Press Releases

Sydney, April 8, 2010 (ABN Newswire) - Overnight US stocks broadly declined after new figures from the Federal Reserve showed that consumer credit dropped unexpectedly in February. The sharp plunge in consumer credit was an indication that households are still in a cautious frame of mind despite U.S. economic recovery. Asian markets opened lower this morning following the drops in Wall Street. But Wednesday most Asian stocks gained, helped by stronger oil prices and upbeat corporate earnings. Hong Kong's Hang Seng surged 1.8 per cent, while China's Shanghai Composite fell 0.3 per cent as real estate shares were hurt by fears of further measures to cool the property market. Japan's Nikkei 225 posted a 0.1 per cent rise and South Korea's Kospi Composite finished nearly unchanged.
Company News

South Korea's Ssangyong Motor (SEO:003620) said it has started the stake sale process and a number of foreign companies have showed their interest. Today shares in Ssangyong Motor were strongly boosted as a local media reported that a foreign firm had submitted a letter of intent to buy a stake in the company. Last week, the South Korean automaker, has been under bankruptcy protection since February last year, indicated that its auto sales more than doubled in March from a year earlier, as overseas demand increased.

Singapore developer Keppel Land (SIN:K17) said almost all the rental space available under the first phase at the Marina Bay Financial Centre has been taken up ahead of completion. This could be a signal of strong demand in Singapore property market. The project, scheduled to complete in 2012, is Singapore's first mixed-use development that integrates residential, business, retail and entertainment facilities.

Japan's Osaka Gas Co. (TYO:9532) said the company isn't at this time pursuing contracts for the long-term supply of liquefied natural gas made from coal bed methane (CBM), while prices of CBM LNG are still high due to the boom in the past two years. But the company is very interested in CBM as an energy resource in the long term.

Air China Ltd. (SHA:601111) (HKG:0753) plans to take control of Shenzhen Airlines Co. by injecting funds into the smaller carrier, in a move that will further strengthen the Chinese flag carrier's foothold in southern China. Air China's stake will increase its stake in Shenzhen Airlines to 51 per cent from 25 per cent. After the deal, Air China's market share in Shenzhen will likely rise to 40% and its share in Guangzhou will likely reach around 20%.

Contact

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