ABN Newswire

Asian Activities Report for January 20, 2012: Tencent (HKG:0700) Invests in Level Up to Explore Online Game Markets in Brazil and the Philippines

newsroom@abnnewswire.net — Fri, 20 Jan 2012 12:00:18 GMT

China's largest and most used Internet service provider Tencent Holdings Limited (HKG:0700) has signed an agreement to acquire 49% interest in Level Up for US$26.95 million. Level Up is one of the leading game publishers and operators in Brazil and the Philippines. As of 30 November 2011, the consolidated total assets of Level Up were approximately US$32.3 million and net assets were approximately US$19.0 million. Tencent believes that the investment in Level Up will help Tencent identify opportunities in the online game sector in Brazil and the Philippines.

Asia Resources Holdings Limited (HKG:0899) says that its iron ore mine in Indonesia has commenced trial production in January 2012. An initial 5,000 metric tonnes of raw iron sand have been exploited and are currently under processing. Alongside with the trial production, the Group will commence marketing activities targeting both local and overseas customers for the sales of its iron sand.

Eisai Co., Ltd. (TYO:4523) will launch LIFE CHECK, a self-monitoring blood glucose meter on January 27, 2012. LIFE CHECK has been specially designed for ease-of-use by elderly diabetes patients. The sensor is easily inserted into the meter and has been designed to ensure that drops of blood from pierced fingertips can be easily applied. LIFE CHECK can even be used simply by diabetes patients who experience numbness and trembling in their hands and fingers.

Nihon Kohden Corporation (TYO:6849) announced the establishment of a 100%-owned subsidiary in Brazil, for the sales and after-sales support of medical devices. The sales subsidiary will aim to expand the market in Brazil, one of the major markets in Latin America, and to enhance brand image and provide tailored customer services. Operations will commence in April 2012.

NTT Data Corporation (TYO:9613) has commenced to provide supportive services, including ATM software and settlement networks, to regional banks in Japan whose ATMs are ready to accept China UnionPay cards. The Bank of Kyoto (TYO:8369) has become the first regional bank to adopt NTT Data's supportive services, and now provides cash withdrawal and balance inquiry services for China UnionPay card holders. The services will ensure that Chinese visitors can enjoy an even more pleasant shopping experience in Japan.

Qiubei Fu 
Asia Business News
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GoConnect (ASX:GCN) Update on Development of Internet Connected TV Audience

newsroom@abnnewswire.net — Thu, 15 Dec 2011 17:13:57 GMT

Directors of GoConnect Ltd (ASX:GCN) are pleased to advise that the company's IPTV business channel, World Business Network, has just received approval from LG Inc. (SEO:066570) and has gone live on all LG Internet connected TVs sold globally. The World Business Network is available as a downloadable application on all Internet connected TVs of LG. It currently carries two programs, The Business Show, which distributes a series of sponsored business interviews conducted by Adam Shand, and the ABN Newswire business news programs. Additional business programs will be added in coming months. Including The World Business Network, this brings to six the number of downloadable applications that GCN has developed, and which have been approved by LG for distribution to the LG IPTV households globally.

Since inception, GCN's IPTV audience, gained through Internet connected TVs of Sony (NYSE:SNE) and LG, have to-date attracted an audience of over 52,000 households, with over 70 per cent of that from the international markets outside of Australia. Based on industry statistics of 2.5 people per TV household, this translates to an IPTV audience reach of 130,000 people, a useful addition to the GCN advertising network that the company is building. However, the potential growth of this audience is still relatively untapped.

Based on TV industry sources, by the end of 2012, we expect the number of Internet connected TVs that will carry GCN's IPTV applications and premium channel uctv.fm will have grown to about 50 million units, potentially delivering an audience reach of 125 million people worldwide. This audience reach does not include that from smartphone and desktop PC users with smartphone expected to be increasing in its acceptance for video viewing by the IPTV audience on the move. With GCN's IPTV applications and channels available on the three screens of desktop PCs, smartphones, and Internet connected TVs worldwide, GCN is well positioned to benefit from the exponential growth and increasing popularity of IPTV connected devices and networks.

GCN has first mover advantages in the IPTV industry, having first launched its patented IPTV application GoTrek in the year 2000 and GoTrek's derivative m-Vision for the first generation smartphone in 2003. Capitalising on the company's proprietary technologies, expertise and experience in IPTV to expand the company's audience reach, GCN has now also added to its IPTV strategy free Wi-Fi network (wireless internet) and a strong China focus.

About ABN Newswire

Asia Business News (ABN Newswire) is a leading communications technology company in Asia, and electronically publishes and distributes corporate and financial news and information from publicly listed companies directly to investors and financial media outlets worldwide through a professional database network and financial news distribution platform. Operations are tailored for corporate Investor Relations departments and corporate Public Relations departments through the ABN Newswire.

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GoConnect Limited
Tel: +613-9993-7000
http://www.goconnect.com.au

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Asian Activities Report for August 19, 2011: SmartTrans Holdings (ASX:SMA) Partners with China Mobile (HKG:0941)

newsroom@abnnewswire.net — Fri, 19 Aug 2011 12:00:16 GMT

SmartTrans Holdings Limited (ASX:SMA) has signed a binding agreement with China Mobile (HKG:0941) (NYSE:CHL) that allows SmartTrans to collect payment from China Mobile customers. China Mobile's users will be able to buy SmartTrans products including SmartTrans e-Solution logistics software and other content, on their mobile telephones and pay via their China Mobile CMPay account. China Mobile's CMPay is a mobile payment service that allows users to conduct e-commerce operations though their mobile phone, such as payments, recharging, transferring or enquiries.

Golden Rim Resources Limited (ASX:GMR) today announced copper and gold intersections from the second program of reverse circulation drilling at its Balogo Project in Burkina Faso. Best new intersections included 14m at 2.56 g/t gold and 4m at 3.02 g/t gold. A second major mineralised zone with high-grade gold has been discovered. A further 1.3km of strike with strong anomalies has been confirmed and will be tested by drilling.

Highlands Pacific Limited (ASX:HIG) said today that its fully constructed US$1.5 billion Ramu Nickel project in Papua New Guinea will commence ore commissioning activities at the Basamuk treatment plant in September. The project should commission its first autoclave in coming months and produce its first nickel and cobalt in the weeks after as part of a conservative ramp up over the next 12-18 months. The project is targeting a production rate of 31,150 tpa of nickel and 3,300 tpa of cobalt over the next 20 years.

Aquila Resources Limited (ASX:AQA) said today that the Queensland Government has granted the Mining Lease for the Eagle Downs Hard Coking Coal Project in Central Queensland. The Project involves proposed construction, development and operation of an underground hard coking coal mine in Queensland's resource-rich Bowen Basin. When in production the mine will be producing up to 5.1Mtpa and an average of 4.5Mtpa of hard coking coal over the initial 10 years of production.

Suven Life Sciences Limited (BOM:530239) has been granted 4 product patents, one from Europe, two from Sri Lanka, and one from Korea, for the treatment of Neurodegenerative disorders such as Alzheimer's disease, Attention Deficient Hyperactivity Disorder, Huntington's disease, Parkinson and Schizophrenia. With these new patents, the company has a total of 11 granted patents from Europe, 8 granted patents from Sri Lanka and 5 granted patents from Korea.

Asia Business News
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Asian Activities Report for April 6, 2011: Motopia Limited (ASX:MOT) Bolsters Business Wire Online Reach in Australia And New Zealand

newsroom@abnnewswire.net — Wed, 6 Apr 2011 12:00:56 GMT

Australia's mobile marketing solutions provider Motopia Limited (ASX:MOT) said today that its subsidiary cBox Pty Ltd has been appointed as Business Wire's Australasian media distribution partner. cBox is creating a network of guaranteed web posting sites and mobile delivery platforms to significantly expand Business Wire's online visibility in the Australia and New Zealand markets. Web sites that have already joined the online network are experiencing greater traffic, creating the potential for new revenue opportunities.

MACA Limited (ASX:MLD) has been awarded a 60 month contract by WPG Resources Limited (ASX:WPG) for the Peculiar Knob Iron Ore Project in South Australia. MACA will provide crushing and screening services as well as train loading operations. The contract will generate approximately A$127 million in revenue over a period of 5 years. Mobilisation is expected in the first calendar quarter of 2012.

Rey Resources Limited (ASX:REY) has upgraded the estimated resources at Duchess Paradise Thermal Coal Project in Western Australia to 305.8 million tonnes, a 9% increase over the 2009 estimate. The Company is on track to complete Definitive Feasibility Study of the Project by June 2011 and will commence a drilling program in the second quarter of 2011.

Circadian Technologies Limited (ASX:CIR) said today that its anti-cancer therapeutic, VGX-100, significantly inhibits tumour growth and spread in a variety of different mouse models of human cancer including lung, ovarian and prostate cancer. Subject to the successful completion of the animal safety/toxicology studies, Circadian intends to file an Investigational New Drug application with the US Food And Drug Administration in the third quarter of 2011 in order to begin human clinical trials of VGX-100.

Asia Business News
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Interview With Mr. Asakura, COO of Morningstar Japan K.K. (OSA:4765) About The Company's Intention of Acquiring 100% Ownership of Gomez Consulting Co., Ltd (OSA:3813)

newsroom@abnnewswire.net — Fri, 4 Feb 2011 16:15:40 GMT

Morningstar Japan K.K. (OSA:4765) and the Gomez Consulting Co., Ltd. (OSA:3813) have mutually agreed to the acquisition through stock swaps of 100% (one-hundred percent) ownership of the Gomez Consulting Co., Ltd. by Morningstar Japan K.K.

2.2 common shares of the Morningstar Japan K.K. will be equal to 1.0 share of the Gomez Consulting Co., Ltd. The company will be delisted on the 19th of this coming April.

Mr. Tomoya Asakura, President and Chief Operating Officer of Morningstar Japan K.K. said "We expect that this acquisition can further increase the business profitability of the Morningstar Japan K.K. Group".

The writer interviewed Mr. Asakura on the background of the Company's decision for the above acquisition and its next business development.

--- Your company has already created partnerships with the Gomez Consulting Co., Ltd. by taking a 67.8% stake. What is your intention?

Mr. Asakura: To put it briefly, the Gomez Consulting Co., Ltd. will obtain a more profitable business structure and increase its growth potential of the business by promoting a unified business management through our acquisition of its 100% ownership. It needs considerable expenses for maintaining the listing requirements. We can get the benefit of improving our capacity to earn consolidated earnings.

The Gomez Consulting Co., Ltd. is engaged in advisory services including the comparison analysis of usability and ranking the Website's services provided by online securities brokers, internet banks and electronic commercial companies and so forth. It has started to provide comparison analysis services by ranking the Websites of Investor Relations of Corporations and of Universities. This service has helped the company to accumulate the know-how necessary for improving the useability of Websites. The company has also provided its research reports to corporate clients.

The research service or Website development service is a labor-intensive business, which has needs, but not so profitable. After Lehman's fall, the Gomez Consulting Co., Ltd. has only obtained the minimum orders requisite for its operation. Financial institutions, its main customers, have reduced their development costs of Websites.

The company's volume of sales was JPY 400-500 million on an average and its profit level had been barely above its costs. The company reported its operating profits of JPY 1 million during the fiscal third-quarter ended on 31 March, 2011.

Under such circumstances, the company has suffered from the increasing expenses of maintaining its listing requirements. The actual expenses of listing requirements are approx. JPY 20 million, equivalent to 20% of its Selling, General and Administrative Expenses.

--- Will Morningstar Japan K.K. make the Gomez Consulting Co., Ltd. its subsidiary for the purpose of rationalization?

The corporate restructuring is one of our purposes. The greater benefit is that we can expect more synergy effect on our marketing strategy than ever.

This acquisition will reduce the unnecessary costs by unifying administrative departments and exchanging persons between the companies.

For this acquisition, we can make use of our similar experience of merging the Kabushiki Shimbun Co., Ltd. in April, 2008. Sale administrative expense of the half term (six months) was JPY 535 million, and it was a deficit of JPY 127 million before the merger took place. However, Sales administrative expenses reduced greatly to JPY 285 million after two years, the company then moved into the black with Operating profits of JPY 119 million.

Both companies cooperated with client introductions in the past. When the Gomez Consulting Co., Ltd. becomes our 100% owned subsidiary, then we can promote sales integrally with the company. For example, Morningstar Japan K.K. is aggressively providing new devices such as the iPhone and smart phone to the financial institutions, with data and tools such as supporting services for their business operations. In active response to the new devices such as iPhone, smart phone and iPad, the ability of the Gomez Consulting Co., Ltd. can help Morningstar Japan K.K. to enhance its services to the financial institutions.

In addition, Morningstar Japan K.K. carries out Investor Relations support seminars and produces video contents for the listed company etc. and is also doing Investor Relations consultation. It is also possible to develop services for industrial corporation with the best use of know how by Gomez Consulting Co., Ltd. who has been investigating and analyzing Investor Relations Websites of companies.

We can expect to increase volume of sales by business tie-ups as well as reducing management costs. This is the point of our acquiring the 100% ownership of Gomez Consulting Co., Ltd.

---What do you think of the growth potential of consulting services of Websites which are the area of speciality for the Gomez Consulting Co., Ltd.?

Especially for financial institutions, those institutions such as securities brokers and regional banks are positively strengthening their Websites. In addition, demand for new device using information services such as iPad and smart phones are expanding.

Since the end of last year, the Morningstar Japan K.K. has started to market to regional banks and others to use its supporting tools for iPad and which have been well accepted by three banks. We have received many inquiries from other regional banks and securities brokers. The change of tide is becoming bigger steadily from face-face marketing to direct marketing.

We are exercising our specialties in providing data and information. The Gomez Consulting Co., Ltd. can contribute to establish consulting services and new systems which make better use of our specialties.

We expect to achieve further expansion of the business by providing services in cooperation between the both companies.(Interviewer / in charge of editing: Hiroshi Tokunaga).

Morningstar Japan K.K.
TEL:+81-3-6229-0810
FAX:+81-3-3589-7963

Asian Markets Overview of March 30, 2010: Ericsson (NYSE:ERIC) Secured US$1.8B Deals with China Mobile (HKG:0941) and China Unicom (HKG:0762)

newsroom@abnnewswire.net — Tue, 30 Mar 2010 13:30:45 GMT

Monday Wall Street rose as higher commodities prices boosted energy and mining companies. The US markets also received support from positive consumer spending in February. Asian markets closed mixed yesterday. Chinese stocks rallied as China said it plans to launch the long expected stock-index future in April 16. Shanghai Composite jumped 2.1 per cent to a two month high, while Hong Kong's Hang Seng Index climbed 0.9 per cent. South Korea's Kospi Composite was 0.3 per cent lower. Japan's Nikkei 225 lost 0.1 per cent.

Company News

Swedish telecommunications equipment vendor L.M. Ericsson (NYSE:ERIC) said Monday it has signed framework agreements to provide network equipment for China's mobile service giants. Ericsson secured a US$1 billion deal with China Mobile Ltd. (NYSE:CHL) (HKG:0941) to provide radio access equipment, which will boost the network's capacity and evolve it into an Internet Protocol, or IP, network. The Swedish company was also awarded a US$800 million contract by China Unicom (NYSE:CHU) (HKG:0762)s to provide a faster third-generation network with HSPA Evolution technology, as well as IP and broadband equipment.

Japan's Nippon Steel Corp (TYO:5401) has reached a tentative agreement with Brazilian mining giant Vale (NYSE:VALE) to pay US$100-$110 per tonne of iron ore in the April-June quarter, reported a Japanese media. This represents a 90 per cent increase from the price in fiscal 2009.

Taiwan-based Formosa Plastics Corp. (TPE:1301) said its net profit jumped 40 per cent in 2009 because of higher investment income from affiliates. Net profit for the 12 months ended Dec. 31 was NT$27.53 billion, up from NT$19.71 billion in 2008.

Macau casino operator SJM Holdings Ltd. (HKG:0880) reported a 14 per cent rise in 2009 net profit thanks to stronger gaming revenue in the second half. Its net profit for the 12 months ended Dec. 31 was HK$906.7 million, up from HK$796.1 million a year earlier. The result was better than market forecasts while the company posted a 41% fall in first-half net profit on top of a 48% drop in 2008. SJM said it doesn't expect the Macau government's new policy to cap gaming tables to significantly impact the company's business.

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

Asian Markets Overview of March 23, 2010: Alibaba Group and Softbank (TYO:9984) in E-Commerce Partnership Talks

newsroom@abnnewswire.net — Tue, 23 Mar 2010 13:30:39 GMT

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

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

Australian Market Report of February 25: Lower Metals Prices Hit Resources Giants

newsroom@abnnewswire.net — Thu, 25 Feb 2010 09:30:19 GMT

The Australian share market fell sharply Wednesday after led by mining giants BHP Billiton and Rio Tinto as metals prices dropped. The benchmark S&P/ASX200 index ended down 69.8 points, or 1.5 per cent, at 4648.5, while the broader All Ordinaries index lost 65.1 points, or 1.4 per cent, to 4665.9.

Key Economic Facts and Figures

According to Australian Bureau of Statistics (ABS), private sector wages, excluding bonuses, rose 0.6 per cent in the December quarter, seasonally adjusted. The wage price index rose 2.9 per cent from a year earlier. The lower-than-expected increase reflected that the labour market remained subdued in the period. The data supports economists' view that the Reserve Bank of Australia should not raise the official interest rate next month.

ABS data showed that total construction work done in Australia rose 2.6 per cent in the December quarter in chain volume terms, seasonally adjusted. Total construction work done was valued at A$40.099 billion in the December quarter, compared with $39.097 billion in the September quarter.

The Conference Board releases monthly leading index for December 2009. ABS is due to release data of Private New Capital Expenditure & Expected Expenditure for December quarter.

M&A News

Clough Ltd (ASX:CLO) and Forge Group Ltd (ASX:FGE) said in a joint statement that the two companies will create a strategic alliance to jointly target project opportunities in the LNG/oil and gas sectors. Clough will take a controlling stake in Forge Group for up to A$98 million. Clough intends to invest approximately A$19.5 million in Forge via a 15 per cent share placement and make a proportional cash takeover offer at A$2.10 per share to Forge shareholders for 50 per cent of their shares in Forge. Clough will become a cornerstone shareholder in Forge with a potential shareholding of 31 per cent to 56.5 per cent, depending on offer acceptance level.

Important Corporate News

Carsales.com Ltd's (ASX:CRZ) net profit rose 51 per cent to A$19.06 million in the six months ended December 31 from A$12.62 million for the first half of last year. CEO and managing director Mr Greg Roebuck said the strong results were underpinned by the migration of both audience and advertising revenue to online, but also paralleled the recovery in the automotive sector. Based on current trends, carsales expects to beat its prospectus forecast for 2009/10 EBITDA of A$56.6 million by about 8 per cent.

Macarthur Coal Ltd. (ASX:MCC) posted a net profit of A$39.6 million for the six months ended Dec. 31 due to lower coal prices, compared to a profit of A$106.9 million a year earlier. The result was in line with guidance and market expectations. The company said it expects significant price hikes in the round of annual contract negotiations currently underway.

Pacific Brands Ltd. (ASX:PBG) said net profit rose to A$22.2 million for the first half ended Dec. 31 as the group continues to implement a restructuring program that it sees bringing even greater benefits from 2011. This was up from a loss of A$150 million a year earlier. Pacific Brands said second half earnings before interest, tax and amortization before significant items will be higher than in the prior corresponding period.

Woodside Petroleum Ltd (ASX:WPL) has posted a rise in annual net profit to A$1.824 billion for 2009, up 2.1 per cent from A$1.786 billion in calendar 2008. This was boosted by a A$530 million one-time gain underpinned by favorable foreign exchange rates.

GrainCorp Ltd. (ASX:GNC) reaffirmed its earnings guidance for the current fiscal year that earnings before interest, tax, depreciation and amortization for the year ending Sep. 30 in a range of A$180 million to A$210 million, up from an actual A$165 million last fiscal year.

Port and rail operator Asciano Group (ASX:AIO) has returned to profit in its first half with a net profit of A$79.1 million, up from a year ago loss of A$93.4 million. The company expects its full year earnings before interest, tax, depreciation and amortization to rise to be around the top of previous guidance of A$675 million-A$700 million, which compares with A$655.2 million last year.

Goodman Group (ASX:GMG) recorded a loss of A$500.3 million for the six months to December 31 compared with A$465.9 million in the prior corresponding period. The company said the loss widened because the Australian property trust continues to write down the values of its investments.

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

Australian Market Report of February 23: Market in Positive Sentiment

newsroom@abnnewswire.net — Tue, 23 Feb 2010 09:30:34 GMT

Australian shares rallied on Monday with gains in resources stocks helped to lift the market. The better-than-expected corporate earnings also fueled the rise. At the close, the benchmark S&P/ASX200 index was 82.4 points, or 1.8 per cent higher, at 4717.5, while the broader All Ordinaries index rose 76.4 points, or 1.6 per cent, to 4732.7.

Key Economic Facts and Figures

New motor vehicles sales seasonally adjusted fell by 3.4 per cent in January when compared to December 2009, as the federal government's 50 per cent tax break on business investment in December ended.

The Housing Industry Association (HIA) survey showed that housing affordability in Australia has slumped more than 20 per cent in the past year due to rising interest rates and house prices. First home buyer affordability index dropped 18.4 per cent in the December quarter, to be 22.3 per cent lower than a year ago. The association says affordability deteriorated in all capital cities and regional areas during the last three months of 2009, but the worst falls were in Sydney, Brisbane, Hobart and Canberra.

M&A News

Seven Network Limited (ASX:SEV) is to merge with WesTrac Holdings, a wholly-owned subsidiary of Australian Capital Equity (ACE), to create a new ASX listed company called Seven Group Holdings Limited. The new company will see the media giant move into the resource services sector and expand its presence in China by merging with the WesTrac group. The scrip for scrip deal values WesTrac at A$2 billion including A$1 billion of debt. Seven reported net profit for the six months to December 26 of A$509.13 million, up from A$20.03 million in the previous corresponding period. The profit result included A$628.9 million of significant items before tax, due mainly to the reversal of impairment losses booked on its media investments.

Important Corporate News

NIB Holdings (ASX:NHF) reported net profit for the first half of the 2009/10 financial year of A$43.1 million, up from A$2.08 million in the prior corresponding period. The result reflected an improved net underwriting profit, significantly improved investment performance, and lower holding company and other expenses. NIB's managing director Mark Fitzgibbon said the rebound in economic growth and in financial markets had placed the company in a good position for the remainder of the year.

Internet service provider iiNet (ASX:IIN) said profit for the six months to December 31 was A$12.13 million, up from A$11.4 million in the previous corresponding period. The company reaffirms its previous 2010 full-year guidance of underlying EBITDA in the range between A$75 million to A$80 million.

Australia's largest listed oil refiner Caltex Australia Ltd(ASX:CTX) lifted its profit for calendar 2009 by nine per cent to A$203 million, on a replacement cost basis, up from $186 million in 2008. The replacement cost of sales operating profit (RCOP) excludes the impact of rises and falls in oil prices. Caltex says the global short term outlook for the oil remains weak due to over capacity.

Forestry group Gunns (ASX:GNS) reported profit for the first half slumped 98 per cent drop but the company forecast an improved performance in the second half of 2009/10. For the six months to December 31 of net profit was A$400,000, down from A$33.6 million in the previous corresponding period. The company expects significant earnings improvement and the reinstatement of a dividend payment in the second half.

Fairfax Media Ltd. (ASX:FXJ) said Monday posted a net profit of A$148.8 million in its first half, compared to a loss of A$365.3 million a year earlier. The result was helped by cost cuts and a pickup in advertising markets late in the period. Fairfax reaffirmed earlier guidance that it expects profit growth in the second half from a year earlier.

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

Asian Markets Overview of February 18

newsroom@abnnewswire.net — Thu, 18 Feb 2010 13:30:51 GMT

Wall Street extended gains on Wednesday on strong economic data and favorable earnings. US dollar was also boosted against yen and euro after evidence of a strengthening U.S. economy.

Asian markets rallied Wednesday led by resources shares. Japan's Nikkei surged 2.7 per cent while Japanese exporters were helped by the weaker yen. Hong Kong market rose 1.3 per cent led by Chinese banks, as investors digested the Chinese government's decision before the Lunar New Year holiday to increase bank reserve requirement. Singapore also resumed trading on Wednesday and posted a 1.3 per cent gain. Today Shanghai and Taiwan markets remained closed.

Company News

Toyobo Co.(TYO:3101) will set up a joint company to produce and sell reverse osmosis membranes for seawater desalination in Saudi Arabia. The joint venture, with a total investment of 700 million yen, will be launched with Japanese trader Itochu Corp. (TYO:8001) and a Saudi Arabian infrastructure company in March this year. The joint company aims to supply desalination facilities in the Middle East and Africa and plans to start production in March 2011. It will be owned 49 percent by the Saudi Arabian firm, 36.1 percent by Toyobo and 14.9 percent by Itochu.

Singapore-listed developers Yanlord Land Group Ltd. (SIN:Z25) along with Ho Bee Investment Ltd (SIN:H13) said in a statement that they have jointly acquired a residential development site in Shanghai for CNY3.82 billion at a public auction. Yanlord will own 60% of the development site, while Ho Bee will own 40%. The project is expected to generate at least 2,000 units to be launched in phases over six to eight years.

A consortium led by China's second largest telecoms firm China Unicom (HKG:0762) has made an offer of US$2.5 billion to gain control of Nigeria's former state-owned telecommunications monopoly. The consortium was yesterday declared the preferred bidder of the Nigeria Telecommunications Limited. The deal puts Unicom ahead of larger rival China Mobile in the race for strategic telecommunications joint ventures in Africa and other emerging markets.

Japan's JFE Steel Corp., a subsidiary of JFE Holdings (TYO:5411), may raise its stake in the company Mycron Steel Bhd (KUL:MYCRON), Mycron chief executive officer Azlan Abdullah said. JFE, which recently bought 3% of Malaysian cold-rolled steel sheet maker, has signed with Mycron a strategic collaboration pact, in which Mycron will get a regular supplier for its raw steel material needs.

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