BHP Billiton (ASX:BHP) has won a roughly 2% rise in copper ore prices for the 2010-11 period from Pan Pacific Copper Co, a joint venture between Nippon Mining & Metals Co. and Mitsui Mining & Smelting Co. (TYO:5706).
Sydney, Jan 21, 2010 AEST (ABN Newswire) - Wall Street slumped sharply on Thursday after disappointing earnings reports and news of China's further tightening bank lending. The US dollar soared to one month high against a basket of currencies while investors shifted to haven.
Most Asian markets were hit by China's move to stop lending for the rest of this month. China Securities Journal reported that some major banks have received verbal orders from authorities that they must stop lending for the rest of this month. Both China's Shanghai Composite plunged 2.9% and Hong Kong's Hang Seng Index lost 1.8%. Japan's Nikkei 225 and Taiwan's Taiex fell 0.3%.
Company News
Sumitomo Mitsui Financial Group (
TYO:8316), Japan's third-largest bank by assets, plans to raise 968 billion yen in its share offering to bolster its capital base. SMFG has set the selling price at 2,804 yen per share, or a 3 percent discount to Wednesday's close. SMFG will issue 340 million new shares, with an overallotment option of 20 million additional shares.
China Steel Corp. (TPE:2002) says it will raise the prices of its steel products in March by an average of 4.92% from the January-February period to as market demand is strong and raw material prices will increase significantly. The price hike means an average increase of NT$1,011 (US$31.76) a metric ton, with price hikes across all of its products.
BHP Billiton (ASX:BHP) has won a roughly 2% rise in copper ore prices for the 2010-11 period from Pan Pacific Copper Co, a joint venture between Nippon Mining & Metals Co. and Mitsui Mining & Smelting Co. (TYO:5706). The agreement will cover 50% of the copper ore that Pan Pacific will purchase from Chile's Escondida copper mine. BHP Billiton and Pan Pacific settled for a processing fee of around 263 dollars a ton, a 38% drop from January 2009.
Taiwan's Hon Hai (TPE:2317), Korea's LG Display (SEO:034220) and Samsung are likely key suppliers for Apple's tablet computer which is expected to be unveiled next week, UBS said. The bank said Hon Hai might manufacture the tablet. The display will likely come from LG Display or possibly AU Optronics (TPE:2409), and Samsung will probably manufacture the application processor on Apple's behalf.
China XD Electric Co. (SHA:601179), China's biggest power transmission and distribution equipment maker by sales, raised 10.3 billion yuan in its initial public offering Wednesday, after pricing its shares at the top end of its indicative 7.10 yuan to 7.90 yuan range. The company sold 1.3 billion A shares, or 30% of its enlarged share capital.
Contact
Michelle Liang
Asia Business News Asia Bureau
TEL: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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