Asia Market Insight: May 2009

Sunday, May 31, 2009

Indian Oil Swings to a Profit

Indian Oil, the country's largest listed company by sales, said Friday it swung to a financial fourth-quarter net profit from a year-earlier loss.

Tata Motors Profit Falls

Tata Motors said its fiscal full-year net profit halved as lower vehicle sales outweighed one-time gains.

Mount Gibson Sets Iron Ore Price

Mount Gibson Iron said it has set its contract iron ore prices in line with the price cuts agreed between Rio Tinto and Nippon Steel this week.

Temasek May Sell Chartered Stake

Singapore state investment company Temasek Holdings is considering an offer for its stake in Chartered Semiconductor Manufacturing for $1.62 billion, two people familiar with the situation said.

Geely No Longer in Saab Talks

A group led by Chinese auto maker Geely is no longer a candidate to acquire GM's Saab unit, as the field of potential buyers has narrowed.

Philippine Call Centers Gain on India

The Philippines and other smaller countries are gaining on what used to be the sole superpower in the global call-center business, India.

Bollywood Standoff Nears End

The two-month standoff between Bollywood film producers and India's multiplex theaters will probably end in the next week.

Renault-Nissan Alliance Must Yield Savings

Carlos Ghosn, the head of Renault and Nissan, said he wants the car makers' alliance to yield additional savings of $2.09 billion.

U.S. Warns North Korea on Missiles

Gates issued a stern warning for North Korea. In a Saturday address in Singapore, he said the U.S. won't stand by as Pyongyang develops nuclear and missile technologies.

Refugee Crisis Inflames Ethnic Strife

An influx of Pashtun war refugees from northwest Pakistan into Karachi has inflamed ethnic rivalries.

Roh Funeral Shows Divisions

Anger and resentment have been high among the members of former President Roh's South Korean political base ever since his suicide.

In China, a New Breed of Dissidents

A full-time protester illustrates the changing dynamics of the Chinese protest movement since the military crackdown in Tiananmen Square 20 years ago.

Pakistan and the Bomb

If Pakistan and its nuclear arsenal fall into the hands of extremists, the world would face the worst security threat since the end of the Cold War. But the U.S. can avert a crisis.

Sri Lanka Looks to Lift Economy

The end to a long war has come just in time for Sri Lanka's economy, according to the country's central bank chief, who is now taking steps to lift low foreign-exchange reserves and spur growth.

India's inflation for the week ended May 16 rose at the same rate as a week earlier, setting the stage for a likely negative reading next month because of comparisons with last year's high numbers., more

Larsen Profit Up 3.3%

Larsen & Toubro reported a 3.3% rise in its financial fourth-quarter net profit on the back of improved margins and higher sales, while adding that it expects a 15% to 20% growth in revenue this financial year., more

Tata Invests in New Truck Range

Tata Motors said it has invested 10 billion rupees ($210.5 million) in developing its new range of medium and heavy trucks, which the company hopes will boost sales in India and overseas., more

BHEL Profit Up 21%

State-run Bharat Heavy Electricals Ltd., or BHEL, posted a 21% rise in its fourth-quarter net profit, beating market estimates., more

Indian Iron Ore Prices May Move Up on Rio-Nippon Deal

Indian spot iron ore export prices, which have plummeted in the last 3 to 4 months, may rebound following long-term price agreements between Rio Tinto and Japanese and South Korean steel mills, industry officials said., more

Indian Ministers Are Sworn In

India's Singh allocated portfolios for his 79-member council of ministers., more

Indian IPO Markets Could Reopen

With India's stock markets soaring in the wake of a clear-cut election win, capital raising in its once-red hot primary market is priming for a comeback, but issuance will be selective, and mainly focused on state-owned firms in the coming months., more

Moody's Awaits India Budget

Moody's Investor Service will take a fresh look at India's ratings after the newly elected government presents its federal budget in July., more

India May Ease Airline Investment Rules

Indian Civil Aviation Minister Praful Patel called for an easing of investment rules to let foreign carriers buy stakes in local airlines., more

Harnessing India's Technological Potential

Rajeev Mantri, executive director of Navam Capital, on why India needs to push its science research into the market., more

SBI: Interest Rates Are Softening

Interest rates in India are coming down following a series of chunky cuts in the central bank's key policy rates, State Bank of India Chairman O. P. Bhatt said., more

India to Mull Fuel Price Deregulation

India's Oil Minister said the federal government will consider deregulating diesel and gasoline prices in the next six weeks, in a move that will likely help state-run refiners narrow their losses on sales of fuel products at government-mandated prices., more

India to Consider Additional Import Tax On Steel

India will consider imposing an additional duty on steel imports and ensure all capacity expansion undertaken by state-run companies is completed in time., more

Mahindra Profit up 89%

Mahindra & Mahindra said its fourth quarter net profit surged 89%, boosted by higher non-operating income and a reduction in other expenses and tax provisions., more

Indian Oil Swings to a Profit

Indian Oil, the country's largest listed company by sales, said Friday it swung to a financial fourth-quarter net profit from a year-earlier loss., more

India Gold Jewelry Buys Flat

Indian gold jewelry buying remained flat despite traders' expectations of a rise in sales on the occasion of the auspicious Hindu day yesterday., more