S KOREA'S POSCO IN TALKS WITH N KOREA TO BUY COAL, IRON ORE
Seoul (ANTARA News/Asia Pulse) - POSCO, South Korea's biggest steelmaker, said today that it is holding talks with North Korea to purchase more coal and acquire commodities such as iron ore from the communist state, in an effort to secure a stable supply of raw materials.
According to the steelmaker - the world's fourth-largest - Kim Dong-jin, the president of POSCO-China Holding Corp., visited Pyongyang on June 24 to hold talks with North Korean officials over ways to double coal purchases to 400,000 metric tons this year.
Kim will also discuss methods of securing other raw materials such as iron ore in order to meet rising demand and costs, the company said.
SUZUKI, GM CO-DEVELOP FIRST FUEL CELL SUBCOMPACT
Tokyo (ANTARA News/Asia Pulse) - Suzuki Motor Corp. (TSE:7269) said Tuesday that it has developed a new fuel-cell-powered car with General Motors Corp., their fourth such vehicle and first as a subcompact.
The Japanese and United States automakers started joint development of fuel cell vehicles in 2001. The three prior models were all based on minivehicles.
Their latest model, the SX4-FCV, can run for 250km without recharging -- 50km longer than its predecessor -- and achieve a maximum speed of 150kph -- 40kph faster.
Certified by the Transport Ministry, the SX4-FCV is expected to start trial runs on public roads soon.
ENERGY SHOULD BE PRICED PROPERLY, NOT SUBSIDISED: SINGAPORE PM
Singapore (ANTARA News/Asia Pulse) - Energy, whether in the form of electricity or petrol, should be priced properly and not subsidised, Singapore Prime Minister Lee Hsien Loong said Tuesday.
He said ideally, energy should be priced not just at today's market levels but also taking into account the likelihood of a future carbon-constrained world, be it due to scarcer supplies of fossil fuels or a post-Kyoto regime to restrain carbon emissions.
"To achieve results in energy efficiency and conservation, it is important to get the economics right," said Lee when opening simultaneously the Singapore International Water Week, World Cities Summit and East Asia Summit Conference on Liveable Cities at Suntec City here.
VIETNAMESE SHOE FIRMS FACE EU DUMPING TARIFFS
Hanoi (ANTARA News/Asia Pulse) - Vietnam's National Association of Italian Footwear Manufacturers (ANCI) is planning to ask the European Union to renew anti-dumping tariffs on non-athletic leather shoes exported to the EU from China and Vietnam, the Vietnamese Ministry of Industry and Trade reported yesterday.
The 10 per cent anti-dumping tariff, due to expire on October 7 this year, was introduced in 2006 after the EC ruled leather shoes from Vietnam and China were being sold at "unfair prices" in the European market.
The anti-dumping measures were roundly criticised by exporting nations in 2006. Since then, however, EU attempts to lesson the impact of its anti-dumping policies have fallen flat as politicians across Europe, faced with weakening economies, have grown more sensitive to complaints from manufacturers.
LAST EI RESTRICTIONS LIFTED IN NSW AS HORSE FLU VANISHES
Sydney (ANTARA News/Asia Pulse) - The last of the restrictions implemented to contain and eradicate equine influenza (EI) in NSW will be lifted from July 1. Primary Industries Minister Ian Macdonald said from the start of next month, a travelling horse statement (THS) will not be required before moving horses.
All EI cross border requirements will also be removed. "Horse owners will now be free to move their horses anywhere in NSW and across state borders without any EI restrictions or reporting requirements," Mr Macdonald said in a statement.
"This last step in the battle against EI finally brings Australia's largest ever exotic animal disease outbreak to a successful conclusion."
TAIWAN TO REINSTATE FLOATING OIL PRICE MECHANISM IN JULY
Taiperi (ANTARA News/Asia Pulse) - Economic Affairs Minister Yiing Chii-ming said Tuesday that it would be "irresponsible" for the government to continue a freeze on gasoline price hikes and that the floating pricing system will return in July. Yiing made the remarks in response to calls for the government to avoid dual hikes of gasoline and electricity prices in July lest they deepen the misery of the people, who are already reeling from rising consumer prices across the board.
The Cabinet unveiled a 12.5 per cent increase in the price of gasoline late last month and also announced that from July, fuel prices will be adjusted on a monthly basis under a floating pricing mechanism that the state-controlled CPC Corp.
ABU DHABI CUSTOMS AND DHL SIGN MOU TO LAUNCH EDI
Abu Dhabi (ANTARA News/Asia Pulse) - Abu Dhabi Customs and DHL Express Tuesday signed a Memorandum of Understanding to launch the first Electronic Data Interface (EDI) system for the logistics sector in Abu Dhabi that will ensure faster clearance of goods imported into the capital city.
The announcement was made during a signing ceremony held at the Emirates Palace in Abu Dhabi.
The new system called the 'Gold Card' programme, allows DHL customers to lodge and complete customs declaration processes prior to the arrival of their goods, according to a statement.
PETROCHINA JOINS SHELL, QATAR OIL COMPANY FOR PETROCHEMICAL JV
Beijing (ANTARA News/Asia Pulse) - PetroChina (SSX:601857, SEHK:0857, NYSE:PTR), said on Tuesday it signed a letter of intent with Qatar Petroleum International (QPI) and Shell (China) Ltd. to assess the feasibility of setting up a refinery and petrochemical complex in China.
PetroChina is to control 51 per cent of the venture, while QPI and Shell would each take a 24.5 per cent stake in the new complex, which is expected to be a world-class producer of refined fuels and petrochemicals. No further details were available about the deal, although there have previously been media reports that the complex might be located in the southern Hainan Province.
WEST AUSTRALIAN GAS SHORTAGE AFFECTS WESFARMERS' FERTILIZER OPS
Sydney (ANTARA News/Asia Pulse) - Wesfarmers Ltd (ASX:WES) says its pre-tax earnings will be cut by up to A$20 million (US$19.07 million) a month, as the company feels the impact of gas outages in Western Australia following an explosion that closed down the Varanus Island gas plant.
"There are a number of impacts on our profits," chief executive Richard Goyder told the stock exchange in a question and answer session with corporatefile.com.au.
"At this stage, our best estimate is that the pre-tax impact on Group profit will be up to A$20 million per month at the current level of gas supply. A portion of that loss is expected to be recovered from insurance."
SOUTH KOREA TO DEVELOP 8 OIL FIELDS IN NORTHERN IRAQ
Seoul (ANTARA News/Asia Pulse) - South Korea's state-run energy company said today that it has secured rights to explore and development eight oil fields in northern Iraq that may hold enough crude to supply the country for over two years.
The memorandum of understanding (MOU) signed between a local consortium led by the Korea National Oil Corp. (KNOC) and Iraq's autonomous region of Kurdistan could allow local energy companies to gain access to about 2 billion barrels of untapped crude oil out of an estimated 7.2 billion barrels that may be in these fields.
"Trial production should begin in about 3-4 years with exploration likely to start in about two months," said Suh Moon-kyu, KNOC's senior executive vice president.
Source:
Business in Asia Today - JUNE 25, 2008
published by Asia Pulse
COPYRIGHT © 2008
Seoul (ANTARA News/Asia Pulse) - POSCO, South Korea's biggest steelmaker, said today that it is holding talks with North Korea to purchase more coal and acquire commodities such as iron ore from the communist state, in an effort to secure a stable supply of raw materials.
According to the steelmaker - the world's fourth-largest - Kim Dong-jin, the president of POSCO-China Holding Corp., visited Pyongyang on June 24 to hold talks with North Korean officials over ways to double coal purchases to 400,000 metric tons this year.
Kim will also discuss methods of securing other raw materials such as iron ore in order to meet rising demand and costs, the company said.
SUZUKI, GM CO-DEVELOP FIRST FUEL CELL SUBCOMPACT
Tokyo (ANTARA News/Asia Pulse) - Suzuki Motor Corp. (TSE:7269) said Tuesday that it has developed a new fuel-cell-powered car with General Motors Corp., their fourth such vehicle and first as a subcompact.
The Japanese and United States automakers started joint development of fuel cell vehicles in 2001. The three prior models were all based on minivehicles.
Their latest model, the SX4-FCV, can run for 250km without recharging -- 50km longer than its predecessor -- and achieve a maximum speed of 150kph -- 40kph faster.
Certified by the Transport Ministry, the SX4-FCV is expected to start trial runs on public roads soon.
ENERGY SHOULD BE PRICED PROPERLY, NOT SUBSIDISED: SINGAPORE PM
Singapore (ANTARA News/Asia Pulse) - Energy, whether in the form of electricity or petrol, should be priced properly and not subsidised, Singapore Prime Minister Lee Hsien Loong said Tuesday.
He said ideally, energy should be priced not just at today's market levels but also taking into account the likelihood of a future carbon-constrained world, be it due to scarcer supplies of fossil fuels or a post-Kyoto regime to restrain carbon emissions.
"To achieve results in energy efficiency and conservation, it is important to get the economics right," said Lee when opening simultaneously the Singapore International Water Week, World Cities Summit and East Asia Summit Conference on Liveable Cities at Suntec City here.
VIETNAMESE SHOE FIRMS FACE EU DUMPING TARIFFS
Hanoi (ANTARA News/Asia Pulse) - Vietnam's National Association of Italian Footwear Manufacturers (ANCI) is planning to ask the European Union to renew anti-dumping tariffs on non-athletic leather shoes exported to the EU from China and Vietnam, the Vietnamese Ministry of Industry and Trade reported yesterday.
The 10 per cent anti-dumping tariff, due to expire on October 7 this year, was introduced in 2006 after the EC ruled leather shoes from Vietnam and China were being sold at "unfair prices" in the European market.
The anti-dumping measures were roundly criticised by exporting nations in 2006. Since then, however, EU attempts to lesson the impact of its anti-dumping policies have fallen flat as politicians across Europe, faced with weakening economies, have grown more sensitive to complaints from manufacturers.
LAST EI RESTRICTIONS LIFTED IN NSW AS HORSE FLU VANISHES
Sydney (ANTARA News/Asia Pulse) - The last of the restrictions implemented to contain and eradicate equine influenza (EI) in NSW will be lifted from July 1. Primary Industries Minister Ian Macdonald said from the start of next month, a travelling horse statement (THS) will not be required before moving horses.
All EI cross border requirements will also be removed. "Horse owners will now be free to move their horses anywhere in NSW and across state borders without any EI restrictions or reporting requirements," Mr Macdonald said in a statement.
"This last step in the battle against EI finally brings Australia's largest ever exotic animal disease outbreak to a successful conclusion."
TAIWAN TO REINSTATE FLOATING OIL PRICE MECHANISM IN JULY
Taiperi (ANTARA News/Asia Pulse) - Economic Affairs Minister Yiing Chii-ming said Tuesday that it would be "irresponsible" for the government to continue a freeze on gasoline price hikes and that the floating pricing system will return in July. Yiing made the remarks in response to calls for the government to avoid dual hikes of gasoline and electricity prices in July lest they deepen the misery of the people, who are already reeling from rising consumer prices across the board.
The Cabinet unveiled a 12.5 per cent increase in the price of gasoline late last month and also announced that from July, fuel prices will be adjusted on a monthly basis under a floating pricing mechanism that the state-controlled CPC Corp.
ABU DHABI CUSTOMS AND DHL SIGN MOU TO LAUNCH EDI
Abu Dhabi (ANTARA News/Asia Pulse) - Abu Dhabi Customs and DHL Express Tuesday signed a Memorandum of Understanding to launch the first Electronic Data Interface (EDI) system for the logistics sector in Abu Dhabi that will ensure faster clearance of goods imported into the capital city.
The announcement was made during a signing ceremony held at the Emirates Palace in Abu Dhabi.
The new system called the 'Gold Card' programme, allows DHL customers to lodge and complete customs declaration processes prior to the arrival of their goods, according to a statement.
PETROCHINA JOINS SHELL, QATAR OIL COMPANY FOR PETROCHEMICAL JV
Beijing (ANTARA News/Asia Pulse) - PetroChina (SSX:601857, SEHK:0857, NYSE:PTR), said on Tuesday it signed a letter of intent with Qatar Petroleum International (QPI) and Shell (China) Ltd. to assess the feasibility of setting up a refinery and petrochemical complex in China.
PetroChina is to control 51 per cent of the venture, while QPI and Shell would each take a 24.5 per cent stake in the new complex, which is expected to be a world-class producer of refined fuels and petrochemicals. No further details were available about the deal, although there have previously been media reports that the complex might be located in the southern Hainan Province.
WEST AUSTRALIAN GAS SHORTAGE AFFECTS WESFARMERS' FERTILIZER OPS
Sydney (ANTARA News/Asia Pulse) - Wesfarmers Ltd (ASX:WES) says its pre-tax earnings will be cut by up to A$20 million (US$19.07 million) a month, as the company feels the impact of gas outages in Western Australia following an explosion that closed down the Varanus Island gas plant.
"There are a number of impacts on our profits," chief executive Richard Goyder told the stock exchange in a question and answer session with corporatefile.com.au.
"At this stage, our best estimate is that the pre-tax impact on Group profit will be up to A$20 million per month at the current level of gas supply. A portion of that loss is expected to be recovered from insurance."
SOUTH KOREA TO DEVELOP 8 OIL FIELDS IN NORTHERN IRAQ
Seoul (ANTARA News/Asia Pulse) - South Korea's state-run energy company said today that it has secured rights to explore and development eight oil fields in northern Iraq that may hold enough crude to supply the country for over two years.
The memorandum of understanding (MOU) signed between a local consortium led by the Korea National Oil Corp. (KNOC) and Iraq's autonomous region of Kurdistan could allow local energy companies to gain access to about 2 billion barrels of untapped crude oil out of an estimated 7.2 billion barrels that may be in these fields.
"Trial production should begin in about 3-4 years with exploration likely to start in about two months," said Suh Moon-kyu, KNOC's senior executive vice president.
Source:
Business in Asia Today - JUNE 25, 2008
published by Asia Pulse
COPYRIGHT © 2008
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