SAIC Motor Corp (SHA:600104), China's biggest automaker, expects its sales to increase by over 10 per cent this year, a big drop from the 57 percent growth rate in 2009.
Sydney, Mar 8, 2010 AEST (ABN Newswire) - Today Asian stocks are set to rise after Wall Street rallied Friday, boosted by US upbeat jobs data. Asian markets broadly gained on Friday. Tokyo stocks advanced 2.2 per cent on expectations that the Japanese central bank may ease its monetary policy further. Shanghai and Hong Kong markets also powered higher on hope of China's moderately loose policies and an 8 per cent economic growth target this year. Shanghai Composite was up 0.25 per cent, and Hang Seng Index gained 1 per cent. South Korea's Kospi climbed 1 per cent.
SAIC Motor Corp (SHA:600104), China's biggest automaker, expects its sales to increase by over 10 per cent this year, a big drop from the 57 percent growth rate in 2009. The company is likely to sell at least 3 million vehicles this year. SAIC President Chen Hong said the Chinese manufacturer and GM agreed to take their partnership overseas in late 2009, starting with the Indian market. They plan to produce small cars in India from GM's product portfolio.
Japan's Panasonic Corp. (TYO:6752) plans to tie up with leading U.S. electronics retailer Best Buy Co. (NYSE:BBY) to market and boost the sales of its 3D TVs in the United States, sources said on Sunday. Panasonic, which is competing with South Korean rivals such as Samsung Electronics (SEO:005930) and LG Electronics (SEO:066575), is set to launch its 3D TV in the US this month. Under the deal, Panasonic will create a 3D DVD compilation of famous scenes from popular movies, and Best Buy will set up special exhibition corners where its customers can view these videos in its 300 stores in major U.S. cities. This will expand to 1,000 stores by the end of the year.
BHP Billiton (ASX:BHP) has struck a deal with JFE Holdings (TYO:5411), Japan's second-biggest steel mill, to supply coking coal for April-June a US$200 per tonne. This is 55 per cent above the 2008-09 contract price of $US129 per tonne and close to the prevailing spot rate of US$220/tonne. It is the first time Japanese steel mills have agreed to a quarterly pricing contract for the key steelmaking ingredient. JFE spokesman said the agreement did not mean the firm had scrapped an annual benchmark pricing system.
Michelle Liang Asia Business News Asia Bureau Tel: +61-2-9247-4344 Email: firstname.lastname@example.org