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TOKYU LAND EARMARKS US$4.5 BLN FOR TOKYO URBAN RENEWAL THROUGH FY10
TOKYO - With foreign funds winding down their property investments in Japan, Tokyu Land Corp. (TSE:8815) will go on the offensive by spending as much as 500 billion yen (US$4.55 billion) through fiscal 2010 on urban renewal projects, The Nikkei learned Monday. The Tokyo developer is setting its sights mainly on Tokyo's Shibuya, Chiyoda, Chuo and Minato wards as well as other big cities, including Osaka and Nagoya. The firm plans to spend an unprecedented 450-500 billion yen on 12 projects over a three-year period.
SINGTEL'S Q1 PROFITS FALL 5.3%, GROWTH FLAT AT OPTUS
SYDNEY - Singapore Telecommunications Ltd's (ASX:SGT) first quarter profit fell 5.3 per cent to S$878 million (US$622.82 million) as currency movements went against the company. The company's Australian subsidiary Optus reported net profit of A$122 million (US$107.46 million) for the three months to June, little changed from the same period the year before as the company took charges for depreciation in networks and new offices. SingTel's operating revenue increased 5.9 per cent to S$3.78 billion.
NIPPON SHEET GLASS POSTS 41% DROP IN APRIL-JUNE NET PROFIT
TOKYO - Nippon Sheet Glass Co. (TSE:5202) said Monday that group net profit declined 41 per cent on the year to 27.8 billion yen (US$253.1 million) for the three months ended June 30, as its margins deteriorated at home and abroad because of the global economic slowdown and higher crude oil prices. Although the firm booked 38 billion yen in special profit on the sale of shares in affiliates, net profit was still down from a year earlier, when earnings were buoyed by a 50 billion yen special gain from the sale of Australian operations. Overall sales rose 2 per cent to 221.5 billion yen. Sales of automotive glass increased 5 per cent thanks to robust demand for cars sold in Europe.
SINGAPORE RANKS FOURTH LARGEST FOREIGN INVESTOR IN VIETNAM
HANOI - Singapore has invested US$15 billion in 580 foreign invested projects in Vietnam to date, making it the fourth biggest foreign investor in the country, according to investment officials. Most capital from the city nation is destined for property development projects, though industrial parks, infrastructure and services are also popular. So far this year, Vietnam has licensed 48 projects to Singaporean investors. Total capital stands at US$4 billion, accounting for 9 per cent of the country's total FDI investment in the first seven months.
LEIGHTON SUBSIDIARIES WIN US$371 MLN OF NEW WORK IN QLD, HK
ADELAIDE - Australia's biggest construction company Leighton Holdings Ltd says two of its subsidiaries have been awarded A$422 million (US$371.73 million) of new work. John Holland has secured two new contracts worth a total A$287 million from Ports Corp of Queensland while Leighton Asia has been awarded a contract worth more than A$135 million from Ocean Park in Hong Kong. John Holland's A$238 million contract for the Abbot Point X50 Expansion Marine Works and A$49 million SL2 Shiploader contract take the total value of its current work being undertaken for the Ports Corp to A$330 million. The Abbot Point contract is to construct a second 500 meter-long berth about 2.9 kilometres off shore and 2.9km of jetty conveyer and transfer towers.
US PE COMPANY WL ROSS TO INVEST US$100 MLN IN INDIA'S SPICEJET
MUMBAI - Low cost carrier Spicejet (BSE:500285) on Monday said US-based private equity company WL Ross & Co LLC will invest US$100 million in the company for business requirements. Shareholders of Spicejet including Royal Holding Services Ltd, Istithmar and Ajay Singh and Goldman Sachs, in capacity as a bondholder of the company, on Monday entered into definitive agreements with WL Ross & Co to this effect, Spicejet said in a filing to the Bombay Stock Exchange. Goldman Sachs has also agreed to subscribe to equity warrants of the company under the preferential issue guidelines of SEBI, subject to receipt of requisite approvals, Spicejet added.
S KOREA'S SSANGYONG MOTOR POSTS US$34 MLN LOSS IN Q2
SEOUL - Ssangyong Motor Co. (KSE:003620), the South Korean unit of China's Shanghai Automotive Industry Corp., said today that it swung to the red in the second quarter of the year from a year earlier on a drop in sales of its sport-utility vehicles. It posted a loss of 35.7 billion won (US$34.6 million) in the April-June period, compared with a profit of 6.3 billion won a year earlier, South Korea's smallest carmaker said in a regulatory filing. Sales fell 19 per cent to 651 billion won over the period. It posted an operating loss of 32.4 billion won in the second quarter, shifting from an operating profit of 12.7 billion won.
CEYLON TOBACCO POSTS 43 PCT JUMP IN PROFIT IN JUNE QTR
COLOMBO - Ceylon Tobacco Company, the Sri Lanka unit of British American Tobacco, said sales volumes were falling but profits were up 43 per cent to 533 million rupees (US$34.95 million) in the quarter ended June 2008. "Tobacco industry volumes continued to decline during the quarter mainly due to a drop in the smoker base and a decline in consumers average daily consumption," Ceylon Tobacco Company told shareholders. It attributed the decline to the effect of tobacco regulation and continued price increases. Revenue had grown 20 per cent to 13.9 billion rupees in the period with excise and other turnover based taxes to the state growing 17 per cent 11.1 billion rupees.
JAPAN'S JULY MACHINE TOOL ORDERS DROP 8.9%
TOKYO - Japanese machine tool makers received 123.8 billion yen in orders in July, down 8.9 per cent from a year earlier, according to preliminary figures released Monday by the Japan Machine Tool Builders' Association. This marked the second month that both overseas and domestic orders showed year-on-year drops. Orders from abroad fell 7.9 per cent to 71.1 billion yen (US$647.2 million), declining further than June's 2.7 per cent.
INDONESIA'S CPO PRODUCTION IN 2009 PROJECTED AT 19.4 MLN TONS
JAKARTA - Agriculture Minister Anton Apriantono said Indonesia was projected to produce 19.4 million tons of crude palm oil (CPO) in 2009. "Indonesia's annual CPO production at present is about 17 million tons. Oil palm plants which were still young in the past few years are now bearing fruit," the minister said after outlining the government's agricultural polices at a Trade Ministry working conference here on Monday. He said CPO production would increase in line with the expansion of oil palm plantations in the country that had been taking place since 2007.
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