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Sydney, Mar 30, 2009 (ABN Newswire) - Most Asian markets started the trading session with volatility on Monday after US stocks retreated on Friday. Tokyo and Seoul shares opened flat, and soon proceeded to a negative territory. Today Investors are also awaiting US government to unveil its plan to help the auto industry.
Asia Economy Watch
Japan's Ministry of Economy, Trade and Industry said the country's industrial output fell 9.4 percent in February from the previous month. Leading the fall in February output were a 23.2% on-month drop in automobiles, 15.2% fall in general equipment, and a 10.4% fall in electronics parts and devices, largely due to poor global demand.
China's exports are likely to fall 10% in 2009, while the imports are likely to fall 5%, a government economist said Saturday. China's trade surplus is likely to fall to $US200 billion this year.
Company News
Tsingtao Brewery (HKG:0168)(SHA:600600) of China plans to invest 2 billion baht in a brewery in Thailand to take advantage of low raw material taxes under the free trade agreement between Thailand and Australia, says a Thailand media. Tsingtao would enter a joint venture with a few Thai partners, and hold a 40% stake in establishing a brewery with initial capacity of 100,000 tonnes a year.
China Petroleum & Chemical Corp (Sinopec) (HKG:0386)(SHA:600028)(NYSE:SNP) forecasts its first-quarter net profit to surge more than 50 per cent as it unveiled a less than expected 47.3 per cent net profit decline for last year.
Japan's Mitsui & Co. (TYO:8031) has acquired a 85% stake in ViVa TV, a Taiwanese television shopping channel operator, said sources. The value of the deal is estimated to be NT$2 billion.
China Nonferrous Metal Industry's Foreign Engineering & Construction Co. (SHE:000758) said Monday it will buy buying a stake in Australian zinc and lead miner Terramin Australia Ltd. (ASX:TZN) with A$10.08 million in a private placement. The company will become Terramin's biggest shareholder after the deal.
China Unicom (Hong Kong) Ltd. (NYSE:CHU)(HKG:0762) is expected to deliver a more than 60 per cent jump in net profit for 2008, partly due to a one-time gain from the sale of CDMA mobile assets and a contribution from fixed-line operator China Netcom Group Corp, which it acquired last year.
Sanyo Electric Co. (TYO:6764) plans to book 45 billion yen in restructuring charges for its chipmaking operations in the year ending March 31. Sanyo downgraded its fiscal 2008 forecast last week to a group net loss of 90 billion yen.
South Korea's KT Corp.(SEO:030200)(NYSE:KTC) said its shareholders approved its merger with the company's mobile-phone services unit, KT Freetel Co (SEO:032390), which has 32% of the local wireless market.
Nanosonics Limited (ASX:NAN) is pleased to announce that it has commenced production and commercial sale of its breakthrough Trophon(TM) EPR ultrasound probe disinfector system, through distribution partners in New Zealand and Australia. Nanosonics is in advanced negotiations with leading distribution partners in the significant markets of North America and Japan.
Asia Economy Watch
Japan's Ministry of Economy, Trade and Industry said the country's industrial output fell 9.4 percent in February from the previous month. Leading the fall in February output were a 23.2% on-month drop in automobiles, 15.2% fall in general equipment, and a 10.4% fall in electronics parts and devices, largely due to poor global demand.
China's exports are likely to fall 10% in 2009, while the imports are likely to fall 5%, a government economist said Saturday. China's trade surplus is likely to fall to $US200 billion this year.
Company News
Tsingtao Brewery (HKG:0168)(SHA:600600) of China plans to invest 2 billion baht in a brewery in Thailand to take advantage of low raw material taxes under the free trade agreement between Thailand and Australia, says a Thailand media. Tsingtao would enter a joint venture with a few Thai partners, and hold a 40% stake in establishing a brewery with initial capacity of 100,000 tonnes a year.
China Petroleum & Chemical Corp (Sinopec) (HKG:0386)(SHA:600028)(NYSE:SNP) forecasts its first-quarter net profit to surge more than 50 per cent as it unveiled a less than expected 47.3 per cent net profit decline for last year.
Japan's Mitsui & Co. (TYO:8031) has acquired a 85% stake in ViVa TV, a Taiwanese television shopping channel operator, said sources. The value of the deal is estimated to be NT$2 billion.
China Nonferrous Metal Industry's Foreign Engineering & Construction Co. (SHE:000758) said Monday it will buy buying a stake in Australian zinc and lead miner Terramin Australia Ltd. (ASX:TZN) with A$10.08 million in a private placement. The company will become Terramin's biggest shareholder after the deal.
China Unicom (Hong Kong) Ltd. (NYSE:CHU)(HKG:0762) is expected to deliver a more than 60 per cent jump in net profit for 2008, partly due to a one-time gain from the sale of CDMA mobile assets and a contribution from fixed-line operator China Netcom Group Corp, which it acquired last year.
Sanyo Electric Co. (TYO:6764) plans to book 45 billion yen in restructuring charges for its chipmaking operations in the year ending March 31. Sanyo downgraded its fiscal 2008 forecast last week to a group net loss of 90 billion yen.
South Korea's KT Corp.(SEO:030200)(NYSE:KTC) said its shareholders approved its merger with the company's mobile-phone services unit, KT Freetel Co (SEO:032390), which has 32% of the local wireless market.
Nanosonics Limited (ASX:NAN) is pleased to announce that it has commenced production and commercial sale of its breakthrough Trophon(TM) EPR ultrasound probe disinfector system, through distribution partners in New Zealand and Australia. Nanosonics is in advanced negotiations with leading distribution partners in the significant markets of North America and Japan.
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