It is reported that Hong Kong-based Citic Pacific Ltd. (HKG:0267) signed initial agreements to sell up to two-thirds of the iron ore from its US$4 billion Australia project to Chinese steel mills. "We've identified the major steel works in China who have signed up preliminary sales agreements," said Barry Fitzgerald, CEO of Citic Pacific's Australian unit. The balance of the output will be used by the company's own mills in China, he said.
Sydney, Nov 12, 2009 AEST (ABN Newswire) - Asian share markets continue a winning streak on Thursday following the good leads from Wall Street. Japan's Nikkei stock index rose in early trade as exporters were lifted by confidence in global recovery. Korean central bank decided to keep rates unchanged at a record-low 2 per cent.
The US dollar weakened versus 14 of 16 major counterparts as Asian stocks extended a global rally, which increased investors' appetite in riskier assets. Australian dollar surged to a 15- month high after upbeat job data in October that may pushed the central bank to further raise the official interest rates next month.
Company News
Mazda Motor Corp. (TYO:7261) is expanding the line of automobiles it sells in China to offset slowing sales in Japan by adding minivans and sport utility vehicles in a bid to attract more affluent customers. Its Chinese partner China FAW Group Corp. plans to expand its plant in Changchun, Jilin Province, and double production capacity to 200,000 vehicles a year. Mazda will also begin exporting the CX-7 SUV to China from its plant in Hiroshima.
Japanese shipping company Nippon Yusen K.K. (TYO:9101) said Thursday it will raise up to 142.49 billion yen by issuing new shares equal to about 37% of its outstanding stock. The company said it will use the proceeds to buy vessels and for other purposes to further its growth strategy.
South Korea's Hyundai Motor Co. (SEO:005380) and Kia Motors Corp. (SEO:000270) expect to sell 800,000 units in China in 2009. Hyundai-Kia automotive group said today it expects to post a 83% on-year jump in sales in China this year. In the January-September period, Hyundai and Kia accounted for a combined 9.9% of the Chinese market, compared to 8.1% a year earlier.
South Korea's Hynix Semiconductor (SEO:000660) will restart the sale of a stake in the world's No. 2 memory chipmaker to South Korean companies, leading shareholder Korea Exchange Bank said on Thursday. Hyosung Group (SEO:004800) has decided to drop its bid to take over Hynix, as various unfounded rumors including the government's favor for the bid have made it difficult to seek a fair takeover.
It is reported that Hong Kong-based Citic Pacific Ltd. (HKG:0267) signed initial agreements to sell up to two-thirds of the iron ore from its US$4 billion Australia project to Chinese steel mills. "We've identified the major steel works in China who have signed up preliminary sales agreements," said Barry Fitzgerald, CEO of Citic Pacific's Australian unit. The balance of the output will be used by the company's own mills in China, he said.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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