Press Releases

Sydney, Mar 23, 2010 (ABN Newswire) - Overnight the Wall Street was stronger after the bill overhauling the US healthcare system was passed. Asian stock markets were mostly lower on Monday as Reserve Bank of India unexpectedly increased the official interest rate by 25 basis points. The Indian central bank's move has raised fears of an earlier-than-expected rate hike in China. Hong Kong's Hang Seng Index fell 2.05 per cent and South Korea's Kospi was down 0.8 per cent. But Shanghai composite edged 0.2 per cent higher. Japanese markets, which were closed for public holiday yesterday, resume trading on Tuesday.

Company News

China's Alibaba Group and Japanese mobile operator Softbank Corp. (TYO:9984) are in talks to form a partnership to jointly promote e-commerce between China and Japan, said sources. Softbank itself has a 33 per cent stake in Alibaba Group. Alibaba's online marketplace, Taobao, and Softbank owned Yahoo Japan Corp. (TYO:4689) will help merchants, mainly small and medium companies, sell goods through each others' platforms. Alibaba Group, the owner of Alibaba.com Ltd. (HKG:1688), would also provide cloud computing services to affiliates and customers of Softbank.

Chinese television maker Skyworth Digital Holdings Ltd (HKG:0751) has partnered with South Korea's LG Display Co.(SEO:034220) and state-owned Guangzhou-Kaide Technologies Development Co. in a joint venture to produce thin film transistor-liquid crystal display components. The US$4 billion liquid-crystal-display plant in China is expected to start mass production of LCD panels of greater than 40 inches in size from the first half of 2012, with a total capacity of 120,000 units. Skyworth said the joint venture's total registered capital will be US$1.33 billion, of which LG Display will contribute 70 per cent, Guangzhou-Kaide 20 per cent and Skyworth 10 per cent.

Korea Gas Corp. (SEO:036460), or Kogas said yesterday it has signed a memorandum of understanding (MOU) with Australia's Blue Energy Ltd. (ASX:BUL) on a natural gas project in Eastern Australia. The two companies will conduct a business feasibility study according to the MOU to establish a joint venture and will initiate the refueling station construction process in the eastern part of Australia, in which Sydney and Brisbane are located

Contact

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