AsiaPulse News articles from July 2008

AsiaPulse News archives from July 2008

STOCKS - BSE SENSEX SHEDS OVER 340 PTS - JUNE 30, 2008.
July 1, 2008... MUMBAI, June 30 Asia Pulse - The Bombay Stock Exchange benchmark Sensex on Monday fell for the second straight session to a 15-month low of 13,461.60 points, as funds and general investors off-loaded holdings in refinery, bank and realty...

FOREX - AUSTRALIAN DOLLAR OPENS WEAKER - JULY 1, 2008.
July 1, 2008... SYDNEY, July 1 Asia Pulse - The Australian dollar opened weaker today, after reaching a 25-year high overnight, as a better than expected US business conditions survey helped the American currency recover. At 0700 AEST, the Australian...

FOREX - US DOLLAR ENDS DEARER VS INDIAN RUPEE.
July 1, 2008... MUMBAI, June 30 Asia Pulse - The U.S. Dollar ended dearer against the Rupee at Rs 43.03 per Dollar and the Pound Sterling also finished higher at Rs 85.69 per Pound at the close of the Interbank Foreign Exchange (FOREX) market here on Monday....

U.S. RECONFIRMS STRONG S. KOREA-U.S. ALLIANCE DESPITE BEEF ROW.
July 1, 2008... WASHINGTON, July 1 Asia Pulse - The United States Monday reiterated its strong alliance of South Korea despite weeks of street rallies in South Korea against shipments of U.S. beef from older cattle due to concerns over mad cow disease. ...

INDONESIA, SINGAPORE CONDUCT JOINT INVESTMENT PROMOTION IN JAPAN.
July 1, 2008... TOKYO, July 1 Asia Pulse - Indonesia and Singapore conducted a joint promotion activity before about 200 Japanese businessmen at a seminar held here on Monday to attract Japanese investors. The joint promotion was held by Indonesia's Trade...

SENIOR SENATOR HINTS AT EARLY DELIBERATION OF KOREA-U.S. FTA.
July 1, 2008... WASHINGTON, July 1 Asia Pulse - A senior U.S. senator supports congressional consideration of a free trade deal with South Korea if it means resumption of beef exports to the protest-torn nation. "If (the arrangement) gets beef moving into...

BANK OF KOREA CUTS 2008 GROWTH FORECAST, SEES HIGHER INFLATION.
July 1, 2008... SEOUL, July 1 Asia Pulse - South Korea's economic growth is expected to slow to 4.6 per cent this year from 5 per cent in 2007 due to soaring oil costs and sluggish domestic demand, with consumer inflation hitting a 10-year high, the central...

AUSTRALIAN BOND MARKET OPENS WEAKER - JULY 1, 2008.
July 1, 2008... SYDNEY, July 1 Asia Pulse - The Australian bond market opened weaker today, moving in an opposite direction to US Treasuries, as a high Eurozone inflation reading pushed local yields higher. At 0830 AEST, the yield on the Commonwealth...

AUSTRALIA'S RBA TIPPED TO LEAVE CASH RATE UNCHANGED.
July 1, 2008... CANBERRA, July 1 Asia Pulse - Households look set to gain the full benefit of a new round of tax cuts which begin today as the Reserve Bank of Australia (RBA) is widely expected to leave its cash rate unchanged for now. The RBA holds its...

REWARDS FACTORY HAS WEAK DEBUT ON AUSTRALIA'S BOURSE.
July 1, 2008... MELBOURNE, July 1 Asia Pulse - The Rewards Factory Ltd (ASX:REW) had a negative debut on the Australian stock exchange Monday but is positive about its future. Shares in The Rewards Factory opened at 18 cents per share, two cents below its...

AUSTRALIAN NEWSPAPER HIGHLIGHTS - JULY 1, 2008.
July 1, 2008... SYDNEY, July 1 Asia Pulse - Highlights of today's newspapers: THE AUSTRALIAN FINANCIAL REVIEW: - The states warn on carbon trading costs. - Home loan growth hits a 17-year low. - Posco has joined the battle for Macarthur Coal....

AUSTRALIA'S AGL, ARROW TO SELL NORTH QUEENSLAND GAS PIPELINE.
July 1, 2008... MELBOURNE, July 1 Asia Pulse - AGL Energy Ltd (ASX:AGL), Australia's largest power retailer, and Arrow Energy Ltd (ASX:AOE) have agreed to sell the North Queensland Gas Pipeline (NQGP) to Victorian Funds Management Corp for $A205 million...

INDIA-US JV DLF PRAMERICA LIFE TO START OPERATION BY SEPT.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - DLF Pramerica Life Insurance Co Ltd (DPLI), a joint venture between country's leading realty player DLF Ltd (BSE:532868) and US-based Prudential Financial, would start its operation from September. "We will...

INDIA'S FUTURE GROUP PLANS EXPANSION SPREE FOR BIG BAZAAR CHAIN.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - India's leading retail chain Future Group is going for a major expansion of its Big Bazaar chain of outlets, with the company planning to take the total number of stores to 150 by June 2009. Big Bazaar has...

INDIAN OIL FIRMS LOSE EQUITY IN TWO MYANMAR GAS FIELD BLOCKS.
July 1, 2008... MADRID, July 1 Asia Pulse - India's Oil and Natural Gas Corp (BSE:500312) and GAIL (India) Ltd's (BSE:532155) equity in two gas rich offshore blocks in Myanmar have been cut following Myanmar's national oil company exercising its 'step-in'...

TRIUMPH TO SET UP 450 STORES IN INDIA OVER NEXT 5 YEARS.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - Betting big on the organised retail boom in India, women's inner wear maker Triumph said it will invest up to Rs 2 billion (US$46.6 million) in setting up 450 exclusive stores over the next five years. ...

AIR MACAU PROMOTES MACAU AS STAND-ALONE DESTINATION.
July 1, 2008... TAIPEI, July 1 Asia Pulse - To cope with the new challenges that will arise with the launch of nonstop weekend charter flights between Taiwan and China, Air Macau is ready to promote Macau as a destination in its own right through attractive...

ACUMEN CAPITAL TO INVEST US$ 50 MLN IN INDIA'S MEDIA,TELECOS.
July 1, 2008... CHANDIGRAH, June 30 Asia Pulse - Private Equity firm Acumen Capital Advisor is looking to invest US$50 million in India's IT, media and telecom companies by the end of December this year. "We have identified technology, media and...

TYCOON EXPRESSES CONFIDENCE IN TAIWAN'S STOCK MARKET.
July 1, 2008... TAIPEI, July 1 Asia Pulse - Morris Chang, chairman of the Taiwan Semiconductor Manufacturing Company (TAIEX:2330), said Monday that government intervention is not an effective way to boost the ailing bourse, and he expressed confidence in the...

INDIA'S CHANNEL PLUS BARRED FROM SUSPENDING SUN TV SIGNAL TO MSO.
July 1, 2008... NEW DELHI, June 30 Asia Pulse - Indian broadcast tribunal TDSAT on Monday restrained Maran brothers-owned Channel Plus from disconnecting the signals of Sun TV network to Tamil Nadu-based multi-system operator (MSO) till further notice. ...

TAIWAN COMMITTEE LAUNCHED TO DEVELOP MORE EQUITABLE TAX SYSTEM.
July 1, 2008... TAIPEI, July 1 Asia Pulse - The government's tax reform committee will will aim to formulate a system that is fair, highly efficient, simple and can enhance the global competitiveness of local companies, Premier Liu Chao-shiuan said Monday...

STOCKS - AUSTRALIAN MARKET OPENS LOWER - JULY 1, 2008.
July 1, 2008... SYDNEY, July 1 Asia Pulse - The Australian share market began the first trading day of the new financial year in the red, as banking stocks fell again on credit concerns. At 1015 AEST the benchmark S&P/ASX200 index was down 5.8 points, or...

INDIAN CO ABAN OFFSHORE TERMINATES CONTRACT WITH HUSKY OIL CHINA.
July 1, 2008... MUMBAI, June 30 Asia Pulse - Offshore drilling and oil field services provider Aban Offshore (BSE:523204) today said it has terminated a US$10.53 million contract with Husky Oil China. In May, the company had received a Letter of Intent...

FOREX - RINGGIT CLOSES WEAKER VS US DOLLAR - JUNE 30, 20.
July 1, 2008... KUALA LUMPUR, June 30 Asia Pulse - The ringgit ended at 3.2640/2670 against the U.S. dollar on Monday, weaker than 3.2620/2650 at the close on Friday. ASIA PULSE 01-07 1034

AUSTRALIA'S ADELAIDE BRIGHTON BUYS CONCRETE PRODUCTS BUSINESS.
July 1, 2008... SYDNEY, July 1 Asia Pulse - Adelaide Brighton Ltd (ASX:ABC) has acquired Queensland-based concrete products business Hanson Building Products Pty Ltd (HBP) for $A81.0 million ($US77.55 million). The cash purchase and will enhance Adelaide...

INDIA'S TITAN INDUSTRIES AIMS TO BE BILLION DOLLAR CO END FY 08.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - On the back of robust growth in jewellery and watches business, Tata group's Titan Industries(US$BSE:500114) is aiming to become a billion dollar company by the end of this fiscal year. The company has also...

HONDA INDIA LAUNCHES NEW 125 CC SPORTS BIKE.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - Aiming to sell one million units in the current fiscal, Honda Motorcycle & Scooter India on Monday launched its new 125 cc sports bike in India priced between Rs 47,070 (US$1,097) and Rs 51,655 (Ex-Showroom,...

AUSTRALIAN FINANCIAL SERVICES FAILING TO ATTRACT SKILLED WORKERS.
July 1, 2008... PERTH, July 1 Asia Pulse - Australia's financial services sector is not attracting enough skilled workers to the deteriment of the nation's push to become a global financial services sector, a report finds. It also finds the glass ceiling...

STOCKS - SEOUL SHARES OPEN HIGHER - JULY 1, 2008.
July 1, 2008... SEOUL, July 1 Asia Pulse - South Korean stocks opened slightly higher Tuesday as investors picked up auto and shipyard shares, offsetting losses in other energy-related sectors, analysts said. The benchmark Korea Composite Stock Price Index...

SINGLE LAB GUAR GUM TEST LEAVES INDIAN EXPORTERS MIFFED.
July 1, 2008... NEW DELHI, June 30 Asia Pulse - Exporters of food additive, guar gum, have criticised the Indian Commerce Ministry for forcing them to get samples of their shipments to Europe tested by only one source, a Hyderabad-based private laboratory. ...

GIRL FOREVER TO SET UP 25 RETAIL OUTLETS IN INDIAN CITIES.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - Leading girls' wear brand Girl Forever is going for a major expansion in India over the next two years, which will see the company setting up 25 new exclusive outlets in major metros and smaller cities. "The...

PM SAYS HE BELIEVES IN FUTURE OF AUSTRALIAN COAL INDUSTRY.
July 1, 2008... CANBERRA, July 1 Asia Pulse - Prime Minister Kevin Rudd says he believes in the future of Australia's coal industry, as the debate around climate change hots up. Mr Rudd talked up the future of the industry while speaking in his home state...

ABU DHABI TO INVEST US$200 BLN IN INFRASTRUCTURE PROJECTS BY 2030.
July 1, 2008... ABU DHABI, July 1 Asia Pulse - In line with its strategic plan (2008-2012), the emirate of Abu Dhabi is aiming to create sustainable industrial growth driven by the ongoing economic boom. Utilising the windfall from a five-fold increase in...

MOST AUSTRALIANS WANT PETROL INCUDED IN EMISSIONS TRADE SCHEME.
July 1, 2008... CANBERRA, July 1 Asia Pulse - Most Australians want petrol included in an emissions trading scheme (ETS) - even though many don't know what it is and some have never even heard of it. Three-quarters of respondents in a poll released today...

HONG KONG NEWSPAPER HIGHLIGHTS - JULY 1, 2008.
July 1, 2008... HONG KONG, July 1 Asia Pulse - Highlights of today's newspapers: SOUTH CHINA MORNING POST: - Mainland airlines have won regulatory approval to raise fuel surcharges by as much as 50 per cent, the first adjustment of the levy on...

INDIAN FIRM IDEA MAKES OFFER FOR FURTHER 20% STAKE IN SPICE COMM.
July 1, 2008... MUMBAI, July 1 Asia Pulse - Aditya Birla group firm Idea Cellular (BSE:532822) on Monday made an open offer to the shareholders of Spice Communications for acquiring additional 20 per cent stake in the telecom services provider for about Rs...

SRI LANKA INFLATION HITS NEW HIGH OF 28.2% IN JUNE.
July 1, 2008... COLOMBO, July 1 Asia Pulse - Sri Lanka consumer inflation in the capital Colombo accelerated to a new record of 28.2 per cent in June 2008, from 26.2 per cent in May, the government's statistics office said. In the 30 days to June prices...

WORLD BANK TO FUND ICADR PLAN TO TRAIN MEDIATORS: LAW MINISTER.
July 1, 2008... NEW DELHI, June 30 Asia Pulse - The World Bank has agreed to provide funds to the Indian capital-based International Centre of Alternative Disputes Resolution (ICADR) for preparing a business plan and training mediators for settlement of...

STOCKS - SRI LANKAN SHARES END WEAKER.
July 1, 2008... COLOMBO, June 30 Asia Pulse - Sri Lanka's shares ended weaker Monday with Diesel & Motor Engineering (DIMO) and Vallibel Power Erathna being among the most actively traded stocks, brokers said. The all share price index fell 0.51 per cent...

SRI LANKA'S ECONOMY EXPANDS 6.2% IN 2008 FIRST QUARTER.
July 1, 2008... COLOMBO, July 1 Asia Pulse - Sri Lanka's economy expanded 6.2 per cent in the first quarter of 2008, against 6.1 per cent growth in the same period last year but slower than the 7.6 per cent growth in the fourth quarter of 2007, government data...

UZBEKTELECOM'S TOTAL 2007 EARNINGS UP 14.6 PCT TO US$136 MLN.(Financial report)
July 1, 2008... TASHKENT, July 1 Asia Pulse - Uzbektelecom company held a shareholders meeting in Tashkent to consider its 2007 earnings results. The meeting was conducted by Vice Prime Minister of Uzbekistan and chairman of the Uzbektelecom supervisory board,...

TAIWANESE GOVT HAS NO PLANS TO FREEZE FUEL PRICES, LOWER EXCISE.
July 1, 2008... TAIPEI, July 1 Asia Pulse - Taiwan's Minister of Economic Affairs Yiin Chii-ming said Monday that the ministry has no plans to freeze fuel prices and will not lower excise taxes on petroleum-based products for the time being. Yiin's...

SURVEY SHOWS TAIWAN'S WORKFORCE UNHAPPY WITH STAGNANT EARNINGS.
July 1, 2008... TAIPEI, July 1 Asia Pulse - Eighty-eight per cent of Taiwanese workers are dissatisfied with their unchanging earnings as the cost of living increases due to inflation, according to the results of a survey released Monday by an online...

JAPAN-INDONESIA ECONOMIC PARTNERSHIP AGREEMENT TAKES EFFECT.
July 1, 2008... JAKARTA, July 1 Asia Pulse - Japanese Ambassador to Indonesia Kojiro Shiojiri said the Japan-Indonesia Economic Partnership Agreement (EPA) could be a model for world economic cooperation, as the two countries have built continuous, profound...

INDIAN STEEL MAGNATE MITTAL JOINS GOLDMAN SACHS BOARD.
July 1, 2008... LONDON, July 1 Asia Pulse - Indian steel magnate Lakshmi Mittal has joined the board of investment bank Goldman Sachs as an independent director. The company announced Sunday Mittal had joined as an independent director in its audit,...

DRESDNER FORECASTS INDIA'S GROWTH TO DROP TO 7.5 PCT THIS FY.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - Soaring inflation and high interest rates are expected to take a toll on the Indian economy, which is expected to witness a growth rate of 7.5 per cent this financial year against 9 per cent in 2007-08, according...

AEGON RELIGARE LIFE INSURANCE APPROVED FOR OPERATIONS IN INDIA.
July 1, 2008... NEW DELHI, July 1 Asia Pulse - AEGON Religare Life Insurance Co, a joint venture between financial services institutions Religare (BSE:532915) and the Netherlands-based AEGON, was approved Monday by India's Insurance Regulatory & Development...

FOREX - US DOLLAR OPENS STRONGER AGAINST WON - JULY 1, 2008.
July 1, 2008... SEOUL, July 1 Asia Pulse - The US dollar on Tuesday opened at 1,047.3 won, up from 1,046.0 at the close on Monday. (Yonhap) 01-07 1132

STOCKS - TOKYO SHARES OPEN HIGHER - JULY 1, 2008.
July 1, 2008... TOKYO, July 1 Asia Pulse - Tokyo share prices opened slightly higher on Tuesday, with the benchmark Nikkei-225 index gaining 30.60 points or 0.23 per cent to 13,511.98 at the open. (AAP) 01-07 1135

S. KOREA'S TRADE BALANCE REVERTS TO DEFICIT IN JUNE.
July 1, 2008... SEOUL, July 1 Asia Pulse - South Korea's trade balance swung back to a deficit in June as exports grew at a much slower pace than imports due to a truckers' strike, a government report showed Tuesday. The country posted a trade deficit of...

PHILIPPINES' BSP CITES OIL PRICES AS REASON FOR INFLATION RATES.
July 1, 2008... MANILA, July 1 The record prices of oil, which has reached over $ 140 per barrel, is on top of the reasons cited by the Bangko Sentral ng Pilipinas (BSP) for projecting the June inflation between 10.4 per cent to 11.2 per cent. BSP deputy...

AUSTRALIA'S BABCOCK & BROWN WIND ACQUIRES WIND FARMS IN GERMANY.
July 1, 2008... SYDNEY, July 1 Asia Pulse - Babcock & Brown Wind Partners Ltd (ASX:BBW) has acquired four wind farms located in Germany. The wind farms located in four separate German states have a combined total capacity of 19.6 megawatts The farms...

PHILIPPINES SUPREME COURT TO CREATE SMALL CLAIMS COURT.
July 1, 2008... MANILA, July 1 Asia Pulse - The Philippines' Supreme Court (SC) Chief Justice Reynato S. Puno said the high court is in the process of creating the country's first ever small case claims court. For the past few months, a technical working...

NEW SOUTH WALES NEW HOUSE SALES SLUMP OVER 9% IN MAY.
July 1, 2008... SYDNEY, July 1 Asia Pulse - The sale of new homes across NSW slumped more than nine per cent during May, new figures show as the Reserve Bank meets today to consider a further rate rise. The Housing Industry Association (HIA) says the sale...

INVESTMENTS, JOB CREATION FRUITS OF US TRIP: PHILIPPINES' PRES.
July 1, 2008... BALER, Aurora, July 1 Asia Pulse - Commitments for more investment, job creation and pledges of interest from the American business leaders are only a few of the many positives listed by President Gloria Macapagal-Arroyo from her 10-day...

NEW U.S. EMBASSY BUILDINGS UNDERWAY IN MANILA.
July 1, 2008... MANILA, July 1 Asia Pulse - Ground-breaking rites were held yesterday for the commencement of work on new buildings at the US embassy compound in the Philippines capital of Manila. Present at the ceremony with US Ambassador Kristie Anne...

VIRGIN BLUE, QANTAS GO HEAD-TO-HEAD ON REWARD SCHEMES.
July 1, 2008... SYDNEY, July 1 Asia Pulse - Virgin Blue(ASX:VBA) today touted the benefits of its traveller rewards scheme ahead of an announcement later today by rival Qantas (ASX:QAN) about changes to its Frequent Flyer program. Virgin Blue said its...

SINGAPORE NEWSPAPER HIGHLIGHTS - JULY 1, 2008.
July 1, 2008... SINGAPORE, January 1 Asia Pulse - Highlights of today's newspapers: BUSINESS TIMES: - It is a sea of red as a slate of listed companies took a battering from the volatile market and chalked up falls in market value as the year hits...

AUSTRALIA'S BUDERIM GINGER EYES LEADING US MACADAMIA PRODUCER.
July 1, 2008... BRISBANE, July 1 Asia Pulse - Australia is on the brink of reclaiming its native nut. Queensland-based Buderim Ginger Ltd (ASX:BUG) is looking to become one of the world's largest producers of macadamia nuts after entering the first stages...

JAL'S HANEDA-HONG KONG CHARTER SERVICE TAKING OFF TUESDAY.
July 1, 2008... TOKYO, July 1 Asia Pulse - Japan Airlines Corp. (TSE:9205) will launch scheduled chartered service between Tokyo's Haneda airport and Hong Kong, starting today. The move comes in response to a June 2007 deregulation permitting late-night...

TOYOTA TO MAKE, SELL CAMRY HYBRID IN CHINA FROM 2010.
July 1, 2008... TOKYO, July 1 Asia Pulse - Toyota Motor Corp. (TSE:7203) will begin manufacturing the hybrid version of the Camry sedan in China in 2010, aiming to jump-start sales of environmentally friendly cars there in anticipation of growing demand. ...

NEC TO LET 90% OF WHITE-COLLAR STAFF TELECOMMUTE.
July 1, 2008... TOKYO, July 1 Asia Pulse - NEC Corp. (TSE:6701) will give nearly all its white-collar employees the option of working from home starting Tuesday, becoming the latest Japanese electronics company to allow telecommuting. Some 20,000...

STOCKS - MALAYSIAN SHARES HIGHER IN EARLY TRADE - JULY 1, 2008.
July 1, 2008... KUALA LUMPUR, July 1 Asia Pulse - The Malaysian sharemarket was up 0.01 per cent in early trade, with the Kuala Lumpur Stock Exchange Composite Index rising 0.06 points at 1,186.63 at 10:04 a.m. ASIA PULSE 01-07 1240

MATSUSHITA TEAMS WITH 3 CITY GAS FIRMS ON HOUSEHOLD FUEL CELLS.
July 1, 2008... OSAKA, July 1 Asia Pulse - Ahead of mass production of household fuel cells next year, Matsushita Electric Industrial Co. (TSE:6752) has joined forces with three city gas companies to secure stable supplies of hydrogen and to set up sales...

STOCKS - SINGAPORE SHARES UP IN EARLY TRADE - JULY 1, 2008.
July 1, 2008... SINGAPORE, July 1 Asia Pulse - Singapore shares were higher in early trade, with the Straits Times Index up 0.86 points at 2,948.40 at 10:40 a.m. ASIA PULSE 01-07 1242

TOYOTA TO LIFT SUV, SMALL BUS CAPACITY IN WESTERN CHINA.
July 1, 2008... TOKYO, July 1 Asia Pulse - Toyota Motor Corp. (TSE:7203) plans to boost its output capacity for large sport utility vehicles and small commercial vehicles in the western Chinese city of Chengdu by more than 50 per cent. Joint venture...

NEC TO BUY UNDERSEA CABLE FIRM OCC FROM INVESTMENT FUND.
July 1, 2008... TOKYO, July 1 Asia Pulse - NEC Corp. (TSE:6701), in cooperation with Sumitomo Electric Industries Ltd. (TSE:5802), will acquire undersea cable manufacturer OCC Corp. in July to secure a stable supply of optical cables amid growing demand, The...

MALAYSIAN NEWSPAPER HIGHLIGHTS - JULY 1, 2008.
July 1, 2008... KUALA LUMPUR, July 1 Asia Pulse - Highlights of today's newspapers: BUSINESS TIMES: - Hoteliers have estimated that they lost almost RM100 million in revenue, barely a month since the government limited the number of events in hotels...

JAPAN ORGANO TO DOUBLE CHINA CAPACITY FOR WATER-PURIFYING RESIN.
July 1, 2008... TOKYO, July 1 Asia Pulse - Organo Corp. (TSE:6368) is doubling its capacity in China to regenerate ion exchange resin beads used in its pure water production systems. Pure water that has been processed to remove various ions is used to...

STOCK MARKETS OF RESOURCE-RICH NATIONS SHINE IN 1ST HALF.
July 1, 2008... TOKYO, July 1 Asia Pulse - As share prices surged in resource-rich nations like South Africa during the first six months of 2008, stocks plunged in China, Vietnam and other countries lacking in such materials. Japan was spared huge declines...

POSCO AGREES TO PAY RIO TINTO 80 PCT MORE FOR IMPORTED IRON ORE.
July 1, 2008... SEOUL, July 1 Asia Pulse -- POSCO (KSE:005490), the world's fourth-largest steelmaker, said Tuesday that it has agreed to pay Australian miner Rio Tinto (ASX:RIO) 80 per cent more for iron ore supplies, heralding another increase in steel...

W.P. STEWART FILES 2007 ANNUAL REPORT ON FORM 20-F WITH SEC.
July 1, 2008... (Full text of statement. Contact details below.) W.P. Stewart Files 2007 Annual Report On Form 20-F With SEC HAMILTON, Bermuda, June 30, 2008 (PRIME NEWSWIRE) -- W.P. Stewart & Co., Ltd. (NYSE:WPL) (the Company), as a foreign private...

SMBC ARRANGES US$472.3 MLN SYNDICATED LOAN FOR IBM.
July 1, 2008... TOKYO, July 1 Asia Pulse - Sumitomo Mitsui Financial Group Inc. (TSE:8316) unit Sumitomo Mitsui Banking Corp. has put together a 50 billion yen (US$472.3 million) syndicated loan for IBM Corp., The Nikkei learned Monday. This is the first...

AUSTRALIAN FORESTRY CO ITC SAYS MIS SALES "DISAPPOINTING".
July 1, 2008... MELBOURNE, July 1 Asia Pulse - Forestry company ITC Ltd, a subsidiary of diversified agribusiness Futuris Corporation Ltd (ASX:FCL) , said today that challenging market conditions had contributed to a "disappointing" level of sales in managed...

STOCKS - AUSTRALIAN SHARES WEAKER AT NOON - JULY 1, 2008.
July 1, 2008... SYDNEY, July 1 Asia Pulse - The Australian share market remained weaker at noon, as banking stocks lost ground on the first trading day of the new financial year. At 1200 AEST, the benchmark S&P/ASX200 index was down 31.9 points to 5,183.5...

FOREX - AUSTRALIAN DOLLAR LOWER AT NOON - JULY 1, 2008.
July 1, 2008... SYDNEY, July 1 Asia Pulse - The Australian dollar was lower at noon, with investors remaining on the sidelines ahead of this afternoon's Reserve Bank of Australia (RBA) interest rate decision. At 1200 AEST, the Australian dollar was trading...

SOLUTIA RETAINS HSBC TO EXPLORE ALTERNATIVES FOR ITS NYLON BUSINESS.
July 1, 2008... (Edited text of statement. Full text of this release can be found at http://www.primenewswire.com) Solutia Retains HSBC to Explore Strategic Alternatives for Its Nylon Business ST. LOUIS, June 30, 2008 (PRIME NEWSWIRE) -- Solutia Inc....

AUSTRALIAN BOND MARKET WEAKER AT NOON - JULY 1, 2008.
July 1, 2008... SYDNEY, July 1 Asia Pulse - The Australian bond market was weaker at noon. At 1200 AEST, the yield on the Commonwealth Government March 2019 bond was at 6.487 per cent, up from yesterday's close of 6.448 per cent, while the June 2011 bond...

STOCKS - SEOUL STOCKS LOWER IN MORNING TRADE - JULY 1, 2008.
July 1, 2008... SEOUL, July 1 Asia Pulse - South Korean stocks traded lower late Tuesday morning as investors were worried that a global economic slowdown could eat into the earnings of export-driven tech companies like Samsung Electronics, analysts said. ...

NOMURA TO SET UP BOND MANAGEMENT FIRM IN U.S.
July 1, 2008... NEW YORK, July 1 Asia Pulse - Nomura Holdings Inc. (TSE:8604) will establish a new unit in the U.S. for managing bonds according to a hedge-fund style, acquiring a team of local specialists. The new entity will be a wholly owned subsidiary...

SHIMIZU CORP TO BUILD SKYSCRAPER AT OLD HQ SITE IN TOKYO.
July 1, 2008... TOKYO, July 1 Asia Pulse - General contractor Shimizu Corp. (TSE:1803) unveiled Monday a general overview of redevelopment plans that include the construction of a skyscraper on the site of its former headquarters in Kyobashi, Tokyo. ...

JAPAN BOND MARKET SHRUGS OFF MOODY'S JGB UPGRADE.
July 1, 2008... TOKYO, July 1 Asia Pulse - The bond market showed no reaction to Moody's Investors Service Inc.'s upgrade of its rating on Japanese government bonds Monday, with the yield on newly issued 10-year JGBs unchanged from the previous week's close of...

INDONESIAN NEWSPAPER HIGHLIGHTS - JULY 1, 2008.
July 1, 2008... JAKARTA, July 1 Asia Pulse - Highlights of today's newspapers: BISNIS INDONESIA - The capital market watchdog Bapepam announces revision of tender offer effective as from today saying the price of the offer is at least the same as the...

M&A DEALS OF JAPAN COS FALL BELOW Y5TLN IN 1ST HALF OF '08.
July 1, 2008... TOKYO, July 1 Asia Pulse - The value of corporate mergers and acquisitions undertaken by Japanese companies dropped to 4.82 trillion yen (US$45.5 billion) in the first half of 2008, the first time in four years the figure for a six-month period...