TAIWAN'S FORMOSA GROUP TO BUILD STEEL COMPLEX IN VUNG ANG, VIETNAM
Hanoi (ANTARA News/Asia Pulse) - Taiwan's Formosa Group will build a steel complex and a port at the Vung Ang Economic Zone in central Ha Tinh province.
Ho Anh Tuan, deputy head of the Vung Ang EZ Management Board, said that Formosa has received an investment certificate for the project.
The steel complex and the port, with a combined investment of nearly US$7.9 billion for the first phase, is the biggest ever foreign-invested project in Vietnam.
Under a feasibility study submitted to the Prime Minister by Formosa, the 2,000 ha steel complex will have a capacity of 7.5 million tonnes a year in the first phase, which will be doubled in the second phase.
S KOREA'S GS E&C WINS US$900 MLN DEAL FROM RUSSIA
Seoul (ANTARA News/Asia Pulse) - South Korean builder GS Engineering & Construction Corp. (KSE:06360) said Friday that it has teamed up with an Italian firm to clinch a US$900 million order for an oil refinery project in east central Russia.
The refinery, which will have a daily production capacity of 150,000 barrels, will be built in Nizhnekamsk, 170 kilometers east of Kazan, the capital of the Republic of Tatarstan, by 2011, GS Engineering & Construction said in a regulatory filing. GS Engineering & Construction said it had formed a consortium with Italian engineering group Maire Technimont SpA to get the order from Russia's Tatneft OAO.
GERMANY'S EVONIK BUILDS US$387 MLN MMA PRODUCTION PLANT IN SHANGHAI
Beijing (ANTARA News/Asia Pulse) - German chemical and energy co Evonik Industries is building a large methyl methacrylate (MMA) production base, scheduled to go into production in 2009, in China's Shanghai.
The project will be the largest MMA production base in Asia, with investment of 250 million euros (US$386.9 million).
The production base is designed to produce 100,000 tons of MMA and specialty acrylics annually.
JAPAN'S DOCOMO TO BUY 30% STAKE IN BANGLADESH CELLULAR FIRM
Tokyo (ANTARA News/Asia Pulse) - NTT DoCoMo Inc. (TSE:9437) said Monday that it has agreed to take a 30 per cent stake in TM International (Bangladesh) Ltd., purchasing roughly 37 billion yen (US$342 million) in shares of the third-largest cellular service provider in Bangladesh. TMIB, a joint venture between Telekom Malaysia Bhd and Bangladeshi conglomerate A.K. Khan & Co., operates cell phone service under the Aktel brand.
With about 7.4 million subscriptions, TMIB holds a 19 per cent share of Bangladesh's cell phone market, which has been growing slightly faster than 60 per cent a year.
AUSTRALIA'S ORICA TO BUILD INDONESIAN AMMONIUM NITRATE PLANT
Sydney (ANTARA News/Asia Pulse) - Explosives, chemical and paint maker Orica Ltd (ASX:ORI) is building a new ammonium nitrate plant in Indonesia at a cost of about US$550 million.
The world's biggest provider of commercial explosives said it would build the 300,000 tonne per annum ammonium nitrate plant in Bontang, in the province of East Kalimantan on the east coast of Borneo.
"The establishment of the plant complements Orica's existing strong market position as well as enabling Orica to participate in and support the further growth of the Indonesian mining industry," Orica said.
The investment will be made through Orica's joint venture company, PT Kaltim Nitrate Indonesia, Orica said.
ASAHI GLASS CUTS AUTOMOTIVE GLASS OUTPUT 10% IN U.S.
Tokyo (ANTARA News/Asia Pulse) - Asahi Glass Co. (TSE:5201) has slashed U.S. output of automotive glass by an estimated 10 per cent in response to sluggish new-vehicle sales in North America, The Nikkei learned Monday.
The company has adjusted production schedules and reduced its part-time staff, but has not decided on how long it will continue these measures. But with demand for new vehicles sinking amid the subprime mortgage turmoil, Asahi Glass will consider further steps if necessary.
The firm has a processing plant in Kentucky and another in Ohio, with a combined capacity equivalent to 3 million vehicles a year.
METSO BAGS US$53 MLN IN ORDERS FROM INDIAN STEEL MAJORS
New Delhi (ANTARA News/Asia Pulse) - Metso Minerals, a global supplier of equipment, services and process solutions for rock and minerals processing, said Monday it has bagged work orders worth Rs 230 crore (US$53.6 million) from leading Indian steel players JSW Steel (BSE:500228), Essar Steel (BSE:500627) and BMM Ispat for supply of machines and equipment.
On an expansion spree in India, the company has received Rs 1.12 billion (US$26 million) order from Essar Steel Ltd and Rs 725 million from JSW Steel for supply of iron induration machines, a statement from Metso Mineral said.
It added that Bharat Mines and Minerals (BMM) Ispat has also placed a Rs 445 million order for supplying equipment and basic engineering to benefit iron ore fines through gravity separation and high gradient magnetic separation at its plant site at Danapur in Karnataka.
HO CHI MINH CITY LICENSES SOFTWARE PARK PROJECT
Ho Chi Minh City (ANTARA News/Asia Pulse) - Ho Chi Minh City People's Committee Chairman Le Hoang Quan on June 16 handed over an investment licence to Taiwanese companies to fund the Thu Thiem software park.
The licence was presented to Taiwan's TECO Group Chairman and the chairman of the TA Associates International Pty Ltd, Huang Mao Hsiung. The US$1.2 billion park, designed to be the biggest and the most modern software centre in Vietnam, will be jointly built by the Associates Vietnam and the Saigon Telecommunications Technology Joint Stock Company (Saigontel).
When completed, the 15.9ha park is expected to employ 70,000 workers and have an annual turnover of US$6.5 billion.
SRI LANKA EXPORTS UP IN APRIL ON COMMODITY BOOM
Colombo (ANTARA News/Asia Pulse) - Sri Lanka's exports grew 14.7 per cent in April, helped by strong prices for tea, while apparel exports grew by a slow 5.3 per cent and the trade deficit expanded 92 per cent on higher oil and capital goods imports, official data showed.
The central bank said April export earnings increased 14.7 per cent to US$610 million with agricultural and industrial exports contributing 59 per cent and 37 per cent. According to official data, agriculture exports grew 46.5 per cent in April 2008 compared with a year ago on the back of increased export prices of tea.
Industrial exports grew by 6.9 per cent supported by increased exports of garments, food, beverages, tobacco, rubber products, petroleum products and ceramics.
AUSTRALIA'S VMOTO TO SUPPLY SCOOTER ENGINES TO VIETNAMESE GROUP
Sydney (ANTARA News/Asia Pulse) - Perth-based Scooter company Vmoto Ltd (ASX:VMT) has expanded further into the Asian market after signing an agreement to develop and supply 30,000 engines over 12 months to a major Vietnamese scooter group.
The agreement, executed by Vmoto's Chinese-based engine manufacturing company, is expected to generate about a US$5.7 million turnover for the company over the one-year period. Vmoto managing director Patrick Davin said Vietnam's domestic market bought in excess of 1.5 million scooters a year.
Source:
Business in Asia Today - JUNE 17, 2008
published by Asia Pulse
COPYRIGHT © 2008
Hanoi (ANTARA News/Asia Pulse) - Taiwan's Formosa Group will build a steel complex and a port at the Vung Ang Economic Zone in central Ha Tinh province.
Ho Anh Tuan, deputy head of the Vung Ang EZ Management Board, said that Formosa has received an investment certificate for the project.
The steel complex and the port, with a combined investment of nearly US$7.9 billion for the first phase, is the biggest ever foreign-invested project in Vietnam.
Under a feasibility study submitted to the Prime Minister by Formosa, the 2,000 ha steel complex will have a capacity of 7.5 million tonnes a year in the first phase, which will be doubled in the second phase.
S KOREA'S GS E&C WINS US$900 MLN DEAL FROM RUSSIA
Seoul (ANTARA News/Asia Pulse) - South Korean builder GS Engineering & Construction Corp. (KSE:06360) said Friday that it has teamed up with an Italian firm to clinch a US$900 million order for an oil refinery project in east central Russia.
The refinery, which will have a daily production capacity of 150,000 barrels, will be built in Nizhnekamsk, 170 kilometers east of Kazan, the capital of the Republic of Tatarstan, by 2011, GS Engineering & Construction said in a regulatory filing. GS Engineering & Construction said it had formed a consortium with Italian engineering group Maire Technimont SpA to get the order from Russia's Tatneft OAO.
GERMANY'S EVONIK BUILDS US$387 MLN MMA PRODUCTION PLANT IN SHANGHAI
Beijing (ANTARA News/Asia Pulse) - German chemical and energy co Evonik Industries is building a large methyl methacrylate (MMA) production base, scheduled to go into production in 2009, in China's Shanghai.
The project will be the largest MMA production base in Asia, with investment of 250 million euros (US$386.9 million).
The production base is designed to produce 100,000 tons of MMA and specialty acrylics annually.
JAPAN'S DOCOMO TO BUY 30% STAKE IN BANGLADESH CELLULAR FIRM
Tokyo (ANTARA News/Asia Pulse) - NTT DoCoMo Inc. (TSE:9437) said Monday that it has agreed to take a 30 per cent stake in TM International (Bangladesh) Ltd., purchasing roughly 37 billion yen (US$342 million) in shares of the third-largest cellular service provider in Bangladesh. TMIB, a joint venture between Telekom Malaysia Bhd and Bangladeshi conglomerate A.K. Khan & Co., operates cell phone service under the Aktel brand.
With about 7.4 million subscriptions, TMIB holds a 19 per cent share of Bangladesh's cell phone market, which has been growing slightly faster than 60 per cent a year.
AUSTRALIA'S ORICA TO BUILD INDONESIAN AMMONIUM NITRATE PLANT
Sydney (ANTARA News/Asia Pulse) - Explosives, chemical and paint maker Orica Ltd (ASX:ORI) is building a new ammonium nitrate plant in Indonesia at a cost of about US$550 million.
The world's biggest provider of commercial explosives said it would build the 300,000 tonne per annum ammonium nitrate plant in Bontang, in the province of East Kalimantan on the east coast of Borneo.
"The establishment of the plant complements Orica's existing strong market position as well as enabling Orica to participate in and support the further growth of the Indonesian mining industry," Orica said.
The investment will be made through Orica's joint venture company, PT Kaltim Nitrate Indonesia, Orica said.
ASAHI GLASS CUTS AUTOMOTIVE GLASS OUTPUT 10% IN U.S.
Tokyo (ANTARA News/Asia Pulse) - Asahi Glass Co. (TSE:5201) has slashed U.S. output of automotive glass by an estimated 10 per cent in response to sluggish new-vehicle sales in North America, The Nikkei learned Monday.
The company has adjusted production schedules and reduced its part-time staff, but has not decided on how long it will continue these measures. But with demand for new vehicles sinking amid the subprime mortgage turmoil, Asahi Glass will consider further steps if necessary.
The firm has a processing plant in Kentucky and another in Ohio, with a combined capacity equivalent to 3 million vehicles a year.
METSO BAGS US$53 MLN IN ORDERS FROM INDIAN STEEL MAJORS
New Delhi (ANTARA News/Asia Pulse) - Metso Minerals, a global supplier of equipment, services and process solutions for rock and minerals processing, said Monday it has bagged work orders worth Rs 230 crore (US$53.6 million) from leading Indian steel players JSW Steel (BSE:500228), Essar Steel (BSE:500627) and BMM Ispat for supply of machines and equipment.
On an expansion spree in India, the company has received Rs 1.12 billion (US$26 million) order from Essar Steel Ltd and Rs 725 million from JSW Steel for supply of iron induration machines, a statement from Metso Mineral said.
It added that Bharat Mines and Minerals (BMM) Ispat has also placed a Rs 445 million order for supplying equipment and basic engineering to benefit iron ore fines through gravity separation and high gradient magnetic separation at its plant site at Danapur in Karnataka.
HO CHI MINH CITY LICENSES SOFTWARE PARK PROJECT
Ho Chi Minh City (ANTARA News/Asia Pulse) - Ho Chi Minh City People's Committee Chairman Le Hoang Quan on June 16 handed over an investment licence to Taiwanese companies to fund the Thu Thiem software park.
The licence was presented to Taiwan's TECO Group Chairman and the chairman of the TA Associates International Pty Ltd, Huang Mao Hsiung. The US$1.2 billion park, designed to be the biggest and the most modern software centre in Vietnam, will be jointly built by the Associates Vietnam and the Saigon Telecommunications Technology Joint Stock Company (Saigontel).
When completed, the 15.9ha park is expected to employ 70,000 workers and have an annual turnover of US$6.5 billion.
SRI LANKA EXPORTS UP IN APRIL ON COMMODITY BOOM
Colombo (ANTARA News/Asia Pulse) - Sri Lanka's exports grew 14.7 per cent in April, helped by strong prices for tea, while apparel exports grew by a slow 5.3 per cent and the trade deficit expanded 92 per cent on higher oil and capital goods imports, official data showed.
The central bank said April export earnings increased 14.7 per cent to US$610 million with agricultural and industrial exports contributing 59 per cent and 37 per cent. According to official data, agriculture exports grew 46.5 per cent in April 2008 compared with a year ago on the back of increased export prices of tea.
Industrial exports grew by 6.9 per cent supported by increased exports of garments, food, beverages, tobacco, rubber products, petroleum products and ceramics.
AUSTRALIA'S VMOTO TO SUPPLY SCOOTER ENGINES TO VIETNAMESE GROUP
Sydney (ANTARA News/Asia Pulse) - Perth-based Scooter company Vmoto Ltd (ASX:VMT) has expanded further into the Asian market after signing an agreement to develop and supply 30,000 engines over 12 months to a major Vietnamese scooter group.
The agreement, executed by Vmoto's Chinese-based engine manufacturing company, is expected to generate about a US$5.7 million turnover for the company over the one-year period. Vmoto managing director Patrick Davin said Vietnam's domestic market bought in excess of 1.5 million scooters a year.
Source:
Business in Asia Today - JUNE 17, 2008
published by Asia Pulse
COPYRIGHT © 2008
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