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COPYRIGHT 2008 Asia Pulse Pty Ltd
Business in Asia on May 30, 2008. A summary prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, market intelligence and business opportunities:
SOUTH KOREAN SHIPYARD HYUNDAI HEAVY TO BUY BROKERAGE FIRM
SEOUL - Hyundai Heavy Industries Co. (KSE:009540), the world's largest shipyard, said today it has signed an initial deal to take over a brokerage firm and buy a stake in an asset manager from CJ Group. In a statement, Hyundai Heavy said it and its unit, Hyundai Mipo Dockyard Co. (KSE:010620), will buy a 73.69 per cent stake in CJ Investment & Securities Co. and a 7.43 per cent interest in CJ Asset Management Co. The takeover is aimed at helping manage cash and marketable securities held by Hyundai Heavy and its two units, the shipbuilder said. Hyundai Heavy has also been seeking to diversify its portfolio by venturing into the solar energy business.
SINOPEC TO HALT EXPORTS OF OIL PRODUCTS, RAISE OUTPUT
BEIJING - China's largest refiner Sinopec (SSX:600028, SEHK:0386, NYSE:SNP) said it would increase its oil processing and halt exports in the third quarter to ensure domestic supply. "Sinopec will raise production, halt exports and adjust product structure to ensure domestic supply, especially for the reconstruction after the earthquake, the summer harvest and the Olympic Games,"...
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