CHINESE OIL GIANT CHIEF BLAMES SPECULATION FOR OIL PRICE RISE
Beijing (ANTARA News/Asia Pulse) - An insufficient oil supply, a weak US dollar, speculation and geopolitical instability have fanned oil prices to record highs, a senior Chinese oil manager said Tuesday.
The decisive driving force behind the high oil prices, which reached US$143 per barrel Monday, is severe concern about the fundamentals of oil supply and demand, not just for today, but for tomorrow as well, said Fu Chengyu, President of the China National Offshore Oil Corporation (CNOOC).
A weak US dollar and geopolitical instability have been fully manipulated by speculators to drive up oil prices, Fu said at the on-going five-day 19th World Petroleum Congress in Madrid.
VIETNAM'S THEP VIET CAPITAL, MALAYSIAN FIRM SIGN CO-OP PACT
Ho Chi Minh City (ANTARA News/Asia Pulse) - Vietnam's Thep Viet Capital on July 1 signed a strategic cooperation pact with the Inter-Pacific Capital Sdn Bhd, a subsidiary of the Malaysian Berjaya group.
Under the pact, Inter-Pacific Capital will become a large shareholder of the Thep Viet Capital, involving in fund management, investment and business development.
Thep Viet Capital, a leading private company in Vietnam, earned US$450 million in 2007 from steel production and distribution.
CHINESE OIL REFINERS CONTINUE TO STRUGGLE WITH RISING PRICES
Beijing (ANTARA News/Asia Pulse) - The recent price rise of refined oil products cannot fully offset domestic refiners' losses caused by surging crude prices, said Zhou Dadi, deputy director of China Energy Research Society.
The price increase can relieve domestic oil refiners' difficulties to some degree but it won't put them back in the black, he said.
China's top economic planning body, the National Development and Reform Commission (NDRC), last month announced the price of gasoline and diesel would go up by 1,000 yuan (US$146) per ton from June 20, and the price of aviation kerosene would increase by 1,500 yuan per ton.
KOREA'S KT CORP SIGNS ALLIANCE DEAL WITH NTT OF JAPAN
Seoul (ANTARA News/Asia Pulse) - KT Corp. (KSE:030200), South Korea's leading fixed-line operator, said today it has signed a tentative deal with NTT Corp. (TSE:9432) of Japan aimed at securing cooperation in joint business projects in the future.
The companies signed a memorandum of understanding (MOU) in Silicon Valley, California on Monday and held a meeting dubbed the "KT-NTT Venture Forum" participated in by leading venture tech firms in the region, the company said.
Under the MOU, KT and NTT will jointly seek new business models utilizing next-generation broadband communications technologies, initially focusing on overseas venture capital-related areas.
AUSTRALIAN HIGH-END COMMERCIAL PROPERTY SALES AT 15 YR LOW
Syndey (ANTARA News/Asia Pulse) - The value of commercial property sales worth more than A$5 million (US$4.75 million) each has fallen to its lowest level in 15 years, research by CB Richard Ellis (CBRE) has revealed.
Total sales for properties worth more than A$5 million (US$4.75 million) were down 60 per cent to A$3 billion for the first half of calendar 2008 compared with the same period in 2007.
The data showed that retail property transactions had been the most heavily affected, with transaction volumes down 84 per cent on the same period last year.
WESTFIELD REACHES DEAL WITH UK GOVT TO BUILD SHOPPING MALL
Sydney (ANTARA News/Asia Pulse) - Westfield Group (ASX:WDC) is to build a STG1.5 billion (US$2.989 billion) shopping centre in east London after reaching agreements with the British government and Olympic agencies.
Westfield, the world's biggest owner and operator of shopping centres, will build the retail complex in Stratford City after securing agreements on the delivery of land, development rights and infrastructure.
"The STG1.5 billion Stratford City retail and leisure development has both scale and significance, serving as a gateway to the Olympic Park and delivering real momentum to the regeneration of east London," Westfield chairman Frank Lowy said in a statement. It is due to open in 2011.
CHINA'S MIDEA TO SET UP AIR CONDITIONER JV WITH CARRIER ASIA
Beijing (ANTARA News/Asia Pulse) - Guangdong Midea Electric Appliances Co., Ltd. (SSX:000527) announced today that it will set up a refrigerating equipment joint venture with Carrier Asia in Foshan, Guangdong Province.
The joint venture, named Midea-Carrier Refrigerating Equipment Co., Ltd., will have a total registered capital of 200 million yuan (US$29.17 million).
Midea will contribute 120 million yuan and Carrier, 80 million yuan, taking a 60 per cent and 40 per cent stake in the venture, respectively. The venture will focus on R&D and manufacturing on household and light-duty commercial air conditioners and will undertake overseas orders from the Carrier entity, including Carrier Asia, Carrier Corporation and other related companies.
INT'L FURNITURE CITY IN THE PIPELINE FOR ABU DHABI
Dubai (ANTARA News/Asia Pulse) - Plans are afoot to establish a one-stop regional furniture centre known as the International Furniture City (IFC) in Abu Dhabi, capital of the United Arab Emirates (UAE).
The man behind the project, Dr Ismail Kassim of Spectrum Furniture (Middle East) Sdn Bhd, said the company was partnering with the UAE's United Eastern Group in developing the project.
It is expected to cost up to 250 million dirham (US$68.1 million). "We expect to rope in 250 Malaysian furniture makers and 300 more from China.
The IFC concept is akin to a furniture supermarket offering medium to high quality products," Ismail told Bernama.
QANTAS MAY NET A$2.5 BLN BY FLOATING FREQUENT FLYER BIZ: ANALYST
Sydney (ANTARA News/Asia Pulse) - Plans by Qantas (ASX:QAN) to float nearly half of its frequent flyer business on the stock exchange could generate up to A$2.5 billion (US$2.375 billion), giving its shareholders a tidy return.
Analysts say the potential sale - a final decision will be taken next month - would boost the airline's cash reserves in a climate of rising jet fuel costs.
Qantas yesterday unveiled an improved frequent flyer scheme, expanding the ways frequent flyers can use their points, and said it was considering an initial public offer (IPO) of about 40 per cent of the business.
US APPAREL MAJOR GAP JOINS WITH INDIAN GOVT FOR WORKERS' RIGHTS
New Delhi (ANTARA News/Asia Pulse) - A year after being embroiled in a child labour controversy, leading US apparel and footwear brand Gap has embarked on a national initiative for welfare of children and women in collaboration with the Ministry of Women and Child Development and various state governments.
"The initiative will see the company forming a collaboration with the central and some state governments, like Bihar and Andhra Pradesh, for prevention, rehabilitation and eradication of child labour and exploitation of women labour at various outsourcing factories of the company," Gap International Sourcing (India) Director (Social Responsibility) said Lakshmi Menon Bhatia.
Source:
Business in Asia Today - July 2, 2008
published by Asia Pulse
COPYRIGHT © 2008
Beijing (ANTARA News/Asia Pulse) - An insufficient oil supply, a weak US dollar, speculation and geopolitical instability have fanned oil prices to record highs, a senior Chinese oil manager said Tuesday.
The decisive driving force behind the high oil prices, which reached US$143 per barrel Monday, is severe concern about the fundamentals of oil supply and demand, not just for today, but for tomorrow as well, said Fu Chengyu, President of the China National Offshore Oil Corporation (CNOOC).
A weak US dollar and geopolitical instability have been fully manipulated by speculators to drive up oil prices, Fu said at the on-going five-day 19th World Petroleum Congress in Madrid.
VIETNAM'S THEP VIET CAPITAL, MALAYSIAN FIRM SIGN CO-OP PACT
Ho Chi Minh City (ANTARA News/Asia Pulse) - Vietnam's Thep Viet Capital on July 1 signed a strategic cooperation pact with the Inter-Pacific Capital Sdn Bhd, a subsidiary of the Malaysian Berjaya group.
Under the pact, Inter-Pacific Capital will become a large shareholder of the Thep Viet Capital, involving in fund management, investment and business development.
Thep Viet Capital, a leading private company in Vietnam, earned US$450 million in 2007 from steel production and distribution.
CHINESE OIL REFINERS CONTINUE TO STRUGGLE WITH RISING PRICES
Beijing (ANTARA News/Asia Pulse) - The recent price rise of refined oil products cannot fully offset domestic refiners' losses caused by surging crude prices, said Zhou Dadi, deputy director of China Energy Research Society.
The price increase can relieve domestic oil refiners' difficulties to some degree but it won't put them back in the black, he said.
China's top economic planning body, the National Development and Reform Commission (NDRC), last month announced the price of gasoline and diesel would go up by 1,000 yuan (US$146) per ton from June 20, and the price of aviation kerosene would increase by 1,500 yuan per ton.
KOREA'S KT CORP SIGNS ALLIANCE DEAL WITH NTT OF JAPAN
Seoul (ANTARA News/Asia Pulse) - KT Corp. (KSE:030200), South Korea's leading fixed-line operator, said today it has signed a tentative deal with NTT Corp. (TSE:9432) of Japan aimed at securing cooperation in joint business projects in the future.
The companies signed a memorandum of understanding (MOU) in Silicon Valley, California on Monday and held a meeting dubbed the "KT-NTT Venture Forum" participated in by leading venture tech firms in the region, the company said.
Under the MOU, KT and NTT will jointly seek new business models utilizing next-generation broadband communications technologies, initially focusing on overseas venture capital-related areas.
AUSTRALIAN HIGH-END COMMERCIAL PROPERTY SALES AT 15 YR LOW
Syndey (ANTARA News/Asia Pulse) - The value of commercial property sales worth more than A$5 million (US$4.75 million) each has fallen to its lowest level in 15 years, research by CB Richard Ellis (CBRE) has revealed.
Total sales for properties worth more than A$5 million (US$4.75 million) were down 60 per cent to A$3 billion for the first half of calendar 2008 compared with the same period in 2007.
The data showed that retail property transactions had been the most heavily affected, with transaction volumes down 84 per cent on the same period last year.
WESTFIELD REACHES DEAL WITH UK GOVT TO BUILD SHOPPING MALL
Sydney (ANTARA News/Asia Pulse) - Westfield Group (ASX:WDC) is to build a STG1.5 billion (US$2.989 billion) shopping centre in east London after reaching agreements with the British government and Olympic agencies.
Westfield, the world's biggest owner and operator of shopping centres, will build the retail complex in Stratford City after securing agreements on the delivery of land, development rights and infrastructure.
"The STG1.5 billion Stratford City retail and leisure development has both scale and significance, serving as a gateway to the Olympic Park and delivering real momentum to the regeneration of east London," Westfield chairman Frank Lowy said in a statement. It is due to open in 2011.
CHINA'S MIDEA TO SET UP AIR CONDITIONER JV WITH CARRIER ASIA
Beijing (ANTARA News/Asia Pulse) - Guangdong Midea Electric Appliances Co., Ltd. (SSX:000527) announced today that it will set up a refrigerating equipment joint venture with Carrier Asia in Foshan, Guangdong Province.
The joint venture, named Midea-Carrier Refrigerating Equipment Co., Ltd., will have a total registered capital of 200 million yuan (US$29.17 million).
Midea will contribute 120 million yuan and Carrier, 80 million yuan, taking a 60 per cent and 40 per cent stake in the venture, respectively. The venture will focus on R&D and manufacturing on household and light-duty commercial air conditioners and will undertake overseas orders from the Carrier entity, including Carrier Asia, Carrier Corporation and other related companies.
INT'L FURNITURE CITY IN THE PIPELINE FOR ABU DHABI
Dubai (ANTARA News/Asia Pulse) - Plans are afoot to establish a one-stop regional furniture centre known as the International Furniture City (IFC) in Abu Dhabi, capital of the United Arab Emirates (UAE).
The man behind the project, Dr Ismail Kassim of Spectrum Furniture (Middle East) Sdn Bhd, said the company was partnering with the UAE's United Eastern Group in developing the project.
It is expected to cost up to 250 million dirham (US$68.1 million). "We expect to rope in 250 Malaysian furniture makers and 300 more from China.
The IFC concept is akin to a furniture supermarket offering medium to high quality products," Ismail told Bernama.
QANTAS MAY NET A$2.5 BLN BY FLOATING FREQUENT FLYER BIZ: ANALYST
Sydney (ANTARA News/Asia Pulse) - Plans by Qantas (ASX:QAN) to float nearly half of its frequent flyer business on the stock exchange could generate up to A$2.5 billion (US$2.375 billion), giving its shareholders a tidy return.
Analysts say the potential sale - a final decision will be taken next month - would boost the airline's cash reserves in a climate of rising jet fuel costs.
Qantas yesterday unveiled an improved frequent flyer scheme, expanding the ways frequent flyers can use their points, and said it was considering an initial public offer (IPO) of about 40 per cent of the business.
US APPAREL MAJOR GAP JOINS WITH INDIAN GOVT FOR WORKERS' RIGHTS
New Delhi (ANTARA News/Asia Pulse) - A year after being embroiled in a child labour controversy, leading US apparel and footwear brand Gap has embarked on a national initiative for welfare of children and women in collaboration with the Ministry of Women and Child Development and various state governments.
"The initiative will see the company forming a collaboration with the central and some state governments, like Bihar and Andhra Pradesh, for prevention, rehabilitation and eradication of child labour and exploitation of women labour at various outsourcing factories of the company," Gap International Sourcing (India) Director (Social Responsibility) said Lakshmi Menon Bhatia.
Source:
Business in Asia Today - July 2, 2008
published by Asia Pulse
COPYRIGHT © 2008
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