's central coastal region and built a plant that is set to go into operation as early as next month.
The plant cost some 20 million yen (US$193,700) to construct and will employ 15 or so workers.
It will assemble parts and materials imported from Japan to produce meters and scales for automatically sorting large quantities of fish, shrimp and other marine products by weight.
Source:
Business in Asia Today - MAY 27, 2008
published by Asia Pulse
COPYRIGHT © 2008
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