ARCELORMITTAL EXPECTS WORK ON INDIA PROJECTS TO START NEXT YEAR
New Delhi (ANTARA News/Asia Pulse) - ArcelorMittal, the world's largest steel maker, which plans to set up two 12 million tons per annum plants in India, will begin investing US$20 billion starting 2009, a company official has said.
"The company expects to break ground on one of the Indian projects before the end of 2009," CNN quoted ArcelorMittal's London-based head of investor relations Julien Onillon as saying last week.
The two identical projects are to come up in the states of Jharkhand and Orissa and would add 24 MT annual steel production capacity.
CHINA TO FINALISE IRON ORE PRICE TALKS WITH AUSTRALIAN MINERS
Beijing (ANTARA News/Asia Pulse) - China's prolonged iron-ore price talks with Australian miners for this year's contract could be concluded by this month, according to the head of the China Iron and Steel Association.
Speaking to reporters at an industry conference, CISA chairman Zhang Xiaogang said yesterday that both sides expect to complete the negotiations before June 30 and that the outcome should benefit the interests of both parties.
The talks, which started late last year to set prices for fiscal year starting April 1, have been deadlocked after Baosteel Group (SSX:600019) on behalf of Chinese mills agreed with Brazilian miner Cia Vale do Rio Doce on a 65 to 71-percent rise for 2008 term prices in February.
Australian miners Rio Tinto (ASX:RIO) and BHP Billiton (ASX:BHP) are holding out for more, arguing they deserve a freight premium to reflect their proximity to Asia.
RBA LEAVES AUSTRALIAN RATES STEADY FOR THIRD STRAIGHT MONTH
Sydney (ANTARA News/Asia Pulse) - The Reserve Bank of Australia (RBA) has left official interest rates unchanged at 7.25 per cent after its monthly board meeting this morning because it sees signs that demand is slowing.
But the central bank also warns there is still considerable uncertainty about the outlook for demand and inflation, given the opposing forces at work.
"On balance, the board's current assessment is that demand growth will be moderate this year," governor Glenn Stevens said in a statement.
He said inflation was likely to remain relatively high in the short term, but it should decline over time.
The central bank last lifted the cash rate in March by 25 basis points.
JAPAN'S KUBOTA STEPPING UP SALES IN CHINA, EASTERN EUROPE
Tokyo (ANTARA News/Asia Pulse) - Kubota Corp. (TSE:6326) is expanding sales of small hydraulic shovels and other small construction equipment in Eastern Europe and China to offset slower sales in Japan and North America.
In Eastern Europe, the company has sales agents in 12 countries, including the Baltic states and the Czech Republic, and will set up sales networks in two or three new countries by the end of fiscal 2009.
It is targeting sales of 500 units in Eastern Europe as a whole in fiscal 2009. In fiscal 2008, it aims to boost sales by 70 per cent from fiscal 2007 to more than 1,000 units.
S. KOREA PLANS TO CUT CORPORATE TAXES TO SPUR ECONOMY
Seoul (ANTARA News/Asia Pulse) - South Korea plans to lower corporate taxes earlier than scheduled in a bid to spur economic growth by bolstering investment and helping create more jobs, the government said Tuesday.
The Ministry of Strategy and Finance said that it will cut the maximum corporate tax rate from the current 25 per cent to 22 per cent this year and trim it further to 20 per cent by the end of 2010.
The tax-cut timetable is two years ahead of the initial schedule. The minimum tax rates will also be lowered from 13 per cent to 10 per cent, the ministry said.
INDONESIAN INFLATION JUMPS 10.83 PCT ON-YEAR IN MAY
Jakarta (ANTARA News/Asia Pulse) - The country's inflation surged 10.83 per cent year-on-year in May with prices of goods and services rising in 45 cities surveyed, the Central Bureau of Statistics (BS) said.
The BPS chief Rusman Heriawan attributed the surge in inflation to the government's decision to raise the prices of oil fuels in May.
The inflation was the highest after a 17.89 per cent inflation rate in October 2005 also triggered by oil fuel price hikes. Bank Indonesia Governor Boediono said the fuel price shock will be felt for two months.
FOREIGNERS ARRIVE IN DROVES AS VIETNAM'S TOURISM BOOMS
Hanoi (ANTARA News/Asia Pulse) - Vietnam welcomed 2.1 million foreign visitors in the first five months of the year, an increase of 16.6 per cent over the same period last year, according to domestic tourist agencies.
In May, the country welcomed 400,000 foreign visitors, up 16.1 per cent over the May figure last year.
Most foreign visitors to Vietnam in the first five months of the year came from Thailand, United States, Japan, China, South Korea,the Philippines, France, Singapore and Malaysia.
China led the list with 352,000 visitors, up 54 per cent from last year, followed by the Philippines at 114,000 visitors, up 42 per cent, and 87,600 from Thailand, up 32 per cent.
TAIWAN TOURISM CONSTRUCTION EXPECTED TO BRING IN US$57 BLN
Taipei (ANTARA News/Asia Pulse) - The Council of Economic Planning and Development (CEPD) approved a plan Monday to boost tourism construction of national scenic areas, which it estimated would help the local tourism sector generate NT$1.728 trillion (US$56.8 billion) in revenue between 2008 and 2011.
Proposed by the Ministry of Transportation and Communications (MOTC), the plan calls for NT$20 billion to be allocated during the four-year period to improve facilities in 13 of Taiwan's national scenic areas and other local tourist attractions.
Such a plan follows the successful example of a previous MOTC plan that spent NT$21.811 billion to develop 12 local tourist areas, including the northern coast area, between 2003 and 2007.
AUSTRALIA'S METCASH LIFTS FY08 PROFIT 24.5 PCT, EYES MORE GROWTH
Sydney (ANTARA News/Asia Pulse) - Australia's Metcash Ltd (ASX:MTS) has shaken off higher interest rates, petrol and food prices to post a solid rise in annual profit and says sales for the first month of the new year are satisfactory.
The grocery and liquor wholesaler, distributor and marketer posted a 24.51 per cent increase in net profit to A$197.436 million (US$187.8 million) for the year ended April 30. Metcash also forecast fiscal 2009 earnings per share (EPS), pre-goodwill amortisation, of between 28.3 cents and 29.3 cents.
VIETNAM'S AUTO IMPORTS FALL IN MAY DUE TO TAX HIKE
Hanoi (ANTARA News/Asia Pulse) - The number of imported automobiles dropped by 1,500 units in May after Vietnamese Ministry of Finances (MoF) tax hike took effect, according to statistics from the General Statistics Office (GSO).
The GSO reported that the country imported 5,500 automobile units in May, compared with 7,000 units in April.
However, according to the GSO's statistics, the number of automobiles imported in the first five months of the year skyrocketed.
The total number of automobiles imported in the January-May period reached 35,400 units, nearly 6.1 times higher than the same period last year.
Source:
Business in Asia Today - JUNE 03, 2008
published by Asia Pulse
COPYRIGHT © 2008
New Delhi (ANTARA News/Asia Pulse) - ArcelorMittal, the world's largest steel maker, which plans to set up two 12 million tons per annum plants in India, will begin investing US$20 billion starting 2009, a company official has said.
"The company expects to break ground on one of the Indian projects before the end of 2009," CNN quoted ArcelorMittal's London-based head of investor relations Julien Onillon as saying last week.
The two identical projects are to come up in the states of Jharkhand and Orissa and would add 24 MT annual steel production capacity.
CHINA TO FINALISE IRON ORE PRICE TALKS WITH AUSTRALIAN MINERS
Beijing (ANTARA News/Asia Pulse) - China's prolonged iron-ore price talks with Australian miners for this year's contract could be concluded by this month, according to the head of the China Iron and Steel Association.
Speaking to reporters at an industry conference, CISA chairman Zhang Xiaogang said yesterday that both sides expect to complete the negotiations before June 30 and that the outcome should benefit the interests of both parties.
The talks, which started late last year to set prices for fiscal year starting April 1, have been deadlocked after Baosteel Group (SSX:600019) on behalf of Chinese mills agreed with Brazilian miner Cia Vale do Rio Doce on a 65 to 71-percent rise for 2008 term prices in February.
Australian miners Rio Tinto (ASX:RIO) and BHP Billiton (ASX:BHP) are holding out for more, arguing they deserve a freight premium to reflect their proximity to Asia.
RBA LEAVES AUSTRALIAN RATES STEADY FOR THIRD STRAIGHT MONTH
Sydney (ANTARA News/Asia Pulse) - The Reserve Bank of Australia (RBA) has left official interest rates unchanged at 7.25 per cent after its monthly board meeting this morning because it sees signs that demand is slowing.
But the central bank also warns there is still considerable uncertainty about the outlook for demand and inflation, given the opposing forces at work.
"On balance, the board's current assessment is that demand growth will be moderate this year," governor Glenn Stevens said in a statement.
He said inflation was likely to remain relatively high in the short term, but it should decline over time.
The central bank last lifted the cash rate in March by 25 basis points.
JAPAN'S KUBOTA STEPPING UP SALES IN CHINA, EASTERN EUROPE
Tokyo (ANTARA News/Asia Pulse) - Kubota Corp. (TSE:6326) is expanding sales of small hydraulic shovels and other small construction equipment in Eastern Europe and China to offset slower sales in Japan and North America.
In Eastern Europe, the company has sales agents in 12 countries, including the Baltic states and the Czech Republic, and will set up sales networks in two or three new countries by the end of fiscal 2009.
It is targeting sales of 500 units in Eastern Europe as a whole in fiscal 2009. In fiscal 2008, it aims to boost sales by 70 per cent from fiscal 2007 to more than 1,000 units.
S. KOREA PLANS TO CUT CORPORATE TAXES TO SPUR ECONOMY
Seoul (ANTARA News/Asia Pulse) - South Korea plans to lower corporate taxes earlier than scheduled in a bid to spur economic growth by bolstering investment and helping create more jobs, the government said Tuesday.
The Ministry of Strategy and Finance said that it will cut the maximum corporate tax rate from the current 25 per cent to 22 per cent this year and trim it further to 20 per cent by the end of 2010.
The tax-cut timetable is two years ahead of the initial schedule. The minimum tax rates will also be lowered from 13 per cent to 10 per cent, the ministry said.
INDONESIAN INFLATION JUMPS 10.83 PCT ON-YEAR IN MAY
Jakarta (ANTARA News/Asia Pulse) - The country's inflation surged 10.83 per cent year-on-year in May with prices of goods and services rising in 45 cities surveyed, the Central Bureau of Statistics (BS) said.
The BPS chief Rusman Heriawan attributed the surge in inflation to the government's decision to raise the prices of oil fuels in May.
The inflation was the highest after a 17.89 per cent inflation rate in October 2005 also triggered by oil fuel price hikes. Bank Indonesia Governor Boediono said the fuel price shock will be felt for two months.
FOREIGNERS ARRIVE IN DROVES AS VIETNAM'S TOURISM BOOMS
Hanoi (ANTARA News/Asia Pulse) - Vietnam welcomed 2.1 million foreign visitors in the first five months of the year, an increase of 16.6 per cent over the same period last year, according to domestic tourist agencies.
In May, the country welcomed 400,000 foreign visitors, up 16.1 per cent over the May figure last year.
Most foreign visitors to Vietnam in the first five months of the year came from Thailand, United States, Japan, China, South Korea,the Philippines, France, Singapore and Malaysia.
China led the list with 352,000 visitors, up 54 per cent from last year, followed by the Philippines at 114,000 visitors, up 42 per cent, and 87,600 from Thailand, up 32 per cent.
TAIWAN TOURISM CONSTRUCTION EXPECTED TO BRING IN US$57 BLN
Taipei (ANTARA News/Asia Pulse) - The Council of Economic Planning and Development (CEPD) approved a plan Monday to boost tourism construction of national scenic areas, which it estimated would help the local tourism sector generate NT$1.728 trillion (US$56.8 billion) in revenue between 2008 and 2011.
Proposed by the Ministry of Transportation and Communications (MOTC), the plan calls for NT$20 billion to be allocated during the four-year period to improve facilities in 13 of Taiwan's national scenic areas and other local tourist attractions.
Such a plan follows the successful example of a previous MOTC plan that spent NT$21.811 billion to develop 12 local tourist areas, including the northern coast area, between 2003 and 2007.
AUSTRALIA'S METCASH LIFTS FY08 PROFIT 24.5 PCT, EYES MORE GROWTH
Sydney (ANTARA News/Asia Pulse) - Australia's Metcash Ltd (ASX:MTS) has shaken off higher interest rates, petrol and food prices to post a solid rise in annual profit and says sales for the first month of the new year are satisfactory.
The grocery and liquor wholesaler, distributor and marketer posted a 24.51 per cent increase in net profit to A$197.436 million (US$187.8 million) for the year ended April 30. Metcash also forecast fiscal 2009 earnings per share (EPS), pre-goodwill amortisation, of between 28.3 cents and 29.3 cents.
VIETNAM'S AUTO IMPORTS FALL IN MAY DUE TO TAX HIKE
Hanoi (ANTARA News/Asia Pulse) - The number of imported automobiles dropped by 1,500 units in May after Vietnamese Ministry of Finances (MoF) tax hike took effect, according to statistics from the General Statistics Office (GSO).
The GSO reported that the country imported 5,500 automobile units in May, compared with 7,000 units in April.
However, according to the GSO's statistics, the number of automobiles imported in the first five months of the year skyrocketed.
The total number of automobiles imported in the January-May period reached 35,400 units, nearly 6.1 times higher than the same period last year.
Source:
Business in Asia Today - JUNE 03, 2008
published by Asia Pulse
COPYRIGHT © 2008
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