Daiwa Securities Group Inc. (TYO:8601) plans to introduce a new stock trading system in May in seven Asian countries and regions, in a bid to meet demand of institutional investors, reported Japan's Nikkei.
Sydney, Feb 1, 2010 AEST (ABN Newswire) - Wall Street ended Friday with a fall despite good earnings from Microsoft, Amazon.com and Mattel. January was the worst month since February 2009. The uncertainty about the fiscal health of Greece, Portugal and Spain fuelled the recent worries over global economic recovery. Even a better-than-expected rise in US fourth-quarter GDP failed to push the indexes to a positive territory on the last trading day in January. US dollar was lifted after a strong US GDP report, while Euro slumped on European sovereign debt concerns.
Last week Asian markets mostly experienced a significantly losing week and will continue to be weighed by the negative lead from US and European markets on Monday. Asian stocks Friday stumbled on disappointing company forecasts and Toyota's recall of millions of cars. For the month, China's Shanghai Composite lost 8.8%, Hong Kong's Hang Seng Index fell 8%, Australia's S&P/ASX 200 was down 6.2% and South Korea's Kospi slid 4.8% to 1602.43.
It is reported that Kansai Electric Power Co. (TYO:9503.TO) will build a wind power station in Aichi Prefecture as part of an effort to introduce renewable energy. It is expected to supply electricity generated there to local utility firm Chubu Electric Power Co. (TYO:9502). Annual output is expected to total about 15 million kw per hour and construction will begin this spring.
Toyota (NYSE:TM) (TYO:7203) has received clearance from US regulators for a repair to sticky accelerator pedals that caused the company to recall 2.3 million vehicles. Toyota plans to ship the repair parts to dealers by February 8, when the company will also resume production of the eight models affected by the massive recall. Toyota plans to announce its detailed repair plan as soon as Monday, according to the U.S. media.
Daiwa Securities Group Inc. (TYO:8601) plans to introduce a new stock trading system in May in seven Asian countries and regions, in a bid to meet demand of institutional investors, reported Japan's Nikkei. The most notable feature of the new system is that it can simultaneously compare stock prices on a number of bourses and proprietary trading systems and automatically select the optimum transaction terms for investors.
Australian air carrier Qantas Airways (ASX:QAN) plans to eliminate two-thirds of its first-class seating as part of a A$400 million reconfiguration of its long-haul fleet, reducing the number of aircraft with first-class seating to 12 from 30, said the Australian Financial Review.
China Shenhua Energy Co. (HKG:1088) and China Shipping Development Co. (HKG:1138) said Friday they plan to inject cash totalling 4.60 billion yuan to a shipping joint venture over four years for debt repayment and fleet expansion.Shenhua would pump a cash of 2.35 billion yuan to its 51%-owned joint venture from 2010 to 2013, while China Shipping would also inject a cash of 2.25 billion yuan to the venture.
Michelle Liang Asia Business News Asia Bureau TEL: +61-2-9247-4344 Email: email@example.com