South Korea's POSCO ( SEO:005490) forecasts global steel demand would increase by about 10 percent and expects iron ore and coking coal prices to recover this year.
Sydney, Jan 12, 2010 AEST (ABN Newswire) - Wall Street rose overnight as investors were expecting improvements in fourth-quarter earnings results. US industrial shares lifted the Dow and the S&P 500 to new 15-month highs after the upbeat Chinese economic data. The US dollar dropped 0.5 percent against a basket of currencies.
Asian markets ended higher on Monday as a strong rebound in China's exports raised investor optimism about Asia's economies. The MSCI index of Asia Pacific stocks traded outside Japan hit its highest level since July 2008, gaining 1.2 percent.
Company News
South Korea's POSCO (
SEO:005490) forecasts global steel demand would increase by about 10 percent and expects iron ore and coking coal prices to recover this year. Analysts expect POSCO to raise its steel product prices in the second quarter as it has yet to negotiate raw material purchase deals for the fiscal year starting in April. POSCO will spend 10 trillion won this year on expanding its facilities and on acquisitions, the Korea Economic Daily reported.
Goldsun Development & Construction Co. (TPE:2504), Taiwan's largest producer of ready-mix concrete by capacity, said Monday its China unit, Goldsun Cement (Hunan) Co., will pay CNY675 million to China's Sinoma International Engineering Co. (SHA:600970) to build a cement plant for the Taiwanese firm. The first cement production line will be operational by July 2011.
The market is expecting Canon (TYO:7751) to increase offer for Oce NV (AMS:OCE) after Hermes Focus Asset Management said on Monday it would not tender its shares in Dutch photocopier and printing systems maker to Canon. The Japanese camera and office equipment maker's 730 million euro offer is already opposed by 10 percent shareholder Orbis Portfolio Management. Canon in November offered 8.60 euros per share for Oce, a 70 percent premium to the share price before the bid.
Japan's Fast Retailing Co. (TYO:9983) reported a 57% increase in its fiscal first-quarter net profit and raised its profit and sales projections for the full year amid strong sales of fall-season clothing, new store openings and growing overseas sales. Fast Retailing has upgraded its earnings outlook. It expects net profit for its full year ending August at around 67.5 billion yen, up from an original estimate of 62 billion yen.
Singapore listed rubber plantation firm GMG Global (SIN:590) shares soared as much as 11.5 percent to 14.5 Singapore cents after a media report about the company's improving business prospects. GMG is 51 percent owned by Sinochem International Corp (SHA:600500), and may triple its output to about 250,000 metric tonnes to provide for China's national rubber consumption, the newspaper said.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
| ||
|
