HK'S SUN HUNG KAI PROPERTIES OUSTS CHAIRMAN IN FAMILY FEUD
Hong Kong (ANTARA News/Asia Pulse) - Hong Kong's largest residential developer Sun Hung Kai Properties voted its chairman and chief executive Walter Kwok out of office on Tuesday in the latest episode of a legal feud involving members of the Kwok family.
The company, founded and controlled by the Kwok family, announced in a statement with immediate effect that Walter Kwok will cease being chairman and chief executive officer, and serve instead as a non-executive director.
Kwong Siu-hing, Kwok's 79-year-old mother, will serve as company chairwoman until the annual meeting of shareholders, which is expected in December.
His younger brothers, Thomas and Raymond, will take over his duties as chief executive. Walter Kwok, 57, had been running SHK Properties together with his brothers since their father Kwok Tak-seng died in 1990.
VODAFONE BOSS TOPS-UP INDIA INVESTMENT WITH FURTHER US$396 MLN
London (ANTARA News/Asia Pulse) - What could be seen as a parting gift to the country of his origin, UK telecom giant Vodafone's outgoing CEO Arun Sarin on Tuesday announced an additional investment of 200 million pounds (US$396.02 million) for its India business.
Vodafone had announced an investment of one billion pounds last year when it entered India after buying out the Hong Kong-based Hutchison Telecom International's controlling stake to drive growth.
Sarin said Vodafone is striving for 100 million customers from the current 44 million and for that they are in dire needs of more spectrum. He is also hopeful that 3G services would be rolled out in India in the next 12 months.
YAZAKI TO CONSOLIDATE PROCUREMENT VIA NEW SINGAPOREAN UNIT
Tokyo (ANTARA News/Asia Pulse) - Major Japanese autoparts manufacturer Yazaki Corp. has formed a new company in Singapore to centrally purchase materials to be used at the firm's factories around the world.
By reorganizing its procurement system, Yazaki seeks to cut costs to address the rising prices of raw materials.
The new company will be staffed by about two dozen personnel and will engage in price negotiations with suppliers of steel, synthetic resin and other materials, expecting to obtain bulk discounts.
In addition, it will pick suppliers close to each Yazaki plant to reduce shipping costs and time.
MALAYSIA'S IREKA SWINGS TO YR PROFIT ON GAINS FROM SALE OF UNITS
Kuala Lumpur (ANTARA News/Asia Pulse) - Ireka Corporation Berhad (KLSE:8834) has recorded pre-tax profit of RM157.765 million (US$49.3 million) for the twelve months ended 31 March 2008, a sharp improvement from a loss of RM33.206 million in the previous year due to gains on disposal of two subsidiaries.
The company, which focuses on housing development and construction projects, said it booked RM206 million profit from the sale of Ireka Land and ICSD Ventures to Aseana Properties Limited (ASPL) on 15 May 2007.
Excluding the two disposed subsidiaries, the group achieved revenue of RM330.610 million, representing a 78 per cent jump from the previous year.
INDONESIA'S SAMPOERNA REPORTS 11.9% RISE IN SALES TO $900 MLN
Jakarta (ANTARA News/Asia Pulse) - One of Indonesia's largest cigarette makers, PT HM Sampoerna, reported Rp8.13 trillion (US$900 million) in sales in the first quarter of this year or an increase of 11.9 per cent from the same period last year. The subsidiary of the U.S. based Philip Morris International Inc said it sold 17.7 billion cigarettes in the first three months of this year or an increase of 5.8 per cent from the sale period in the previous year.
Company president Martin G. King said with the sales the company had a 28 per cent share of the Indonesian market.
QANTAS CUTS CAPACITY DUE TO RISING FUEL PRICES
Sydney (ANTARA News/Asia Pulse) - Qantas has been forced to cut its flight capacity due to rising fuel prices, and warns that its full bill will increase by more than $A2 billion ($US1.92 billion) next financial year.
The airline said the decision to cut capacity by five per cent is equivalent to grounding six aircraft.
"The fact is that fuel prices are something we have no control over, so we have to look harder at areas where we do have control," chief executive Geoff Dixon said.
Qantas will now retire one B737 aircraft, ground two B767s and one Jetstar A320. It will cancel the delivery of one Jetstar A321 plane. Flying patterns of other aircraft will be adjusted, which includes reducing the use of the B747-400 fleet.
QUAKE TO HURT CHINA'S PROPERTY MARKET
Beijing (ANTARA News/Asia Pulse) - The May 12 earthquake could cripple Sichuan province's property market in the short term by dampening consumers' will to buy and reducing investment-oriented purchases, industry experts said.
BrilliantStone, a Beijing-headquartered real estate research and advisory firm, said the "psychological shadow" hanging over the economic losses in Sichuan and Chongqing could diminish enthusiasm for purchasing property in the area.
Yang Hongxu, deputy director of Shanghai-based E-house Real Estate Research Institution, said the quake would also largely reduce investment-oriented purchases in quake-affected areas, putting greater pressure on property prices in the region.
But Bohai Securities analyst Zhou Hu said the quake's impact on Sichuan's property market would be limited.
THAI CHAMBER, TRADE CHAIR WARNS OF SINKING INVESTMENT PROSPECTS
Bangkok (ANTARA News/Asia Pulse) - Investor confidence and subsequent foreign investment in Thailand could be eroded if the current political turmoil continues and the ongoing rally demanding that the coalition government of Prime Minister Samak Sundaravej scrap its plan to rewrite the constitution descends into violence, a senior Thai executive said Tuesday.
Pramon Suthiwong, chairman of both the Thai Chamber of Commerce and the Board of Trade of Thailand, said investment confidence would not be greatly impacted if the demonstration demanding the government to halt its plan to rewrite the charter ends soon without bloodshed.
Now foreign investors are worried about political strife in Thailand and have delayed committing a considerable amount of investment in this country, Mr Pramon said.
INDIA'S TATA COMMUNICATIONS INKS PACT WITH ETISALAT OF UAE
New Delhi (ANTARA News/Asia Pulse) - Telecom service provider Tata Communications (BSE:500483) on Tuesday said it has inked an agreement with UAE-based telco Emirates Telecommunications Corp (Etisalat) to provide enterprise network services in the Gulf country.
Under the agreement, both companies would work together to deliver "secure, scalable and flexible" ethernet and other connectivity solutions, they said in a joint statement.
Through Etisalat's network, Tata communications would enhance its coverage in the strategic location of UAE, the statement added.
AUSTRALIA'S SHEEP PRODUCTION LOWEST IN 80 YEARS: ABS
Canberra (ANTARA News/Asia Pulse) - Sheep numbers in Australia have dropped to their lowest level in more than 80 years because of the drought.
Sheep and lamb numbers were at 85.7 million head in the 2006-07 financial year, the lowest since 1924, the Australian Bureau of Statistics reported. Wheat production fell by more than 50 per cent to 10.8 million tonnes, following near record levels the previous year, while barley yields were down by 55 per cent to 4.3 million tonnes.
Cotton production also dropped by half, to 282,000 tonnes, from the smallest crop recorded in 20 years and the smallest planted area since 1987.
Rice production reported agriculture's worst yield, dropping 84 per cent to just 163,000 tonnes. Lack of water, caused by the long-running drought, was a major reason for the decline.
Source:
Business in Asia Today - MAY 28, 2008
published by Asia Pulse
COPYRIGHT © 2008
Hong Kong (ANTARA News/Asia Pulse) - Hong Kong's largest residential developer Sun Hung Kai Properties voted its chairman and chief executive Walter Kwok out of office on Tuesday in the latest episode of a legal feud involving members of the Kwok family.
The company, founded and controlled by the Kwok family, announced in a statement with immediate effect that Walter Kwok will cease being chairman and chief executive officer, and serve instead as a non-executive director.
Kwong Siu-hing, Kwok's 79-year-old mother, will serve as company chairwoman until the annual meeting of shareholders, which is expected in December.
His younger brothers, Thomas and Raymond, will take over his duties as chief executive. Walter Kwok, 57, had been running SHK Properties together with his brothers since their father Kwok Tak-seng died in 1990.
VODAFONE BOSS TOPS-UP INDIA INVESTMENT WITH FURTHER US$396 MLN
London (ANTARA News/Asia Pulse) - What could be seen as a parting gift to the country of his origin, UK telecom giant Vodafone's outgoing CEO Arun Sarin on Tuesday announced an additional investment of 200 million pounds (US$396.02 million) for its India business.
Vodafone had announced an investment of one billion pounds last year when it entered India after buying out the Hong Kong-based Hutchison Telecom International's controlling stake to drive growth.
Sarin said Vodafone is striving for 100 million customers from the current 44 million and for that they are in dire needs of more spectrum. He is also hopeful that 3G services would be rolled out in India in the next 12 months.
YAZAKI TO CONSOLIDATE PROCUREMENT VIA NEW SINGAPOREAN UNIT
Tokyo (ANTARA News/Asia Pulse) - Major Japanese autoparts manufacturer Yazaki Corp. has formed a new company in Singapore to centrally purchase materials to be used at the firm's factories around the world.
By reorganizing its procurement system, Yazaki seeks to cut costs to address the rising prices of raw materials.
The new company will be staffed by about two dozen personnel and will engage in price negotiations with suppliers of steel, synthetic resin and other materials, expecting to obtain bulk discounts.
In addition, it will pick suppliers close to each Yazaki plant to reduce shipping costs and time.
MALAYSIA'S IREKA SWINGS TO YR PROFIT ON GAINS FROM SALE OF UNITS
Kuala Lumpur (ANTARA News/Asia Pulse) - Ireka Corporation Berhad (KLSE:8834) has recorded pre-tax profit of RM157.765 million (US$49.3 million) for the twelve months ended 31 March 2008, a sharp improvement from a loss of RM33.206 million in the previous year due to gains on disposal of two subsidiaries.
The company, which focuses on housing development and construction projects, said it booked RM206 million profit from the sale of Ireka Land and ICSD Ventures to Aseana Properties Limited (ASPL) on 15 May 2007.
Excluding the two disposed subsidiaries, the group achieved revenue of RM330.610 million, representing a 78 per cent jump from the previous year.
INDONESIA'S SAMPOERNA REPORTS 11.9% RISE IN SALES TO $900 MLN
Jakarta (ANTARA News/Asia Pulse) - One of Indonesia's largest cigarette makers, PT HM Sampoerna, reported Rp8.13 trillion (US$900 million) in sales in the first quarter of this year or an increase of 11.9 per cent from the same period last year. The subsidiary of the U.S. based Philip Morris International Inc said it sold 17.7 billion cigarettes in the first three months of this year or an increase of 5.8 per cent from the sale period in the previous year.
Company president Martin G. King said with the sales the company had a 28 per cent share of the Indonesian market.
QANTAS CUTS CAPACITY DUE TO RISING FUEL PRICES
Sydney (ANTARA News/Asia Pulse) - Qantas has been forced to cut its flight capacity due to rising fuel prices, and warns that its full bill will increase by more than $A2 billion ($US1.92 billion) next financial year.
The airline said the decision to cut capacity by five per cent is equivalent to grounding six aircraft.
"The fact is that fuel prices are something we have no control over, so we have to look harder at areas where we do have control," chief executive Geoff Dixon said.
Qantas will now retire one B737 aircraft, ground two B767s and one Jetstar A320. It will cancel the delivery of one Jetstar A321 plane. Flying patterns of other aircraft will be adjusted, which includes reducing the use of the B747-400 fleet.
QUAKE TO HURT CHINA'S PROPERTY MARKET
Beijing (ANTARA News/Asia Pulse) - The May 12 earthquake could cripple Sichuan province's property market in the short term by dampening consumers' will to buy and reducing investment-oriented purchases, industry experts said.
BrilliantStone, a Beijing-headquartered real estate research and advisory firm, said the "psychological shadow" hanging over the economic losses in Sichuan and Chongqing could diminish enthusiasm for purchasing property in the area.
Yang Hongxu, deputy director of Shanghai-based E-house Real Estate Research Institution, said the quake would also largely reduce investment-oriented purchases in quake-affected areas, putting greater pressure on property prices in the region.
But Bohai Securities analyst Zhou Hu said the quake's impact on Sichuan's property market would be limited.
THAI CHAMBER, TRADE CHAIR WARNS OF SINKING INVESTMENT PROSPECTS
Bangkok (ANTARA News/Asia Pulse) - Investor confidence and subsequent foreign investment in Thailand could be eroded if the current political turmoil continues and the ongoing rally demanding that the coalition government of Prime Minister Samak Sundaravej scrap its plan to rewrite the constitution descends into violence, a senior Thai executive said Tuesday.
Pramon Suthiwong, chairman of both the Thai Chamber of Commerce and the Board of Trade of Thailand, said investment confidence would not be greatly impacted if the demonstration demanding the government to halt its plan to rewrite the charter ends soon without bloodshed.
Now foreign investors are worried about political strife in Thailand and have delayed committing a considerable amount of investment in this country, Mr Pramon said.
INDIA'S TATA COMMUNICATIONS INKS PACT WITH ETISALAT OF UAE
New Delhi (ANTARA News/Asia Pulse) - Telecom service provider Tata Communications (BSE:500483) on Tuesday said it has inked an agreement with UAE-based telco Emirates Telecommunications Corp (Etisalat) to provide enterprise network services in the Gulf country.
Under the agreement, both companies would work together to deliver "secure, scalable and flexible" ethernet and other connectivity solutions, they said in a joint statement.
Through Etisalat's network, Tata communications would enhance its coverage in the strategic location of UAE, the statement added.
AUSTRALIA'S SHEEP PRODUCTION LOWEST IN 80 YEARS: ABS
Canberra (ANTARA News/Asia Pulse) - Sheep numbers in Australia have dropped to their lowest level in more than 80 years because of the drought.
Sheep and lamb numbers were at 85.7 million head in the 2006-07 financial year, the lowest since 1924, the Australian Bureau of Statistics reported. Wheat production fell by more than 50 per cent to 10.8 million tonnes, following near record levels the previous year, while barley yields were down by 55 per cent to 4.3 million tonnes.
Cotton production also dropped by half, to 282,000 tonnes, from the smallest crop recorded in 20 years and the smallest planted area since 1987.
Rice production reported agriculture's worst yield, dropping 84 per cent to just 163,000 tonnes. Lack of water, caused by the long-running drought, was a major reason for the decline.
Source:
Business in Asia Today - MAY 28, 2008
published by Asia Pulse
COPYRIGHT © 2008
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