35 CHINESE FIRMS MAKE FORTUNE LIST
Beijing (ANTARA News/Asia Pulse) - China's largest refiner Sinopec (SSX:600028, SEHK:0386), together with 34 other Chinese companies, made it to this year's Fortune 500 list released Thursday.
With sales of US$159.26 billion, Sinopec led the Chinese group at the 16th place, followed by State Grid, ranking 24 and China National Petroleum Corp (CNPC), 25. Among the 35 companies, 26 are from the mainland, three from Hong Kong and six from Taiwan.
A total of 19 State-owned companies under the central government are on the list.
China's three leading oil companies - CNPC, Sinopec and China National Offshore Oil Corp (CNOOC)(SSX:600028) - as well as the country's two power grid companies - State Grid and China Southern Power Grid - found a place on the list.
SAMSUNG HEAVY BUILDS WORLD'S LARGEST LNG TANKER FOR QATAR
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140) said today it has completed construction of the world's biggest liquefied natural gas (LNG) tanker.
The 266,000-cubic-meter tanker will be delivered to Qatar in August, and will supply gas to the United States and Europe. Samsung Heavy won an order to build the tanker in March 2006 for US$290 million, the largest ever contract at the time.
Samsung plans to deliver 10 more LNG tankers of the same size to Qatar by 2010. Qatar, the world's biggest LNG producer, has ordered 45 LNG tankers from three Korean shipyards and Samsung Heavy is contracted to build 18 of them.
VIETNAM'S GLOBAL SETS UP NEW MOBILE CARRIER WITH RUSSIAN PARTNER
Hanoi (ANTARA News/Asia Pulse) - Vietnam's Global Telecom Company and Russia's VimpelCom have inked a deal to set up a mobile phone network in Vietnam which will operate under the name of GTel Mobile.
The Ministry of Information and Communications (MIC) said it had finalised procedures to grant an operation licence to GTel, which will also operate other telecom services such as fixed telephone lines, fax, broadband internet, VoIP and Wimax.
Vietnam's mobile market is set to grow three times faster than that of Britain's over the next five years, according to a study released by the Altimo Foundation.
INDIA'S SPICE ENERGY TO IMPORT LNG FROM INDONESIA
New Delhi (ANTARA News/Asia Pulse) - Spice Energy will import LNG from Indonesia at its proposed US$400 million import terminal in Haldia while its unit Cals Refineries (BSE:526652) has signed a deal with BP to source up to 5 million tons of crude oil a year for its US$1.1 billion refinery in the same city.
Spice Energy is setting up a 2.5 million ton facility that will sell gas to fertiliser plants in West Bengal.
BP will buy most of the petrol and diesel Spice's Haldia refinery produces, for sale in the Asia Pacific region.
SINOSTEEL LIFTS STAKE IN AUSTRALIA'S MIDWEST CORP
Sydney (ANTARA News/Asia Pulse) - China's second biggest iron ore trader, Sinosteel (SSE:002057), has lifted its majority stake in Midwest Corporation Ltd (ASX:MIS) to over 50 per cent.
In a change in substantial holder notice posted to the Australian Stock Exchange, Sinosteel said it now held shares representing 50.97 per cent of voting power in Midwest.
It has been pursuing Midwest in a A$1.36 billion (US$1.305 billion) takeover to gain control of the company's iron ore resources and cut dependence on Rio Tinto Ltd (ASX:RIO) and BHP (ASX:BHP) amid rising prices.
However, fellow iron ore miner and former suitor Murchison Metals (ASX:MMX) has vowed to stifle Sinosteel's attempt to swallow Midwest by not accepting the bid for its 10 per cent holding in the company, which effectively blocks a compulsory takeover.
JAPAN'S KOBE STEEL TO SELL U.S STEEL POWDER BIZ TO SWEDISH FIRM
Tokyo (ANTARA News/Asia Pulse) - Kobe Steel Ltd. (TSE:5406) said Thursday that it will shut its U.S. steel powder operations by selling Kobelco Metal Powder of America Inc. to Sweden's Hoganas AB.
The Big Three U.S. automakers and other automobile-related companies make up about 90 per cent of its customers as steel powder is used to manufacture gears and other autoparts.
The company has been operating at a loss due to weak sales and high fuel and materials prices.
With car demand in the U.S. plunging due to surging gasoline prices, Kobe Steel concluded that it would be difficult to execute a turnaround of its U.S. steel powder unit.
SANYO TO BUILD US$95 MLN ELECTRONIC COMPONENT PLANT IN VIETNAM
Hanoi (ANTARA News/Asia Pulse) - Japanese electronics manufacturer Sanyo (TSE:6764) will pour US$95 million into an electronic component plant at the Quang Chau Industrial Zone in Vietnam's northern Bac Giang province.
The company received yesterday an investment license from provincial authorities to set up the Sanyo-HQ Vietnam Electronic Component Co. Ltd to carry out the plant construction.
This will be Sanyo's third plant in Vietnam, following its first to manufacture home electric appliances and a second to produce digital cameras.
The future plant will be built in September and is scheduled for completion by April 2009.
AUSTRALIA'S UNTAPPED SHALE OIL SOURCES THE SOLUTION: ENERGY CO
Melbourne (ANTARA News/Asia Pulse) - Untapped sources of oil within Australia could provide the country with fuel into the next century, Queensland Energy Resources (QER) says.
The company has called for a national focus on securing a domestic oil supply, urging the government and business to focus on solutions rather than gloomy outlooks. The call comes in response to today's projections by the Commonwwealth Scintific and Industrial Research Organisation (CSIRO) of skyrocketing petrol prices at A$8 (US$7.68) a litre by 2018.
Oil shale is produced by mining shale rock and heating kerogen inside it to produce synthetic crude oil. It could be produced at any Australian refinery, QER spokesman Simon Eldridge said.
CHINA'S FAW HAIMA AUTOMOBILE TO START BUILDING 3RD PLANT
Haikoi (ANTARA News/Asia Pulse) - China's FAW Haima Automobile Co., Ltd. will start the construction of its third plant in Haikou New and High-tech Economic Development Zone, according to the company.
The third plant will cover an area of 831 mu (55.4 ha.) and will involve 1.5 billion yuan (US$219 million) in fixed assets. Upon completion of the third plant, Haima's annual production capacity will increase from the existing 150,000 units to 300,000 units.
POSCO'S Q2 EARNINGS SURGE 34 PCT ON HIGHER STEEL PRICES
Seoul (ANTARA News/Asia Pulse) - POSCO (KSE:005490) said Friday that its second-quarter earnings climbed 34 per cent from a year earlier on cost-saving efforts, solid demand and higher steel prices.
Its net profit in the April-June period reached 1.49 trillion won (US$1.49 billion), compared with 1.11 trillion won a year earlier, the company said.
Sales increased 28.3 per cent to 7.46 trillion won, and operating income gained 51 per cent to
1.88 trillion won.
POSCO attributed its record quarterly earnings to increased export prices and higher steel prices.
The steelmaker has raised steel prices three times this year as it seeks to shore up profit margins dented by soaring prices of iron ore and coal.
Source:
Business in Asia Today - July 11, 2008
published by Asia Pulse
Beijing (ANTARA News/Asia Pulse) - China's largest refiner Sinopec (SSX:600028, SEHK:0386), together with 34 other Chinese companies, made it to this year's Fortune 500 list released Thursday.
With sales of US$159.26 billion, Sinopec led the Chinese group at the 16th place, followed by State Grid, ranking 24 and China National Petroleum Corp (CNPC), 25. Among the 35 companies, 26 are from the mainland, three from Hong Kong and six from Taiwan.
A total of 19 State-owned companies under the central government are on the list.
China's three leading oil companies - CNPC, Sinopec and China National Offshore Oil Corp (CNOOC)(SSX:600028) - as well as the country's two power grid companies - State Grid and China Southern Power Grid - found a place on the list.
SAMSUNG HEAVY BUILDS WORLD'S LARGEST LNG TANKER FOR QATAR
Seoul (ANTARA News/Asia Pulse) - Samsung Heavy Industries Co. (KSE:010140) said today it has completed construction of the world's biggest liquefied natural gas (LNG) tanker.
The 266,000-cubic-meter tanker will be delivered to Qatar in August, and will supply gas to the United States and Europe. Samsung Heavy won an order to build the tanker in March 2006 for US$290 million, the largest ever contract at the time.
Samsung plans to deliver 10 more LNG tankers of the same size to Qatar by 2010. Qatar, the world's biggest LNG producer, has ordered 45 LNG tankers from three Korean shipyards and Samsung Heavy is contracted to build 18 of them.
VIETNAM'S GLOBAL SETS UP NEW MOBILE CARRIER WITH RUSSIAN PARTNER
Hanoi (ANTARA News/Asia Pulse) - Vietnam's Global Telecom Company and Russia's VimpelCom have inked a deal to set up a mobile phone network in Vietnam which will operate under the name of GTel Mobile.
The Ministry of Information and Communications (MIC) said it had finalised procedures to grant an operation licence to GTel, which will also operate other telecom services such as fixed telephone lines, fax, broadband internet, VoIP and Wimax.
Vietnam's mobile market is set to grow three times faster than that of Britain's over the next five years, according to a study released by the Altimo Foundation.
INDIA'S SPICE ENERGY TO IMPORT LNG FROM INDONESIA
New Delhi (ANTARA News/Asia Pulse) - Spice Energy will import LNG from Indonesia at its proposed US$400 million import terminal in Haldia while its unit Cals Refineries (BSE:526652) has signed a deal with BP to source up to 5 million tons of crude oil a year for its US$1.1 billion refinery in the same city.
Spice Energy is setting up a 2.5 million ton facility that will sell gas to fertiliser plants in West Bengal.
BP will buy most of the petrol and diesel Spice's Haldia refinery produces, for sale in the Asia Pacific region.
SINOSTEEL LIFTS STAKE IN AUSTRALIA'S MIDWEST CORP
Sydney (ANTARA News/Asia Pulse) - China's second biggest iron ore trader, Sinosteel (SSE:002057), has lifted its majority stake in Midwest Corporation Ltd (ASX:MIS) to over 50 per cent.
In a change in substantial holder notice posted to the Australian Stock Exchange, Sinosteel said it now held shares representing 50.97 per cent of voting power in Midwest.
It has been pursuing Midwest in a A$1.36 billion (US$1.305 billion) takeover to gain control of the company's iron ore resources and cut dependence on Rio Tinto Ltd (ASX:RIO) and BHP (ASX:BHP) amid rising prices.
However, fellow iron ore miner and former suitor Murchison Metals (ASX:MMX) has vowed to stifle Sinosteel's attempt to swallow Midwest by not accepting the bid for its 10 per cent holding in the company, which effectively blocks a compulsory takeover.
JAPAN'S KOBE STEEL TO SELL U.S STEEL POWDER BIZ TO SWEDISH FIRM
Tokyo (ANTARA News/Asia Pulse) - Kobe Steel Ltd. (TSE:5406) said Thursday that it will shut its U.S. steel powder operations by selling Kobelco Metal Powder of America Inc. to Sweden's Hoganas AB.
The Big Three U.S. automakers and other automobile-related companies make up about 90 per cent of its customers as steel powder is used to manufacture gears and other autoparts.
The company has been operating at a loss due to weak sales and high fuel and materials prices.
With car demand in the U.S. plunging due to surging gasoline prices, Kobe Steel concluded that it would be difficult to execute a turnaround of its U.S. steel powder unit.
SANYO TO BUILD US$95 MLN ELECTRONIC COMPONENT PLANT IN VIETNAM
Hanoi (ANTARA News/Asia Pulse) - Japanese electronics manufacturer Sanyo (TSE:6764) will pour US$95 million into an electronic component plant at the Quang Chau Industrial Zone in Vietnam's northern Bac Giang province.
The company received yesterday an investment license from provincial authorities to set up the Sanyo-HQ Vietnam Electronic Component Co. Ltd to carry out the plant construction.
This will be Sanyo's third plant in Vietnam, following its first to manufacture home electric appliances and a second to produce digital cameras.
The future plant will be built in September and is scheduled for completion by April 2009.
AUSTRALIA'S UNTAPPED SHALE OIL SOURCES THE SOLUTION: ENERGY CO
Melbourne (ANTARA News/Asia Pulse) - Untapped sources of oil within Australia could provide the country with fuel into the next century, Queensland Energy Resources (QER) says.
The company has called for a national focus on securing a domestic oil supply, urging the government and business to focus on solutions rather than gloomy outlooks. The call comes in response to today's projections by the Commonwwealth Scintific and Industrial Research Organisation (CSIRO) of skyrocketing petrol prices at A$8 (US$7.68) a litre by 2018.
Oil shale is produced by mining shale rock and heating kerogen inside it to produce synthetic crude oil. It could be produced at any Australian refinery, QER spokesman Simon Eldridge said.
CHINA'S FAW HAIMA AUTOMOBILE TO START BUILDING 3RD PLANT
Haikoi (ANTARA News/Asia Pulse) - China's FAW Haima Automobile Co., Ltd. will start the construction of its third plant in Haikou New and High-tech Economic Development Zone, according to the company.
The third plant will cover an area of 831 mu (55.4 ha.) and will involve 1.5 billion yuan (US$219 million) in fixed assets. Upon completion of the third plant, Haima's annual production capacity will increase from the existing 150,000 units to 300,000 units.
POSCO'S Q2 EARNINGS SURGE 34 PCT ON HIGHER STEEL PRICES
Seoul (ANTARA News/Asia Pulse) - POSCO (KSE:005490) said Friday that its second-quarter earnings climbed 34 per cent from a year earlier on cost-saving efforts, solid demand and higher steel prices.
Its net profit in the April-June period reached 1.49 trillion won (US$1.49 billion), compared with 1.11 trillion won a year earlier, the company said.
Sales increased 28.3 per cent to 7.46 trillion won, and operating income gained 51 per cent to
1.88 trillion won.
POSCO attributed its record quarterly earnings to increased export prices and higher steel prices.
The steelmaker has raised steel prices three times this year as it seeks to shore up profit margins dented by soaring prices of iron ore and coal.
Source:
Business in Asia Today - July 11, 2008
published by Asia Pulse
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