AIFUL, TAKEFUJI AT RECORD LOWS ON PESSIMISM OVER FINANCES
Tokyo (ANTARA News/Asia Pulse) - Aiful Corp. (TSE:8515) and Takefuji Corp. (TSE:8564) hit record lows Wednesday on the Tokyo Stock Exchange, with the view spreading that these independent consumer credit companies face tougher challenges than do rivals affiliated with major banks.
Aiful fell a seventh straight day, briefly hitting 1,255 yen, a 17 per cent drop from Tuesday's close, while Takefuji was down 8 per cent to 1,603 yen at one point.
VIETNAM SHIP-BUILDING CORP PULLS OUT OF STEEL PROJECT WITH POSCO
Hanoi (ANTARA News/Asia Pulse) - The State-owned Vietnam Ship-building Industry Corporation (Vinashin) has decided to withdraw from a joint venture with South Korea's POSCO group to build a steel complex in the central province of Khanh Hoas Van Phong Bay.
The planned Posco-Vinashin Steel Complex, located on 969 hectares, was projected to cost US$4 billion, with a US$1 billion contribution from Vinashin, said Pham Thanh Binh, chairman of Vinashin's management board last Sunday.
In addition to the steel complex, Vinashin will quit other projects which do not fit with the group's major business area, Binh said.
FLINDERS DISCOVERS DIAMONDS IN SOUTH AUSTRALIAN EXPLORATIONS
Adelaide (ANTARA News/Asia Pulse) - Diamonds have been found in a new exploration program on pastoral land in South Australia's mid-north.
Flinders Mines Ltd (ASX:FMS) said today that 10 diamonds had turned up in soil surface samples in an area seven kilometres north-east of Peterborough.
"The results are the most significant soil diamond results known to the company in South Australia," Flinders Mines managing director Kevin Wills said.
"The only other area of similar soil diamonds in South Australia is on Flinders Island where we are also exploring."
FURTHER FLIGHT DELAYS AS QANTAS STRIKES BITE
Melbourne (ANTARA News/Asia Pulse) - Qantas passengers faced further disruption today following rolling stoppages by the airline's maintenance engineers earlier this week.
Qantas said 14 flights would be scratched today, after 29 were cancelled yesterday, despite Qantas Australian Licensed Aircraft Engineers Association (ALAEA) members delaying further strikes until tomorrow.
A Qantas spokesperson said "We're contacting all affected passengers and rebooking them on the next available flight and expect it to be within 30 minutes of the original departure times."
While ALAEA federal president Paul Cousins yesterday said "The last thing Qantas engineers want to do is inconvenience the travelling public but it is unacceptable for a company that is making record profits to expect these hardworking, highly skilled engineers to take a real pay cut," he said.
CHINA AUTO CO CHERY BOOSTS EXPORTS BY 64 PCT IN FIRST 5 MONTHS
Hefei (ANTARA News/Asia Pulse) - China's Chery Automobile Co. Ltd exported 67,566 motor vehicles in the first five months of this year, a year on year increase of 26,351 units or 63.9 per cent, sources at the Chinese company disclosed.
Exports in May alone reached 15,464 units, accounting for 56.2 per cent of the company's total sales in the month and exceeding domestic sales for the first time.
INDONESIA'S REKIN SET TO POST US$259 MLN IN INCOME THIS YEAR
Jakarta (ANTARA News/Asia Pulse) - Indonesian engineering company PT Rekayasa Industri (Rekin) said it is set to post Rp2.4 trillion (US$259 million) in income this year, up from Rp1.7 trillion last year.
Rekin hopes to have a larger share in the government's crash program to build coal fired power plants with a total capacity of 10,000 megawatts and in the construction of offshore oil rigs, a company executive said.
The government, through state-owned electricity company PLN, is launching a crash program to build coal fired power plants with a total capacity of 10,000 megawatts to be completed before 2010.
INDIA'S RANBAXY RECEIVES TENTATIVE USFDA NOD FOR AIDS DRUG
Delhi (ANTARA News/Asia Pulse) - Drug firm Ranbaxy Laboratories (BSE:500359) on Wednesday said it has received tentative approval from the US Food and Drug Administration (USFDA) to manufacture and market Valganciclovir Hydrochloride 450 mg tablets, used in the treatment of prevention of blindness in AIDS patients.
The company has got the approval for the generic version of Roche's anti-viral 'Valcyte', which has a total annual market of around US$239 million.
Ranbaxy believes that it has First-to-File status on Valganciclovir tablets, thereby, providing a potential 180-days of marketing exclusivity which offers a significant opportunity in the future, the company said in a release.
S KOREA'S SAMSUNG ANNOUNCES MANAGEMENT CHANGES AFTER SCANDAL
Seoul (ANTARA News/Asia Pulse) - Samsung, South Korea's largest business group, announced on Wednesday management changes in the wake of a scandal that saw boss Lee Kun-Hee step down.
Lee announced in April he was quitting after prosecutors charged him with tax evasion and breach of trust.
The strategic planning office, once seen as the "control tower" of the loose-knit group, was scrapped at the same time.
The move is aimed at addressing concerns of a vacuum in decision making.
"With Wednesday's changes, the group has completed a management revamp Lee (Kun-Hee) promised earlier," group vice president Yoon Soon-Bong told reporters.
PALAWAN MINER EXPORTS US$15 MLN NICKEL/COBALT MINERALS TO JAPAN
Puerto Princesa City, Philippines (ANTARA News/Asia Pulse) - The Coral Bay Mining Corporation located in barangay Rio Tuba in Bataraza, Palawan shipped 1,300 wet metric tons of mixed nickel and cobalt sulfide worth approximately US$15 million to Japanese consumers, a report disclosed today.
Based on communications received by the provincial board, an Ore Transport Permit (OTP) dominated as OTP-CBNC-2008-05-36 was issued to CBNC which authorized the transport to Japan of the expensive nickel and cobalt sulfides.
CBNC also shipped 20,317.744 metric tons of nickel and cobalt minerals with a high value of US$297 million for the whole period of 2007. CBNCs HPAL Nickel Project (Line 1) is the biggest, with investments amounting to US$304.59 million.
HSBC TO SET UP WEALTH MANAGEMENT BUSINESS IN AUSTRALIA
Sydney (ANTARA News/Asia Pulse) - Global investment bank HSBC will set up a wholesale wealth management business in Australia, to take advantage of the nations's large superannuation market.
HSBC will offer global asset management products from its specialist investment businesses, including active management specialist Halbis and quantitative specialist Sinopia, to institutional clients and wholesale platforms.
Clients will also have access to HSBC's alternative investment business' fund of hedge funds and tailor-made institutional portfolios of hedge funds.
The Australian business will be headed by Charles Genocchio, formerly head of sales, consulting relationships and research houses at Barclays Global Investors.
Source:
Business in Asia Today - JUNE 26, 2008
published by Asia Pulse
COPYRIGHT © 2008
Tokyo (ANTARA News/Asia Pulse) - Aiful Corp. (TSE:8515) and Takefuji Corp. (TSE:8564) hit record lows Wednesday on the Tokyo Stock Exchange, with the view spreading that these independent consumer credit companies face tougher challenges than do rivals affiliated with major banks.
Aiful fell a seventh straight day, briefly hitting 1,255 yen, a 17 per cent drop from Tuesday's close, while Takefuji was down 8 per cent to 1,603 yen at one point.
VIETNAM SHIP-BUILDING CORP PULLS OUT OF STEEL PROJECT WITH POSCO
Hanoi (ANTARA News/Asia Pulse) - The State-owned Vietnam Ship-building Industry Corporation (Vinashin) has decided to withdraw from a joint venture with South Korea's POSCO group to build a steel complex in the central province of Khanh Hoas Van Phong Bay.
The planned Posco-Vinashin Steel Complex, located on 969 hectares, was projected to cost US$4 billion, with a US$1 billion contribution from Vinashin, said Pham Thanh Binh, chairman of Vinashin's management board last Sunday.
In addition to the steel complex, Vinashin will quit other projects which do not fit with the group's major business area, Binh said.
FLINDERS DISCOVERS DIAMONDS IN SOUTH AUSTRALIAN EXPLORATIONS
Adelaide (ANTARA News/Asia Pulse) - Diamonds have been found in a new exploration program on pastoral land in South Australia's mid-north.
Flinders Mines Ltd (ASX:FMS) said today that 10 diamonds had turned up in soil surface samples in an area seven kilometres north-east of Peterborough.
"The results are the most significant soil diamond results known to the company in South Australia," Flinders Mines managing director Kevin Wills said.
"The only other area of similar soil diamonds in South Australia is on Flinders Island where we are also exploring."
FURTHER FLIGHT DELAYS AS QANTAS STRIKES BITE
Melbourne (ANTARA News/Asia Pulse) - Qantas passengers faced further disruption today following rolling stoppages by the airline's maintenance engineers earlier this week.
Qantas said 14 flights would be scratched today, after 29 were cancelled yesterday, despite Qantas Australian Licensed Aircraft Engineers Association (ALAEA) members delaying further strikes until tomorrow.
A Qantas spokesperson said "We're contacting all affected passengers and rebooking them on the next available flight and expect it to be within 30 minutes of the original departure times."
While ALAEA federal president Paul Cousins yesterday said "The last thing Qantas engineers want to do is inconvenience the travelling public but it is unacceptable for a company that is making record profits to expect these hardworking, highly skilled engineers to take a real pay cut," he said.
CHINA AUTO CO CHERY BOOSTS EXPORTS BY 64 PCT IN FIRST 5 MONTHS
Hefei (ANTARA News/Asia Pulse) - China's Chery Automobile Co. Ltd exported 67,566 motor vehicles in the first five months of this year, a year on year increase of 26,351 units or 63.9 per cent, sources at the Chinese company disclosed.
Exports in May alone reached 15,464 units, accounting for 56.2 per cent of the company's total sales in the month and exceeding domestic sales for the first time.
INDONESIA'S REKIN SET TO POST US$259 MLN IN INCOME THIS YEAR
Jakarta (ANTARA News/Asia Pulse) - Indonesian engineering company PT Rekayasa Industri (Rekin) said it is set to post Rp2.4 trillion (US$259 million) in income this year, up from Rp1.7 trillion last year.
Rekin hopes to have a larger share in the government's crash program to build coal fired power plants with a total capacity of 10,000 megawatts and in the construction of offshore oil rigs, a company executive said.
The government, through state-owned electricity company PLN, is launching a crash program to build coal fired power plants with a total capacity of 10,000 megawatts to be completed before 2010.
INDIA'S RANBAXY RECEIVES TENTATIVE USFDA NOD FOR AIDS DRUG
Delhi (ANTARA News/Asia Pulse) - Drug firm Ranbaxy Laboratories (BSE:500359) on Wednesday said it has received tentative approval from the US Food and Drug Administration (USFDA) to manufacture and market Valganciclovir Hydrochloride 450 mg tablets, used in the treatment of prevention of blindness in AIDS patients.
The company has got the approval for the generic version of Roche's anti-viral 'Valcyte', which has a total annual market of around US$239 million.
Ranbaxy believes that it has First-to-File status on Valganciclovir tablets, thereby, providing a potential 180-days of marketing exclusivity which offers a significant opportunity in the future, the company said in a release.
S KOREA'S SAMSUNG ANNOUNCES MANAGEMENT CHANGES AFTER SCANDAL
Seoul (ANTARA News/Asia Pulse) - Samsung, South Korea's largest business group, announced on Wednesday management changes in the wake of a scandal that saw boss Lee Kun-Hee step down.
Lee announced in April he was quitting after prosecutors charged him with tax evasion and breach of trust.
The strategic planning office, once seen as the "control tower" of the loose-knit group, was scrapped at the same time.
The move is aimed at addressing concerns of a vacuum in decision making.
"With Wednesday's changes, the group has completed a management revamp Lee (Kun-Hee) promised earlier," group vice president Yoon Soon-Bong told reporters.
PALAWAN MINER EXPORTS US$15 MLN NICKEL/COBALT MINERALS TO JAPAN
Puerto Princesa City, Philippines (ANTARA News/Asia Pulse) - The Coral Bay Mining Corporation located in barangay Rio Tuba in Bataraza, Palawan shipped 1,300 wet metric tons of mixed nickel and cobalt sulfide worth approximately US$15 million to Japanese consumers, a report disclosed today.
Based on communications received by the provincial board, an Ore Transport Permit (OTP) dominated as OTP-CBNC-2008-05-36 was issued to CBNC which authorized the transport to Japan of the expensive nickel and cobalt sulfides.
CBNC also shipped 20,317.744 metric tons of nickel and cobalt minerals with a high value of US$297 million for the whole period of 2007. CBNCs HPAL Nickel Project (Line 1) is the biggest, with investments amounting to US$304.59 million.
HSBC TO SET UP WEALTH MANAGEMENT BUSINESS IN AUSTRALIA
Sydney (ANTARA News/Asia Pulse) - Global investment bank HSBC will set up a wholesale wealth management business in Australia, to take advantage of the nations's large superannuation market.
HSBC will offer global asset management products from its specialist investment businesses, including active management specialist Halbis and quantitative specialist Sinopia, to institutional clients and wholesale platforms.
Clients will also have access to HSBC's alternative investment business' fund of hedge funds and tailor-made institutional portfolios of hedge funds.
The Australian business will be headed by Charles Genocchio, formerly head of sales, consulting relationships and research houses at Barclays Global Investors.
Source:
Business in Asia Today - JUNE 26, 2008
published by Asia Pulse
COPYRIGHT © 2008
No comments:
Post a Comment