JAPAN BANKRUPTCIES IN H1 SURGE 6.9% TO HIGHEST LEVEL IN 5 YRS
Tokyo (ANTARA News/Asia Pulse) - A total of 7,544 Japanese companies went belly up in the six months through June, a 6.9 per cent increase on the year and climbing to the highest first-half level since 2003.
According to data released Tuesday by Tokyo Shoko Research Ltd., bankruptcy cases increased in the construction industry, which was hit by higher materials prices as well as stricter screenings of building plans under a revised construction standards law.
Sliding land prices and weak housing sales also forced many real estate companies out of business.
Bankruptcies rose in the manufacturing and wholesale industries as well.
INSURANCE AUSTRALIA GRP TO SCALE BACK UK OPERATIONS, CUTS DIVIDEND
Sydney (ANTARA News/Asia Pulse) - Insurance Australia Group Ltd (ASX:IAG) has slashed its final dividend and will wind back its United Kingdom operations at a cost of A$350 million (US$333 million), just two years after entering the fiercely competitive British market.
The cut to IAG's final dividend to nine cents a share, from 16 cents, is an embarrassment for the general insurer's board, which recently rejected a takeover advance from QBE Insurance Group Ltd (ASX:QBE), with an implied value of A$4.60 a share.In a sweeping review of Australia's biggest insurer of homes and cars, the company's new chief executive, Mike Wilkins, also flagged an overhaul of the group's local operations.
IAG said the efficiency program in Australia and New Zealand was expected to deliver A$130 million in annual savings, but generate a A$60 million pre-tax impairment charge in fiscal 2008.
ADNOC SELECTS CONOCOPHILLIPS AS PARTNER TO DEVELOP SHAH GAS FIELD
Abu Dhabi (ANTARA News/Asia Pulse) - Abu Dhabi National Oil Company (ADNOC) and US oil company ConocoPhillips signed an interim agreement Tuesday for developing the Shah gas field in the Emirate of Abu Dhabi, United Arab Emirates.
Under the interim agreement, ADNOC and ConocoPhillips will jointly share the cost of the Shah Gas field development project. Completion of final joint venture agreements between the two parties is expected by year-end.
The large-scale project involves the development of sour gas reservoirs within the Shah field, located on-shore approximately 180 km south-west of the city of Abu Dhabi.
A new company will be formed to manage and operate Shah Facilities upon completing the project, with a 60 per cent interest for ADNOC and a 40 per cent interest for ConocoPhillips.
AUSTRALIAN CONSUMER SENTIMENT DROPS TO 16-YR LOW: INDEX
Sydney (ANTARA News/Asia Pulse) - Australian consumer sentiment has fallen to its lowest level in 16 years after petrol prices reached new highs, a leading economic indicator shows.
The Westpac-Melbourne Institute consumer sentiment index fell 6.7 per cent in July to 79 points, its lowest point since January 1992.
Westpac chief economist Bill Evans said the index was at its worst level since Australia began emerging from the recession of 1990/91.
The survey of 1,200 people was taken in early July, when crude oil prices hit a record $US145.85 a barrel and petrol prices in major capital cities hit $1.70 a litre.
INDIAN RETAILER SUBHIKSHA TO ADD 1,000 OUTLETS BY DECEMBER
New Delhi (ANTARA News/Asia Pulse) - Aiming to cash in on the burgeoning retail sector, supermarket, pharmacy and telecom retail chain Subhiksha on Tuesday said it plans to open 1,000 more outlets by the end of this year.
"Organised retail is growing at a rate of 8-10 per cent per annum, which so far represents only about four per cent of the total retail market.
We are planning to open about 1,000 stores by this December across various cities of the country," Subhiksha President (Manpower) S Shashikanth said.
Subhiksha, which started its operation with one store in Tamil Nadu in 1997, currently has over 1,500 outlets across the country and employs over 25,000 people.
L&T BAGS US$242.4 MLN ORDER FROM INDIAN RAILWAYS
Mumbai (ANTARA News/Asia Pulse) - Engineering and construction firm Larsen and Toubro (L&T) (BSE:500510) on Tuesday said it has bagged Rs 10.48 billion (US$242.4 million) contract from Indian Railways for setting up a steel wheel manufacturing plant in Bihar.
The company would set up a cast steel manufacturing plant at Saran in Bihar, L&T said in a filing to the Bombay Stock Exchange, adding that the plant when commissioned will have the capacity to manufacture 100,000 cast steel railroad wheels per annum.
The scope of the work for this turnkey project involves engineering, procurement and construction of the plant, including civil works, electrical installation and commissioning of machinery and plant. The project is scheduled to be completed within two years.
INDONESIA'S BAKRIE TAKES CONTROL OF MORE TOLL ROAD PROJECTS
Jakarta (ANTARA News/Asia Pulse) - The Bakrie Group (JSX:BNBR) has taken over the Pasuruan-Probolinggo toll road project after the original contractor failed to carry out the project due to financial difficulties.
There is no revocation of concession as Bakrie took over the project by injecting funds to the holder of the contract, PT Transjawa Pasro, Public Works Minister Djoko Kirmanto said. Earlier, the toll road regulatory body BPJT gave PT Transjawa a week to July 7 to meet the financial requirements or face revocation of its contract.
Bakrie has also taken over a number of other toll road projects as implementation by the original contractors failed over financial problems, media reports said.
INDIAN EXPRESS TRAINS TO CARRY CORPORATE SPONSOR'S NAME
New Delhi (ANTARA News/Asia Pulse) - India's Rajdhani express trains will soon feature a corporate image in their names as Indian Railways has entered into a sponsorship pact with US-based Max New York Life.
As per the agreement signed between the US-based life insurer and Railways today, three Rajdhani Trains starting from Bangalore, Chennai and Thiruvananthapuram and terminating at New Delhi will carry the suffix Max New York Life.
While the Railways would benefit by way of a license fee, for the company it would be a major brand promotion exercise.
The agreement will also give the insurance company the sole advertising and promotion rights on outside and inside of the three south bound Rajdhani trains.
SEIKO EPSON UNIT TO MASS-PRODUCE TOUCH PANELS IN CHINA
Matsumoto (ANTARA News/Asia Pulse) - Seiko Epson Corp.'s (TSE:6724) LCD panel production subsidiary, Epson Imaging Devices Corp., plans to begin mass production of touch panels at its plant in Suzhou, China, in the second half of fiscal 2008.
The move is in response to expansion of the market accompanying the growing popularity of car navigation systems and portable devices.
The plant will switch from producing inexpensive color STN (supertwisted nematic) substrates and LCD panels and touch panels to substrates for small and midsize touch panels for these high-value-added consumer products.
AT LEAST TWO THAI POLITICOS IN BRIBE SCANDAL: HOUSE PANEL
Bangkok (ANTARA News/Asia Pulse) - At least two Thai politicians received bribes from a Japanese firm in return for being awarded a public works tunnel project here in 2003, a senior Thai House of Representatives member alleged Tuesday.
Charnchai Isarasenarak, deputy chairman of the House Committee on the National Counter Corruption Commission (NCCC), said he had some documents concerning the project in his hands and the Committee had formerly investigated the scandal in 2005.
But the investigation stopped shortly after a corruption scandal relating to the procurement of the CTX9000 bomb scanners at Suvarnabhumi international airport broke out, Mr Charnchai said. Mr Charnchai said he planned to go to Japan to look further into the investigation.
Source:
Business in Asia Today - July 9, 2008
published by Asia Pulse
Tokyo (ANTARA News/Asia Pulse) - A total of 7,544 Japanese companies went belly up in the six months through June, a 6.9 per cent increase on the year and climbing to the highest first-half level since 2003.
According to data released Tuesday by Tokyo Shoko Research Ltd., bankruptcy cases increased in the construction industry, which was hit by higher materials prices as well as stricter screenings of building plans under a revised construction standards law.
Sliding land prices and weak housing sales also forced many real estate companies out of business.
Bankruptcies rose in the manufacturing and wholesale industries as well.
INSURANCE AUSTRALIA GRP TO SCALE BACK UK OPERATIONS, CUTS DIVIDEND
Sydney (ANTARA News/Asia Pulse) - Insurance Australia Group Ltd (ASX:IAG) has slashed its final dividend and will wind back its United Kingdom operations at a cost of A$350 million (US$333 million), just two years after entering the fiercely competitive British market.
The cut to IAG's final dividend to nine cents a share, from 16 cents, is an embarrassment for the general insurer's board, which recently rejected a takeover advance from QBE Insurance Group Ltd (ASX:QBE), with an implied value of A$4.60 a share.In a sweeping review of Australia's biggest insurer of homes and cars, the company's new chief executive, Mike Wilkins, also flagged an overhaul of the group's local operations.
IAG said the efficiency program in Australia and New Zealand was expected to deliver A$130 million in annual savings, but generate a A$60 million pre-tax impairment charge in fiscal 2008.
ADNOC SELECTS CONOCOPHILLIPS AS PARTNER TO DEVELOP SHAH GAS FIELD
Abu Dhabi (ANTARA News/Asia Pulse) - Abu Dhabi National Oil Company (ADNOC) and US oil company ConocoPhillips signed an interim agreement Tuesday for developing the Shah gas field in the Emirate of Abu Dhabi, United Arab Emirates.
Under the interim agreement, ADNOC and ConocoPhillips will jointly share the cost of the Shah Gas field development project. Completion of final joint venture agreements between the two parties is expected by year-end.
The large-scale project involves the development of sour gas reservoirs within the Shah field, located on-shore approximately 180 km south-west of the city of Abu Dhabi.
A new company will be formed to manage and operate Shah Facilities upon completing the project, with a 60 per cent interest for ADNOC and a 40 per cent interest for ConocoPhillips.
AUSTRALIAN CONSUMER SENTIMENT DROPS TO 16-YR LOW: INDEX
Sydney (ANTARA News/Asia Pulse) - Australian consumer sentiment has fallen to its lowest level in 16 years after petrol prices reached new highs, a leading economic indicator shows.
The Westpac-Melbourne Institute consumer sentiment index fell 6.7 per cent in July to 79 points, its lowest point since January 1992.
Westpac chief economist Bill Evans said the index was at its worst level since Australia began emerging from the recession of 1990/91.
The survey of 1,200 people was taken in early July, when crude oil prices hit a record $US145.85 a barrel and petrol prices in major capital cities hit $1.70 a litre.
INDIAN RETAILER SUBHIKSHA TO ADD 1,000 OUTLETS BY DECEMBER
New Delhi (ANTARA News/Asia Pulse) - Aiming to cash in on the burgeoning retail sector, supermarket, pharmacy and telecom retail chain Subhiksha on Tuesday said it plans to open 1,000 more outlets by the end of this year.
"Organised retail is growing at a rate of 8-10 per cent per annum, which so far represents only about four per cent of the total retail market.
We are planning to open about 1,000 stores by this December across various cities of the country," Subhiksha President (Manpower) S Shashikanth said.
Subhiksha, which started its operation with one store in Tamil Nadu in 1997, currently has over 1,500 outlets across the country and employs over 25,000 people.
L&T BAGS US$242.4 MLN ORDER FROM INDIAN RAILWAYS
Mumbai (ANTARA News/Asia Pulse) - Engineering and construction firm Larsen and Toubro (L&T) (BSE:500510) on Tuesday said it has bagged Rs 10.48 billion (US$242.4 million) contract from Indian Railways for setting up a steel wheel manufacturing plant in Bihar.
The company would set up a cast steel manufacturing plant at Saran in Bihar, L&T said in a filing to the Bombay Stock Exchange, adding that the plant when commissioned will have the capacity to manufacture 100,000 cast steel railroad wheels per annum.
The scope of the work for this turnkey project involves engineering, procurement and construction of the plant, including civil works, electrical installation and commissioning of machinery and plant. The project is scheduled to be completed within two years.
INDONESIA'S BAKRIE TAKES CONTROL OF MORE TOLL ROAD PROJECTS
Jakarta (ANTARA News/Asia Pulse) - The Bakrie Group (JSX:BNBR) has taken over the Pasuruan-Probolinggo toll road project after the original contractor failed to carry out the project due to financial difficulties.
There is no revocation of concession as Bakrie took over the project by injecting funds to the holder of the contract, PT Transjawa Pasro, Public Works Minister Djoko Kirmanto said. Earlier, the toll road regulatory body BPJT gave PT Transjawa a week to July 7 to meet the financial requirements or face revocation of its contract.
Bakrie has also taken over a number of other toll road projects as implementation by the original contractors failed over financial problems, media reports said.
INDIAN EXPRESS TRAINS TO CARRY CORPORATE SPONSOR'S NAME
New Delhi (ANTARA News/Asia Pulse) - India's Rajdhani express trains will soon feature a corporate image in their names as Indian Railways has entered into a sponsorship pact with US-based Max New York Life.
As per the agreement signed between the US-based life insurer and Railways today, three Rajdhani Trains starting from Bangalore, Chennai and Thiruvananthapuram and terminating at New Delhi will carry the suffix Max New York Life.
While the Railways would benefit by way of a license fee, for the company it would be a major brand promotion exercise.
The agreement will also give the insurance company the sole advertising and promotion rights on outside and inside of the three south bound Rajdhani trains.
SEIKO EPSON UNIT TO MASS-PRODUCE TOUCH PANELS IN CHINA
Matsumoto (ANTARA News/Asia Pulse) - Seiko Epson Corp.'s (TSE:6724) LCD panel production subsidiary, Epson Imaging Devices Corp., plans to begin mass production of touch panels at its plant in Suzhou, China, in the second half of fiscal 2008.
The move is in response to expansion of the market accompanying the growing popularity of car navigation systems and portable devices.
The plant will switch from producing inexpensive color STN (supertwisted nematic) substrates and LCD panels and touch panels to substrates for small and midsize touch panels for these high-value-added consumer products.
AT LEAST TWO THAI POLITICOS IN BRIBE SCANDAL: HOUSE PANEL
Bangkok (ANTARA News/Asia Pulse) - At least two Thai politicians received bribes from a Japanese firm in return for being awarded a public works tunnel project here in 2003, a senior Thai House of Representatives member alleged Tuesday.
Charnchai Isarasenarak, deputy chairman of the House Committee on the National Counter Corruption Commission (NCCC), said he had some documents concerning the project in his hands and the Committee had formerly investigated the scandal in 2005.
But the investigation stopped shortly after a corruption scandal relating to the procurement of the CTX9000 bomb scanners at Suvarnabhumi international airport broke out, Mr Charnchai said. Mr Charnchai said he planned to go to Japan to look further into the investigation.
Source:
Business in Asia Today - July 9, 2008
published by Asia Pulse
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