AUSTRALIA'S CHALLENGER, MITSUI TEAM UP ON SINGAPORE JV
Melbourne (ANTARA News/Asia Pulse) - The Challenger Financial Services Group (ASX:CGF) has entered into a joint venture with Mitsui & Co. Ltd (TSE: 8031) to establish a Singaporean-based investment management business focusing on emerging market infrastructure.
The joint venture's first initiative will be the Challenger Mitsui emerging markets infrastructure fund, with a target size of $US1.2 billion ($A1.25 billion).
It would be a closed-end wholesale fund investing in infrastructure assets in emerging market economies, Challenger said in a statement today.
CHINA POST OBTAINS APPROVAL TO SET UP LIFE INSURANCE FIRM
Tianjin (ANTARA News/Asia Pulse) - The China Post Group, the business entity in charge of mail, delivery services and postal saving banks, has been approved by the country's insurance regulator to set up a life insurance company.
Feng Xinsheng, executive deputy general manager of the group, said here on Saturday that the company to-be, named the China Post Life Insurance Company Limited, would be launched within a year.
The insurance company would be registered in Beijing with a register capital of 500 million yuan ($US72.46 million), Feng said.
The new company would mainly target farmers, low-income urban residents and migrant workers in cities.
JAPANESE FINANCIAL INSTITUTIONS TALLY UP US SUB-PRIME LOSSES
Tokyo (ANTARA News/Asia Pulse) - Japanese domestic financial institutions were saddled with Y2.43 trillion ($US22.95 billion) in securitized-product losses as of March 31 because of the subprime loan crisis in the U.S. and the resulting market turmoil, data released Friday by the Financial Services Agency shows.
With these institutions holding a total of 22.79 trillion yen in securitized products, including collateralized debt obligations not directly tied to subprimes, this equates to an erosion of roughly 10 per cent in their value.
Red ink on subprime-backed securitized products totaled 850 billion yen.
SINGAPORE TECHNOLOGIES TO SELL PT INDOSAT STAKE TO QATAR TELECOM
Jakarta (ANTARA News/Asia Pulse) - Singapore Technologies Telemedia (STT) Pte Ltd has announced it will sell a 40.8 per cent stake in Indonesia's major cellular firm PT Indosat (JSX:ISAT) to Qatar Telecom (Qtel),local press said today.
STT and Qtel have earlier established a joint subsidiary, Asia Mobile Holdings (AMH), which controls the Indosat stake. However, the Indonesian Business Competition Supervisory Commission (KPPU) said that the deal could violate a Jakarta district court ruling which required a buyer to acquire no more than 10 per cent, reported English-language daily The Jakarta Post.
ACCOR BUILDING US$40 MLN NOVOTEL HOTEL IN HANOI
Hanoi (ANTARA News/Asia Pulse) - Construction of a US$40 million hotel started in Hanoi on June 6.
The Novotel Hanoi hotel is being jointly built by Accor world leading hotel management corporation, the Hanoi Tourism Corporation and SIH Investment Group from Singapore.
The five-storey hotel will house 376 rooms, a restaurant, a 500 square metre conference room and entertainment facilities.
Construction of the hotel, the fifth invested so far by Accor in Hanoi, is expected for completion on the occasion of the 1000th anniversary of Hanoi (2010).
KOREA'S SUNGWON CORP WINS US$468 MLN WORTH OF UAE ORDERS
Seoul (ANTARA News/Asia Pulse) - Sungwon Corp. (KSE:012090), a South Korean mid-sized builder, said today it had signed a 480-billion-won (US$468 million) deal to build roads in Dubai, the United Arab Emirates.
The roads are to link Business Bay, an area being developed into a main business town of Dubai, with an area where Burj Dubai, which will be the world's tallest building, is under construction, Sungwon said.
The South Korean builder plans to complete construction of the roads by 2010, it added.
JAPAN'S OKUWA TO BUY MIDSIZED SUPERMARKET CHAIN
Tokyo (ANTARA News/Asia Pulse) - Japan's Okuwa Co. (TSE:8217), a supermarket operator based in Wakayama Prefecture, plans to expand its operations by acquiring Nagoya-based supermarket chain Pare Corp.
The move was made in light of growing signs of a slide in consumption due to rising food prices.
Okuwa will purchase more than 90 per cent of Pare shares from nine major shareholders, including corporate turnaround fund Phoenix Capital Co. and Nagoya Railroad Co. (TSE:9048).
The acquisition is estimated to be worth several billion yen, as Okuwa currently runs about 140 stores, mostly in the greater Osaka region.
DOOSAN HEAVY WINS NEW SINGAPORE PORT CRANE DEAL
Seoul (ANTARA News/Asia Pulse) - The Doosan Heavy Industries & Construction Co., (KSE:034020), South Korea's largest power-equipment maker, said Monday it had received a 103-billion-won (US$100 million) order for 13 port cranes from Singapore's PSA Corp. Ltd.
The cranes will be delivered by July 2010, the company said in a regulatory filing. Doosan Heavy has won orders for 250 port cranes from Singapore since 1993.
In April this year, the company also won a deal to supply 79 cranes to PSA Corp.
CHINA AIRLINES CUTS PASSENGER, CARGO FLIGHTS FROM JUNE
Taipei (ANTARA News/Asia Pulse) - China Airlines (CAL) (TAIEX:2610), Taiwan's largest carrier, has decided to cut its transport capacity by 10 per cent from June to cope with high oil prices, a CAL spokesman said Saturday.
CAL will drop 100 passenger flights and 50 cargo flights each month on its routes to the United States and Asia, despite the approaching peak summer tourism season, CAL spokesman Bruce Chen said, adding that European flights will be unaffected.
The new measures will save the company an estimated NT$200 million (US$6.6 million) per month, according to Chen.
To fight surging oil prices, CAL has already reduced the weight of its planes and lowered luggage allowances, as well as lowering its operational costs.
INDONESIAN BANK TO OFFER $US330 MLN IN LOANS TO PT TELKOM
Jakarta (ANTARA News/Asia Pulse) - PT Bank Rakyat Indonesia (JSX:BBRI) has said it will offer Rp3 trillion (US$330 million) in loans to support state-owned telecommunications company PT Telkom (JSX:TLKM).
PT Telkom is seeking additional funds of Rp9.3 trillion to finance its capital expenditure.
PT Telkom plans to spend US$2.5 billion this year to build 3,000 more base transceiver station units and to acquire a telecommunications company in the Middle East.
The loan is expected to come mainly from BRI and Bank Negara Indonesia (BNI), both owned by the state.
Source:
Business in Asia Today - JUNE 09, 2008
published by Asia Pulse
COPYRIGHT © 2008
Melbourne (ANTARA News/Asia Pulse) - The Challenger Financial Services Group (ASX:CGF) has entered into a joint venture with Mitsui & Co. Ltd (TSE: 8031) to establish a Singaporean-based investment management business focusing on emerging market infrastructure.
The joint venture's first initiative will be the Challenger Mitsui emerging markets infrastructure fund, with a target size of $US1.2 billion ($A1.25 billion).
It would be a closed-end wholesale fund investing in infrastructure assets in emerging market economies, Challenger said in a statement today.
CHINA POST OBTAINS APPROVAL TO SET UP LIFE INSURANCE FIRM
Tianjin (ANTARA News/Asia Pulse) - The China Post Group, the business entity in charge of mail, delivery services and postal saving banks, has been approved by the country's insurance regulator to set up a life insurance company.
Feng Xinsheng, executive deputy general manager of the group, said here on Saturday that the company to-be, named the China Post Life Insurance Company Limited, would be launched within a year.
The insurance company would be registered in Beijing with a register capital of 500 million yuan ($US72.46 million), Feng said.
The new company would mainly target farmers, low-income urban residents and migrant workers in cities.
JAPANESE FINANCIAL INSTITUTIONS TALLY UP US SUB-PRIME LOSSES
Tokyo (ANTARA News/Asia Pulse) - Japanese domestic financial institutions were saddled with Y2.43 trillion ($US22.95 billion) in securitized-product losses as of March 31 because of the subprime loan crisis in the U.S. and the resulting market turmoil, data released Friday by the Financial Services Agency shows.
With these institutions holding a total of 22.79 trillion yen in securitized products, including collateralized debt obligations not directly tied to subprimes, this equates to an erosion of roughly 10 per cent in their value.
Red ink on subprime-backed securitized products totaled 850 billion yen.
SINGAPORE TECHNOLOGIES TO SELL PT INDOSAT STAKE TO QATAR TELECOM
Jakarta (ANTARA News/Asia Pulse) - Singapore Technologies Telemedia (STT) Pte Ltd has announced it will sell a 40.8 per cent stake in Indonesia's major cellular firm PT Indosat (JSX:ISAT) to Qatar Telecom (Qtel),local press said today.
STT and Qtel have earlier established a joint subsidiary, Asia Mobile Holdings (AMH), which controls the Indosat stake. However, the Indonesian Business Competition Supervisory Commission (KPPU) said that the deal could violate a Jakarta district court ruling which required a buyer to acquire no more than 10 per cent, reported English-language daily The Jakarta Post.
ACCOR BUILDING US$40 MLN NOVOTEL HOTEL IN HANOI
Hanoi (ANTARA News/Asia Pulse) - Construction of a US$40 million hotel started in Hanoi on June 6.
The Novotel Hanoi hotel is being jointly built by Accor world leading hotel management corporation, the Hanoi Tourism Corporation and SIH Investment Group from Singapore.
The five-storey hotel will house 376 rooms, a restaurant, a 500 square metre conference room and entertainment facilities.
Construction of the hotel, the fifth invested so far by Accor in Hanoi, is expected for completion on the occasion of the 1000th anniversary of Hanoi (2010).
KOREA'S SUNGWON CORP WINS US$468 MLN WORTH OF UAE ORDERS
Seoul (ANTARA News/Asia Pulse) - Sungwon Corp. (KSE:012090), a South Korean mid-sized builder, said today it had signed a 480-billion-won (US$468 million) deal to build roads in Dubai, the United Arab Emirates.
The roads are to link Business Bay, an area being developed into a main business town of Dubai, with an area where Burj Dubai, which will be the world's tallest building, is under construction, Sungwon said.
The South Korean builder plans to complete construction of the roads by 2010, it added.
JAPAN'S OKUWA TO BUY MIDSIZED SUPERMARKET CHAIN
Tokyo (ANTARA News/Asia Pulse) - Japan's Okuwa Co. (TSE:8217), a supermarket operator based in Wakayama Prefecture, plans to expand its operations by acquiring Nagoya-based supermarket chain Pare Corp.
The move was made in light of growing signs of a slide in consumption due to rising food prices.
Okuwa will purchase more than 90 per cent of Pare shares from nine major shareholders, including corporate turnaround fund Phoenix Capital Co. and Nagoya Railroad Co. (TSE:9048).
The acquisition is estimated to be worth several billion yen, as Okuwa currently runs about 140 stores, mostly in the greater Osaka region.
DOOSAN HEAVY WINS NEW SINGAPORE PORT CRANE DEAL
Seoul (ANTARA News/Asia Pulse) - The Doosan Heavy Industries & Construction Co., (KSE:034020), South Korea's largest power-equipment maker, said Monday it had received a 103-billion-won (US$100 million) order for 13 port cranes from Singapore's PSA Corp. Ltd.
The cranes will be delivered by July 2010, the company said in a regulatory filing. Doosan Heavy has won orders for 250 port cranes from Singapore since 1993.
In April this year, the company also won a deal to supply 79 cranes to PSA Corp.
CHINA AIRLINES CUTS PASSENGER, CARGO FLIGHTS FROM JUNE
Taipei (ANTARA News/Asia Pulse) - China Airlines (CAL) (TAIEX:2610), Taiwan's largest carrier, has decided to cut its transport capacity by 10 per cent from June to cope with high oil prices, a CAL spokesman said Saturday.
CAL will drop 100 passenger flights and 50 cargo flights each month on its routes to the United States and Asia, despite the approaching peak summer tourism season, CAL spokesman Bruce Chen said, adding that European flights will be unaffected.
The new measures will save the company an estimated NT$200 million (US$6.6 million) per month, according to Chen.
To fight surging oil prices, CAL has already reduced the weight of its planes and lowered luggage allowances, as well as lowering its operational costs.
INDONESIAN BANK TO OFFER $US330 MLN IN LOANS TO PT TELKOM
Jakarta (ANTARA News/Asia Pulse) - PT Bank Rakyat Indonesia (JSX:BBRI) has said it will offer Rp3 trillion (US$330 million) in loans to support state-owned telecommunications company PT Telkom (JSX:TLKM).
PT Telkom is seeking additional funds of Rp9.3 trillion to finance its capital expenditure.
PT Telkom plans to spend US$2.5 billion this year to build 3,000 more base transceiver station units and to acquire a telecommunications company in the Middle East.
The loan is expected to come mainly from BRI and Bank Negara Indonesia (BNI), both owned by the state.
Source:
Business in Asia Today - JUNE 09, 2008
published by Asia Pulse
COPYRIGHT © 2008
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