SOUTH KOREAN TRUCKERS RETURN TO WORK AFTER FEE AGREEMENT
Seoul (ANTARA News/Asia Pulse) - South Korean truckers who effectively halted overland freight traffic for the past week are returning to work after union leaders accepted a 19 per cent increase in transportation service fees, the government said today.
The nationwide strikes that went into effect last Friday caused overland freight traffic to fall off to 10 per cent of the
normal operating rate at their peak with over 13,000 trucks taking part in the walk out.
The Korea Cargo Worker Union (KCWU) called off the strike Thursday when it reached a deal with representatives from an association of local container companies in Busan.
In addition to the hike in hauling fees, the two sides reached an understanding on introducing standardized fares for freight haulage, starting in 2009, and agreed to work together to make it into law.
CHINA TO RAISE PRICES OF REFINED OIL, ELECTRICITY
Beijing (ANTARA News/Asia Pulse) - China's top economic planner announced yesterday the country will raise the prices of gasoline, diesel oil, aviation kerosene and electricity. Beginning today, the benchmark gasoline and diesel oil retail prices will be marked up by 1,000 yuan (US$144.90) per tonne, with the price of aviation kerosene up by 1,500 yuan per tonne.
The prices of natural gas and LPG, however, would be left unchanged, according to the National Development and Reform Commission (NDRC).
The price rise means mark-ups of 0.8 yuan and 0.92 yuan per liter for gasoline and diesel oil respectively.
The commission said the adjustment was made to ensure supplies in the country by closing the gap between rising international crude prices and domestic oil prices.
The commission said more subsidies would be offered to farmers.
ANTAM-ZHONGJIN DECLARES BID FOR AUSTRALIA'S HERALD UNCONDITIONAL
Perth (ANTARA News/Asia Pulse) - Chinese-Indonesian consortium Antam-Zhongjin has declared its A$553.56 million (US$525.49 million) takeover offer for Herald Resources Ltd (ASX:HER) unconditional, a move likely to be mirrored by its rival suitor, Indonesian coal miner Bumi Resources (JSX:BUMI).
Both suitors are offering Herald A$2.80 (US$2.66) cash per share but the stalemate was broken today when Antam-Zhongjin waived its 50.1 per cent minimum acceptance condition.
Herald directors today recommended shareholders accept the unconditional offer in the absence of a superior proposal, adding they had accepted the offer with regard to their own personal shares.
Both suitors are seeking to gain control of Herald's key asset, the US$220 million Dairi zinc-lead project in north Sumatra, which is 20 per cent held by Antam-Zhongjin.
HEAD OF AUSTRALIAN CARDBOARD CO CHARGED WITH MISLEADING ACCC
Melbourne (ANTARA News/Asia Pulse) - Australian billionaire cardboard king Richard Pratt could face up to four years in jail after being charged with lying to the corporate watchdog over his knowledge of price fixing.
In a summons lodged with the Federal Court yesterday, the Australian Competition and Consumer Commission (ACCC) alleged Mr Pratt, the head of cardboard manufacturer Visy, gave false and misleading evidence to an ACCC hearing in 2005, the Herald Sun newspaper reported today.
It has charged Mr Pratt with breaching the Trade Practices Act by denying knowledge of a price-fixing deal with rival cardboard manufacturer Amcor (ASX:AMC).
US RETAIL GIANT COSTCO TO OPEN 1ST AUSTRALIAN STORE IN MELBOURNE
Sydney (ANTARA News/Asia Pulse) - US retail giant Costco will set up its first Australian store in Melbourne's Docklands, cementing the area as a retailing precinct, a property services company says.
"Costco will be a trader that is not on offer anywhere else in Melbourne and this is significant for the site as a retail destination," Jones Land LaSalle associate director of retail leasing in Victoria Parrish Gray said. Costco's 1.3 hectare warehouse is due to open next year and is expected to create 250 jobs, the Victorian government said today.
It will sell a broad range of goods from groceries to office machines.
Construction of the warehouse will begin in September and is expected to cost A$60 million (US$56.95 million).
HYNIX SIGNS ALLIANCE DEAL WITH TAIWAN'S PHISON
Seoul (ANTARA News/Asia Pulse) - Hynix Semiconductor Inc. (KSE:00660) said today it forged a comprehensive alliance deal with Taiwan's Phison Electronics Corp. (TAIEX:8299).
The deal calls for the companies to seek future cooperation in developing various products, including micro SD cards and solid state drives, the South Korean company said in a statement.
It also calls for Hynix to buy a 2 per cent stake in the Taiwanese company and supply it with NAND flash products, Hynix said.
The two companies signed a memorandum of understanding for the deal in April.
FKP PROPERTY REJECTS US$1.2 BLN TAKEOVER OFFER AS TOO LOW
Sydney (ANTARA News/Asia Pulse) - FKP Property Group (ASX:FKP) has rejected a A$1.3 billion (US$1.23409 billion) takeover offer from Lend Lease Corporation Ltd (ASX:LLC), saying the bid substantially undervalued the owner and operator of retirement villages.
FKP was approached by Lend Lease with an "unsolicited, highly conditional and incomplete proposal" offering A$5 a share in stock and cash, the Brisbane-based company said.
"The Lend Lease proposal is opportunistic and does not reflect FKP's underlying value and future prospects," chairman Ben Macdonald said.
MITSUBISHI MOTORS PLANNING ELECTRIC MAIL DELIVERY VEHICLE
Tokyo (ANTARA News/Asia Pulse) - In response to plans by Japan Post Holdings Co. to switch its fleet for deliveries and other business to battery-powered models, Mitsubishi Motors Corp. (TSE:7211) said Thursday that it will develop commercial electric vehicles.
"We will tap corporate demand by quickly developing a delivery vehicle," said Mitsubishi Motors Managing Director Tetsuro Aikawa at the company's general shareholders meeting.
The automaker already plans to release in the summer of 2009 an electric car based on its minivehicle. The new delivery vehicle is expected to use the platform of the Minicab Van commercial minivehicle.
PHILIPPINES REPLACES INDONESIA AS VIETNAM'S TOP RICE IMPORTER
Ho Chi Minch City (ANTARA News/Asia Pulse) - The Philippines has replaced Indonesia as the leading importer of Vietnamese rice, a ministry report has said.
The Ministry of Agriculture and Rural Development reported that rice exports to the Philippines have accounted for nearly 46 per cent of Vietnam's total rice export volume so far this year, an almost two-fold increase over the same period last year.
From last year's first ranking, Indonesia fell to the fifth, with nearly 2 per cent of the Vietnamese rice export market.
So far this year, Vietnam has exported some 2.7 million tonnes of rice and earned US$1.15 billion in revenue, a rise of almost 22 per cent in quantity and double in value against 2007.
INDIA'S NATURAL GAS PRODUCTION TO JUMP TWO-FOLD BY 2011-12
New Delhi (ANTARA News/Asia Pulse) - India's natural gas production will more than double to 170 million standard cubic meters per day by 2011-12 after fields such as Reliance Industries'(BSE:500325) eastern offshore KG-D6 reach peak output. State-run Oil and Natural Gas Corp (ONGC) (BSE:500312) will produce 47.06 mmscmd of gas this fiscal year, almost unchanged from 47.19 mmscmd of 2007-08 but output will rise to 51.65 mmscmd by 2011-12, while Oil India Ltd will contribute 10 mmscmd. Reliance Industries' KG-D6 will start producing this year at an initial rate of 40 mmscmd, rising to 60 mmscmd in 2009-10 and to 80 mmscmd in 2011-12.
The projections anticipate an additional 2 mmscmd output from Mahanadi basin NEC-25 field of Reliance in 2011-12 and 4.5 mmscmd from Gujarat State Petroleum Corp's Krishna Godavari basin field.
Source:
Business in Asia Today - JUNE 20, 2008
published by Asia Pulse
COPYRIGHT © 2008
Seoul (ANTARA News/Asia Pulse) - South Korean truckers who effectively halted overland freight traffic for the past week are returning to work after union leaders accepted a 19 per cent increase in transportation service fees, the government said today.
The nationwide strikes that went into effect last Friday caused overland freight traffic to fall off to 10 per cent of the
normal operating rate at their peak with over 13,000 trucks taking part in the walk out.
The Korea Cargo Worker Union (KCWU) called off the strike Thursday when it reached a deal with representatives from an association of local container companies in Busan.
In addition to the hike in hauling fees, the two sides reached an understanding on introducing standardized fares for freight haulage, starting in 2009, and agreed to work together to make it into law.
CHINA TO RAISE PRICES OF REFINED OIL, ELECTRICITY
Beijing (ANTARA News/Asia Pulse) - China's top economic planner announced yesterday the country will raise the prices of gasoline, diesel oil, aviation kerosene and electricity. Beginning today, the benchmark gasoline and diesel oil retail prices will be marked up by 1,000 yuan (US$144.90) per tonne, with the price of aviation kerosene up by 1,500 yuan per tonne.
The prices of natural gas and LPG, however, would be left unchanged, according to the National Development and Reform Commission (NDRC).
The price rise means mark-ups of 0.8 yuan and 0.92 yuan per liter for gasoline and diesel oil respectively.
The commission said the adjustment was made to ensure supplies in the country by closing the gap between rising international crude prices and domestic oil prices.
The commission said more subsidies would be offered to farmers.
ANTAM-ZHONGJIN DECLARES BID FOR AUSTRALIA'S HERALD UNCONDITIONAL
Perth (ANTARA News/Asia Pulse) - Chinese-Indonesian consortium Antam-Zhongjin has declared its A$553.56 million (US$525.49 million) takeover offer for Herald Resources Ltd (ASX:HER) unconditional, a move likely to be mirrored by its rival suitor, Indonesian coal miner Bumi Resources (JSX:BUMI).
Both suitors are offering Herald A$2.80 (US$2.66) cash per share but the stalemate was broken today when Antam-Zhongjin waived its 50.1 per cent minimum acceptance condition.
Herald directors today recommended shareholders accept the unconditional offer in the absence of a superior proposal, adding they had accepted the offer with regard to their own personal shares.
Both suitors are seeking to gain control of Herald's key asset, the US$220 million Dairi zinc-lead project in north Sumatra, which is 20 per cent held by Antam-Zhongjin.
HEAD OF AUSTRALIAN CARDBOARD CO CHARGED WITH MISLEADING ACCC
Melbourne (ANTARA News/Asia Pulse) - Australian billionaire cardboard king Richard Pratt could face up to four years in jail after being charged with lying to the corporate watchdog over his knowledge of price fixing.
In a summons lodged with the Federal Court yesterday, the Australian Competition and Consumer Commission (ACCC) alleged Mr Pratt, the head of cardboard manufacturer Visy, gave false and misleading evidence to an ACCC hearing in 2005, the Herald Sun newspaper reported today.
It has charged Mr Pratt with breaching the Trade Practices Act by denying knowledge of a price-fixing deal with rival cardboard manufacturer Amcor (ASX:AMC).
US RETAIL GIANT COSTCO TO OPEN 1ST AUSTRALIAN STORE IN MELBOURNE
Sydney (ANTARA News/Asia Pulse) - US retail giant Costco will set up its first Australian store in Melbourne's Docklands, cementing the area as a retailing precinct, a property services company says.
"Costco will be a trader that is not on offer anywhere else in Melbourne and this is significant for the site as a retail destination," Jones Land LaSalle associate director of retail leasing in Victoria Parrish Gray said. Costco's 1.3 hectare warehouse is due to open next year and is expected to create 250 jobs, the Victorian government said today.
It will sell a broad range of goods from groceries to office machines.
Construction of the warehouse will begin in September and is expected to cost A$60 million (US$56.95 million).
HYNIX SIGNS ALLIANCE DEAL WITH TAIWAN'S PHISON
Seoul (ANTARA News/Asia Pulse) - Hynix Semiconductor Inc. (KSE:00660) said today it forged a comprehensive alliance deal with Taiwan's Phison Electronics Corp. (TAIEX:8299).
The deal calls for the companies to seek future cooperation in developing various products, including micro SD cards and solid state drives, the South Korean company said in a statement.
It also calls for Hynix to buy a 2 per cent stake in the Taiwanese company and supply it with NAND flash products, Hynix said.
The two companies signed a memorandum of understanding for the deal in April.
FKP PROPERTY REJECTS US$1.2 BLN TAKEOVER OFFER AS TOO LOW
Sydney (ANTARA News/Asia Pulse) - FKP Property Group (ASX:FKP) has rejected a A$1.3 billion (US$1.23409 billion) takeover offer from Lend Lease Corporation Ltd (ASX:LLC), saying the bid substantially undervalued the owner and operator of retirement villages.
FKP was approached by Lend Lease with an "unsolicited, highly conditional and incomplete proposal" offering A$5 a share in stock and cash, the Brisbane-based company said.
"The Lend Lease proposal is opportunistic and does not reflect FKP's underlying value and future prospects," chairman Ben Macdonald said.
MITSUBISHI MOTORS PLANNING ELECTRIC MAIL DELIVERY VEHICLE
Tokyo (ANTARA News/Asia Pulse) - In response to plans by Japan Post Holdings Co. to switch its fleet for deliveries and other business to battery-powered models, Mitsubishi Motors Corp. (TSE:7211) said Thursday that it will develop commercial electric vehicles.
"We will tap corporate demand by quickly developing a delivery vehicle," said Mitsubishi Motors Managing Director Tetsuro Aikawa at the company's general shareholders meeting.
The automaker already plans to release in the summer of 2009 an electric car based on its minivehicle. The new delivery vehicle is expected to use the platform of the Minicab Van commercial minivehicle.
PHILIPPINES REPLACES INDONESIA AS VIETNAM'S TOP RICE IMPORTER
Ho Chi Minch City (ANTARA News/Asia Pulse) - The Philippines has replaced Indonesia as the leading importer of Vietnamese rice, a ministry report has said.
The Ministry of Agriculture and Rural Development reported that rice exports to the Philippines have accounted for nearly 46 per cent of Vietnam's total rice export volume so far this year, an almost two-fold increase over the same period last year.
From last year's first ranking, Indonesia fell to the fifth, with nearly 2 per cent of the Vietnamese rice export market.
So far this year, Vietnam has exported some 2.7 million tonnes of rice and earned US$1.15 billion in revenue, a rise of almost 22 per cent in quantity and double in value against 2007.
INDIA'S NATURAL GAS PRODUCTION TO JUMP TWO-FOLD BY 2011-12
New Delhi (ANTARA News/Asia Pulse) - India's natural gas production will more than double to 170 million standard cubic meters per day by 2011-12 after fields such as Reliance Industries'(BSE:500325) eastern offshore KG-D6 reach peak output. State-run Oil and Natural Gas Corp (ONGC) (BSE:500312) will produce 47.06 mmscmd of gas this fiscal year, almost unchanged from 47.19 mmscmd of 2007-08 but output will rise to 51.65 mmscmd by 2011-12, while Oil India Ltd will contribute 10 mmscmd. Reliance Industries' KG-D6 will start producing this year at an initial rate of 40 mmscmd, rising to 60 mmscmd in 2009-10 and to 80 mmscmd in 2011-12.
The projections anticipate an additional 2 mmscmd output from Mahanadi basin NEC-25 field of Reliance in 2011-12 and 4.5 mmscmd from Gujarat State Petroleum Corp's Krishna Godavari basin field.
Source:
Business in Asia Today - JUNE 20, 2008
published by Asia Pulse
COPYRIGHT © 2008
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