BUSINESS IN ASIA TODAY - NOV 26, 2009

TURKEY'S DOGAN SAYS AXEL SPRINGER DEAL NOT CANCELLED

ISTANBUL - Turkish conglomerate Dogan Holding said Wednesday
its deal to sell 29 per cent shares in Dogan Yayin Holding to
German media giant Axel Springer Verlag was not cancelled.
Dogan's statement came after the Istanbul bourse temporarily
suspended trading in shares of Dogan units pending a statement
following recent media reports claiming that Springer had
cancelled the deal. Dogan said Axel had not made any
notification regarding a cancellation nor made contact on the
matter.

AUSTRALIA'S CSR SELLS SHORTFALL OF NEW SHARES AT SMALL
DISCOUNT

SYDNEY - Australia's CSR Ltd (ASX:CSR) says it sold off a
shortfall of new shares in its A$375 million (US$349.46
million) capital raising at a 2.5 per cent discount to the last
traded price of its stocks. The construction materials and
sugar company simultaneously offered retail and institutional
investors seven new ordinary shares for every existing 40 in an
entitlement offer launched in October. A shortfall of 47.5
million new shares were sold in a bookbuild, CSR said today.

CHINA'S WUHAN IRON TAKES 13% STAKE IN AUSTRALIA'S CENTREX
METALS

MELBOURNE - A Chinese state-owned company has formally taken
a 13.04 per cent stake in South Australian iron ore developer
Centrex Metals Ltd (ASX:CXM). Australian regulators gave Wuhan
Iron & Steel (Group) Co (WISCO) (SSE:600005), China's third
largest steel group, the green light earlier this month to take
the stake in Centrex. WISCO paid $9.7 million for a 15 per cent
stake, after about 40.4 million Centrex shares were placed with
the Chinese company at the heavily discounted price of 25 cents
per share. The stake in Centrex reduced to 13.04 per cent
post-issue, so the placement did not require shareholder
approval, as it fell below the 15 per cent threshold applying
to foreign acquisitions.

CAMBODIAN PM'S DAUGHTER TO TAKE OVER AIR TRAFFIC CONTROL
CO

BANGKOK - Cambodian Prime Minister Hun Sen's daughter plans
to hold shares in Thai-owned Cambodia Traffic Air Services
(CATS) after the Cambodian government temporarily took over
management of the firm, according to Dr Panitan Wattanayakorn,
deputy secretary-general to the Thai prime minister. Dr
Panitan, also acting government spokesman, confirmed the news
report that Cambodian leader's daughter is planning to hold
shares in CATS. The plan followed confirmation by the Cambodian
government of its temporarily assuming control of the
management of the country's air traffic control company
following the arrest of CATS employee Siwarak Chutipong on
charges of espionage. Tekreth Samrach, a deputy minister of
Cambodia's Council of Ministers, said in Phnom Penh Friday that
his government acted against CATS for the sake of national
security and for flight safety.

CENTRAL BANK OF MALAYSIA ACT 2009 COMES INTO FORCE

KUALA LUMPUR - The Central Bank of Malaysia Act 2009 came
into force Wednesday, providing greater clarity on Bank Negara
Malaysia's (Central Bank of Malaysia) mandate and the necessary
powers and instruments to achieve it. In a statement, Bank
Negara Malaysia said with the new development, the old Central
Bank of Malaysia Act 1958 is repealed and thus, ceased to
apply. It added that the new Act will enable it to more
effectively manage emerging risks and challenges in performing
its role and responsibilities as the nation's central bank.
Incorporated in the Act is a more robust governance framework
that provides for a high degree of accountability and
transparency, the bank said.

INSURER TOWER AUSTRALIA BOOKS 32 PCT DROP IN FULL YEAR
PROFIT

SYDNEY - Tower Australia Ltd's (ASX:TAL) full year profit
declined by 32 per cent as the life insurer's investments were
hit by volatile markets and a higher amortisations charge. Net
profit fell to A$46.4 million for the 12 months to September
30, Sydney-based Tower said in a statement today. Australia's
biggest specialist life insurer said underlying profit gained
10 per cent to A$74.5 million, from A$67.9 million a year
earlier, as it won some significant contracts with
AustralianSuper and IBM. Tower focuses on underlying profit
because it removes short-term unrealised gains and losses that
have to be booked on the bottom line under Australian
accounting standards.

CHINA'S GEELY TARGETS 400,000 AUTOMOBILE SALES IN 2010

BEIJING - Chinese carmaker Geely Automobile Holdings
(SEHK:0175) has raised its 2010 auto sales target to 400,000
vehicles, 30 per cent more than this year's, said Liu Jinliang,
vice president of Geely. Liu said that the Geely is expected to
realize a sales volume of 300,000 units this year. According to
Liu, Geely will adopt innovative marketing to acquire a larger
market share. In October, Geely was confirmed as the preferred
bidder for the sale of the Volvo Car Corporation.

FINANCIAL UNITS LIMIT SLIDE IN JAPAN POST'S INTERIM NET
PROFIT TO 9.7%

TOKYO - Japan Post Holdings Co.'s consolidated net profit
fell 9.7 per cent on the year to 200.9 billion yen (US$2.3
billion) for the April-September half, with the banking unit
accounting for 79 per cent of the overall gains. Japan Post
Bank logged a parent-only net profit of 158.1 billion yen, up
5.3 per cent on the year. Valuation losses on asset holdings
declined thanks to the recovery in stock prices, and investment
returns also improved. This unit's net profit eclipsed the
140.9 billion yen of the largest private-sector bank,
Mitsubishi UFJ Financial Group Inc. (TSE:8306). The entire
group's pretax profit surged 19.5 per cent to 505 billion yen.
But net profit declined partly because the parcel delivery
joint venture between mail unit Japan Post Service Co. and
Nippon Express Co. (TSE:9062) posted a loss of about 24 billion
yen. For the full fiscal year through March 2010, Japan Post
upgraded its net profit forecast to 430 billion yen.

VIETNAM OIL REFINERY PRODUCES NEARLY 1 MLN TONNES OF
PRODUCTS

HANOI - Vietnam's first oil refinery has turned out 803,387
tonnes of products since it started trial operation in August,
according to the Vietnam National Oil and Gas Group
(PetroVietnam). The refinery had to temporarily shut down on
August 18 as a broken valve was discovered in the residue fluid
continuous cracking apparatus (RFCC), which makes gasoline and
other products. It resumed operation on October 1, 2009. The
plant is scheduled to finish its test-run in November 2009 and
be transferred to its investor no later than early January
2010.

CHINA LIFE MAY SPIN OFF ITS HONG KONG SUBSIDIARY: REPORT

BEIJING - China Life Insurance Co. Ltd. (SEHK:2628,
SSE:601628) may consider spinning off its Hong Kong subsidiary,
enabling the Hong Kong branch to list in three years, the Hong
Kong-based Oriental Daily quoted Liu Tingan, president of China
Life's Hong Kong subsidiary, as saying on Wednesday. Liu said
that China Life has not yet decided upon the listing market for
its Hong Kong subsidiary, China Life Insurance (Overseas) Co.
Ltd. Considering that the parent has already listed in Hong
Kong, investors may become confused if the subsidiary lists in
Hong Kong. Liu said that China Life Insurance (Overseas) is not
keen on acquisitions, adding that he expects the company to
achieve 30 billion Hong Kong dollars (US$3.870 billion) of
revenues in 2009.

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