Honda Motor Co. ( TYO:7267) plans to build a new passenger car plant in China's Wuhan to increase production in the rapidly growing market, sources familiar with the matter said Saturday. The plant is scheduled to commence operations in 2011 with an annual output capacity of more than 100,000 cars, becoming the Japanese automaker's fifth four-wheeled vehicle plant in China. Honda is considering increasing capacity at Dongfeng Honda Automobile Co. as sales at the joint venture will likely total more than 200,000 vehicles this year.
Sydney, Dec 21, 2009 AEST (ABN Newswire) - Wall Street rose on Friday led by technology shares after Oracle and BlackBerry maker Research In Motion posted better-than-expected quarterly earnings reports. For the week, the Dow fell 1.3 per cent, the S&P trimmed 0.3 per cent and the Nasdaq rose 1 per cent.
The US dollar index climbed was just marginally higher in the session. Asian shares are expected to open with a small gain following the cue from US markets. But gains in Asian markets are likely to be limited ahead of the year end unless there are better earnings to boost the buying appetite, analysts said.
Today Japan's trade balance and monthly report of All Industries Activity are due to release. Bank of Japan will publish its monthly report. Australian Bureau of Statistics will release new motor sales figures of November.
Company News
Honda Motor Co. (TYO:7267) plans to build a new passenger car plant in China's Wuhan to increase production in the rapidly growing market, sources familiar with the matter said Saturday. The plant is scheduled to commence operations in 2011 with an annual output capacity of more than 100,000 cars, becoming the Japanese automaker's fifth four-wheeled vehicle plant in China. Honda is considering increasing capacity at Dongfeng Honda Automobile Co. as sales at the joint venture will likely total more than 200,000 vehicles this year.
Korean budget carrier Jin Air, a subsidiary of the Korean Air (SEO:003490), launches its first international route between Incheon and Bangkok on Monday, joining the budget carriers' race to internationalize, said a Korean media. Jin Air also plans to launch services to Osaka, Guam and Weihai in China to snap up the air-cargo market share dominated by a few major budget carriers in Asia.
Hyundai Motor Co (SEO:005380) said on Sunday it had signed an initial agreement to create a commercial vehicle joint venture with China's Baotou Bei Ben Heavy-Duty Truck Co Ltd with a total investment of US$400 million. The 50-50 venture with the Chinese truck maker will be launched next year, taking over Baotou Bei Ben's existing large truck business that has an annual capacity of 40,000 units.
CNPC (Hong Kong) Ltd. (HKG:0135) said Friday its natural gas unit Xinjiang Xinjie Co has agreed to sell two oil-related assets to its parent PetroChina Co. Ltd. (HKG:0857). The company said Xinjiang Xinjie agreed to sell its refined oil storage assets to PetroChina for CNY83.9 million and its refined oil pipeline transmission assets to PetroChina for CNY500.9 million.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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