LEIGHTON WINS CONTRACT TO BUILD TRUMP TOWER IN DUBAI
Melbourne (ANTARA News/Asia Pulse) - A joint venture involving construction firm Leighton Holdings Ltd (ASX:LEI) has been awarded a AED 2.9 billion (US$790.66 million) contract to build the Trump International Hotel and Tower in Dubai.
The Al Habtoor - Murray and Roberts joint venture will build the hotel and tower.
The Al Habtoor Leighton Group's share is AED 1.45 billion ($A418 million). The project at Palm Jumeirah is a high-end, mixed-use development containing hotel and residential facilities and involves the construction of a 62-storey structure. Constrution on the project is set to start in July 2008 and finish in May 2011.
CHINESE STEELMAKER, BELGIAN CO TO LAUNCH STEEL CORDS JV
Shenyang (ANTARA News/Asia Pulse) - Chinese steel maker the Angang Group said it had signed with Bekaert of Belgium a letter of intent on launching a joint venture to produce steel cords for use in tyres.
Under the intention agreement, the joint venture will be based in Chongqing, southwest China, and established on a 50-50 basis.
It is projected to start production in 2009, with annual capacity of 100,000 tons of steel cords for automobile and motorcycle tyres.
Financial details of the agreement were not disclosed. Chongqing is China's third largest automobile and motorcycle manufacturing base.
CHINA TO ALLOW INSTITUTIONAL INVESTMENT IN AUSTRALIA
Beijing (ANTARA News/Asia Pulse) - China is expected to expand its investment destinations to Australia for Chinese bank products offered under the Qualified Domestic Institutional Investor (QDII) scheme.
Wayne Swan, Federal Treasurer of Australia, said that he had negotiated with Liu Mingkang, president of China Banking Regulatory Commission (CBRC) on Australia's investment destination status.
The possible investment destination will allow China's commercial banks to invest in Australian-listed stocks and public offering funds.
China's QDII scheme now recognizes Hong Kong, Great Britain, Singapore, Japan and the United States as approved investment destinations.
TURKMENISTAN EASES INTERNET ACCESS FOR PRIVATE CITIZENS
Ashgabat (ANTARA News/Asia Pulse) - Turkmenistan has begun allowing private citizens to connect to the internet, the latest sign that the reclusive Central Asian nation is opening up.
The country's only internet provider, Turkmentelekom, said last week that it has been connecting up to 20 homes daily since the start of the week, mainly in the capital Ashgabat.
It said it has a waiting list of 2,000 people. Last year, Turkmen president Gurbanguly Berdymukhammedov, who reversed some of the most draconian restrictions imposed by his eccentric predecessor, Saparmurat Niyazov, allowed the country's first internet cafe.
Until then, internet use had been restricted solely to government employees, diplomats and offices for major international companies.
MALAYSIA'S ZAID IBRAHIM & CO TO SET UP OFFICE IN DUBAI
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia's Zaid Ibrahim & Co has received approval from the Dubai Financial Services Authority to provide legal services to local, regional and international clients in and from the Dubai International Financial Centre, a global financial hub.
In a statement here Wednesday, the company said it was the first Asian legal firm to export the services to West Asia.
The office will commence operations by mid-July and will be headed by senior associate Farid Hussein, it added.
Company chairman, Dr Nik Norzrul Thani, said with the licence, the company was poised to position itself as the gateway for Malaysian and South-East Asian clients.
MOBILE PHONE SHIPMENTS IN JAPAN PLUNGE 21% IN APRIL
Tokyo (ANTARA News/Asia Pulse) - Shipments of cellular phones and PHS (personal handyphone system) handsets within Japan sank 21.1 per cent to 3.29 million units in April, according to data released Wednesday by an industry association.
The decline is blamed on flagging subscriber growth and lackluster replacement demand due to the introduction of two-year contracts.
New plans introduced by various cell phone providers require customers to use the same handset for two years. Shipments have now fallen three months straight on a year-on-year basis.
The last time this occurred was in July-September 2006, prior to the introduction of number portability.
AUSTRALIA'S LINC ENERGY TO MERGE WITH OIL SEARCH CO SAPEX
Perth (ANTARA News/Asia Pulse) - Coal-to-liquids company Linc Energy (ASX:LNC) plans to merge with oil and gas explorer SAPEX Ltd (ASX:SXP) in a deal that values the target at $A104 million ($US98.48 million).
Under a scheme of arrangement, Linc is offering 72 cents per SAPEX share and 50 cents per SAPEX option.
SAPEX shareholders may choose all cash, all Linc Energy scrip, or half cash plus half scrip. The offer has the unanimous support of the boards of both companies.
The merger will bring together Linc Energy's underground coal gassification and gas-to-liquids capabilities with SAPEX's coal resources.
WATCHDOG PROBES SOUTH KOREAN RETAILERS' UNFAIR PRACTICES
Seoul (ANTARA News/Asia Pulse) - South Korea's antitrust watchdog said today that it has launched a probe into department stores and other big-time retailers for their alleged involvement in unfair business practices.
"We have started an on-spot investigation into large-sized retailers on suspicions that they engage in unfair business practices in transactions with suppliers," Baek Yong-ho, the head of the Fair Trade Commission (FTC), told a press conference. He did not name the companies.
The move comes as the watchdog widens its investigation into local instant noodle manufacturers, refineries, gas stations and hospitals on price-fixing allegations.
MARRIOT INTERNATIONAL TO ADD 18 PROPERTIES IN CHINA
Beijing (ANTARA News/Asia Pulse) - Marriott International said it will build 18 new hotels in China by 2012, taking its Chinese portfolio to 59 hotels with 22,489 rooms.
Nine new properties will open in Nanjing, Shanghai, Tianjin, Huizhou, Suzhou and Beijing.
Additional hotels are under construction in Shenzhen, Beijing, Hangzhou, Macao, Hong Kong and Guangzhou.
"In just 11 short years, we have been able to significantly grow our presence in mainland China in primary urban centers and now we are expanding our reach into secondary markets," said Ed Fuller, president and managing director of international lodging for Marriott International.
CHINA'S MAY TRADE SURPLUS DOWN 10% ON-YEAR TO US$20.2 BLN
Beijing (ANTARA News/Asia Pulse) - China's monthly trade surplus dropped to US$20.2 billion in May, down 10 per cent from the same month last year, the General Administration of Customs said on Wednesday.
Exports in May rose 28.1 per cent year on year to US$120.49 billion, while imports rose 40 per cent to US$100.29 billion.
The export growth rate was 0.6 percentage points lower than May last year, whereas the import growth rate was 20.9 percentage points higher.
The total trade volume in the first five months stood at US$1,012.08 billion, a year-on-year rise of 26.2 per cent.
A Customs analysis showed the acceleration of the yuan appreciation was one of the most significant factors in helping narrow the trade gap. China's imports expansion was mainly due to the soaring international prices of primary products and the increasing domestic demand for high-tech equipment and top-grade products from foreign countries, said the report.
Source:
Business in Asia Today - JUNE 12, 2008
published by Asia Pulse
COPYRIGHT © 2008
Melbourne (ANTARA News/Asia Pulse) - A joint venture involving construction firm Leighton Holdings Ltd (ASX:LEI) has been awarded a AED 2.9 billion (US$790.66 million) contract to build the Trump International Hotel and Tower in Dubai.
The Al Habtoor - Murray and Roberts joint venture will build the hotel and tower.
The Al Habtoor Leighton Group's share is AED 1.45 billion ($A418 million). The project at Palm Jumeirah is a high-end, mixed-use development containing hotel and residential facilities and involves the construction of a 62-storey structure. Constrution on the project is set to start in July 2008 and finish in May 2011.
CHINESE STEELMAKER, BELGIAN CO TO LAUNCH STEEL CORDS JV
Shenyang (ANTARA News/Asia Pulse) - Chinese steel maker the Angang Group said it had signed with Bekaert of Belgium a letter of intent on launching a joint venture to produce steel cords for use in tyres.
Under the intention agreement, the joint venture will be based in Chongqing, southwest China, and established on a 50-50 basis.
It is projected to start production in 2009, with annual capacity of 100,000 tons of steel cords for automobile and motorcycle tyres.
Financial details of the agreement were not disclosed. Chongqing is China's third largest automobile and motorcycle manufacturing base.
CHINA TO ALLOW INSTITUTIONAL INVESTMENT IN AUSTRALIA
Beijing (ANTARA News/Asia Pulse) - China is expected to expand its investment destinations to Australia for Chinese bank products offered under the Qualified Domestic Institutional Investor (QDII) scheme.
Wayne Swan, Federal Treasurer of Australia, said that he had negotiated with Liu Mingkang, president of China Banking Regulatory Commission (CBRC) on Australia's investment destination status.
The possible investment destination will allow China's commercial banks to invest in Australian-listed stocks and public offering funds.
China's QDII scheme now recognizes Hong Kong, Great Britain, Singapore, Japan and the United States as approved investment destinations.
TURKMENISTAN EASES INTERNET ACCESS FOR PRIVATE CITIZENS
Ashgabat (ANTARA News/Asia Pulse) - Turkmenistan has begun allowing private citizens to connect to the internet, the latest sign that the reclusive Central Asian nation is opening up.
The country's only internet provider, Turkmentelekom, said last week that it has been connecting up to 20 homes daily since the start of the week, mainly in the capital Ashgabat.
It said it has a waiting list of 2,000 people. Last year, Turkmen president Gurbanguly Berdymukhammedov, who reversed some of the most draconian restrictions imposed by his eccentric predecessor, Saparmurat Niyazov, allowed the country's first internet cafe.
Until then, internet use had been restricted solely to government employees, diplomats and offices for major international companies.
MALAYSIA'S ZAID IBRAHIM & CO TO SET UP OFFICE IN DUBAI
Kuala Lumpur (ANTARA News/Asia Pulse) - Malaysia's Zaid Ibrahim & Co has received approval from the Dubai Financial Services Authority to provide legal services to local, regional and international clients in and from the Dubai International Financial Centre, a global financial hub.
In a statement here Wednesday, the company said it was the first Asian legal firm to export the services to West Asia.
The office will commence operations by mid-July and will be headed by senior associate Farid Hussein, it added.
Company chairman, Dr Nik Norzrul Thani, said with the licence, the company was poised to position itself as the gateway for Malaysian and South-East Asian clients.
MOBILE PHONE SHIPMENTS IN JAPAN PLUNGE 21% IN APRIL
Tokyo (ANTARA News/Asia Pulse) - Shipments of cellular phones and PHS (personal handyphone system) handsets within Japan sank 21.1 per cent to 3.29 million units in April, according to data released Wednesday by an industry association.
The decline is blamed on flagging subscriber growth and lackluster replacement demand due to the introduction of two-year contracts.
New plans introduced by various cell phone providers require customers to use the same handset for two years. Shipments have now fallen three months straight on a year-on-year basis.
The last time this occurred was in July-September 2006, prior to the introduction of number portability.
AUSTRALIA'S LINC ENERGY TO MERGE WITH OIL SEARCH CO SAPEX
Perth (ANTARA News/Asia Pulse) - Coal-to-liquids company Linc Energy (ASX:LNC) plans to merge with oil and gas explorer SAPEX Ltd (ASX:SXP) in a deal that values the target at $A104 million ($US98.48 million).
Under a scheme of arrangement, Linc is offering 72 cents per SAPEX share and 50 cents per SAPEX option.
SAPEX shareholders may choose all cash, all Linc Energy scrip, or half cash plus half scrip. The offer has the unanimous support of the boards of both companies.
The merger will bring together Linc Energy's underground coal gassification and gas-to-liquids capabilities with SAPEX's coal resources.
WATCHDOG PROBES SOUTH KOREAN RETAILERS' UNFAIR PRACTICES
Seoul (ANTARA News/Asia Pulse) - South Korea's antitrust watchdog said today that it has launched a probe into department stores and other big-time retailers for their alleged involvement in unfair business practices.
"We have started an on-spot investigation into large-sized retailers on suspicions that they engage in unfair business practices in transactions with suppliers," Baek Yong-ho, the head of the Fair Trade Commission (FTC), told a press conference. He did not name the companies.
The move comes as the watchdog widens its investigation into local instant noodle manufacturers, refineries, gas stations and hospitals on price-fixing allegations.
MARRIOT INTERNATIONAL TO ADD 18 PROPERTIES IN CHINA
Beijing (ANTARA News/Asia Pulse) - Marriott International said it will build 18 new hotels in China by 2012, taking its Chinese portfolio to 59 hotels with 22,489 rooms.
Nine new properties will open in Nanjing, Shanghai, Tianjin, Huizhou, Suzhou and Beijing.
Additional hotels are under construction in Shenzhen, Beijing, Hangzhou, Macao, Hong Kong and Guangzhou.
"In just 11 short years, we have been able to significantly grow our presence in mainland China in primary urban centers and now we are expanding our reach into secondary markets," said Ed Fuller, president and managing director of international lodging for Marriott International.
CHINA'S MAY TRADE SURPLUS DOWN 10% ON-YEAR TO US$20.2 BLN
Beijing (ANTARA News/Asia Pulse) - China's monthly trade surplus dropped to US$20.2 billion in May, down 10 per cent from the same month last year, the General Administration of Customs said on Wednesday.
Exports in May rose 28.1 per cent year on year to US$120.49 billion, while imports rose 40 per cent to US$100.29 billion.
The export growth rate was 0.6 percentage points lower than May last year, whereas the import growth rate was 20.9 percentage points higher.
The total trade volume in the first five months stood at US$1,012.08 billion, a year-on-year rise of 26.2 per cent.
A Customs analysis showed the acceleration of the yuan appreciation was one of the most significant factors in helping narrow the trade gap. China's imports expansion was mainly due to the soaring international prices of primary products and the increasing domestic demand for high-tech equipment and top-grade products from foreign countries, said the report.
Source:
Business in Asia Today - JUNE 12, 2008
published by Asia Pulse
COPYRIGHT © 2008
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