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| Subject: AUSTRALIA'S ERG SELLS PROTON WORLD FOR US$65.62 MLN | |
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Author: Business in Asia Today -- March 26, 2003Press Release Source: Asia Pulse |
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Date Posted: Thursday, April 17, 10:51:40pm In reply to: Newspapers reporting result--March 7 2003 SMH 's message, "Noteholders have tickets to ride" on Thursday, March 06, 08:38:56am http://biz.yahoo.com/prnews/030326/hsasp1_1.html Press Release Source: Asia Pulse Business in Asia Today -- March 26, 2003 Wednesday March 26, 7:15 am ET SYDNEY, Australia, March 26 /PRNewswire/ -- A summary prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, market intelligence and business opportunities: ADVERTISEMENT INDIAN BASIN MAY HOLD MORE THAN 15 TRLN CUBIC FT OF RESERVES NEW DELHI - Huge gas finds by Reliance Industries' BSE:RELI) in the Krishna Godavari Basin, off the Andhra coast, may hold reserves in excess of 15 trillion cubic feet, more than double the earlier estimate, and would need an investment of US$1.5-2 billion for its development, the Directorate General of Hydrocarbons said. Despite having only explored a fraction of the site, total inplace reserves in the four discoveries made in the D6 block by RIL had already yielded 9.46 trillion cubic feet, it said. JAPAN'S PUBLIC WORKS SPENDING DOWN 7.5% TO US$344.98 BLN IN FY2000 TOKYO - Public works spending by the national and municipal governments totaled 41.39 trillion yen (US$344.98 billion) in fiscal 2000, down 7.5 per cent from the previous year and marking the second annual decline in a row, according to figures released by the Ministry of Public Management. The declines reflect lower spending by municipalities due to severe budgetary constraints. Road construction and maintenance outlays, the largest segment of public works investment representing 28.2 per cent of total spending, fell 4 per cent to 11.67 trillion yen. CHINA IS THE WORLD'S LARGEST MACHINE TOOL CONSUMER BEIJING - China's economic growth and solid fixed asset investment were the driving forces behind last year's US$5.5 billion purchase of machine tools, making the country the world's largest machine tool consumer, according to the China Machine Tools and Tool-Builders' Association. In 2002, the country's output of machine tools and tool imports both approached US$3 billion. The annual purchase of machine tools is expected to reach US$7 billion by 2005, with tool imports exceeding US$3.5 billion. FAW VOLKSWAGEN SETS 2003 GOAL OF SELLING 267,000 CARS IN CHINA BEIJING - FAW Volkswagen, a car joint venture between China's First Automotive Works Corp and the Volkswagen Group of Germany, plans to triple its annual car sales by 2007 by providing more new models. Hua Mingyao, an official from FAW VW based in Changchun, Jilin Province, said the company aims to sell more than 600,000 cars a year by 2007, up from 200,000 last year. FAW VW said it will introduce an Audi A4 sedan in April this year and a Volkswagen Golf A4 hatchback later this year. In China, FAW VW is ranked second to Shanghai VW, the German Auto Giant's other joint venture, in terms of annual car sales. KOREANS' FOREIGN CURRENCY SAVINGS REACH RECORD US$14.54 BLN SEOUL - Foreign currency savings by South Korean companies and individuals are at a record level, reaching US$14.54 billion as of March 21, up 17.2 per cent from the end of 2002, the Bank of Korea (BOK) said today. Residents' dollar savings jumped this month after dropping to $13.31 billion in February from $13.63 billion in the previous month. The central bank attributed the surge to domestic companies and individuals holding on to their dollars on expectations of a further rise in the value of the greenback against the local currency. KOREAN STEELMAKERS IMPROVE FINANCIAL STABILITY IN 2002 SEOUL - Industry sources said steelmakers including POSCO (KSE:05490), Dongguk Steel and Dongbu Steel (KSE:16380) improved their debt and interest reimbursement ratios last year, highlighting an improvement in their respective financial positions. In the case of POSCO, the company cut its debt ratio to 52.3 per cent last year, down from 72.8 per cent in the preceding year. Dongguk Steel also cut its debt ratio to 141.8 per cent last year, down from 147.2 per cent in 2001, whilst Dongbu Steel cut its debt ratio to 196.6 per cent in 2002, down from 207 per cent in 2001. HO CHI MINH CITY PLANS MAJOR INFRASTRUCTURE UPGRADE HANOI - Urban planners in Ho Chi Minh City are calling for an allotment of VND135.5 trillion (US$8.8 billion) from the State budget to update the city's infrastructure between now and 2010, and VND254 trillion ($16.5 billion) to continue the project until 2020. They hope to be given 135sq.km of land to work on, and they intend to focus on road, rail, boat and air transport improvements. The six national highways will be renovated under the plan, and the planners also want a railway line running from Ho Chi Minh City to Cambodia, as well as a new international airport. AUSTRALIA'S ERG SELLS PROTON WORLD FOR US$65.62 MLN PERTH - Smartcard company ERG Ltd (ASX:ERG - News) has sold Proton World to micro-chip manufacturer STMicroelectronics in a deal worth around A$110 million (US$65.62 million). ERG's sale of the Belgium-based business, less than 18 months after its purchase, was flagged at the company's interim results briefing earlier this month. The sale of Proton World and a possible $50 million rights issues are expected to ease concerns about ERG's viability going forward in the wake of its A$124.9 million first half loss. BANK NEGARA INDONESIA, BANK RAKYAT REPORT NET PROFITS FOR 2002 JAKARTA - Two state-owned banks - Bank Negara Indonesia (BNI) and Bank Rakyat Indonesia (BRI) - have booked net profits of Rp2.5 trillion (US$278 million) and Rp1.5 trillion, respectively, last year. Yet whilst BNI distributed 50 per cent of its net profit as a dividend last year, BNI President Saifuddin Hasan said this year's dividend was yet to be determined but might be less than 30 per cent of the profit. Meanwhile, BRI President Rudjito said his bank no longer relied on government bonds to generate profit. VIETNAM'S SEAFOOD EXPORTS SURGE TO US$434.5 MLN IN Q1 HANOI - Demand for Vietnamese seafoods surged in the first quarter of 2003, producing US$434.5 million in export revenue, up 41.5 per cent compared to the same period last year. The US remains the leading buyer of Vietnamese seafoods, with import turnover hitting $183 million, 42 per cent of total seafoods exports for the period. Frozen shrimp was the most sought-after product, earning $173.5 million - 40 per cent of total seafood export revenue. Anticipating significant growth in shrimp exports, fishery officials are planning to produce 1.1 million tonnes in 2003. Asia Pulse Pte Ltd. Each day Asia Pulse creates up to 300 items of news, business opportunities, expert commentary and industry profiles. Asia Pulse is a unique joint venture involving the resources of Asia's major news and information groups: (AAP) - AAP Information Services Pty Ltd (Australia) (ANTARA) - LKBN ANTARA (Indonesia) (CNA) - Central News Agency (Taiwan) (IRNA)- Islamic Republic News Agency (Iran) (Nikkei) - Nihon Keizai Shimbun Inc (Japan) (ONA) - Oman News Agency (Oman) (PNA) - Philippines News Agency (Philippines) (PPI) - Pakistan Press International (Pakistan) (PTI) - The Press Trust of India Ltd (India) (Yonhap) - Yonhap News Agency (Korea) (VNA) - Vietnam News Agency (Vietnam) (XIC) - Xinhua Information Centre (China) [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| ERG chief executive Peter Fogarty has used a $58 million smart-card contract win as a platform to urge shareholders to support a crucial restructuring deal, which goes to the vote at the end of this month. | By Fran Spencer West Australian 2nd April 2003 | Thursday, April 17, 10:58:56pm |