SMBC ARRANGES US$472.3 MLN SYNDICATED LOAN FOR IBM
Tokyo (ANTARA News/Asia Pulse) - Sumitomo Mitsui Financial Group Inc. (TSE:8316) unit Sumitomo Mitsui Banking Corp. has put together a 50 billion yen (US$472.3 million) syndicated loan for IBM Corp., The Nikkei learned Monday.
This is the first time that the U.S. firm has tapped Japanese lenders for a syndicated loan. In the past, IBM has procured funds in Japan by issuing yen-denominated bonds, or samurai bonds.
AUSTRALIA'S AGL, ARROW TO SELL NORTH QUEENSLAND GAS PIPELINE FOR US$196 MLN
Melbourne (ANTARA News/Asia Pulse) - AGL Energy Ltd (ASX:AGL), Australia's largest power retailer, and Arrow Energy Ltd (ASX:AOE) have agreed to sell the North Queensland Gas Pipeline (NQGP) to Victorian Funds Management Corp for $A205 million ($US196.27 million).
AGL Energy and Arrow will continue to operate the pipeline, which will provide contracted operating and maintenance services to Victorian Funds under a long-term operations and maintenance agreement.
Financial close on the sale is expected by late July.
SINOPEC PUTS DANIUDI GAS FIELD INTO OPERATION
Beijing (ANTARA News/Asia Pulse) - Construction of Sinopec's Daniudi Gas Field in the Ordos Basin and the Tabamiao-Yulin natural gas pipeline has been completed and has just passed examination and acceptance, Sinopec Group reported.
This means that Daniudi Gas Field with an annual production capacity of 1 billion cubic meters has entered the stage of development and production and will be one of Sinopec's major natural gas replacement areas.
The project includes 233 gas wells, 10 gas gathering and distributing stations, 360 km single well gas-gathering pipelines, 403 km of alcohol injection pipeline, 70 km of main gas gathering pipelines and one methanol sewage purification plant.
ADB PROVIDES US$196 MLN FOR VIETNAM POWER PLANT
Hanoi (ANTARA News/Asia Pulse) - The Asian Development Bank (ADB) will provide a loan of US$196 million to build a 156-MW power plant in the Bung river in the central province of Quang Nam.
The plant is expected to be completed by 2013 to help ease the shortage of electricity in the country.
According to ADB energy expert Pradeep Perera, the project will help improve the stability and reliability of the national power grid and reduce the country's dependence on fossil fuel.
SRI LANKA INFLATION HITS NEW HIGH OF 28.2% IN JUNE
Colombo (ANTARA News/Asia Pulse) - Sri Lanka consumer inflation in the capital Colombo accelerated to a new record of 28.2 per cent in June 2008, from 26.2 per cent in May, the government's statistics office said.
In the 30 days to June prices rose 3.7 per cent in the most widely watched Colombo Consumer Price Index (CCPI).
The government changed the weights of the index and its base year after inflation hit 29.9 per cent in April. Sri Lanka's inflation had been spiking since the middle of 2007 amid loose monetary policy.
The island has the highest inflation in Asia with only Vietnam coming close.
AUSTRALIA'S BABCOCK & BROWN WIND ACQUIRES WIND FARMS IN GERMANY
Sydney (ANTARA News/Asia Pulse) - Babcock & Brown Wind Partners Ltd (ASX:BBW) has acquired four wind farms located in Germany for an undisclosed sum.
The wind farms located in four separate German states have a combined total capacity of 19.6 megawatts The farms are based
in the towns of Coswig in the state of Sachsen-Anhalt, Eschweiler in Northrhine-Westphalia, Sonnenberg in Niedersachsen and Calau in Brandenburg.
BBW said three of the farms - Coswig, Eschweiler, Sonnenberg - are fully operational and are expected to make a full year contribution to net operating cash flow in fiscal 2009.
INDONESIAN CO BAKRIE SUMATERA SEEKS LOAN PLEDGE OF US$150 MLN
Jakarta (ANTARA News/Asia Pulse) - Publicly listed plantation company PT Bakrie Sumatera Plantations (JSX:UNSP) said it hopes to receive a loan of US$150 million from a bank syndicate in the middle of this month.
The company needs the fund to finance expansion of oil palm plantations by 50,000 hectares in Riau and Kalimantan, a company official said.
Finance Director Harry M Nadir said the U.S. dollar loan from local and foreign banks will carry an annual interest rate based on LIBOR.
POSCO AGREES TO PAY RIO TINTO 80 PCT MORE FOR IMPORTED IRON ORE
Seoul (ANTARA News/Asia Pulse) - POSCO (KSE:005490), the world's fourth-largest steelmaker, said Tuesday that it has agreed to pay Australian miner Rio Tinto (ASX:RIO) 80 per cent more for iron ore supplies, heralding another increase in steel prices.
The deal, retrospective to the contract that began on April 1, follows a February agreement with Brazilian mining company Vale under which the South Korean steelmaker agreed to pay 65 per cent more for iron ore.
POSCO said it is still in talks with another Australian miner, BHP Billiton, for an increase in prices of iron ore.
INDIAN GROUP BUILDING NEW AUTOPART PLANT IN VINH PHUC, VIETNAM
Hanoi (ANTARA News/Asia Pulse) - India's Minda Group organised the ground breaking ceremony for a US$10 million auto components plant on June 29.
Covering an area of 2ha in Binh Xuyen Industrial Zone in the northern province of Vinh Phuc, the project will be divided into two phases.
The Minda group manufactures a wide range of auto components: electrical switches, security locks, horns, lamps, wiring harnesses, batteries and speedometer clusters.
Minda Vietnam's products will be exported to other ASEAN countries.
TAIWAN GOVT SETS UP COMMITTEE TO DEVELOP MORE EQUITABLE TAX SYSTEM
Taipei (ANTARA News/Asia Pulse) - The Taiwan government has set up a tax reform committee that will aim to formulate a system that is fair, highly efficient, simple and can enhance the global competitiveness of local companies, Premier Liu Chao-shiuan
said Monday.
After the launch, the committee held its first meeting, which was chaired by Vice-Premier Chiu Cheng-hsiung.
Liu said reform of the current tax system to develop a more equitable and logical one will allow for better utilization of Taiwan's high-quality human resources as part of the effort to achieve economic growth in the face of globalization and competition from emerging economies.
Source:
Business in Asia Today - July 1, 2008
published by Asia Pulse
COPYRIGHT © 2008
Tokyo (ANTARA News/Asia Pulse) - Sumitomo Mitsui Financial Group Inc. (TSE:8316) unit Sumitomo Mitsui Banking Corp. has put together a 50 billion yen (US$472.3 million) syndicated loan for IBM Corp., The Nikkei learned Monday.
This is the first time that the U.S. firm has tapped Japanese lenders for a syndicated loan. In the past, IBM has procured funds in Japan by issuing yen-denominated bonds, or samurai bonds.
AUSTRALIA'S AGL, ARROW TO SELL NORTH QUEENSLAND GAS PIPELINE FOR US$196 MLN
Melbourne (ANTARA News/Asia Pulse) - AGL Energy Ltd (ASX:AGL), Australia's largest power retailer, and Arrow Energy Ltd (ASX:AOE) have agreed to sell the North Queensland Gas Pipeline (NQGP) to Victorian Funds Management Corp for $A205 million ($US196.27 million).
AGL Energy and Arrow will continue to operate the pipeline, which will provide contracted operating and maintenance services to Victorian Funds under a long-term operations and maintenance agreement.
Financial close on the sale is expected by late July.
SINOPEC PUTS DANIUDI GAS FIELD INTO OPERATION
Beijing (ANTARA News/Asia Pulse) - Construction of Sinopec's Daniudi Gas Field in the Ordos Basin and the Tabamiao-Yulin natural gas pipeline has been completed and has just passed examination and acceptance, Sinopec Group reported.
This means that Daniudi Gas Field with an annual production capacity of 1 billion cubic meters has entered the stage of development and production and will be one of Sinopec's major natural gas replacement areas.
The project includes 233 gas wells, 10 gas gathering and distributing stations, 360 km single well gas-gathering pipelines, 403 km of alcohol injection pipeline, 70 km of main gas gathering pipelines and one methanol sewage purification plant.
ADB PROVIDES US$196 MLN FOR VIETNAM POWER PLANT
Hanoi (ANTARA News/Asia Pulse) - The Asian Development Bank (ADB) will provide a loan of US$196 million to build a 156-MW power plant in the Bung river in the central province of Quang Nam.
The plant is expected to be completed by 2013 to help ease the shortage of electricity in the country.
According to ADB energy expert Pradeep Perera, the project will help improve the stability and reliability of the national power grid and reduce the country's dependence on fossil fuel.
SRI LANKA INFLATION HITS NEW HIGH OF 28.2% IN JUNE
Colombo (ANTARA News/Asia Pulse) - Sri Lanka consumer inflation in the capital Colombo accelerated to a new record of 28.2 per cent in June 2008, from 26.2 per cent in May, the government's statistics office said.
In the 30 days to June prices rose 3.7 per cent in the most widely watched Colombo Consumer Price Index (CCPI).
The government changed the weights of the index and its base year after inflation hit 29.9 per cent in April. Sri Lanka's inflation had been spiking since the middle of 2007 amid loose monetary policy.
The island has the highest inflation in Asia with only Vietnam coming close.
AUSTRALIA'S BABCOCK & BROWN WIND ACQUIRES WIND FARMS IN GERMANY
Sydney (ANTARA News/Asia Pulse) - Babcock & Brown Wind Partners Ltd (ASX:BBW) has acquired four wind farms located in Germany for an undisclosed sum.
The wind farms located in four separate German states have a combined total capacity of 19.6 megawatts The farms are based
in the towns of Coswig in the state of Sachsen-Anhalt, Eschweiler in Northrhine-Westphalia, Sonnenberg in Niedersachsen and Calau in Brandenburg.
BBW said three of the farms - Coswig, Eschweiler, Sonnenberg - are fully operational and are expected to make a full year contribution to net operating cash flow in fiscal 2009.
INDONESIAN CO BAKRIE SUMATERA SEEKS LOAN PLEDGE OF US$150 MLN
Jakarta (ANTARA News/Asia Pulse) - Publicly listed plantation company PT Bakrie Sumatera Plantations (JSX:UNSP) said it hopes to receive a loan of US$150 million from a bank syndicate in the middle of this month.
The company needs the fund to finance expansion of oil palm plantations by 50,000 hectares in Riau and Kalimantan, a company official said.
Finance Director Harry M Nadir said the U.S. dollar loan from local and foreign banks will carry an annual interest rate based on LIBOR.
POSCO AGREES TO PAY RIO TINTO 80 PCT MORE FOR IMPORTED IRON ORE
Seoul (ANTARA News/Asia Pulse) - POSCO (KSE:005490), the world's fourth-largest steelmaker, said Tuesday that it has agreed to pay Australian miner Rio Tinto (ASX:RIO) 80 per cent more for iron ore supplies, heralding another increase in steel prices.
The deal, retrospective to the contract that began on April 1, follows a February agreement with Brazilian mining company Vale under which the South Korean steelmaker agreed to pay 65 per cent more for iron ore.
POSCO said it is still in talks with another Australian miner, BHP Billiton, for an increase in prices of iron ore.
INDIAN GROUP BUILDING NEW AUTOPART PLANT IN VINH PHUC, VIETNAM
Hanoi (ANTARA News/Asia Pulse) - India's Minda Group organised the ground breaking ceremony for a US$10 million auto components plant on June 29.
Covering an area of 2ha in Binh Xuyen Industrial Zone in the northern province of Vinh Phuc, the project will be divided into two phases.
The Minda group manufactures a wide range of auto components: electrical switches, security locks, horns, lamps, wiring harnesses, batteries and speedometer clusters.
Minda Vietnam's products will be exported to other ASEAN countries.
TAIWAN GOVT SETS UP COMMITTEE TO DEVELOP MORE EQUITABLE TAX SYSTEM
Taipei (ANTARA News/Asia Pulse) - The Taiwan government has set up a tax reform committee that will aim to formulate a system that is fair, highly efficient, simple and can enhance the global competitiveness of local companies, Premier Liu Chao-shiuan
said Monday.
After the launch, the committee held its first meeting, which was chaired by Vice-Premier Chiu Cheng-hsiung.
Liu said reform of the current tax system to develop a more equitable and logical one will allow for better utilization of Taiwan's high-quality human resources as part of the effort to achieve economic growth in the face of globalization and competition from emerging economies.
Source:
Business in Asia Today - July 1, 2008
published by Asia Pulse
COPYRIGHT © 2008
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