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Sydney, Nov 30, 2009 (ABN Newswire) - Asian stock markets mostly jumped on Monday. Financial stocks were rebounding in Australia, Korea and Japan on hopes the extent of the impact of the Dubai crisis would be limited. The United Arab Emirates central bank said Sunday it "stands behind" local lenders.
Japanese exporters were supported today as US dollar was steady at upper 86 yen zone. US dollar slumped to below 85 yen on Friday, a 14-year low. Hong Kong's Hang Seng Index rose more than 3 per cent in midday while Seoul shares were also higher as the worries over Dubai debt problem eased.
Company News
It is reportedly that Korean shipbuilder Hyundai Heavy Industries Co. (SEO:009540) is expected to pay creditors KRW235 billion for the controlling stake in Hyundai Corp. (SEO:011760), a 6% discount on the initially suggested price of KRW250 billion. Hyundai Corp's creditors, led by Korea Exchange Bank (SEO:004940) have been seeking to sell the trading company. Hyundai Heavy Industries was picked as the preferred bidder for Hyundai Corp. in late September.
Casino operator Sands China Ltd.(HKG:1928) fell sharply on its Hong Kong debut Monday, despite the Hang Seng Index rose more than 3 per cent during the day. Sands China was the exchange's most heavily traded stock with HK$1.59 billion worth of shares changing hands. The company raised US$2.5 billion in the world's seventh-biggest initial public offering this year. More than half its IPO proceeds will be used to repay debt.
Samsung Electronics (SEO:005935), the world's No. 2 mobile phone maker after Finland's Nokia (NYSE:NOK), said on Monday it was on track to exceed its 2009 mobile phone sales target, with touchscreen models enjoying sharp growth. Samsung said in a statement handsets adopting full touchscreens would account for about 20 percent of its mobile phone sales this year. In 2008, such phones made up only 5 percent of Samsung's total sales.
Japan's biggest drugmaker, Takeda Pharmaceutical (TYO:4502), could acquire a company to help it enter the generic drug business in emerging markets, with a particular focus on South America, its president said on Monday. But the company was not interested in entering the generic business in Japan.
China's Geely Automobile(HKG:0175) remains focused on its bid for Ford Motor Co.'s (NYSE:F) Volvo car unit and would not go after another global brand at this point, according to a person close the Chinese auto maker. Last week a Swedish newspaper reported that Geely might try to take over General Motors' Saab unit and the takeover of both Swedish brands has been discussed by GM and Ford and by the Swedish government.
Japanese exporters were supported today as US dollar was steady at upper 86 yen zone. US dollar slumped to below 85 yen on Friday, a 14-year low. Hong Kong's Hang Seng Index rose more than 3 per cent in midday while Seoul shares were also higher as the worries over Dubai debt problem eased.
Company News
It is reportedly that Korean shipbuilder Hyundai Heavy Industries Co. (SEO:009540) is expected to pay creditors KRW235 billion for the controlling stake in Hyundai Corp. (SEO:011760), a 6% discount on the initially suggested price of KRW250 billion. Hyundai Corp's creditors, led by Korea Exchange Bank (SEO:004940) have been seeking to sell the trading company. Hyundai Heavy Industries was picked as the preferred bidder for Hyundai Corp. in late September.
Casino operator Sands China Ltd.(HKG:1928) fell sharply on its Hong Kong debut Monday, despite the Hang Seng Index rose more than 3 per cent during the day. Sands China was the exchange's most heavily traded stock with HK$1.59 billion worth of shares changing hands. The company raised US$2.5 billion in the world's seventh-biggest initial public offering this year. More than half its IPO proceeds will be used to repay debt.
Samsung Electronics (SEO:005935), the world's No. 2 mobile phone maker after Finland's Nokia (NYSE:NOK), said on Monday it was on track to exceed its 2009 mobile phone sales target, with touchscreen models enjoying sharp growth. Samsung said in a statement handsets adopting full touchscreens would account for about 20 percent of its mobile phone sales this year. In 2008, such phones made up only 5 percent of Samsung's total sales.
Japan's biggest drugmaker, Takeda Pharmaceutical (TYO:4502), could acquire a company to help it enter the generic drug business in emerging markets, with a particular focus on South America, its president said on Monday. But the company was not interested in entering the generic business in Japan.
China's Geely Automobile(HKG:0175) remains focused on its bid for Ford Motor Co.'s (NYSE:F) Volvo car unit and would not go after another global brand at this point, according to a person close the Chinese auto maker. Last week a Swedish newspaper reported that Geely might try to take over General Motors' Saab unit and the takeover of both Swedish brands has been discussed by GM and Ford and by the Swedish government.
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