Asian Markets Overview of March 3, 2010

Asian stocks received a positive lead on Wednesday as US and European markets were lifted after Greece debt concerns eased. Asian markets ended mostly higher Tuesday. Australian share advanced 0.3 per cent despite central bank raised the official interest rate by 25 basis points in board meeting yesterday. South Korea's Kospi posted a solid gain yesterday with a 1.3 per cent rise, Japan's Nikkei 225 Average gained 0.5 per cent and Taiwan's Taiex was up 0.3 per cent. Hong Kong's Hang Seng Index fell 0.7 per cent, dragged by disappointing earnings of HSBC. China's Shanghai Composite fell 0.5 per cent.

Company News

South Korea's Daewoo Engineering & Construction Co. (SEO:047040) said Tuesday it received a US$1.17 billion order from Abu Dhabi Oil Refining Co. for work at the Ruwais refinery expansion project. Ruwais is a city 250 kilometers west of Abu Dhabi, the capital of the United Arab Emirates.

Japan's Konica Minolta Holdings Inc.(TYO:4902) has signed an agreement with U.S. venture business Konarka Technologies Inc. to develop and make organic solar cells. Konica Minolta will invest US$20 million in Konarka Technologies, a U.S. maker of organic thin-film solar cells, a move marking its entry into the solar business. The two parties aim to develop mass production technology by fiscal 2012 and start producing energy-efficient solar cells through a joint manufacturing company.

China Steel Corp. (TPE:2002) plans to borrow US$87 million from local banks to finance its steel sheet-making joint venture in Vietnam. The Taiwan-based steel maker expects to finalize the loan in July or August, and the company doesn't have any further borrowing needs for the first half of this year as it has enough cash, said China Steel's CFO. Recently China Steel raised the wholesale prices for its steel products to be shipped in April and May by 2.9%. The company will see an addition of NT$900 million in sales in both April and May.


Related Companies

Konica Minolta Holdings,Inc.
      

Daewoo Engineering & Construction Co.
      

China Steel Corporation