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CHINA LIFE MORE THAN DOUBLES NET PROFIT IN Q3
BEIJING - China Life Insurance Company Limited (SEHK:2628), the country's largest life insurer, posted a net profit of 5.95 billion yuan (US$871.74 million) in the third quarter of this year, up 154.55 per cent year on year. The company attributed the profit surge to the improvement in the country's equity market, which led to higher investment returns, it said in a report to the Shanghai Stock Exchange on Monday. China Life said its net profit totaled 19.87 billion yuan in the first three quarters, up 51.58 per cent year on year.
ISUZU MOTOR'S FIRST-HALF OP LOSS SEEN TO BE BETTER THAN EXPECTED
TOKYO - Isuzu Motors Ltd. (TSE:7202) likely suffered a group operating loss of around 20-23 billion yen (US$216.92-$249.45 million) in the April-September half, beating an earlier prediction calling for 29 billion yen in red ink. Sales are expected to slide around 50 per cent on the year to about 450 billion yen, missing a prior forecast for 480 billion yen. Domestic commercial vehicle sales likely fell short of their target, plunging 40 per cent to roughly 17, 000 units. Demand for the key light-duty Elf truck and other offerings was sluggish. Despite sales in some parts of Asia topping expectations, it was not enough to make up for languishing domestic demand.
DAEWOO SHIPBUILDING WINS US$460 MLN ORDER FOR BULK CARRIERS
SEOUL - Daewoo Shipbuilding & Marine Engineering Co. (KSE:042660) said Tuesday it has received a US$460 million order to build four very large bulk ships. A client in Southeast Asia placed the order to build the four 400,000 deadweight-ton vessels, Daewoo Shipbuilding said in a statement, without identifying the client. An official at Daewoo Shipbuilding said the order is a "signal" for a recovery of commercial ship orders.
INDIA'S MOTHERSON SUMI BAGS US$297 MLN ORDER FROM EUROPE
NEW DELHI - Indian auto component maker Motherson Sumi Systems Ltd (MSSL) (BSE:517334) Monday said its Europe-based subsidiary Samvardhana Motherson Reflectec (SMR) has received orders worth Euro 200 million (US$297.2 million) from two European auto firms for supply of rear view mirrors. The contract is for a period of 5-7 years starting from 2011. SMR will start supplies for the new orders from 2011 and will invest up to Euro 40 million in setting up two new plants and expanding an existing unit in order to fulfill the contract.
INDONESIAN GAS DISTRIBUTOR PGN POSTS 145% RISE IN 9-MTH NET PROFIT
JAKARTA - The net profit of Indonesian gas distributor PT Perusahaan Gas Negara (PGN) (JSX:PGAS) shot up 145 per cent to Rp4.4 trillion (US$473 million) in the first nine months of this year from Rp1.79 trillion in the same period last year. A 50 per cent rise in income to Rp13.51 trillion contributed to the surge in net profit, Hendi Prio Santoso, the president of the state-run company said. Gas sales to the power generating plants, industries, households and commercial sector increased sharply, Santoso said, adding that its operating profit surged 68 per cent to Rp5.91 trillion.
AUSTRALIAN BUSINESS CONFIDENCE AT 7-YR HIGH IN SEPT QTR: SURVEY
SYDNEY - Australian business confidence jumped to a seven-year high in the September quarter, just a year after sentiment had bottomed out at its lowest level in almost two decades, a survey shows. But while economists say the rise is a "remarkable turnaround", business conditions and investment intentions remain subdued. The National Australia Bank (NAB) survey of business confidence grew by 20 points to plus 16 points in the three months to September, a level not seen the March quarter in 2002. Business confidence plunged to minus 31 points in the December quarter of 2008, the lowest reading since the survey began in 1989.
CONDO PRICES UP IN ALL 4 TOKYO-AREA PREFECTURES IN SEPTEMBER
TOKYO - All four prefectures composing the Tokyo metropolitan area saw higher average prices for pre-owned condominiums in September, marking their first rise since December 2007. According to real estate information provider Tokyo Kantei Co., the average price for greater Tokyo as a whole increased for a second straight month as well, indicating that the existing-condo market may be turning around. The price in Tokyo climbed 1.7 per cent on the month to 37.09 million yen (US$402,278) for a 70 sq. meter equivalent, while Kanagawa Prefecture's figure increased 2 per cent to 24.61 million yen. Condos in Saitama and Chiba prefectures sold for 17.58 million yen and 17.52 million yen, up 0.8 per cent and 1.8 per cent, respectively. For greater Tokyo, the price climbed 2 per cent to 27.94 million yen.
GCL-POLY TO BUILD CHINA'S LARGEST PHOTOVOLTAIC PROJECT
BEIJING - China's leading green energy supplier GCL-Poly Energy Holdings Ltd. will build China's largest photovoltaic (PV) generation project in Xuzhou city of eastern Jiangsu Province, according to the 12th China Xuzhou Investment Forum taking place from October 22 to 26. Shu Hua, executive president of GCL-Poly, expects that the project will produce electricity by the end of this year and have a capacity of 20 GW. The project involves 600 million yuan (US$87.8 million) of investment, including US$30 million foreign investment.
TURKEY'S POSSIBLE MINERAL RESERVES AROUND US$2.5 TRLN: RESEARCH
ANKARA - Turkey has possible mineral reserves worth around US$2.5 trillion, the country's mineral research directorate said on Monday. Turkey's Directorate General of Mineral Research and Exploration (MTA) carried out research on possible reserves in Turkey, and said 77 of 90 different types of minerals traded in the world were located in Turkey. The largest mineral reserve Turkey has is dolomite. Turkey has 15.8 billion tons of dolomite, which is an indispensable element for the glass and ceramic industry.
AUSTRALIAN GOVT APPROVES CHINESE INVESTMENT IN RAISAMA
CANBERRA - The Australian government approved on Monday a Chinese mining company to take a stake in unlisted uranium explorer Raisama Ltd. Raisama said in a statement on Monday that Australia's Foreign Investment Review Board had approved Hebei Mining taking a 14.9 per cent stake in Perth-based Raisama. The Hebei provincial government is securing strategic interests in uranium exploration companies internationally that it believes have the best potential to meet the province's need for uranium, Raisama said.
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