VIETNAM LAUNCHES US$8 BLN PORT, STEEL PLANT PROJECTS
Hanoi (ANTARA News/Asia Pulse) - Vietnam's Prime Minister Nguyen Tan Dung on July 6 issued an order to kick off construction on the iron/steel complex and Son Duong Port in the central province of Ha Tinh, the largest foreign direct investment project ever licensed in Vietnam so far, with total investment of almost US$8 billion.
Formosa Plastics Corp. (TAIEX:1301), Taiwan's largest petrochemical manufacturing conglomerate, is building the steel plant, with a capacity of 7.5 million tonnes a year.
Son Duong Port, which serves the steel plant, will be constructed in an area of over 3,000ha.
CHINA OILFIELD SERVICES TO ACQUIRE NORWEGIAN OIL SERVICE CO FOR $2.5 BLN
Beijing (ANTARA News/Asia Pulse) - China Oilfield Services Ltd. (COSL) (SEHK: 2883; SSE: 601808) announced on Monday it was offering to buy Norway's Awilco Offshore ASA (AWO) for 12.7 billion kroner (US$2.49 billion) to create the world's eighth largest rig fleet.
COSL, the listed arm of the China National Offshore Oil Corporation (CNOOC Group), the country's biggest offshore oil producer, would pay 85 kroner in cash per share for the operator of oil and gas rigs.
"AWO's board of directors has unanimously decided to recommend the offer," the two companies said in a joint statement.
The deal would help raise the number of COSL's operating rigs to 22 from 15 at present.
NIHON UNISYS TO POST 1ST POSITIVE CASH FLOW IN 5 YEARS IN FY08
Tokyo (ANTARA News/Asia Pulse) - Nihon Unisys Ltd. (TSE:8056) will likely record positive cash flow of 13 billion yen (US$122 million) in the current fiscal year through March 2009, its first positive cash flow in five years.
The information technology solution provider's operating cash flow is expected to more than double from a year earlier to roughly 38 billion yen.
This is due to an earnings recovery at Netmarks Inc. (TSE:3713), which became a Nihon Unisys subsidiary last fiscal year, as well as better collection of accounts receivables.
SUPPLY CONCERNS DELAY INDONESIAN STEEL VENTURES WORTH US$600 MLN
Jakarta (ANTARA News/Asia Pulse) - Three Indonesian investors have been forced to put off plans to invest US$600 million in the steel industry in South Kalimantan over uncertainty in basic material supply.
PT Krakatau Steel, which plans to build an iron ore processing plant at a cost of US$60 million, has yet to go through protracted negotiations with iron ore mining concession holders and regional administrations.
Two other investors - PT Mandan Steel (China Nickel Holding Resources) planning to invest US$500 million and PT Semeru Surya Steel of PT Gunung Garuda group planning a US$100 million investment - are also facing uncertainty in iron ore supply, an official said.
SRI LANKA LICENSES CAIRN INDIA TO EXPLORE FOR OFFSHORE OIL
Colombo (ANTARA News/Asia Pulse) - Cairn India Ltd (BSE:532792) Monday signed an agreement with the Sri Lankan government to invest US$100 million exploring for oil in the waters of the northwestern Mannar Basin over the next three years.
Under the deal, Cairn has paid a million dollar signature bonus and will pay 10 per cent royalty for oil produced.
A profit sharing plan will give the government a progressively increasing share starting from 12.5 per cent and peaking at 60/40 in favour of the state in five years or sooner if oil prices rise further, petroleum minister A H M Fowzie told a news conference.
Indrajit Banerjee, executive director of Cairn India, said the investment will be for the initial exploration phase and drilling of wells, including hiring of rigs, and manpower.
AUSTRALIA'S AFG SELLS SINGAPOREAN REAL ESTATE ARM FOR US$133 MLN
Sydney (ANTARA News/Asia Pulse) - Australia's Allco Finance Group Ltd (ASX:AFG) has sold part of its Singaporean real estate arm for A$138 million (US$133 million).
The sale to Frasers Centrepoint Ltd (FCL) (SGX:J69U) involves Allco's 17.7 per cent interest in the Allco Commercial REIT (SGX:A48U) and its 100 per cent stake in the manager of the Allco REIT, Allco Singapore Ltd.
It will generate proceeds of more than A$90 million, Allco said.
The proceeds will be used to further reduce Allco's senior debt as well as providing Allco with further operating liquidity.
DAIMLER HERO JV TO SET UP COMMERCIAL VEHICLE PLANT IN CHENNAI
New Delhi (ANTARA News/Asia Pulse) - Daimler Hero Commercial Vehicles, a joint venture between Germany's Daimler and the Munjals-promoted Hero Group, said Monday it would set up its manufacturing unit in Chennai as part of its Euro 700 million (US$1.09 billion) investment plan over the next five years.
"The Indo-German joint venture will soon begin the construction of a new factory in Chennai, where it will produce commercial vehicles under a new brand name for the Indian volume market and exports," DHCV said in a statement.
The plant, which would be operational in 2010, would produce up to 70,000 trucks in its initial phase of operation.
INDIA'S LARSEN & TOUBRO BAGS US$103.4 MLN ORDER FROM JSW POWER
Mumbai (ANTARA News/Asia Pulse) - Indian engineering major Larsen & Toubro (L&T) (BSE:500510) on Monday said it has bagged Rs 4.46 billion (US$103.4 million) order from JSW Power Transco Limited for construction of 169 km long transmission line in Maharashtra.
The Jaigad-Karad and Jaigad-New Koyna 400 kv transmission lines would be executed by the business unit of L&T's construction
division, the company said in a filing to the Bombay Stock Exchange.
The order was awarded by JSW Power Transco Limited, a subsidiary of Sajjan Jindal led JSW Energy, which has filed draft prospectus for an IPO in January.
The scope of the order includes survey, supply of components and construction of the line across the two sections and the project is scheduled to be completed in 18 months.
S KOREA'S KUMHO TIRE TO SUPPLY TIRES TO FORD MOTOR
Seoul (ANTARA News/Asia Pulse) - Kumho Tire Co. (KSE:073240), South Korea's second-largest tiremaker, said today it has signed a deal to supply tires to U.S. automaker Ford Motor Co. Financial terms of the deal were not disclosed.
Under the contract, Kumho will supply 200,000 tires a year for Ford's Focus sedan, the company said in a statement.
"Kumho Tire aims to become one of the world's top five tiremakers by 2015 by actively making inroads into the North American market," Kumho Tire chief executive officer Oh Se-chul said in the statement.
TAIWAN DIRECT SALES SECTOR'S REVENUES DOWN 4 PCT IN 2007
Taipei (ANTARA News/Asia Pulse) - The 258 companies engaged in direct selling in Taiwan last year had combined sales revenue totalling NT$53.11 billion (US$1.74 billion), down 4 per cent year-on-year, according to a report released Monday by the Cabinet-level Fair Trade Commission (FTC).
Only 10 of the direct selling companies had sales revenues exceeding NT$1 billion, accounting for only 4.7 per cent of the total, but their combined sales revenues reached NT$32.35 billion, representing 60.9 per cent of the sector's total revenues. According to the report, 5.68 million people were employed in the direct selling sector as of the end of 2007, posting a year-on-year growth of 7.2 per cent.
Source:
Business in Asia Today - July 8, 2008
published by Asia Pulse
COPYRIGHT © 2008
Hanoi (ANTARA News/Asia Pulse) - Vietnam's Prime Minister Nguyen Tan Dung on July 6 issued an order to kick off construction on the iron/steel complex and Son Duong Port in the central province of Ha Tinh, the largest foreign direct investment project ever licensed in Vietnam so far, with total investment of almost US$8 billion.
Formosa Plastics Corp. (TAIEX:1301), Taiwan's largest petrochemical manufacturing conglomerate, is building the steel plant, with a capacity of 7.5 million tonnes a year.
Son Duong Port, which serves the steel plant, will be constructed in an area of over 3,000ha.
CHINA OILFIELD SERVICES TO ACQUIRE NORWEGIAN OIL SERVICE CO FOR $2.5 BLN
Beijing (ANTARA News/Asia Pulse) - China Oilfield Services Ltd. (COSL) (SEHK: 2883; SSE: 601808) announced on Monday it was offering to buy Norway's Awilco Offshore ASA (AWO) for 12.7 billion kroner (US$2.49 billion) to create the world's eighth largest rig fleet.
COSL, the listed arm of the China National Offshore Oil Corporation (CNOOC Group), the country's biggest offshore oil producer, would pay 85 kroner in cash per share for the operator of oil and gas rigs.
"AWO's board of directors has unanimously decided to recommend the offer," the two companies said in a joint statement.
The deal would help raise the number of COSL's operating rigs to 22 from 15 at present.
NIHON UNISYS TO POST 1ST POSITIVE CASH FLOW IN 5 YEARS IN FY08
Tokyo (ANTARA News/Asia Pulse) - Nihon Unisys Ltd. (TSE:8056) will likely record positive cash flow of 13 billion yen (US$122 million) in the current fiscal year through March 2009, its first positive cash flow in five years.
The information technology solution provider's operating cash flow is expected to more than double from a year earlier to roughly 38 billion yen.
This is due to an earnings recovery at Netmarks Inc. (TSE:3713), which became a Nihon Unisys subsidiary last fiscal year, as well as better collection of accounts receivables.
SUPPLY CONCERNS DELAY INDONESIAN STEEL VENTURES WORTH US$600 MLN
Jakarta (ANTARA News/Asia Pulse) - Three Indonesian investors have been forced to put off plans to invest US$600 million in the steel industry in South Kalimantan over uncertainty in basic material supply.
PT Krakatau Steel, which plans to build an iron ore processing plant at a cost of US$60 million, has yet to go through protracted negotiations with iron ore mining concession holders and regional administrations.
Two other investors - PT Mandan Steel (China Nickel Holding Resources) planning to invest US$500 million and PT Semeru Surya Steel of PT Gunung Garuda group planning a US$100 million investment - are also facing uncertainty in iron ore supply, an official said.
SRI LANKA LICENSES CAIRN INDIA TO EXPLORE FOR OFFSHORE OIL
Colombo (ANTARA News/Asia Pulse) - Cairn India Ltd (BSE:532792) Monday signed an agreement with the Sri Lankan government to invest US$100 million exploring for oil in the waters of the northwestern Mannar Basin over the next three years.
Under the deal, Cairn has paid a million dollar signature bonus and will pay 10 per cent royalty for oil produced.
A profit sharing plan will give the government a progressively increasing share starting from 12.5 per cent and peaking at 60/40 in favour of the state in five years or sooner if oil prices rise further, petroleum minister A H M Fowzie told a news conference.
Indrajit Banerjee, executive director of Cairn India, said the investment will be for the initial exploration phase and drilling of wells, including hiring of rigs, and manpower.
AUSTRALIA'S AFG SELLS SINGAPOREAN REAL ESTATE ARM FOR US$133 MLN
Sydney (ANTARA News/Asia Pulse) - Australia's Allco Finance Group Ltd (ASX:AFG) has sold part of its Singaporean real estate arm for A$138 million (US$133 million).
The sale to Frasers Centrepoint Ltd (FCL) (SGX:J69U) involves Allco's 17.7 per cent interest in the Allco Commercial REIT (SGX:A48U) and its 100 per cent stake in the manager of the Allco REIT, Allco Singapore Ltd.
It will generate proceeds of more than A$90 million, Allco said.
The proceeds will be used to further reduce Allco's senior debt as well as providing Allco with further operating liquidity.
DAIMLER HERO JV TO SET UP COMMERCIAL VEHICLE PLANT IN CHENNAI
New Delhi (ANTARA News/Asia Pulse) - Daimler Hero Commercial Vehicles, a joint venture between Germany's Daimler and the Munjals-promoted Hero Group, said Monday it would set up its manufacturing unit in Chennai as part of its Euro 700 million (US$1.09 billion) investment plan over the next five years.
"The Indo-German joint venture will soon begin the construction of a new factory in Chennai, where it will produce commercial vehicles under a new brand name for the Indian volume market and exports," DHCV said in a statement.
The plant, which would be operational in 2010, would produce up to 70,000 trucks in its initial phase of operation.
INDIA'S LARSEN & TOUBRO BAGS US$103.4 MLN ORDER FROM JSW POWER
Mumbai (ANTARA News/Asia Pulse) - Indian engineering major Larsen & Toubro (L&T) (BSE:500510) on Monday said it has bagged Rs 4.46 billion (US$103.4 million) order from JSW Power Transco Limited for construction of 169 km long transmission line in Maharashtra.
The Jaigad-Karad and Jaigad-New Koyna 400 kv transmission lines would be executed by the business unit of L&T's construction
division, the company said in a filing to the Bombay Stock Exchange.
The order was awarded by JSW Power Transco Limited, a subsidiary of Sajjan Jindal led JSW Energy, which has filed draft prospectus for an IPO in January.
The scope of the order includes survey, supply of components and construction of the line across the two sections and the project is scheduled to be completed in 18 months.
S KOREA'S KUMHO TIRE TO SUPPLY TIRES TO FORD MOTOR
Seoul (ANTARA News/Asia Pulse) - Kumho Tire Co. (KSE:073240), South Korea's second-largest tiremaker, said today it has signed a deal to supply tires to U.S. automaker Ford Motor Co. Financial terms of the deal were not disclosed.
Under the contract, Kumho will supply 200,000 tires a year for Ford's Focus sedan, the company said in a statement.
"Kumho Tire aims to become one of the world's top five tiremakers by 2015 by actively making inroads into the North American market," Kumho Tire chief executive officer Oh Se-chul said in the statement.
TAIWAN DIRECT SALES SECTOR'S REVENUES DOWN 4 PCT IN 2007
Taipei (ANTARA News/Asia Pulse) - The 258 companies engaged in direct selling in Taiwan last year had combined sales revenue totalling NT$53.11 billion (US$1.74 billion), down 4 per cent year-on-year, according to a report released Monday by the Cabinet-level Fair Trade Commission (FTC).
Only 10 of the direct selling companies had sales revenues exceeding NT$1 billion, accounting for only 4.7 per cent of the total, but their combined sales revenues reached NT$32.35 billion, representing 60.9 per cent of the sector's total revenues. According to the report, 5.68 million people were employed in the direct selling sector as of the end of 2007, posting a year-on-year growth of 7.2 per cent.
Source:
Business in Asia Today - July 8, 2008
published by Asia Pulse
COPYRIGHT © 2008
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