ABN Newswire http://www.abnnewswire.net Wed, 30 May 2012 01:23:24 newsroom@abnnewswire.net newsroom@abnnewswire.net 60 <![CDATA[ Doosan Infracore (SEO:042670) Sets Up JV with Xuzhou Construction Machinery ]]> en62657 Y http://www.abnnewswire.net/press/en/62657/ Mon, 19 Apr 2010 16:31:44 GMT South Korea's Doosan Infracore Co. (SEO:042670), a maker of heavy machinery and diesel engines, has set up a 50:50 joint venture with China's Xuzhou Construction Machinery Group to produce diesel engines in China.

The two companies September last year agreed to invest a total of US$100 million in 50 to 50 stakes to Xuzhou Xugong Doosan Engine over the next four years. Doosan said the partnership with Xuzhou Construction Machinery Group is the optimal strategy for Doosan to enter into the Chinese diesel engine market which is the world's largest due to policies restricting foreign companies from setting up production bases on its own.

The new plant in Xuzhou, China, will go into operation in July 2011 and reach a production capacity of 100,000 engines per year in 2018. Once Xuzhou Doosan Engine's plant reaches full capacity, Doosan Infracore will have a combined annual production capacity of 156,000 engines, making it one of the world's 10 largest producers of diesel engines, the company said.

Xuzhou Construction Machinery Group is China's largest producer of construction machinery with 22 subsidiaries operating in related fields.

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

]]> newsroom@abnnewswire.net <![CDATA[ Australian Market Report of July 29: US Consumer Confidence Falls ]]> en61136 Y http://www.abnnewswire.net/press/en/61136/ Wed, 29 July 2009 13:00:26 GMT US stocks closed flat overnight after a weaker-than-expected survey on consumer confidence. The Conference Board reported its confidence index fell to 46.6 from 49.3 in June, primarily due to a worsening job market.

Australian shares yesterday extended their gains. At the close, the benchmark S&P/ASX200 rose 29.9 points, or 0.7 per cent, at 4169.5, while the broader All Ordinaries advanced for its 11th day with 26.2 points, or 0.6 per cent higher, to 4174 points.

Key Economic Facts and Figures

Reserve Bank of Australia's Governor Glenn Stevens warned that Australia is at risk of a property market bubble, with prices inflated by the low cost of finance and a reduced supply of new housing. Interest rates could rise by the end of the year as the RBA sees the economy is recovering sooner than expected. Mr Stevens also said higher interest rates would be needed to rein in inflationary expectations to ensure that strong demand for housing was translated into more dwellings, not just higher prices.

M&A News

BioProspect Limited (ASX:BPO) said it has reached an in-principle agreement for the acquisition of Melbourne-based Re-Gen, following an intensive three month due diligence process that included market research and development activities in China, with opportunities indentified for near-term cash flow from Re-Gen products already approved for sale by the Chinese Ministry of Health.

Dioro (ASX:DIO) last week was in discussions with Canada's Northgate Minerals Corporation (TSE:NGX) about the sale of its 49 per cent stake in the Frog's Leg mine in WA. Northgate said it has terminated talks with Dioro Exploration NL to buy its flagship asset.

National Australia Bank (ASX:NAB) has agreed to acquire 80.1 per cent of Goldman Sachs JBWere's private wealth management business in Australia and New Zealand for A$99 million. The business will be branded JBWere while Goldman Sachs JBWere will retain the remaining 19.9 per cent.

Important Corporate News

Macquarie Group (ASX:MQG) said its operational performance during the first quarter of fiscal 2010 was better in all its businesses except for Macquarie Capital, but short-term forecasting remains extremely difficult. The investment bank's first half profit was likely to be midway between the profit reported for the first half of fiscal 2009 and the second half of fiscal 2009.

National Australia Bank (ASX:NAB) has confirmed that it will abolish fees on overdrawn accounts from October 1. The move will apply to all NAB personal transaction and savings accounts.

Alesco Corporation (ASX:ALS) has posted a full-year net loss of A$12.8 million for the year to May 31, compared with a net profit of A$58 million during fiscal year 2008. The decline is because of the slowdown in housing and construction and expects this financial year will remain challenging.

Virgin Blue Holdings (ASX:VBA) says it has successfully completed the A$133.1 million institutional components of its capital raising. Virgin Blue said the institutional placement and institutional entitlement offer were "well oversubscribed" with approximately 96 per cent of the new equity taken up by existing shareholders.

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

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