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Sydney, Feb 17, 2010 (ABN Newswire) - Overnight Wall Street rallied after a public holiday. It was the biggest daily percentage gain in three months, as sentiment was lifted after strong regional manufacturing data and earnings results.
Asian markets ended higher Tuesday. Trading remained thin while markets including China, Hong Kong, Taiwan and Singapore were closed. Japan's Nikkei advanced 0.2 per cent and South Korea's Kospi rose 0.5 per cent, driven by good leads in financial and resources sector. Commodities prices were higher as risk appetite returned. Hong Kong and Singapore bourses resume trading on Wednesday.
Company News
Tata Steel (
BOM:500470) posted a consolidated net profit in the October-December period of 4.72 billion rupees, compared to 8.14 billion rupees last year. But the Indian steelmaker expects earnings will be boosted in the three months to March as China and India see a robust demand, Europe is barely out of recession. The company could also see benefits from its restructuring programs and higher steel prices.
Showa Shell Sekiyu K.K. (TYO:5002) plans to shut down a refinery operated by subsidiary Toa Oil Co. (TYO:5008) next year to reduce its refining overcapacity. This will cut the group's domestic refining capacity by around 23 percent. The decision comes as refiners including Nippon Oil Corp (TYO:5001), Nippon Mining Holdings (TYO:5016) and Cosmo Oil (TYO:5007) have implemented restructure program amid slower oil demand.
Mitsui & Co. (TYO:8031) said it will invest about US$1.4 billion to participate in the development and production of the Marcellus Shale gas project in Pennsylvania, US, as demand for natural gas is expected to increase. A joint venture it controls will take a 32.5% slice of the interest in the project held by Anadarko Petroleum Corp. (NYSE:APC) of the U.S.
South Korea's STX Group said Wednesday that it is interested in acquiring Daewoo Engineering & Construction (SEO:047040). STX has discussed the matter with the Korea Development Bank, the main creditor of Daewoo Engineering's parent - Kumho Asiana Group. Meanwhile, TR America consortium, a U.S. private fund composed of construction companies, has revised its offer for a controlling stake in Daewoo E&C.
Sembcorp Industries (SIN:U96), an engineering and rig-building conglomerate based in Singapore, intends to further grow its Middle East business. Sembcorp has submitted a bid to operate water and utility services at the Sohar industrial port in Oman. The group is also eyeing more IWPPs like Shuweihat 3 in Abu Dhabi next month, and Duqm and Al Ghubrah in Oman.
Asian markets ended higher Tuesday. Trading remained thin while markets including China, Hong Kong, Taiwan and Singapore were closed. Japan's Nikkei advanced 0.2 per cent and South Korea's Kospi rose 0.5 per cent, driven by good leads in financial and resources sector. Commodities prices were higher as risk appetite returned. Hong Kong and Singapore bourses resume trading on Wednesday.
Company News
Tata Steel (
BOM:500470) posted a consolidated net profit in the October-December period of 4.72 billion rupees, compared to 8.14 billion rupees last year. But the Indian steelmaker expects earnings will be boosted in the three months to March as China and India see a robust demand, Europe is barely out of recession. The company could also see benefits from its restructuring programs and higher steel prices.Showa Shell Sekiyu K.K. (
TYO:5002) plans to shut down a refinery operated by subsidiary Toa Oil Co. (TYO:5008) next year to reduce its refining overcapacity. This will cut the group's domestic refining capacity by around 23 percent. The decision comes as refiners including Nippon Oil Corp (TYO:5001), Nippon Mining Holdings (TYO:5016) and Cosmo Oil (TYO:5007) have implemented restructure program amid slower oil demand.Mitsui & Co. (
TYO:8031) said it will invest about US$1.4 billion to participate in the development and production of the Marcellus Shale gas project in Pennsylvania, US, as demand for natural gas is expected to increase. A joint venture it controls will take a 32.5% slice of the interest in the project held by Anadarko Petroleum Corp. (NYSE:APC) of the U.S. South Korea's STX Group said Wednesday that it is interested in acquiring Daewoo Engineering & Construction (
SEO:047040). STX has discussed the matter with the Korea Development Bank, the main creditor of Daewoo Engineering's parent - Kumho Asiana Group. Meanwhile, TR America consortium, a U.S. private fund composed of construction companies, has revised its offer for a controlling stake in Daewoo E&C.Sembcorp Industries (SIN:U96), an engineering and rig-building conglomerate based in Singapore, intends to further grow its Middle East business. Sembcorp has submitted a bid to operate water and utility services at the Sohar industrial port in Oman. The group is also eyeing more IWPPs like Shuweihat 3 in Abu Dhabi next month, and Duqm and Al Ghubrah in Oman.
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