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AUSTRALIAN MEDIA CO NEWS CORP POSTS 11% RISE IN Q1 NET PROFIT
SYDNEY - Australian media giant News Corporation (ASX:NWS) has reported an 11 per cent rise in first quarter net profit and says its operations are "well placed" to take advantage of improving global conditions. The company reported net income (net profit) of US$571 million for the three months to September 30, compared with US$515 million in the prior corresponding period, the company said in a statement on Thursday (AEDT). First quarter consolidated operating income, or earnings before interest and taxes (EBIT), was US$1.042 billion, up nine per cent from the US$953 million reported a year ago. News Corp revenues were lower overall, however, at US$7.199 billion for the three months to September 30, down 4.1 per cent from the US$7.509 billion recorded in the prior corresponding period.
PT GOODYEAR INDONESIA REPORTS SHARP INCREASE IN PROFIT TO US$10 MLN
JAKARTA - Publicly listed tire maker PT Goodyear Indonesia (JSX:GDYR) reported a 184.4 per cent increase year-on-year in net profit to Rp94.6 billion (US$9.9 million) in the first nine months of this year despite a decline sales. Gain on foreign exchange of Rp45.34 billion contributed to the increase in the net profit, the company said in a financial report published yesterday. In the same period last year the company posted foreign exchange loss of Rp1.85 billion, the report said.
MORGAN STANLEY KEEN TO EXIT CHINA INT'L CAPITAL CORP
BEIJING - Global financial services giant Morgan Stanley is yet again looking to sell its entire holdings in China International Capital Corp. (CICC), the country's first and most profitable investment bank, China Daily reported today. The U.S. investment bank had asked potential buyers to submit indicative first-round bids for its 34.3 per cent stake in CICC, which could worth more than US$1 billion, the newspaper confirmed with sources in both the U.S.-based financial advisor and CICC. The sources said the CICC stake sale was a precursor to Morgan Stanley setting up another local joint venture and Chinese regulators would not approve a new joint venture unless the investment bank sells the CICC stake. Morgan Stanley is planning to form a joint venture securities firm with Shanghai-based China Fortune Securities Co., in which it can have more management say, according to the newspaper.
TAIWAN MINISTRY, MICROSOFT INK PACT TO DEVELOP CLOUD COMPUTING
TAIPEI - Taiwan's Ministry of Economic Affairs (MOEA) and Microsoft signed a memorandum of understanding Wednesday, with both agreeing to set up a "Software and Services Excellence Center" in Taipei by the end of this year to enhance business opportunities arising from a "three screens and a cloud" strategy. Cloud computing is a Web-enabled software solution based on the use of computer technology. It allows clients who have no knowledge of or expertise in the technology infrastructure to complete common business applications online that are accessed from a Web browser.
NEWS CORP MAY NOT CHARGE FOR ONLINE CONTENT THIS FY: CEO
SYDNEY - News Corporation (ASX:NWS) chairman and chief executive Rupert Murdoch says the media group might not start charging readers this financial year to access content on the Australian company's newspaper websites. Mr Murdoch said the goal of having users pay for content on the media company's newspaper websites by the end of this financial year may not be met. "We are working all very, very hard at it but I wouldn't promise that we are going to meet that date," Mr Murdoch said during a conference call with journalists today. News Corp, which owns local newspapers such as The Australian, The Herald Sun and The Daily Telegraph, had flagged in August plans to charge users of the group's newspaper websites. News Corp also owns the The Wall Street Journal, which charges users for some online content.
ARCELORMITTAL IN TALKS WITH INDIAN STATE GOVT FOR IRON ORES
NEW DELHI - Global steel major ArcelorMittal, which has lined up Rs 1 lakh crore (US$21.3 billion) in investments for India, said on Wednesday it is in race for a chunk of the mineral-rich Chiria mines in Jharkhand state. "Steel producers are in discussions with the Jharkhand government over Chiria mines. We are also party to such discussions," ArcelorMittal CEO (India & China) Vijay Bhatnagar said on the sidelines of the CII Steel Summit here. The Chiria mines, with around two billion tonnes of high-grade iron ore reserves, have been at the centre of an ownership battle for more than four years. The mines were originally allotted to Indian Iron & Steel Company, which was merged with SAIL (BSE:500113) in 2005. While SAIL claims the ownership of the Chiria reserves by virtue of the merger, the Jharkhand government disputes it.
AUSTRALIAN BUILDER LEIGHTON EXPECTS ABOUT US$3.7 BLN IN NEW PROJECTS
SYDNEY - Australian construction company Leighton Holdings Ltd (ASX:LEI) expects to be awarded billions of dollars worth of new contract work in the near future on infrastructure projects and liquefied natural gas (LNG) projects. Chief executive Wall King says Leighton is the preferred contractor on a series of bids. "There is about A$4 billion (US$3.65 billion) worth of contracts that we are sitting there as preferred, and I expect that there will be significant announcements made in the next couple of days," Mr King told journalists today. Leighton has won about A$1 billion of contracts as a result of government stimulus spending on infrastructure projects and Mr King expects "a lot more to come". He said Leighton had a A$1 billion of work on hand through the massive Gorgon LNG project in Western Australia and he was "confident" it would win another A$1 billion worth there in the "very near future".
SAMSUNG, QUALCOMM REVISES CROSS-LICENSING DEAL
SEOUL - Samsung Electronics Co. (KSE:05930), the world's second-largest mobile handset maker, said today it has signed a revised patent deal with Qualcomm Inc., the world's largest provider of wireless chipset technology, to exchange rights to use each other's wireless technologies. Samsung will pay US$1.3 billion in advance to Qualcomm for using the U.S. chipmaker's licenses in wireless technology including code division multiple access (CDMA) for the next 15 years, the Korean company said in a regulatory filing. Samsung will also grant Qualcomm the right to use Samsung's 57 patent licenses in mobile technology, it said. But it declined to provide the number of the licenses transferred from Qualcomm to Samsung. Samsung said it will not be paid by Qualcomm because of the higher value of Qualcomm's licenses.
CHINA'S SINOSURE SIGNS MOU WITH HONG KONG ECIC
BEIJING - China Export & Credit Insurance Corporation (Sinosure) recently signed a memorandum of understanding with Hong Kong Export Credit Insurance Corporation (ECIC). Both sides promised to develop an understanding of each other's business and will carry out cooperation on specific businesses. Both agreed to jointly hold business seminars in Hong Kong and the Chinese Mainland in accordance with market demand and carry out regular business exchange mechanisms. The memorandum is aimed at providing convenient and high-quality services for the Chinese Mainland and Hong Kong enterprises through their cooperation so as to mutually develop both sides.
KRAKATAU STEEL TO SIGN JV DEAL WITH S. KOREA'S POHANG
JAKARTA - Indonesian state-owed company PT Krakatau Steel will sign a joint venture agreement with South Korea's steel giant Pohang Iron and Steel to build a US$5 billion steel plant in the country. Krakatau President Fazwar Bujang said the country's largest steel maker would take up to 45 per cent stake in the venture. The US$5 billion plant will be built in its vast Cilegon Industrial Complex, Banten, Bujang said, adding it should boost Krakatau's production capacity to 3.5 million tons a year from 2.5 million tons at present. The deal is expected to be finalized by the end of the month, he was quoted as saying by the newspaper Jakarta Globe.
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