Asian Markets Overview
Sydney, Feb 24, 2009 AEST (ABN Newswire) - Most major Asian indexes ended higher on Monday except for the Japan market. Tokyo stocks hit by the bankruptcy of nonbank lender SFCG dropped 2.8% in early trading and ended 0.5% at the close. South Korea's Kospi jumped 3.2%, China's Shanghai Composite added 2% and Hong Kong's Hang Seng Index surged 3.8%. This morning the Nikkei average extended its tumble after US stocks sank to a record low since 1997.
Asia Economy Watch
Bank of Japan said today the nation's corporate service prices extended their losing streak to a forth month in January, hitting the lowest level in nearly 21 years. The central bank also announced it will supply $19.23 billion into the short-term money market in three-month funds at a fixed rate of 1.250%.
Thailand's National Economic and Social Development Board says growth in the fourth quarter of last year has plummeted to -4.3 per cent and this year's GDP growth is likely to drop to -1 per cent.
Singapore's Department of Statistics released figures yesterday showed that the Consumer Price Index rose by 2.9 per cent last month over the same month a year ago. This is far slower than the 4.3 per cent rise in prices recorded in December.
Company News
India's Cabinet Committee on Economic Affairs (CCEA) on Monday approved the proposal of Japanese telecom carrier NTT DoCoMo (TYO:9437) to acquire 27.31% equity capital of Tata Teleservices (BOM:532371) for about Rs 12,924 crore.
Orient Overseas Container Line Ltd, which is owned by Orient Overseas (International) Limited (HKG:0316), said the company and its partners in a global container shipping consortium have rerouted an eastbound shipping service around the Cape of Good Hope to reduce costs as tolls on the Suez Canal are high.
Korea's LG Electronics Inc. (SEO:066570) has filed a countersuit in the U.S. against Eastman Kodak Co. (NYSE:EK) for possible digital camera patent infringement after Samsung Electronics Co. (SEO:005930) filed a similar suit against Kodak last week. The company also requested the U.S. International Trade Commission to stop the import of some Eastman Kodak cameras.
Mitsubishi Chemical Corp. (TYO:4188) plans to stop producing terephthalic acid, a raw material for polyester, in December 2010 in Japan.
Japan's Takashimaya Co. (TYO:8233) said today that it will open its first Takashimaya store in Shanghai, China, in 2012. The company will spend roughly 4 billion yen on the new store, which will have a shopping floor space of 40,000 square meters.
Yahoo Japan Corp.'s (TYO:4689) is speculated that its impending acquisition of parent Softbank Corp.'s (TYO:9984) data center operations is merely a capital injection in disguise.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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