BAOSTEEL, RIVALS OPEN $US5.2 BLN JV IN SOUTH CHINA
Guangzhou (ANTARA News/Asia Pulse) - The Baosteel Group, China's largest steel producer, on Saturday opened a 35.86 billion yuan ($US5.2 billion) joint venture with smaller rivals in the southern province of Guangdong.
The new steel mill merged Guangzhou Iron and Steel Enterprises and Shaoguan Iron and Steel Group.
Baosteel paid 28.69 billion yuan ($US4.2 billion) for an 80 per cent stake in the newly-formed Guangdong Iron and Steel Group.
The two local companies have a 20 per cent stake.
DAEWOO SHIPBUILDING WINS US$2.3BLN IN ORDERS IN JUNE
Seoul (ANTARA News/Asia Pulse) - The Daewoo Shipbuilding & Marine Engineering Co. (KSE:42660), the world's third-largest shipyard, said Sunday that it had won US$2.3 billion worth of orders this month to build 12 ships.
The vessels to be built comprised nine very large oil tankers, one drill ship and two bulk carriers, the company said in a statement.
The shipbuilder did not provide comparable figures from previous years.
With the orders, Daewoo Shipbuilding & Marine Engineering has won orders valued at $7.56 billion in the first six months of this year to build 43 ships, accounting for 43.2 per cent of its yearly target of $17.5 billion worth of orders.
G8 TO ANTE UP US$10 BLN YEARLY TO FUND R&D ON CUTTING EMISSIONS
Tokyo (ANTARA News/Asia Pulse) - The Group of Eight industrialized nations will collectively invest more than US$10 billion a year on research and development of technology to combat climate change, such as storing carbon dioxide underground, The Nikkei learned Saturday.
The plan is included in an outline of a draft joint statement on economic policy to be adopted at the G-8 summit scheduled for July 7-9 at Hokkaido's Toyako resort.
Leaders of the G-8, comprising the G-7 industrialized nations and Russia are likely to agree on setting country-by-country goals to reduce greenhouse gas emissions over the medium term from 2013, after the Kyoto Protocol expires at the end of 2012.
SAMSUNG HEAVY WINS US$1.5 BLN CONTAINER VESSEL ORDER
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140), the world's second-largest shipyard, said today that it has received an order to build nine container vessels for 1.58 trillion won (US$1.5 billion).
The deal with a Middle Eastern shipping company calls on Samsung Heavy Industries to deliver the vessels by November, 2011, the company said in a regulatory filing.
Shares in Samsung Heavy Industries were trading at 37,850 won on the Seoul bourse as of 10:09 a.m., up 0.80 per cent.
JAPAN'S AMADA SET TO BUILD MACHINE TOOL PLANT
Tokyo (ANTARA News/Asia Pulse) - The Amada Co. (TSE:6113) plans to invest Y20 billion ($US188.47 million) to build a factory for machine tools in Gifu Prefecture as it moves to boost sales of these products 60% by fiscal 2011, The Nikkei learned Friday.
The new plant will be built in 2010 in an industrial park in the city of Toki.
Amada has acquired 120,000 sq. meters of land there.
The firm's existing machine tool operations at an Aichi Prefecture plant will be entirely transferred to the new site.
INDONESIA'S GARUDA FOOD GROUP TO INVEST $US444 MLN IN EXPANSION
Jakarta (ANTARA News/Asia Pulse) - Indonesian company The Garuda Food Group has set aside Rp4 trillion (US$444 million) to finance business expansion in the next five years and make itself the largest food company in Asia.
The company was set to chalk up income of Rp10 trillion in 2012, chief executive officer Sudhamek AWS said.
The company will strengthen its position in snack and soft drink business in the next year with an investment of Rp1 trillion, Sudhamek said.
The expansion will be financed with loans and fund expected to be raised from an initial public offering scheduled for next October, he told the newspaper Investor Daily at the weekend.
POSCO TO BUY 10% STAKE IN AUSTRALIA'S MACARTHUR COAL
Seoul (ANTARA News/Asia Pulse) - POSCO (KSE:005490), the world's fourth-largest steelmaker, said Monday that it had agreed to buy a 10 per cent stake in Australian firm Macarthur Coal Ltd (ASX:MCC) for 420 billion won (US$402 million), in a bid to secure a stable supply of the material used as fuel.
The steelmaker said it has agreed to pay A$20 (US$19.25) per share to Macarthur's former director Ken Talbot for the stake purchase. POSCO said the deal was expected to be approved by its board of directors in July.
THREE NEW WHARVES TO BE BUILT IN VIETNAM'S CAI LAN PORT
Quang Ninh (ANTARA News/Asia Pulse) - The Cai Lan International Container Port Company plans to invest $US120 million to build three wharves in Cai Lan port in north-east Quang Ninh province.
The three-phase project is expected to be put into operation in 2014.
In the first phase to run until 2011, the project will build 303m of the three wharves and services facilities.
The following three-year phase will see construction of an additional 261m of the wharves. The final phase is expected to the see the wharves become operational by 2014.
INDIA'S ABG SHIPYARD BAGS US$136 MLN ORDER FROM SINGAPORE
Mumbai (ANTARA News/Asia Pulse) - Leading private sector shipbuilder ABG Shipyard (BSE:532682) said Friday it had bagged a Rs 5.85 billion (US$136.7 million) order from Singapore-based Toisa Ltd for the construction of three sub-sea multi purpose vessels.
The company has received an order for construction of three sub-sea multi purpose vessels from Sealion Shipping Ltd on behalf of Toisa Ltd having a total order size of about Rs 585 billion, ABG Shipyard said in a filing to the Bombay Stock Exchange.
S KOREA'S DONGWON TO ACQUIRE STARKIST FOR US$363 MLN
Seoul (ANTARA News/Asia Pulse) - South Korean food conglomerate Dongwon Group said today it would acquire a 100-percent stake in U.S canned tuna company StarKist from Del Monte Foods for US$363 million.
The investment would pave the way for Dongwon to secure its sales networks in the U.S. and South American nations, the South Korean group said in a statement.
StarKist accounts for about 38 per cent of the canned tuna market in the U.S. and generated sales of $600 million last year, Dongwon said earlier. Dongwon has Dongwon F&B (KSE:049770), the nation's largest canned tuna maker, under its wing.
Source:
Business in Asia Today - JUNE 30, 2008
published by Asia Pulse
COPYRIGHT © 2008
Guangzhou (ANTARA News/Asia Pulse) - The Baosteel Group, China's largest steel producer, on Saturday opened a 35.86 billion yuan ($US5.2 billion) joint venture with smaller rivals in the southern province of Guangdong.
The new steel mill merged Guangzhou Iron and Steel Enterprises and Shaoguan Iron and Steel Group.
Baosteel paid 28.69 billion yuan ($US4.2 billion) for an 80 per cent stake in the newly-formed Guangdong Iron and Steel Group.
The two local companies have a 20 per cent stake.
DAEWOO SHIPBUILDING WINS US$2.3BLN IN ORDERS IN JUNE
Seoul (ANTARA News/Asia Pulse) - The Daewoo Shipbuilding & Marine Engineering Co. (KSE:42660), the world's third-largest shipyard, said Sunday that it had won US$2.3 billion worth of orders this month to build 12 ships.
The vessels to be built comprised nine very large oil tankers, one drill ship and two bulk carriers, the company said in a statement.
The shipbuilder did not provide comparable figures from previous years.
With the orders, Daewoo Shipbuilding & Marine Engineering has won orders valued at $7.56 billion in the first six months of this year to build 43 ships, accounting for 43.2 per cent of its yearly target of $17.5 billion worth of orders.
G8 TO ANTE UP US$10 BLN YEARLY TO FUND R&D ON CUTTING EMISSIONS
Tokyo (ANTARA News/Asia Pulse) - The Group of Eight industrialized nations will collectively invest more than US$10 billion a year on research and development of technology to combat climate change, such as storing carbon dioxide underground, The Nikkei learned Saturday.
The plan is included in an outline of a draft joint statement on economic policy to be adopted at the G-8 summit scheduled for July 7-9 at Hokkaido's Toyako resort.
Leaders of the G-8, comprising the G-7 industrialized nations and Russia are likely to agree on setting country-by-country goals to reduce greenhouse gas emissions over the medium term from 2013, after the Kyoto Protocol expires at the end of 2012.
SAMSUNG HEAVY WINS US$1.5 BLN CONTAINER VESSEL ORDER
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140), the world's second-largest shipyard, said today that it has received an order to build nine container vessels for 1.58 trillion won (US$1.5 billion).
The deal with a Middle Eastern shipping company calls on Samsung Heavy Industries to deliver the vessels by November, 2011, the company said in a regulatory filing.
Shares in Samsung Heavy Industries were trading at 37,850 won on the Seoul bourse as of 10:09 a.m., up 0.80 per cent.
JAPAN'S AMADA SET TO BUILD MACHINE TOOL PLANT
Tokyo (ANTARA News/Asia Pulse) - The Amada Co. (TSE:6113) plans to invest Y20 billion ($US188.47 million) to build a factory for machine tools in Gifu Prefecture as it moves to boost sales of these products 60% by fiscal 2011, The Nikkei learned Friday.
The new plant will be built in 2010 in an industrial park in the city of Toki.
Amada has acquired 120,000 sq. meters of land there.
The firm's existing machine tool operations at an Aichi Prefecture plant will be entirely transferred to the new site.
INDONESIA'S GARUDA FOOD GROUP TO INVEST $US444 MLN IN EXPANSION
Jakarta (ANTARA News/Asia Pulse) - Indonesian company The Garuda Food Group has set aside Rp4 trillion (US$444 million) to finance business expansion in the next five years and make itself the largest food company in Asia.
The company was set to chalk up income of Rp10 trillion in 2012, chief executive officer Sudhamek AWS said.
The company will strengthen its position in snack and soft drink business in the next year with an investment of Rp1 trillion, Sudhamek said.
The expansion will be financed with loans and fund expected to be raised from an initial public offering scheduled for next October, he told the newspaper Investor Daily at the weekend.
POSCO TO BUY 10% STAKE IN AUSTRALIA'S MACARTHUR COAL
Seoul (ANTARA News/Asia Pulse) - POSCO (KSE:005490), the world's fourth-largest steelmaker, said Monday that it had agreed to buy a 10 per cent stake in Australian firm Macarthur Coal Ltd (ASX:MCC) for 420 billion won (US$402 million), in a bid to secure a stable supply of the material used as fuel.
The steelmaker said it has agreed to pay A$20 (US$19.25) per share to Macarthur's former director Ken Talbot for the stake purchase. POSCO said the deal was expected to be approved by its board of directors in July.
THREE NEW WHARVES TO BE BUILT IN VIETNAM'S CAI LAN PORT
Quang Ninh (ANTARA News/Asia Pulse) - The Cai Lan International Container Port Company plans to invest $US120 million to build three wharves in Cai Lan port in north-east Quang Ninh province.
The three-phase project is expected to be put into operation in 2014.
In the first phase to run until 2011, the project will build 303m of the three wharves and services facilities.
The following three-year phase will see construction of an additional 261m of the wharves. The final phase is expected to the see the wharves become operational by 2014.
INDIA'S ABG SHIPYARD BAGS US$136 MLN ORDER FROM SINGAPORE
Mumbai (ANTARA News/Asia Pulse) - Leading private sector shipbuilder ABG Shipyard (BSE:532682) said Friday it had bagged a Rs 5.85 billion (US$136.7 million) order from Singapore-based Toisa Ltd for the construction of three sub-sea multi purpose vessels.
The company has received an order for construction of three sub-sea multi purpose vessels from Sealion Shipping Ltd on behalf of Toisa Ltd having a total order size of about Rs 585 billion, ABG Shipyard said in a filing to the Bombay Stock Exchange.
S KOREA'S DONGWON TO ACQUIRE STARKIST FOR US$363 MLN
Seoul (ANTARA News/Asia Pulse) - South Korean food conglomerate Dongwon Group said today it would acquire a 100-percent stake in U.S canned tuna company StarKist from Del Monte Foods for US$363 million.
The investment would pave the way for Dongwon to secure its sales networks in the U.S. and South American nations, the South Korean group said in a statement.
StarKist accounts for about 38 per cent of the canned tuna market in the U.S. and generated sales of $600 million last year, Dongwon said earlier. Dongwon has Dongwon F&B (KSE:049770), the nation's largest canned tuna maker, under its wing.
Source:
Business in Asia Today - JUNE 30, 2008
published by Asia Pulse
COPYRIGHT © 2008
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