Taiwan’s China Steel to Invest in Australia Mine
Source: AFP China Steel Corp, Taiwan’s largest steel producer, said Tuesday its board of directors had approved a plan to invest about A$102.0 million in an Australian coal mine. It will pay A$50 million for a 10 per cent stake in the MDL 162 coal mine, which is located in Queensland and owned by Australia’s...
Debt Crisis Takes India’s Kingfisher to the Brink
Source: Reuters India’s debt-crippled Kingfisher Airlines Ltd edged closer to the brink on Tuesday after nearly a week of mass cancellations of flights and the resignation of dozens of the low-cost carrier’s pilots. Vijay Mallya, the flamboyant liquor baron who owns a majority stake in Kingfisher, said he was determined to keep the airline...
Hong Kong Offers Asia’s First Volatility Index Futures as Swap Alternative
Source: Bloomberg Hong Kong’s stock market Monday started selling the first futures tracking volatility in Asia, the fastest-growing region for derivatives. Futures on the HSI Volatility Index, which tracks expected equity-market volatility over the next 30 days, are the first of their kind based on an Asian market, according to Calvin Tai, head of...
Rio Tinto Plans World-first Driverless Rail Network
Source: AFP Miner Rio Tinto will use driverless trains to deliver its iron ore to ports in Western Australia in what it said will be the world’s first automated, long-distance, heavy-haul rail network. Rio said a US$518-million investment would see the launch of the first driverless train in the vast and mineral-rich Pilbara region...
Thai Economy Shrinks 10.7 Per cent on Flood Impact
Source: AFP Thailand’s economy suffered a double-digit contraction in the fourth quarter of 2011, the sharpest on record, after the kingdom’s worst floods in half a century pummelled industry. Gross domestic product (GDP) shrank 10.7 per cent in the October-December period from the previous quarter, according to the National Economic and Social Development Board....
Japan Economy Picking Up, Consumer Spending Firm
Source: Reuters The government stuck to its assessment that Japan’s economy is slowly picking up on Thursday and raised its view on consumer spending for the first time in six months, after a resumption of subsidies for fuel-efficient cars boosted sales. It said consumer spending was holding firm, with incomes flat and a recovery in...
Japan Airlines Orders 10 New Boeing Dreamliners
Source: AFP Japan Airlines on Wednesday said it had ordered 10 new Boeing Dreamliner 787-9 aircraft as part of a five-year business plan. The announcement is in addition to an existing order for 35 Boeing planes and is part of a capital expenditure programme worth JPY489 billion (US$6.2 billion). It also said it had an...
Yahoo-Alibaba Talks Falling Apart: Sources
Talks between Yahoo Inc and China’s Alibaba Group over the US Internet giant’s Asian assets have hit an impasse, throwing their plans for a US$17-billion tax-free asset swap into question, according to sources briefed on the situation. The snag in negotiations came on the same day that activist investor Daniel Loeb, of hedge fund ThirdPoint,...
Asian Stocks Lower on Moody’s Credit Downgrades
Source: AFP Asian markets were mostly lower on Tuesday after Moody’s downgraded its credit ratings on six European nations, blaming the ongoing fallout from the continent’s debt crisis. The move came after Greek lawmakers pushed through a package of austerity cuts late Sunday, with Prime Minister Lucas Papademos saying the measures were “the country’s only...
Boeing, Indonesia’s Lion Air Ink US$22.4-billion Deal
Source: AFP Boeing and Indonesian carrier Lion Air formally signed Tuesday a US$22.4-billion deal for 230 aircraft, the single largest contract in commercial aviation history. Lion Air ordered 201 Boeing 737 MAX and 29 next-generation 737-900ERs, with purchase rights for an additional 150 airplanes from the US manufacturer. The deal was first announced on the...
BOJ Adds Stimulus, Sets 1 Per cent Inflation Target
Source: Bloomberg Japan’s central bank unexpectedly added JPY10.0 trillion (US$128 billion) to an asset-purchase programme and set an inflation goal after an economic slide fuelled criticism it has been slower to act than counterparts. An asset fund was increased to JPY30.0 trillion, with a credit lending programme at JPY35.0 trillion, the Bank of Japan said...
Japan’s Big GDP Drop a Worry for PM Tax Plan
Source: Reuters Japan’s economy shrank much more-than-expected in the fourth quarter, as Thai floods, a strong yen and weak demand hurt exports, casting doubt on hopes for a quick pick up in activity that could bolster government plans to raise the sales tax. Prime Minister Yoshihiko Noda needs to persuade a sceptical public that the...
