JAPAN'S FSA TO CITE AOZORA, TWO OTHER BANKS FOR POOR RESULTS
Tokyo (ANTARA News/Asia Pulse) - The Financial Services Agency plans to order Aozora Bank (TSE:8304), Bank of The Ryukyus (TSE:8399) and Gifu Bank (TSE:8528) to improve business operations after each missed the performance targets outlined as part of their arrangements to receive public funds.
The government provided financial assistance to the three banks between 1999 and 2001, with each submitting plans to revitalize operations.
The FSA is authorized to issue business improvement orders to aid recipients that miss net profit or other targets by at least 30 per cent.
For banks that breach this so-called 30 per cent rule two years in a row, the agency may force management to step down.
HANJIN HEAVY WINS ORDERS TO BUILD 8 BULK SHIPS FOR US$770 MLN
Seoul (ANTARA News/Asia Pulse) - The Hanjin Heavy Industries & Construction Co., (KSE:003480), South Korea's seventh-largest shipbuilder, said today that it had won orders valued at US$770 million to build eight bulk carriers.
The deals from three European shipping companies call on Hanjin Heavy Industries & Construction to deliver the 180,000-ton vessels by May, 2011, the company said.
Shares of Hanjin Heavy Industries & Construction were trading at 37,000 won on the Seoul bourse as of 1:03 p.m., up 2.78 per cent.
JAPAN'S DAIKIN TO INVEST US$37 MLN IN RAJASTHAN FACTORY
Neemrana (RAJASTHAN) (ANTARA News/Asia Pulse) - Daikin Airconditioning India Pvt Ltd, a fully-owned subsidiary of Japan-based Daikin Industries, on Wednesday announced an investment of Rs 1.6 billion (US$37 million) for setting up a manufacturing facility at Neemrana in Rajasthan.
The unit is expected to start production by 2009 and it would have a capacity to produce 20,000 variable refrigerant volume units and 1,800 chiller units per annum, Daikin India managing director Toshiki Hayashi told reporters at the ground breaking ceremony here.
Daikin India hopes to generate a revenue of Rs 11 billion by 2010, he said. .
ARCELORMITTAL SPENDS US$522 MLN ON SAFETY, ECO MEASURES
New Delhi (ANTARA News/Asia Pulse) - The world's largest steel maker ArcelorMittal yesterday said it spent US$522 million dollars on safety at the workplace initiatives and environmental measures last year.
The steel maker led by India-origin billionaire Lakshmi Mittal had invested US$214 million for research and development activities related to the environment including products for the renewable energy market.
The information came as part of the company's inaugural corporate responsibility report 'Taking Responsibility for Transforming Tomorrow' for the year 2007.
The company has increased the use of high strength steel for construction and automotive sectors which helps in cutting down on carbon dioxide emissions.
The firm had also completed socio-economic studies for its greenfield projects in India, the statement added.
HYUNDAI MOTOR UNION CHIEF WARNS OF FURTHER STRIKES
Ulsan (ANTARA News/Asia Pulse) - Workers at the Hyundai Motor Co. (KSE:005380) will strike again unless the company joins wage negotiations with an umbrella union, the head of Hyundai union said today as they began their second work stoppage this month.
"Unless there is a change in the company's stance in wage talks, we will have no option but to strike again," Yoon Hae-mo, president of the 45,000-strong union, told members as they launched a four-hour partial strike to press their management on wage talks and protest U.S. beef imports.
The union is demanding Hyundai executives negotiate with the umbrella union, the Korea Metal Workers' Union, in order to increase its bargaining power.
AUSTRALIA'S MIDWEST EXPANDS BOARD AFTER SINOSTEEL REQUEST
Melbourne (ANTARA News/Asia Pulse) - Takeover target Midwest Corporation Ltd (ASX:MIS) has expanded its board of directors to nine after a request from major shareholder and suitor, Sinosteel Corp. Sijun (Tony) Cheng, Hongbin (Michael) Wu and Ian McCubbin will join the six person board at Midwest from July 11. Sinosteel, China's second largest iron ore trader, is pursuing Midwest through a $US1.36 billion takeover and has built up a 47.14 per cent stake in the iron ore miner.
SENGKAWANG TO INVEST US$136 MLN IN INDONESIA'S ENERGY SECTOR
Jakarta (ANTARA News/Asia Pulse) - PT Energy Sengkawang plans to invest US$136 million to build power plants and gas pipeline in Sengkawang, the regency of Wajo, South Sulawesi.
Company president Paul Ivan Edwards said Energy Sengkawan will invest around US$120 million in a 60-megawatt gas fired power plant and a 60-MW coal fired power plant projects.
The gas fired power plant is expected to be operational this year and the coal fired power plant to follow in 2010, Edwards said.
The gas pipeline project to cost around US$16 million will transport gas from the Baru well to the power plant.
TOYOTA EXPANDS PRODUCTION CAPACITY IN CHINA
Tianjin (ANTARA News/Asia Pulse) - Toyota recently held a show in Beijing displaying Tianjin FAW Toyota Reiz PSP, which indicates that FAW Toyota will sell the Reiz via sports promotion.
Toyota has made great efforts to develop its Chinese market. In May this year, Tianjin FAW Toyota Company decided to invest 1.5 billion yuan (US$218.66 million) to expand the fourth phase project of Tianjin FAW Toyota Company, which will increase the production capacity from 100,000 units a year to 150,000 units by the end of 2009.
Toyota will put into mid-term production of the second production line of Guangzhou Toyota next year, which involved 3.6 billion yuan investment.
The recently started new plant project of FAW Toyota in Sichuan will be operational in the first half of 2010.
RIO TINTO TO SELL WESTERN AUSTRALIAN URANIUM PROJECT
Sydney (ANTARA News/Asia Pulse) - Rio Tinto Ltd (ASX:RIO) will sell its Kintyre uranium project in Western Australia to a joint venture consortium for $US495 million ($A518.3 million), as it moves closer to completing its $US10 billion ($A10.5 billion) asset sales target for this year.
The sale of the project to subsidiaries of Cameco Corporation and Mitsubishi Development Pty Ltd is expected to close in August.
"This sale brings us closer to achieving our asset sales target of $US10 billion in 2008, and is the third under a planned program to divest at least $US15 billion of assets in total," Rio Tinto chief financial officer Guy Elliott said in a statement.
MITSUBISHI MOTORS TO BEGIN RETAIL SALES OF ELECTRIC CAR IN 2009
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Motors Corp. (TSE:7211) will start selling its i MiEV plug-in electric vehicle to retail customers next summer, a year ahead of schedule, The Nikkei learned Wednesday.
The automaker had initially planned to start leasing the minicar-based vehicle to businesses and municipalities next summer and to wait until 2010 for the retail launch.
But it moved up the retail release in light of smoother-than-expected preparations for mass production and the favorable sales conditions created by runaway gasoline prices.
Production is to begin as early as April, using the line for minicars at the Mizushima factory in Kurashiki, Okayama Prefecture.
Mitsubishi Motors intends to set the price for the i MiEV at around 4 million yen (US$37,496). But government subsidies for low-emission vehicles are likely to reduce the actual price to an estimated 3 million yen.
Source:
Business in Asia Today - July 10, 2008
published by Asia Pulse
Tokyo (ANTARA News/Asia Pulse) - The Financial Services Agency plans to order Aozora Bank (TSE:8304), Bank of The Ryukyus (TSE:8399) and Gifu Bank (TSE:8528) to improve business operations after each missed the performance targets outlined as part of their arrangements to receive public funds.
The government provided financial assistance to the three banks between 1999 and 2001, with each submitting plans to revitalize operations.
The FSA is authorized to issue business improvement orders to aid recipients that miss net profit or other targets by at least 30 per cent.
For banks that breach this so-called 30 per cent rule two years in a row, the agency may force management to step down.
HANJIN HEAVY WINS ORDERS TO BUILD 8 BULK SHIPS FOR US$770 MLN
Seoul (ANTARA News/Asia Pulse) - The Hanjin Heavy Industries & Construction Co., (KSE:003480), South Korea's seventh-largest shipbuilder, said today that it had won orders valued at US$770 million to build eight bulk carriers.
The deals from three European shipping companies call on Hanjin Heavy Industries & Construction to deliver the 180,000-ton vessels by May, 2011, the company said.
Shares of Hanjin Heavy Industries & Construction were trading at 37,000 won on the Seoul bourse as of 1:03 p.m., up 2.78 per cent.
JAPAN'S DAIKIN TO INVEST US$37 MLN IN RAJASTHAN FACTORY
Neemrana (RAJASTHAN) (ANTARA News/Asia Pulse) - Daikin Airconditioning India Pvt Ltd, a fully-owned subsidiary of Japan-based Daikin Industries, on Wednesday announced an investment of Rs 1.6 billion (US$37 million) for setting up a manufacturing facility at Neemrana in Rajasthan.
The unit is expected to start production by 2009 and it would have a capacity to produce 20,000 variable refrigerant volume units and 1,800 chiller units per annum, Daikin India managing director Toshiki Hayashi told reporters at the ground breaking ceremony here.
Daikin India hopes to generate a revenue of Rs 11 billion by 2010, he said. .
ARCELORMITTAL SPENDS US$522 MLN ON SAFETY, ECO MEASURES
New Delhi (ANTARA News/Asia Pulse) - The world's largest steel maker ArcelorMittal yesterday said it spent US$522 million dollars on safety at the workplace initiatives and environmental measures last year.
The steel maker led by India-origin billionaire Lakshmi Mittal had invested US$214 million for research and development activities related to the environment including products for the renewable energy market.
The information came as part of the company's inaugural corporate responsibility report 'Taking Responsibility for Transforming Tomorrow' for the year 2007.
The company has increased the use of high strength steel for construction and automotive sectors which helps in cutting down on carbon dioxide emissions.
The firm had also completed socio-economic studies for its greenfield projects in India, the statement added.
HYUNDAI MOTOR UNION CHIEF WARNS OF FURTHER STRIKES
Ulsan (ANTARA News/Asia Pulse) - Workers at the Hyundai Motor Co. (KSE:005380) will strike again unless the company joins wage negotiations with an umbrella union, the head of Hyundai union said today as they began their second work stoppage this month.
"Unless there is a change in the company's stance in wage talks, we will have no option but to strike again," Yoon Hae-mo, president of the 45,000-strong union, told members as they launched a four-hour partial strike to press their management on wage talks and protest U.S. beef imports.
The union is demanding Hyundai executives negotiate with the umbrella union, the Korea Metal Workers' Union, in order to increase its bargaining power.
AUSTRALIA'S MIDWEST EXPANDS BOARD AFTER SINOSTEEL REQUEST
Melbourne (ANTARA News/Asia Pulse) - Takeover target Midwest Corporation Ltd (ASX:MIS) has expanded its board of directors to nine after a request from major shareholder and suitor, Sinosteel Corp. Sijun (Tony) Cheng, Hongbin (Michael) Wu and Ian McCubbin will join the six person board at Midwest from July 11. Sinosteel, China's second largest iron ore trader, is pursuing Midwest through a $US1.36 billion takeover and has built up a 47.14 per cent stake in the iron ore miner.
SENGKAWANG TO INVEST US$136 MLN IN INDONESIA'S ENERGY SECTOR
Jakarta (ANTARA News/Asia Pulse) - PT Energy Sengkawang plans to invest US$136 million to build power plants and gas pipeline in Sengkawang, the regency of Wajo, South Sulawesi.
Company president Paul Ivan Edwards said Energy Sengkawan will invest around US$120 million in a 60-megawatt gas fired power plant and a 60-MW coal fired power plant projects.
The gas fired power plant is expected to be operational this year and the coal fired power plant to follow in 2010, Edwards said.
The gas pipeline project to cost around US$16 million will transport gas from the Baru well to the power plant.
TOYOTA EXPANDS PRODUCTION CAPACITY IN CHINA
Tianjin (ANTARA News/Asia Pulse) - Toyota recently held a show in Beijing displaying Tianjin FAW Toyota Reiz PSP, which indicates that FAW Toyota will sell the Reiz via sports promotion.
Toyota has made great efforts to develop its Chinese market. In May this year, Tianjin FAW Toyota Company decided to invest 1.5 billion yuan (US$218.66 million) to expand the fourth phase project of Tianjin FAW Toyota Company, which will increase the production capacity from 100,000 units a year to 150,000 units by the end of 2009.
Toyota will put into mid-term production of the second production line of Guangzhou Toyota next year, which involved 3.6 billion yuan investment.
The recently started new plant project of FAW Toyota in Sichuan will be operational in the first half of 2010.
RIO TINTO TO SELL WESTERN AUSTRALIAN URANIUM PROJECT
Sydney (ANTARA News/Asia Pulse) - Rio Tinto Ltd (ASX:RIO) will sell its Kintyre uranium project in Western Australia to a joint venture consortium for $US495 million ($A518.3 million), as it moves closer to completing its $US10 billion ($A10.5 billion) asset sales target for this year.
The sale of the project to subsidiaries of Cameco Corporation and Mitsubishi Development Pty Ltd is expected to close in August.
"This sale brings us closer to achieving our asset sales target of $US10 billion in 2008, and is the third under a planned program to divest at least $US15 billion of assets in total," Rio Tinto chief financial officer Guy Elliott said in a statement.
MITSUBISHI MOTORS TO BEGIN RETAIL SALES OF ELECTRIC CAR IN 2009
Tokyo (ANTARA News/Asia Pulse) - Mitsubishi Motors Corp. (TSE:7211) will start selling its i MiEV plug-in electric vehicle to retail customers next summer, a year ahead of schedule, The Nikkei learned Wednesday.
The automaker had initially planned to start leasing the minicar-based vehicle to businesses and municipalities next summer and to wait until 2010 for the retail launch.
But it moved up the retail release in light of smoother-than-expected preparations for mass production and the favorable sales conditions created by runaway gasoline prices.
Production is to begin as early as April, using the line for minicars at the Mizushima factory in Kurashiki, Okayama Prefecture.
Mitsubishi Motors intends to set the price for the i MiEV at around 4 million yen (US$37,496). But government subsidies for low-emission vehicles are likely to reduce the actual price to an estimated 3 million yen.
Source:
Business in Asia Today - July 10, 2008
published by Asia Pulse
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