MITSUI TO CONSTRUCT US$284 MLN WIND POWER PLANT IN AUSTRALIA
Tokyo (ANTARA News/Asia Pulse) - Mitsui & Co. (TSE:8031) intends to build and operate a large wind power plant in Australia and begin selling the generated electricity to retailers by 2011.
The plant, expected to cost around US$284.37 million, is to be built on the coast near Melbourne. itsui aims to build 52 wind machines, each able to generate 2,000kw of electricity, for total output of 104,000kw. This will lift Australia's wind power generation by more than 10 per cent and is enough to meet the energy needs of 62,000 homes a year.
Construction is to start by next spring.
HYUNDAI MOTOR BEGINS WORK ON US$400 MLN RUSSIAN FACTORY
St. Petersburg (ANTARA News/Asia Pulse) - Hyundai Motor Co. (KSE:005380) began building a US$400 million factory in Russia on Thursday in a bid to win sales in the country's fast-growing automobile market.
Hyundai plans to complete the factory, which will eventually have a production capacity of 100,000 vehicles a year, by 2010 in the Kamenka industrial zone in St. Petersburg.
The new plant will manufacture a next-generation compact model that will roll off Hyundai assembly lines in South Korea, Russia, China and India.
The plant, which will be Hyundai's sixth overseas plant, will employ 1,700 people, with most of the workers being hired locally, the South Korean company said.
AUSTRALIAN CAR MAKER HOLDEN CUTS 500 JOBS AT PLANT, SAYS UNION
Melbourne (ANTARA News/Asia Pulse) - Holden's Melbourne plant will close part of its operations, putting 500 people out of work, Australia's car manufacturing union has said.
Australian Manufacturing Workers' Union (AMWU) car division federal secretary Ian Jones said today Holden was effectively closing one part of its operations at its Fisherman's Bend plant which will put 500 full time workers out of work from the end of next year.
Mr Jones said Holden was scrapping the Australian production of small four-cylinder engines that have been exported to Korea. He said at this stage there was no replacement manufacturing proposed for when four-cylinder production ceases at the end of next year.
NEC ELECTRONICS SETS UP SOFTWARE DEVELOPMENT CENTER IN TAIWAN
Tokyo (ANTARA News/Asia Pulse) - NEC Electronics Corp. (TSE:6723) has established a Taiwanese site to develop software for chips used in controlling optical disc drive devices.
The new center is located at the company's sales subsidiary in Taipei.
It has hired 10 engineers locally who have begun developing software for chips mounted in driver devices for existing DVD hardware.
NEC Electronics' sales of chips for optical disc driver devices reached 20 billion yen (US$189.58 million) in the year ended March.
By opening a development site in Taiwan, where many PC manufacturers are based, it hopes to increase these sales.
QANTAS TO TRIM JAPAN SERVICE ON COSTLY FUEL, FEWER PASSENGERS
Sydney (ANTARA News/Asia Pulse) - Qantas Airways Ltd (ASX:QAN) said Thursday that it plans to cut Australia-Japan service from September in response to high fuel prices and falling Japanese tourist numbers.
The Tokyo-Melbourne route will be scrapped, while flights between Tokyo and Sydney will be trimmed to seven a week from nine. The Tokyo-Cairns service, which flies 14 times a week, will be operated by Qantas' low-cost carrier, Jetstar.
From December, Jetstar will also begin flying between Tokyo and the Gold Coast five times a week.
"At current fuel prices, the group would lose more than 100 million dollars (US$95.63 million) operating to Japan under our existing schedule," Qantas CEO Geoff Dixon said.
ACCC STARTS REVIEW INTO BHP'S PROPOSED PURCHASE OF RIO TINTO
Sydney (ANTARA News/Asia Pulse) - The Australian Competition and Consumer Commission (ACCC) has commenced its review of the proposed acquisition of Rio Tinto ltd (ASX:RIO) by BHP Billiton Ltd (ASX:BHP).
The ACCC today received a submission from BHP about its plan to buy its rival for about US$170 billion (A$177.64 billion). BHP chief executive Marius Kloppers said yesterday he was confident the proposed takeover would be successful as it would not present any economic issues for steelmakers and customers.
Steelmakers have expressed concern about reduced competition and stronger pricing control by a merged group. It is widely believed that BHP Billiton may have to dispose of some assets for the takeover to succeed, particularly iron ore assets.
AUTO PRODUCTION CAPACITY HITS 1 MLN UNITS IN CHINA'S GUANGDONG
Guangzhou (ANTARA News/Asia Pulse) - South China's Guangdong Province has expanded its annual motor vehicle production capacity to one million units, according to the Development and Reform Commission.
The annual production capacity of sedans has reached 980,000 units, with the output hitting 780,000 tons, ranking No.1 nationwide.
Three Sino-Japanese vehicle companies expanded their production capacities in 2007.
The province posted an investment growth of 8.3 per cent year on year in the first four months of 2008 while that by the automobile industry grew 69 per cent.
BORDERS FINALISES SALE OF AUSTRALIAN, NZ AND SINGAPORE ASSETS
Melbourne (ANTARA News/Asia Pulse) - It's taken over a year to seal the deal but Borders Group Inc has finally off-loaded its Australian, New Zealand and Singaporean assets and brand to local book retailer A&R Whitcoulls (ARW).
The A$110 million (US$105.19 million) sale gives ARW, owned by Pacific Equity Partners, 30 Borders bookstores in the three countries.
The new owner already operates more than 260 stores including Australia's oldest bookstore chain, Angus & Robertson, and New Zealand book and stationery chain, Whitcoulls.
Under the deal ARW will gain exclusive rights to use the Borders trademarks in Australia, New Zealand and Singapore.
Locally, existing Borders management will remain in place, including managing director John Campradt who said the Australian, New Zealand and Singapore stores have all been profitable for some time.
INDONESIAN GOVT TO LAUNCH 2ND CRASH PROGRAM TO GENERATE POWER
Jakarta (ANTARA News/Asia Pulse) - The Indonesian government plans to launch another crash program to build power plants with a total investment of Rp100 trillion (US$11 billion) after the completion of the first program.
The second program will build power plants with a capacity of 10,000 megawatts, the same as the first program, but instead of coal fired energy it will utilize more geothermal, hydroelectric and renewable energy to generate power, an official said. The concept for the second program is expected to be completed this month, Energy and Mineral Resources Minister Purnomo Yusgiantoro said after a cabinet meeting.
CATHAY HOLDINGS CHAIR TOPS FORBES LIST OF TAIWAN'S RICHEST
Taipei (ANTARA News/Asia Pulse) - CATHAY FINANCIAL HOLDINGS (TAIEX:2882) Chairman Tsai Hong-tu and family, with a net worth of US$8.5 billion, has topped Forbes magazine's 2008 list of Taiwan's richest people.
In second place was FORMOSA PLASTICS GROUP (TAIEX:1301) Chairman Wang Yung-ching with a net worth of US$6.8 billion and HON HAI PRECISION INDUSTRY (TAIEX:2317) Chairman Terry Gou with a net worth of US$6 billion took third.
Others included in the top 10 were FUBON GROUP (TAIEX:0015) Chairman Tsai Wan-tsai at US$5.1 billion; HTC CORP. Chairwoman Cher Wang and her husband, VIA TECHNOLOGIES INC. (TAIEX:2388) President Chen Wen-chi, with a net worth of US$3.5 billion; CHINATRUST FINANCIAL HOLDING Chairman Jeffrey Koo with a net worth of US$2.8 billion and property and media tycoon Lin Rong-san with a net worth of US$2.7 billion.
Source:
Business in Asia Today - JUNE 06, 2008
published by Asia Pulse
COPYRIGHT © 2008
Tokyo (ANTARA News/Asia Pulse) - Mitsui & Co. (TSE:8031) intends to build and operate a large wind power plant in Australia and begin selling the generated electricity to retailers by 2011.
The plant, expected to cost around US$284.37 million, is to be built on the coast near Melbourne. itsui aims to build 52 wind machines, each able to generate 2,000kw of electricity, for total output of 104,000kw. This will lift Australia's wind power generation by more than 10 per cent and is enough to meet the energy needs of 62,000 homes a year.
Construction is to start by next spring.
HYUNDAI MOTOR BEGINS WORK ON US$400 MLN RUSSIAN FACTORY
St. Petersburg (ANTARA News/Asia Pulse) - Hyundai Motor Co. (KSE:005380) began building a US$400 million factory in Russia on Thursday in a bid to win sales in the country's fast-growing automobile market.
Hyundai plans to complete the factory, which will eventually have a production capacity of 100,000 vehicles a year, by 2010 in the Kamenka industrial zone in St. Petersburg.
The new plant will manufacture a next-generation compact model that will roll off Hyundai assembly lines in South Korea, Russia, China and India.
The plant, which will be Hyundai's sixth overseas plant, will employ 1,700 people, with most of the workers being hired locally, the South Korean company said.
AUSTRALIAN CAR MAKER HOLDEN CUTS 500 JOBS AT PLANT, SAYS UNION
Melbourne (ANTARA News/Asia Pulse) - Holden's Melbourne plant will close part of its operations, putting 500 people out of work, Australia's car manufacturing union has said.
Australian Manufacturing Workers' Union (AMWU) car division federal secretary Ian Jones said today Holden was effectively closing one part of its operations at its Fisherman's Bend plant which will put 500 full time workers out of work from the end of next year.
Mr Jones said Holden was scrapping the Australian production of small four-cylinder engines that have been exported to Korea. He said at this stage there was no replacement manufacturing proposed for when four-cylinder production ceases at the end of next year.
NEC ELECTRONICS SETS UP SOFTWARE DEVELOPMENT CENTER IN TAIWAN
Tokyo (ANTARA News/Asia Pulse) - NEC Electronics Corp. (TSE:6723) has established a Taiwanese site to develop software for chips used in controlling optical disc drive devices.
The new center is located at the company's sales subsidiary in Taipei.
It has hired 10 engineers locally who have begun developing software for chips mounted in driver devices for existing DVD hardware.
NEC Electronics' sales of chips for optical disc driver devices reached 20 billion yen (US$189.58 million) in the year ended March.
By opening a development site in Taiwan, where many PC manufacturers are based, it hopes to increase these sales.
QANTAS TO TRIM JAPAN SERVICE ON COSTLY FUEL, FEWER PASSENGERS
Sydney (ANTARA News/Asia Pulse) - Qantas Airways Ltd (ASX:QAN) said Thursday that it plans to cut Australia-Japan service from September in response to high fuel prices and falling Japanese tourist numbers.
The Tokyo-Melbourne route will be scrapped, while flights between Tokyo and Sydney will be trimmed to seven a week from nine. The Tokyo-Cairns service, which flies 14 times a week, will be operated by Qantas' low-cost carrier, Jetstar.
From December, Jetstar will also begin flying between Tokyo and the Gold Coast five times a week.
"At current fuel prices, the group would lose more than 100 million dollars (US$95.63 million) operating to Japan under our existing schedule," Qantas CEO Geoff Dixon said.
ACCC STARTS REVIEW INTO BHP'S PROPOSED PURCHASE OF RIO TINTO
Sydney (ANTARA News/Asia Pulse) - The Australian Competition and Consumer Commission (ACCC) has commenced its review of the proposed acquisition of Rio Tinto ltd (ASX:RIO) by BHP Billiton Ltd (ASX:BHP).
The ACCC today received a submission from BHP about its plan to buy its rival for about US$170 billion (A$177.64 billion). BHP chief executive Marius Kloppers said yesterday he was confident the proposed takeover would be successful as it would not present any economic issues for steelmakers and customers.
Steelmakers have expressed concern about reduced competition and stronger pricing control by a merged group. It is widely believed that BHP Billiton may have to dispose of some assets for the takeover to succeed, particularly iron ore assets.
AUTO PRODUCTION CAPACITY HITS 1 MLN UNITS IN CHINA'S GUANGDONG
Guangzhou (ANTARA News/Asia Pulse) - South China's Guangdong Province has expanded its annual motor vehicle production capacity to one million units, according to the Development and Reform Commission.
The annual production capacity of sedans has reached 980,000 units, with the output hitting 780,000 tons, ranking No.1 nationwide.
Three Sino-Japanese vehicle companies expanded their production capacities in 2007.
The province posted an investment growth of 8.3 per cent year on year in the first four months of 2008 while that by the automobile industry grew 69 per cent.
BORDERS FINALISES SALE OF AUSTRALIAN, NZ AND SINGAPORE ASSETS
Melbourne (ANTARA News/Asia Pulse) - It's taken over a year to seal the deal but Borders Group Inc has finally off-loaded its Australian, New Zealand and Singaporean assets and brand to local book retailer A&R Whitcoulls (ARW).
The A$110 million (US$105.19 million) sale gives ARW, owned by Pacific Equity Partners, 30 Borders bookstores in the three countries.
The new owner already operates more than 260 stores including Australia's oldest bookstore chain, Angus & Robertson, and New Zealand book and stationery chain, Whitcoulls.
Under the deal ARW will gain exclusive rights to use the Borders trademarks in Australia, New Zealand and Singapore.
Locally, existing Borders management will remain in place, including managing director John Campradt who said the Australian, New Zealand and Singapore stores have all been profitable for some time.
INDONESIAN GOVT TO LAUNCH 2ND CRASH PROGRAM TO GENERATE POWER
Jakarta (ANTARA News/Asia Pulse) - The Indonesian government plans to launch another crash program to build power plants with a total investment of Rp100 trillion (US$11 billion) after the completion of the first program.
The second program will build power plants with a capacity of 10,000 megawatts, the same as the first program, but instead of coal fired energy it will utilize more geothermal, hydroelectric and renewable energy to generate power, an official said. The concept for the second program is expected to be completed this month, Energy and Mineral Resources Minister Purnomo Yusgiantoro said after a cabinet meeting.
CATHAY HOLDINGS CHAIR TOPS FORBES LIST OF TAIWAN'S RICHEST
Taipei (ANTARA News/Asia Pulse) - CATHAY FINANCIAL HOLDINGS (TAIEX:2882) Chairman Tsai Hong-tu and family, with a net worth of US$8.5 billion, has topped Forbes magazine's 2008 list of Taiwan's richest people.
In second place was FORMOSA PLASTICS GROUP (TAIEX:1301) Chairman Wang Yung-ching with a net worth of US$6.8 billion and HON HAI PRECISION INDUSTRY (TAIEX:2317) Chairman Terry Gou with a net worth of US$6 billion took third.
Others included in the top 10 were FUBON GROUP (TAIEX:0015) Chairman Tsai Wan-tsai at US$5.1 billion; HTC CORP. Chairwoman Cher Wang and her husband, VIA TECHNOLOGIES INC. (TAIEX:2388) President Chen Wen-chi, with a net worth of US$3.5 billion; CHINATRUST FINANCIAL HOLDING Chairman Jeffrey Koo with a net worth of US$2.8 billion and property and media tycoon Lin Rong-san with a net worth of US$2.7 billion.
Source:
Business in Asia Today - JUNE 06, 2008
published by Asia Pulse
COPYRIGHT © 2008
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