Asian economic and corporate news summary

Asian economic and corporate news summary

	Published : Tue, 08 May 2007 06:27 By : Agencies Print this Story

BEIJING (XFN-ASIA) - A summary of Asian economic and corporate news at 0500 GMT:

JAPAN:

-Japan 10-year govt bond auction lowest accepted bid 100.39 yen; yield 1.653 pct

-MoF keeps coupon on 10-year bond issue at 1.7 pct

-Asahi Kasei yr to March net profit 68.57 bln yen vs 59.67 bln

-Asahi Kasei sees yr to March 2008 net profit at 70 bln yen

-Toshiba sets up R&D center in Vietnam to strengthen embedded software ops

SOUTH KOREA:

-SKorea April PPI up 1.1 pct mth-on-mth, highest in more than 3 yrs

-Hankook Tire Q1 net profit 48.9 bln won vs 56.5 bln

-Hankook Tire Q1 opg profit up 41 pct on price hike, product mix

HONG KONG:

-Jiahua Stores to offer 250 mln shrs at 0.87-1.04 hkd each in Hong Kong IPO

-Shimao Property to place 305.85 mln shrs at 17.88 hkd each

-Sun Hung Kai Co unit lends 1 bln hkd to New Gold Hldgs

-Jinhui Holdings to buy two vessels for 35 mln usd

-Wing On Travel in talks for China hospitality, leisure businesses

-China Oriental Group unit to spend 760 mln yuan on steel plant

-Cheuk Nang (Hldgs) sells 25.66 pct of Ace Cosmos for 380 mln hkd

-Zhejiang Glass in talks over unit's assets, equity stake

CHINA:

-China Q2 GDP seen up 10.8 pct yr-on-yr, CPI up 3.0 pct - govt think-tank

-China govt to adjust retail prices of 260 western medicines - state planner

-ICBC long-term rating kept at 'A2' - Moody's

-China Construction Bank long-term rating kept at 'A2,' - Moody's

-Bank of China long-term rating kept at 'A2,' financial strength 'D-' - Moody's

-Agricultural Development Bank long-term rating kept at 'A2' - Moody's

-BoComm long-term rating raised to 'Baa1' from 'Baa2' - Moody's

-China Everbright Bank long-term rating kept 'Ba1' - Moody's

-Shanghai Pudong Development Bank long-term rating maintained at 'Ba1' - Moody's

-China Merchants Bank long-term rating raised to 'Baa3' from 'Ba1' - Moody's

-China CITIC Bank long-term rating maintained at 'Baa3' - Moody's

-Shenzhen Development Bank long-term rating affirmed at 'Ba3' - Moody's

-Guangdong Devt Bank long-term rating raised to 'Ba3' from 'B1'-Moody's

-Chalco sees no impact from Alcoa-Alcan deal on own M&A, pricing strategy

-Ping An Insurance gets approval for yuan swap business

-Handan Iron to sell 20 pct stake in Fortune Securities for 200 mln yuan

-China BAK Battery Q1 net profit down 94.2 pct yr-on-yr on higher costs

-First American Title Insurance opens China branch

-HK-listed Greentown China Holdings 'BB' rating unaffected by share issue - S&P

-Ningbo Commercial Bank renamed Bank of Ningbo

TAIWAN:

-Compal Electronics April parent sales 31.69 bln twd vs 21.41 bln

-Walsin Lihwa April consolidated sales 15.62 bln twd vs 9.03 bln

-Formosa Plastics April parent sales 14.20 bln twd vs 12.43 bln

-BenQ April parent sales 9.95 bln twd vs 12.07 bln

-MediaTek April parent sales 6.11 bln twd vs 4.52 bln

-Cathay Financial ratings affirmed - Moody's

SINGAPORE:

-Singapore Telecom end-March regional mobile users 124 mln

-UOB Q1 net profit 518 mln sgd vs 439 mln

-Great Eastern Holdings Q1 net profit 134.5 mln sgd vs 95.3 mln

-Fibrechem Q1 net profit 106.17 mln hkd vs 66.0 mln

-Fibrechem Q1 net up 60.9 pct on strong sales; to raise 114.4 mln sgd

MALAYSIA:

-Malaysia March trade surplus 6.725 bln rgt, down 29.8 pct yr-on-yr

-Malaysian ringgit seen at 3.35 vs dollar at yr-end - Kenanga Research