AUSTRALIA'S ANZ BANK GETS NOD FROM VIETNAM'S CENTRAL BANK
Hanoi (ANTARA News/Asia Pulse) - The Australia and New Zealand Banking Group (ASX:ANZ) has been granted in principle approval to set up a wholly Vietnam incorporated operation. Following the move, the bank will open at least four new outlets in Vietnam by the end of this year.
The newly incorporated bank will help meet the needs of Vietnam's growing population by offering more products such as mortgage loans, credit cards, car loans and better savings and investments.
ANZ entered Vietnam in 1993 and has branches in Hanoi and Ho Chi Minh City, and a representative office in Can Tho Province as well as holding a 13.9 per cent equity in Saigon Securities Incorporation and a 10 per cent stake in Saigon Thuong Tin Commercial Bank.
INDIA'S RELIANCE, GAIL IN BID TO SET UP PETROCHEM UNIT IN QATAR
Mumbai (ANTARA News/Asia Pulse) - Reliance Industries (BSE:500325) and GAIL India (BSE:532155) will next week pitch to Qatar the establishment of a US$1.3 billion mega petrochemical plant in the gas rich nation.
"A joint delegation will visit Qatar on July 7 to discuss possibilities of setting up a mega petrochemical plant in that country," GAIL chairman and managing director U D Choubey said.
Reliance and GAIL had on December 4, 2007 signed a memorandum of understanding to jointly set up a mega gas-based petrochemical plant. "We have now zeored in on Qatar, Iran, Algeria, Nigeria and Russia," Choubey said.
"We are looking at countries that can provide natural gas as feedstock for the unit."
V AUSTRALIA TO BEGIN DIRECT FLIGHTS FROM BRISBANE TO LOS ANGELES
Sydney (ANTARA News/Asia Pulse) - Virgin Blue's (ASX:VBA) off-shoot V Australia has announced it will add an extra service between Brisbane and Los Angeles from next year.
The Brisbane service will operate three times a week with economy fares starting at A$2,087 (US$1,999).
The announcement was welcomed by Queensland's embattled tourism industry which is struggling after the withdrawal of selected Qantas and Jetstar services to the state.
"Providing direct access for US travellers to Brisbane is going to be critical in luring more visitors to experience the attractions of south east Queensland and then travel onwards to other world famous Queensland destinations like Cairns and the Whitsundays via Virgin Blue's domestic flights," Premier Anna Bligh said.
DAEWOO SHIPBUILDING WINS US$2.3 BLN ORDER FOR 16 CONTAINER SHIPS
Seoul (ANTARA News/Asia Pulse) - Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660) today said it has won an order to build 16 container vessels for US$2.33 billion, the industry's largest order to date.
The deal with A.P. Moeller-Maersk of Denmark, the world's largest shipping line, calls on Daewoo Shipbuilding to deliver the vessels by December, 2012, the company said in a statement. The shipbuilder has won orders valued at US$9.83 billion so far this year to build 59 ships, accounting for 56 per cent of its yearly target of US$17.5 billion worth of orders.
US-BASED CLEANWATER INVESTS US$50 MLN IN POWER EQUIPMENT PARK IN INDIA
Vadodara (ANTARA News/Asia Pulse) - New York-based Clearwater Capital Partners today said it has invested US$50 million in a power equipment park that will be developed by Diamond Power Infrastructure Ltd (BSE: 522163) at Vadala, Maharashtra state. Clearwater has so far invested US$500 million in 39 companies across India, which it considers a safe investment destination due to its legal framework that is absent in China, company's managing partner Robert Petty said here.
He hoped to invest in more companies after operationalising of Indo-US nuclear deal.
S. KOREAN CHEMICAL FIBER FIRM TO BUILD PLANT IN N. KOREAN COMPLEX
Seoul (ANTARA News/Asia Pulse) - Taekwang Industrial Co. (KSE:003240), a leading South Korean chemical fiber company, said Thursday it will build a facility in a joint industrial complex in the North Korean border city of Kaesong to produce acrylic fiber.
The facility, with an annual production capacity of 4,000 tons of the product, is expected to start operation in February next year, marking the first time a major South Korean chemical fiber company has a presence in the Kaesong.
Taekwang, which produces 57,000 tons of acrylic fiber a year in South Korea, is considering a plan to transfer part of its production facilities in the South to the industrial complex, company officials said.
AUSTRALIA'S RFG DOES DEAL TO TAKE DONUT KING FRANCHISE TO CHINA
Sydney (ANTARA News/Asia Pulse) - Food brand manager and franchisor Retail Food Group Ltd (ASX:RFG) has finalised the terms of an agreement with Shanghai-based Mak Brands Ltd to expand its Donut King franchise into China.
The agreement grants Mak Brands exclusive rights to the Donut King franchise and cements an initial licence fee and ongoing royalties.
Mak Brands plans to establish a flagship Donut King outlet on Nanjing Road in Shanghai by the end of 2008.
Additional sites have been identified and by the end of fiscal 2009 it expects to have 10 to 15 outlets within east China.
MORE FULL-TIME EMPLOYEES IN JAPAN WORK 60-PLUS HOURS A WEEK: POLL
Tokyo (ANTARA News/Asia Pulse) - An influx of workers in non-regular positions may be causing full-time staff to clock more time on the job, according to a Japanese government survey released Thursday.
More than one in five full-time male employees aged 25-44 works more than 60 hours a week, the Ministry of Internal Affairs and Communications' 2007 Labor Force Survey showed.
Employees who log more than 60 hours a week make up 12.7 per cent of the national total of roughly 53 million, up 0.8 percentage point from the 2002 survey.
INDONESIA'S ANTAM TO ACQUIRE 25% OF MARTABE GOLD MINE
Jakarta (ANTARA News/Asia Pulse) - Indonesian miner PT Aneka Tambang (Antam) (JSX:ANTM) is eyeing a 25 per cent stake valued about US$166.25 million in the Martabe gold mine in North Sumatra.
Antam has already signed a MoU with Australia's Oxiana Ltd (ASX:OXR), which owns the gold and silver mine. Under the agreement Antam will buy 10 per cent of the mine with an option to buy 15 per cent more, Antam corporate secretary Bimo Budi Satrio said.
Antam will buy a 10 per cent stake this year and another 10 per cent in 2009, Satrio said, adding that an additional 5 per cent stake will be bought after Oxiana increases the annual production to 9 tons of gold.
The companies plan to establish a joint venture to build and operate business in precious metals and base metals, Antam President Alwin Syah Lubis said.
TAIWAN AGRICULTURE COUNCIL URGES FARMERS TO GROW CORN
Taipei (ANTARA News/Asia Pulse) - Taiwan's government has offered subsidies of NT$45,000 (US$1,475) per hectare Thursday to encourage farmers to grow corn on fallow land so they can earn more and help cope with a growing domestic shortage of feed corn.
The Agriculture and Food Agency, under the Council of Agriculture (COA) said that as the price of grain has shown no sign of falling, now is a good time to cultivate corn.
According to the COA more than 40 local farmers' associations have indicated willingness to join the program.
By offering the subsidy and guaranteed prices for their crops, the Agency hopes farmers will grow corn on about 12,000 hectares, yielding about 60,000 metric tons of feed corn to meet local demand, the officials said.
Source:
Business in Asia Today - July 4, 2008
published by Asia Pulse
COPYRIGHT © 2008
Hanoi (ANTARA News/Asia Pulse) - The Australia and New Zealand Banking Group (ASX:ANZ) has been granted in principle approval to set up a wholly Vietnam incorporated operation. Following the move, the bank will open at least four new outlets in Vietnam by the end of this year.
The newly incorporated bank will help meet the needs of Vietnam's growing population by offering more products such as mortgage loans, credit cards, car loans and better savings and investments.
ANZ entered Vietnam in 1993 and has branches in Hanoi and Ho Chi Minh City, and a representative office in Can Tho Province as well as holding a 13.9 per cent equity in Saigon Securities Incorporation and a 10 per cent stake in Saigon Thuong Tin Commercial Bank.
INDIA'S RELIANCE, GAIL IN BID TO SET UP PETROCHEM UNIT IN QATAR
Mumbai (ANTARA News/Asia Pulse) - Reliance Industries (BSE:500325) and GAIL India (BSE:532155) will next week pitch to Qatar the establishment of a US$1.3 billion mega petrochemical plant in the gas rich nation.
"A joint delegation will visit Qatar on July 7 to discuss possibilities of setting up a mega petrochemical plant in that country," GAIL chairman and managing director U D Choubey said.
Reliance and GAIL had on December 4, 2007 signed a memorandum of understanding to jointly set up a mega gas-based petrochemical plant. "We have now zeored in on Qatar, Iran, Algeria, Nigeria and Russia," Choubey said.
"We are looking at countries that can provide natural gas as feedstock for the unit."
V AUSTRALIA TO BEGIN DIRECT FLIGHTS FROM BRISBANE TO LOS ANGELES
Sydney (ANTARA News/Asia Pulse) - Virgin Blue's (ASX:VBA) off-shoot V Australia has announced it will add an extra service between Brisbane and Los Angeles from next year.
The Brisbane service will operate three times a week with economy fares starting at A$2,087 (US$1,999).
The announcement was welcomed by Queensland's embattled tourism industry which is struggling after the withdrawal of selected Qantas and Jetstar services to the state.
"Providing direct access for US travellers to Brisbane is going to be critical in luring more visitors to experience the attractions of south east Queensland and then travel onwards to other world famous Queensland destinations like Cairns and the Whitsundays via Virgin Blue's domestic flights," Premier Anna Bligh said.
DAEWOO SHIPBUILDING WINS US$2.3 BLN ORDER FOR 16 CONTAINER SHIPS
Seoul (ANTARA News/Asia Pulse) - Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660) today said it has won an order to build 16 container vessels for US$2.33 billion, the industry's largest order to date.
The deal with A.P. Moeller-Maersk of Denmark, the world's largest shipping line, calls on Daewoo Shipbuilding to deliver the vessels by December, 2012, the company said in a statement. The shipbuilder has won orders valued at US$9.83 billion so far this year to build 59 ships, accounting for 56 per cent of its yearly target of US$17.5 billion worth of orders.
US-BASED CLEANWATER INVESTS US$50 MLN IN POWER EQUIPMENT PARK IN INDIA
Vadodara (ANTARA News/Asia Pulse) - New York-based Clearwater Capital Partners today said it has invested US$50 million in a power equipment park that will be developed by Diamond Power Infrastructure Ltd (BSE: 522163) at Vadala, Maharashtra state. Clearwater has so far invested US$500 million in 39 companies across India, which it considers a safe investment destination due to its legal framework that is absent in China, company's managing partner Robert Petty said here.
He hoped to invest in more companies after operationalising of Indo-US nuclear deal.
S. KOREAN CHEMICAL FIBER FIRM TO BUILD PLANT IN N. KOREAN COMPLEX
Seoul (ANTARA News/Asia Pulse) - Taekwang Industrial Co. (KSE:003240), a leading South Korean chemical fiber company, said Thursday it will build a facility in a joint industrial complex in the North Korean border city of Kaesong to produce acrylic fiber.
The facility, with an annual production capacity of 4,000 tons of the product, is expected to start operation in February next year, marking the first time a major South Korean chemical fiber company has a presence in the Kaesong.
Taekwang, which produces 57,000 tons of acrylic fiber a year in South Korea, is considering a plan to transfer part of its production facilities in the South to the industrial complex, company officials said.
AUSTRALIA'S RFG DOES DEAL TO TAKE DONUT KING FRANCHISE TO CHINA
Sydney (ANTARA News/Asia Pulse) - Food brand manager and franchisor Retail Food Group Ltd (ASX:RFG) has finalised the terms of an agreement with Shanghai-based Mak Brands Ltd to expand its Donut King franchise into China.
The agreement grants Mak Brands exclusive rights to the Donut King franchise and cements an initial licence fee and ongoing royalties.
Mak Brands plans to establish a flagship Donut King outlet on Nanjing Road in Shanghai by the end of 2008.
Additional sites have been identified and by the end of fiscal 2009 it expects to have 10 to 15 outlets within east China.
MORE FULL-TIME EMPLOYEES IN JAPAN WORK 60-PLUS HOURS A WEEK: POLL
Tokyo (ANTARA News/Asia Pulse) - An influx of workers in non-regular positions may be causing full-time staff to clock more time on the job, according to a Japanese government survey released Thursday.
More than one in five full-time male employees aged 25-44 works more than 60 hours a week, the Ministry of Internal Affairs and Communications' 2007 Labor Force Survey showed.
Employees who log more than 60 hours a week make up 12.7 per cent of the national total of roughly 53 million, up 0.8 percentage point from the 2002 survey.
INDONESIA'S ANTAM TO ACQUIRE 25% OF MARTABE GOLD MINE
Jakarta (ANTARA News/Asia Pulse) - Indonesian miner PT Aneka Tambang (Antam) (JSX:ANTM) is eyeing a 25 per cent stake valued about US$166.25 million in the Martabe gold mine in North Sumatra.
Antam has already signed a MoU with Australia's Oxiana Ltd (ASX:OXR), which owns the gold and silver mine. Under the agreement Antam will buy 10 per cent of the mine with an option to buy 15 per cent more, Antam corporate secretary Bimo Budi Satrio said.
Antam will buy a 10 per cent stake this year and another 10 per cent in 2009, Satrio said, adding that an additional 5 per cent stake will be bought after Oxiana increases the annual production to 9 tons of gold.
The companies plan to establish a joint venture to build and operate business in precious metals and base metals, Antam President Alwin Syah Lubis said.
TAIWAN AGRICULTURE COUNCIL URGES FARMERS TO GROW CORN
Taipei (ANTARA News/Asia Pulse) - Taiwan's government has offered subsidies of NT$45,000 (US$1,475) per hectare Thursday to encourage farmers to grow corn on fallow land so they can earn more and help cope with a growing domestic shortage of feed corn.
The Agriculture and Food Agency, under the Council of Agriculture (COA) said that as the price of grain has shown no sign of falling, now is a good time to cultivate corn.
According to the COA more than 40 local farmers' associations have indicated willingness to join the program.
By offering the subsidy and guaranteed prices for their crops, the Agency hopes farmers will grow corn on about 12,000 hectares, yielding about 60,000 metric tons of feed corn to meet local demand, the officials said.
Source:
Business in Asia Today - July 4, 2008
published by Asia Pulse
COPYRIGHT © 2008
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