ASIA-PACIFIC FINANCIAL EXECS PLAN INVESTMENT, EXPANSION: SURVEY
Melbourne (ANTARA News/Asia Pulse) - Despite the current economic uncertainty, senior financial executives across Asia and Australia are planning to invest in new production capacity and boost headcount, a business survey has found.
Companies in the region were less pessimistic about the economy and their business prospects than their global counterparts, the American Express/CFO Research Global Business & Spending Monitor found.
Eight out of 10 respondents from Asia and Australia expect their primary industry to grow and their company's revenue to increase over the next 12 months.
The study surveyed 370 senior financial executives from around the world.
SRI LANKA'S LOLC GROUP BOOKS 21 PCT JUMP IN NET PROFITS
Colombo (ANTARA News/Asia Pulse) - Sri Lanka's Lanka Orix Leasing Company (LOLC) group said net profits for the year ended March 2008 was up 21 per cent with revenue growing 50 per cent, although rising interest costs trimmed profits at company level.
Group net profits rose to 1.26 billion rupees (US$11.7 million) from 1.04 billion, while gross revenues rose to 6.2 billion rupees from 4.2 billion.
At the company level, revenues at the island's pioneer leasing company rose to 4.9 billion rupees from 3.2 billion, but net profits at 977.8 million rupees were down marginally from 986.5 million a year before.
Net interest costs rose a steep 91 per cent from 1.4 billion in 2007 to 2.7 billion rupees.
MALAYSIA STILL ATTRACTS INVESTMENT FOR MANUFACTURING SECTOR
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia continued to attract a significant level of investment for the manufacturing sector during the January to April 2008 period.
A total of 261 manufacturing projects were approved for the first four months with investments amounting to RM23.9 billion (US$7.5 billion), International Trade and Industry Minister Muhyiddin Yassin said Tuesday.
Of these, foreign investment in manufacturing projects approved amounted to RM16.6 billion or 69.5 per cent while domestic investments totalled RM7.3 billion or 30.5 per cent, he said.
THREE JAPAN CHEMICAL MAJORS TO LIFT PRICES OF OIL-BASED PRODUCTS
Tokyo (ANTARA News/Asia Pulse) - Japan's three leading chemical manufacturers each said Tuesday that they will raise prices on petrochemical products to offset the soaring cost of raw materials.
MITSUBISHI CHEMICAL CORP., MITSUI CHEMICALS INC. (TSE:4183) and ASAHI KASEI CORP. (TSE:3407) will charge more for synthetic resin and other mainstay products starting next month.
The increases are expected to cost their customers an additional 200 billion yen (US$1.9 billion) a year. But with other chemical makers almost certain to roll out their own hikes, customers may have no alternative but to swallow the higher prices.
CHINA'S AUTOMOBILE OUTPUT, SALES BOTH TO TOP 5 MLN UNITS IN H1
Beijing (ANTARA News/Asia Pulse) - The output and sales of domestically-produced automobiles in China are both expected to exceed 5 million units in the first half of this year, said the China Association of Automobile Manufacturers (CAAM), adding that the figures also largely beat its prediction made at the beginning of the year.
Home-made automobile output and sales in China came to 4.355 million and 4.3371 million units respectively in the first five months, representing a year on year increase of 17.05 per cent and 18.91 per cent respectively, according to the latest CAAM statistics.
Of the total output were 3.045 million passenger vehicles and 1.309 million commercial vehicles, up 16.33 per cent and 18.75 per cent year on year respectively.
INDONESIA'S BANK MUAMALAT PLANS EXPANSION TO CENTRAL ASIA
Jakarta (ANTARA News/Asia Pulse) - The country's first sharia bank, PT Bank Muamalat Indonesia, is studying possible expansion abroad by establishing subsidiaries in Uzbekistan and Kazakhstan.
Bank Muamalat has already discussed the plan with National Bank of Uzbekistan and Kazakhstan Post respectively, to be a partner in the two countries.
The two predominantly Muslim Central Asian countries have had no sharia banks until now, Assistant Director of Bank Muamalat Avantiono Hadhiyanto told the newspaper Bisnis Indonesia yesterday.
TWO SOUTH KOREAN LED CONSORTIA BID FOR SSANGYONG ENGINEERING
Seoul (ANTARA News/Asia Pulse) - Two South Korean consortia led by Dongkuk Steel Mill Co. (KSE:005160) and Namyang Construction Co. submitted bids to buy creditor-owned Ssangyong Engineering & Construction Co., a state asset manager said Wednesday.
The two groups bid for 50.07 per cent of Ssangyong Engineering & Construction, which has been on the selling block since 2005, according to the Korea Asset Management Corp. (KAMCO).
The agency said after reviewing their proposals, it will select a preferred bidder this month.
Industry sources estimate that the selling price would range from 350 billion won (US$341 million) to 500 billion won.
PAYMATE INDIA RAISES US$9 MLN IN SECOND-ROUND FUNDING
New Delhi (ANTARA News/Asia Pulse) - Mobile payment solutions provider PayMate India on Tuesday said existing investors Kleiner Perkins Caufield & Buyers and Sherpalo Ventures, along with private equity Mayfield Fund, have increased their investment in the company to US$9 million.
"The three blue-chip funds together are investing US$9 million as part of series B investment in the two year old company," the company said in a statement.
PayMate operates in the arena of electronic payment solutions to enable transactions on mobile phones and wireless devices for Indian and global markets.
NEC SOLUTIONS VIETNAM MERGES WITH VIETNAMESE SOFTWARE CO
Hanoi (ANTARA News/Asia Pulse) - NEC Solutions Vietnam Co merged with Sang Tao Corporation, the first merger between a Japanese company and a Vietnamese company in the IT sector.
The Japanese-invested software firm said the merger would help the two firms better utilise labour forces, improve business efficiency, eliminate duplication of administrative expenses and curb the leakage of technologies.
"As many as 50 per cent of the new company's operations will focus on overseas projects while the remaining 50 per cent will focus on providing IT solutions and on networking," said Masako Hirano, director of communications for NEC Asia, the parent firm of NEC Solutions Vietnam.
WESTFIELD GROUP GOES GREEN AT SYDNEY SHOPPING CENTRE
Sydney (ANTARA News/Asia Pulse) - Global property giant Westfield Group Ltd (ASX:WDC) is pushing to become more environmentally friendly after allowing a shop at its flagship shopping centre at Bondi Junction in Sydney to install solar panels.
The installation of several solar panels on the roof of the Westfield centre will generate emissions free electricity running directly into the environmental store, Todae.
It will be the first Westfield property in the global portfolio of 118 shopping centres in Australia, New Zealand, the United States and United Kingdom to use solar panels.
Todae opened last month and has been fitted out using a number of sustainable initiatives, to ensure the least environmental impact.
Source:
Business in Asia Today - JUNE 11, 2008
published by Asia Pulse
COPYRIGHT © 2008
Melbourne (ANTARA News/Asia Pulse) - Despite the current economic uncertainty, senior financial executives across Asia and Australia are planning to invest in new production capacity and boost headcount, a business survey has found.
Companies in the region were less pessimistic about the economy and their business prospects than their global counterparts, the American Express/CFO Research Global Business & Spending Monitor found.
Eight out of 10 respondents from Asia and Australia expect their primary industry to grow and their company's revenue to increase over the next 12 months.
The study surveyed 370 senior financial executives from around the world.
SRI LANKA'S LOLC GROUP BOOKS 21 PCT JUMP IN NET PROFITS
Colombo (ANTARA News/Asia Pulse) - Sri Lanka's Lanka Orix Leasing Company (LOLC) group said net profits for the year ended March 2008 was up 21 per cent with revenue growing 50 per cent, although rising interest costs trimmed profits at company level.
Group net profits rose to 1.26 billion rupees (US$11.7 million) from 1.04 billion, while gross revenues rose to 6.2 billion rupees from 4.2 billion.
At the company level, revenues at the island's pioneer leasing company rose to 4.9 billion rupees from 3.2 billion, but net profits at 977.8 million rupees were down marginally from 986.5 million a year before.
Net interest costs rose a steep 91 per cent from 1.4 billion in 2007 to 2.7 billion rupees.
MALAYSIA STILL ATTRACTS INVESTMENT FOR MANUFACTURING SECTOR
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia continued to attract a significant level of investment for the manufacturing sector during the January to April 2008 period.
A total of 261 manufacturing projects were approved for the first four months with investments amounting to RM23.9 billion (US$7.5 billion), International Trade and Industry Minister Muhyiddin Yassin said Tuesday.
Of these, foreign investment in manufacturing projects approved amounted to RM16.6 billion or 69.5 per cent while domestic investments totalled RM7.3 billion or 30.5 per cent, he said.
THREE JAPAN CHEMICAL MAJORS TO LIFT PRICES OF OIL-BASED PRODUCTS
Tokyo (ANTARA News/Asia Pulse) - Japan's three leading chemical manufacturers each said Tuesday that they will raise prices on petrochemical products to offset the soaring cost of raw materials.
MITSUBISHI CHEMICAL CORP., MITSUI CHEMICALS INC. (TSE:4183) and ASAHI KASEI CORP. (TSE:3407) will charge more for synthetic resin and other mainstay products starting next month.
The increases are expected to cost their customers an additional 200 billion yen (US$1.9 billion) a year. But with other chemical makers almost certain to roll out their own hikes, customers may have no alternative but to swallow the higher prices.
CHINA'S AUTOMOBILE OUTPUT, SALES BOTH TO TOP 5 MLN UNITS IN H1
Beijing (ANTARA News/Asia Pulse) - The output and sales of domestically-produced automobiles in China are both expected to exceed 5 million units in the first half of this year, said the China Association of Automobile Manufacturers (CAAM), adding that the figures also largely beat its prediction made at the beginning of the year.
Home-made automobile output and sales in China came to 4.355 million and 4.3371 million units respectively in the first five months, representing a year on year increase of 17.05 per cent and 18.91 per cent respectively, according to the latest CAAM statistics.
Of the total output were 3.045 million passenger vehicles and 1.309 million commercial vehicles, up 16.33 per cent and 18.75 per cent year on year respectively.
INDONESIA'S BANK MUAMALAT PLANS EXPANSION TO CENTRAL ASIA
Jakarta (ANTARA News/Asia Pulse) - The country's first sharia bank, PT Bank Muamalat Indonesia, is studying possible expansion abroad by establishing subsidiaries in Uzbekistan and Kazakhstan.
Bank Muamalat has already discussed the plan with National Bank of Uzbekistan and Kazakhstan Post respectively, to be a partner in the two countries.
The two predominantly Muslim Central Asian countries have had no sharia banks until now, Assistant Director of Bank Muamalat Avantiono Hadhiyanto told the newspaper Bisnis Indonesia yesterday.
TWO SOUTH KOREAN LED CONSORTIA BID FOR SSANGYONG ENGINEERING
Seoul (ANTARA News/Asia Pulse) - Two South Korean consortia led by Dongkuk Steel Mill Co. (KSE:005160) and Namyang Construction Co. submitted bids to buy creditor-owned Ssangyong Engineering & Construction Co., a state asset manager said Wednesday.
The two groups bid for 50.07 per cent of Ssangyong Engineering & Construction, which has been on the selling block since 2005, according to the Korea Asset Management Corp. (KAMCO).
The agency said after reviewing their proposals, it will select a preferred bidder this month.
Industry sources estimate that the selling price would range from 350 billion won (US$341 million) to 500 billion won.
PAYMATE INDIA RAISES US$9 MLN IN SECOND-ROUND FUNDING
New Delhi (ANTARA News/Asia Pulse) - Mobile payment solutions provider PayMate India on Tuesday said existing investors Kleiner Perkins Caufield & Buyers and Sherpalo Ventures, along with private equity Mayfield Fund, have increased their investment in the company to US$9 million.
"The three blue-chip funds together are investing US$9 million as part of series B investment in the two year old company," the company said in a statement.
PayMate operates in the arena of electronic payment solutions to enable transactions on mobile phones and wireless devices for Indian and global markets.
NEC SOLUTIONS VIETNAM MERGES WITH VIETNAMESE SOFTWARE CO
Hanoi (ANTARA News/Asia Pulse) - NEC Solutions Vietnam Co merged with Sang Tao Corporation, the first merger between a Japanese company and a Vietnamese company in the IT sector.
The Japanese-invested software firm said the merger would help the two firms better utilise labour forces, improve business efficiency, eliminate duplication of administrative expenses and curb the leakage of technologies.
"As many as 50 per cent of the new company's operations will focus on overseas projects while the remaining 50 per cent will focus on providing IT solutions and on networking," said Masako Hirano, director of communications for NEC Asia, the parent firm of NEC Solutions Vietnam.
WESTFIELD GROUP GOES GREEN AT SYDNEY SHOPPING CENTRE
Sydney (ANTARA News/Asia Pulse) - Global property giant Westfield Group Ltd (ASX:WDC) is pushing to become more environmentally friendly after allowing a shop at its flagship shopping centre at Bondi Junction in Sydney to install solar panels.
The installation of several solar panels on the roof of the Westfield centre will generate emissions free electricity running directly into the environmental store, Todae.
It will be the first Westfield property in the global portfolio of 118 shopping centres in Australia, New Zealand, the United States and United Kingdom to use solar panels.
Todae opened last month and has been fitted out using a number of sustainable initiatives, to ensure the least environmental impact.
Source:
Business in Asia Today - JUNE 11, 2008
published by Asia Pulse
COPYRIGHT © 2008
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