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Wed, Aug 25, 2010 - Page 10 News List

World Business Quick Take



Chalco confident in Guinea

Aluminum Corp of China (Chalco, 中國鋁業) chairman Xiong Weiping (熊維平) yesterday told reporters in Shanghai the company was confident Guinea’s government would approve its bid to jointly develop a huge African iron ore field with mining giant Rio Tinto. China’s biggest aluminum producer signed an agreement with Rio last month to establish a joint venture to develop the Simandou project in Guinea, with the Chinese company to invest US$1.35 billion in the project. Anglo-Australian giant Rio has been working on Simandou for about 12 years, but has run into trouble with Guinea’s military rulers.


Carrefour to sell business

French retail giant Carrefour plans to sell its business in Malaysia, a minister said, amid speculation the firm would also offload its Singapore and Thai stores and exit Southeast Asia altogether. “We heard that Carrefour is considering divesting. It is for the purpose of rationalization of their overseas business,” deputy trade minister Mukhriz Mahathir told reporters late on Monday. “They want to sell their business [in Malaysia],” he said, adding that “other hypermarkets are keen to take over” Carrefour’s 23 stores in the country.


Daewoo to build platform

South Korea’s Daewoo Shipbuilding and Marine Engineering said yesterday it had signed a US$1.8 billion deal to build a floating oil production and storage platform for French energy giant Total. Daewoo, one of the world’s top shipbuilders, said it would build the platform by May 2013. The 110,000-tonne floating production, storage and offshore unit is designed to receive, process and store oil or natural gas, it said. It can be maneuvered to different locations.


Toshiba plans 3D TV

Japanese electronics giant Toshiba plans to market the world’s first 3D television that does not need special glasses later this year, a report said yesterday. Toshiba will unveil three models of the television, which will cost several thousand dollars, before Christmas, the Yomiuri Shimbun said. The company has developed a new system that emits rays of light with various angles from the screen so that viewers can see stereoscopic images without glasses, the daily said.


Foster’s earnings up

Earnings by Australia’s Foster’s beat expectations yesterday, but the drinks giant recorded a net A$464 million (US$413 million) loss after write-downs in its wine business. The result, which follows a net profit of A$438.3 million a year ago, comes after the group faced impairment charges on its wine assets of A$1.3 billion. Excluding these losses, Foster’s posted a net profit of A$698.3 million — higher than the underlying earnings of A$673.6 million predicted by analysts.


Origin Energy profits up

Australia’s Origin Energy yesterday said full-year underlying profits were up 10 percent to A$585 million, but missed expectations because of gas exploration costs. Origin, which had projected a 15 percent rise in underlying profits, has expanded offshore exploration in Australia and Southeast Asia, including the drilling of six “significant” wells, during the year. The company said it expected underlying profit for the next financial year to rise by about 15 percent as it benefited from a number of new projects and acquisitions.

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