Press Releases

Sydney, Mar 16, 2010 (ABN Newswire) - Wall Street's modest gain overnight provided Asian stocks a positive lead, but lingering concerns over China's monetary policy could drag the regional markets today. Investors may keep cautious ahead of policy meetings by the US Federal Reserve and the Bank of Japan this week. Yesterday most Asian markets were lower. Japan's Nikkei 225 ended flat and South Korea's Kospi fell 0.8 per cent. China's Shanghai Composite lost 1.2 per cent, and Hong Kong's Hang Seng Index declined 0.6 per cent amid fears of Chinese government's possible credit tightening measure.

Company News

Japan's stationery manufacturer Pilot Corp. (TYO:7846) will expand its Chinese sales network and increase offerings in India as it pushes deeper into emerging economies. The company will open offices in the inland and north eastern regions in China, raising its total network to around 10 sites in three years and lift Chinese sales to 2 billion yen by the fiscal year ending December 2012. Pilot also plans to double its Indian sales to around 1 billion yen in three years.

US biotechnology company OSI Pharmaceuticals Inc (NASDAQ:OSIP) has rejected the hostile US$3.5 billion takeover bid by Japan's Astellas Pharma Inc (TYO:4503) and would look for other potential bidder. Board of OSI recommended shareholders not tender their shares to the $52 per share offer as the board concluded that the offer does not fully reflect OSI's fundamental, intrinsic value.

Creditors of South Korea's Hynix Semiconductor Inc. (SEO:000660) have sold 10.8 million shares it held in the chip maker at 23,500 won. Top shareholders sale have raised about US$800 million by the sale of a 6.7 per cent stake. The block sale will enable Hynix creditors to get back funds invested in the chip maker in a series of bailouts since 2001.

Rio Tinto (ASX:RIO) and Aluminum Corp. of China Ltd. (NYSE:ACH) (SHA:601600) (HKG:2600) are in advanced talks to jointly develop the Simandou iron-ore project in the West African nation of Guinea at an expected cost of $US12 billion, said Sydney Morning Herald. The talks are limited to areas such as utilizing China's political contacts, financing capabilities and experience developing infrastructure in Africa. The Simandou joint venture negotiations have been taking place in Beijing, the newspaper said.

Contact

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