Press Releases

Sydney, April 6, 2010 (ABN Newswire) - US stocks on Monday rose to a fresh 18-month high on improved economic data. The market was encouraged as the Labor Department Friday released nonfarm payrolls report which showed a biggest job increase in three years. In addition, better-than-expected figures in service and real estate sectors also helped to support the US shares. Asian markets mostly opened higher on Tuesday. Resources shares today could be stronger after oil and metals prices rose. Asian stocks closed higher on Monday with Japan's Nikkei 225 ended at a new 18-month high for the third straight session. Regional volume was light, as markets in Australia, New Zealand, China, Hong Kong and Taiwan were shut for holidays. Most of these markets resume trading today, but Hong Kong bourse remains closing for Ching Ming Festival.

Company News

Japan's Nissan Motor Co. (TYO:7201) and French partner Renault SA (EPA:RNO) has agreed Monday on a capital and business tie-up deal with Germany's Daimler AG (ETR:DAI). Nissan and Renault plan to obtain stakes of around 3 percent in Daimler while the German automaker is set to take similar stakes in each of the alliance partners. The three companies are expected to share parts and platforms in order to cut costs. Renault currently owns 44.3 per cent of Nissan and the Japanese automaker has a 15 per cent stake in the French firm.

Nippon Oil Corp., a unit of JX Holdings Inc (TYO:5020), will begin talks with Mitsui Marubeni Liquefied Gas to integrate their liquefied petroleum gas (LPG) businesses by the end of fiscal 2010 which started this month. Nippon Oil will split its LPG business for absorption by Mitsui Marubeni Liquefied Gas and create a new company, which is expected to become Japan's largest LPG supplier with domestic market share of about 25 percent. Nippon Oil will take a majority stake in the new company.

South Korea's Samsung Electronics Co. (SEO:005930) said Tuesday it estimates first-quarter operating profit at 4.3 trillion won, up from profit of 590 billion won a year earlier, thanks to a strong recovery in semiconductor business and robust TV sales. The company also said its sales rose about 19 per cent to 34 trillion won in the three months ended March 31.

Singapore listed Noble Group (SIN:N21) said it is considering options to interfere US-based Peabody Energy Corp's (NYSE:BTU) A$3.3 billion takeover bid for Australian coal miner Macarthur Coal Ltd (ASX:MCC). Last week Peabody's unsolicited bid was rejected by Macarthur Coal. The bid was conditional on Macarthur not proceeding with a proposed A$832 million takeover of Noble-controlled Gloucester Coal (ASX:GCL). Noble Group said on Monday it has made a A$12.6 a share all-cash offer for Gloucester Coal for the remaining shares it does not already own.

Contact

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