Australian ports and rail operator Asciano Group (ASX:AIO) said Tuesday it has signed a long term contract with Japan's Idemitsu (TYO:5019) for the haulage of coal from its Boggabri mine in the Gunnedah Basin for the next 12 years. Asciano said on Tuesday that the contract was expected to generate about A$500 million over the period and included a 400 per cent increase in existing contracted volumes.
Sydney, Dec 1, 2009 AEST (ABN Newswire) - Asian shares were mostly steady on Tuesday after significant rebounds in the previous trading session. Yesterday the Dow index concluded the last trading day of November in positive territory. It was its fifth consecutive monthly gain, despite a bad news from Dubai.
In foreign exchange markets the US dollar continued to fell against yen. The Bank of Japan (BOJ) said it would hold an extraordinary policy meeting, with the market speculating it was readying to take steps to support the economy.
Company News
Singapore listed DBS Group (SIN:D05) became a focus today as it said it had S$1.8 billion, or US$1.28 billion exposure to Dubai, including a US$400 million loan to Dubai World. DBS said its position was 'manageable' as it had lent mainly to Dubai firms operating in Asia. DBS's exposure to the entire Middle East region accounts for about 2 per cent of its balance sheet, DBS said. Rivals United Overseas Bank and Oversea-Chinese Banking Corp said their exposure was insignificant.
Australian ports and rail operator Asciano Group (ASX:AIO) said Tuesday it has signed a long term contract with Japan's Idemitsu (TYO:5019) for the haulage of coal from its Boggabri mine in the Gunnedah Basin for the next 12 years. Asciano said on Tuesday that the contract was expected to generate about A$500 million over the period and included a 400 per cent increase in existing contracted volumes.
South Korea's Jinsung T.E.C (KDQ:036890) said Tuesday that it is selling 100% of JCS Co. to earth moving equipment giant Caterpillar Inc. (NYSE:CAT) for KRW42 billion. Jinsung T.E.C said he deal is expected to be finalized by Jan. 31. Caterpillar said the acquisition of JCS Co. from Jinsung T.E.C will aid in the company's expansion strategy for China and the rest of Asia and strengthen its supply chain in the region.
Australia's Fortescue Metals Group (ASX:FMG) said it is still discussing whether to continue selling iron ore at a discount to Chinese buyers. A FMG spokesman said no decision had been made amid reports that the 35 percent contract price discount agreed in August had already expired after the company failed to secure a financing deal with Chinese investors in September. The decision would likely be made by the end of the year following the last of the shipments to China.
China's Wuhan Iron & Steel Group (SHA:600005) agreed to pay US$400 million for a 21.52 per cent stake in Brazil's MMX Mineracao e Metalicos (SAO:MMXM3) to broaden its supply of iron ore. Wugang has also agreed to build a 5-million-ton steel plant in Brazil with MMX's parent EBX. The deal is subject to approval from both the Chinese and Brazilian governments.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
| ||
|
