Mon, Dec 16, 2013 - Page 15 News List

World Business Quick Take

Agencies

ENERGY

Hyundai wins plant deal

South Korea’s Hyundai Heavy Industries said yesterday that its consortium with French firm Sidem had won a US$1.4 billion deal to build a power plant and a desalination facility in Kuwait. Under the deal with Kuwait’s energy authorities, Hyundai will build a gas-fired power plant worth US$970 million, while Sidem will build a water desalination plant in a combined complex about 100km south of Kuwait City. Construction will start this month and be completed toward the end of 2016, Hyundai said in a statement. The power plant will have a production capacity of 1,500 megawatts while the desalination plant will produce up to 486,000m3 of water a day, it said.

MARKETING

Red Bull plans China launch

Red Bull is planning to launch its best-selling energy drink in China after gaining the necessary permissions, and is building an office in Shanghai, Austria’s Kronen Zeitung reported. The newspaper cited the Austrian company — whose activities span extreme sports sponsorship, Formula One motor racing and media — as confirming the move. “The aim is a selective distribution of Red Bull, limited to urban areas and a target group that knows the brand from abroad. We want to develop a feel for the market and the consumers,” Kronen Zeitung quoted the company as saying. The company sold 5.2 billion cans of its Red Bull energy drink last year and made sales of 4.9 billion euros (US$6.7 billion).

ENERGY

S Korea increases gas use

South Korea, the world’s second-largest buyer of liquefied natural gas (LNG), boosted imports of the fuel by 9.7 percent last month amid increased demand for power generation. Shipments climbed to 3.28 million tonnes from 2.99 million tonnes a year earlier, according to data on the Korea Customs Service’s Web site today. Imports advanced 2.8 percent from October. Domestic sales by state-run Korea Gas Corp were up 3.3 percent last month from a year earlier, according to a regulatory filing on Wednesday. Demand from electricity producers rose by 9.4 percent, while local city-gas providers used 1.9 percent less of the fuel. South Korea imports most of its LNG under long-term contracts with suppliers including Qatar, Indonesia, Malaysia and Oman. It was the largest buyer after Japan last year with purchases of 36.77 million tonnes, according to the industry-funded International Group of Liquefied Natural Gas Importers in Paris.

CHIPMAKERS

Google eyes ARM chips

British chip designer ARM Holdings PLC’s shares rose as much as 5.7 percent after Bloomberg reported on Thursday that Google Inc may use ARM’s technology to design its own server processors. A deal would speed up ARM’s push into the server market, where it has been a late entrant. ARM licenses its designs to chipmakers such as Qualcomm Inc and Texas Instruments Inc, whose chips are used in Apple Inc’s iPhone and Samsung Electronic Co’s Galaxy devices. Jefferies analyst Lee Simpson said he expected companies such as Amazon.com and Facebook Inc to adopt ARM’s designs over the next couple of years. ARM’s strength in designing low-power processors has enabled it to dominate the mobile devices sector, while Intel Corp is the leader in chips used in servers and personal computers. A deal between ARM and Google could dent Intel’s dominance in the server market as Google is one of the biggest buyers of server chips.

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