Tuesday, June 30, 2009
China Iron-Ore Deal Falters
China's steel industry failed to reach a supply deal with the world's major iron-ore producers by Tuesday's informal deadline, highlighting the challenges the resource-hungry nation faces in trying to shift the balance of power in global commodities markets.
Test Comes Quickly for Toyota Boss
Toyota's new president has been in his new position for about a week but already is confronted with a tough test following GM's decision to end the companies' California vehicle-assembly venture.
Fuel Firms to Raise Jet Fuel Prices
Indian fuel retailers will raise jet fuel prices by about 6.5% from Wednesday, a spokesman for state-run Indian Oil said.
Fraport: No Plans for More JVs With GMR Infra
Germany's Fraport won't tie up with GMR Infrastructure for any more airport projects in India and is looking for new partners.
SpiceJet Considering Order for New Planes
SpiceJet is considering ordering a mix of large and smaller passenger aircraft for its capacity-expansion plans for this financial year.
GMR Infrastructure Drops Planned Share Sale to Institutions
GMR Infrastructure, part of the diversified GMR Group, has dropped a plan to raise $500 million via a share sale to institutions.
Air India Express to Start Domestic Operations
State-run Air India's low-fare unit, Air India Express, will soon start domestic flights and an announcement will be made in a few weeks.
SBI to Finance Indonesia-India Trade
State Bank of India, India's largest lender by assets, will serve as a foreign exchange bank to facilitate trade between India and Indonesia, handling about $350 million initially.
Pipavav Plans to raise 5 Billion Rupees via IPO
Pipavav Shipyard plans to raise 5 billion rupees ($104.2 million) via an initial public offering by the end of September, much less than its original aim of 12 billion rupees.
TCS Foresees Low or No Growth
Tata Consultancy Services, India's largest software exporter by revenue, expects growth in the foreseeable future to be muted as global economic concerns persist.
Hindalco Net Profit Down 80%
Hindalco Industries said its consolidated net profit fell 80% in the financial year ended March 31, led by an unrealized non-cash derivative loss of around $519 million.
China Eastern to Wholly Own Shanghai Air After Merger
After the two carriers merge, Shanghai Airlines will remain a legal entity independent of China Eastern, helping the smaller carrier keep the traffic rights it already owns.
Chinalco to Take up Rio Tinto Share Rights
Chinalco is planning to participate in a $15.2 billion rights issue being undertaken by Rio Tinto.
U.S. to Forgive Indonesian Debt
The U.S. will sign an agreement to forgive nearly $30 million in Indonesian debt in return for the country agreeing to protect forests on Sumatra Island.
Carlyle Gets $1 Billion for Asia Growth Fund
Carlyle Group raised $1 billion for a fund targeting fast-growing Asian companies, finding appetite for exposure to China and India.
DHL Unit to Add Hubs in China
DHL Supply Chain plans to add 10 transportation hubs in China by the end of the year to meet growing demand for domestic shipping.
Shinsei CEO to Go, Bank to Detail Aozora Merger
Shinsei Bank's chief executive will retire tomorrow and the bank will outline its merger plan with Aozora Bank, said a person familiar with the matter.
Hong Kong's Disney to Expand in Deal
The Hong Kong government and Walt Disney reached a deal to expand the local Disneyland theme park, with Disney investing $795 million.
United Spirits: Shaw Wallace to Sell Entire Stake in Firm
United Spirits said one of its shareholders, Shaw Wallace, will sell its entire 10.27% stake in the company in the open market.
RBS Advanced in Asia Asset Sale
Royal Bank of Scotland is "well advanced" with the sale of some Asian assets to raise funds, a company spokesman said.
Monsoon Likely to Advance in North India Next 1-2 Days
India's annual monsoon rains will likely advance over northern parts of the country over the next one to two days, the India Meteorological Department said.
India Infrastructure Output Up 2.8%
India's infrastructure output grew 2.8% from a year earlier in May compared with a growth of 5% in April mainly due to a decline in the production of crude oil and petroleum refinery products.
EU Firms Seek China Reforms
European companies remain bullish on China, but say more reforms are needed to keep growth strong, according to a European Union survey.
Energy Stocks Boost Nikkei
Asian stock markets climbed Tuesday with energy stocks buoyed by higher crude oil prices, and retailers climbing in Australia. The Nikkei rose 1.9%.
Japan Jobless Rate at 5-Year High
Japan's unemployment rate rose to a five-year high of 5.2% in May as manufacturers continued to cut jobs despite better conditions for the corporate sector.
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