Foxconn stock rises after rating
Foxconn International Holdings Ltd (富士康), the world's biggest contract manufacturer of mobile phones, rose the most in two months in Hong Kong trading after BNP Paribas SA raised the stock's rating, citing higher orders from Nokia Oyj.
Foxconn climbed 5.6 percent to HK$18.78 yesterday, its biggest one-day gain since Sept. 27. Hong Kong's benchmark Hang Seng index rose 4.1 percent.
The Shenzhen, southern China-based company, a unit of Taiwan's Hon Hai Precision Industry Co (鴻海精密), will increase deliveries of phones to Espoo, Finland-based Nokia, BNP Paraibas analyst Frederick Wong wrote in a report dated Nov. 23, without providing details.
He raised his rating on Foxconn shares to "buy" from "reduce."
Vietnam business looks good
Business prospects in Vietnam are viewed as particularly attractive to local and foreign firms in Singapore, a survey said yesterday.
The respondents are also generally more optimistic about prospects in the city-state than overseas, said the Business Times-Sim University poll.
China took the top position overall, cited by 25.8 percent of the respondents asked to name a country with the best business prospects over the next six months.
Vietnam captured the second-most mentions overall, among large, local and foreign firms and also in the commerce, transport, communications and financial services sectors.
Malaysia emerged third overall among large and local firms and those in construction, transport and communication.
DHL announces Asian project
DHL Worldwide Express Inc announced yesterday plans to invest US$175 million on a new North Asia cargo hub at Shanghai's Pudong International Airport.
Plans for the 55,000m2 hub were formally set out at a signing ceremony with the Shanghai Airport Authority -- part of a plan launched by the city in 2003 to become China's biggest cargo handler.
The airport at Pudong is due to begin operations at expanded facilities early next year, a major step toward nearly doubling its cargo handling capacity from 2.2 million tonnes last year to 4.2 million tonnes a year by 2010, city officials say.
Hong Kong is now greater China's biggest cargo hub, with throughput of 3.6 million tonnes last year. Shanghai ranks 6th in the world, up from 17th in 2003.
The cargo hub raises DHL's total investment in the Asia-Pacific region to US$2.2 billion over the past few years.
"China remains the most important player in the global logistics chain in North Asia," said Dan McHugh, CEO of DHL Express for Asia-Pacific.
Asian banks mull currency union
Asian central banks could be preparing for an eventual currency union in the region after adopting similar trade-weighted currency baskets to protect their export competitiveness, Deutsche Bank said yesterday in a statement.
"The concept of an Asian Monetary Union has been validated by a number of economic studies and is getting serious attention among central banks and exporter groups," said Martin Hohensee, Head of Fixed Income and Credit Research in Asia at Deutsche Bank.
While obstacles to a formal union remain, the underlying economic rationale seems to be affecting central bank behavior in Asia, which creates opportunities similar to those presented in the early stages of Euro convergence, Hohensee said.
New Taiwan dollar gains on US
The New Taiwan dollar yesterday gained NT$0.004 to close at NT$32.320 against the greenback on turnover of US$766 million.