Press Releases

Sydney, Mar 4, 2010 (ABN Newswire) - Asian stocks saw modest gains Wednesday on hope of a bailout package for Greece. Australian market was boosted yesterday as official data showed that Australia's economy grew 0.9 per cent in fourth quarter, its fastest quarter-to-quarter pace in almost two years. Japan's Nikkei index ended up 0.3 per cent. South Korea's Kospi Composite rose 0.5 per cent. Shanghai Composite climbed 0.8 per cent higher. But Hong Kong's Hang Seng Index closed 0.1 per cent lower. Today Asian markets are likely to open flat, after Wall Street declined slightly on Wednesday.

Company News

Chinese software maker Kingdee International Software Group (HKG:0268) aims to grow revenue five-fold in the next four years and become Asia's biggest software firm, its chief executive said. The company, which is competing with global giants SAP (ETR:SAP) and Oracle (NASDAQ:ORCL), expects revenue could reach 5 billion yuan by the year 2013, and overseas clients can contribute more than 10 percent.

Japan's Mitsubishi Motors Corp. (TYO:7211) and France-based manufacturer PSA Peugeot-Citroen (EPA:UG) confirmed Wednesday they are scrapping their capital alliance talks due to lingering adverse conditions in the auto industry. The two companies said in December that they were exploring capital ties. Now the two parties confirmed that they would seek to expand their partnership, but concluded that a capital alliance was not appropriate in the current circumstances.

China Mobile Ltd. (NYSE:CHL) (HKG:0941), the world's biggest mobile operator by subscribers, has confirmed that it is in talks to buy a stake in mid-size lender Shanghai Pudong Development Bank Co. (SHA:600000). This could lead to China Mobile's first major investment outside of its core business and help it to expand into mobile e-commerce. China Mobile said the negotiations for the proposed acquisition are nearing completion, but gave no details of the deal.

AU Optronics Corp. (NYSE:AUO) (TPE:2409) said its board approved a plan to invest US$1.2 billion in a new flat-panel plant in eastern China. The company will apply for approval for the investment from Taiwan's Investment Commission as soon as possible. The plan comes after the Taiwan government eased restrictions on flat-panel makers' China-bound investment to help local makers better compete with larger rivals.

Contact

Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: michelle.liang@abnnewswire.net