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Asian stocks were widely lower on concerns of China's further move to tighten monetary policy. The Shanghai Composite index slumped 3.1%. The fall in mainland stocks market also dragged Hong Kong's Hang Seng Index 2.6% lower. Japan's Nikkei 225 Average declined 1.3%, South Korea's Kospi declined 1.6%, and Taiwan's Taiex gave up 1.4%. Today the Asian shares received a positive lead from Wall Street and investors also digested China's monetary measures. Japanese exporter could be buoyed by weaker yen today.
Company News
Samsung Electronics Co Ltd (
SEO:005930) and its flat-screen partner Sony Corp (TYO:6758) (NYSE:SNE) on Wednesday denied a newspaper report they had agreed to make another joint investment, worth US$3 billion. Sources said Samsung and Sony would make the investment in their liquid crystal display (LCD) joint venture, S-LCD, to build a next-generation production line.Osaka-based pharmaceutical company Shionogi & Co. Ltd. (
TYO:4507) said Wednesday that sales of its new influenza drug Peramivir have been approved by Japan's regulator. The government's approval was given unusually early in the wake of swine flu outbreak. The new drug will be marketed as "Rapiacta" and will be offered in the form of an intravenous infusion. The company has said it expects peramivir to generate annual sales of at least 5 billion yen.Brazilian steelmaker Companhia Siderurgica Nacional (
NYSE:SID) (SAO:CSNA3) said Wednesday that it has received authorization from Australian authorities to acquire a 16% stake in mining company Riversdale Mining Ltd. (ASX:RIV). CSN said the move was part of its efforts to assure supplies of coking coal, an input that isn't locally available in Brazil.Nippon Oil Corp. (
TYO:5001) said it has discovered natural-gas reserves while test drilling in the Gulf of Mexico. Its wholly owned U.S. subsidiary found natural gas at the South Marsh Island 230 bloc in which the company has a 12.0% stake. Chinese search engine Baidu Inc (
NASDAQ:BIDU) shares surged sharply on Wednesday as rival Google Inc (NASDAQ:GOOG) said it was mulling closing Google.cn and may quit operations in China. The U.S. search giant said it will stop censoring its Chinese search site and may withdraw from the country altogether.China Power International Development Ltd. (
HKG:2380) has signed contracts with domestic coal mines at prices 10%-15% higher compared with 2009. Analysts expect the move may prompt the Chinese government to raise electricity tariffs as early as the first half of this year as the coal price has been largely expected.Contact
Michelle LiangAsia Business News Asia Bureau
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Related Companies
Companhia Siderurgica Nacional (CSN)
China Power International Development Limited
