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Japanese trading giant Marubeni Corp.(TYO:8002) has won a US$250 million contract to build one of the world's largest biomass and clean coal co-generation plants in Singapore.
Japanese trading giant Marubeni Corp.(TYO:8002) has won a US$250 million contract to build one of the world's largest biomass and clean coal co-generation plants in Singapore.
Sydney, Feb 10, 2010 AEST (ABN Newswire) - US stocks broadly gained on Tuesday on hope of a bailout for heavily indebted Greece. A senior German ruling coalition source said euro zone governments have decided in principle to help Greece. Commodity prices and resources shares were boosted and the euro rose against the US dollar after the news.

Asian shares are expected to remain rising after a rebound in most markets yesterday. On Tuesday China's Shanghai Composite rose 0.5%, Taiwan's Taiex surged 2% and South Korea's Kospi added 1.1%. Hong Kong's Hang Seng Index gained 1.2% spurred by Swiss banking major UBS's return to profit.

Company News

Pioneer Corp. (TYO:6773) said it will issue up to 92 million new shares in an international offering, including a maximum of 12 million shares under an overallotment arrangement. Pioneer aims to strengthen its financial base to achieve medium- to long-term growth in the car electronics business and bolster its business in emerging countries. Mitsubishi Electric Corp. (TYO:6503) will buy Y3.8 billion worth of the shares while Mitsubishi Chemical Holdings Corp. (TYO:4188) will purchase Y912.8 million worth, Pioneer said.

Nissan Motor Co. (TYO:7201) has returned to profit in the third quarter from a year earlier, thanks to its strength in the Chinese market as well as the impact of cost-cutting measures. Its operating profit was 134.07 billion yen for the October-December quarter, up from a loss of 99.19 billion yen in corresponding period last year. Nissan also raised its annual forecast for the year ending in March, expecting an operating profit of 290 billion yen, up from the 120 billion yen profit it forecast in November.

Japanese trading giant Marubeni Corp.(TYO:8002) has won a US$250 million contract to build one of the world's largest biomass and clean coal co-generation plants in Singapore. Marubeni was awarded the contract by a subsidiary of Tuas Power Ltd, a major power company in Singapore owned by China's Huaneng group. Marubeni also said it is eyeing more such opportunities in Southeast Asia, especially in Indonesia and Malaysia.

Three Hanwha Group (SEO:000880) affiliates plan to sell a combined 13.7 million shares in Korea Life Insurance Co., South Korea's second largest life insurer in terms of total premiums, during a planned initial public offering in March. Hanwha Corp. and Hanwha Chemical (SEO:009830) each plan to sell 4.5 million shares in Korea Life, while unlisted Hanwha Engineering & Construction will sell 4.7 million shares in the insurer.

Spain's Telefonica (NYSE:TEF) and China Unicom (HKG:0762) (NYSE:CHU) will explore joint investments in parts of Asia and Africa where they are not already present, said China Unicom's chairman. Telefonica holds just over 8 percent of China Unicom, which in turn holds 0.87 percent of the Spanish telephone operator.

Contact

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


Related Companies

Telefonica S.A.       
Pioneer Corporation       
Nissan Motor Co., Ltd         
Mitsubishi Electric Corporation        
Mitsubishi Chemical Corporation       
Marubeni Corporation        
Hanwha Corp       
Hanwha Chemical Corporation       
China Unicom (Hong Kong) Limited       

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